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"value": "6 Group accounting principlesTo improve the readability and understandability of the consolidated financial statements, Verkkokauppa.com Oyj Group presents some of the accounting policies as part of these notes, highlighted in grey text boxes. The accounting principles repeat the standard when the Group considers it necessary to understand the applied policies. 6.1 Basic information on the CompanyVerkkokauppa.com Oyj Group is the best-known and most-visited Finnish online retailer in the country. Verkkokauppa.com Oyj Group is a public limited company, the shares of which are quoted on the official list of Nasdaq Helsinki.The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland.The registered address of its head office is Tyynenmerenkatu 11, 00220 Helsinki, Finland.The Board of Directors of the Company approved these Group financial statements for publication at its meeting on 28 febryary 2023. In accordance with the Finnish Corporate Act, shareholders have the right to approve or reject the financial statements at the Annual General Meeting held after the publication of the financial statements. It is also possible to decide upon changes to the financial statements at the Annual General Meeting.6.2 Basis of preparationThese Group financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and their interpretations (SIC and IFRIC) adopted for use in the EU on 31 December 2022. The notes to the financial statements comply with Finnish accounting and corporate legislation that supplements IFRS.On April 1, 2022, Verkkokauppa.com Oyj completed the acquisition of the Finnish online store e-ville.com. As a result of the acquisition, Verkkokauppa.com Oyj became the group\u2019s parent company, and the Group prepares consolidated financial statements. The comparison period of the financial year (2021) only includes the figures of the parent company and in those respects are not fully comparable with the figures of the consolidated financial statements for 2022. The structure of the group is described in note Group structure 7.20.2.The Group financial statements have been prepared on a historical cost basis, except for equity investments that are measured at fair value through other comprehensive income, share-based payments measured at fair value at the grant date, and lease liabilities and right-of-use assets discounted at the present value.The Group financial statements are presented in euros, which is the Group\u2019s functional and presentation currency. Transactions denominated in foreign currencies are converted into the functional currency at the exchange rates prevailing on the dates of the transactions. Receivables and liabilities denominated in foreign currencies are converted at the exchange rates prevailing on the balance sheet date. Exchange rate differences arising from transactions related to business operations are recorded as adjustments to purchases, and exchange rate differences on cash assets are recorded as financing income and expenses. Business exchange rate differences are only recorded in the accounts of the Finnish companies of the group.The figures in the financial statements are presented in thousands of euros. The figures are rounded, and therefore the sum of individual figures may deviate from the aggregate amount presented.The Group\u2019s Combination Principles \u2013 subsidiariesThe acquired subsidiaries have been combined in the consolidated financial statements from the moment the group has gained control. All subsidiaries are 100% owned and no minority owners exist. group companies\u2019 intra-group share ownership is eliminated using the acquisition method. The considerations transferred, including the conditional purchase price and the identifiable assets and liabilities of the acquired company, are valued at fair value at the time of acquisition. The costs related to the acquisition have been booked as expenses. All intra-group business transactions as well as receivables and liabilities, unrealized margins and internal profit distribution are eliminated in the consolidated financial statements.Exchange rate differences are treated in the reporting as following:\u2022 The group companies\u2019 results and financial position are reported inthe local currency of each legal entity. The consolidated financialstatements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the localcurrency using the exchange rate on the day of the transaction.Receivables and liabilities are converted into euros according to theexchange rate on the balance sheet date. Applied exchange ratesare based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of theacquisition cost of foreign entity and the translation differencesof post-acquisition profits and losses are recorded in other itemsof comprehensive income and presented separately in equity.The goodwill generated with the acquisition and the fair valueadjustments made to the assets and liabilities of the foreign entityare treated as assets and liabilities of the relevant foreign entityin the local currency, which are converted into euros using theexchange rates on the end of the reporting period. If the foreignentity is sold as a whole or partly, the reported exchange ratedifferences are booked as part of the capital gain or loss of thetransaction.\u2022 Exchange rate differences arising from normal business transactionrelated receivables and liabilities and related potential hedging areincluded in the operating profit. Exchange rate differences related tofinancial assets and liabilities and the result of the related hedginginstruments are reported in the financial items on the incomestatement.6.3 Accounting policies requiring judgment by the management and key factors of uncertainty related to estimatesThe preparation of the Group financial statements in accordance with IFRS requires management to exercise judgment related to the selection and application of accounting policies.In addition, management must make forward-looking accounting estimates and assumptions that may affect the amounts of assets, liabilities, income and expenses recognized during the reporting period. The actuals may differ from said estimated. Management judgment related to the choice and application of accounting policiesManagement is required to make judgment-based decisions relating to the selection and application of IFRS accounting policies. This relates in particular to cases where IFRS contain alternate methods of recognition, measurement and/or presentation. The following entail significant judgment:Segment reporting The management of Verkkokauppa.com Oyj has exercised judgment in applying the consolidation criteria to combine the operating segments into a single reportable segment. Customers are the same in all operating segments that offer the same goods and services under the same terms in one main market, i.e. Finland. At the core of the Company\u2019s business model is a strong integration of webstore and retail stores, joint support functions serving the entire business as well as the volume benefits enabled by centralized business.Key factors of uncertainty related to estimatesThe estimates and assumptions are based on historical knowledge and/or other justifiable assumptions that are considered reasonable at the time of preparing the financial statements. It is possible that actual results may differ from the estimates used in the financial statements. The factors of uncertainty and assumptions made related to estimates that may give rise to a significant risk of change in the carrying values of assets and liabilities relate to the following items:Business integrationThe valuation of assets and liabilities acquired in a business combination requires management judgment when choosing the valuation techniques used and the assumptions used in them. The management believes that the estimates and assumptions used are sufficiently reasonable to determine the fair value. Evaluation of the variable additional purchase price portion to be paid for the acquisitionThe acquisition completed in the financial year 2022 involves a delayed purchase price, an additional purchase price and an additional purchase price, the combined value of which can be a maximum of 6.7 million euros. The additional purchase price and the delayed purchase price are recorded as an expense and not part of the purchase price, because they are linked to the obligation to take care of the acquired property. At the end of December, the management estimated the additional purchase price to be 1.5 million euros, and 0.4 million euros was recorded as expenses for 2022. The expense recording is treated as an item affecting comparability.Measurement of leasesThe amount of the lease liabilities and the right-of-use assets to be recognized in the Group balance sheet is significantly affected by the discount rate used in calculating their present values and by the inclusion of options to extend the lease. The management of the Verkkokauppa.com Group has taken into account the Group\u2019s business model in relation to physical trading locations in an ever-changing business environment when assessing the likelihood of extension options being exercised. The management has taken into consideration the changes in the financial position of the Group when defining the risk premium of the company-specific discount rate.Measurement of inventoriesA significant part of the Group\u2019s balance sheet is inventories consisting of goods intended for sale. Inventories bear the risk of the recoverable amount being below cost. To assess the risk, the management of the Verkkokauppa.com Group regularly monitors the item turnover rates and compares the sale price with the inventory value. A write-down is recognized if the sale price of an item at the reporting date is lower than its cost in the balance sheet. In addition, the Group separately recognizes write-down for older items according to the inventory dates. Risk of credit losses of company-financed consumer Financing service receivablesThe Verkkokauppa.com Oyj offers financing to its customers. These receivables involve a risk of credit loss. The Group recognizes expected credit losses using the provision matrix model. The provision matrix is described in more detail in the note on Financial risk management 7.22.3 . The sufficiency of credit loss percentages is monitored regularly. The assessment of the expected level of credit losses and the sufficiency of credit loss rates is based on changes in customer payment behavior and the level of actual credit losses.Rebates related to inventoryThe amount and timing of inventory-related rebates are subject to uncertainty. The realization of contractual targets creates uncertainty in the amount of the purchase credit to be recognized. Management regularly assesses the amount of target purchase credits to be recognized by monitoring both actual purchase volumes and potential rebates. In case the contract period extends beyond the balance sheet date, the amount to be amortized includes management estimates.ProvisionsThe Group recognizes provisions related to the following items: product warranties and third-year warranties. Estimates are made as to the likelihood and amount of the provisions being realized. The management of the Company regularly assesses the amount of costs incurred based on historical actuals.6.4 Group Information The table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2022. Unless otherwise stated, their share capital consists entirely of shares directly owned by the group, and the share of ownership corresponds to the group\u2019s voting rights.The company\u2019s country of registration is also their main area of operation.SubsidiariesThe table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2022. Unless otherwise stated, their share capital consists entirely of shares directly owned by the group, and the share of ownership corresponds to the group\u2019s voting rights.The company\u2019s country of registration is also their main area of operation.The group\u2019s subsidiaries are all companies in which the group has control. Control arises when the group has more than half of the subsidiary\u2019s voting power, or otherwise has control over the subsidiary. The group has control over the company if, by being part of it, it is exposed to its variable return or is entitled to its variable return and is able to influence this return by using its power to direct the company\u2019s operations. Subsidiaries are combined in the consolidated financial statements in their entirety from the day the group acquires control.Mutual share ownership is eliminated using the acquisition cost method. The acquisition cost is based on the fair value of the acquired assets at the time of acquisition, the issued equity instruments and the liabilities that were incurred or accepted at the time of the transaction. The identifiable assets, liabilities and contingent liabilities of the acquisition target are valued at the fair value at the time of acquisition, from which the share of non-controlling owners has not been deducted.Intra-group business transactions, balances, and unrealized profits from business transactions between group companies are eliminated. The financial statements of the subsidiaries have been adjusted, if necessary, to reflect the principles of financial statement preparation followed in the group.Verkkokauppa.com company structureOwnership of shares % Country31.12.2022Parent compnayVerkkokauppa.com Oyj Finland Subsidiaries e-ville.com Distribution Oy Finland 100%Arc Distribution Oy Finland 100%Digi Electronics Ltd Hong Kong 100%Digital Trading (shenzhen) Co. Ltd China 100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS amendments, IFRIC interpretations, or annual improvement or amendment to IFRS issued on or after 1 January 2022 have had a material impact on the 2022 Group financial statements.In addition, no IFRS that come into effect later and would affect the result, financial position or notes of Verkkokauppa.com Oyj Group were known at the balance sheet date.7 Notes to the consolidated financial statements7.1 Segment reportingVerkkokauppa.com Oyj Group reports on the operating segments in a manner consistent with the internal reporting to the chief operating decision maker. The chief operating decision maker of Verkkokauppa.com Oyj Group is the Board of Directors together with the CEO. The chief operating decision maker is responsible for allocating resources to operating segments and evaluating their performance. Verkkokauppa.com Oyj Group has one reporting segment. All the aggregated operating segments share similar characteristics. Customers are the same in all operating segments that offer the same goods and services under the same terms in one main market, i.e. Finland. At the core of the Group\u2019s business model is a strong integration of webstore and retail stores, joint support functions serving the entire business as well as the volume benefits enabled by centralized business. Due to the large number of customers and the nature of the business, sales to a single customer did not exceed 10 percent of total revenue in 2022 nor in 2021. The total revenue of the Group is mainly generated in one geographical area, Finland.7.2 Revenue from contracts with customersRevenue streams The revenue streams of the Group consist of the sale of goods and services. The product range consists of more than 80,000 products from 26 main product areas that the Group sells to consumers through its own webstore and four retail stores in Finland. The services offered for sale by the Group include installation and maintenance services, subscriptions and visibility sales. The customers of Verkkokauppa.com Oyj Group are both consumers and businesses. Revenue recognition from sale of goodsThe sale of goods to the customer through the retail stores is recognized as revenue upon handover of the good when control is transferred. If the customer has chosen delivery, the sale is recognized when the customer assumes control of the goods. The transaction price for sale of goods consists of the list price of the goods, the variable consideration for the right of return and the transportation fee where the customer has chosen delivery. In relation to the right of return, the Group uses the expected value method to calculate the return of products within 32 days of the right of return, and recognizes the refund liability (included in accrued liabilities) and the asset (included in accrued income) related to the returned goods. Verkkokauppa.com Oyj offers its customers various payment methods, the most important of which is customer financing. However, regardless of the method of payment, the price of the good is always the same. By paying through the financing service, the customer is granted the ability to pay for their purchase in installments and Verkkokauppa.com Oyj receives interest on the capital loaned. In addition to Verkkokauppa.com Oyj, a third party may also act as the financier. Verkkokauppa.com Oyj\u2019s customers are also offered the Maksuluotto purchase financing solution, which is supplied by Salus Group Oy.In cases where the customer chooses financing as the payment method and a third party acts as the financier, the revenue from the financing of the customer is treated as a variable element of the transaction price. The management of the Group considers that the estimate of this variable consideration is limited. If the revenue from customer financing were recognized at the time of the transfer of control, a significant reversal of sales revenue could potentially occur. Thus, Verkkokauppa.com Oyj recognizes the revenue from customer financing on a monthly basis according to the actuals. In the case that Verkkokauppa.com Oyj finances a customer, the income from the financing component is recognized accordingly on a monthly basis according to the actual performance. Verkkokauppa.com sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards Verkkokauppa.com Group sells gift cards in the amount chosen by the customer. When a gift card is sold, a gift card liability is recorded. When the gift card is redeemed, sales revenue is recognized. Unredeemed gift cards are recognized as revenue when they expire. Gift cards are valid for one year from the date of purchase.Presentation of revenueVerkkokauppa.com Oyj Group presents in its net sales the sales revenue from customer contracts, net of indirect taxes. Verkkokauppa.com Oyj Group is the principal for the products and services it sells, except for subscriptions sold on behalf of telecommunications operators, in which case Verkkokauppa.com acts as agent and presents the commission portion in the revenue.The management of Verkkokauppa.com Oyj has exercised judgment in classifying company-financed Apuraha customer funding revenue as revenue rather than financial income. The interpretation of the management of the Group is that offering customer financing is an integral part of the Group\u2019s business and business model. The visibility the Group sells in-store, online and in various advertising media is presented as part of revenue, as it is part of the business model of Verkkokauppa.com Oyj Group and its ordinary business. To the extent that the consideration received is linked to the purchase volume of Verkkokauppa.com Oyj Group, the consideration received for visibility is mainly presented as purchase adjustments.Disaggregation of revenueThe Group\u2019s revenue consists of revenue from the sale of customer contracts. Other types of income are specified in the notes on Other operating income 7.3 and Finance income and costs 7.9. The Group\u2019s entire revenue is generated in its functional currency, the euro, and in one main market area, Finland.Timing of satisfying performance obligationsRevenue recognized at one point in time relates to the sale of goods. For services, the Company mainly recognizes revenue over timeEUR thousand20222021At a point in time 537,544 569,424Over time 5,573 5,090Revenue, total 543,117 574,514Revenue by external customer location EUR thousand20222021Finland 502,991 534,954Rest of the world 40,126 39,560Revenue by external customer location 543,117 574,514Income recognized from customer financingThe Group presents all income from customer financing as part of revenue in the primary financial statements. The following table shows the income from company-funded customer financing recognized during the financial year, broken down into interest income recognized using the effective interest rate method and other income. Other income consists of other fees.EUR thousand 2022 2021Interest income recognized using effective 3,088 2,778interest rate methodOther income from company-financed customer 1,613 1,540financingIncome from company-funded Apuraha, total 4,701 4,318Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).7.3 Other operating incomeIn other operating income, the Group presents rental income, capital gains and other income that is not directly related to the Group\u2019s ordinary business operations.Lease income is related to the sublease of right-of-use asset items. The related accounting policies are described in more detail in the note on Leases 7.15 .EUR thousand 2022 2021Lease income from subleasing right-of-use 545530assetsOther income 363392Other operating income, total 9089227.4 Materials and servicesEUR thousand 2022 2021Purchases during the financial year 448,436 494,566Change in inventories 14,086 -12,419External services1,177Materials and services, total 462,522483,3237.5 Employee benefitsObligations related to short-term employee benefitsShort-term employee benefits include wages, including benefits in kind and annual leave pay payable within 12 months. Short-term employee benefits are recognized for work performed up to the balance sheet date under other liabilities and are measured at the amount expected to be paid when the liabilities are settled.Pension obligationsThe pension plan of Verkkokauppa.com Oyj Group is a defined contribution plan. Contributions to defined contribution pension schemes are paid to pension insurance companies, after which the Company no longer has any other payment obligations. Contributions to defined contribution pension plans are recognized as an expense in the income statement for the financial year to which they relate. The group\u2019s subsidiaries located in Asia do not have a pension plan provided by the company.EUR thousand20222021Wages and salaries 31,960 29,285Pension expenses \u2013 defined contribution plans 6,015 4,921Share-based payments 31 198Other personnel-related expenses 1,175 1,051Voluntary employee benefits 1,979 1,538Total employee benefits before capitalization 41,15936,994Capitalized employee benefits for the financial yearWages and salaries -724 -353Pension expenses \u2013 defined contribution plans -157 -58Other personnel-related expenses -45 -12Capitalized employee benefits for -926-423the financial yearTotal employee benefits 40,23336,570Capitalized employee benefits are mainly related to the development of the Group\u2019s enterprise resource planning system, which is described in more detail in note 7.13 Intangible assets, and to the logistics automation of the J\u00e4tk\u00e4saari warehouse.20222021Number of employees at the end of 838 825the financial yearThe number of employees includes both full-time and part-time employees. The amount does not include temporary agency workers.Information on management\u2019s employee benefits is presented in the note on Remuneration of key management personnel 7.6.Share-based payment is described in more detail in Share-based payments 7.12 in the notes to the financial statements.7.6 Remuneration of key management personnelKey management personnel include the members of the Board of Directors, CEO, and the members of management Team. The Board's Remuneration committee prepares a reference framework for the remuneration, fees and other benefits of the company's CEO and management team, and the Board of Directors decides on the CEO's remuneration and other benefits. The chairman of the board approves the remuneration, bonuses and other benefits of the management team operating under the CEO.Remuneration of the CEO and the management teamShort-term employee benefitsThe short-term employee benefits of the CEO consist of a fixed salary and benefits in kind (such as a company car and phone) and an incentive bonus for achieving financial and operational targets. The short-term employee benefits of the Management Team consist of basic salary and benefits in kind (such as a company car and phone), and an incentive bonus for achieving financial and operational objectives. The short-term compensation scheme consists of an annual bonus program with performance criteria (incentive bonus). The performance criteria and the determination of the remuneration are decided annually by the Board based on the proposal of the Remuneration Committee. The 2022 performance criteria were based on 25% of 2022 revenue and 75% of the Company\u2019s comparable operating profit. In addition, the Board of Directors may, at its discretion, decide to pay other lump sums (bonus).Post-employment benefitsThe CEO or members of the Management Team do not have any post-employment benefits.Benefits payable in the event of terminationThe notice period of the president and CEO is 12 months. If the company terminates the CEO, the CEO will receive compensation corresponding to a fixed salary of six months, pursuant to the CEO agreement. As a rule, the notice period for other members of the Management Team is six months and the corresponding compensation for certain persons corresponds, as a rule, to six months\u2019 salary at the time of termination of contract.Share-based incentivesThe company has the Performance Matching Share Plan 2020\u20132022. as a share-based incenntive for the CEO and management Team. The plan is designed to align the objectives of shareholders and management to increase the long-term value of the Company, to encourage management to invest personally in the Company\u2019s shares, to engage executives in the Company and to provide them with a competitive remuneration package based on the acquisition, earning and accumulation of the Company\u2019s shares.The programs are described in more detail in the note on Share-based payments 7.12The following table shows the remuneration of the president and CEO and the Executive Committee, as well as the shareholdings and holdings as a percentage of the total share capital. The amounts presented are performance-based. The share-based payments are based on an estimate of their realization at the end of the year. The performance share-based payment includes the cost effect on the financial year, regardless of the time of the share transfer.Management remuneration2022Panu Porkka,Management 2022, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 409 1,374 1,783fringe benefitsIncentive bonus 10 15 25Statutory pension 78 217 295Share-based paymentsShare-based paymentsTotal 498 1,606 2,104Shareholding, pcs 95,000 110,250205 250 % of shares 0.21% 0.24% 0.45%2021Panu Porkka, Management 2021, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 442 1,247 1,688fringe benefitsIncentive bonus 120 241 361Statutory pension 92 245 337Share-based paymentsShare-based payments 60 164 224Total 714 1,897 2,611Shareholding, pcs 90,000 183,922273 922 % of shares 0.20% 0.41% 0.61%Remuneration of the Board of DirectorsThe Annual General Meeting of Verkkokauppa.com Oyj elects the members of the Board of Directors annually and decides on their remuneration. The term of office of the members shall run until the close of the next Annual General Meeting. The members of the Board of Directors are not members of the share-based remuneration scheme, nor are they employed by Verkkokauppa.com Oyj.The remuneration of the members of the Board of Directors consists of annual fees paid on the basis of their membership of the Board of Directors and committee fees paid either as an annual fee or as meetings fees. The fees vary depending on the member\u2019s role as Chair or Member of the Board or Committee. In addition, the members of the Board of Directors are reimbursed for reasonable actual travel and accommodation expenses and other possible costs related to Board and Committee work. The Annual General Meeting of Verkkokauppa.com Oyj decided on 24 March 2022 that half of the annual remuneration of the members of the Board will be paid in shares of the Company after each quarterly announcement and the remaining part of the annual remuneration will be paid in cash, which will cover the taxes arising from the remuneration.During the financial year 2022, the company transferred 32,140 (14,501) treasury shares for the payment of the fees. Shares issued as fees do not have any restrictions on ownership or disposal. The following table shows the total remuneration of the Board of Directors. The amounts presented are performance-based. . EUR thousand20222021Board members, 31 Dec 2021Arja Talma, Chairman of the Board, Audit Com-mittee vice-chairman, Remuneration Committee89 77chairmanChristoffer H\u00e4ggblom, Vice Chair of the Board 66 76Kai Seikku, Chairman of the Audit Committee 51 52Samuli Sepp\u00e4l\u00e435 36Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 35 26Frida Ridderstolpe (member since 25 Mar 2021) 35 26Johan Ryding (member since 25 Mar 2021) 39 26Robert Bur\u00e9n (member until 25 Mar 2021) - 10Mikael Hagman (member until 4 Jan 2021) - 1Remuneration of the Board of Directors, total 350 331The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs20222021Arja Talma23,78015,290Christoffer H\u00e4ggblom33,33926,669Kai Seikku150,809146,564Samuli Sepp\u00e4l\u00e415,957,00015,957,000Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 5,8581,613Frida Ridderstolpe (member since 25 Mar 2021) 5,8581,613Johan Ryding (member since 25 Mar 2021)5,8821,613Number of shares, total16,182,526 16,150,362% of shares20222021Arja Talma0.05%0.03%Christoffer H\u00e4ggblom0.07%0.06%Kai Seikku0.33%0.33%Samuli Sepp\u00e4l\u00e435.18%35.41%Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 0.01%-Frida Ridderstolpe (member since 25 Mar 2021) 0.01%-Johan Ryding (member since 25 Mar 2021)0.01%-% of shares, total 35.68%35.83%7.7 Depreciation and amortizationEUR thousand20222021Intangible assetsDevelopment costs 362 283Other intangible assets 125 93Amortization of intangible assets, total 487 375Property, plant and equipment Machinery and equipment 1,100 823Other tangible assets 152 136Depreciation of tangible assets, total 1,252959Right-of-use assets Premises and facilities 3,793 3,577Machinery and equipment 19 72Depreciation of right-of-use assets, total 3,8123,650Depreciation and amortization, total 5,5524,9837.8 Other operating expensesEUR thousand20222021Premises maintenance and operation costs 7,101 6,305Financial transactions expenses 1,918 2,246Marketing 8,166 8,389Administrative services 15,780 10,298Other expenses 470 3,024Other operating expenses, total 33,434 30,263Auditor feesEUR thousand20222021Statutory audit 155 104Other services 20 -Auditor fees, total175104The audit firm selected by the Annual General Meeting is Price-waterhouseCoopers Oy. The services performed by Pricewaterhouse-Coopers Oy in 2022 mainly consisted of the company\u2019s audit services.7.9 Finance income and expensesFinance incomeEUR thousand 2022 2021Interest income 16 5Finance income, total 16 6Finance costsEUR thousand20222021Lease liability interest 1,071 1,198Other interest costs 352 30Other finance costs 50 45Exchange rate differences on cash and cash 212 79equivalentsFinance costs, total 1,6861,352In addition to financial income and costs, exchange rate differences have been recognized as adjustments to purchases for the financial year.7.10 Income taxesThe income taxes of the consolidated income statement are calculated on the basis of the taxable profit for the financial year, tax adjustments for earlier reporting periods as well changes in deferred tax liabilities and assets are recognized in the income taxes item in the income statement. The tax effect of items recognized directly in equity is respectively recognized as part of equity. The current tax charge is calculated based on taxable income at the rate fixed on the balance sheet date. The country of registration of each group company is presented in note 6.4 Group information.Income taxes in the income statementEUR thousand 2022 2021Current taxes 399 3,796Taxes from previous financial periods 200Change in deferred taxes -129 60Income taxes, total 291 3,856The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2022 2021Profit before income taxes61518,949Taxes calculated at the Finnish tax rate 20% 1233,790Effect of tax-exempt income and non-deductible expenses 16866Previously unrecorded fiscal utilization of lossesIncome taxes from previous accounting periods 20-Other -273-Unrecognized deferred tax assets from tax losses 253-Income taxes recognized in the income 2913,856statement, totalThe Finnish corporate tax rate was 20 percent in the financial statements for the financial years 2022 and 2021.Taxes related to other comprehensive income items 2022EUR thousand Before taxes Ta x ef fect After taxesChanges in fair values of equity 72 -14 58investmentsOther comprehensive income 72 -14 58items of the financial year, total2021EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity - - -investmentsOther comprehensive income 0 0 0items of the financial year, totalChanges in deferred tax assets and liabilities are presented in the note on 7.16 Deferred tax assets and liabilities. 7.11 Earnings per shareBasic earnings per share are calculated by dividing the result for the financial year attributable to the shareholders by the weighted average number of shares outstanding during the financial year. For the calculation of diluted earnings per share, the weighted average number of shares takes into account the dilutive effect of all potentially dilutive shares.20222021Earnings per share, basicProfit for the year attributable to shareholders, 324 15,093EUR thousandWeighted average number of outstanding 45,083,275 44,731,007shares, pcsBasic earnings per share, EUR 0.01 0.34Earnings per share, dilutedProfit for the year attributable to shareholders, 324 15,093EUR thousandPotentially dilutive shares of share-based 318,333 473,916incentive plan, pcsDiluted weighted average number of 45,401,608 45,204,923outstanding shares, pcsDiluted earnings per share, EUR 0.01 0.33Further information on the number of shares is presented in the note on Equity 7.20.7.12 Share-based paymentsThe Group has a share-based incentive plan that is classified as equity-based payment arrangement with a net settlement feature. The Company will, on behalf of the employee, withhold an amount of shares of the share reward that will cover the taxes and parafiscal charges paid in cash. The benefits granted under the plan are measured at the fair value the share of Verkkokauppa.com Oyj at the grant date and are amortized over the earning and commitment periods. The expense is presented in the employee benefit expenses. For equity-settled share-based payment arrangements, an increase corresponding to the expense entry in the income statement is recognized in equity.Information on the share-based incentive plan At the end of December, Verkkokauppa.com has one share-based incentive system for the CEO and members of the management team, the Performance Matching Share Plan 2020\u20132022.The plan is designed to align the objectives of shareholders and management to increase the long-term value of the Company, to encourage management to invest personally in the Company\u2019s shares, to engage executives in the Company and to provide them with a competitive remuneration package based on the acquisition, earning and accumulation of the Company\u2019s shares.Matching Share Plan 2018\u20132020Under the Matching Share Plan 2018\u20132020, a person may earn an additional number of shares, as determined by the Board of Directors, based on their investment in Verkkokauppa.com Oyj shares. The Matching Share Plan has two commitment periods: 2018\u20132020 and 2019\u20132021. The fees to be paid for the commitment period 2018\u20132020 correspond to the value of a maximum of 50,000 Verkkokauppa.com Oyj shares and for the commitment period 2019\u20132021 to the value of a maximum of 45,000 Verkkokauppa.com Oyj shares, including the proportion payable in cash.In March 2021, the Board of Directors decided on a directed free share issue in order to pay the share rewards under the Matching Share Plan 2018\u20132020 for the first commitment period 2018\u20132020. On 2 March 2021, a total of 15,000 treasury shares were transferred to five key personnel in accordance with the terms of the plan. In addition, part of the remuneration was paid in cash to cover taxes and parafiscal charges incurred by the participant in connection with the remuneration. No new shares were issued at the time of payment of the share premium and the decision, therefore, had no dilutive effect.In March 2022, Verkkokauppa.com transferred the fees under the second commitment period 2019-2021 of the Matching Share Plan 2018\u20132020 in a directed share issue without payment by authorization granted to the Board of Directors by the Annual General Meeting held on March 25, 2021. On 2 March 2022, a total of 20,000 of the company\u2019s own shares held by the company were transferred to seven key personnel in the share issue. No new shares were issued in connection with the payment of the share rewards and the decision, therefore, has no dilutive effect. This programme has now been paid in full and ended.Performance Matching Share Plan 2020\u20132022Under the Performance Matching Share Plan 2020\u20132022, a person can earn additional shares based on their investment in Verkkokauppa.com Oyj shares and the Total Shareholder Return (TSR) of the share. The Performance Matching Share Plan includes one earnings period covering the calendar years 2020\u20132022. The reward to be paid to the participant shall be determined by the achievement of the TSR target levels set by the Board of Directors. A maximum of three additional performance-based matching shares will be paid as a reward for each allocated share. Participation and remuneration are subject to the condition that the participant will allocate freely transferable company shares held by it to the program or acquire company shares up to an amount determined by the Board of Directors. The payment of the premium shall also be based on the duration of the participant\u2019s employment or service at the time of payment of the premium. As a general rule, the premium shall not be paid if the employment or service of the participant ends before the payment of the premium.The program covers five people, the Managing Director and four members of the Management Team. The participant is entitled to receive gross shares on the basis of the plan, but receives a net amount of shares after the withholding of the advance. The company will retain some of the shares in order to pay appropriate withholding tax to the tax authorities. The rewards payable under the plan are estimated to be equivalent to the value of approximately 318 333 Verkkokauppa.com Oyj shares (gross amount).2020\u20132022 PlanGrant date 7 Feb 2020Vesting start date 1 Jan 2023Share ownership and Vesting conditions employmentPayment methodShares and cashShare price at grant date, EUR 3.60Fair value of share at grant date, EUR* 4.19Estimated number of participants at 100%end of vesting period, %Estimate change in shares associated 2%with the plan, %Number of plan participants 5* The fair value of the share at the grant date is the current value of the share lessthe estimated dividends to be paid out during the commitment period.Effect of share-based payments on the operating resultEUR thousand 2022 2021Expenses related to share-based payments in 31198the income statementTotal 31198Effect of share-based payments on the balance sheetEUR thousand20222021Recognized in equity 428506Total 4285067.13 Intangible assetsIntangible assets of Verkkokauppa.com Oyj Group consist of capitalized development costs and other intangible assets. An intangible asset is recognized when its cost can be measured reliably and it is probable that the economic benefits associated with the asset will flow to the Group. The residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. In addition to goodwill, the Group does not have any other intangible assets with an indefinite useful life and no interest costs related to the acquisition of assets that have been capitalized as part of the cost of acquisition. Annual impairment tests are carried out on the Group\u2019s goodwill and intangible assets that are not yet ready for use. In addition, on every balance sheet date, the management of the Group assesses whether there is any evidence of impairment regarding other intangible assets. In case such evidence is present, an estimate is made of the recoverable amount of the asset, which is the fair value of the asset less costs of disposal or a higher value in use. In many cases, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment is recognized in the income statement. The recognized impairment losses are reversed if there has been a change in the estimates used to determine the recoverable amount of the asset. The cancellation takes place up to the maximum amount which asset would have been assigned the book value minus depreciation if no impairment loss had been recorded for it in previous years.GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. Research and development expenditureResearch and development costs are expensed in the accounting period in which they are incurred, except for development costs that meet the criteria for capitalization. Development expenditure is capitalized as an intangible asset when it can be demonstrated how the development project will generate probable economic benefits and the expenditure incurred during the development phase can be measured reliably. Capitalized development costs are presented as a separate item and amortized over their useful life. Development expenditure previously expensed is not capitalized in subsequent periods.The Group has a self-developed enterprise resource planning (ERP) system, the development costs of which are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. The direct costs of production have been capitalized as acquisition costs. Capitalized development costs are amortized on a straight-line basis over their useful life. The estimated economic impact of capitalized development expenditure is three years.Other intangible assetsOther intangible assets are recorded in the balance sheet at their original cost and amortized on a straight-line basis over their useful lives. The economic life of intangible assets has been estimated at five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.DevelopmentOther intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwillTotalCost 1 Jan 2022 3,246 1,777 392 5,415Increases 137 680 2,137 2,846 5,801Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,743 -1,308 -4,051Amortization for the financial year -242 -245 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 2022 397 904 2,530 2,846 6,677Development Other intangible Advance payments Consolidated EUR thousandcostsassetsand work in progressgoodwill TotalCost 1 Jan 2021 2,896 1,268 348 0 4,511Increases 350 509 45 - 903Cost 31 Dec 2021 3,246 1,777 392 - 5,415Accumulated amortization and impairment 1 Jan 2021 -2,461 -1,215 0 - -3,676amortization for the financial year -283 -93 0 - -375Accumulated amortization and impairment 31 Dec 2021 -2,743 -1,308 0 - -4,051Carrying amount 1 Jan 2021 435 53 348 0 835Carrying amount 31 Dec 2021 502 469 392 0 1,364Capitalized development costs relate to the development of new features of the Company\u2019s ERP system.The Group has no investment commitments in relation to intangible assets.Goodwill and impairment testingGoodwill is created in connection with business transactions as the difference between the fair values of the assets and liabilities included in the agreed acquisition and the purchase price paid. No depreciation is recorded on goodwill, but it is tested for possible impairment at least annually, but always whenever there are indications of impairment. Goodwill testing is a process that requires management judgment. Verkkokauppa.com uses both internal and external data sources in this process. Consideration is used, among other things, in preparing cash flows, determining the discount rate, defining cash flow generating units and allocating goodwill. Revenue, operating profit and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been conducted at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s individual stores and online store, are tested for impairment by comparing the book value of the cash-generating unit group with its recoverable amount. The book value to be tested includes goodwill, intangible and tangible assets, and net working capital. Annual impairment testing of goodwill is performed by the last day of the financial year, however, always also when there are indications that the recoverable amount of an asset or a group of cash-generating units is below book value. In addition to goodwill, the Group does not have any other intangible assets that are considered to have an unlimited useful life.An impairment loss is the amount by which the book value of an asset or cash-generating group exceeds the recoverable amount of the corresponding item. The impairment loss is recorded immediately with an effect on profit. Recording an impairment loss weakens the group\u2019s profit and thus equity, but it has no effect on the group\u2019s cash flows.The discount rateIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year Key Assumptionsaverage Residual valueUsed discount rate - Stores 9,70 % 9,70 %Used discount rate - Online shop 8,80 % 8,80 %Used discount rate - Wholesale 9,50 % 9,50 %Combined revenue growth assumption 3,40 % 2,00 %Combined gross margin % 16,5 % 16,7 %Combined operating pro\ue6bet% assumption 2,40 % 2,70 %Combined investments M\u20ac 3,2 3,9According to Verkkokauppa.com\u2019s sensitivity analysis, a -1% percentage point change in sales margin % would cause a situation where the accounting value of the unit would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat possible changes.7.14 Tangible assetsThe tangible assets of Verkkokauppa.com Oyj Group include land, servers, other office and warehouse equipment and devices, as well as basic improvements to rental premises. Tangible assets have been valued in the balance sheet at the original cost less depreciation and impairment. Tangible assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into use. Real estate is not subject to depreciation. The estimated useful lives of tangible assets are as follows: Machinery and equipment 3\u201310 yearsOther tangible assets 5\u201310 yearsThe residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. Normal maintenance and repair costs are recognized in the income statement as an expense at the time they are incurred. Significant improvements or additional investments are capitalized as part of the cost of the asset and amortized over the remaining useful life of the capital asset if it is probable that future economic benefits associated with the asset will flow to the company. Gains on sales from the write-offs and disposals of tangible assets are presented in other operating income in the income statement, and losses in other operating expenses in the income statement. The Group has no interest expenses related to the acquisition of assets that would have been capitalized as part of the cost of acquisition.The same principles apply to the assessment of impairment as for intangible assets. The principles are described as part of the notes on intangible assets.Machinery and Other tangible Advance payments EUR thousandLandequipmentassetsand work in progressTotalCost 1 Jan 20222 8,717 3,012 2,41214,142Increases- 4,355 38 2,417 6,811Additions, internal reorganisations 4 006 11 -4,017 0Cost 31 Dec 20222 13,072 3,050 81216,936Accumulated depreciation 1 Jan 2022- -6,463 -2,465 -8,928Depreciation for the financial year- -1,103 -152 -1,255Accumulated depreciation 31 Dec 2022- -7,566 -2,617-10,183Carrying amount 1 Jan 20222 2,254 546 2,412 5,214Carrying amount 31 Dec 202225,5064338126,752Machinery and Other tangible Advance payments EUR thousand Landequipmentassetsand work in progress TotalCost 1 Jan 20212 7,323 2,792 7510,191Increases- 1,394 220 2,337 3,951Disposals-Transfers between items-Cost 31 Dec 20212 8,717 3,012 2,41214,142Accumulated depreciation 1 Jan 2021- -5,640 -2,330 -7,970Depreciation for the financial year- -823 -136 -959Accumulated depreciation 31 Dec 2021- -6,463 -2,465-8,928Carrying amount 1 Jan 20212 1,683 462 75 2,222Carrying amount 31 Dec 202122,2545462,4125,214 The company has no investment commitments in relation to tangible assets.7.15 LeasesLeases wherein the Group is the lesseeRecognition of leasesAt the time the contract was entered into, the Company will assess whether the contract is a lease or whether the contract contains a lease element. The Company recognizes a right-of-use asset and a lease liability at the inception of the lease, except for leases with a short lease term (less than 12 months) and leases with a low value. Rental costs for short-term and low-value leases are recognized in the income statement under other operating expenses on a straight-line basis over the term of the lease.Measurement and recognition of lease liabilityThe lease liability is measured at the present value of the lease payments not paid at the commencement date of the contract. The lease payments are discounted at the interest rate implicit in the lease if that interest rate can be easily determined. If the interest rate cannot be easily determined, the interest rate of the Company\u2019s incremental borrowing rate shall be used. The lease agreement for the J\u00e4tk\u00e4saari real estate, which covers approximately 69% of the balance sheet of the lease liabilities, has used the interest rate implicit in the lease contract. In other lease agreements, the interest rate of the Company\u2019s incremental borrowing rate has been used as the discount rate. The changes in the Company\u2019s financing position have been taken into consideration in determining the incremental borrowing rate in determining the risk premium. Discount rates vary between 1.3% and 7.0%.The lease payments included in the value of the lease liability at the commencement date consist of fixed payments less available incentives related to lease contracts, variable rent based on index, purchase option exercise prices (when reasonably certain), amounts of residual value guarantees and penalties for termination of lease contracts, if the lease term has taken into account that the lessee exercises the option to terminate the lease.There are no termination options in the leases of Verkkokauppa. com Oyj that have been taken into account in the calculation. Lease contracts with purchase options are related to machinery and equipment and are not significant.The lease liability is measured at amortized cost using the effective interest method. Revaluation of the lease liability shall be carried out if there is a change in the lease term, the use of the purchase option becomes or ceases to be reasonably certain, the index used to calculate variable lease payments changes or if there is a change in the expected payments on the basis of residual value guarantees. The discount rate to be used for the revaluation depends on the nature of the change. The payments for all the leases of the Company real estate and facilities are linked to the cost-of-living index. The Company will make revaluations of its lease liability and the right-of-use asset when the index changes. In those contracts where the lease component and the non-lease component must be separated, the distinction is made on the basis of relative stand-alone selling prices. The Company has office space leases in which the lease component is separated from the service component. The stand-alone price is based on the estimated levels of capital rents for the region in question. The lease term used to calculate the lease liability is the period during which the lease is non-cancelable, plus the period of the renewal or termination option if it is reasonably certain that the lessee will exercise the renewal option or not exercise the termination option. The Company has extension options related to its real estate. These are not taken into account in the lease term. The decision on extension options is made on a commercial basis when the lessor is to be informed of the use of the extension option. The management of the Company has taken into consideration the business model of the Company and the agility expected in it in relation to the physical market place in an ever-changing business environment when assessing the probability of the realization of extension options. Measurement of right-of-use assetsThe right-of-use asset is measured at cost at the commencement date of the lease. The cost comprises the initial amount of the lease liability at the commencement date, the lease payments less the incentives received under the lease, the initial direct costs and any costs of restoration.The Company has not recognized the initial direct costs in its leases. The amounts of restoration costs are estimated to be immaterial given the nature of the business and no provision has been recognized for them. The Company measures the right-of-use assets in accordance with the cost model. Under the cost model, a right-of-use asset is measured at cost less accumulated depreciation and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into service In case the lease term is shorter than the useful life, depreciations are done over the lease term. The estimated depreciation periods are as follows: Machinery and equipment 4\u20137 yearsReal estate and premises 2\u201315 yearsSubleasesThe Company has short-term sublease agreements, which are recognized as income on a straight-line basis over the lease term. Lease income is presented in other operating income in the income statement. These sublease agreements are not material.Description of the Group\u2019s lease portfolioThe Group\u2019s lease portfolio consists of real estate and facilities leases, as well as leased cars. The real estate lease means the J\u00e4tk\u00e4saari real estate that comprises the stores as well as the logistics, office and other spaces. In other aspects, the retail stores are real estate leases. The lease agreements include several short options for future extension. The leases are not linked to revenue but to the cost-of-living index and are, therefore, taken into account in the calculation of the lease liability. The leases do not include residual value guarantees or purchase options. At the end of the accounting period, the group does not have any leasing contracts related to cars, machines or equipment.Right-of-use assetsEUR thousand Premises and facilities Machinery and equipment Tot alCost 1 Jan 2022 35,269 1,662 36,931Increases 130 130Disposals -11 -42 -53Increase/decrease due to remeasurement 808 808Cost 31 Dec 2022 36,196 1,620 37,816Accumulated depreciation 1 Jan 2022 -19,538 -1,616 -21,154Accumulated depreciation on disposals 16 16Depreciation for the financial year -3,793 -19 -3,812Accumulated depreciation 31 Dec 2022 -23,331 -1,620 -24,950Carrying amount 1 Jan 2022 15,731 45 15,776Carrying amount 31 Dec 2022 12,865 0 12,866EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 2021 33,181 1,671 34,852Increases 1,202 1,202Disposals -9 -9Increase/decrease due to remeasurement 887 887Cost 31 Dec 2021 35,269 1,662 36,931Accumulated depreciation 1 Jan 2021 -15,961 -1,544 -17,505Accumulated depreciation on disposals 0Depreciation for the financial year -3,577 -72 -3,650Accumulated depreciation 31 Dec 2021 -19,538 -1,688 -21,154Carrying amount 1 Jan 202117, 22012717, 3 47Carrying amount 31 Dec 2021 15,731 45 15,776The remeasurements carried out in 2022 and 2021 relate to index increases in lease contracts and to renegotiated leases. Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand31 Dec 202231 Dec 2021Less than one year 5,2485,055From one to five years 13,50118,048Undiscounted lease liabilities, total 18,74923,103Lease liabilities in the balance sheetEUR thousand31 Dec 202231 Dec 2021Current lease liabilities 4,4774,034Non-current lease liabilities 12,33416,105Lease liabilities, total 16,81220,139Items recognized in the income statementEUR thousand 2022 2021Depreciations on right-of-use assets 3,8123,650Interests on lease liabilities 1,0711,198Lease income from subleasing right-of-use 545530assetsExpenses related to leases of low-value assets 6057Items recognized in the cash flow statementEUR thousand 2022 2021Total cash outflow for leases -5,308-5,0657.16 Deferred tax assets and liabilitiesThe deferred tax is calculated from the temporary differences between the carrying amount and the tax base, using either the tax rate in force at the balance sheet date or a known tax rate that will come into force at a later date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilized. Change in deferred tax assetsEUR thousand 1 Jan 2022 Recognized through profit or loss Recognized in equity 31 Dec 2022Leases 851 -45 - 806Inventories 102 -59 - 43Share-based payments 101 -16 - 86Provisions 179 -30 - 148Eliminations of Group inventories - 2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesEarn-out costs from the conditional purchase price - 83 - 83Profit from sales of investments designated as at FV-- -14 14 -TOCIUnused tax depreciation 56 24 - 80Deferred tax assets, total 1,289 105 14 1,380EUR thousand 1 Jan 2021 Recognized through profit or loss Recognized in equity 31 Dec 2021Leases 898 -46 - 851Inventories 90 12 - 102Share-based payments 110 -9 - 101Provisions 153 26 - 179Unused tax depreciation 99 -43 - 56Deferred tax assets, total 1,350 -60 -1,290For the tax loss of the group companies, EUR -1.27 million (0), no deferred tax asset has been recorded for the financial year.Change in deferred tax liabilitiesAdditions during Recognized through Recognized EUR thousand 1 Jan 2022the accounting periodprofit or lossyin equity 31 Dec 2022Fair value adjustments made in connection with - 128 -24 - 103the acquisition of a subsidiaryDeferred tax liabilities, total-128-24-1037.17 Trade receivables and other receivablesTrade receivables are receivables arising from goods or services sold to customers in the ordinary course of business. Other receivables are contract assets, other accrued income and financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables and other receivables are classified as current assets if customer payment in respect of them is expected within one year. Otherwise, they are presented as non-current assets. Non-current trade receivables are receivables related to customer financing and in current trade receivables they represent approximately 73% (2021; approximately 62%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.3Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand31 Dec 202231 Dec 2021Non-current Trade receivables 5,6153,817Other non-current receivables 397425Non-current receivables, total 6,0124,241CurrentTrade receivables 28,83323,124Contract assets 2,6911,807Other accrued income 8,5576,820Income tax receivables 490Other receivables 2,3923,699Current receivables, total 42,52235,450Non-current and current receivables, total 48,53439,692Aging analysis of trade receivables31 Dec 2022 31 Dec 2021EUR thousandTrade receivablesLoss allowanceTrade receivables Loss allowanceNot due 29,984 259 22,771 229 Past due 1\u201360 days 4,942 323 4,629 280 Past due 61\u2013120 days 211 114 135 87 Past due over 121 days 155 147 233 233 Total 35,291 843 27,769 829 The bad debt allowance for trade receivables as at 31 December reconcile to opening bad debt allowance as followsEUR thousand20222021Opening bad debt allowance at 1 January 829 1,123Increase in bad debt allowance recognized in 1,319 354profit or loss during yearReceivables written of during the year as -1,251 -1,081uncollectibleUnused amount reversed -53 433Closing bad debt allowance at 31 December 843829During the financial period, the Group recognized net credit losses on trade receivables totaling EUR 1 319 (806) thousand. Verkkokauppa. com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days and financed by the Company itself are sold to third parties. This reduces the Company\u2019s accounts receivable risk.7.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The revenue rate of products and the possible reduction of the net realizable value below cost are regularly assessed and, if necessary, an impairment of inventories is recorded. In addition, the Group separately recognizes write-down for older items according to the inventory dates.EUR thousand 31 Dec 2022 31 Dec 2021Goods 74,767 87,803Total 74,767 87,803The Group has recorded a total of EUR 4.1 (1.6) million in inventories. The entries have adjusted the book value of the inventory to reflect its actual net realizable value. The amount for the fiscal year 2023 includes a write-down of 1.6 million euros related to inventory. This is part of the group\u2019s adaptation program, in which it enhances its product selection7.19 Cash and cash equivalentsCash and cash equivalents consist of cash assets and balances on bank accounts. Cash and cash equivalents belong to the category of financial assets measured at amortized cost. No impairment is recognized on cash and cash equivalents, as the cash is held with well-rated Nordic banks and the related impairment is considered immaterial.EUR thousand 31 Dec 2022 31 Dec 2021Cash in hand and at banks 21,210 20,917Total 21,21020,917The Company\u2019s cash assets were fully available at the balance sheet date. 7.20 Business combinationsThe identifiable assets and liabilities acquired in connection with a business combination are measured at fair value at the time of acquisition and the costs related to the acquisition are recognized as expenses. Goodwill arising in a business combination is recognized at the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined exceed the fair value of the net assetsacquired. If the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined fall below the fair value of the net assets acquired, the difference is recognized through profit or loss as a gain on a favorable transaction.Acquisitions for the fiscal year 2022Parent company, Verkkokauppa.com Oyj acquired 100% of eVille Distribution Oy shares on 1st of April 2022. Verkkokauppa.com Oyj\u2019s fully owned Finnish subsidiary, Arc Distribution Oy (established in February 2022), acquired 100% ownership and shares of Digi Electronics Ltd (Hong Kong) ja Digital Trading (Shenzhen) Co. Ltd (China) on 1 April 2022.The acquisition supports Verkkokauppa.com\u2019s strategy to strengthen and expand its assortment in own brands. With the acquisition, Verkkokauppa.com gains access to an experienced sourcing organization established in Shenzhen and Hong Kong, China.The purchase price amounts to approximately EUR 4.0 million, of which 1.4 million in new shares (when calculated using Verkkokauppa.com Oyj\u00b4s share price as of 1 April 2022) issued in a directed share issue to the seller at closing and the rest in cash corrected with the net debt adjustment. The shares will be subject to a lock-up undertaking. The parties have also agreed to additional purchase price installments of up to approximately EUR 6.7 million, including deferred purchase price of EUR 1 million and earn-out of EUR 5.7 million, payable solely if the combined sales of own brand products exceed set target levels during 2022, 2023 and/or 2024. The total aggregate purchase price can amount to EUR 10.7 million at the maximum.The seller has the option to receive 50% of the achieved earn-out in Verkkokauppa.com\u2019s shares for calendar years 2023 and/or 2024 if the earn-out metrics are to be achieved. The number of shares received by the seller are to be determined based on the volume weighted average share price of the Verkkokauppa.com\u2019s share for a 30-day period preceding of the date when the relevant metrics are confirmed.Purchase priceEUR thousand Value of acquired assetsPaid in cash 3,250Directed issue shares 1,403Adjustments -677Total 3,976As part of the financing of the transaction, Verkkokauppa.com\u2019s board decided to carry out a directed share issue of 1.4 million euros. 289,402 new shares were issued and their subscription price, which is based on the average price weighted by the exchange of Verkkokauppa.com shares in Nasdaq Helsinki Oy for the 30-day period prior to February 9, 2022, is EUR 6.91 per share.The assets and liabilities recognised as a result of the acquisition are as follows:EUR thousand TotalCash and cash equivalents 293.3Trade receivables 407.0Inventory 1,166.9Other receivables 29.5Prepaid expenses 826.0Machinery and equipment 20.6Total assets 2,743.3Prepayments 139.7Trade payables 330.0Other payables/liabilities 157.3Accrued income 38.5Short term liabilities 1,644.2Other long term liabilities 0.9Total liabilities 2,310.5Acquired identifiable net assets 506.1Customer related intangibles 426.0Marketing related intangibles 225.0Goodwill 2,946.7Deferred tax liability -127.9Acquired net assets 3,975.9Acquired assets and liabilities are valued on the balance sheet on fair value on the acquisition date. EUR 0.7 million of acquired intangible assets were valued for customer relationships and trademarks. These assets will be depreciated over their useful lifetime. Goodwill is the portion of purchase price that is higher than the sum of net fair value of assets and liabilities acquired. Goodwill amounted to EUR 2.9 million and it is non-deductible in taxation.The accounting of the business combination is still provisional pending the finalization of the consideration transferred, valuation of the assets acquired, and liabilities assumed.7.20.1 Effect of the acquisition on the group\u2019s January- December interim reportRevenue and profit/loss for the period for the acquired companySince the acquisition date (1 April 2022), the acquisition has contributed EUR 5.4 million on the Group\u2019s revenue and EUR -1.4 million negative impact on Group\u2019s operating result.Since the beginning of the financial year (January 1, 2022), the effect of the acquisition on the group\u2019s net sales has been 7.8 million euros, and it has had no effect on the group\u2019s operating result.The figures are based on consolidated group financial reports where all internal revenue, purchases and other expenses have been eliminated.Earn out and deferred purchase price are recorded as a cost and not part of the purchase price as these are conditional to acquired assets management obligation to work. As of 31 December 2022, management estimated the additional purchase price to amount to EUR 1.5 million of which EUR 0.4 million was reported as costs in year 2022. It is recognized as Item affecting the comparability. Verkkokauppa.com company structureOwnership of shares % Share of votes % Country31.12.202231.12.2022 BusinessParent compnay Verkkokauppa.com Oyj Finland RetailSubsidiariese-ville.com Distribution Oy Finland 100% 100% RetailArc Distribution Oy Finland 100% 100% RetailDigi Electronics Ltd Hong Kong 100% 100% RetailDigital Trading (shenzhen) Co. Ltd China 100% 100% Retail7.21 EquityTreasury sharesThe acquisition of treasury shares, together with the related costs, is presented as a deduction of equity. Dividend distributionThe dividend proposed by the Board of Directors to the Annual General Meeting has not been deducted from equity, but instead is recognized on the basis of the decision of the Annual General Meeting.Share capital and treasury sharesOutstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1,000)shares, pcs (1,000)pcs (1,000)amount, EUR thousand 1 Jan 2022 44,742 323 45,065 100Acquisition of treasury shares - - - -Proceeds from issue of share capital 289 - 289 -Transfer of treasury shares, Board of Directors\u2019 remuneration 20 -20 - -Transfer of treasury shares, share-based incentive scheme 32 -32 - -31 Dec 2022 45,083 271 45,355 100Outstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1 000)shares, pcs (1 000)pcs (1 000)amount, EUR thousand 1 Jan 202144,71235345,065100Acquisition of treasury shares 15 -15 - -Transfer of treasury shares, Board of Directors\u2019 remuneration 15 -15 - -31 Dec 202144,74232345,065100Verkkokauppa.com Oyj Group has one share class. The share has no nominal value. Each share entitles its holder to one vote at the Annual General Meeting. All issued shares have been fully paid out. At the end of the financial year 2022, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 271,257 (323,397) treasury shares held by the Company. During the financial years 2021\u20132022, the company has not acquired its own shares.Fair value reserveThe fair value reserve is a fund that is based on equity investments measured at fair value.Invested unrestricted equity fundThe invested unrestricted equity fund includes the subscription price of the shares to the extent that they are not entered into share capital on the basis of a separate decision.Capital management The aim of the Group\u2019s capital management is to support the business through an optimal capital structure by ensuring normal operating conditions. The Group assesses the development and adequacy of its capital structure and equity ratio. Capital management aims to ensure cost-effectively the Group\u2019s operating conditions at a competitive level in all business cycles, adequate risk-bearing capacity and good debt management and dividend payment capacity. The objective of capital management is to increase shareholder value and achieve the best possible profit. The Group has not applied for a credit rating from any external credit rating institution. Capital management is based on continuous monitoring of the objectives set by the Board and of the external financing and defined thresholds, as well as on the approval and implementation of balancing measures in case of any deviations. On the basis of the information it is provided, the Board of Directors evaluates the effects of any deviation and takes the necessary capital management decisions. The Group\u2019s net gearing target is defined and monitored as part of normal reporting. The ratio of net liabilities to equity is -2.2% (-52%) as one of the key indicators for the overall management of the balance sheet. The Group evaluates financing needs on a case-by-case basis considering the cyclical nature of business as well as potential business acquisitions.At the end of the financial year 2022, the Group had revolving credit facilities totaling EUR 20 million that had not been utilized. The terms of the covenants are described in note 7.22.3 Financial risk management.EUR thousand20222021Net debt -19,745778Total shareholders\u2019 equity 26,47035,683Net debt to equity ratio -74,6 %2,2 %The ratio of net debt to equity remained negative (-2.2%). Both net debt and gross assets decreased during the financial year 2021.DividendsDividends paid2022For the previous yearDate of paymentDividend per share, EUR 4 Apr 2022 0.060 9 May 2022 0.061 25 July 2022 0.062 27 Oct 2022 0.063Total dividends, EUR thousand11,0682021For the previous year Date of payment Dividend per share, EUR 7 Apr 20210.276 4 May 20210.05727 July 20210.058 2 Nov 20210.059Total dividends, EUR thousand20,129Dividend proposedThe Board of Directors will propose to the Annual General Meeting that no dividend be distributed for the financial year 2022.7.22 Cash flow informationNet debt reconciliationEUR thousand20222021Cash 21,210 20,917Loans from financial institutions -24,144Lease liabilities -16,812 -20,139Net debt -19,745 778EUR thousand20222021Cash 21,210 20,917Gross liabilities -40,955 -20,139Net debt -19,745 778Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt 1 Jan 2021 -21,929 -21,928 43,099 21,171Change in liabilities not involving cash flow 3,868 3,868 3,868Cash flows -22,182 18,315Acquisitions 1,202 1,202 1,202Changes in index -3,280 -3,280 -3,280Net debt 31 Dec 20210-20,139 -20,139 20,917 778Loan withdrawals -30,030 0 30,030 30,030Repayment of financial institution loans 6,781 6,781 6,781Change in liabilities not involving cash flow 4,237 4,237 4,237Cash flows 293 293Additions 130 130 130Changes in index -894 -1,040 -1,934 -1,934Net debt 31 Dec 2022 -24,144 -16,812 -40,955 21,210 -19,745The Company\u2019s net debt as of 31 Dec 2022 was EUR -19.75 million.7.23 FundingFinancial assetsThe main financial assets of the Group are trade receivables and cash and cash equivalents.Classification and measurementOn initial recognition, the Group classifies financial assets into the following measurement categories: financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income. Classification depends on the business model used to manage financial assets and contractual terms for cash flows. Financial assets are derecognized when the right to receive contractual cash flows has expired and the significant risks and rewards of ownership of the financial asset have been transferred outside of the Company.Verkkokauppa.com Oyj has made an irrevocable decision to measure equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividends are recognized in the profit and loss account under financial income. Changes in the fair value of equity investments are presented in other comprehensive income and are not subsequently reclassified to profit or loss when the investment is derecognized. Verkkokauppa.com Oyj records changes in fair value in the fair value reserve of equity, from which they are transferred to retained earnings upon sale. Financial assets measured at amortized cost are items that are held to collect contractual cash flows and whose cash flows are solely payments of principal and interest. This category includes trade and other receivables of Verkkokauppa.com Oyj, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23 and Leases 7.15.7.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.7.23.2 Information on equity investments The Company had equity investments classified as fair value through other comprehensive income. The Company has irrevocably classified these investments in this category because they are considered strategic from a business perspective. The company has sold the equity investments it owned in 2022. The shares in question were sold in accordance with the shareholder agreement made in 2020 to the main owner of the company in question. The sale price of the shares was determined based on the calculation formula agreed in the shareholders\u2019 agreement.Determining fair valuesLevel 1: Fair values are based on quoted (unadjusted) prices of identical assets or liabilities traded on active markets.Level 2: Financial instruments are not traded on active and liquid markets, but their fair values can be calculated on the basis of market data. Level 3: Measuring of financial instruments is not based on verifiable market data, nor are other factors affecting the fair value of the instruments available or verifiable. 31 Dec 2022 31 Dec 2021EUR thousandLevel 2Level 3Level 2 Level 3Financial assetsEquity investments --266Total-266The equity investments in level 2 include shares for which the Company receives an OTC market price. The equity investments in level 3 include unquoted shares. The fair value is estimated for the shares and, if necessary, the change in fair value is recognized. Level 3 the shares were sold during 2022.Level 3 reconciliation statement EUR thousand 2022 2021Equity investments Carrying amount 1 Jan 266 266Increases - -Disposals -266 -Carrying amount 31 Dec2667.23.3 Financial institution loansAt the end of 2022, the Verkkokauppa.com group had a total of 23.8 million interest-bearing financial institution loans. EUR (0.00). The company\u2019s financial institution loans have variable interest rates. The interest to be paid is determined every six months based on the Euribor reference rate and the net debt/EBITDA ratio. The maturity of the loans is 3 years, from April 6, 2022. The capital of the loans is amortized every six months. No assets have been given as collateral for financial institution loans. The loans are subject to covenant conditions, which are determined based on the net debt/EBITDA ratio and the net debt ratio. The purpose of the taken out financial institution loans is primarily to finance investment projects related to business development and to develop ongoing business. The book values of the loans essentially correspond to the fair values of the loans, because the loans have variable interest rates and the group\u2019s risk premium has not changed substantially.7.23.4 Financial risk managementGeneral informationIn business operations, the Group is exposed to several financial risks, of which the main financial risks are financing acquisition and liquidity risk, as well as currency and interest rate risk. The goal of the group\u2019s risk management is to minimize the harmful effects of financial market changes on the group\u2019s result. The general principles of the group\u2019s risk management are approved by the board. The Group\u2019s CFO is responsible for the practical implementation of financial risk management by identifying and evaluating risks. The group does not apply hedge accounting in accordance with IFRS 9.Funding and liquidity riskThe Group seeks to secure access to finance and sufficient liquidity. A business that generates positive cash flow and a solid management of net working capital enable an optimal capital structure and availability of financing. The Group continuously assesses and monitors the amount of financing required for the business in order to provide the Group with sufficient liquid assets to finance its operations and to pay outstanding payables. In accordance with normal seasonal fluctuations, cash flow and payables peak at the turn of the year and are at their lowest at the end of the second quarter. According to the maturity distribution, the most significant part of the debts will mature within a year, with a priority emphasis. Accounts payable are always due within less than a year because they have short payment periods. The maturities of the lease liabilities depend on the agreement and accordingly, they fall due evenly over the duration of the agreement. However, a significant part of lease contract debts matures within less than five years. The maturity of the guarantee contracts and the maximum amount of liability depend on the customer\u2019s creditworthiness and the distribution percentage applied to the guarantee contract. Maturity has spread to many counterparties. The maximum length of credit granted to an individual customer is three years.Contractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2022EUR thousand <1 year 1\u20135 years >5 years TotaFinancial institution loans 598 25,174 25,742Lease liabilities 5,248 13,501 18,749Trade payables 66,834 - - 66,834Total 72,680 38,675 111,32531 Dec 2021EUR thousand <1 year 1\u20135 years >5 years TotFinancial institution loans ----Lease liabilities5,05518,04823,103Trade payables 77,609--77,609Total82,66418,048100,712Financial institution loans include an interest period calculated according to the current interest rate.The balance sheet contains liquid assets of 12%. The Group diversifies the risk of financing (counterparty risk) by entering into various binding revolving credit facilities with large Nordic banks with solid ratings. By varying the amounts as well as the term of the revolving credit facilities, the Group manages the counterparty and maturity risk. It is also Group policy to maximize the use of cash discounts in the current interest environment.At the end of the financial year 2022, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 21,2 (20,9) million. The funds were distributed among various bank accounts.Interest rate riskThe group\u2019s income and operational cash flows are mainly independent of fluctuations in market interest rates, and thus the group\u2019s exposure to interest rate risk is mainly related to its external loans. The average annual interest rate of the group\u2019s interest-bearing debt excluding lease contract liabilities in accordance with IFRS 16 was approximately 2.3% (0.0%). The table below shows the effects on the group\u2019s profit before taxes and the effect on equity. If interest rates were to rise or fall (+/- 1.0 percentage points) and other factors remained unchanged, it would affect the group\u2019s result after taxes by EUR 250 thousand (EUR 0 thousand) for the worse or for the better. The sensitivity analysis is based on the interest rate position at the end of the reporting period.EUR thousand20222021Change +/- 1 %+/- 1%Impact on profit after tax 250 -Liquidity riskThe group aims to monitor the amount of financing required by the business by analysing sales cash flow forecasts, so that the group has enough liquid assets to finance operations and to repay maturing loans. The availability and flexibility of the group\u2019s financing is aimed at ensuring sufficient credit limit reserves, a balanced maturity distribution of loans and sufficiently long loan periods, as well as by using several financial institutions and forms of financing in the acquisition of financing. On 31 December 2022, the group had EUR 25 million (15) in the credit limit reserve, and their validity period is linked to the validity period of the financing agreement.Verkkokauppa.com agreed on April 6, 2022, to arrange financing. In the arrangement, the company agreed to 25 million loan which is reduced annually by 2.5 million EUR and the rest will be paid in April 2025. In addition, 25 million euro credit limit was agreed. The credit limit is valid for 3 years.Contingent liabilities and assets and commitmentsNo assets have been given as collateral for financial institution loans. Financial loans and credit limit agreements are subject to covenant conditions. The covenant terms determine the required net debt/EBITDA ratio and the net debt ratio. In 2022, Verkkokauppa.com has fulfilled these covenant conditions. In 2021, the company had a credit limit agreement in effect with the corresponding covenant conditions.Credit and counterparty riskCredit risks arise when a counterparty is unable to meet its contractual obligations, causing the Group to suffer a financial loss. Trade receivables and other receivables expose the Group to credit risk. The most significant credit risk relates to the Group consumer financing service. The Group\u2019s main credit risk consists of trade receivables from Group consumer financing and ordinary trade receivables from companies. The open position is larger and longer for Group-financed receivables than for conventional corporate trade receivables. As a result, the credit risk of a Group-financed is greater than that of a conventional corporate trade receivable. The rotation of trade receivables is also faster for corporate trade receivables. The Group has defined a credit policy for customer receivables with the aim of increasing profitable sales in advance, identifying and managing credit risks. The credit policy dictates the minimum principles of Verkkokauppa.com Oyj Group\u2019s credit sales and debt recovery. The credit risk is determined by the Credit Committee of the Group.The Company has credit policies in place for its own customer financing, which describe the principles of risk-taking and risk management. Furthermore, the Company has credit rules that define, among other things, the principles of making credit-granting decisions, the amount of credit limits and the measurement principles of trade receivables. The Board of Directors regularly monitors the development of customer financing. The Credit Committee is responsible for reporting on the financial risks to the Board. The risk of customer-financing receivables is not concentrated but consists of a large amount of receivables with a maximum capital of EUR 3,000. To minimize the credit risk, the customer\u2019s credit report and any credit history are checked before a credit-granting decision is made. Verkkokauppa.com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables. The credit loss allowance related to trade receivables remained unchanged EUR 0.8 (0.8) million.The counterparty risk involved with cash and cash equivalents is managed through depositing the cash and cash equivalents in accounts with large Nordic banks with solid ratings. The Group\u2019s cash and cash equivalents are fully available. The counterparty risk arising from purchasing activities is managed through using, when necessary, letters of credit as payment method, thus ensuring contractual delivery. The Group\u2019s letters of credit are documentary credits.ImpairmentThe most significant financial assets of the Group subject to the expected credit loss model required by IFRS 9 are cash and cash equivalents, traditional trade receivables from companies and the receivables from the company-financed consumer financing service. In addition, it is necessary to apply the impairment model to the financial guarantee contracts. The Group\u2019s cash and cash equivalents are deposited in accounts with solid Nordic banks and are consequently not recognized for impairment. In addition to the aforementioned financial assets, the contract assets are subject to impairment. The management of the Company monitors the development of counterparty risk. The Group recognizes a lifetime expected credit loss on trade receivables using a simplified method (matrix model). The model based on expected credit losses is anticipative, and the expected portion of credit losses is based on the amounts of historical credit losses. The historical credit loss percentage is adjusted when necessary, taking into account the macroeconomic impact on customers\u2019 ability to pay. The expected credit losses over the entire life of the receivable are calculated by multiplying the gross value of the trade receivables with the expected loss portion in all maturity classes. In addition, at each reporting date, the Company assesses whether there is further evidence of impairment of an asset, for instance due to insolvency. In these cases, the Company recognizes the impairment immediately. Impairment losses are recognized in other operating expenses in the income statement. Recoverable credit losses are recognized in other operating expenses in the income statement.The Group has defined different matrix models for standard trade receivables from corporates and for company-financed consumer financing service receivables due to their different risk characteristics. The clients of the company-financed consumer financing service are individuals. To determine the credit default rates for individual customers in the company-financed consumer financing service, the customers\u2019 historical payment behavior, the aging of receivables and their development were examined. The percentages of credit losses are regularly updated based on historical credit losses and the 12-month rolling model. The maximum exposure to credit risk corresponds to the total amount of trade receivables. The Group has not received any guarantees regarding trade receivables. Expected credit losses are recognized as reducing trade receivables. When determining the credit loss rates for corporate customers, the customer\u2019s historical payment behavior, the aging of receivables and their development were examined.Changes in expected credit losses are recognized in other operating expenses in the income statement. The total net credit losses recognized in 2022 amounted to EUR 1 319 (806) thousand. The effects of the company\u2019s net credit losses are described in the note Accounts receivable and other receivables 7.17.The currency risk of Verkkokauppa.com Oyj arises mainly from the purchase of goods, as the company has purchasing activities in several different currencies. However, the management of the Company does not consider the foreign exchange rate risk to be significant, as most purchases are made in euros. In respect of purchases made in foreign currencies, trade payables in the balance sheet are exposed to foreign exchange rate risk. In addition, the Company has advance payments in foreign currency in the balance sheet, with short open positions. Foreign exchange risk is managed from a commercial point of view through rapid inventory turnover and by seeking to transfer possible exchange rate changes into sales prices or by changing supplier. The Company does not hedge against foreign exchange rate risk. Revenue is not exposed to foreign exchange rate risk, as all revenue is generated in euros. The group has currency accounts in US dollars (USD), Hong Kong dollars (HKD) and Chinese yuan renminbi (CNY). The currency risks of foreign currency accounts relate to exchange rate differences that arise from the conversion of monetary assets to the exchange rate on the balance sheet date. Exchange rate differences of monetary assets are presented in the note Financial income and expenses 7.9.At the end of the financial year 2022, the amount of currency-denominated open trade payables amounted to EUR 1 068 (209) thousand. Exchange rate differences in accounts payable were irrelevant in 2022 and the comparison year.Foreign exchange rate riskForeign exchange rate risk is the uncertainty of cash flows, profit and balance sheet resulting from changes in foreign exchange rates. 7.24 Other current liabilities and accrued liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract liabilities 2,186 2,128Accrued personnel expenses 7,391 7,302Other accrued liabilities 13,065 12,476Withholding tax liability 879 994VAT liability 8,569 7,596Other current liabilities and accrued 32,090 30,496liabilities, totalPayables related to contracts with customers are presented in the note on 7.2 Revenue from contracts with customers.7.25 ProvisionsA provision is recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision represents the best estimate of the management with regard to the expenditure required to settle the obligation at the end of the reporting period. At each balance sheet date, the management assesses the amount of the provisions and updates them to reflect the best estimate at the balance sheet date. Changes in provisions are recognized in the income statement in the same line item where the original provision was recognized. Provisions have not been discounted due to the minor effect of such discounting.The provisions recognized by the Group relate to the Company\u2019s own product guarantees and the third-year warranty.A warranty reserve is recognized at the time of sale of a product based on management\u2019s estimate of the product degradation rate, which is based on historical experience. A provision for expected credit losses is recognized based on historical actuals. The profit-sharing model adopts the expected credit loss model according to IFRS 9, the principles of which are described in more detail in the note on 7.22.3 Financial risk management.EUR thousand 2022 2021Provisions 1 Jan 896766Increases in provisions134Decreases in provisions -151-5Reversal of unused provisions --Provisions 31 Dec 7458967.26 Transactions with related parties Verkkokauppa.com Oyj Group\u2019s related parties are considered to include the members of the Board of Directors and the CEO of Verkkokauppa.com Oyj Group and other members of the Management Team of Verkkokauppa.com Oyj Group, close family members of the aforementioned persons and controlling entities of the aforementioned persons. Transactions with related parties have been carried out under normal commercial terms. Transactions with related partiesEUR thousand20222021Sales of goods and servicesTo key management personnel and their 72 86related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 31 Dec 2022 31 Dec 2021Closing balances from purchases/sales of goods/servicesTrade receivables from key management 5 -personnel and their related partiesTrade payables to key management - -personnel and their related parties7.27 Guarantees and commitmentsEUR thousand31 Dec 202231 Dec 2021Collateral given for own commitments Guarantees 1,894 3,463Other commitments and contingent liabilities 15 9The guarantees are related to rental, customs guarantees and letters of credit. Other responsibilities and liability commitments are related to residual value responsibilities.7.28 Subsequent eventsOn 16 January 2023, Verkkokauppa.com issued a profit warning and adjust its business to meet the declined demand. As part of the adjustment, the company streamlines its assortment and makes a write-down of EUR 1.6 million related to the inventory, which negatively impacted the Q4 and full year 2022 results. At the same time, preliminary information on the financial development of 2022 was announced.On 16 January 2023, Verkkokauppa.com launched of a profit improvement program to secure profitability, and in connection with that started change negotiations. The annualized profit improvement goal of a program was approximately EUR 10 million, of which around EUR 5-8 million is expected to be realized in 2023. The change negotiations will cover Verkkokauppa.com Oyj\u2019s entire personnel, approximately 770 employees. Possible redundancies, part-time shifts and essential changes to employment contracts apply to a maximum of 110 people. The planned measures aim to achieve annual savings of EUR 6 million in personnel costs. Of the savings, EUR 3-4 million are expected to be realized in the second half of 2023 and in full in 2024. Depending on the outcome of the negotiations, the planned restructuring is estimated to result in costs of approximately EUR 1.3 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "6 Group accounting principlesTo improve the readability and understandability of the consolidated financial statements, Verkkokauppa.com Oyj Group presents some of the accounting policies as part of these notes, highlighted in grey text boxes. The accounting principles repeat the standard when the Group considers it necessary to understand the applied policies. 6.1 Basic information on the CompanyVerkkokauppa.com Oyj Group is the best-known and most-visited Finnish online retailer in the country. Verkkokauppa.com Oyj Group is a public limited company, the shares of which are quoted on the official list of Nasdaq Helsinki.The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland.The registered address of its head office is Tyynenmerenkatu 11, 00220 Helsinki, Finland.The Board of Directors of the Company approved these Group financial statements for publication at its meeting on 28 febryary 2023. In accordance with the Finnish Corporate Act, shareholders have the right to approve or reject the financial statements at the Annual General Meeting held after the publication of the financial statements. It is also possible to decide upon changes to the financial statements at the Annual General Meeting.6.2 Basis of preparationThese Group financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and their interpretations (SIC and IFRIC) adopted for use in the EU on 31 December 2022. The notes to the financial statements comply with Finnish accounting and corporate legislation that supplements IFRS.On April 1, 2022, Verkkokauppa.com Oyj completed the acquisition of the Finnish online store e-ville.com. As a result of the acquisition, Verkkokauppa.com Oyj became the group\u2019s parent company, and the Group prepares consolidated financial statements. The comparison period of the financial year (2021) only includes the figures of the parent company and in those respects are not fully comparable with the figures of the consolidated financial statements for 2022. The structure of the group is described in note Group structure 7.20.2.The Group financial statements have been prepared on a historical cost basis, except for equity investments that are measured at fair value through other comprehensive income, share-based payments measured at fair value at the grant date, and lease liabilities and right-of-use assets discounted at the present value.The Group financial statements are presented in euros, which is the Group\u2019s functional and presentation currency. Transactions denominated in foreign currencies are converted into the functional currency at the exchange rates prevailing on the dates of the transactions. Receivables and liabilities denominated in foreign currencies are converted at the exchange rates prevailing on the balance sheet date. Exchange rate differences arising from transactions related to business operations are recorded as adjustments to purchases, and exchange rate differences on cash assets are recorded as financing income and expenses. Business exchange rate differences are only recorded in the accounts of the Finnish companies of the group.The figures in the financial statements are presented in thousands of euros. The figures are rounded, and therefore the sum of individual figures may deviate from the aggregate amount presented.The Group\u2019s Combination Principles \u2013 subsidiariesThe acquired subsidiaries have been combined in the consolidated financial statements from the moment the group has gained control. All subsidiaries are 100% owned and no minority owners exist. group companies\u2019 intra-group share ownership is eliminated using the acquisition method. The considerations transferred, including the conditional purchase price and the identifiable assets and liabilities of the acquired company, are valued at fair value at the time of acquisition. The costs related to the acquisition have been booked as expenses. All intra-group business transactions as well as receivables and liabilities, unrealized margins and internal profit distribution are eliminated in the consolidated financial statements.Exchange rate differences are treated in the reporting as following:\u2022 The group companies\u2019 results and financial position are reported inthe local currency of each legal entity. The consolidated financialstatements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the localcurrency using the exchange rate on the day of the transaction.Receivables and liabilities are converted into euros according to theexchange rate on the balance sheet date. Applied exchange ratesare based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of theacquisition cost of foreign entity and the translation differencesof post-acquisition profits and losses are recorded in other itemsof comprehensive income and presented separately in equity.The goodwill generated with the acquisition and the fair valueadjustments made to the assets and liabilities of the foreign entityare treated as assets and liabilities of the relevant foreign entityin the local currency, which are converted into euros using theexchange rates on the end of the reporting period. If the foreignentity is sold as a whole or partly, the reported exchange ratedifferences are booked as part of the capital gain or loss of thetransaction.\u2022 Exchange rate differences arising from normal business transactionrelated receivables and liabilities and related potential hedging areincluded in the operating profit. Exchange rate differences related tofinancial assets and liabilities and the result of the related hedginginstruments are reported in the financial items on the incomestatement.6.3 Accounting policies requiring judgment by the management and key factors of uncertainty related to estimatesThe preparation of the Group financial statements in accordance with IFRS requires management to exercise judgment related to the selection and application of accounting policies.In addition, management must make forward-looking accounting estimates and assumptions that may affect the amounts of assets, liabilities, income and expenses recognized during the reporting period. The actuals may differ from said estimated. Management judgment related to the choice and application of accounting policiesManagement is required to make judgment-based decisions relating to the selection and application of IFRS accounting policies. This relates in particular to cases where IFRS contain alternate methods of recognition, measurement and/or presentation. The following entail significant judgment:Segment reporting The management of Verkkokauppa.com Oyj has exercised judgment in applying the consolidation criteria to combine the operating segments into a single reportable segment. Customers are the same in all operating segments that offer the same goods and services under the same terms in one main market, i.e. Finland. At the core of the Company\u2019s business model is a strong integration of webstore and retail stores, joint support functions serving the entire business as well as the volume benefits enabled by centralized business.Key factors of uncertainty related to estimatesThe estimates and assumptions are based on historical knowledge and/or other justifiable assumptions that are considered reasonable at the time of preparing the financial statements. It is possible that actual results may differ from the estimates used in the financial statements. The factors of uncertainty and assumptions made related to estimates that may give rise to a significant risk of change in the carrying values of assets and liabilities relate to the following items:Business integrationThe valuation of assets and liabilities acquired in a business combination requires management judgment when choosing the valuation techniques used and the assumptions used in them. The management believes that the estimates and assumptions used are sufficiently reasonable to determine the fair value. Evaluation of the variable additional purchase price portion to be paid for the acquisitionThe acquisition completed in the financial year 2022 involves a delayed purchase price, an additional purchase price and an additional purchase price, the combined value of which can be a maximum of 6.7 million euros. The additional purchase price and the delayed purchase price are recorded as an expense and not part of the purchase price, because they are linked to the obligation to take care of the acquired property. At the end of December, the management estimated the additional purchase price to be 1.5 million euros, and 0.4 million euros was recorded as expenses for 2022. The expense recording is treated as an item affecting comparability.Measurement of leasesThe amount of the lease liabilities and the right-of-use assets to be recognized in the Group balance sheet is significantly affected by the discount rate used in calculating their present values and by the inclusion of options to extend the lease. The management of the Verkkokauppa.com Group has taken into account the Group\u2019s business model in relation to physical trading locations in an ever-changing business environment when assessing the likelihood of extension options being exercised. The management has taken into consideration the changes in the financial position of the Group when defining the risk premium of the company-specific discount rate.Measurement of inventoriesA significant part of the Group\u2019s balance sheet is inventories consisting of goods intended for sale. Inventories bear the risk of the recoverable amount being below cost. To assess the risk, the management of the Verkkokauppa.com Group regularly monitors the item turnover rates and compares the sale price with the inventory value. A write-down is recognized if the sale price of an item at the reporting date is lower than its cost in the balance sheet. In addition, the Group separately recognizes write-down for older items according to the inventory dates. Risk of credit losses of company-financed consumer Financing service receivablesThe Verkkokauppa.com Oyj offers financing to its customers. These receivables involve a risk of credit loss. The Group recognizes expected credit losses using the provision matrix model. The provision matrix is described in more detail in the note on Financial risk management 7.22.3 . The sufficiency of credit loss percentages is monitored regularly. The assessment of the expected level of credit losses and the sufficiency of credit loss rates is based on changes in customer payment behavior and the level of actual credit losses.Rebates related to inventoryThe amount and timing of inventory-related rebates are subject to uncertainty. The realization of contractual targets creates uncertainty in the amount of the purchase credit to be recognized. Management regularly assesses the amount of target purchase credits to be recognized by monitoring both actual purchase volumes and potential rebates. In case the contract period extends beyond the balance sheet date, the amount to be amortized includes management estimates.ProvisionsThe Group recognizes provisions related to the following items: product warranties and third-year warranties. Estimates are made as to the likelihood and amount of the provisions being realized. The management of the Company regularly assesses the amount of costs incurred based on historical actuals.6.4 Group Information The table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2022. Unless otherwise stated, their share capital consists entirely of shares directly owned by the group, and the share of ownership corresponds to the group\u2019s voting rights.The company\u2019s country of registration is also their main area of operation.SubsidiariesThe table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2022. Unless otherwise stated, their share capital consists entirely of shares directly owned by the group, and the share of ownership corresponds to the group\u2019s voting rights.The company\u2019s country of registration is also their main area of operation.The group\u2019s subsidiaries are all companies in which the group has control. Control arises when the group has more than half of the subsidiary\u2019s voting power, or otherwise has control over the subsidiary. The group has control over the company if, by being part of it, it is exposed to its variable return or is entitled to its variable return and is able to influence this return by using its power to direct the company\u2019s operations. Subsidiaries are combined in the consolidated financial statements in their entirety from the day the group acquires control.Mutual share ownership is eliminated using the acquisition cost method. The acquisition cost is based on the fair value of the acquired assets at the time of acquisition, the issued equity instruments and the liabilities that were incurred or accepted at the time of the transaction. The identifiable assets, liabilities and contingent liabilities of the acquisition target are valued at the fair value at the time of acquisition, from which the share of non-controlling owners has not been deducted.Intra-group business transactions, balances, and unrealized profits from business transactions between group companies are eliminated. The financial statements of the subsidiaries have been adjusted, if necessary, to reflect the principles of financial statement preparation followed in the group.Verkkokauppa.com company structureOwnership of shares % Country31.12.2022Parent compnayVerkkokauppa.com Oyj Finland Subsidiaries e-ville.com Distribution Oy Finland 100%Arc Distribution Oy Finland 100%Digi Electronics Ltd Hong Kong 100%Digital Trading (shenzhen) Co. Ltd China 100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS amendments, IFRIC interpretations, or annual improvement or amendment to IFRS issued on or after 1 January 2022 have had a material impact on the 2022 Group financial statements.In addition, no IFRS that come into effect later and would affect the result, financial position or notes of Verkkokauppa.com Oyj Group were known at the balance sheet date.7.1 Segment reportingVerkkokauppa.com Oyj Group reports on the operating segments in a manner consistent with the internal reporting to the chief operating decision maker. The chief operating decision maker of Verkkokauppa.com Oyj Group is the Board of Directors together with the CEO. The chief operating decision maker is responsible for allocating resources to operating segments and evaluating their performance. Verkkokauppa.com Oyj Group has one reporting segment. All the aggregated operating segments share similar characteristics. Customers are the same in all operating segments that offer the same goods and services under the same terms in one main market, i.e. Finland. At the core of the Group\u2019s business model is a strong integration of webstore and retail stores, joint support functions serving the entire business as well as the volume benefits enabled by centralized business. Due to the large number of customers and the nature of the business, sales to a single customer did not exceed 10 percent of total revenue in 2022 nor in 2021. The total revenue of the Group is mainly generated in one geographical area, Finland.7.2 Revenue from contracts with customersRevenue streams The revenue streams of the Group consist of the sale of goods and services. The product range consists of more than 80,000 products from 26 main product areas that the Group sells to consumers through its own webstore and four retail stores in Finland. The services offered for sale by the Group include installation and maintenance services, subscriptions and visibility sales. The customers of Verkkokauppa.com Oyj Group are both consumers and businesses. Revenue recognition from sale of goodsThe sale of goods to the customer through the retail stores is recognized as revenue upon handover of the good when control is transferred. If the customer has chosen delivery, the sale is recognized when the customer assumes control of the goods. The transaction price for sale of goods consists of the list price of the goods, the variable consideration for the right of return and the transportation fee where the customer has chosen delivery. In relation to the right of return, the Group uses the expected value method to calculate the return of products within 32 days of the right of return, and recognizes the refund liability (included in accrued liabilities) and the asset (included in accrued income) related to the returned goods. Verkkokauppa.com Oyj offers its customers various payment methods, the most important of which is customer financing. However, regardless of the method of payment, the price of the good is always the same. By paying through the financing service, the customer is granted the ability to pay for their purchase in installments and Verkkokauppa.com Oyj receives interest on the capital loaned. In addition to Verkkokauppa.com Oyj, a third party may also act as the financier. Verkkokauppa.com Oyj\u2019s customers are also offered the Maksuluotto purchase financing solution, which is supplied by Salus Group Oy.In cases where the customer chooses financing as the payment method and a third party acts as the financier, the revenue from the financing of the customer is treated as a variable element of the transaction price. The management of the Group considers that the estimate of this variable consideration is limited. If the revenue from customer financing were recognized at the time of the transfer of control, a significant reversal of sales revenue could potentially occur. Thus, Verkkokauppa.com Oyj recognizes the revenue from customer financing on a monthly basis according to the actuals. In the case that Verkkokauppa.com Oyj finances a customer, the income from the financing component is recognized accordingly on a monthly basis according to the actual performance. Verkkokauppa.com sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards Verkkokauppa.com Group sells gift cards in the amount chosen by the customer. When a gift card is sold, a gift card liability is recorded. When the gift card is redeemed, sales revenue is recognized. Unredeemed gift cards are recognized as revenue when they expire. Gift cards are valid for one year from the date of purchase.Presentation of revenueVerkkokauppa.com Oyj Group presents in its net sales the sales revenue from customer contracts, net of indirect taxes. Verkkokauppa.com Oyj Group is the principal for the products and services it sells, except for subscriptions sold on behalf of telecommunications operators, in which case Verkkokauppa.com acts as agent and presents the commission portion in the revenue.The management of Verkkokauppa.com Oyj has exercised judgment in classifying company-financed Apuraha customer funding revenue as revenue rather than financial income. The interpretation of the management of the Group is that offering customer financing is an integral part of the Group\u2019s business and business model. The visibility the Group sells in-store, online and in various advertising media is presented as part of revenue, as it is part of the business model of Verkkokauppa.com Oyj Group and its ordinary business. To the extent that the consideration received is linked to the purchase volume of Verkkokauppa.com Oyj Group, the consideration received for visibility is mainly presented as purchase adjustments.7.3 Other operating incomeIn other operating income, the Group presents rental income, capital gains and other income that is not directly related to the Group\u2019s ordinary business operations.Lease income is related to the sublease of right-of-use asset items. The related accounting policies are described in more detail in the note on Leases 7.15 .7.5 Employee benefitsObligations related to short-term employee benefitsShort-term employee benefits include wages, including benefits in kind and annual leave pay payable within 12 months. Short-term employee benefits are recognized for work performed up to the balance sheet date under other liabilities and are measured at the amount expected to be paid when the liabilities are settled.Pension obligationsThe pension plan of Verkkokauppa.com Oyj Group is a defined contribution plan. Contributions to defined contribution pension schemes are paid to pension insurance companies, after which the Company no longer has any other payment obligations. Contributions to defined contribution pension plans are recognized as an expense in the income statement for the financial year to which they relate. The group\u2019s subsidiaries located in Asia do not have a pension plan provided by the company.7.6 Remuneration of key management personnelKey management personnel include the members of the Board of Directors, CEO, and the members of management Team. The Board's Remuneration committee prepares a reference framework for the remuneration, fees and other benefits of the company's CEO and management team, and the Board of Directors decides on the CEO's remuneration and other benefits. The chairman of the board approves the remuneration, bonuses and other benefits of the management team operating under the CEO.7.10 Income taxesThe income taxes of the consolidated income statement are calculated on the basis of the taxable profit for the financial year, tax adjustments for earlier reporting periods as well changes in deferred tax liabilities and assets are recognized in the income taxes item in the income statement. The tax effect of items recognized directly in equity is respectively recognized as part of equity. The current tax charge is calculated based on taxable income at the rate fixed on the balance sheet date. The country of registration of each group company is presented in note 6.4 Group information.7.11 Earnings per shareBasic earnings per share are calculated by dividing the result for the financial year attributable to the shareholders by the weighted average number of shares outstanding during the financial year. For the calculation of diluted earnings per share, the weighted average number of shares takes into account the dilutive effect of all potentially dilutive shares.7.12 Share-based paymentsThe Group has a share-based incentive plan that is classified as equity-based payment arrangement with a net settlement feature. The Company will, on behalf of the employee, withhold an amount of shares of the share reward that will cover the taxes and parafiscal charges paid in cash. The benefits granted under the plan are measured at the fair value the share of Verkkokauppa.com Oyj at the grant date and are amortized over the earning and commitment periods. The expense is presented in the employee benefit expenses. For equity-settled share-based payment arrangements, an increase corresponding to the expense entry in the income statement is recognized in equity.7.13 Intangible assetsIntangible assets of Verkkokauppa.com Oyj Group consist of capitalized development costs and other intangible assets. An intangible asset is recognized when its cost can be measured reliably and it is probable that the economic benefits associated with the asset will flow to the Group. The residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. In addition to goodwill, the Group does not have any other intangible assets with an indefinite useful life and no interest costs related to the acquisition of assets that have been capitalized as part of the cost of acquisition. Annual impairment tests are carried out on the Group\u2019s goodwill and intangible assets that are not yet ready for use. In addition, on every balance sheet date, the management of the Group assesses whether there is any evidence of impairment regarding other intangible assets. In case such evidence is present, an estimate is made of the recoverable amount of the asset, which is the fair value of the asset less costs of disposal or a higher value in use. In many cases, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment is recognized in the income statement. The recognized impairment losses are reversed if there has been a change in the estimates used to determine the recoverable amount of the asset. The cancellation takes place up to the maximum amount which asset would have been assigned the book value minus depreciation if no impairment loss had been recorded for it in previous years.GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. Research and development expenditureResearch and development costs are expensed in the accounting period in which they are incurred, except for development costs that meet the criteria for capitalization. Development expenditure is capitalized as an intangible asset when it can be demonstrated how the development project will generate probable economic benefits and the expenditure incurred during the development phase can be measured reliably. Capitalized development costs are presented as a separate item and amortized over their useful life. Development expenditure previously expensed is not capitalized in subsequent periods.The Group has a self-developed enterprise resource planning (ERP) system, the development costs of which are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. The direct costs of production have been capitalized as acquisition costs. Capitalized development costs are amortized on a straight-line basis over their useful life. The estimated economic impact of capitalized development expenditure is three years.Other intangible assetsOther intangible assets are recorded in the balance sheet at their original cost and amortized on a straight-line basis over their useful lives. The economic life of intangible assets has been estimated at five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.7.14 Tangible assetsThe tangible assets of Verkkokauppa.com Oyj Group include land, servers, other office and warehouse equipment and devices, as well as basic improvements to rental premises. Tangible assets have been valued in the balance sheet at the original cost less depreciation and impairment. Tangible assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into use. Real estate is not subject to depreciation. The estimated useful lives of tangible assets are as follows: Machinery and equipment 3\u201310 yearsOther tangible assets 5\u201310 yearsThe residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. Normal maintenance and repair costs are recognized in the income statement as an expense at the time they are incurred. Significant improvements or additional investments are capitalized as part of the cost of the asset and amortized over the remaining useful life of the capital asset if it is probable that future economic benefits associated with the asset will flow to the company. Gains on sales from the write-offs and disposals of tangible assets are presented in other operating income in the income statement, and losses in other operating expenses in the income statement. The Group has no interest expenses related to the acquisition of assets that would have been capitalized as part of the cost of acquisition.The same principles apply to the assessment of impairment as for intangible assets. The principles are described as part of the notes on intangible assets.7.15 LeasesLeases wherein the Group is the lesseeRecognition of leasesAt the time the contract was entered into, the Company will assess whether the contract is a lease or whether the contract contains a lease element. The Company recognizes a right-of-use asset and a lease liability at the inception of the lease, except for leases with a short lease term (less than 12 months) and leases with a low value. Rental costs for short-term and low-value leases are recognized in the income statement under other operating expenses on a straight-line basis over the term of the lease.Measurement and recognition of lease liabilityThe lease liability is measured at the present value of the lease payments not paid at the commencement date of the contract. The lease payments are discounted at the interest rate implicit in the lease if that interest rate can be easily determined. If the interest rate cannot be easily determined, the interest rate of the Company\u2019s incremental borrowing rate shall be used. The lease agreement for the J\u00e4tk\u00e4saari real estate, which covers approximately 69% of the balance sheet of the lease liabilities, has used the interest rate implicit in the lease contract. In other lease agreements, the interest rate of the Company\u2019s incremental borrowing rate has been used as the discount rate. The changes in the Company\u2019s financing position have been taken into consideration in determining the incremental borrowing rate in determining the risk premium. Discount rates vary between 1.3% and 7.0%.The lease payments included in the value of the lease liability at the commencement date consist of fixed payments less available incentives related to lease contracts, variable rent based on index, purchase option exercise prices (when reasonably certain), amounts of residual value guarantees and penalties for termination of lease contracts, if the lease term has taken into account that the lessee exercises the option to terminate the lease.There are no termination options in the leases of Verkkokauppa. com Oyj that have been taken into account in the calculation. Lease contracts with purchase options are related to machinery and equipment and are not significant.The lease liability is measured at amortized cost using the effective interest method. Revaluation of the lease liability shall be carried out if there is a change in the lease term, the use of the purchase option becomes or ceases to be reasonably certain, the index used to calculate variable lease payments changes or if there is a change in the expected payments on the basis of residual value guarantees. The discount rate to be used for the revaluation depends on the nature of the change. The payments for all the leases of the Company real estate and facilities are linked to the cost-of-living index. The Company will make revaluations of its lease liability and the right-of-use asset when the index changes. In those contracts where the lease component and the non-lease component must be separated, the distinction is made on the basis of relative stand-alone selling prices. The Company has office space leases in which the lease component is separated from the service component. The stand-alone price is based on the estimated levels of capital rents for the region in question. The lease term used to calculate the lease liability is the period during which the lease is non-cancelable, plus the period of the renewal or termination option if it is reasonably certain that the lessee will exercise the renewal option or not exercise the termination option. The Company has extension options related to its real estate. These are not taken into account in the lease term. The decision on extension options is made on a commercial basis when the lessor is to be informed of the use of the extension option. The management of the Company has taken into consideration the business model of the Company and the agility expected in it in relation to the physical market place in an ever-changing business environment when assessing the probability of the realization of extension options. Measurement of right-of-use assetsThe right-of-use asset is measured at cost at the commencement date of the lease. The cost comprises the initial amount of the lease liability at the commencement date, the lease payments less the incentives received under the lease, the initial direct costs and any costs of restoration.The Company has not recognized the initial direct costs in its leases. The amounts of restoration costs are estimated to be immaterial given the nature of the business and no provision has been recognized for them. The Company measures the right-of-use assets in accordance with the cost model. Under the cost model, a right-of-use asset is measured at cost less accumulated depreciation and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into service In case the lease term is shorter than the useful life, depreciations are done over the lease term. The estimated depreciation periods are as follows: Machinery and equipment 4\u20137 yearsReal estate and premises 2\u201315 yearsSubleasesThe Company has short-term sublease agreements, which are recognized as income on a straight-line basis over the lease term. Lease income is presented in other operating income in the income statement. These sublease agreements are not material.Description of the Group\u2019s lease portfolioThe Group\u2019s lease portfolio consists of real estate and facilities leases, as well as leased cars. The real estate lease means the J\u00e4tk\u00e4saari real estate that comprises the stores as well as the logistics, office and other spaces. In other aspects, the retail stores are real estate leases. The lease agreements include several short options for future extension. The leases are not linked to revenue but to the cost-of-living index and are, therefore, taken into account in the calculation of the lease liability. The leases do not include residual value guarantees or purchase options. At the end of the accounting period, the group does not have any leasing contracts related to cars, machines or equipment.7.16 Deferred tax assets and liabilitiesThe deferred tax is calculated from the temporary differences between the carrying amount and the tax base, using either the tax rate in force at the balance sheet date or a known tax rate that will come into force at a later date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilized. 7.17 Trade receivables and other receivablesTrade receivables are receivables arising from goods or services sold to customers in the ordinary course of business. Other receivables are contract assets, other accrued income and financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables and other receivables are classified as current assets if customer payment in respect of them is expected within one year. Otherwise, they are presented as non-current assets. Non-current trade receivables are receivables related to customer financing and in current trade receivables they represent approximately 73% (2021; approximately 62%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.37.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The revenue rate of products and the possible reduction of the net realizable value below cost are regularly assessed and, if necessary, an impairment of inventories is recorded. In addition, the Group separately recognizes write-down for older items according to the inventory dates.7.19 Cash and cash equivalentsCash and cash equivalents consist of cash assets and balances on bank accounts. Cash and cash equivalents belong to the category of financial assets measured at amortized cost. No impairment is recognized on cash and cash equivalents, as the cash is held with well-rated Nordic banks and the related impairment is considered immaterial.7.20 Business combinationsThe identifiable assets and liabilities acquired in connection with a business combination are measured at fair value at the time of acquisition and the costs related to the acquisition are recognized as expenses. Goodwill arising in a business combination is recognized at the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined exceed the fair value of the net assetsacquired. If the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined fall below the fair value of the net assets acquired, the difference is recognized through profit or loss as a gain on a favorable transaction.7.20.1 Effect of the acquisition on the group\u2019s January- December interim reportRevenue and profit/loss for the period for the acquired companySince the acquisition date (1 April 2022), the acquisition has contributed EUR 5.4 million on the Group\u2019s revenue and EUR -1.4 million negative impact on Group\u2019s operating result.Since the beginning of the financial year (January 1, 2022), the effect of the acquisition on the group\u2019s net sales has been 7.8 million euros, and it has had no effect on the group\u2019s operating result.The figures are based on consolidated group financial reports where all internal revenue, purchases and other expenses have been eliminated.Earn out and deferred purchase price are recorded as a cost and not part of the purchase price as these are conditional to acquired assets management obligation to work. As of 31 December 2022, management estimated the additional purchase price to amount to EUR 1.5 million of which EUR 0.4 million was reported as costs in year 2022. It is recognized as Item affecting the comparability. 7.21 EquityTreasury sharesThe acquisition of treasury shares, together with the related costs, is presented as a deduction of equity. Dividend distributionThe dividend proposed by the Board of Directors to the Annual General Meeting has not been deducted from equity, but instead is recognized on the basis of the decision of the Annual General Meeting.Fair value reserveThe fair value reserve is a fund that is based on equity investments measured at fair value.7.23 FundingFinancial assetsThe main financial assets of the Group are trade receivables and cash and cash equivalents.Classification and measurementOn initial recognition, the Group classifies financial assets into the following measurement categories: financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income. Classification depends on the business model used to manage financial assets and contractual terms for cash flows. Financial assets are derecognized when the right to receive contractual cash flows has expired and the significant risks and rewards of ownership of the financial asset have been transferred outside of the Company.Verkkokauppa.com Oyj has made an irrevocable decision to measure equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividends are recognized in the profit and loss account under financial income. Changes in the fair value of equity investments are presented in other comprehensive income and are not subsequently reclassified to profit or loss when the investment is derecognized. Verkkokauppa.com Oyj records changes in fair value in the fair value reserve of equity, from which they are transferred to retained earnings upon sale. Financial assets measured at amortized cost are items that are held to collect contractual cash flows and whose cash flows are solely payments of principal and interest. This category includes trade and other receivables of Verkkokauppa.com Oyj, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23 and Leases 7.15.Foreign exchange rate riskForeign exchange rate risk is the uncertainty of cash flows, profit and balance sheet resulting from changes in foreign exchange rates. 7.25 ProvisionsA provision is recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision represents the best estimate of the management with regard to the expenditure required to settle the obligation at the end of the reporting period. At each balance sheet date, the management assesses the amount of the provisions and updates them to reflect the best estimate at the balance sheet date. Changes in provisions are recognized in the income statement in the same line item where the original provision was recognized. Provisions have not been discounted due to the minor effect of such discounting.The provisions recognized by the Group relate to the Company\u2019s own product guarantees and the third-year warranty.A warranty reserve is recognized at the time of sale of a product based on management\u2019s estimate of the product degradation rate, which is based on historical experience. A provision for expected credit losses is recognized based on historical actuals. The profit-sharing model adopts the expected credit loss model according to IFRS 9, the principles of which are described in more detail in the note on 7.22.3 Financial risk management.The guarantees are related to rental, customs guarantees and letters of credit. Other responsibilities and liability commitments are related to residual value responsibilities.",
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"value": "6.1 Basic information on the CompanyOn April 1, 2022, Verkkokauppa.com Oyj completed the acquisition of the Finnish online store e-ville.com. As a result of the acquisition, Verkkokauppa.com Oyj became the group\u2019s parent company, and the Group prepares consolidated financial statements. The comparison period of the financial year (2021) only includes the figures of the parent company and in those respects are not fully comparable with the figures of the consolidated financial statements for 2022. The structure of the group is described in note Group structure 7.20.2.The Group financial statements have been prepared on a historical cost basis, except for equity investments that are measured at fair value through other comprehensive income, share-based payments measured at fair value at the grant date, and lease liabilities and right-of-use assets discounted at the present value.The Group financial statements are presented in euros, which is the Group\u2019s functional and presentation currency. Transactions denominated in foreign currencies are converted into the functional currency at the exchange rates prevailing on the dates of the transactions. Receivables and liabilities denominated in foreign currencies are converted at the exchange rates prevailing on the balance sheet date. Exchange rate differences arising from transactions related to business operations are recorded as adjustments to purchases, and exchange rate differences on cash assets are recorded as financing income and expenses. Business exchange rate differences are only recorded in the accounts of the Finnish companies of the group.The figures in the financial statements are presented in thousands of euros. The figures are rounded, and therefore the sum of individual figures may deviate from the aggregate amount presented.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Verkkokauppa.com Oyj Group ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Verkkokauppa.com Oyj Group ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3-4": {
"value": "Verkkokauppa.com Oyj Group ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-4-2": {
"value": "is the best-known and most-visited Finnish online retailer in the country. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-6-2": {
"value": "Verkkokauppa.com Oyj Group is a public limited company, the shares of which are quoted on the official list of Nasdaq Helsinki.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-2": {
"value": "The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-3": {
"value": "The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland.",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-4": {
"value": "The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-2": {
"value": "The registered address of its head office is Tyynenmerenkatu 11, 00220 Helsinki, Finland.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "The Board of Directors of the Company approved these Group financial statements for publication at its meeting on 28 febryary 2023. In accordance with the Finnish Corporate Act, shareholders have the right to approve or reject the financial statements at the Annual General Meeting held after the publication of the financial statements. It is also possible to decide upon changes to the financial statements at the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-14-2": {
"value": "6.2 Basis of preparationThese Group financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and their interpretations (SIC and IFRIC) adopted for use in the EU on 31 December 2022. The notes to the financial statements comply with Finnish accounting and corporate legislation that supplements IFRS.On April 1, 2022, Verkkokauppa.com Oyj completed the acquisition of the Finnish online store e-ville.com. As a result of the acquisition, Verkkokauppa.com Oyj became the group\u2019s parent company, and the Group prepares consolidated financial statements. The comparison period of the financial year (2021) only includes the figures of the parent company and in those respects are not fully comparable with the figures of the consolidated financial statements for 2022. The structure of the group is described in note Group structure 7.20.2.The Group financial statements have been prepared on a historical cost basis, except for equity investments that are measured at fair value through other comprehensive income, share-based payments measured at fair value at the grant date, and lease liabilities and right-of-use assets discounted at the present value.The Group financial statements are presented in euros, which is the Group\u2019s functional and presentation currency. Transactions denominated in foreign currencies are converted into the functional currency at the exchange rates prevailing on the dates of the transactions. Receivables and liabilities denominated in foreign currencies are converted at the exchange rates prevailing on the balance sheet date. Exchange rate differences arising from transactions related to business operations are recorded as adjustments to purchases, and exchange rate differences on cash assets are recorded as financing income and expenses. Business exchange rate differences are only recorded in the accounts of the Finnish companies of the group.The figures in the financial statements are presented in thousands of euros. The figures are rounded, and therefore the sum of individual figures may deviate from the aggregate amount presented.The Group\u2019s Combination Principles \u2013 subsidiariesThe acquired subsidiaries have been combined in the consolidated financial statements from the moment the group has gained control. All subsidiaries are 100% owned and no minority owners exist. group companies\u2019 intra-group share ownership is eliminated using the acquisition method. The considerations transferred, including the conditional purchase price and the identifiable assets and liabilities of the acquired company, are valued at fair value at the time of acquisition. The costs related to the acquisition have been booked as expenses. All intra-group business transactions as well as receivables and liabilities, unrealized margins and internal profit distribution are eliminated in the consolidated financial statements.Exchange rate differences are treated in the reporting as following:\u2022 The group companies\u2019 results and financial position are reported inthe local currency of each legal entity. The consolidated financialstatements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the localcurrency using the exchange rate on the day of the transaction.Receivables and liabilities are converted into euros according to theexchange rate on the balance sheet date. Applied exchange ratesare based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of theacquisition cost of foreign entity and the translation differencesof post-acquisition profits and losses are recorded in other itemsof comprehensive income and presented separately in equity.The goodwill generated with the acquisition and the fair valueadjustments made to the assets and liabilities of the foreign entityare treated as assets and liabilities of the relevant foreign entityin the local currency, which are converted into euros using theexchange rates on the end of the reporting period. If the foreignentity is sold as a whole or partly, the reported exchange ratedifferences are booked as part of the capital gain or loss of thetransaction.\u2022 Exchange rate differences arising from normal business transactionrelated receivables and liabilities and related potential hedging areincluded in the operating profit. Exchange rate differences related tofinancial assets and liabilities and the result of the related hedginginstruments are reported in the financial items on the incomestatement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "These Group financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and their interpretations (SIC and IFRIC) adopted for use in the EU on 31 December 2022. The notes to the financial statements comply with Finnish accounting and corporate legislation that supplements IFRS.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-5": {
"value": "The Group financial statements are presented in euros, which is the Group\u2019s functional and presentation currency. Transactions denominated in foreign currencies are converted into the functional currency at the exchange rates prevailing on the dates of the transactions. Receivables and liabilities denominated in foreign currencies are converted at the exchange rates prevailing on the balance sheet date. Exchange rate differences arising from transactions related to business operations are recorded as adjustments to purchases, and exchange rate differences on cash assets are recorded as financing income and expenses. Business exchange rate differences are only recorded in the accounts of the Finnish companies of the group.Exchange rate differences are treated in the reporting as following:\u2022 The group companies\u2019 results and financial position are reported inthe local currency of each legal entity. The consolidated financialstatements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the localcurrency using the exchange rate on the day of the transaction.Receivables and liabilities are converted into euros according to theexchange rate on the balance sheet date. Applied exchange ratesare based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of theacquisition cost of foreign entity and the translation differencesof post-acquisition profits and losses are recorded in other itemsof comprehensive income and presented separately in equity.The goodwill generated with the acquisition and the fair valueadjustments made to the assets and liabilities of the foreign entityare treated as assets and liabilities of the relevant foreign entityin the local currency, which are converted into euros using theexchange rates on the end of the reporting period. If the foreignentity is sold as a whole or partly, the reported exchange ratedifferences are booked as part of the capital gain or loss of thetransaction.\u2022 Exchange rate differences arising from normal business transactionrelated receivables and liabilities and related potential hedging areincluded in the operating profit. Exchange rate differences related tofinancial assets and liabilities and the result of the related hedginginstruments are reported in the financial items on the incomestatement.Foreign exchange rate riskForeign exchange rate risk is the uncertainty of cash flows, profit and balance sheet resulting from changes in foreign exchange rates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-20-4": {
"value": "The Group\u2019s Combination Principles \u2013 subsidiariesThe acquired subsidiaries have been combined in the consolidated financial statements from the moment the group has gained control. All subsidiaries are 100% owned and no minority owners exist. group companies\u2019 intra-group share ownership is eliminated using the acquisition method. The considerations transferred, including the conditional purchase price and the identifiable assets and liabilities of the acquired company, are valued at fair value at the time of acquisition. The costs related to the acquisition have been booked as expenses. All intra-group business transactions as well as receivables and liabilities, unrealized margins and internal profit distribution are eliminated in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-5": {
"value": "Exchange rate differences are treated in the reporting as following:\u2022 The group companies\u2019 results and financial position are reported inthe local currency of each legal entity. The consolidated financialstatements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the localcurrency using the exchange rate on the day of the transaction.Receivables and liabilities are converted into euros according to theexchange rate on the balance sheet date. Applied exchange ratesare based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of theacquisition cost of foreign entity and the translation differencesof post-acquisition profits and losses are recorded in other itemsof comprehensive income and presented separately in equity.The goodwill generated with the acquisition and the fair valueadjustments made to the assets and liabilities of the foreign entityare treated as assets and liabilities of the relevant foreign entityin the local currency, which are converted into euros using theexchange rates on the end of the reporting period. If the foreignentity is sold as a whole or partly, the reported exchange ratedifferences are booked as part of the capital gain or loss of thetransaction.\u2022 Exchange rate differences arising from normal business transactionrelated receivables and liabilities and related potential hedging areincluded in the operating profit. Exchange rate differences related tofinancial assets and liabilities and the result of the related hedginginstruments are reported in the financial items on the incomestatement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-2": {
"value": "6.3 Accounting policies requiring judgment by the management and key factors of uncertainty related to estimatesThe preparation of the Group financial statements in accordance with IFRS requires management to exercise judgment related to the selection and application of accounting policies.In addition, management must make forward-looking accounting estimates and assumptions that may affect the amounts of assets, liabilities, income and expenses recognized during the reporting period. The actuals may differ from said estimated. Management judgment related to the choice and application of accounting policiesManagement is required to make judgment-based decisions relating to the selection and application of IFRS accounting policies. This relates in particular to cases where IFRS contain alternate methods of recognition, measurement and/or presentation. The following entail significant judgment:Segment reporting The management of Verkkokauppa.com Oyj has exercised judgment in applying the consolidation criteria to combine the operating segments into a single reportable segment. Customers are the same in all operating segments that offer the same goods and services under the same terms in one main market, i.e. Finland. At the core of the Company\u2019s business model is a strong integration of webstore and retail stores, joint support functions serving the entire business as well as the volume benefits enabled by centralized business.Key factors of uncertainty related to estimatesThe estimates and assumptions are based on historical knowledge and/or other justifiable assumptions that are considered reasonable at the time of preparing the financial statements. It is possible that actual results may differ from the estimates used in the financial statements. The factors of uncertainty and assumptions made related to estimates that may give rise to a significant risk of change in the carrying values of assets and liabilities relate to the following items:Business integrationThe valuation of assets and liabilities acquired in a business combination requires management judgment when choosing the valuation techniques used and the assumptions used in them. The management believes that the estimates and assumptions used are sufficiently reasonable to determine the fair value. Evaluation of the variable additional purchase price portion to be paid for the acquisitionThe acquisition completed in the financial year 2022 involves a delayed purchase price, an additional purchase price and an additional purchase price, the combined value of which can be a maximum of 6.7 million euros. The additional purchase price and the delayed purchase price are recorded as an expense and not part of the purchase price, because they are linked to the obligation to take care of the acquired property. At the end of December, the management estimated the additional purchase price to be 1.5 million euros, and 0.4 million euros was recorded as expenses for 2022. The expense recording is treated as an item affecting comparability.Measurement of leasesThe amount of the lease liabilities and the right-of-use assets to be recognized in the Group balance sheet is significantly affected by the discount rate used in calculating their present values and by the inclusion of options to extend the lease. The management of the Verkkokauppa.com Group has taken into account the Group\u2019s business model in relation to physical trading locations in an ever-changing business environment when assessing the likelihood of extension options being exercised. The management has taken into consideration the changes in the financial position of the Group when defining the risk premium of the company-specific discount rate.Measurement of inventoriesA significant part of the Group\u2019s balance sheet is inventories consisting of goods intended for sale. Inventories bear the risk of the recoverable amount being below cost. To assess the risk, the management of the Verkkokauppa.com Group regularly monitors the item turnover rates and compares the sale price with the inventory value. A write-down is recognized if the sale price of an item at the reporting date is lower than its cost in the balance sheet. In addition, the Group separately recognizes write-down for older items according to the inventory dates. Risk of credit losses of company-financed consumer Financing service receivablesThe Verkkokauppa.com Oyj offers financing to its customers. These receivables involve a risk of credit loss. The Group recognizes expected credit losses using the provision matrix model. The provision matrix is described in more detail in the note on Financial risk management 7.22.3 . The sufficiency of credit loss percentages is monitored regularly. The assessment of the expected level of credit losses and the sufficiency of credit loss rates is based on changes in customer payment behavior and the level of actual credit losses.Rebates related to inventoryThe amount and timing of inventory-related rebates are subject to uncertainty. The realization of contractual targets creates uncertainty in the amount of the purchase credit to be recognized. Management regularly assesses the amount of target purchase credits to be recognized by monitoring both actual purchase volumes and potential rebates. In case the contract period extends beyond the balance sheet date, the amount to be amortized includes management estimates.ProvisionsThe Group recognizes provisions related to the following items: product warranties and third-year warranties. Estimates are made as to the likelihood and amount of the provisions being realized. The management of the Company regularly assesses the amount of costs incurred based on historical actuals.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-2": {
"value": "6.4 Group Information The table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2022. Unless otherwise stated, their share capital consists entirely of shares directly owned by the group, and the share of ownership corresponds to the group\u2019s voting rights.The company\u2019s country of registration is also their main area of operation.SubsidiariesThe table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2022. Unless otherwise stated, their share capital consists entirely of shares directly owned by the group, and the share of ownership corresponds to the group\u2019s voting rights.The company\u2019s country of registration is also their main area of operation.The group\u2019s subsidiaries are all companies in which the group has control. Control arises when the group has more than half of the subsidiary\u2019s voting power, or otherwise has control over the subsidiary. The group has control over the company if, by being part of it, it is exposed to its variable return or is entitled to its variable return and is able to influence this return by using its power to direct the company\u2019s operations. Subsidiaries are combined in the consolidated financial statements in their entirety from the day the group acquires control.Mutual share ownership is eliminated using the acquisition cost method. The acquisition cost is based on the fair value of the acquired assets at the time of acquisition, the issued equity instruments and the liabilities that were incurred or accepted at the time of the transaction. The identifiable assets, liabilities and contingent liabilities of the acquisition target are valued at the fair value at the time of acquisition, from which the share of non-controlling owners has not been deducted.Intra-group business transactions, balances, and unrealized profits from business transactions between group companies are eliminated. The financial statements of the subsidiaries have been adjusted, if necessary, to reflect the principles of financial statement preparation followed in the group.Verkkokauppa.com company structureOwnership of shares % Country31.12.2022Parent compnayVerkkokauppa.com Oyj Finland Subsidiaries e-ville.com Distribution Oy Finland 100%Arc Distribution Oy Finland 100%Digi Electronics Ltd Hong Kong 100%Digital Trading (shenzhen) Co. Ltd China 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "SubsidiariesThe table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2022. Unless otherwise stated, their share capital consists entirely of shares directly owned by the group, and the share of ownership corresponds to the group\u2019s voting rights.The company\u2019s country of registration is also their main area of operation.The group\u2019s subsidiaries are all companies in which the group has control. Control arises when the group has more than half of the subsidiary\u2019s voting power, or otherwise has control over the subsidiary. The group has control over the company if, by being part of it, it is exposed to its variable return or is entitled to its variable return and is able to influence this return by using its power to direct the company\u2019s operations. Subsidiaries are combined in the consolidated financial statements in their entirety from the day the group acquires control.Mutual share ownership is eliminated using the acquisition cost method. The acquisition cost is based on the fair value of the acquired assets at the time of acquisition, the issued equity instruments and the liabilities that were incurred or accepted at the time of the transaction. The identifiable assets, liabilities and contingent liabilities of the acquisition target are valued at the fair value at the time of acquisition, from which the share of non-controlling owners has not been deducted.Intra-group business transactions, balances, and unrealized profits from business transactions between group companies are eliminated. The financial statements of the subsidiaries have been adjusted, if necessary, to reflect the principles of financial statement preparation followed in the group.Verkkokauppa.com company structureOwnership of shares % Country31.12.2022Parent compnayVerkkokauppa.com Oyj Finland Subsidiaries e-ville.com Distribution Oy Finland 100%Arc Distribution Oy Finland 100%Digi Electronics Ltd Hong Kong 100%Digital Trading (shenzhen) Co. Ltd China 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-4": {
"value": "SubsidiariesThe table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2022. Unless otherwise stated, their share capital consists entirely of shares directly owned by the group, and the share of ownership corresponds to the group\u2019s voting rights.The company\u2019s country of registration is also their main area of operation.The group\u2019s subsidiaries are all companies in which the group has control. Control arises when the group has more than half of the subsidiary\u2019s voting power, or otherwise has control over the subsidiary. The group has control over the company if, by being part of it, it is exposed to its variable return or is entitled to its variable return and is able to influence this return by using its power to direct the company\u2019s operations. Subsidiaries are combined in the consolidated financial statements in their entirety from the day the group acquires control.Mutual share ownership is eliminated using the acquisition cost method. The acquisition cost is based on the fair value of the acquired assets at the time of acquisition, the issued equity instruments and the liabilities that were incurred or accepted at the time of the transaction. The identifiable assets, liabilities and contingent liabilities of the acquisition target are valued at the fair value at the time of acquisition, from which the share of non-controlling owners has not been deducted.Intra-group business transactions, balances, and unrealized profits from business transactions between group companies are eliminated. The financial statements of the subsidiaries have been adjusted, if necessary, to reflect the principles of financial statement preparation followed in the group.Verkkokauppa.com company structureOwnership of shares % Country31.12.2022Parent compnayVerkkokauppa.com Oyj Finland Subsidiaries e-ville.com Distribution Oy Finland 100%Arc Distribution Oy Finland 100%Digi Electronics Ltd Hong Kong 100%Digital Trading (shenzhen) Co. Ltd China 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "7.1 Segment reportingVerkkokauppa.com Oyj Group reports on the operating segments in a manner consistent with the internal reporting to the chief operating decision maker. The chief operating decision maker of Verkkokauppa.com Oyj Group is the Board of Directors together with the CEO. The chief operating decision maker is responsible for allocating resources to operating segments and evaluating their performance. Verkkokauppa.com Oyj Group has one reporting segment. All the aggregated operating segments share similar characteristics. Customers are the same in all operating segments that offer the same goods and services under the same terms in one main market, i.e. Finland. At the core of the Group\u2019s business model is a strong integration of webstore and retail stores, joint support functions serving the entire business as well as the volume benefits enabled by centralized business. Due to the large number of customers and the nature of the business, sales to a single customer did not exceed 10 percent of total revenue in 2022 nor in 2021. The total revenue of the Group is mainly generated in one geographical area, Finland.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "7.2 Revenue from contracts with customersRevenue streams The revenue streams of the Group consist of the sale of goods and services. The product range consists of more than 80,000 products from 26 main product areas that the Group sells to consumers through its own webstore and four retail stores in Finland. The services offered for sale by the Group include installation and maintenance services, subscriptions and visibility sales. The customers of Verkkokauppa.com Oyj Group are both consumers and businesses. Revenue recognition from sale of goodsThe sale of goods to the customer through the retail stores is recognized as revenue upon handover of the good when control is transferred. If the customer has chosen delivery, the sale is recognized when the customer assumes control of the goods. The transaction price for sale of goods consists of the list price of the goods, the variable consideration for the right of return and the transportation fee where the customer has chosen delivery. In relation to the right of return, the Group uses the expected value method to calculate the return of products within 32 days of the right of return, and recognizes the refund liability (included in accrued liabilities) and the asset (included in accrued income) related to the returned goods. Verkkokauppa.com Oyj offers its customers various payment methods, the most important of which is customer financing. However, regardless of the method of payment, the price of the good is always the same. By paying through the financing service, the customer is granted the ability to pay for their purchase in installments and Verkkokauppa.com Oyj receives interest on the capital loaned. In addition to Verkkokauppa.com Oyj, a third party may also act as the financier. Verkkokauppa.com Oyj\u2019s customers are also offered the Maksuluotto purchase financing solution, which is supplied by Salus Group Oy.In cases where the customer chooses financing as the payment method and a third party acts as the financier, the revenue from the financing of the customer is treated as a variable element of the transaction price. The management of the Group considers that the estimate of this variable consideration is limited. If the revenue from customer financing were recognized at the time of the transfer of control, a significant reversal of sales revenue could potentially occur. Thus, Verkkokauppa.com Oyj recognizes the revenue from customer financing on a monthly basis according to the actuals. In the case that Verkkokauppa.com Oyj finances a customer, the income from the financing component is recognized accordingly on a monthly basis according to the actual performance. Verkkokauppa.com sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards Verkkokauppa.com Group sells gift cards in the amount chosen by the customer. When a gift card is sold, a gift card liability is recorded. When the gift card is redeemed, sales revenue is recognized. Unredeemed gift cards are recognized as revenue when they expire. Gift cards are valid for one year from the date of purchase.Presentation of revenueVerkkokauppa.com Oyj Group presents in its net sales the sales revenue from customer contracts, net of indirect taxes. Verkkokauppa.com Oyj Group is the principal for the products and services it sells, except for subscriptions sold on behalf of telecommunications operators, in which case Verkkokauppa.com acts as agent and presents the commission portion in the revenue.The management of Verkkokauppa.com Oyj has exercised judgment in classifying company-financed Apuraha customer funding revenue as revenue rather than financial income. The interpretation of the management of the Group is that offering customer financing is an integral part of the Group\u2019s business and business model. The visibility the Group sells in-store, online and in various advertising media is presented as part of revenue, as it is part of the business model of Verkkokauppa.com Oyj Group and its ordinary business. To the extent that the consideration received is linked to the purchase volume of Verkkokauppa.com Oyj Group, the consideration received for visibility is mainly presented as purchase adjustments.7.3 Other operating incomeIn other operating income, the Group presents rental income, capital gains and other income that is not directly related to the Group\u2019s ordinary business operations.Lease income is related to the sublease of right-of-use asset items. The related accounting policies are described in more detail in the note on Leases 7.15 .",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-4": {
"value": "7.2 Revenue from contracts with customersRevenue streams The revenue streams of the Group consist of the sale of goods and services. The product range consists of more than 80,000 products from 26 main product areas that the Group sells to consumers through its own webstore and four retail stores in Finland. The services offered for sale by the Group include installation and maintenance services, subscriptions and visibility sales. The customers of Verkkokauppa.com Oyj Group are both consumers and businesses. Revenue recognition from sale of goodsThe sale of goods to the customer through the retail stores is recognized as revenue upon handover of the good when control is transferred. If the customer has chosen delivery, the sale is recognized when the customer assumes control of the goods. The transaction price for sale of goods consists of the list price of the goods, the variable consideration for the right of return and the transportation fee where the customer has chosen delivery. In relation to the right of return, the Group uses the expected value method to calculate the return of products within 32 days of the right of return, and recognizes the refund liability (included in accrued liabilities) and the asset (included in accrued income) related to the returned goods. Verkkokauppa.com Oyj offers its customers various payment methods, the most important of which is customer financing. However, regardless of the method of payment, the price of the good is always the same. By paying through the financing service, the customer is granted the ability to pay for their purchase in installments and Verkkokauppa.com Oyj receives interest on the capital loaned. In addition to Verkkokauppa.com Oyj, a third party may also act as the financier. Verkkokauppa.com Oyj\u2019s customers are also offered the Maksuluotto purchase financing solution, which is supplied by Salus Group Oy.In cases where the customer chooses financing as the payment method and a third party acts as the financier, the revenue from the financing of the customer is treated as a variable element of the transaction price. The management of the Group considers that the estimate of this variable consideration is limited. If the revenue from customer financing were recognized at the time of the transfer of control, a significant reversal of sales revenue could potentially occur. Thus, Verkkokauppa.com Oyj recognizes the revenue from customer financing on a monthly basis according to the actuals. In the case that Verkkokauppa.com Oyj finances a customer, the income from the financing component is recognized accordingly on a monthly basis according to the actual performance. Verkkokauppa.com sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards Verkkokauppa.com Group sells gift cards in the amount chosen by the customer. When a gift card is sold, a gift card liability is recorded. When the gift card is redeemed, sales revenue is recognized. Unredeemed gift cards are recognized as revenue when they expire. Gift cards are valid for one year from the date of purchase.Presentation of revenueVerkkokauppa.com Oyj Group presents in its net sales the sales revenue from customer contracts, net of indirect taxes. Verkkokauppa.com Oyj Group is the principal for the products and services it sells, except for subscriptions sold on behalf of telecommunications operators, in which case Verkkokauppa.com acts as agent and presents the commission portion in the revenue.The management of Verkkokauppa.com Oyj has exercised judgment in classifying company-financed Apuraha customer funding revenue as revenue rather than financial income. The interpretation of the management of the Group is that offering customer financing is an integral part of the Group\u2019s business and business model. The visibility the Group sells in-store, online and in various advertising media is presented as part of revenue, as it is part of the business model of Verkkokauppa.com Oyj Group and its ordinary business. To the extent that the consideration received is linked to the purchase volume of Verkkokauppa.com Oyj Group, the consideration received for visibility is mainly presented as purchase adjustments.7.15 LeasesLeases wherein the Group is the lesseeRecognition of leasesAt the time the contract was entered into, the Company will assess whether the contract is a lease or whether the contract contains a lease element. The Company recognizes a right-of-use asset and a lease liability at the inception of the lease, except for leases with a short lease term (less than 12 months) and leases with a low value. Rental costs for short-term and low-value leases are recognized in the income statement under other operating expenses on a straight-line basis over the term of the lease.Measurement and recognition of lease liabilityThe lease liability is measured at the present value of the lease payments not paid at the commencement date of the contract. The lease payments are discounted at the interest rate implicit in the lease if that interest rate can be easily determined. If the interest rate cannot be easily determined, the interest rate of the Company\u2019s incremental borrowing rate shall be used. The lease agreement for the J\u00e4tk\u00e4saari real estate, which covers approximately 69% of the balance sheet of the lease liabilities, has used the interest rate implicit in the lease contract. In other lease agreements, the interest rate of the Company\u2019s incremental borrowing rate has been used as the discount rate. The changes in the Company\u2019s financing position have been taken into consideration in determining the incremental borrowing rate in determining the risk premium. Discount rates vary between 1.3% and 7.0%.The lease payments included in the value of the lease liability at the commencement date consist of fixed payments less available incentives related to lease contracts, variable rent based on index, purchase option exercise prices (when reasonably certain), amounts of residual value guarantees and penalties for termination of lease contracts, if the lease term has taken into account that the lessee exercises the option to terminate the lease.There are no termination options in the leases of Verkkokauppa. com Oyj that have been taken into account in the calculation. Lease contracts with purchase options are related to machinery and equipment and are not significant.The lease liability is measured at amortized cost using the effective interest method. Revaluation of the lease liability shall be carried out if there is a change in the lease term, the use of the purchase option becomes or ceases to be reasonably certain, the index used to calculate variable lease payments changes or if there is a change in the expected payments on the basis of residual value guarantees. The discount rate to be used for the revaluation depends on the nature of the change. The payments for all the leases of the Company real estate and facilities are linked to the cost-of-living index. The Company will make revaluations of its lease liability and the right-of-use asset when the index changes. In those contracts where the lease component and the non-lease component must be separated, the distinction is made on the basis of relative stand-alone selling prices. The Company has office space leases in which the lease component is separated from the service component. The stand-alone price is based on the estimated levels of capital rents for the region in question. The lease term used to calculate the lease liability is the period during which the lease is non-cancelable, plus the period of the renewal or termination option if it is reasonably certain that the lessee will exercise the renewal option or not exercise the termination option. The Company has extension options related to its real estate. These are not taken into account in the lease term. The decision on extension options is made on a commercial basis when the lessor is to be informed of the use of the extension option. The management of the Company has taken into consideration the business model of the Company and the agility expected in it in relation to the physical market place in an ever-changing business environment when assessing the probability of the realization of extension options. ",
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"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-36-2": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from the sale of customer contracts. Other types of income are specified in the notes on Other operating income 7.3 and Finance income and costs 7.9. The Group\u2019s entire revenue is generated in its functional currency, the euro, and in one main market area, Finland.Timing of satisfying performance obligationsRevenue recognized at one point in time relates to the sale of goods. For services, the Company mainly recognizes revenue over timeEUR thousand20222021At a point in time 537,544 569,424Over time 5,573 5,090Revenue, total 543,117 574,514Revenue by external customer location EUR thousand20222021Finland 502,991 534,954Rest of the world 40,126 39,560Revenue by external customer location 543,117 574,514Income recognized from customer financingThe Group presents all income from customer financing as part of revenue in the primary financial statements. The following table shows the income from company-funded customer financing recognized during the financial year, broken down into interest income recognized using the effective interest rate method and other income. Other income consists of other fees.EUR thousand 2022 2021Interest income recognized using effective 3,088 2,778interest rate methodOther income from company-financed customer 1,613 1,540financingIncome from company-funded Apuraha, total 4,701 4,318Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from the sale of customer contracts. Other types of income are specified in the notes on Other operating income 7.3 and Finance income and costs 7.9. The Group\u2019s entire revenue is generated in its functional currency, the euro, and in one main market area, Finland.Timing of satisfying performance obligationsRevenue recognized at one point in time relates to the sale of goods. For services, the Company mainly recognizes revenue over timeEUR thousand20222021At a point in time 537,544 569,424Over time 5,573 5,090Revenue, total 543,117 574,514Revenue by external customer location EUR thousand20222021Finland 502,991 534,954Rest of the world 40,126 39,560Revenue by external customer location 543,117 574,514Income recognized from customer financingThe Group presents all income from customer financing as part of revenue in the primary financial statements. The following table shows the income from company-funded customer financing recognized during the financial year, broken down into interest income recognized using the effective interest rate method and other income. Other income consists of other fees.EUR thousand 2022 2021Interest income recognized using effective 3,088 2,778interest rate methodOther income from company-financed customer 1,613 1,540financingIncome from company-funded Apuraha, total 4,701 4,318Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-4": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from the sale of customer contracts. Other types of income are specified in the notes on Other operating income 7.3 and Finance income and costs 7.9. The Group\u2019s entire revenue is generated in its functional currency, the euro, and in one main market area, Finland.Timing of satisfying performance obligationsRevenue recognized at one point in time relates to the sale of goods. For services, the Company mainly recognizes revenue over timeEUR thousand20222021At a point in time 537,544 569,424Over time 5,573 5,090Revenue, total 543,117 574,514Revenue by external customer location EUR thousand20222021Finland 502,991 534,954Rest of the world 40,126 39,560Revenue by external customer location 543,117 574,514Income recognized from customer financingThe Group presents all income from customer financing as part of revenue in the primary financial statements. The following table shows the income from company-funded customer financing recognized during the financial year, broken down into interest income recognized using the effective interest rate method and other income. Other income consists of other fees.EUR thousand 2022 2021Interest income recognized using effective 3,088 2,778interest rate methodOther income from company-financed customer 1,613 1,540financingIncome from company-funded Apuraha, total 4,701 4,318Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand31 Dec 202231 Dec 2021Less than one year 5,2485,055From one to five years 13,50118,048Undiscounted lease liabilities, total 18,74923,103Lease liabilities in the balance sheetEUR thousand31 Dec 202231 Dec 2021Current lease liabilities 4,4774,034Non-current lease liabilities 12,33416,105Lease liabilities, total 16,81220,139Items recognized in the income statementEUR thousand 2022 2021Depreciations on right-of-use assets 3,8123,650Interests on lease liabilities 1,0711,198Lease income from subleasing right-of-use 545530assetsExpenses related to leases of low-value assets 6057Items recognized in the cash flow statementEUR thousand 2022 2021Total cash outflow for leases -5,308-5,0657.23.3 Financial institution loansAt the end of 2022, the Verkkokauppa.com group had a total of 23.8 million interest-bearing financial institution loans. EUR (0.00). The company\u2019s financial institution loans have variable interest rates. The interest to be paid is determined every six months based on the Euribor reference rate and the net debt/EBITDA ratio. The maturity of the loans is 3 years, from April 6, 2022. The capital of the loans is amortized every six months. No assets have been given as collateral for financial institution loans. The loans are subject to covenant conditions, which are determined based on the net debt/EBITDA ratio and the net debt ratio. The purpose of the taken out financial institution loans is primarily to finance investment projects related to business development and to develop ongoing business. The book values of the loans essentially correspond to the fair values of the loans, because the loans have variable interest rates and the group\u2019s risk premium has not changed substantially.Interest rate riskThe group\u2019s income and operational cash flows are mainly independent of fluctuations in market interest rates, and thus the group\u2019s exposure to interest rate risk is mainly related to its external loans. The average annual interest rate of the group\u2019s interest-bearing debt excluding lease contract liabilities in accordance with IFRS 16 was approximately 2.3% (0.0%). The table below shows the effects on the group\u2019s profit before taxes and the effect on equity. If interest rates were to rise or fall (+/- 1.0 percentage points) and other factors remained unchanged, it would affect the group\u2019s result after taxes by EUR 250 thousand (EUR 0 thousand) for the worse or for the better. The sensitivity analysis is based on the interest rate position at the end of the reporting period.EUR thousand20222021Change +/- 1 %+/- 1%Impact on profit after tax 250 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-5": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from the sale of customer contracts. Other types of income are specified in the notes on Other operating income 7.3 and Finance income and costs 7.9. The Group\u2019s entire revenue is generated in its functional currency, the euro, and in one main market area, Finland.Timing of satisfying performance obligationsRevenue recognized at one point in time relates to the sale of goods. For services, the Company mainly recognizes revenue over timeEUR thousand20222021At a point in time 537,544 569,424Over time 5,573 5,090Revenue, total 543,117 574,514Revenue by external customer location EUR thousand20222021Finland 502,991 534,954Rest of the world 40,126 39,560Revenue by external customer location 543,117 574,514Income recognized from customer financingThe Group presents all income from customer financing as part of revenue in the primary financial statements. The following table shows the income from company-funded customer financing recognized during the financial year, broken down into interest income recognized using the effective interest rate method and other income. Other income consists of other fees.EUR thousand 2022 2021Interest income recognized using effective 3,088 2,778interest rate methodOther income from company-financed customer 1,613 1,540financingIncome from company-funded Apuraha, total 4,701 4,318Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand31 Dec 202231 Dec 2021Less than one year 5,2485,055From one to five years 13,50118,048Undiscounted lease liabilities, total 18,74923,103Lease liabilities in the balance sheetEUR thousand31 Dec 202231 Dec 2021Current lease liabilities 4,4774,034Non-current lease liabilities 12,33416,105Lease liabilities, total 16,81220,139Items recognized in the income statementEUR thousand 2022 2021Depreciations on right-of-use assets 3,8123,650Interests on lease liabilities 1,0711,198Lease income from subleasing right-of-use 545530assetsExpenses related to leases of low-value assets 6057Items recognized in the cash flow statementEUR thousand 2022 2021Total cash outflow for leases -5,308-5,0657.23.3 Financial institution loansAt the end of 2022, the Verkkokauppa.com group had a total of 23.8 million interest-bearing financial institution loans. EUR (0.00). The company\u2019s financial institution loans have variable interest rates. The interest to be paid is determined every six months based on the Euribor reference rate and the net debt/EBITDA ratio. The maturity of the loans is 3 years, from April 6, 2022. The capital of the loans is amortized every six months. No assets have been given as collateral for financial institution loans. The loans are subject to covenant conditions, which are determined based on the net debt/EBITDA ratio and the net debt ratio. The purpose of the taken out financial institution loans is primarily to finance investment projects related to business development and to develop ongoing business. The book values of the loans essentially correspond to the fair values of the loans, because the loans have variable interest rates and the group\u2019s risk premium has not changed substantially.Interest rate riskThe group\u2019s income and operational cash flows are mainly independent of fluctuations in market interest rates, and thus the group\u2019s exposure to interest rate risk is mainly related to its external loans. The average annual interest rate of the group\u2019s interest-bearing debt excluding lease contract liabilities in accordance with IFRS 16 was approximately 2.3% (0.0%). The table below shows the effects on the group\u2019s profit before taxes and the effect on equity. If interest rates were to rise or fall (+/- 1.0 percentage points) and other factors remained unchanged, it would affect the group\u2019s result after taxes by EUR 250 thousand (EUR 0 thousand) for the worse or for the better. The sensitivity analysis is based on the interest rate position at the end of the reporting period.EUR thousand20222021Change +/- 1 %+/- 1%Impact on profit after tax 250 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-6": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from the sale of customer contracts. Other types of income are specified in the notes on Other operating income 7.3 and Finance income and costs 7.9. The Group\u2019s entire revenue is generated in its functional currency, the euro, and in one main market area, Finland.Timing of satisfying performance obligationsRevenue recognized at one point in time relates to the sale of goods. For services, the Company mainly recognizes revenue over timeEUR thousand20222021At a point in time 537,544 569,424Over time 5,573 5,090Revenue, total 543,117 574,514Revenue by external customer location EUR thousand20222021Finland 502,991 534,954Rest of the world 40,126 39,560Revenue by external customer location 543,117 574,514Income recognized from customer financingThe Group presents all income from customer financing as part of revenue in the primary financial statements. The following table shows the income from company-funded customer financing recognized during the financial year, broken down into interest income recognized using the effective interest rate method and other income. Other income consists of other fees.EUR thousand 2022 2021Interest income recognized using effective 3,088 2,778interest rate methodOther income from company-financed customer 1,613 1,540financingIncome from company-funded Apuraha, total 4,701 4,318Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).DevelopmentOther intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwillTotalCost 1 Jan 2022 3,246 1,777 392 5,415Increases 137 680 2,137 2,846 5,801Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,743 -1,308 -4,051Amortization for the financial year -242 -245 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 2022 397 904 2,530 2,846 6,677Development Other intangible Advance payments Consolidated EUR thousandcostsassetsand work in progressgoodwill TotalCost 1 Jan 2021 2,896 1,268 348 0 4,511Increases 350 509 45 - 903Cost 31 Dec 2021 3,246 1,777 392 - 5,415Accumulated amortization and impairment 1 Jan 2021 -2,461 -1,215 0 - -3,676amortization for the financial year -283 -93 0 - -375Accumulated amortization and impairment 31 Dec 2021 -2,743 -1,308 0 - -4,051Carrying amount 1 Jan 2021 435 53 348 0 835Carrying amount 31 Dec 2021 502 469 392 0 1,364Capitalized development costs relate to the development of new features of the Company\u2019s ERP system.The Group has no investment commitments in relation to intangible assets.Goodwill and impairment testingGoodwill is created in connection with business transactions as the difference between the fair values of the assets and liabilities included in the agreed acquisition and the purchase price paid. No depreciation is recorded on goodwill, but it is tested for possible impairment at least annually, but always whenever there are indications of impairment. Goodwill testing is a process that requires management judgment. Verkkokauppa.com uses both internal and external data sources in this process. Consideration is used, among other things, in preparing cash flows, determining the discount rate, defining cash flow generating units and allocating goodwill. Revenue, operating profit and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been conducted at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s individual stores and online store, are tested for impairment by comparing the book value of the cash-generating unit group with its recoverable amount. The book value to be tested includes goodwill, intangible and tangible assets, and net working capital. Annual impairment testing of goodwill is performed by the last day of the financial year, however, always also when there are indications that the recoverable amount of an asset or a group of cash-generating units is below book value. In addition to goodwill, the Group does not have any other intangible assets that are considered to have an unlimited useful life.An impairment loss is the amount by which the book value of an asset or cash-generating group exceeds the recoverable amount of the corresponding item. The impairment loss is recorded immediately with an effect on profit. Recording an impairment loss weakens the group\u2019s profit and thus equity, but it has no effect on the group\u2019s cash flows.The discount rateIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year Key Assumptionsaverage Residual valueUsed discount rate - Stores 9,70 % 9,70 %Used discount rate - Online shop 8,80 % 8,80 %Used discount rate - Wholesale 9,50 % 9,50 %Combined revenue growth assumption 3,40 % 2,00 %Combined gross margin % 16,5 % 16,7 %Combined operating pro\ue6bet% assumption 2,40 % 2,70 %Combined investments M\u20ac 3,2 3,9According to Verkkokauppa.com\u2019s sensitivity analysis, a -1% percentage point change in sales margin % would cause a situation where the accounting value of the unit would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat possible changes.7.26 Transactions with related parties Verkkokauppa.com Oyj Group\u2019s related parties are considered to include the members of the Board of Directors and the CEO of Verkkokauppa.com Oyj Group and other members of the Management Team of Verkkokauppa.com Oyj Group, close family members of the aforementioned persons and controlling entities of the aforementioned persons. Transactions with related parties have been carried out under normal commercial terms. Transactions with related partiesEUR thousand20222021Sales of goods and servicesTo key management personnel and their 72 86related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 31 Dec 2022 31 Dec 2021Closing balances from purchases/sales of goods/servicesTrade receivables from key management 5 -personnel and their related partiesTrade payables to key management - -personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-7": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from the sale of customer contracts. Other types of income are specified in the notes on Other operating income 7.3 and Finance income and costs 7.9. The Group\u2019s entire revenue is generated in its functional currency, the euro, and in one main market area, Finland.Timing of satisfying performance obligationsRevenue recognized at one point in time relates to the sale of goods. For services, the Company mainly recognizes revenue over timeEUR thousand20222021At a point in time 537,544 569,424Over time 5,573 5,090Revenue, total 543,117 574,514Revenue by external customer location EUR thousand20222021Finland 502,991 534,954Rest of the world 40,126 39,560Revenue by external customer location 543,117 574,514Income recognized from customer financingThe Group presents all income from customer financing as part of revenue in the primary financial statements. The following table shows the income from company-funded customer financing recognized during the financial year, broken down into interest income recognized using the effective interest rate method and other income. Other income consists of other fees.EUR thousand 2022 2021Interest income recognized using effective 3,088 2,778interest rate methodOther income from company-financed customer 1,613 1,540financingIncome from company-funded Apuraha, total 4,701 4,318Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-8": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from the sale of customer contracts. Other types of income are specified in the notes on Other operating income 7.3 and Finance income and costs 7.9. The Group\u2019s entire revenue is generated in its functional currency, the euro, and in one main market area, Finland.Timing of satisfying performance obligationsRevenue recognized at one point in time relates to the sale of goods. For services, the Company mainly recognizes revenue over timeEUR thousand20222021At a point in time 537,544 569,424Over time 5,573 5,090Revenue, total 543,117 574,514Revenue by external customer location EUR thousand20222021Finland 502,991 534,954Rest of the world 40,126 39,560Revenue by external customer location 543,117 574,514Income recognized from customer financingThe Group presents all income from customer financing as part of revenue in the primary financial statements. The following table shows the income from company-funded customer financing recognized during the financial year, broken down into interest income recognized using the effective interest rate method and other income. Other income consists of other fees.EUR thousand 2022 2021Interest income recognized using effective 3,088 2,778interest rate methodOther income from company-financed customer 1,613 1,540financingIncome from company-funded Apuraha, total 4,701 4,318Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).EUR thousand 2022 2021Lease income from subleasing right-of-use 545530assetsOther income 363392Other operating income, total 9089227.8 Other operating expensesEUR thousand20222021Premises maintenance and operation costs 7,101 6,305Financial transactions expenses 1,918 2,246Marketing 8,166 8,389Administrative services 15,780 10,298Other expenses 470 3,024Other operating expenses, total 33,434 30,263DevelopmentOther intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwillTotalCost 1 Jan 2022 3,246 1,777 392 5,415Increases 137 680 2,137 2,846 5,801Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,743 -1,308 -4,051Amortization for the financial year -242 -245 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 2022 397 904 2,530 2,846 6,677Development Other intangible Advance payments Consolidated EUR thousandcostsassetsand work in progressgoodwill TotalCost 1 Jan 2021 2,896 1,268 348 0 4,511Increases 350 509 45 - 903Cost 31 Dec 2021 3,246 1,777 392 - 5,415Accumulated amortization and impairment 1 Jan 2021 -2,461 -1,215 0 - -3,676amortization for the financial year -283 -93 0 - -375Accumulated amortization and impairment 31 Dec 2021 -2,743 -1,308 0 - -4,051Carrying amount 1 Jan 2021 435 53 348 0 835Carrying amount 31 Dec 2021 502 469 392 0 1,364Capitalized development costs relate to the development of new features of the Company\u2019s ERP system.The Group has no investment commitments in relation to intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-37-9": {
"value": "Contract assets and liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract assets 2,053 1,807Contract liabilities 2,186 2,128Contract liabilities include the gift card liability and a repayment liability related to the right of return. Verkkokauppa.com Group gift cards are valid for one year from the date of purchase. Unredeemed gift cards are recognized as revenue when they expire. Verkkokauppa.com offers a 32-day right of return. The refund liability linked to the right of return is canceled at the end of the refund period. Contract liabilities have decreased in respect of refund liability due to a reduction in the relative amount of repayments.During the financial year 2022, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,605 thousand (1,480).7.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-39-3": {
"value": "EUR thousand 2022 2021Lease income from subleasing right-of-use 545530assetsOther income 363392Other operating income, total 9089227.4 Materials and servicesEUR thousand 2022 2021Purchases during the financial year 448,436 494,566Change in inventories 14,086 -12,419External services1,177Materials and services, total 462,522483,3237.8 Other operating expensesEUR thousand20222021Premises maintenance and operation costs 7,101 6,305Financial transactions expenses 1,918 2,246Marketing 8,166 8,389Administrative services 15,780 10,298Other expenses 470 3,024Other operating expenses, total 33,434 30,263Auditor feesEUR thousand20222021Statutory audit 155 104Other services 20 -Auditor fees, total175104The audit firm selected by the Annual General Meeting is Price-waterhouseCoopers Oy. The services performed by Pricewaterhouse-Coopers Oy in 2022 mainly consisted of the company\u2019s audit services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-39-4": {
"value": "EUR thousand 2022 2021Lease income from subleasing right-of-use 545530assetsOther income 363392Other operating income, total 908922",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "7.5 Employee benefitsObligations related to short-term employee benefitsShort-term employee benefits include wages, including benefits in kind and annual leave pay payable within 12 months. Short-term employee benefits are recognized for work performed up to the balance sheet date under other liabilities and are measured at the amount expected to be paid when the liabilities are settled.Pension obligationsThe pension plan of Verkkokauppa.com Oyj Group is a defined contribution plan. Contributions to defined contribution pension schemes are paid to pension insurance companies, after which the Company no longer has any other payment obligations. Contributions to defined contribution pension plans are recognized as an expense in the income statement for the financial year to which they relate. The group\u2019s subsidiaries located in Asia do not have a pension plan provided by the company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-4": {
"value": "7.5 Employee benefitsObligations related to short-term employee benefitsShort-term employee benefits include wages, including benefits in kind and annual leave pay payable within 12 months. Short-term employee benefits are recognized for work performed up to the balance sheet date under other liabilities and are measured at the amount expected to be paid when the liabilities are settled.Pension obligationsThe pension plan of Verkkokauppa.com Oyj Group is a defined contribution plan. Contributions to defined contribution pension schemes are paid to pension insurance companies, after which the Company no longer has any other payment obligations. Contributions to defined contribution pension plans are recognized as an expense in the income statement for the financial year to which they relate. The group\u2019s subsidiaries located in Asia do not have a pension plan provided by the company.7.6 Remuneration of key management personnelKey management personnel include the members of the Board of Directors, CEO, and the members of management Team. The Board's Remuneration committee prepares a reference framework for the remuneration, fees and other benefits of the company's CEO and management team, and the Board of Directors decides on the CEO's remuneration and other benefits. The chairman of the board approves the remuneration, bonuses and other benefits of the management team operating under the CEO.7.10 Income taxesThe income taxes of the consolidated income statement are calculated on the basis of the taxable profit for the financial year, tax adjustments for earlier reporting periods as well changes in deferred tax liabilities and assets are recognized in the income taxes item in the income statement. The tax effect of items recognized directly in equity is respectively recognized as part of equity. The current tax charge is calculated based on taxable income at the rate fixed on the balance sheet date. The country of registration of each group company is presented in note 6.4 Group information.7.12 Share-based paymentsThe Group has a share-based incentive plan that is classified as equity-based payment arrangement with a net settlement feature. The Company will, on behalf of the employee, withhold an amount of shares of the share reward that will cover the taxes and parafiscal charges paid in cash. The benefits granted under the plan are measured at the fair value the share of Verkkokauppa.com Oyj at the grant date and are amortized over the earning and commitment periods. The expense is presented in the employee benefit expenses. For equity-settled share-based payment arrangements, an increase corresponding to the expense entry in the income statement is recognized in equity.7.13 Intangible assetsIntangible assets of Verkkokauppa.com Oyj Group consist of capitalized development costs and other intangible assets. An intangible asset is recognized when its cost can be measured reliably and it is probable that the economic benefits associated with the asset will flow to the Group. The residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. In addition to goodwill, the Group does not have any other intangible assets with an indefinite useful life and no interest costs related to the acquisition of assets that have been capitalized as part of the cost of acquisition. Annual impairment tests are carried out on the Group\u2019s goodwill and intangible assets that are not yet ready for use. In addition, on every balance sheet date, the management of the Group assesses whether there is any evidence of impairment regarding other intangible assets. In case such evidence is present, an estimate is made of the recoverable amount of the asset, which is the fair value of the asset less costs of disposal or a higher value in use. In many cases, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment is recognized in the income statement. The recognized impairment losses are reversed if there has been a change in the estimates used to determine the recoverable amount of the asset. The cancellation takes place up to the maximum amount which asset would have been assigned the book value minus depreciation if no impairment loss had been recorded for it in previous years.GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. Research and development expenditureResearch and development costs are expensed in the accounting period in which they are incurred, except for development costs that meet the criteria for capitalization. Development expenditure is capitalized as an intangible asset when it can be demonstrated how the development project will generate probable economic benefits and the expenditure incurred during the development phase can be measured reliably. Capitalized development costs are presented as a separate item and amortized over their useful life. Development expenditure previously expensed is not capitalized in subsequent periods.The Group has a self-developed enterprise resource planning (ERP) system, the development costs of which are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. The direct costs of production have been capitalized as acquisition costs. Capitalized development costs are amortized on a straight-line basis over their useful life. The estimated economic impact of capitalized development expenditure is three years.Other intangible assetsOther intangible assets are recorded in the balance sheet at their original cost and amortized on a straight-line basis over their useful lives. The economic life of intangible assets has been estimated at five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.7.14 Tangible assetsThe tangible assets of Verkkokauppa.com Oyj Group include land, servers, other office and warehouse equipment and devices, as well as basic improvements to rental premises. Tangible assets have been valued in the balance sheet at the original cost less depreciation and impairment. Tangible assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into use. Real estate is not subject to depreciation. The estimated useful lives of tangible assets are as follows: Machinery and equipment 3\u201310 yearsOther tangible assets 5\u201310 yearsThe residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. Normal maintenance and repair costs are recognized in the income statement as an expense at the time they are incurred. Significant improvements or additional investments are capitalized as part of the cost of the asset and amortized over the remaining useful life of the capital asset if it is probable that future economic benefits associated with the asset will flow to the company. Gains on sales from the write-offs and disposals of tangible assets are presented in other operating income in the income statement, and losses in other operating expenses in the income statement. The Group has no interest expenses related to the acquisition of assets that would have been capitalized as part of the cost of acquisition.The same principles apply to the assessment of impairment as for intangible assets. The principles are described as part of the notes on intangible assets.7.15 LeasesLeases wherein the Group is the lesseeRecognition of leasesAt the time the contract was entered into, the Company will assess whether the contract is a lease or whether the contract contains a lease element. The Company recognizes a right-of-use asset and a lease liability at the inception of the lease, except for leases with a short lease term (less than 12 months) and leases with a low value. Rental costs for short-term and low-value leases are recognized in the income statement under other operating expenses on a straight-line basis over the term of the lease.Measurement and recognition of lease liabilityThe lease liability is measured at the present value of the lease payments not paid at the commencement date of the contract. The lease payments are discounted at the interest rate implicit in the lease if that interest rate can be easily determined. If the interest rate cannot be easily determined, the interest rate of the Company\u2019s incremental borrowing rate shall be used. The lease agreement for the J\u00e4tk\u00e4saari real estate, which covers approximately 69% of the balance sheet of the lease liabilities, has used the interest rate implicit in the lease contract. In other lease agreements, the interest rate of the Company\u2019s incremental borrowing rate has been used as the discount rate. The changes in the Company\u2019s financing position have been taken into consideration in determining the incremental borrowing rate in determining the risk premium. Discount rates vary between 1.3% and 7.0%.The lease payments included in the value of the lease liability at the commencement date consist of fixed payments less available incentives related to lease contracts, variable rent based on index, purchase option exercise prices (when reasonably certain), amounts of residual value guarantees and penalties for termination of lease contracts, if the lease term has taken into account that the lessee exercises the option to terminate the lease.There are no termination options in the leases of Verkkokauppa. com Oyj that have been taken into account in the calculation. Lease contracts with purchase options are related to machinery and equipment and are not significant.The lease liability is measured at amortized cost using the effective interest method. Revaluation of the lease liability shall be carried out if there is a change in the lease term, the use of the purchase option becomes or ceases to be reasonably certain, the index used to calculate variable lease payments changes or if there is a change in the expected payments on the basis of residual value guarantees. The discount rate to be used for the revaluation depends on the nature of the change. The payments for all the leases of the Company real estate and facilities are linked to the cost-of-living index. The Company will make revaluations of its lease liability and the right-of-use asset when the index changes. In those contracts where the lease component and the non-lease component must be separated, the distinction is made on the basis of relative stand-alone selling prices. The Company has office space leases in which the lease component is separated from the service component. The stand-alone price is based on the estimated levels of capital rents for the region in question. The lease term used to calculate the lease liability is the period during which the lease is non-cancelable, plus the period of the renewal or termination option if it is reasonably certain that the lessee will exercise the renewal option or not exercise the termination option. The Company has extension options related to its real estate. These are not taken into account in the lease term. The decision on extension options is made on a commercial basis when the lessor is to be informed of the use of the extension option. The management of the Company has taken into consideration the business model of the Company and the agility expected in it in relation to the physical market place in an ever-changing business environment when assessing the probability of the realization of extension options. Measurement of right-of-use assetsThe right-of-use asset is measured at cost at the commencement date of the lease. The cost comprises the initial amount of the lease liability at the commencement date, the lease payments less the incentives received under the lease, the initial direct costs and any costs of restoration.The Company has not recognized the initial direct costs in its leases. The amounts of restoration costs are estimated to be immaterial given the nature of the business and no provision has been recognized for them. The Company measures the right-of-use assets in accordance with the cost model. Under the cost model, a right-of-use asset is measured at cost less accumulated depreciation and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into service In case the lease term is shorter than the useful life, depreciations are done over the lease term. The estimated depreciation periods are as follows: Machinery and equipment 4\u20137 yearsReal estate and premises 2\u201315 yearsSubleasesThe Company has short-term sublease agreements, which are recognized as income on a straight-line basis over the lease term. Lease income is presented in other operating income in the income statement. These sublease agreements are not material.Description of the Group\u2019s lease portfolioThe Group\u2019s lease portfolio consists of real estate and facilities leases, as well as leased cars. The real estate lease means the J\u00e4tk\u00e4saari real estate that comprises the stores as well as the logistics, office and other spaces. In other aspects, the retail stores are real estate leases. The lease agreements include several short options for future extension. The leases are not linked to revenue but to the cost-of-living index and are, therefore, taken into account in the calculation of the lease liability. The leases do not include residual value guarantees or purchase options. At the end of the accounting period, the group does not have any leasing contracts related to cars, machines or equipment.7.16 Deferred tax assets and liabilitiesThe deferred tax is calculated from the temporary differences between the carrying amount and the tax base, using either the tax rate in force at the balance sheet date or a known tax rate that will come into force at a later date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilized. 7.23 FundingFinancial assetsThe main financial assets of the Group are trade receivables and cash and cash equivalents.Classification and measurementOn initial recognition, the Group classifies financial assets into the following measurement categories: financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income. Classification depends on the business model used to manage financial assets and contractual terms for cash flows. Financial assets are derecognized when the right to receive contractual cash flows has expired and the significant risks and rewards of ownership of the financial asset have been transferred outside of the Company.Verkkokauppa.com Oyj has made an irrevocable decision to measure equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividends are recognized in the profit and loss account under financial income. Changes in the fair value of equity investments are presented in other comprehensive income and are not subsequently reclassified to profit or loss when the investment is derecognized. Verkkokauppa.com Oyj records changes in fair value in the fair value reserve of equity, from which they are transferred to retained earnings upon sale. Financial assets measured at amortized cost are items that are held to collect contractual cash flows and whose cash flows are solely payments of principal and interest. This category includes trade and other receivables of Verkkokauppa.com Oyj, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23 and Leases 7.15.7.25 ProvisionsA provision is recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision represents the best estimate of the management with regard to the expenditure required to settle the obligation at the end of the reporting period. At each balance sheet date, the management assesses the amount of the provisions and updates them to reflect the best estimate at the balance sheet date. Changes in provisions are recognized in the income statement in the same line item where the original provision was recognized. Provisions have not been discounted due to the minor effect of such discounting.The provisions recognized by the Group relate to the Company\u2019s own product guarantees and the third-year warranty.A warranty reserve is recognized at the time of sale of a product based on management\u2019s estimate of the product degradation rate, which is based on historical experience. A provision for expected credit losses is recognized based on historical actuals. The profit-sharing model adopts the expected credit loss model according to IFRS 9, the principles of which are described in more detail in the note on 7.22.3 Financial risk management.",
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"value": "EUR thousand20222021Wages and salaries 31,960 29,285Pension expenses \u2013 defined contribution plans 6,015 4,921Share-based payments 31 198Other personnel-related expenses 1,175 1,051Voluntary employee benefits 1,979 1,538Total employee benefits before capitalization 41,15936,994Capitalized employee benefits for the financial yearWages and salaries -724 -353Pension expenses \u2013 defined contribution plans -157 -58Other personnel-related expenses -45 -12Capitalized employee benefits for -926-423the financial yearTotal employee benefits 40,23336,570Capitalized employee benefits are mainly related to the development of the Group\u2019s enterprise resource planning system, which is described in more detail in note 7.13 Intangible assets, and to the logistics automation of the J\u00e4tk\u00e4saari warehouse.20222021Number of employees at the end of 838 825the financial yearThe number of employees includes both full-time and part-time employees. The amount does not include temporary agency workers.Information on management\u2019s employee benefits is presented in the note on Remuneration of key management personnel 7.6.Share-based payment is described in more detail in Share-based payments 7.12 in the notes to the financial statements.Remuneration of the CEO and the management teamShort-term employee benefitsThe short-term employee benefits of the CEO consist of a fixed salary and benefits in kind (such as a company car and phone) and an incentive bonus for achieving financial and operational targets. The short-term employee benefits of the Management Team consist of basic salary and benefits in kind (such as a company car and phone), and an incentive bonus for achieving financial and operational objectives. The short-term compensation scheme consists of an annual bonus program with performance criteria (incentive bonus). The performance criteria and the determination of the remuneration are decided annually by the Board based on the proposal of the Remuneration Committee. The 2022 performance criteria were based on 25% of 2022 revenue and 75% of the Company\u2019s comparable operating profit. In addition, the Board of Directors may, at its discretion, decide to pay other lump sums (bonus).Post-employment benefitsThe CEO or members of the Management Team do not have any post-employment benefits.Benefits payable in the event of terminationThe notice period of the president and CEO is 12 months. If the company terminates the CEO, the CEO will receive compensation corresponding to a fixed salary of six months, pursuant to the CEO agreement. As a rule, the notice period for other members of the Management Team is six months and the corresponding compensation for certain persons corresponds, as a rule, to six months\u2019 salary at the time of termination of contract.Share-based incentivesThe company has the Performance Matching Share Plan 2020\u20132022. as a share-based incenntive for the CEO and management Team. The plan is designed to align the objectives of shareholders and management to increase the long-term value of the Company, to encourage management to invest personally in the Company\u2019s shares, to engage executives in the Company and to provide them with a competitive remuneration package based on the acquisition, earning and accumulation of the Company\u2019s shares.The programs are described in more detail in the note on Share-based payments 7.12The following table shows the remuneration of the president and CEO and the Executive Committee, as well as the shareholdings and holdings as a percentage of the total share capital. The amounts presented are performance-based. The share-based payments are based on an estimate of their realization at the end of the year. The performance share-based payment includes the cost effect on the financial year, regardless of the time of the share transfer.Management remuneration2022Panu Porkka,Management 2022, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 409 1,374 1,783fringe benefitsIncentive bonus 10 15 25Statutory pension 78 217 295Share-based paymentsShare-based paymentsTotal 498 1,606 2,104Shareholding, pcs 95,000 110,250205 250 % of shares 0.21% 0.24% 0.45%2021Panu Porkka, Management 2021, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 442 1,247 1,688fringe benefitsIncentive bonus 120 241 361Statutory pension 92 245 337Share-based paymentsShare-based payments 60 164 224Total 714 1,897 2,611Shareholding, pcs 90,000 183,922273 922 % of shares 0.20% 0.41% 0.61%Remuneration of the Board of DirectorsThe Annual General Meeting of Verkkokauppa.com Oyj elects the members of the Board of Directors annually and decides on their remuneration. The term of office of the members shall run until the close of the next Annual General Meeting. The members of the Board of Directors are not members of the share-based remuneration scheme, nor are they employed by Verkkokauppa.com Oyj.The remuneration of the members of the Board of Directors consists of annual fees paid on the basis of their membership of the Board of Directors and committee fees paid either as an annual fee or as meetings fees. The fees vary depending on the member\u2019s role as Chair or Member of the Board or Committee. In addition, the members of the Board of Directors are reimbursed for reasonable actual travel and accommodation expenses and other possible costs related to Board and Committee work. The Annual General Meeting of Verkkokauppa.com Oyj decided on 24 March 2022 that half of the annual remuneration of the members of the Board will be paid in shares of the Company after each quarterly announcement and the remaining part of the annual remuneration will be paid in cash, which will cover the taxes arising from the remuneration.During the financial year 2022, the company transferred 32,140 (14,501) treasury shares for the payment of the fees. Shares issued as fees do not have any restrictions on ownership or disposal. The following table shows the total remuneration of the Board of Directors. The amounts presented are performance-based. . EUR thousand20222021Board members, 31 Dec 2021Arja Talma, Chairman of the Board, Audit Com-mittee vice-chairman, Remuneration Committee89 77chairmanChristoffer H\u00e4ggblom, Vice Chair of the Board 66 76Kai Seikku, Chairman of the Audit Committee 51 52Samuli Sepp\u00e4l\u00e435 36Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 35 26Frida Ridderstolpe (member since 25 Mar 2021) 35 26Johan Ryding (member since 25 Mar 2021) 39 26Robert Bur\u00e9n (member until 25 Mar 2021) - 10Mikael Hagman (member until 4 Jan 2021) - 1Remuneration of the Board of Directors, total 350 331The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs20222021Arja Talma23,78015,290Christoffer H\u00e4ggblom33,33926,669Kai Seikku150,809146,564Samuli Sepp\u00e4l\u00e415,957,00015,957,000Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 5,8581,613Frida Ridderstolpe (member since 25 Mar 2021) 5,8581,613Johan Ryding (member since 25 Mar 2021)5,8821,613Number of shares, total16,182,526 16,150,362% of shares20222021Arja Talma0.05%0.03%Christoffer H\u00e4ggblom0.07%0.06%Kai Seikku0.33%0.33%Samuli Sepp\u00e4l\u00e435.18%35.41%Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 0.01%-Frida Ridderstolpe (member since 25 Mar 2021) 0.01%-Johan Ryding (member since 25 Mar 2021)0.01%-% of shares, total 35.68%35.83%",
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"value": "20222021Number of employees at the end of 838 825the financial yearThe number of employees includes both full-time and part-time employees. The amount does not include temporary agency workers.Information on management\u2019s employee benefits is presented in the note on Remuneration of key management personnel 7.6.Share-based payment is described in more detail in Share-based payments 7.12 in the notes to the financial statements.",
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"value": "Remuneration of the CEO and the management teamShort-term employee benefitsThe short-term employee benefits of the CEO consist of a fixed salary and benefits in kind (such as a company car and phone) and an incentive bonus for achieving financial and operational targets. The short-term employee benefits of the Management Team consist of basic salary and benefits in kind (such as a company car and phone), and an incentive bonus for achieving financial and operational objectives. The short-term compensation scheme consists of an annual bonus program with performance criteria (incentive bonus). The performance criteria and the determination of the remuneration are decided annually by the Board based on the proposal of the Remuneration Committee. The 2022 performance criteria were based on 25% of 2022 revenue and 75% of the Company\u2019s comparable operating profit. In addition, the Board of Directors may, at its discretion, decide to pay other lump sums (bonus).Post-employment benefitsThe CEO or members of the Management Team do not have any post-employment benefits.Benefits payable in the event of terminationThe notice period of the president and CEO is 12 months. If the company terminates the CEO, the CEO will receive compensation corresponding to a fixed salary of six months, pursuant to the CEO agreement. As a rule, the notice period for other members of the Management Team is six months and the corresponding compensation for certain persons corresponds, as a rule, to six months\u2019 salary at the time of termination of contract.Share-based incentivesThe company has the Performance Matching Share Plan 2020\u20132022. as a share-based incenntive for the CEO and management Team. The plan is designed to align the objectives of shareholders and management to increase the long-term value of the Company, to encourage management to invest personally in the Company\u2019s shares, to engage executives in the Company and to provide them with a competitive remuneration package based on the acquisition, earning and accumulation of the Company\u2019s shares.The programs are described in more detail in the note on Share-based payments 7.12The following table shows the remuneration of the president and CEO and the Executive Committee, as well as the shareholdings and holdings as a percentage of the total share capital. The amounts presented are performance-based. The share-based payments are based on an estimate of their realization at the end of the year. The performance share-based payment includes the cost effect on the financial year, regardless of the time of the share transfer.Management remuneration2022Panu Porkka,Management 2022, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 409 1,374 1,783fringe benefitsIncentive bonus 10 15 25Statutory pension 78 217 295Share-based paymentsShare-based paymentsTotal 498 1,606 2,104Shareholding, pcs 95,000 110,250205 250 % of shares 0.21% 0.24% 0.45%2021Panu Porkka, Management 2021, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 442 1,247 1,688fringe benefitsIncentive bonus 120 241 361Statutory pension 92 245 337Share-based paymentsShare-based payments 60 164 224Total 714 1,897 2,611Shareholding, pcs 90,000 183,922273 922 % of shares 0.20% 0.41% 0.61%Remuneration of the Board of DirectorsThe Annual General Meeting of Verkkokauppa.com Oyj elects the members of the Board of Directors annually and decides on their remuneration. The term of office of the members shall run until the close of the next Annual General Meeting. The members of the Board of Directors are not members of the share-based remuneration scheme, nor are they employed by Verkkokauppa.com Oyj.The remuneration of the members of the Board of Directors consists of annual fees paid on the basis of their membership of the Board of Directors and committee fees paid either as an annual fee or as meetings fees. The fees vary depending on the member\u2019s role as Chair or Member of the Board or Committee. In addition, the members of the Board of Directors are reimbursed for reasonable actual travel and accommodation expenses and other possible costs related to Board and Committee work. The Annual General Meeting of Verkkokauppa.com Oyj decided on 24 March 2022 that half of the annual remuneration of the members of the Board will be paid in shares of the Company after each quarterly announcement and the remaining part of the annual remuneration will be paid in cash, which will cover the taxes arising from the remuneration.During the financial year 2022, the company transferred 32,140 (14,501) treasury shares for the payment of the fees. Shares issued as fees do not have any restrictions on ownership or disposal. The following table shows the total remuneration of the Board of Directors. The amounts presented are performance-based. . EUR thousand20222021Board members, 31 Dec 2021Arja Talma, Chairman of the Board, Audit Com-mittee vice-chairman, Remuneration Committee89 77chairmanChristoffer H\u00e4ggblom, Vice Chair of the Board 66 76Kai Seikku, Chairman of the Audit Committee 51 52Samuli Sepp\u00e4l\u00e435 36Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 35 26Frida Ridderstolpe (member since 25 Mar 2021) 35 26Johan Ryding (member since 25 Mar 2021) 39 26Robert Bur\u00e9n (member until 25 Mar 2021) - 10Mikael Hagman (member until 4 Jan 2021) - 1Remuneration of the Board of Directors, total 350 331The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs20222021Arja Talma23,78015,290Christoffer H\u00e4ggblom33,33926,669Kai Seikku150,809146,564Samuli Sepp\u00e4l\u00e415,957,00015,957,000Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 5,8581,613Frida Ridderstolpe (member since 25 Mar 2021) 5,8581,613Johan Ryding (member since 25 Mar 2021)5,8821,613Number of shares, total16,182,526 16,150,362% of shares20222021Arja Talma0.05%0.03%Christoffer H\u00e4ggblom0.07%0.06%Kai Seikku0.33%0.33%Samuli Sepp\u00e4l\u00e435.18%35.41%Mikko K\u00e4rkk\u00e4inen (member since 25 Mar 2021) 0.01%-Frida Ridderstolpe (member since 25 Mar 2021) 0.01%-Johan Ryding (member since 25 Mar 2021)0.01%-% of shares, total 35.68%35.83%",
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"pp-value-52-4": {
"value": "During the financial year 2022, the company transferred 32,140 (14,501) treasury shares for the payment of the fees.In March 2021, the Board of Directors decided on a directed free share issue in order to pay the share rewards under the Matching Share Plan 2018\u20132020 for the first commitment period 2018\u20132020. On 2 March 2021, a total of 15,000 treasury shares were transferred to five key personnel in accordance with the terms of the plan. In addition, part of the remuneration was paid in cash to cover taxes and parafiscal charges incurred by the participant in connection with the remuneration. No new shares were issued at the time of payment of the share premium and the decision, therefore, had no dilutive effect.Share capital and treasury sharesOutstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1,000)shares, pcs (1,000)pcs (1,000)amount, EUR thousand 1 Jan 2022 44,742 323 45,065 100Acquisition of treasury shares - - - -Proceeds from issue of share capital 289 - 289 -Transfer of treasury shares, Board of Directors\u2019 remuneration 20 -20 - -Transfer of treasury shares, share-based incentive scheme 32 -32 - -31 Dec 2022 45,083 271 45,355 100Outstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1 000)shares, pcs (1 000)pcs (1 000)amount, EUR thousand 1 Jan 202144,71235345,065100Acquisition of treasury shares 15 -15 - -Transfer of treasury shares, Board of Directors\u2019 remuneration 15 -15 - -31 Dec 202144,74232345,065100Verkkokauppa.com Oyj Group has one share class. The share has no nominal value. Each share entitles its holder to one vote at the Annual General Meeting. All issued shares have been fully paid out. At the end of the financial year 2022, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 271,257 (323,397) treasury shares held by the Company. During the financial years 2021\u20132022, the company has not acquired its own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-2": {
"value": "7.7 Depreciation and amortizationEUR thousand20222021Intangible assetsDevelopment costs 362 283Other intangible assets 125 93Amortization of intangible assets, total 487 375Property, plant and equipment Machinery and equipment 1,100 823Other tangible assets 152 136Depreciation of tangible assets, total 1,252959Right-of-use assets Premises and facilities 3,793 3,577Machinery and equipment 19 72Depreciation of right-of-use assets, total 3,8123,650Depreciation and amortization, total 5,5524,983DevelopmentOther intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwillTotalCost 1 Jan 2022 3,246 1,777 392 5,415Increases 137 680 2,137 2,846 5,801Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,743 -1,308 -4,051Amortization for the financial year -242 -245 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 2022 397 904 2,530 2,846 6,677Development Other intangible Advance payments Consolidated EUR thousandcostsassetsand work in progressgoodwill TotalCost 1 Jan 2021 2,896 1,268 348 0 4,511Increases 350 509 45 - 903Cost 31 Dec 2021 3,246 1,777 392 - 5,415Accumulated amortization and impairment 1 Jan 2021 -2,461 -1,215 0 - -3,676amortization for the financial year -283 -93 0 - -375Accumulated amortization and impairment 31 Dec 2021 -2,743 -1,308 0 - -4,051Carrying amount 1 Jan 2021 435 53 348 0 835Carrying amount 31 Dec 2021 502 469 392 0 1,364Capitalized development costs relate to the development of new features of the Company\u2019s ERP system.The Group has no investment commitments in relation to intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-3": {
"value": "7.7 Depreciation and amortizationEUR thousand20222021Intangible assetsDevelopment costs 362 283Other intangible assets 125 93Amortization of intangible assets, total 487 375Property, plant and equipment Machinery and equipment 1,100 823Other tangible assets 152 136Depreciation of tangible assets, total 1,252959Right-of-use assets Premises and facilities 3,793 3,577Machinery and equipment 19 72Depreciation of right-of-use assets, total 3,8123,650Depreciation and amortization, total 5,5524,983",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-4": {
"value": "7.7 Depreciation and amortizationEUR thousand20222021Intangible assetsDevelopment costs 362 283Other intangible assets 125 93Amortization of intangible assets, total 487 375Property, plant and equipment Machinery and equipment 1,100 823Other tangible assets 152 136Depreciation of tangible assets, total 1,252959Right-of-use assets Premises and facilities 3,793 3,577Machinery and equipment 19 72Depreciation of right-of-use assets, total 3,8123,650Depreciation and amortization, total 5,5524,983",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-59-4": {
"value": "7.8 Other operating expensesEUR thousand20222021Premises maintenance and operation costs 7,101 6,305Financial transactions expenses 1,918 2,246Marketing 8,166 8,389Administrative services 15,780 10,298Other expenses 470 3,024Other operating expenses, total 33,434 30,263Auditor feesEUR thousand20222021Statutory audit 155 104Other services 20 -Auditor fees, total175104The audit firm selected by the Annual General Meeting is Price-waterhouseCoopers Oy. The services performed by Pricewaterhouse-Coopers Oy in 2022 mainly consisted of the company\u2019s audit services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-4": {
"value": "Auditor feesEUR thousand20222021Statutory audit 155 104Other services 20 -Auditor fees, total175104The audit firm selected by the Annual General Meeting is Price-waterhouseCoopers Oy. The services performed by Pricewaterhouse-Coopers Oy in 2022 mainly consisted of the company\u2019s audit services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2022 2021Interest income 16 5Finance income, total 16 6Finance costsEUR thousand20222021Lease liability interest 1,071 1,198Other interest costs 352 30Other finance costs 50 45Exchange rate differences on cash and cash 212 79equivalentsFinance costs, total 1,6861,352In addition to financial income and costs, exchange rate differences have been recognized as adjustments to purchases for the financial year.7.22 Cash flow informationNet debt reconciliationEUR thousand20222021Cash 21,210 20,917Loans from financial institutions -24,144Lease liabilities -16,812 -20,139Net debt -19,745 778EUR thousand20222021Cash 21,210 20,917Gross liabilities -40,955 -20,139Net debt -19,745 778Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt 1 Jan 2021 -21,929 -21,928 43,099 21,171Change in liabilities not involving cash flow 3,868 3,868 3,868Cash flows -22,182 18,315Acquisitions 1,202 1,202 1,202Changes in index -3,280 -3,280 -3,280Net debt 31 Dec 20210-20,139 -20,139 20,917 778Loan withdrawals -30,030 0 30,030 30,030Repayment of financial institution loans 6,781 6,781 6,781Change in liabilities not involving cash flow 4,237 4,237 4,237Cash flows 293 293Additions 130 130 130Changes in index -894 -1,040 -1,934 -1,934Net debt 31 Dec 2022 -24,144 -16,812 -40,955 21,210 -19,745The Company\u2019s net debt as of 31 Dec 2022 was EUR -19.75 million.7.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.7.23.3 Financial institution loansAt the end of 2022, the Verkkokauppa.com group had a total of 23.8 million interest-bearing financial institution loans. EUR (0.00). The company\u2019s financial institution loans have variable interest rates. The interest to be paid is determined every six months based on the Euribor reference rate and the net debt/EBITDA ratio. The maturity of the loans is 3 years, from April 6, 2022. The capital of the loans is amortized every six months. No assets have been given as collateral for financial institution loans. The loans are subject to covenant conditions, which are determined based on the net debt/EBITDA ratio and the net debt ratio. The purpose of the taken out financial institution loans is primarily to finance investment projects related to business development and to develop ongoing business. The book values of the loans essentially correspond to the fair values of the loans, because the loans have variable interest rates and the group\u2019s risk premium has not changed substantially.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-3": {
"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2022 2021Interest income 16 5Finance income, total 16 6Finance costsEUR thousand20222021Lease liability interest 1,071 1,198Other interest costs 352 30Other finance costs 50 45Exchange rate differences on cash and cash 212 79equivalentsFinance costs, total 1,6861,352In addition to financial income and costs, exchange rate differences have been recognized as adjustments to purchases for the financial year.Acquisitions for the fiscal year 2022Parent company, Verkkokauppa.com Oyj acquired 100% of eVille Distribution Oy shares on 1st of April 2022. Verkkokauppa.com Oyj\u2019s fully owned Finnish subsidiary, Arc Distribution Oy (established in February 2022), acquired 100% ownership and shares of Digi Electronics Ltd (Hong Kong) ja Digital Trading (Shenzhen) Co. Ltd (China) on 1 April 2022.The acquisition supports Verkkokauppa.com\u2019s strategy to strengthen and expand its assortment in own brands. With the acquisition, Verkkokauppa.com gains access to an experienced sourcing organization established in Shenzhen and Hong Kong, China.The purchase price amounts to approximately EUR 4.0 million, of which 1.4 million in new shares (when calculated using Verkkokauppa.com Oyj\u00b4s share price as of 1 April 2022) issued in a directed share issue to the seller at closing and the rest in cash corrected with the net debt adjustment. The shares will be subject to a lock-up undertaking. The parties have also agreed to additional purchase price installments of up to approximately EUR 6.7 million, including deferred purchase price of EUR 1 million and earn-out of EUR 5.7 million, payable solely if the combined sales of own brand products exceed set target levels during 2022, 2023 and/or 2024. The total aggregate purchase price can amount to EUR 10.7 million at the maximum.The seller has the option to receive 50% of the achieved earn-out in Verkkokauppa.com\u2019s shares for calendar years 2023 and/or 2024 if the earn-out metrics are to be achieved. The number of shares received by the seller are to be determined based on the volume weighted average share price of the Verkkokauppa.com\u2019s share for a 30-day period preceding of the date when the relevant metrics are confirmed.Purchase priceEUR thousand Value of acquired assetsPaid in cash 3,250Directed issue shares 1,403Adjustments -677Total 3,976As part of the financing of the transaction, Verkkokauppa.com\u2019s board decided to carry out a directed share issue of 1.4 million euros. 289,402 new shares were issued and their subscription price, which is based on the average price weighted by the exchange of Verkkokauppa.com shares in Nasdaq Helsinki Oy for the 30-day period prior to February 9, 2022, is EUR 6.91 per share.7.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.7.23.3 Financial institution loansAt the end of 2022, the Verkkokauppa.com group had a total of 23.8 million interest-bearing financial institution loans. EUR (0.00). The company\u2019s financial institution loans have variable interest rates. The interest to be paid is determined every six months based on the Euribor reference rate and the net debt/EBITDA ratio. The maturity of the loans is 3 years, from April 6, 2022. The capital of the loans is amortized every six months. No assets have been given as collateral for financial institution loans. The loans are subject to covenant conditions, which are determined based on the net debt/EBITDA ratio and the net debt ratio. The purpose of the taken out financial institution loans is primarily to finance investment projects related to business development and to develop ongoing business. The book values of the loans essentially correspond to the fair values of the loans, because the loans have variable interest rates and the group\u2019s risk premium has not changed substantially.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-4": {
"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2022 2021Interest income 16 5Finance income, total 16 6Finance costsEUR thousand20222021Lease liability interest 1,071 1,198Other interest costs 352 30Other finance costs 50 45Exchange rate differences on cash and cash 212 79equivalentsFinance costs, total 1,6861,352In addition to financial income and costs, exchange rate differences have been recognized as adjustments to purchases for the financial year.7.22 Cash flow informationNet debt reconciliationEUR thousand20222021Cash 21,210 20,917Loans from financial institutions -24,144Lease liabilities -16,812 -20,139Net debt -19,745 778EUR thousand20222021Cash 21,210 20,917Gross liabilities -40,955 -20,139Net debt -19,745 778Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt 1 Jan 2021 -21,929 -21,928 43,099 21,171Change in liabilities not involving cash flow 3,868 3,868 3,868Cash flows -22,182 18,315Acquisitions 1,202 1,202 1,202Changes in index -3,280 -3,280 -3,280Net debt 31 Dec 20210-20,139 -20,139 20,917 778Loan withdrawals -30,030 0 30,030 30,030Repayment of financial institution loans 6,781 6,781 6,781Change in liabilities not involving cash flow 4,237 4,237 4,237Cash flows 293 293Additions 130 130 130Changes in index -894 -1,040 -1,934 -1,934Net debt 31 Dec 2022 -24,144 -16,812 -40,955 21,210 -19,745The Company\u2019s net debt as of 31 Dec 2022 was EUR -19.75 million.7.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.7.23.3 Financial institution loansAt the end of 2022, the Verkkokauppa.com group had a total of 23.8 million interest-bearing financial institution loans. EUR (0.00). The company\u2019s financial institution loans have variable interest rates. The interest to be paid is determined every six months based on the Euribor reference rate and the net debt/EBITDA ratio. The maturity of the loans is 3 years, from April 6, 2022. The capital of the loans is amortized every six months. No assets have been given as collateral for financial institution loans. The loans are subject to covenant conditions, which are determined based on the net debt/EBITDA ratio and the net debt ratio. The purpose of the taken out financial institution loans is primarily to finance investment projects related to business development and to develop ongoing business. The book values of the loans essentially correspond to the fair values of the loans, because the loans have variable interest rates and the group\u2019s risk premium has not changed substantially.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-4": {
"value": "7.10 Income taxesThe income taxes of the consolidated income statement are calculated on the basis of the taxable profit for the financial year, tax adjustments for earlier reporting periods as well changes in deferred tax liabilities and assets are recognized in the income taxes item in the income statement. The tax effect of items recognized directly in equity is respectively recognized as part of equity. The current tax charge is calculated based on taxable income at the rate fixed on the balance sheet date. The country of registration of each group company is presented in note 6.4 Group information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-2": {
"value": "Income taxes in the income statementEUR thousand 2022 2021Current taxes 399 3,796Taxes from previous financial periods 200Change in deferred taxes -129 60Income taxes, total 291 3,856The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2022 2021Profit before income taxes61518,949Taxes calculated at the Finnish tax rate 20% 1233,790Effect of tax-exempt income and non-deductible expenses 16866Previously unrecorded fiscal utilization of lossesIncome taxes from previous accounting periods 20-Other -273-Unrecognized deferred tax assets from tax losses 253-Income taxes recognized in the income 2913,856statement, totalThe Finnish corporate tax rate was 20 percent in the financial statements for the financial years 2022 and 2021.Taxes related to other comprehensive income items 2022EUR thousand Before taxes Ta x ef fect After taxesChanges in fair values of equity 72 -14 58investmentsOther comprehensive income 72 -14 58items of the financial year, total2021EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity - - -investmentsOther comprehensive income 0 0 0items of the financial year, totalChanges in deferred tax assets and liabilities are presented in the note on 7.16 Deferred tax assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-3": {
"value": "Income taxes in the income statementEUR thousand 2022 2021Current taxes 399 3,796Taxes from previous financial periods 200Change in deferred taxes -129 60Income taxes, total 291 3,856The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2022 2021Profit before income taxes61518,949Taxes calculated at the Finnish tax rate 20% 1233,790Effect of tax-exempt income and non-deductible expenses 16866Previously unrecorded fiscal utilization of lossesIncome taxes from previous accounting periods 20-Other -273-Unrecognized deferred tax assets from tax losses 253-Income taxes recognized in the income 2913,856statement, totalThe Finnish corporate tax rate was 20 percent in the financial statements for the financial years 2022 and 2021.Taxes related to other comprehensive income items 2022EUR thousand Before taxes Ta x ef fect After taxesChanges in fair values of equity 72 -14 58investmentsOther comprehensive income 72 -14 58items of the financial year, total2021EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity - - -investmentsOther comprehensive income 0 0 0items of the financial year, totalChanges in deferred tax assets and liabilities are presented in the note on 7.16 Deferred tax assets and liabilities. CurrentTrade receivables 28,83323,124Contract assets 2,6911,807Other accrued income 8,5576,820Income tax receivables 490Other receivables 2,3923,699Current receivables, total 42,52235,450Non-current and current receivables, total 48,53439,692",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-3": {
"value": "7.11 Earnings per shareBasic earnings per share are calculated by dividing the result for the financial year attributable to the shareholders by the weighted average number of shares outstanding during the financial year. For the calculation of diluted earnings per share, the weighted average number of shares takes into account the dilutive effect of all potentially dilutive shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-67-2": {
"value": "20222021Earnings per share, basicProfit for the year attributable to shareholders, 324 15,093EUR thousandWeighted average number of outstanding 45,083,275 44,731,007shares, pcsBasic earnings per share, EUR 0.01 0.34Earnings per share, dilutedProfit for the year attributable to shareholders, 324 15,093EUR thousandPotentially dilutive shares of share-based 318,333 473,916incentive plan, pcsDiluted weighted average number of 45,401,608 45,204,923outstanding shares, pcsDiluted earnings per share, EUR 0.01 0.33Further information on the number of shares is presented in the note on Equity 7.20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-4": {
"value": "7.12 Share-based paymentsThe Group has a share-based incentive plan that is classified as equity-based payment arrangement with a net settlement feature. The Company will, on behalf of the employee, withhold an amount of shares of the share reward that will cover the taxes and parafiscal charges paid in cash. The benefits granted under the plan are measured at the fair value the share of Verkkokauppa.com Oyj at the grant date and are amortized over the earning and commitment periods. The expense is presented in the employee benefit expenses. For equity-settled share-based payment arrangements, an increase corresponding to the expense entry in the income statement is recognized in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-5": {
"value": "7.12 Share-based paymentsThe Group has a share-based incentive plan that is classified as equity-based payment arrangement with a net settlement feature. The Company will, on behalf of the employee, withhold an amount of shares of the share reward that will cover the taxes and parafiscal charges paid in cash. The benefits granted under the plan are measured at the fair value the share of Verkkokauppa.com Oyj at the grant date and are amortized over the earning and commitment periods. The expense is presented in the employee benefit expenses. For equity-settled share-based payment arrangements, an increase corresponding to the expense entry in the income statement is recognized in equity.7.13 Intangible assetsIntangible assets of Verkkokauppa.com Oyj Group consist of capitalized development costs and other intangible assets. An intangible asset is recognized when its cost can be measured reliably and it is probable that the economic benefits associated with the asset will flow to the Group. The residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. In addition to goodwill, the Group does not have any other intangible assets with an indefinite useful life and no interest costs related to the acquisition of assets that have been capitalized as part of the cost of acquisition. Annual impairment tests are carried out on the Group\u2019s goodwill and intangible assets that are not yet ready for use. In addition, on every balance sheet date, the management of the Group assesses whether there is any evidence of impairment regarding other intangible assets. In case such evidence is present, an estimate is made of the recoverable amount of the asset, which is the fair value of the asset less costs of disposal or a higher value in use. In many cases, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment is recognized in the income statement. The recognized impairment losses are reversed if there has been a change in the estimates used to determine the recoverable amount of the asset. The cancellation takes place up to the maximum amount which asset would have been assigned the book value minus depreciation if no impairment loss had been recorded for it in previous years.GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. Research and development expenditureResearch and development costs are expensed in the accounting period in which they are incurred, except for development costs that meet the criteria for capitalization. Development expenditure is capitalized as an intangible asset when it can be demonstrated how the development project will generate probable economic benefits and the expenditure incurred during the development phase can be measured reliably. Capitalized development costs are presented as a separate item and amortized over their useful life. Development expenditure previously expensed is not capitalized in subsequent periods.The Group has a self-developed enterprise resource planning (ERP) system, the development costs of which are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. The direct costs of production have been capitalized as acquisition costs. Capitalized development costs are amortized on a straight-line basis over their useful life. The estimated economic impact of capitalized development expenditure is three years.Other intangible assetsOther intangible assets are recorded in the balance sheet at their original cost and amortized on a straight-line basis over their useful lives. The economic life of intangible assets has been estimated at five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.7.20 Business combinationsThe identifiable assets and liabilities acquired in connection with a business combination are measured at fair value at the time of acquisition and the costs related to the acquisition are recognized as expenses. Goodwill arising in a business combination is recognized at the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined exceed the fair value of the net assetsacquired. If the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined fall below the fair value of the net assets acquired, the difference is recognized through profit or loss as a gain on a favorable transaction.Fair value reserveThe fair value reserve is a fund that is based on equity investments measured at fair value.7.23 FundingFinancial assetsThe main financial assets of the Group are trade receivables and cash and cash equivalents.Classification and measurementOn initial recognition, the Group classifies financial assets into the following measurement categories: financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income. Classification depends on the business model used to manage financial assets and contractual terms for cash flows. Financial assets are derecognized when the right to receive contractual cash flows has expired and the significant risks and rewards of ownership of the financial asset have been transferred outside of the Company.Verkkokauppa.com Oyj has made an irrevocable decision to measure equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividends are recognized in the profit and loss account under financial income. Changes in the fair value of equity investments are presented in other comprehensive income and are not subsequently reclassified to profit or loss when the investment is derecognized. Verkkokauppa.com Oyj records changes in fair value in the fair value reserve of equity, from which they are transferred to retained earnings upon sale. Financial assets measured at amortized cost are items that are held to collect contractual cash flows and whose cash flows are solely payments of principal and interest. This category includes trade and other receivables of Verkkokauppa.com Oyj, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23 and Leases 7.15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-69-2": {
"value": "Information on the share-based incentive plan At the end of December, Verkkokauppa.com has one share-based incentive system for the CEO and members of the management team, the Performance Matching Share Plan 2020\u20132022.The plan is designed to align the objectives of shareholders and management to increase the long-term value of the Company, to encourage management to invest personally in the Company\u2019s shares, to engage executives in the Company and to provide them with a competitive remuneration package based on the acquisition, earning and accumulation of the Company\u2019s shares.Matching Share Plan 2018\u20132020Under the Matching Share Plan 2018\u20132020, a person may earn an additional number of shares, as determined by the Board of Directors, based on their investment in Verkkokauppa.com Oyj shares. The Matching Share Plan has two commitment periods: 2018\u20132020 and 2019\u20132021. The fees to be paid for the commitment period 2018\u20132020 correspond to the value of a maximum of 50,000 Verkkokauppa.com Oyj shares and for the commitment period 2019\u20132021 to the value of a maximum of 45,000 Verkkokauppa.com Oyj shares, including the proportion payable in cash.In March 2021, the Board of Directors decided on a directed free share issue in order to pay the share rewards under the Matching Share Plan 2018\u20132020 for the first commitment period 2018\u20132020. On 2 March 2021, a total of 15,000 treasury shares were transferred to five key personnel in accordance with the terms of the plan. In addition, part of the remuneration was paid in cash to cover taxes and parafiscal charges incurred by the participant in connection with the remuneration. No new shares were issued at the time of payment of the share premium and the decision, therefore, had no dilutive effect.In March 2022, Verkkokauppa.com transferred the fees under the second commitment period 2019-2021 of the Matching Share Plan 2018\u20132020 in a directed share issue without payment by authorization granted to the Board of Directors by the Annual General Meeting held on March 25, 2021. On 2 March 2022, a total of 20,000 of the company\u2019s own shares held by the company were transferred to seven key personnel in the share issue. No new shares were issued in connection with the payment of the share rewards and the decision, therefore, has no dilutive effect. This programme has now been paid in full and ended.Performance Matching Share Plan 2020\u20132022Under the Performance Matching Share Plan 2020\u20132022, a person can earn additional shares based on their investment in Verkkokauppa.com Oyj shares and the Total Shareholder Return (TSR) of the share. The Performance Matching Share Plan includes one earnings period covering the calendar years 2020\u20132022. The reward to be paid to the participant shall be determined by the achievement of the TSR target levels set by the Board of Directors. A maximum of three additional performance-based matching shares will be paid as a reward for each allocated share. Participation and remuneration are subject to the condition that the participant will allocate freely transferable company shares held by it to the program or acquire company shares up to an amount determined by the Board of Directors. The payment of the premium shall also be based on the duration of the participant\u2019s employment or service at the time of payment of the premium. As a general rule, the premium shall not be paid if the employment or service of the participant ends before the payment of the premium.The program covers five people, the Managing Director and four members of the Management Team. The participant is entitled to receive gross shares on the basis of the plan, but receives a net amount of shares after the withholding of the advance. The company will retain some of the shares in order to pay appropriate withholding tax to the tax authorities. The rewards payable under the plan are estimated to be equivalent to the value of approximately 318 333 Verkkokauppa.com Oyj shares (gross amount).2020\u20132022 PlanGrant date 7 Feb 2020Vesting start date 1 Jan 2023Share ownership and Vesting conditions employmentPayment methodShares and cashShare price at grant date, EUR 3.60Fair value of share at grant date, EUR* 4.19Estimated number of participants at 100%end of vesting period, %Estimate change in shares associated 2%with the plan, %Number of plan participants 5* The fair value of the share at the grant date is the current value of the share lessthe estimated dividends to be paid out during the commitment period.Effect of share-based payments on the operating resultEUR thousand 2022 2021Expenses related to share-based payments in 31198the income statementTotal 31198Effect of share-based payments on the balance sheetEUR thousand20222021Recognized in equity 428506Total 428506",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-5": {
"value": "7.13 Intangible assetsIntangible assets of Verkkokauppa.com Oyj Group consist of capitalized development costs and other intangible assets. An intangible asset is recognized when its cost can be measured reliably and it is probable that the economic benefits associated with the asset will flow to the Group. The residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. In addition to goodwill, the Group does not have any other intangible assets with an indefinite useful life and no interest costs related to the acquisition of assets that have been capitalized as part of the cost of acquisition. Annual impairment tests are carried out on the Group\u2019s goodwill and intangible assets that are not yet ready for use. In addition, on every balance sheet date, the management of the Group assesses whether there is any evidence of impairment regarding other intangible assets. In case such evidence is present, an estimate is made of the recoverable amount of the asset, which is the fair value of the asset less costs of disposal or a higher value in use. In many cases, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment is recognized in the income statement. The recognized impairment losses are reversed if there has been a change in the estimates used to determine the recoverable amount of the asset. The cancellation takes place up to the maximum amount which asset would have been assigned the book value minus depreciation if no impairment loss had been recorded for it in previous years.GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. Research and development expenditureResearch and development costs are expensed in the accounting period in which they are incurred, except for development costs that meet the criteria for capitalization. Development expenditure is capitalized as an intangible asset when it can be demonstrated how the development project will generate probable economic benefits and the expenditure incurred during the development phase can be measured reliably. Capitalized development costs are presented as a separate item and amortized over their useful life. Development expenditure previously expensed is not capitalized in subsequent periods.The Group has a self-developed enterprise resource planning (ERP) system, the development costs of which are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. The direct costs of production have been capitalized as acquisition costs. Capitalized development costs are amortized on a straight-line basis over their useful life. The estimated economic impact of capitalized development expenditure is three years.Other intangible assetsOther intangible assets are recorded in the balance sheet at their original cost and amortized on a straight-line basis over their useful lives. The economic life of intangible assets has been estimated at five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.7.14 Tangible assetsThe tangible assets of Verkkokauppa.com Oyj Group include land, servers, other office and warehouse equipment and devices, as well as basic improvements to rental premises. Tangible assets have been valued in the balance sheet at the original cost less depreciation and impairment. Tangible assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into use. Real estate is not subject to depreciation. The estimated useful lives of tangible assets are as follows: Machinery and equipment 3\u201310 yearsOther tangible assets 5\u201310 yearsThe residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. Normal maintenance and repair costs are recognized in the income statement as an expense at the time they are incurred. Significant improvements or additional investments are capitalized as part of the cost of the asset and amortized over the remaining useful life of the capital asset if it is probable that future economic benefits associated with the asset will flow to the company. Gains on sales from the write-offs and disposals of tangible assets are presented in other operating income in the income statement, and losses in other operating expenses in the income statement. The Group has no interest expenses related to the acquisition of assets that would have been capitalized as part of the cost of acquisition.The same principles apply to the assessment of impairment as for intangible assets. The principles are described as part of the notes on intangible assets.7.15 LeasesLeases wherein the Group is the lesseeRecognition of leasesAt the time the contract was entered into, the Company will assess whether the contract is a lease or whether the contract contains a lease element. The Company recognizes a right-of-use asset and a lease liability at the inception of the lease, except for leases with a short lease term (less than 12 months) and leases with a low value. Rental costs for short-term and low-value leases are recognized in the income statement under other operating expenses on a straight-line basis over the term of the lease.Measurement and recognition of lease liabilityThe lease liability is measured at the present value of the lease payments not paid at the commencement date of the contract. The lease payments are discounted at the interest rate implicit in the lease if that interest rate can be easily determined. If the interest rate cannot be easily determined, the interest rate of the Company\u2019s incremental borrowing rate shall be used. The lease agreement for the J\u00e4tk\u00e4saari real estate, which covers approximately 69% of the balance sheet of the lease liabilities, has used the interest rate implicit in the lease contract. In other lease agreements, the interest rate of the Company\u2019s incremental borrowing rate has been used as the discount rate. The changes in the Company\u2019s financing position have been taken into consideration in determining the incremental borrowing rate in determining the risk premium. Discount rates vary between 1.3% and 7.0%.The lease payments included in the value of the lease liability at the commencement date consist of fixed payments less available incentives related to lease contracts, variable rent based on index, purchase option exercise prices (when reasonably certain), amounts of residual value guarantees and penalties for termination of lease contracts, if the lease term has taken into account that the lessee exercises the option to terminate the lease.There are no termination options in the leases of Verkkokauppa. com Oyj that have been taken into account in the calculation. Lease contracts with purchase options are related to machinery and equipment and are not significant.The lease liability is measured at amortized cost using the effective interest method. Revaluation of the lease liability shall be carried out if there is a change in the lease term, the use of the purchase option becomes or ceases to be reasonably certain, the index used to calculate variable lease payments changes or if there is a change in the expected payments on the basis of residual value guarantees. The discount rate to be used for the revaluation depends on the nature of the change. The payments for all the leases of the Company real estate and facilities are linked to the cost-of-living index. The Company will make revaluations of its lease liability and the right-of-use asset when the index changes. In those contracts where the lease component and the non-lease component must be separated, the distinction is made on the basis of relative stand-alone selling prices. The Company has office space leases in which the lease component is separated from the service component. The stand-alone price is based on the estimated levels of capital rents for the region in question. The lease term used to calculate the lease liability is the period during which the lease is non-cancelable, plus the period of the renewal or termination option if it is reasonably certain that the lessee will exercise the renewal option or not exercise the termination option. The Company has extension options related to its real estate. These are not taken into account in the lease term. The decision on extension options is made on a commercial basis when the lessor is to be informed of the use of the extension option. The management of the Company has taken into consideration the business model of the Company and the agility expected in it in relation to the physical market place in an ever-changing business environment when assessing the probability of the realization of extension options. Measurement of right-of-use assetsThe right-of-use asset is measured at cost at the commencement date of the lease. The cost comprises the initial amount of the lease liability at the commencement date, the lease payments less the incentives received under the lease, the initial direct costs and any costs of restoration.The Company has not recognized the initial direct costs in its leases. The amounts of restoration costs are estimated to be immaterial given the nature of the business and no provision has been recognized for them. The Company measures the right-of-use assets in accordance with the cost model. Under the cost model, a right-of-use asset is measured at cost less accumulated depreciation and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into service In case the lease term is shorter than the useful life, depreciations are done over the lease term. The estimated depreciation periods are as follows: Machinery and equipment 4\u20137 yearsReal estate and premises 2\u201315 yearsSubleasesThe Company has short-term sublease agreements, which are recognized as income on a straight-line basis over the lease term. Lease income is presented in other operating income in the income statement. These sublease agreements are not material.Description of the Group\u2019s lease portfolioThe Group\u2019s lease portfolio consists of real estate and facilities leases, as well as leased cars. The real estate lease means the J\u00e4tk\u00e4saari real estate that comprises the stores as well as the logistics, office and other spaces. In other aspects, the retail stores are real estate leases. The lease agreements include several short options for future extension. The leases are not linked to revenue but to the cost-of-living index and are, therefore, taken into account in the calculation of the lease liability. The leases do not include residual value guarantees or purchase options. At the end of the accounting period, the group does not have any leasing contracts related to cars, machines or equipment.",
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"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-74-6": {
"value": "7.13 Intangible assetsIntangible assets of Verkkokauppa.com Oyj Group consist of capitalized development costs and other intangible assets. An intangible asset is recognized when its cost can be measured reliably and it is probable that the economic benefits associated with the asset will flow to the Group. The residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. In addition to goodwill, the Group does not have any other intangible assets with an indefinite useful life and no interest costs related to the acquisition of assets that have been capitalized as part of the cost of acquisition. Annual impairment tests are carried out on the Group\u2019s goodwill and intangible assets that are not yet ready for use. In addition, on every balance sheet date, the management of the Group assesses whether there is any evidence of impairment regarding other intangible assets. In case such evidence is present, an estimate is made of the recoverable amount of the asset, which is the fair value of the asset less costs of disposal or a higher value in use. In many cases, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment is recognized in the income statement. The recognized impairment losses are reversed if there has been a change in the estimates used to determine the recoverable amount of the asset. The cancellation takes place up to the maximum amount which asset would have been assigned the book value minus depreciation if no impairment loss had been recorded for it in previous years.GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. Research and development expenditureResearch and development costs are expensed in the accounting period in which they are incurred, except for development costs that meet the criteria for capitalization. Development expenditure is capitalized as an intangible asset when it can be demonstrated how the development project will generate probable economic benefits and the expenditure incurred during the development phase can be measured reliably. Capitalized development costs are presented as a separate item and amortized over their useful life. Development expenditure previously expensed is not capitalized in subsequent periods.The Group has a self-developed enterprise resource planning (ERP) system, the development costs of which are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. The direct costs of production have been capitalized as acquisition costs. Capitalized development costs are amortized on a straight-line basis over their useful life. The estimated economic impact of capitalized development expenditure is three years.Other intangible assetsOther intangible assets are recorded in the balance sheet at their original cost and amortized on a straight-line basis over their useful lives. The economic life of intangible assets has been estimated at five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.7.14 Tangible assetsThe tangible assets of Verkkokauppa.com Oyj Group include land, servers, other office and warehouse equipment and devices, as well as basic improvements to rental premises. Tangible assets have been valued in the balance sheet at the original cost less depreciation and impairment. Tangible assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into use. Real estate is not subject to depreciation. The estimated useful lives of tangible assets are as follows: Machinery and equipment 3\u201310 yearsOther tangible assets 5\u201310 yearsThe residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. Normal maintenance and repair costs are recognized in the income statement as an expense at the time they are incurred. Significant improvements or additional investments are capitalized as part of the cost of the asset and amortized over the remaining useful life of the capital asset if it is probable that future economic benefits associated with the asset will flow to the company. Gains on sales from the write-offs and disposals of tangible assets are presented in other operating income in the income statement, and losses in other operating expenses in the income statement. The Group has no interest expenses related to the acquisition of assets that would have been capitalized as part of the cost of acquisition.The same principles apply to the assessment of impairment as for intangible assets. The principles are described as part of the notes on intangible assets.7.17 Trade receivables and other receivablesTrade receivables are receivables arising from goods or services sold to customers in the ordinary course of business. Other receivables are contract assets, other accrued income and financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables and other receivables are classified as current assets if customer payment in respect of them is expected within one year. Otherwise, they are presented as non-current assets. Non-current trade receivables are receivables related to customer financing and in current trade receivables they represent approximately 73% (2021; approximately 62%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.37.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The revenue rate of products and the possible reduction of the net realizable value below cost are regularly assessed and, if necessary, an impairment of inventories is recorded. In addition, the Group separately recognizes write-down for older items according to the inventory dates.Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.",
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"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-74-7": {
"value": "7.13 Intangible assetsIntangible assets of Verkkokauppa.com Oyj Group consist of capitalized development costs and other intangible assets. An intangible asset is recognized when its cost can be measured reliably and it is probable that the economic benefits associated with the asset will flow to the Group. The residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. In addition to goodwill, the Group does not have any other intangible assets with an indefinite useful life and no interest costs related to the acquisition of assets that have been capitalized as part of the cost of acquisition. Annual impairment tests are carried out on the Group\u2019s goodwill and intangible assets that are not yet ready for use. In addition, on every balance sheet date, the management of the Group assesses whether there is any evidence of impairment regarding other intangible assets. In case such evidence is present, an estimate is made of the recoverable amount of the asset, which is the fair value of the asset less costs of disposal or a higher value in use. In many cases, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment is recognized in the income statement. The recognized impairment losses are reversed if there has been a change in the estimates used to determine the recoverable amount of the asset. The cancellation takes place up to the maximum amount which asset would have been assigned the book value minus depreciation if no impairment loss had been recorded for it in previous years.Research and development expenditureResearch and development costs are expensed in the accounting period in which they are incurred, except for development costs that meet the criteria for capitalization. Development expenditure is capitalized as an intangible asset when it can be demonstrated how the development project will generate probable economic benefits and the expenditure incurred during the development phase can be measured reliably. Capitalized development costs are presented as a separate item and amortized over their useful life. Development expenditure previously expensed is not capitalized in subsequent periods.The Group has a self-developed enterprise resource planning (ERP) system, the development costs of which are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. The direct costs of production have been capitalized as acquisition costs. Capitalized development costs are amortized on a straight-line basis over their useful life. The estimated economic impact of capitalized development expenditure is three years.Other intangible assetsOther intangible assets are recorded in the balance sheet at their original cost and amortized on a straight-line basis over their useful lives. The economic life of intangible assets has been estimated at five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.7.14 Tangible assetsThe tangible assets of Verkkokauppa.com Oyj Group include land, servers, other office and warehouse equipment and devices, as well as basic improvements to rental premises. Tangible assets have been valued in the balance sheet at the original cost less depreciation and impairment. Tangible assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into use. Real estate is not subject to depreciation. The estimated useful lives of tangible assets are as follows: Machinery and equipment 3\u201310 yearsOther tangible assets 5\u201310 yearsThe residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. Normal maintenance and repair costs are recognized in the income statement as an expense at the time they are incurred. Significant improvements or additional investments are capitalized as part of the cost of the asset and amortized over the remaining useful life of the capital asset if it is probable that future economic benefits associated with the asset will flow to the company. Gains on sales from the write-offs and disposals of tangible assets are presented in other operating income in the income statement, and losses in other operating expenses in the income statement. The Group has no interest expenses related to the acquisition of assets that would have been capitalized as part of the cost of acquisition.The same principles apply to the assessment of impairment as for intangible assets. The principles are described as part of the notes on intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-7": {
"value": "GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-8": {
"value": "GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. 7.20 Business combinationsThe identifiable assets and liabilities acquired in connection with a business combination are measured at fair value at the time of acquisition and the costs related to the acquisition are recognized as expenses. Goodwill arising in a business combination is recognized at the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined exceed the fair value of the net assetsacquired. If the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined fall below the fair value of the net assets acquired, the difference is recognized through profit or loss as a gain on a favorable transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-9": {
"value": "GoodwillThe goodwill arising from the combination of businesses is recorded in the amount by which the transferred consideration, the share of the non-controlling owners in the target of the acquisition and the previously owned share combined exceed the fair value of the acquired net assets. Goodwill is not depreciation, but is tested for possible impairment every year and also whenever there are indications of impairment.Goodwill related considerations In impairment testing, the group has to evaluate indications of impairment using both internal and external sources of information. Group management must make judgments when analyzing information from these sources and drawing conclusions. When determining the value in use, the group makes estimates of future market development, such as growth rates and profitability. The most significant factors underlying the estimates are the average level of the operating profit margin (operating profit/turnover) and the discount rate. Changes in these assumptions may materially affect estimated future cash flows. More information on the sensitivity of the recoverable amount to changes in the assumptions used is presented in the paragraph goodwill and impairment testing. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-8": {
"value": "Research and development expenditureResearch and development costs are expensed in the accounting period in which they are incurred, except for development costs that meet the criteria for capitalization. Development expenditure is capitalized as an intangible asset when it can be demonstrated how the development project will generate probable economic benefits and the expenditure incurred during the development phase can be measured reliably. Capitalized development costs are presented as a separate item and amortized over their useful life. Development expenditure previously expensed is not capitalized in subsequent periods.The Group has a self-developed enterprise resource planning (ERP) system, the development costs of which are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. The direct costs of production have been capitalized as acquisition costs. Capitalized development costs are amortized on a straight-line basis over their useful life. The estimated economic impact of capitalized development expenditure is three years.Other intangible assetsOther intangible assets are recorded in the balance sheet at their original cost and amortized on a straight-line basis over their useful lives. The economic life of intangible assets has been estimated at five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-5": {
"value": "DevelopmentOther intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwillTotalCost 1 Jan 2022 3,246 1,777 392 5,415Increases 137 680 2,137 2,846 5,801Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,743 -1,308 -4,051Amortization for the financial year -242 -245 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 2022 397 904 2,530 2,846 6,677Development Other intangible Advance payments Consolidated EUR thousandcostsassetsand work in progressgoodwill TotalCost 1 Jan 2021 2,896 1,268 348 0 4,511Increases 350 509 45 - 903Cost 31 Dec 2021 3,246 1,777 392 - 5,415Accumulated amortization and impairment 1 Jan 2021 -2,461 -1,215 0 - -3,676amortization for the financial year -283 -93 0 - -375Accumulated amortization and impairment 31 Dec 2021 -2,743 -1,308 0 - -4,051Carrying amount 1 Jan 2021 435 53 348 0 835Carrying amount 31 Dec 2021 502 469 392 0 1,364Capitalized development costs relate to the development of new features of the Company\u2019s ERP system.The Group has no investment commitments in relation to intangible assets.Goodwill and impairment testingGoodwill is created in connection with business transactions as the difference between the fair values of the assets and liabilities included in the agreed acquisition and the purchase price paid. No depreciation is recorded on goodwill, but it is tested for possible impairment at least annually, but always whenever there are indications of impairment. Goodwill testing is a process that requires management judgment. Verkkokauppa.com uses both internal and external data sources in this process. Consideration is used, among other things, in preparing cash flows, determining the discount rate, defining cash flow generating units and allocating goodwill. Revenue, operating profit and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been conducted at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s individual stores and online store, are tested for impairment by comparing the book value of the cash-generating unit group with its recoverable amount. The book value to be tested includes goodwill, intangible and tangible assets, and net working capital. Annual impairment testing of goodwill is performed by the last day of the financial year, however, always also when there are indications that the recoverable amount of an asset or a group of cash-generating units is below book value. In addition to goodwill, the Group does not have any other intangible assets that are considered to have an unlimited useful life.An impairment loss is the amount by which the book value of an asset or cash-generating group exceeds the recoverable amount of the corresponding item. The impairment loss is recorded immediately with an effect on profit. Recording an impairment loss weakens the group\u2019s profit and thus equity, but it has no effect on the group\u2019s cash flows.The discount rateIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year Key Assumptionsaverage Residual valueUsed discount rate - Stores 9,70 % 9,70 %Used discount rate - Online shop 8,80 % 8,80 %Used discount rate - Wholesale 9,50 % 9,50 %Combined revenue growth assumption 3,40 % 2,00 %Combined gross margin % 16,5 % 16,7 %Combined operating pro\ue6bet% assumption 2,40 % 2,70 %Combined investments M\u20ac 3,2 3,9According to Verkkokauppa.com\u2019s sensitivity analysis, a -1% percentage point change in sales margin % would cause a situation where the accounting value of the unit would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat possible changes.The assets and liabilities recognised as a result of the acquisition are as follows:EUR thousand TotalCash and cash equivalents 293.3Trade receivables 407.0Inventory 1,166.9Other receivables 29.5Prepaid expenses 826.0Machinery and equipment 20.6Total assets 2,743.3Prepayments 139.7Trade payables 330.0Other payables/liabilities 157.3Accrued income 38.5Short term liabilities 1,644.2Other long term liabilities 0.9Total liabilities 2,310.5Acquired identifiable net assets 506.1Customer related intangibles 426.0Marketing related intangibles 225.0Goodwill 2,946.7Deferred tax liability -127.9Acquired net assets 3,975.9Acquired assets and liabilities are valued on the balance sheet on fair value on the acquisition date. EUR 0.7 million of acquired intangible assets were valued for customer relationships and trademarks. These assets will be depreciated over their useful lifetime. Goodwill is the portion of purchase price that is higher than the sum of net fair value of assets and liabilities acquired. Goodwill amounted to EUR 2.9 million and it is non-deductible in taxation.The accounting of the business combination is still provisional pending the finalization of the consideration transferred, valuation of the assets acquired, and liabilities assumed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-6": {
"value": "DevelopmentOther intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwillTotalCost 1 Jan 2022 3,246 1,777 392 5,415Increases 137 680 2,137 2,846 5,801Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,743 -1,308 -4,051Amortization for the financial year -242 -245 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 2022 397 904 2,530 2,846 6,677Development Other intangible Advance payments Consolidated EUR thousandcostsassetsand work in progressgoodwill TotalCost 1 Jan 2021 2,896 1,268 348 0 4,511Increases 350 509 45 - 903Cost 31 Dec 2021 3,246 1,777 392 - 5,415Accumulated amortization and impairment 1 Jan 2021 -2,461 -1,215 0 - -3,676amortization for the financial year -283 -93 0 - -375Accumulated amortization and impairment 31 Dec 2021 -2,743 -1,308 0 - -4,051Carrying amount 1 Jan 2021 435 53 348 0 835Carrying amount 31 Dec 2021 502 469 392 0 1,364Capitalized development costs relate to the development of new features of the Company\u2019s ERP system.The Group has no investment commitments in relation to intangible assets.Goodwill and impairment testingGoodwill is created in connection with business transactions as the difference between the fair values of the assets and liabilities included in the agreed acquisition and the purchase price paid. No depreciation is recorded on goodwill, but it is tested for possible impairment at least annually, but always whenever there are indications of impairment. Goodwill testing is a process that requires management judgment. Verkkokauppa.com uses both internal and external data sources in this process. Consideration is used, among other things, in preparing cash flows, determining the discount rate, defining cash flow generating units and allocating goodwill. Revenue, operating profit and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been conducted at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s individual stores and online store, are tested for impairment by comparing the book value of the cash-generating unit group with its recoverable amount. The book value to be tested includes goodwill, intangible and tangible assets, and net working capital. Annual impairment testing of goodwill is performed by the last day of the financial year, however, always also when there are indications that the recoverable amount of an asset or a group of cash-generating units is below book value. In addition to goodwill, the Group does not have any other intangible assets that are considered to have an unlimited useful life.An impairment loss is the amount by which the book value of an asset or cash-generating group exceeds the recoverable amount of the corresponding item. The impairment loss is recorded immediately with an effect on profit. Recording an impairment loss weakens the group\u2019s profit and thus equity, but it has no effect on the group\u2019s cash flows.The discount rateIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year Key Assumptionsaverage Residual valueUsed discount rate - Stores 9,70 % 9,70 %Used discount rate - Online shop 8,80 % 8,80 %Used discount rate - Wholesale 9,50 % 9,50 %Combined revenue growth assumption 3,40 % 2,00 %Combined gross margin % 16,5 % 16,7 %Combined operating pro\ue6bet% assumption 2,40 % 2,70 %Combined investments M\u20ac 3,2 3,9According to Verkkokauppa.com\u2019s sensitivity analysis, a -1% percentage point change in sales margin % would cause a situation where the accounting value of the unit would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat possible changes.The assets and liabilities recognised as a result of the acquisition are as follows:EUR thousand TotalCash and cash equivalents 293.3Trade receivables 407.0Inventory 1,166.9Other receivables 29.5Prepaid expenses 826.0Machinery and equipment 20.6Total assets 2,743.3Prepayments 139.7Trade payables 330.0Other payables/liabilities 157.3Accrued income 38.5Short term liabilities 1,644.2Other long term liabilities 0.9Total liabilities 2,310.5Acquired identifiable net assets 506.1Customer related intangibles 426.0Marketing related intangibles 225.0Goodwill 2,946.7Deferred tax liability -127.9Acquired net assets 3,975.9Acquired assets and liabilities are valued on the balance sheet on fair value on the acquisition date. EUR 0.7 million of acquired intangible assets were valued for customer relationships and trademarks. These assets will be depreciated over their useful lifetime. Goodwill is the portion of purchase price that is higher than the sum of net fair value of assets and liabilities acquired. Goodwill amounted to EUR 2.9 million and it is non-deductible in taxation.The accounting of the business combination is still provisional pending the finalization of the consideration transferred, valuation of the assets acquired, and liabilities assumed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-7": {
"value": "DevelopmentOther intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwillTotalCost 1 Jan 2022 3,246 1,777 392 5,415Increases 137 680 2,137 2,846 5,801Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,743 -1,308 -4,051Amortization for the financial year -242 -245 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 2022 397 904 2,530 2,846 6,677Development Other intangible Advance payments Consolidated EUR thousandcostsassetsand work in progressgoodwill TotalCost 1 Jan 2021 2,896 1,268 348 0 4,511Increases 350 509 45 - 903Cost 31 Dec 2021 3,246 1,777 392 - 5,415Accumulated amortization and impairment 1 Jan 2021 -2,461 -1,215 0 - -3,676amortization for the financial year -283 -93 0 - -375Accumulated amortization and impairment 31 Dec 2021 -2,743 -1,308 0 - -4,051Carrying amount 1 Jan 2021 435 53 348 0 835Carrying amount 31 Dec 2021 502 469 392 0 1,364Capitalized development costs relate to the development of new features of the Company\u2019s ERP system.The Group has no investment commitments in relation to intangible assets.The assets and liabilities recognised as a result of the acquisition are as follows:EUR thousand TotalCash and cash equivalents 293.3Trade receivables 407.0Inventory 1,166.9Other receivables 29.5Prepaid expenses 826.0Machinery and equipment 20.6Total assets 2,743.3Prepayments 139.7Trade payables 330.0Other payables/liabilities 157.3Accrued income 38.5Short term liabilities 1,644.2Other long term liabilities 0.9Total liabilities 2,310.5Acquired identifiable net assets 506.1Customer related intangibles 426.0Marketing related intangibles 225.0Goodwill 2,946.7Deferred tax liability -127.9Acquired net assets 3,975.9Acquired assets and liabilities are valued on the balance sheet on fair value on the acquisition date. EUR 0.7 million of acquired intangible assets were valued for customer relationships and trademarks. These assets will be depreciated over their useful lifetime. Goodwill is the portion of purchase price that is higher than the sum of net fair value of assets and liabilities acquired. Goodwill amounted to EUR 2.9 million and it is non-deductible in taxation.The accounting of the business combination is still provisional pending the finalization of the consideration transferred, valuation of the assets acquired, and liabilities assumed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-8": {
"value": "DevelopmentOther intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwillTotalCost 1 Jan 2022 3,246 1,777 392 5,415Increases 137 680 2,137 2,846 5,801Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,743 -1,308 -4,051Amortization for the financial year -242 -245 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 2022 397 904 2,530 2,846 6,677Development Other intangible Advance payments Consolidated EUR thousandcostsassetsand work in progressgoodwill TotalCost 1 Jan 2021 2,896 1,268 348 0 4,511Increases 350 509 45 - 903Cost 31 Dec 2021 3,246 1,777 392 - 5,415Accumulated amortization and impairment 1 Jan 2021 -2,461 -1,215 0 - -3,676amortization for the financial year -283 -93 0 - -375Accumulated amortization and impairment 31 Dec 2021 -2,743 -1,308 0 - -4,051Carrying amount 1 Jan 2021 435 53 348 0 835Carrying amount 31 Dec 2021 502 469 392 0 1,364Capitalized development costs relate to the development of new features of the Company\u2019s ERP system.The Group has no investment commitments in relation to intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-5": {
"value": "Goodwill and impairment testingGoodwill is created in connection with business transactions as the difference between the fair values of the assets and liabilities included in the agreed acquisition and the purchase price paid. No depreciation is recorded on goodwill, but it is tested for possible impairment at least annually, but always whenever there are indications of impairment. Goodwill testing is a process that requires management judgment. Verkkokauppa.com uses both internal and external data sources in this process. Consideration is used, among other things, in preparing cash flows, determining the discount rate, defining cash flow generating units and allocating goodwill. Revenue, operating profit and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been conducted at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s individual stores and online store, are tested for impairment by comparing the book value of the cash-generating unit group with its recoverable amount. The book value to be tested includes goodwill, intangible and tangible assets, and net working capital. Annual impairment testing of goodwill is performed by the last day of the financial year, however, always also when there are indications that the recoverable amount of an asset or a group of cash-generating units is below book value. In addition to goodwill, the Group does not have any other intangible assets that are considered to have an unlimited useful life.An impairment loss is the amount by which the book value of an asset or cash-generating group exceeds the recoverable amount of the corresponding item. The impairment loss is recorded immediately with an effect on profit. Recording an impairment loss weakens the group\u2019s profit and thus equity, but it has no effect on the group\u2019s cash flows.The discount rateIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year Key Assumptionsaverage Residual valueUsed discount rate - Stores 9,70 % 9,70 %Used discount rate - Online shop 8,80 % 8,80 %Used discount rate - Wholesale 9,50 % 9,50 %Combined revenue growth assumption 3,40 % 2,00 %Combined gross margin % 16,5 % 16,7 %Combined operating pro\ue6bet% assumption 2,40 % 2,70 %Combined investments M\u20ac 3,2 3,9According to Verkkokauppa.com\u2019s sensitivity analysis, a -1% percentage point change in sales margin % would cause a situation where the accounting value of the unit would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat possible changes.ImpairmentThe most significant financial assets of the Group subject to the expected credit loss model required by IFRS 9 are cash and cash equivalents, traditional trade receivables from companies and the receivables from the company-financed consumer financing service. In addition, it is necessary to apply the impairment model to the financial guarantee contracts. The Group\u2019s cash and cash equivalents are deposited in accounts with solid Nordic banks and are consequently not recognized for impairment. In addition to the aforementioned financial assets, the contract assets are subject to impairment. The management of the Company monitors the development of counterparty risk. The Group recognizes a lifetime expected credit loss on trade receivables using a simplified method (matrix model). The model based on expected credit losses is anticipative, and the expected portion of credit losses is based on the amounts of historical credit losses. The historical credit loss percentage is adjusted when necessary, taking into account the macroeconomic impact on customers\u2019 ability to pay. The expected credit losses over the entire life of the receivable are calculated by multiplying the gross value of the trade receivables with the expected loss portion in all maturity classes. In addition, at each reporting date, the Company assesses whether there is further evidence of impairment of an asset, for instance due to insolvency. In these cases, the Company recognizes the impairment immediately. Impairment losses are recognized in other operating expenses in the income statement. Recoverable credit losses are recognized in other operating expenses in the income statement.The Group has defined different matrix models for standard trade receivables from corporates and for company-financed consumer financing service receivables due to their different risk characteristics. The clients of the company-financed consumer financing service are individuals. To determine the credit default rates for individual customers in the company-financed consumer financing service, the customers\u2019 historical payment behavior, the aging of receivables and their development were examined. The percentages of credit losses are regularly updated based on historical credit losses and the 12-month rolling model. The maximum exposure to credit risk corresponds to the total amount of trade receivables. The Group has not received any guarantees regarding trade receivables. Expected credit losses are recognized as reducing trade receivables. When determining the credit loss rates for corporate customers, the customer\u2019s historical payment behavior, the aging of receivables and their development were examined.Changes in expected credit losses are recognized in other operating expenses in the income statement. The total net credit losses recognized in 2022 amounted to EUR 1 319 (806) thousand. The effects of the company\u2019s net credit losses are described in the note Accounts receivable and other receivables 7.17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-7": {
"value": "7.14 Tangible assetsThe tangible assets of Verkkokauppa.com Oyj Group include land, servers, other office and warehouse equipment and devices, as well as basic improvements to rental premises. Tangible assets have been valued in the balance sheet at the original cost less depreciation and impairment. Tangible assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into use. Real estate is not subject to depreciation. The estimated useful lives of tangible assets are as follows: Machinery and equipment 3\u201310 yearsOther tangible assets 5\u201310 yearsThe residual values and the useful lives of the assets shall be reviewed at least at the end of each financial year and adjusted, if necessary, to reflect changes in the expectations of economic benefits. Normal maintenance and repair costs are recognized in the income statement as an expense at the time they are incurred. Significant improvements or additional investments are capitalized as part of the cost of the asset and amortized over the remaining useful life of the capital asset if it is probable that future economic benefits associated with the asset will flow to the company. Gains on sales from the write-offs and disposals of tangible assets are presented in other operating income in the income statement, and losses in other operating expenses in the income statement. The Group has no interest expenses related to the acquisition of assets that would have been capitalized as part of the cost of acquisition.The same principles apply to the assessment of impairment as for intangible assets. The principles are described as part of the notes on intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-2": {
"value": "Machinery and Other tangible Advance payments EUR thousandLandequipmentassetsand work in progressTotalCost 1 Jan 20222 8,717 3,012 2,41214,142Increases- 4,355 38 2,417 6,811Additions, internal reorganisations 4 006 11 -4,017 0Cost 31 Dec 20222 13,072 3,050 81216,936Accumulated depreciation 1 Jan 2022- -6,463 -2,465 -8,928Depreciation for the financial year- -1,103 -152 -1,255Accumulated depreciation 31 Dec 2022- -7,566 -2,617-10,183Carrying amount 1 Jan 20222 2,254 546 2,412 5,214Carrying amount 31 Dec 202225,5064338126,752Machinery and Other tangible Advance payments EUR thousand Landequipmentassetsand work in progress TotalCost 1 Jan 20212 7,323 2,792 7510,191Increases- 1,394 220 2,337 3,951Disposals-Transfers between items-Cost 31 Dec 20212 8,717 3,012 2,41214,142Accumulated depreciation 1 Jan 2021- -5,640 -2,330 -7,970Depreciation for the financial year- -823 -136 -959Accumulated depreciation 31 Dec 2021- -6,463 -2,465-8,928Carrying amount 1 Jan 20212 1,683 462 75 2,222Carrying amount 31 Dec 202122,2545462,4125,214 The company has no investment commitments in relation to tangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-6": {
"value": "7.15 LeasesLeases wherein the Group is the lesseeRecognition of leasesAt the time the contract was entered into, the Company will assess whether the contract is a lease or whether the contract contains a lease element. The Company recognizes a right-of-use asset and a lease liability at the inception of the lease, except for leases with a short lease term (less than 12 months) and leases with a low value. Rental costs for short-term and low-value leases are recognized in the income statement under other operating expenses on a straight-line basis over the term of the lease.Measurement and recognition of lease liabilityThe lease liability is measured at the present value of the lease payments not paid at the commencement date of the contract. The lease payments are discounted at the interest rate implicit in the lease if that interest rate can be easily determined. If the interest rate cannot be easily determined, the interest rate of the Company\u2019s incremental borrowing rate shall be used. The lease agreement for the J\u00e4tk\u00e4saari real estate, which covers approximately 69% of the balance sheet of the lease liabilities, has used the interest rate implicit in the lease contract. In other lease agreements, the interest rate of the Company\u2019s incremental borrowing rate has been used as the discount rate. The changes in the Company\u2019s financing position have been taken into consideration in determining the incremental borrowing rate in determining the risk premium. Discount rates vary between 1.3% and 7.0%.The lease payments included in the value of the lease liability at the commencement date consist of fixed payments less available incentives related to lease contracts, variable rent based on index, purchase option exercise prices (when reasonably certain), amounts of residual value guarantees and penalties for termination of lease contracts, if the lease term has taken into account that the lessee exercises the option to terminate the lease.There are no termination options in the leases of Verkkokauppa. com Oyj that have been taken into account in the calculation. Lease contracts with purchase options are related to machinery and equipment and are not significant.The lease liability is measured at amortized cost using the effective interest method. Revaluation of the lease liability shall be carried out if there is a change in the lease term, the use of the purchase option becomes or ceases to be reasonably certain, the index used to calculate variable lease payments changes or if there is a change in the expected payments on the basis of residual value guarantees. The discount rate to be used for the revaluation depends on the nature of the change. The payments for all the leases of the Company real estate and facilities are linked to the cost-of-living index. The Company will make revaluations of its lease liability and the right-of-use asset when the index changes. In those contracts where the lease component and the non-lease component must be separated, the distinction is made on the basis of relative stand-alone selling prices. The Company has office space leases in which the lease component is separated from the service component. The stand-alone price is based on the estimated levels of capital rents for the region in question. The lease term used to calculate the lease liability is the period during which the lease is non-cancelable, plus the period of the renewal or termination option if it is reasonably certain that the lessee will exercise the renewal option or not exercise the termination option. The Company has extension options related to its real estate. These are not taken into account in the lease term. The decision on extension options is made on a commercial basis when the lessor is to be informed of the use of the extension option. The management of the Company has taken into consideration the business model of the Company and the agility expected in it in relation to the physical market place in an ever-changing business environment when assessing the probability of the realization of extension options. Measurement of right-of-use assetsThe right-of-use asset is measured at cost at the commencement date of the lease. The cost comprises the initial amount of the lease liability at the commencement date, the lease payments less the incentives received under the lease, the initial direct costs and any costs of restoration.The Company has not recognized the initial direct costs in its leases. The amounts of restoration costs are estimated to be immaterial given the nature of the business and no provision has been recognized for them. The Company measures the right-of-use assets in accordance with the cost model. Under the cost model, a right-of-use asset is measured at cost less accumulated depreciation and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into service In case the lease term is shorter than the useful life, depreciations are done over the lease term. The estimated depreciation periods are as follows: Machinery and equipment 4\u20137 yearsReal estate and premises 2\u201315 yearsSubleasesThe Company has short-term sublease agreements, which are recognized as income on a straight-line basis over the lease term. Lease income is presented in other operating income in the income statement. These sublease agreements are not material.Description of the Group\u2019s lease portfolioThe Group\u2019s lease portfolio consists of real estate and facilities leases, as well as leased cars. The real estate lease means the J\u00e4tk\u00e4saari real estate that comprises the stores as well as the logistics, office and other spaces. In other aspects, the retail stores are real estate leases. The lease agreements include several short options for future extension. The leases are not linked to revenue but to the cost-of-living index and are, therefore, taken into account in the calculation of the lease liability. The leases do not include residual value guarantees or purchase options. At the end of the accounting period, the group does not have any leasing contracts related to cars, machines or equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-7": {
"value": "7.15 LeasesLeases wherein the Group is the lesseeRecognition of leasesAt the time the contract was entered into, the Company will assess whether the contract is a lease or whether the contract contains a lease element. The Company recognizes a right-of-use asset and a lease liability at the inception of the lease, except for leases with a short lease term (less than 12 months) and leases with a low value. Rental costs for short-term and low-value leases are recognized in the income statement under other operating expenses on a straight-line basis over the term of the lease.Measurement and recognition of lease liabilityThe lease liability is measured at the present value of the lease payments not paid at the commencement date of the contract. The lease payments are discounted at the interest rate implicit in the lease if that interest rate can be easily determined. If the interest rate cannot be easily determined, the interest rate of the Company\u2019s incremental borrowing rate shall be used. The lease agreement for the J\u00e4tk\u00e4saari real estate, which covers approximately 69% of the balance sheet of the lease liabilities, has used the interest rate implicit in the lease contract. In other lease agreements, the interest rate of the Company\u2019s incremental borrowing rate has been used as the discount rate. The changes in the Company\u2019s financing position have been taken into consideration in determining the incremental borrowing rate in determining the risk premium. Discount rates vary between 1.3% and 7.0%.The lease payments included in the value of the lease liability at the commencement date consist of fixed payments less available incentives related to lease contracts, variable rent based on index, purchase option exercise prices (when reasonably certain), amounts of residual value guarantees and penalties for termination of lease contracts, if the lease term has taken into account that the lessee exercises the option to terminate the lease.There are no termination options in the leases of Verkkokauppa. com Oyj that have been taken into account in the calculation. Lease contracts with purchase options are related to machinery and equipment and are not significant.The lease liability is measured at amortized cost using the effective interest method. Revaluation of the lease liability shall be carried out if there is a change in the lease term, the use of the purchase option becomes or ceases to be reasonably certain, the index used to calculate variable lease payments changes or if there is a change in the expected payments on the basis of residual value guarantees. The discount rate to be used for the revaluation depends on the nature of the change. The payments for all the leases of the Company real estate and facilities are linked to the cost-of-living index. The Company will make revaluations of its lease liability and the right-of-use asset when the index changes. In those contracts where the lease component and the non-lease component must be separated, the distinction is made on the basis of relative stand-alone selling prices. The Company has office space leases in which the lease component is separated from the service component. The stand-alone price is based on the estimated levels of capital rents for the region in question. The lease term used to calculate the lease liability is the period during which the lease is non-cancelable, plus the period of the renewal or termination option if it is reasonably certain that the lessee will exercise the renewal option or not exercise the termination option. The Company has extension options related to its real estate. These are not taken into account in the lease term. The decision on extension options is made on a commercial basis when the lessor is to be informed of the use of the extension option. The management of the Company has taken into consideration the business model of the Company and the agility expected in it in relation to the physical market place in an ever-changing business environment when assessing the probability of the realization of extension options. Measurement of right-of-use assetsThe right-of-use asset is measured at cost at the commencement date of the lease. The cost comprises the initial amount of the lease liability at the commencement date, the lease payments less the incentives received under the lease, the initial direct costs and any costs of restoration.The Company has not recognized the initial direct costs in its leases. The amounts of restoration costs are estimated to be immaterial given the nature of the business and no provision has been recognized for them. The Company measures the right-of-use assets in accordance with the cost model. Under the cost model, a right-of-use asset is measured at cost less accumulated depreciation and adjusted for the remeasurement of the lease liability. The right-of-use assets are depreciated on a straight-line basis over the useful life of the asset from the moment the asset is put into service In case the lease term is shorter than the useful life, depreciations are done over the lease term. The estimated depreciation periods are as follows: Machinery and equipment 4\u20137 yearsReal estate and premises 2\u201315 yearsSubleasesThe Company has short-term sublease agreements, which are recognized as income on a straight-line basis over the lease term. Lease income is presented in other operating income in the income statement. These sublease agreements are not material.Description of the Group\u2019s lease portfolioThe Group\u2019s lease portfolio consists of real estate and facilities leases, as well as leased cars. The real estate lease means the J\u00e4tk\u00e4saari real estate that comprises the stores as well as the logistics, office and other spaces. In other aspects, the retail stores are real estate leases. The lease agreements include several short options for future extension. The leases are not linked to revenue but to the cost-of-living index and are, therefore, taken into account in the calculation of the lease liability. The leases do not include residual value guarantees or purchase options. At the end of the accounting period, the group does not have any leasing contracts related to cars, machines or equipment.7.17 Trade receivables and other receivablesTrade receivables are receivables arising from goods or services sold to customers in the ordinary course of business. Other receivables are contract assets, other accrued income and financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables and other receivables are classified as current assets if customer payment in respect of them is expected within one year. Otherwise, they are presented as non-current assets. Non-current trade receivables are receivables related to customer financing and in current trade receivables they represent approximately 73% (2021; approximately 62%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.37.19 Cash and cash equivalentsCash and cash equivalents consist of cash assets and balances on bank accounts. Cash and cash equivalents belong to the category of financial assets measured at amortized cost. No impairment is recognized on cash and cash equivalents, as the cash is held with well-rated Nordic banks and the related impairment is considered immaterial.7.23 FundingFinancial assetsThe main financial assets of the Group are trade receivables and cash and cash equivalents.Classification and measurementOn initial recognition, the Group classifies financial assets into the following measurement categories: financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income. Classification depends on the business model used to manage financial assets and contractual terms for cash flows. Financial assets are derecognized when the right to receive contractual cash flows has expired and the significant risks and rewards of ownership of the financial asset have been transferred outside of the Company.Verkkokauppa.com Oyj has made an irrevocable decision to measure equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividends are recognized in the profit and loss account under financial income. Changes in the fair value of equity investments are presented in other comprehensive income and are not subsequently reclassified to profit or loss when the investment is derecognized. Verkkokauppa.com Oyj records changes in fair value in the fair value reserve of equity, from which they are transferred to retained earnings upon sale. Financial assets measured at amortized cost are items that are held to collect contractual cash flows and whose cash flows are solely payments of principal and interest. This category includes trade and other receivables of Verkkokauppa.com Oyj, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23 and Leases 7.15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-8": {
"value": "7.15 LeasesLeases wherein the Group is the lesseeRecognition of leasesAt the time the contract was entered into, the Company will assess whether the contract is a lease or whether the contract contains a lease element. The Company recognizes a right-of-use asset and a lease liability at the inception of the lease, except for leases with a short lease term (less than 12 months) and leases with a low value. Rental costs for short-term and low-value leases are recognized in the income statement under other operating expenses on a straight-line basis over the term of the lease.Measurement and recognition of lease liabilityThe lease liability is measured at the present value of the lease payments not paid at the commencement date of the contract. The lease payments are discounted at the interest rate implicit in the lease if that interest rate can be easily determined. If the interest rate cannot be easily determined, the interest rate of the Company\u2019s incremental borrowing rate shall be used. The lease agreement for the J\u00e4tk\u00e4saari real estate, which covers approximately 69% of the balance sheet of the lease liabilities, has used the interest rate implicit in the lease contract. In other lease agreements, the interest rate of the Company\u2019s incremental borrowing rate has been used as the discount rate. The changes in the Company\u2019s financing position have been taken into consideration in determining the incremental borrowing rate in determining the risk premium. Discount rates vary between 1.3% and 7.0%.The lease payments included in the value of the lease liability at the commencement date consist of fixed payments less available incentives related to lease contracts, variable rent based on index, purchase option exercise prices (when reasonably certain), amounts of residual value guarantees and penalties for termination of lease contracts, if the lease term has taken into account that the lessee exercises the option to terminate the lease.There are no termination options in the leases of Verkkokauppa. com Oyj that have been taken into account in the calculation. Lease contracts with purchase options are related to machinery and equipment and are not significant.The lease liability is measured at amortized cost using the effective interest method. Revaluation of the lease liability shall be carried out if there is a change in the lease term, the use of the purchase option becomes or ceases to be reasonably certain, the index used to calculate variable lease payments changes or if there is a change in the expected payments on the basis of residual value guarantees. The discount rate to be used for the revaluation depends on the nature of the change. The payments for all the leases of the Company real estate and facilities are linked to the cost-of-living index. The Company will make revaluations of its lease liability and the right-of-use asset when the index changes. In those contracts where the lease component and the non-lease component must be separated, the distinction is made on the basis of relative stand-alone selling prices. The Company has office space leases in which the lease component is separated from the service component. The stand-alone price is based on the estimated levels of capital rents for the region in question. The lease term used to calculate the lease liability is the period during which the lease is non-cancelable, plus the period of the renewal or termination option if it is reasonably certain that the lessee will exercise the renewal option or not exercise the termination option. The Company has extension options related to its real estate. These are not taken into account in the lease term. The decision on extension options is made on a commercial basis when the lessor is to be informed of the use of the extension option. The management of the Company has taken into consideration the business model of the Company and the agility expected in it in relation to the physical market place in an ever-changing business environment when assessing the probability of the realization of extension options. 7.23 FundingThe guarantees are related to rental, customs guarantees and letters of credit. Other responsibilities and liability commitments are related to residual value responsibilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-2": {
"value": "Right-of-use assetsEUR thousand Premises and facilities Machinery and equipment Tot alCost 1 Jan 2022 35,269 1,662 36,931Increases 130 130Disposals -11 -42 -53Increase/decrease due to remeasurement 808 808Cost 31 Dec 2022 36,196 1,620 37,816Accumulated depreciation 1 Jan 2022 -19,538 -1,616 -21,154Accumulated depreciation on disposals 16 16Depreciation for the financial year -3,793 -19 -3,812Accumulated depreciation 31 Dec 2022 -23,331 -1,620 -24,950Carrying amount 1 Jan 2022 15,731 45 15,776Carrying amount 31 Dec 2022 12,865 0 12,866EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 2021 33,181 1,671 34,852Increases 1,202 1,202Disposals -9 -9Increase/decrease due to remeasurement 887 887Cost 31 Dec 2021 35,269 1,662 36,931Accumulated depreciation 1 Jan 2021 -15,961 -1,544 -17,505Accumulated depreciation on disposals 0Depreciation for the financial year -3,577 -72 -3,650Accumulated depreciation 31 Dec 2021 -19,538 -1,688 -21,154Carrying amount 1 Jan 202117, 22012717, 3 47Carrying amount 31 Dec 2021 15,731 45 15,776The remeasurements carried out in 2022 and 2021 relate to index increases in lease contracts and to renegotiated leases. Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand31 Dec 202231 Dec 2021Less than one year 5,2485,055From one to five years 13,50118,048Undiscounted lease liabilities, total 18,74923,103Lease liabilities in the balance sheetEUR thousand31 Dec 202231 Dec 2021Current lease liabilities 4,4774,034Non-current lease liabilities 12,33416,105Lease liabilities, total 16,81220,139Items recognized in the income statementEUR thousand 2022 2021Depreciations on right-of-use assets 3,8123,650Interests on lease liabilities 1,0711,198Lease income from subleasing right-of-use 545530assetsExpenses related to leases of low-value assets 6057Items recognized in the cash flow statementEUR thousand 2022 2021Total cash outflow for leases -5,308-5,065Change in deferred tax assetsEUR thousand 1 Jan 2022 Recognized through profit or loss Recognized in equity 31 Dec 2022Leases 851 -45 - 806Inventories 102 -59 - 43Share-based payments 101 -16 - 86Provisions 179 -30 - 148Eliminations of Group inventories - 2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesEarn-out costs from the conditional purchase price - 83 - 83Profit from sales of investments designated as at FV-- -14 14 -TOCIUnused tax depreciation 56 24 - 80Deferred tax assets, total 1,289 105 14 1,380EUR thousand 1 Jan 2021 Recognized through profit or loss Recognized in equity 31 Dec 2021Leases 898 -46 - 851Inventories 90 12 - 102Share-based payments 110 -9 - 101Provisions 153 26 - 179Unused tax depreciation 99 -43 - 56Deferred tax assets, total 1,350 -60 -1,290For the tax loss of the group companies, EUR -1.27 million (0), no deferred tax asset has been recorded for the financial year.Change in deferred tax liabilitiesAdditions during Recognized through Recognized EUR thousand 1 Jan 2022the accounting periodprofit or lossyin equity 31 Dec 2022Fair value adjustments made in connection with - 128 -24 - 103the acquisition of a subsidiaryDeferred tax liabilities, total-128-24-103Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand31 Dec 202231 Dec 2021Non-current Trade receivables 5,6153,817Other non-current receivables 397425Non-current receivables, total 6,0124,241CurrentTrade receivables 28,83323,124Contract assets 2,6911,807Other accrued income 8,5576,820Income tax receivables 490Other receivables 2,3923,699Current receivables, total 42,52235,450Non-current and current receivables, total 48,53439,692Aging analysis of trade receivables31 Dec 2022 31 Dec 2021EUR thousandTrade receivablesLoss allowanceTrade receivables Loss allowanceNot due 29,984 259 22,771 229 Past due 1\u201360 days 4,942 323 4,629 280 Past due 61\u2013120 days 211 114 135 87 Past due over 121 days 155 147 233 233 Total 35,291 843 27,769 829 The bad debt allowance for trade receivables as at 31 December reconcile to opening bad debt allowance as followsEUR thousand20222021Opening bad debt allowance at 1 January 829 1,123Increase in bad debt allowance recognized in 1,319 354profit or loss during yearReceivables written of during the year as -1,251 -1,081uncollectibleUnused amount reversed -53 433Closing bad debt allowance at 31 December 843829During the financial period, the Group recognized net credit losses on trade receivables totaling EUR 1 319 (806) thousand. Verkkokauppa. com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days and financed by the Company itself are sold to third parties. This reduces the Company\u2019s accounts receivable risk.EUR thousand 31 Dec 2022 31 Dec 2021Cash in hand and at banks 21,210 20,917Total 21,21020,917The Company\u2019s cash assets were fully available at the balance sheet date. 7.22 Cash flow informationNet debt reconciliationEUR thousand20222021Cash 21,210 20,917Loans from financial institutions -24,144Lease liabilities -16,812 -20,139Net debt -19,745 778EUR thousand20222021Cash 21,210 20,917Gross liabilities -40,955 -20,139Net debt -19,745 778Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt 1 Jan 2021 -21,929 -21,928 43,099 21,171Change in liabilities not involving cash flow 3,868 3,868 3,868Cash flows -22,182 18,315Acquisitions 1,202 1,202 1,202Changes in index -3,280 -3,280 -3,280Net debt 31 Dec 20210-20,139 -20,139 20,917 778Loan withdrawals -30,030 0 30,030 30,030Repayment of financial institution loans 6,781 6,781 6,781Change in liabilities not involving cash flow 4,237 4,237 4,237Cash flows 293 293Additions 130 130 130Changes in index -894 -1,040 -1,934 -1,934Net debt 31 Dec 2022 -24,144 -16,812 -40,955 21,210 -19,745The Company\u2019s net debt as of 31 Dec 2022 was EUR -19.75 million.7.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.7.23.4 Financial risk managementGeneral informationIn business operations, the Group is exposed to several financial risks, of which the main financial risks are financing acquisition and liquidity risk, as well as currency and interest rate risk. The goal of the group\u2019s risk management is to minimize the harmful effects of financial market changes on the group\u2019s result. The general principles of the group\u2019s risk management are approved by the board. The Group\u2019s CFO is responsible for the practical implementation of financial risk management by identifying and evaluating risks. The group does not apply hedge accounting in accordance with IFRS 9.Funding and liquidity riskThe Group seeks to secure access to finance and sufficient liquidity. A business that generates positive cash flow and a solid management of net working capital enable an optimal capital structure and availability of financing. The Group continuously assesses and monitors the amount of financing required for the business in order to provide the Group with sufficient liquid assets to finance its operations and to pay outstanding payables. In accordance with normal seasonal fluctuations, cash flow and payables peak at the turn of the year and are at their lowest at the end of the second quarter. According to the maturity distribution, the most significant part of the debts will mature within a year, with a priority emphasis. Accounts payable are always due within less than a year because they have short payment periods. The maturities of the lease liabilities depend on the agreement and accordingly, they fall due evenly over the duration of the agreement. However, a significant part of lease contract debts matures within less than five years. The maturity of the guarantee contracts and the maximum amount of liability depend on the customer\u2019s creditworthiness and the distribution percentage applied to the guarantee contract. Maturity has spread to many counterparties. The maximum length of credit granted to an individual customer is three years.Contractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2022EUR thousand <1 year 1\u20135 years >5 years TotaFinancial institution loans 598 25,174 25,742Lease liabilities 5,248 13,501 18,749Trade payables 66,834 - - 66,834Total 72,680 38,675 111,32531 Dec 2021EUR thousand <1 year 1\u20135 years >5 years TotFinancial institution loans ----Lease liabilities5,05518,04823,103Trade payables 77,609--77,609Total82,66418,048100,712Financial institution loans include an interest period calculated according to the current interest rate.The balance sheet contains liquid assets of 12%. The Group diversifies the risk of financing (counterparty risk) by entering into various binding revolving credit facilities with large Nordic banks with solid ratings. By varying the amounts as well as the term of the revolving credit facilities, the Group manages the counterparty and maturity risk. It is also Group policy to maximize the use of cash discounts in the current interest environment.At the end of the financial year 2022, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 21,2 (20,9) million. The funds were distributed among various bank accounts.Interest rate riskThe group\u2019s income and operational cash flows are mainly independent of fluctuations in market interest rates, and thus the group\u2019s exposure to interest rate risk is mainly related to its external loans. The average annual interest rate of the group\u2019s interest-bearing debt excluding lease contract liabilities in accordance with IFRS 16 was approximately 2.3% (0.0%). The table below shows the effects on the group\u2019s profit before taxes and the effect on equity. If interest rates were to rise or fall (+/- 1.0 percentage points) and other factors remained unchanged, it would affect the group\u2019s result after taxes by EUR 250 thousand (EUR 0 thousand) for the worse or for the better. The sensitivity analysis is based on the interest rate position at the end of the reporting period.EUR thousand20222021Change +/- 1 %+/- 1%Impact on profit after tax 250 -Liquidity riskThe group aims to monitor the amount of financing required by the business by analysing sales cash flow forecasts, so that the group has enough liquid assets to finance operations and to repay maturing loans. The availability and flexibility of the group\u2019s financing is aimed at ensuring sufficient credit limit reserves, a balanced maturity distribution of loans and sufficiently long loan periods, as well as by using several financial institutions and forms of financing in the acquisition of financing. On 31 December 2022, the group had EUR 25 million (15) in the credit limit reserve, and their validity period is linked to the validity period of the financing agreement.Verkkokauppa.com agreed on April 6, 2022, to arrange financing. In the arrangement, the company agreed to 25 million loan which is reduced annually by 2.5 million EUR and the rest will be paid in April 2025. In addition, 25 million euro credit limit was agreed. The credit limit is valid for 3 years.Contingent liabilities and assets and commitmentsNo assets have been given as collateral for financial institution loans. Financial loans and credit limit agreements are subject to covenant conditions. The covenant terms determine the required net debt/EBITDA ratio and the net debt ratio. In 2022, Verkkokauppa.com has fulfilled these covenant conditions. In 2021, the company had a credit limit agreement in effect with the corresponding covenant conditions.Credit and counterparty riskCredit risks arise when a counterparty is unable to meet its contractual obligations, causing the Group to suffer a financial loss. Trade receivables and other receivables expose the Group to credit risk. The most significant credit risk relates to the Group consumer financing service. The Group\u2019s main credit risk consists of trade receivables from Group consumer financing and ordinary trade receivables from companies. The open position is larger and longer for Group-financed receivables than for conventional corporate trade receivables. As a result, the credit risk of a Group-financed is greater than that of a conventional corporate trade receivable. The rotation of trade receivables is also faster for corporate trade receivables. The Group has defined a credit policy for customer receivables with the aim of increasing profitable sales in advance, identifying and managing credit risks. The credit policy dictates the minimum principles of Verkkokauppa.com Oyj Group\u2019s credit sales and debt recovery. The credit risk is determined by the Credit Committee of the Group.The Company has credit policies in place for its own customer financing, which describe the principles of risk-taking and risk management. Furthermore, the Company has credit rules that define, among other things, the principles of making credit-granting decisions, the amount of credit limits and the measurement principles of trade receivables. The Board of Directors regularly monitors the development of customer financing. The Credit Committee is responsible for reporting on the financial risks to the Board. The risk of customer-financing receivables is not concentrated but consists of a large amount of receivables with a maximum capital of EUR 3,000. To minimize the credit risk, the customer\u2019s credit report and any credit history are checked before a credit-granting decision is made. Verkkokauppa.com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables. The credit loss allowance related to trade receivables remained unchanged EUR 0.8 (0.8) million.The counterparty risk involved with cash and cash equivalents is managed through depositing the cash and cash equivalents in accounts with large Nordic banks with solid ratings. The Group\u2019s cash and cash equivalents are fully available. The counterparty risk arising from purchasing activities is managed through using, when necessary, letters of credit as payment method, thus ensuring contractual delivery. The Group\u2019s letters of credit are documentary credits.ImpairmentThe most significant financial assets of the Group subject to the expected credit loss model required by IFRS 9 are cash and cash equivalents, traditional trade receivables from companies and the receivables from the company-financed consumer financing service. In addition, it is necessary to apply the impairment model to the financial guarantee contracts. The Group\u2019s cash and cash equivalents are deposited in accounts with solid Nordic banks and are consequently not recognized for impairment. In addition to the aforementioned financial assets, the contract assets are subject to impairment. The management of the Company monitors the development of counterparty risk. The Group recognizes a lifetime expected credit loss on trade receivables using a simplified method (matrix model). The model based on expected credit losses is anticipative, and the expected portion of credit losses is based on the amounts of historical credit losses. The historical credit loss percentage is adjusted when necessary, taking into account the macroeconomic impact on customers\u2019 ability to pay. The expected credit losses over the entire life of the receivable are calculated by multiplying the gross value of the trade receivables with the expected loss portion in all maturity classes. In addition, at each reporting date, the Company assesses whether there is further evidence of impairment of an asset, for instance due to insolvency. In these cases, the Company recognizes the impairment immediately. Impairment losses are recognized in other operating expenses in the income statement. Recoverable credit losses are recognized in other operating expenses in the income statement.The Group has defined different matrix models for standard trade receivables from corporates and for company-financed consumer financing service receivables due to their different risk characteristics. The clients of the company-financed consumer financing service are individuals. To determine the credit default rates for individual customers in the company-financed consumer financing service, the customers\u2019 historical payment behavior, the aging of receivables and their development were examined. The percentages of credit losses are regularly updated based on historical credit losses and the 12-month rolling model. The maximum exposure to credit risk corresponds to the total amount of trade receivables. The Group has not received any guarantees regarding trade receivables. Expected credit losses are recognized as reducing trade receivables. When determining the credit loss rates for corporate customers, the customer\u2019s historical payment behavior, the aging of receivables and their development were examined.Changes in expected credit losses are recognized in other operating expenses in the income statement. The total net credit losses recognized in 2022 amounted to EUR 1 319 (806) thousand. The effects of the company\u2019s net credit losses are described in the note Accounts receivable and other receivables 7.17.The currency risk of Verkkokauppa.com Oyj arises mainly from the purchase of goods, as the company has purchasing activities in several different currencies. However, the management of the Company does not consider the foreign exchange rate risk to be significant, as most purchases are made in euros. In respect of purchases made in foreign currencies, trade payables in the balance sheet are exposed to foreign exchange rate risk. In addition, the Company has advance payments in foreign currency in the balance sheet, with short open positions. Foreign exchange risk is managed from a commercial point of view through rapid inventory turnover and by seeking to transfer possible exchange rate changes into sales prices or by changing supplier. The Company does not hedge against foreign exchange rate risk. Revenue is not exposed to foreign exchange rate risk, as all revenue is generated in euros. The group has currency accounts in US dollars (USD), Hong Kong dollars (HKD) and Chinese yuan renminbi (CNY). The currency risks of foreign currency accounts relate to exchange rate differences that arise from the conversion of monetary assets to the exchange rate on the balance sheet date. Exchange rate differences of monetary assets are presented in the note Financial income and expenses 7.9.At the end of the financial year 2022, the amount of currency-denominated open trade payables amounted to EUR 1 068 (209) thousand. Exchange rate differences in accounts payable were irrelevant in 2022 and the comparison year.7.24 Other current liabilities and accrued liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract liabilities 2,186 2,128Accrued personnel expenses 7,391 7,302Other accrued liabilities 13,065 12,476Withholding tax liability 879 994VAT liability 8,569 7,596Other current liabilities and accrued 32,090 30,496liabilities, totalPayables related to contracts with customers are presented in the note on 7.2 Revenue from contracts with customers.",
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"pp-value-90-3": {
"value": "Right-of-use assetsEUR thousand Premises and facilities Machinery and equipment Tot alCost 1 Jan 2022 35,269 1,662 36,931Increases 130 130Disposals -11 -42 -53Increase/decrease due to remeasurement 808 808Cost 31 Dec 2022 36,196 1,620 37,816Accumulated depreciation 1 Jan 2022 -19,538 -1,616 -21,154Accumulated depreciation on disposals 16 16Depreciation for the financial year -3,793 -19 -3,812Accumulated depreciation 31 Dec 2022 -23,331 -1,620 -24,950Carrying amount 1 Jan 2022 15,731 45 15,776Carrying amount 31 Dec 2022 12,865 0 12,866EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 2021 33,181 1,671 34,852Increases 1,202 1,202Disposals -9 -9Increase/decrease due to remeasurement 887 887Cost 31 Dec 2021 35,269 1,662 36,931Accumulated depreciation 1 Jan 2021 -15,961 -1,544 -17,505Accumulated depreciation on disposals 0Depreciation for the financial year -3,577 -72 -3,650Accumulated depreciation 31 Dec 2021 -19,538 -1,688 -21,154Carrying amount 1 Jan 202117, 22012717, 3 47Carrying amount 31 Dec 2021 15,731 45 15,776The remeasurements carried out in 2022 and 2021 relate to index increases in lease contracts and to renegotiated leases. Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand31 Dec 202231 Dec 2021Less than one year 5,2485,055From one to five years 13,50118,048Undiscounted lease liabilities, total 18,74923,103Lease liabilities in the balance sheetEUR thousand31 Dec 202231 Dec 2021Current lease liabilities 4,4774,034Non-current lease liabilities 12,33416,105Lease liabilities, total 16,81220,139Items recognized in the income statementEUR thousand 2022 2021Depreciations on right-of-use assets 3,8123,650Interests on lease liabilities 1,0711,198Lease income from subleasing right-of-use 545530assetsExpenses related to leases of low-value assets 6057Items recognized in the cash flow statementEUR thousand 2022 2021Total cash outflow for leases -5,308-5,065",
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"pp-value-92-6": {
"value": "Lease liabilities in the balance sheetEUR thousand31 Dec 202231 Dec 2021Current lease liabilities 4,4774,034Non-current lease liabilities 12,33416,105Lease liabilities, total 16,81220,139Change in deferred tax liabilitiesAdditions during Recognized through Recognized EUR thousand 1 Jan 2022the accounting periodprofit or lossyin equity 31 Dec 2022Fair value adjustments made in connection with - 128 -24 - 103the acquisition of a subsidiaryDeferred tax liabilities, total-128-24-103Non-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.Contractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2022EUR thousand <1 year 1\u20135 years >5 years TotaFinancial institution loans 598 25,174 25,742Lease liabilities 5,248 13,501 18,749Trade payables 66,834 - - 66,834Total 72,680 38,675 111,32531 Dec 2021EUR thousand <1 year 1\u20135 years >5 years TotFinancial institution loans ----Lease liabilities5,05518,04823,103Trade payables 77,609--77,609Total82,66418,048100,712Financial institution loans include an interest period calculated according to the current interest rate.The balance sheet contains liquid assets of 12%. The Group diversifies the risk of financing (counterparty risk) by entering into various binding revolving credit facilities with large Nordic banks with solid ratings. By varying the amounts as well as the term of the revolving credit facilities, the Group manages the counterparty and maturity risk. It is also Group policy to maximize the use of cash discounts in the current interest environment.At the end of the financial year 2022, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 21,2 (20,9) million. The funds were distributed among various bank accounts.7.24 Other current liabilities and accrued liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract liabilities 2,186 2,128Accrued personnel expenses 7,391 7,302Other accrued liabilities 13,065 12,476Withholding tax liability 879 994VAT liability 8,569 7,596Other current liabilities and accrued 32,090 30,496liabilities, totalPayables related to contracts with customers are presented in the note on 7.2 Revenue from contracts with customers.",
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"pp-value-92-7": {
"value": "Lease liabilities in the balance sheetEUR thousand31 Dec 202231 Dec 2021Current lease liabilities 4,4774,034Non-current lease liabilities 12,33416,105Lease liabilities, total 16,81220,139Change in deferred tax liabilitiesAdditions during Recognized through Recognized EUR thousand 1 Jan 2022the accounting periodprofit or lossyin equity 31 Dec 2022Fair value adjustments made in connection with - 128 -24 - 103the acquisition of a subsidiaryDeferred tax liabilities, total-128-24-103Non-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Non-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Contractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2022EUR thousand <1 year 1\u20135 years >5 years TotaFinancial institution loans 598 25,174 25,742Lease liabilities 5,248 13,501 18,749Trade payables 66,834 - - 66,834Total 72,680 38,675 111,32531 Dec 2021EUR thousand <1 year 1\u20135 years >5 years TotFinancial institution loans ----Lease liabilities5,05518,04823,103Trade payables 77,609--77,609Total82,66418,048100,712Financial institution loans include an interest period calculated according to the current interest rate.The balance sheet contains liquid assets of 12%. The Group diversifies the risk of financing (counterparty risk) by entering into various binding revolving credit facilities with large Nordic banks with solid ratings. By varying the amounts as well as the term of the revolving credit facilities, the Group manages the counterparty and maturity risk. It is also Group policy to maximize the use of cash discounts in the current interest environment.At the end of the financial year 2022, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 21,2 (20,9) million. The funds were distributed among various bank accounts.",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-94-4": {
"value": "7.16 Deferred tax assets and liabilitiesThe deferred tax is calculated from the temporary differences between the carrying amount and the tax base, using either the tax rate in force at the balance sheet date or a known tax rate that will come into force at a later date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilized. ",
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"pp-value-95-3": {
"value": "Change in deferred tax assetsEUR thousand 1 Jan 2022 Recognized through profit or loss Recognized in equity 31 Dec 2022Leases 851 -45 - 806Inventories 102 -59 - 43Share-based payments 101 -16 - 86Provisions 179 -30 - 148Eliminations of Group inventories - 2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesEarn-out costs from the conditional purchase price - 83 - 83Profit from sales of investments designated as at FV-- -14 14 -TOCIUnused tax depreciation 56 24 - 80Deferred tax assets, total 1,289 105 14 1,380EUR thousand 1 Jan 2021 Recognized through profit or loss Recognized in equity 31 Dec 2021Leases 898 -46 - 851Inventories 90 12 - 102Share-based payments 110 -9 - 101Provisions 153 26 - 179Unused tax depreciation 99 -43 - 56Deferred tax assets, total 1,350 -60 -1,290For the tax loss of the group companies, EUR -1.27 million (0), no deferred tax asset has been recorded for the financial year.Change in deferred tax liabilitiesAdditions during Recognized through Recognized EUR thousand 1 Jan 2022the accounting periodprofit or lossyin equity 31 Dec 2022Fair value adjustments made in connection with - 128 -24 - 103the acquisition of a subsidiaryDeferred tax liabilities, total-128-24-103",
"dimensions": {
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"pp-value-96-6": {
"value": "Change in deferred tax liabilitiesAdditions during Recognized through Recognized EUR thousand 1 Jan 2022the accounting periodprofit or lossyin equity 31 Dec 2022Fair value adjustments made in connection with - 128 -24 - 103the acquisition of a subsidiaryDeferred tax liabilities, total-128-24-1037.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.7.23.2 Information on equity investments The Company had equity investments classified as fair value through other comprehensive income. The Company has irrevocably classified these investments in this category because they are considered strategic from a business perspective. The company has sold the equity investments it owned in 2022. The shares in question were sold in accordance with the shareholder agreement made in 2020 to the main owner of the company in question. The sale price of the shares was determined based on the calculation formula agreed in the shareholders\u2019 agreement.Determining fair valuesLevel 1: Fair values are based on quoted (unadjusted) prices of identical assets or liabilities traded on active markets.Level 2: Financial instruments are not traded on active and liquid markets, but their fair values can be calculated on the basis of market data. Level 3: Measuring of financial instruments is not based on verifiable market data, nor are other factors affecting the fair value of the instruments available or verifiable. 31 Dec 2022 31 Dec 2021EUR thousandLevel 2Level 3Level 2 Level 3Financial assetsEquity investments --266Total-266The equity investments in level 2 include shares for which the Company receives an OTC market price. The equity investments in level 3 include unquoted shares. The fair value is estimated for the shares and, if necessary, the change in fair value is recognized. Level 3 the shares were sold during 2022.Level 3 reconciliation statement EUR thousand 2022 2021Equity investments Carrying amount 1 Jan 266 266Increases - -Disposals -266 -Carrying amount 31 Dec266",
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"pp-value-97-5": {
"value": "7.17 Trade receivables and other receivablesTrade receivables are receivables arising from goods or services sold to customers in the ordinary course of business. Other receivables are contract assets, other accrued income and financial assets with fixed or determinable payments that are not quoted in an active market. Trade receivables and other receivables are classified as current assets if customer payment in respect of them is expected within one year. Otherwise, they are presented as non-current assets. Non-current trade receivables are receivables related to customer financing and in current trade receivables they represent approximately 73% (2021; approximately 62%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.3",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-98-3": {
"value": "Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand31 Dec 202231 Dec 2021Non-current Trade receivables 5,6153,817Other non-current receivables 397425Non-current receivables, total 6,0124,241CurrentTrade receivables 28,83323,124Contract assets 2,6911,807Other accrued income 8,5576,820Income tax receivables 490Other receivables 2,3923,699Current receivables, total 42,52235,450Non-current and current receivables, total 48,53439,692Aging analysis of trade receivables31 Dec 2022 31 Dec 2021EUR thousandTrade receivablesLoss allowanceTrade receivables Loss allowanceNot due 29,984 259 22,771 229 Past due 1\u201360 days 4,942 323 4,629 280 Past due 61\u2013120 days 211 114 135 87 Past due over 121 days 155 147 233 233 Total 35,291 843 27,769 829 The bad debt allowance for trade receivables as at 31 December reconcile to opening bad debt allowance as followsEUR thousand20222021Opening bad debt allowance at 1 January 829 1,123Increase in bad debt allowance recognized in 1,319 354profit or loss during yearReceivables written of during the year as -1,251 -1,081uncollectibleUnused amount reversed -53 433Closing bad debt allowance at 31 December 843829During the financial period, the Group recognized net credit losses on trade receivables totaling EUR 1 319 (806) thousand. Verkkokauppa. com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days and financed by the Company itself are sold to third parties. This reduces the Company\u2019s accounts receivable risk.",
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"pp-value-98-4": {
"value": "Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand31 Dec 202231 Dec 2021Non-current Trade receivables 5,6153,817Other non-current receivables 397425Non-current receivables, total 6,0124,241Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt 1 Jan 2021 -21,929 -21,928 43,099 21,171Change in liabilities not involving cash flow 3,868 3,868 3,868Cash flows -22,182 18,315Acquisitions 1,202 1,202 1,202Changes in index -3,280 -3,280 -3,280Net debt 31 Dec 20210-20,139 -20,139 20,917 778Loan withdrawals -30,030 0 30,030 30,030Repayment of financial institution loans 6,781 6,781 6,781Change in liabilities not involving cash flow 4,237 4,237 4,237Cash flows 293 293Additions 130 130 130Changes in index -894 -1,040 -1,934 -1,934Net debt 31 Dec 2022 -24,144 -16,812 -40,955 21,210 -19,745The Company\u2019s net debt as of 31 Dec 2022 was EUR -19.75 million.31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Recognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. ",
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},
"pp-value-99-5": {
"value": "CurrentTrade receivables 28,83323,124Contract assets 2,6911,807Other accrued income 8,5576,820Income tax receivables 490Other receivables 2,3923,699Current receivables, total 42,52235,450Non-current and current receivables, total 48,53439,692Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalCurrent financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, total",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-4": {
"value": "The bad debt allowance for trade receivables as at 31 December reconcile to opening bad debt allowance as followsEUR thousand20222021Opening bad debt allowance at 1 January 829 1,123Increase in bad debt allowance recognized in 1,319 354profit or loss during yearReceivables written of during the year as -1,251 -1,081uncollectibleUnused amount reversed -53 433Closing bad debt allowance at 31 December 843829During the financial period, the Group recognized net credit losses on trade receivables totaling EUR 1 319 (806) thousand. Verkkokauppa. com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days and financed by the Company itself are sold to third parties. This reduces the Company\u2019s accounts receivable risk.Verkkokauppa.com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables. The credit loss allowance related to trade receivables remained unchanged EUR 0.8 (0.8) million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-4": {
"value": "7.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The revenue rate of products and the possible reduction of the net realizable value below cost are regularly assessed and, if necessary, an impairment of inventories is recorded. In addition, the Group separately recognizes write-down for older items according to the inventory dates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-2": {
"value": "EUR thousand 31 Dec 2022 31 Dec 2021Goods 74,767 87,803Total 74,767 87,803The Group has recorded a total of EUR 4.1 (1.6) million in inventories. The entries have adjusted the book value of the inventory to reflect its actual net realizable value. The amount for the fiscal year 2023 includes a write-down of 1.6 million euros related to inventory. This is part of the group\u2019s adaptation program, in which it enhances its product selection",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-4": {
"value": "7.19 Cash and cash equivalentsCash and cash equivalents consist of cash assets and balances on bank accounts. Cash and cash equivalents belong to the category of financial assets measured at amortized cost. No impairment is recognized on cash and cash equivalents, as the cash is held with well-rated Nordic banks and the related impairment is considered immaterial.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-3": {
"value": "EUR thousand 31 Dec 2022 31 Dec 2021Cash in hand and at banks 21,210 20,917Total 21,21020,917The Company\u2019s cash assets were fully available at the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-2": {
"value": "7.20 Business combinationsThe identifiable assets and liabilities acquired in connection with a business combination are measured at fair value at the time of acquisition and the costs related to the acquisition are recognized as expenses. Goodwill arising in a business combination is recognized at the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined exceed the fair value of the net assetsacquired. If the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined fall below the fair value of the net assets acquired, the difference is recognized through profit or loss as a gain on a favorable transaction.Acquisitions for the fiscal year 2022Parent company, Verkkokauppa.com Oyj acquired 100% of eVille Distribution Oy shares on 1st of April 2022. Verkkokauppa.com Oyj\u2019s fully owned Finnish subsidiary, Arc Distribution Oy (established in February 2022), acquired 100% ownership and shares of Digi Electronics Ltd (Hong Kong) ja Digital Trading (Shenzhen) Co. Ltd (China) on 1 April 2022.The acquisition supports Verkkokauppa.com\u2019s strategy to strengthen and expand its assortment in own brands. With the acquisition, Verkkokauppa.com gains access to an experienced sourcing organization established in Shenzhen and Hong Kong, China.The purchase price amounts to approximately EUR 4.0 million, of which 1.4 million in new shares (when calculated using Verkkokauppa.com Oyj\u00b4s share price as of 1 April 2022) issued in a directed share issue to the seller at closing and the rest in cash corrected with the net debt adjustment. The shares will be subject to a lock-up undertaking. The parties have also agreed to additional purchase price installments of up to approximately EUR 6.7 million, including deferred purchase price of EUR 1 million and earn-out of EUR 5.7 million, payable solely if the combined sales of own brand products exceed set target levels during 2022, 2023 and/or 2024. The total aggregate purchase price can amount to EUR 10.7 million at the maximum.The seller has the option to receive 50% of the achieved earn-out in Verkkokauppa.com\u2019s shares for calendar years 2023 and/or 2024 if the earn-out metrics are to be achieved. The number of shares received by the seller are to be determined based on the volume weighted average share price of the Verkkokauppa.com\u2019s share for a 30-day period preceding of the date when the relevant metrics are confirmed.Purchase priceEUR thousand Value of acquired assetsPaid in cash 3,250Directed issue shares 1,403Adjustments -677Total 3,976As part of the financing of the transaction, Verkkokauppa.com\u2019s board decided to carry out a directed share issue of 1.4 million euros. 289,402 new shares were issued and their subscription price, which is based on the average price weighted by the exchange of Verkkokauppa.com shares in Nasdaq Helsinki Oy for the 30-day period prior to February 9, 2022, is EUR 6.91 per share.The assets and liabilities recognised as a result of the acquisition are as follows:EUR thousand TotalCash and cash equivalents 293.3Trade receivables 407.0Inventory 1,166.9Other receivables 29.5Prepaid expenses 826.0Machinery and equipment 20.6Total assets 2,743.3Prepayments 139.7Trade payables 330.0Other payables/liabilities 157.3Accrued income 38.5Short term liabilities 1,644.2Other long term liabilities 0.9Total liabilities 2,310.5Acquired identifiable net assets 506.1Customer related intangibles 426.0Marketing related intangibles 225.0Goodwill 2,946.7Deferred tax liability -127.9Acquired net assets 3,975.9Acquired assets and liabilities are valued on the balance sheet on fair value on the acquisition date. EUR 0.7 million of acquired intangible assets were valued for customer relationships and trademarks. These assets will be depreciated over their useful lifetime. Goodwill is the portion of purchase price that is higher than the sum of net fair value of assets and liabilities acquired. Goodwill amounted to EUR 2.9 million and it is non-deductible in taxation.The accounting of the business combination is still provisional pending the finalization of the consideration transferred, valuation of the assets acquired, and liabilities assumed.Verkkokauppa.com company structureOwnership of shares % Share of votes % Country31.12.202231.12.2022 BusinessParent compnay Verkkokauppa.com Oyj Finland RetailSubsidiariese-ville.com Distribution Oy Finland 100% 100% RetailArc Distribution Oy Finland 100% 100% RetailDigi Electronics Ltd Hong Kong 100% 100% RetailDigital Trading (shenzhen) Co. Ltd China 100% 100% Retail",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-6": {
"value": "7.20 Business combinationsThe identifiable assets and liabilities acquired in connection with a business combination are measured at fair value at the time of acquisition and the costs related to the acquisition are recognized as expenses. Goodwill arising in a business combination is recognized at the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined exceed the fair value of the net assetsacquired. If the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined fall below the fair value of the net assets acquired, the difference is recognized through profit or loss as a gain on a favorable transaction.7.20.1 Effect of the acquisition on the group\u2019s January- December interim reportRevenue and profit/loss for the period for the acquired companySince the acquisition date (1 April 2022), the acquisition has contributed EUR 5.4 million on the Group\u2019s revenue and EUR -1.4 million negative impact on Group\u2019s operating result.Since the beginning of the financial year (January 1, 2022), the effect of the acquisition on the group\u2019s net sales has been 7.8 million euros, and it has had no effect on the group\u2019s operating result.The figures are based on consolidated group financial reports where all internal revenue, purchases and other expenses have been eliminated.Earn out and deferred purchase price are recorded as a cost and not part of the purchase price as these are conditional to acquired assets management obligation to work. As of 31 December 2022, management estimated the additional purchase price to amount to EUR 1.5 million of which EUR 0.4 million was reported as costs in year 2022. It is recognized as Item affecting the comparability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-7": {
"value": "7.20 Business combinationsThe identifiable assets and liabilities acquired in connection with a business combination are measured at fair value at the time of acquisition and the costs related to the acquisition are recognized as expenses. Goodwill arising in a business combination is recognized at the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined exceed the fair value of the net assetsacquired. If the amount by which the consideration given, the non-controlling interests in the acquiree and the previously held interests in the acquiree combined fall below the fair value of the net assets acquired, the difference is recognized through profit or loss as a gain on a favorable transaction.7.20.1 Effect of the acquisition on the group\u2019s January- December interim reportRevenue and profit/loss for the period for the acquired companySince the acquisition date (1 April 2022), the acquisition has contributed EUR 5.4 million on the Group\u2019s revenue and EUR -1.4 million negative impact on Group\u2019s operating result.Since the beginning of the financial year (January 1, 2022), the effect of the acquisition on the group\u2019s net sales has been 7.8 million euros, and it has had no effect on the group\u2019s operating result.The figures are based on consolidated group financial reports where all internal revenue, purchases and other expenses have been eliminated.Earn out and deferred purchase price are recorded as a cost and not part of the purchase price as these are conditional to acquired assets management obligation to work. As of 31 December 2022, management estimated the additional purchase price to amount to EUR 1.5 million of which EUR 0.4 million was reported as costs in year 2022. It is recognized as Item affecting the comparability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-6": {
"value": "The assets and liabilities recognised as a result of the acquisition are as follows:EUR thousand TotalCash and cash equivalents 293.3Trade receivables 407.0Inventory 1,166.9Other receivables 29.5Prepaid expenses 826.0Machinery and equipment 20.6Total assets 2,743.3Prepayments 139.7Trade payables 330.0Other payables/liabilities 157.3Accrued income 38.5Short term liabilities 1,644.2Other long term liabilities 0.9Total liabilities 2,310.5Acquired identifiable net assets 506.1Customer related intangibles 426.0Marketing related intangibles 225.0Goodwill 2,946.7Deferred tax liability -127.9Acquired net assets 3,975.9Acquired assets and liabilities are valued on the balance sheet on fair value on the acquisition date. EUR 0.7 million of acquired intangible assets were valued for customer relationships and trademarks. These assets will be depreciated over their useful lifetime. Goodwill is the portion of purchase price that is higher than the sum of net fair value of assets and liabilities acquired. Goodwill amounted to EUR 2.9 million and it is non-deductible in taxation.The accounting of the business combination is still provisional pending the finalization of the consideration transferred, valuation of the assets acquired, and liabilities assumed.7.24 Other current liabilities and accrued liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract liabilities 2,186 2,128Accrued personnel expenses 7,391 7,302Other accrued liabilities 13,065 12,476Withholding tax liability 879 994VAT liability 8,569 7,596Other current liabilities and accrued 32,090 30,496liabilities, totalPayables related to contracts with customers are presented in the note on 7.2 Revenue from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-7": {
"value": "The assets and liabilities recognised as a result of the acquisition are as follows:EUR thousand TotalCash and cash equivalents 293.3Trade receivables 407.0Inventory 1,166.9Other receivables 29.5Prepaid expenses 826.0Machinery and equipment 20.6Total assets 2,743.3Prepayments 139.7Trade payables 330.0Other payables/liabilities 157.3Accrued income 38.5Short term liabilities 1,644.2Other long term liabilities 0.9Total liabilities 2,310.5Acquired identifiable net assets 506.1Customer related intangibles 426.0Marketing related intangibles 225.0Goodwill 2,946.7Deferred tax liability -127.9Acquired net assets 3,975.9Acquired assets and liabilities are valued on the balance sheet on fair value on the acquisition date. EUR 0.7 million of acquired intangible assets were valued for customer relationships and trademarks. These assets will be depreciated over their useful lifetime. Goodwill is the portion of purchase price that is higher than the sum of net fair value of assets and liabilities acquired. Goodwill amounted to EUR 2.9 million and it is non-deductible in taxation.The accounting of the business combination is still provisional pending the finalization of the consideration transferred, valuation of the assets acquired, and liabilities assumed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-8": {
"value": "The assets and liabilities recognised as a result of the acquisition are as follows:EUR thousand TotalCash and cash equivalents 293.3Trade receivables 407.0Inventory 1,166.9Other receivables 29.5Prepaid expenses 826.0Machinery and equipment 20.6Total assets 2,743.3Prepayments 139.7Trade payables 330.0Other payables/liabilities 157.3Accrued income 38.5Short term liabilities 1,644.2Other long term liabilities 0.9Total liabilities 2,310.5Acquired identifiable net assets 506.1Customer related intangibles 426.0Marketing related intangibles 225.0Goodwill 2,946.7Deferred tax liability -127.9Acquired net assets 3,975.9Acquired assets and liabilities are valued on the balance sheet on fair value on the acquisition date. EUR 0.7 million of acquired intangible assets were valued for customer relationships and trademarks. These assets will be depreciated over their useful lifetime. Goodwill is the portion of purchase price that is higher than the sum of net fair value of assets and liabilities acquired. Goodwill amounted to EUR 2.9 million and it is non-deductible in taxation.The accounting of the business combination is still provisional pending the finalization of the consideration transferred, valuation of the assets acquired, and liabilities assumed.Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalCurrent financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.Contractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2022EUR thousand <1 year 1\u20135 years >5 years TotaFinancial institution loans 598 25,174 25,742Lease liabilities 5,248 13,501 18,749Trade payables 66,834 - - 66,834Total 72,680 38,675 111,32531 Dec 2021EUR thousand <1 year 1\u20135 years >5 years TotFinancial institution loans ----Lease liabilities5,05518,04823,103Trade payables 77,609--77,609Total82,66418,048100,712Financial institution loans include an interest period calculated according to the current interest rate.The balance sheet contains liquid assets of 12%. The Group diversifies the risk of financing (counterparty risk) by entering into various binding revolving credit facilities with large Nordic banks with solid ratings. By varying the amounts as well as the term of the revolving credit facilities, the Group manages the counterparty and maturity risk. It is also Group policy to maximize the use of cash discounts in the current interest environment.At the end of the financial year 2022, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 21,2 (20,9) million. The funds were distributed among various bank accounts.Transactions with related partiesEUR thousand20222021Sales of goods and servicesTo key management personnel and their 72 86related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 31 Dec 2022 31 Dec 2021Closing balances from purchases/sales of goods/servicesTrade receivables from key management 5 -personnel and their related partiesTrade payables to key management - -personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-3": {
"value": "7.21 EquityTreasury sharesThe acquisition of treasury shares, together with the related costs, is presented as a deduction of equity. Dividend distributionThe dividend proposed by the Board of Directors to the Annual General Meeting has not been deducted from equity, but instead is recognized on the basis of the decision of the Annual General Meeting.Fair value reserveThe fair value reserve is a fund that is based on equity investments measured at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-4": {
"value": "7.21 EquityTreasury sharesThe acquisition of treasury shares, together with the related costs, is presented as a deduction of equity. Dividend distributionThe dividend proposed by the Board of Directors to the Annual General Meeting has not been deducted from equity, but instead is recognized on the basis of the decision of the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-3": {
"value": "Share capital and treasury sharesOutstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1,000)shares, pcs (1,000)pcs (1,000)amount, EUR thousand 1 Jan 2022 44,742 323 45,065 100Acquisition of treasury shares - - - -Proceeds from issue of share capital 289 - 289 -Transfer of treasury shares, Board of Directors\u2019 remuneration 20 -20 - -Transfer of treasury shares, share-based incentive scheme 32 -32 - -31 Dec 2022 45,083 271 45,355 100Outstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1 000)shares, pcs (1 000)pcs (1 000)amount, EUR thousand 1 Jan 202144,71235345,065100Acquisition of treasury shares 15 -15 - -Transfer of treasury shares, Board of Directors\u2019 remuneration 15 -15 - -31 Dec 202144,74232345,065100Verkkokauppa.com Oyj Group has one share class. The share has no nominal value. Each share entitles its holder to one vote at the Annual General Meeting. All issued shares have been fully paid out. At the end of the financial year 2022, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 271,257 (323,397) treasury shares held by the Company. During the financial years 2021\u20132022, the company has not acquired its own shares.Invested unrestricted equity fundThe invested unrestricted equity fund includes the subscription price of the shares to the extent that they are not entered into share capital on the basis of a separate decision.Capital management The aim of the Group\u2019s capital management is to support the business through an optimal capital structure by ensuring normal operating conditions. The Group assesses the development and adequacy of its capital structure and equity ratio. Capital management aims to ensure cost-effectively the Group\u2019s operating conditions at a competitive level in all business cycles, adequate risk-bearing capacity and good debt management and dividend payment capacity. The objective of capital management is to increase shareholder value and achieve the best possible profit. The Group has not applied for a credit rating from any external credit rating institution. Capital management is based on continuous monitoring of the objectives set by the Board and of the external financing and defined thresholds, as well as on the approval and implementation of balancing measures in case of any deviations. On the basis of the information it is provided, the Board of Directors evaluates the effects of any deviation and takes the necessary capital management decisions. The Group\u2019s net gearing target is defined and monitored as part of normal reporting. The ratio of net liabilities to equity is -2.2% (-52%) as one of the key indicators for the overall management of the balance sheet. The Group evaluates financing needs on a case-by-case basis considering the cyclical nature of business as well as potential business acquisitions.At the end of the financial year 2022, the Group had revolving credit facilities totaling EUR 20 million that had not been utilized. The terms of the covenants are described in note 7.22.3 Financial risk management.EUR thousand20222021Net debt -19,745778Total shareholders\u2019 equity 26,47035,683Net debt to equity ratio -74,6 %2,2 %The ratio of net debt to equity remained negative (-2.2%). Both net debt and gross assets decreased during the financial year 2021.DividendsDividends paid2022For the previous yearDate of paymentDividend per share, EUR 4 Apr 2022 0.060 9 May 2022 0.061 25 July 2022 0.062 27 Oct 2022 0.063Total dividends, EUR thousand11,0682021For the previous year Date of payment Dividend per share, EUR 7 Apr 20210.276 4 May 20210.05727 July 20210.058 2 Nov 20210.059Total dividends, EUR thousand20,129Dividend proposedThe Board of Directors will propose to the Annual General Meeting that no dividend be distributed for the financial year 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-4": {
"value": "Share capital and treasury sharesOutstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1,000)shares, pcs (1,000)pcs (1,000)amount, EUR thousand 1 Jan 2022 44,742 323 45,065 100Acquisition of treasury shares - - - -Proceeds from issue of share capital 289 - 289 -Transfer of treasury shares, Board of Directors\u2019 remuneration 20 -20 - -Transfer of treasury shares, share-based incentive scheme 32 -32 - -31 Dec 2022 45,083 271 45,355 100Outstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1 000)shares, pcs (1 000)pcs (1 000)amount, EUR thousand 1 Jan 202144,71235345,065100Acquisition of treasury shares 15 -15 - -Transfer of treasury shares, Board of Directors\u2019 remuneration 15 -15 - -31 Dec 202144,74232345,065100Verkkokauppa.com Oyj Group has one share class. The share has no nominal value. Each share entitles its holder to one vote at the Annual General Meeting. All issued shares have been fully paid out. At the end of the financial year 2022, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 271,257 (323,397) treasury shares held by the Company. During the financial years 2021\u20132022, the company has not acquired its own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-114-5": {
"value": "Share capital and treasury sharesOutstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1,000)shares, pcs (1,000)pcs (1,000)amount, EUR thousand 1 Jan 2022 44,742 323 45,065 100Acquisition of treasury shares - - - -Proceeds from issue of share capital 289 - 289 -Transfer of treasury shares, Board of Directors\u2019 remuneration 20 -20 - -Transfer of treasury shares, share-based incentive scheme 32 -32 - -31 Dec 2022 45,083 271 45,355 100Outstanding shares, Number of treasury Number of shares, Share capital carrying pcs (1 000)shares, pcs (1 000)pcs (1 000)amount, EUR thousand 1 Jan 202144,71235345,065100Acquisition of treasury shares 15 -15 - -Transfer of treasury shares, Board of Directors\u2019 remuneration 15 -15 - -31 Dec 202144,74232345,065100Verkkokauppa.com Oyj Group has one share class. The share has no nominal value. Each share entitles its holder to one vote at the Annual General Meeting. All issued shares have been fully paid out. At the end of the financial year 2022, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 271,257 (323,397) treasury shares held by the Company. During the financial years 2021\u20132022, the company has not acquired its own shares.Invested unrestricted equity fundThe invested unrestricted equity fund includes the subscription price of the shares to the extent that they are not entered into share capital on the basis of a separate decision.Capital management The aim of the Group\u2019s capital management is to support the business through an optimal capital structure by ensuring normal operating conditions. The Group assesses the development and adequacy of its capital structure and equity ratio. Capital management aims to ensure cost-effectively the Group\u2019s operating conditions at a competitive level in all business cycles, adequate risk-bearing capacity and good debt management and dividend payment capacity. The objective of capital management is to increase shareholder value and achieve the best possible profit. The Group has not applied for a credit rating from any external credit rating institution. Capital management is based on continuous monitoring of the objectives set by the Board and of the external financing and defined thresholds, as well as on the approval and implementation of balancing measures in case of any deviations. On the basis of the information it is provided, the Board of Directors evaluates the effects of any deviation and takes the necessary capital management decisions. The Group\u2019s net gearing target is defined and monitored as part of normal reporting. The ratio of net liabilities to equity is -2.2% (-52%) as one of the key indicators for the overall management of the balance sheet. The Group evaluates financing needs on a case-by-case basis considering the cyclical nature of business as well as potential business acquisitions.At the end of the financial year 2022, the Group had revolving credit facilities totaling EUR 20 million that had not been utilized. The terms of the covenants are described in note 7.22.3 Financial risk management.EUR thousand20222021Net debt -19,745778Total shareholders\u2019 equity 26,47035,683Net debt to equity ratio -74,6 %2,2 %The ratio of net debt to equity remained negative (-2.2%). Both net debt and gross assets decreased during the financial year 2021.DividendsDividends paid2022For the previous yearDate of paymentDividend per share, EUR 4 Apr 2022 0.060 9 May 2022 0.061 25 July 2022 0.062 27 Oct 2022 0.063Total dividends, EUR thousand11,0682021For the previous year Date of payment Dividend per share, EUR 7 Apr 20210.276 4 May 20210.05727 July 20210.058 2 Nov 20210.059Total dividends, EUR thousand20,129Dividend proposedThe Board of Directors will propose to the Annual General Meeting that no dividend be distributed for the financial year 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-4": {
"value": "Capital management The aim of the Group\u2019s capital management is to support the business through an optimal capital structure by ensuring normal operating conditions. The Group assesses the development and adequacy of its capital structure and equity ratio. Capital management aims to ensure cost-effectively the Group\u2019s operating conditions at a competitive level in all business cycles, adequate risk-bearing capacity and good debt management and dividend payment capacity. The objective of capital management is to increase shareholder value and achieve the best possible profit. The Group has not applied for a credit rating from any external credit rating institution. Capital management is based on continuous monitoring of the objectives set by the Board and of the external financing and defined thresholds, as well as on the approval and implementation of balancing measures in case of any deviations. On the basis of the information it is provided, the Board of Directors evaluates the effects of any deviation and takes the necessary capital management decisions. The Group\u2019s net gearing target is defined and monitored as part of normal reporting. The ratio of net liabilities to equity is -2.2% (-52%) as one of the key indicators for the overall management of the balance sheet. The Group evaluates financing needs on a case-by-case basis considering the cyclical nature of business as well as potential business acquisitions.At the end of the financial year 2022, the Group had revolving credit facilities totaling EUR 20 million that had not been utilized. The terms of the covenants are described in note 7.22.3 Financial risk management.EUR thousand20222021Net debt -19,745778Total shareholders\u2019 equity 26,47035,683Net debt to equity ratio -74,6 %2,2 %The ratio of net debt to equity remained negative (-2.2%). Both net debt and gross assets decreased during the financial year 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-120-4": {
"value": "DividendsDividends paid2022For the previous yearDate of paymentDividend per share, EUR 4 Apr 2022 0.060 9 May 2022 0.061 25 July 2022 0.062 27 Oct 2022 0.063Total dividends, EUR thousand11,0682021For the previous year Date of payment Dividend per share, EUR 7 Apr 20210.276 4 May 20210.05727 July 20210.058 2 Nov 20210.059Total dividends, EUR thousand20,129Dividend proposedThe Board of Directors will propose to the Annual General Meeting that no dividend be distributed for the financial year 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-5": {
"value": "7.22 Cash flow informationNet debt reconciliationEUR thousand20222021Cash 21,210 20,917Loans from financial institutions -24,144Lease liabilities -16,812 -20,139Net debt -19,745 778EUR thousand20222021Cash 21,210 20,917Gross liabilities -40,955 -20,139Net debt -19,745 778Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt 1 Jan 2021 -21,929 -21,928 43,099 21,171Change in liabilities not involving cash flow 3,868 3,868 3,868Cash flows -22,182 18,315Acquisitions 1,202 1,202 1,202Changes in index -3,280 -3,280 -3,280Net debt 31 Dec 20210-20,139 -20,139 20,917 778Loan withdrawals -30,030 0 30,030 30,030Repayment of financial institution loans 6,781 6,781 6,781Change in liabilities not involving cash flow 4,237 4,237 4,237Cash flows 293 293Additions 130 130 130Changes in index -894 -1,040 -1,934 -1,934Net debt 31 Dec 2022 -24,144 -16,812 -40,955 21,210 -19,745The Company\u2019s net debt as of 31 Dec 2022 was EUR -19.75 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-6": {
"value": "7.22 Cash flow informationNet debt reconciliationEUR thousand20222021Cash 21,210 20,917Loans from financial institutions -24,144Lease liabilities -16,812 -20,139Net debt -19,745 778EUR thousand20222021Cash 21,210 20,917Gross liabilities -40,955 -20,139Net debt -19,745 778Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt 1 Jan 2021 -21,929 -21,928 43,099 21,171Change in liabilities not involving cash flow 3,868 3,868 3,868Cash flows -22,182 18,315Acquisitions 1,202 1,202 1,202Changes in index -3,280 -3,280 -3,280Net debt 31 Dec 20210-20,139 -20,139 20,917 778Loan withdrawals -30,030 0 30,030 30,030Repayment of financial institution loans 6,781 6,781 6,781Change in liabilities not involving cash flow 4,237 4,237 4,237Cash flows 293 293Additions 130 130 130Changes in index -894 -1,040 -1,934 -1,934Net debt 31 Dec 2022 -24,144 -16,812 -40,955 21,210 -19,745The Company\u2019s net debt as of 31 Dec 2022 was EUR -19.75 million.7.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.7.23.3 Financial institution loansAt the end of 2022, the Verkkokauppa.com group had a total of 23.8 million interest-bearing financial institution loans. EUR (0.00). The company\u2019s financial institution loans have variable interest rates. The interest to be paid is determined every six months based on the Euribor reference rate and the net debt/EBITDA ratio. The maturity of the loans is 3 years, from April 6, 2022. The capital of the loans is amortized every six months. No assets have been given as collateral for financial institution loans. The loans are subject to covenant conditions, which are determined based on the net debt/EBITDA ratio and the net debt ratio. The purpose of the taken out financial institution loans is primarily to finance investment projects related to business development and to develop ongoing business. The book values of the loans essentially correspond to the fair values of the loans, because the loans have variable interest rates and the group\u2019s risk premium has not changed substantially.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-8": {
"value": "Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt 1 Jan 2021 -21,929 -21,928 43,099 21,171Change in liabilities not involving cash flow 3,868 3,868 3,868Cash flows -22,182 18,315Acquisitions 1,202 1,202 1,202Changes in index -3,280 -3,280 -3,280Net debt 31 Dec 20210-20,139 -20,139 20,917 778Loan withdrawals -30,030 0 30,030 30,030Repayment of financial institution loans 6,781 6,781 6,781Change in liabilities not involving cash flow 4,237 4,237 4,237Cash flows 293 293Additions 130 130 130Changes in index -894 -1,040 -1,934 -1,934Net debt 31 Dec 2022 -24,144 -16,812 -40,955 21,210 -19,745The Company\u2019s net debt as of 31 Dec 2022 was EUR -19.75 million.31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, total* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-124-7": {
"value": "7.23 FundingFinancial assetsThe main financial assets of the Group are trade receivables and cash and cash equivalents.Classification and measurementOn initial recognition, the Group classifies financial assets into the following measurement categories: financial assets measured at amortized cost and financial assets measured at fair value through other comprehensive income. Classification depends on the business model used to manage financial assets and contractual terms for cash flows. Financial assets are derecognized when the right to receive contractual cash flows has expired and the significant risks and rewards of ownership of the financial asset have been transferred outside of the Company.Verkkokauppa.com Oyj has made an irrevocable decision to measure equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividends are recognized in the profit and loss account under financial income. Changes in the fair value of equity investments are presented in other comprehensive income and are not subsequently reclassified to profit or loss when the investment is derecognized. Verkkokauppa.com Oyj records changes in fair value in the fair value reserve of equity, from which they are transferred to retained earnings upon sale. Financial assets measured at amortized cost are items that are held to collect contractual cash flows and whose cash flows are solely payments of principal and interest. This category includes trade and other receivables of Verkkokauppa.com Oyj, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-124-8": {
"value": "7.23 FundingFinancial liabilitiesThe group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23 and Leases 7.15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-127-8": {
"value": "Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-9": {
"value": "7.23.1 Financial assets and liabilities by measurement category31 Dec 2022Recognized at fair value through other At amortized Lease Carrying EUR thousandcomprehensive incomecostliabilitiesamountNon-current financial assetsEquity investments (level 3) - -Trade and other receivables * - 6,012 - 6,012Non-current financial assets, total6,012-6,012Current financial assetsTrade receivables - 28,833 - 28,833Loans receivable 427Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement 56,482 - 56,482category, totalRecognized at fair value 31 Dec 2020through other compre-At amortized Lease Carrying hensive incomecostliabilitiesamountEUR thousandNon-current financial assetsEquity investments (level 3)266 - - 266Trade and other receivables *- 4,241 - 4,241Non-current financial assets, total2664,241-4,508Current financial assetsTrade receivables- 23,124 - 23,124Cash and cash equivalents- 20,917 - 20,917Current financial assets, total-44,041-44,041Financial assets by measurement 266 48,282 - 48,549category, total* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-10": {
"value": "7.23.1 Financial assets and liabilities by measurement categoryNon-current financial liabilitiesLease liabilities - - 12,334 12,334Liabilities to credit institutions 23,750Non-current financial liabilities, total - 23,750 12,334 36,084Current financial liabilitiesLease liabilities - - 4,477 4,477Liabilities to credit institutions 394Trade payables - 66,834 - 66,834Current financial liabilities, total-67, 2284,47771,705Financial liabilities by measurement - 90,978 16,812 107,789category, totalNon-current financial liabilitiesLease liabilities16,105 16,105Non-current financial liabilities, total- - 16,105 16,105- -Current financial liabilitiesLease liabilities - 4,034 4,034Trade payables - 77,609 - 77,609Current financial liabilities, total-77,6094,03481,644Financial liabilities by measurement - 77,609 16,105 97,74 9category, totalLevel 2 includes interest-bearing liabilities and derivatives and level 3 investments in unquoted shares and funds.There have been no transfers between valuation groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-142-3": {
"value": "7.23.2 Information on equity investments The Company had equity investments classified as fair value through other comprehensive income. The Company has irrevocably classified these investments in this category because they are considered strategic from a business perspective. The company has sold the equity investments it owned in 2022. The shares in question were sold in accordance with the shareholder agreement made in 2020 to the main owner of the company in question. The sale price of the shares was determined based on the calculation formula agreed in the shareholders\u2019 agreement.Determining fair valuesLevel 1: Fair values are based on quoted (unadjusted) prices of identical assets or liabilities traded on active markets.Level 2: Financial instruments are not traded on active and liquid markets, but their fair values can be calculated on the basis of market data. Level 3: Measuring of financial instruments is not based on verifiable market data, nor are other factors affecting the fair value of the instruments available or verifiable. 31 Dec 2022 31 Dec 2021EUR thousandLevel 2Level 3Level 2 Level 3Financial assetsEquity investments --266Total-266The equity investments in level 2 include shares for which the Company receives an OTC market price. The equity investments in level 3 include unquoted shares. The fair value is estimated for the shares and, if necessary, the change in fair value is recognized. Level 3 the shares were sold during 2022.Level 3 reconciliation statement EUR thousand 2022 2021Equity investments Carrying amount 1 Jan 266 266Increases - -Disposals -266 -Carrying amount 31 Dec266",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-142-4": {
"value": "7.23.2 Information on equity investments The Company had equity investments classified as fair value through other comprehensive income. The Company has irrevocably classified these investments in this category because they are considered strategic from a business perspective. The company has sold the equity investments it owned in 2022. The shares in question were sold in accordance with the shareholder agreement made in 2020 to the main owner of the company in question. The sale price of the shares was determined based on the calculation formula agreed in the shareholders\u2019 agreement.Determining fair valuesLevel 1: Fair values are based on quoted (unadjusted) prices of identical assets or liabilities traded on active markets.Level 2: Financial instruments are not traded on active and liquid markets, but their fair values can be calculated on the basis of market data. Level 3: Measuring of financial instruments is not based on verifiable market data, nor are other factors affecting the fair value of the instruments available or verifiable. 31 Dec 2022 31 Dec 2021EUR thousandLevel 2Level 3Level 2 Level 3Financial assetsEquity investments --266Total-266The equity investments in level 2 include shares for which the Company receives an OTC market price. The equity investments in level 3 include unquoted shares. The fair value is estimated for the shares and, if necessary, the change in fair value is recognized. Level 3 the shares were sold during 2022.Level 3 reconciliation statement EUR thousand 2022 2021Equity investments Carrying amount 1 Jan 266 266Increases - -Disposals -266 -Carrying amount 31 Dec266",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-8": {
"value": "7.23.3 Financial institution loansAt the end of 2022, the Verkkokauppa.com group had a total of 23.8 million interest-bearing financial institution loans. EUR (0.00). The company\u2019s financial institution loans have variable interest rates. The interest to be paid is determined every six months based on the Euribor reference rate and the net debt/EBITDA ratio. The maturity of the loans is 3 years, from April 6, 2022. The capital of the loans is amortized every six months. No assets have been given as collateral for financial institution loans. The loans are subject to covenant conditions, which are determined based on the net debt/EBITDA ratio and the net debt ratio. The purpose of the taken out financial institution loans is primarily to finance investment projects related to business development and to develop ongoing business. The book values of the loans essentially correspond to the fair values of the loans, because the loans have variable interest rates and the group\u2019s risk premium has not changed substantially.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-145-3": {
"value": "7.23.4 Financial risk managementGeneral informationIn business operations, the Group is exposed to several financial risks, of which the main financial risks are financing acquisition and liquidity risk, as well as currency and interest rate risk. The goal of the group\u2019s risk management is to minimize the harmful effects of financial market changes on the group\u2019s result. The general principles of the group\u2019s risk management are approved by the board. The Group\u2019s CFO is responsible for the practical implementation of financial risk management by identifying and evaluating risks. The group does not apply hedge accounting in accordance with IFRS 9.Funding and liquidity riskThe Group seeks to secure access to finance and sufficient liquidity. A business that generates positive cash flow and a solid management of net working capital enable an optimal capital structure and availability of financing. The Group continuously assesses and monitors the amount of financing required for the business in order to provide the Group with sufficient liquid assets to finance its operations and to pay outstanding payables. In accordance with normal seasonal fluctuations, cash flow and payables peak at the turn of the year and are at their lowest at the end of the second quarter. According to the maturity distribution, the most significant part of the debts will mature within a year, with a priority emphasis. Accounts payable are always due within less than a year because they have short payment periods. The maturities of the lease liabilities depend on the agreement and accordingly, they fall due evenly over the duration of the agreement. However, a significant part of lease contract debts matures within less than five years. The maturity of the guarantee contracts and the maximum amount of liability depend on the customer\u2019s creditworthiness and the distribution percentage applied to the guarantee contract. Maturity has spread to many counterparties. The maximum length of credit granted to an individual customer is three years.Contractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2022EUR thousand <1 year 1\u20135 years >5 years TotaFinancial institution loans 598 25,174 25,742Lease liabilities 5,248 13,501 18,749Trade payables 66,834 - - 66,834Total 72,680 38,675 111,32531 Dec 2021EUR thousand <1 year 1\u20135 years >5 years TotFinancial institution loans ----Lease liabilities5,05518,04823,103Trade payables 77,609--77,609Total82,66418,048100,712Financial institution loans include an interest period calculated according to the current interest rate.The balance sheet contains liquid assets of 12%. The Group diversifies the risk of financing (counterparty risk) by entering into various binding revolving credit facilities with large Nordic banks with solid ratings. By varying the amounts as well as the term of the revolving credit facilities, the Group manages the counterparty and maturity risk. It is also Group policy to maximize the use of cash discounts in the current interest environment.At the end of the financial year 2022, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 21,2 (20,9) million. The funds were distributed among various bank accounts.Interest rate riskThe group\u2019s income and operational cash flows are mainly independent of fluctuations in market interest rates, and thus the group\u2019s exposure to interest rate risk is mainly related to its external loans. The average annual interest rate of the group\u2019s interest-bearing debt excluding lease contract liabilities in accordance with IFRS 16 was approximately 2.3% (0.0%). The table below shows the effects on the group\u2019s profit before taxes and the effect on equity. If interest rates were to rise or fall (+/- 1.0 percentage points) and other factors remained unchanged, it would affect the group\u2019s result after taxes by EUR 250 thousand (EUR 0 thousand) for the worse or for the better. The sensitivity analysis is based on the interest rate position at the end of the reporting period.EUR thousand20222021Change +/- 1 %+/- 1%Impact on profit after tax 250 -Liquidity riskThe group aims to monitor the amount of financing required by the business by analysing sales cash flow forecasts, so that the group has enough liquid assets to finance operations and to repay maturing loans. The availability and flexibility of the group\u2019s financing is aimed at ensuring sufficient credit limit reserves, a balanced maturity distribution of loans and sufficiently long loan periods, as well as by using several financial institutions and forms of financing in the acquisition of financing. On 31 December 2022, the group had EUR 25 million (15) in the credit limit reserve, and their validity period is linked to the validity period of the financing agreement.Verkkokauppa.com agreed on April 6, 2022, to arrange financing. In the arrangement, the company agreed to 25 million loan which is reduced annually by 2.5 million EUR and the rest will be paid in April 2025. In addition, 25 million euro credit limit was agreed. The credit limit is valid for 3 years.Contingent liabilities and assets and commitmentsNo assets have been given as collateral for financial institution loans. Financial loans and credit limit agreements are subject to covenant conditions. The covenant terms determine the required net debt/EBITDA ratio and the net debt ratio. In 2022, Verkkokauppa.com has fulfilled these covenant conditions. In 2021, the company had a credit limit agreement in effect with the corresponding covenant conditions.Credit and counterparty riskCredit risks arise when a counterparty is unable to meet its contractual obligations, causing the Group to suffer a financial loss. Trade receivables and other receivables expose the Group to credit risk. The most significant credit risk relates to the Group consumer financing service. The Group\u2019s main credit risk consists of trade receivables from Group consumer financing and ordinary trade receivables from companies. The open position is larger and longer for Group-financed receivables than for conventional corporate trade receivables. As a result, the credit risk of a Group-financed is greater than that of a conventional corporate trade receivable. The rotation of trade receivables is also faster for corporate trade receivables. The Group has defined a credit policy for customer receivables with the aim of increasing profitable sales in advance, identifying and managing credit risks. The credit policy dictates the minimum principles of Verkkokauppa.com Oyj Group\u2019s credit sales and debt recovery. The credit risk is determined by the Credit Committee of the Group.The Company has credit policies in place for its own customer financing, which describe the principles of risk-taking and risk management. Furthermore, the Company has credit rules that define, among other things, the principles of making credit-granting decisions, the amount of credit limits and the measurement principles of trade receivables. The Board of Directors regularly monitors the development of customer financing. The Credit Committee is responsible for reporting on the financial risks to the Board. The risk of customer-financing receivables is not concentrated but consists of a large amount of receivables with a maximum capital of EUR 3,000. To minimize the credit risk, the customer\u2019s credit report and any credit history are checked before a credit-granting decision is made. Verkkokauppa.com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables. The credit loss allowance related to trade receivables remained unchanged EUR 0.8 (0.8) million.The counterparty risk involved with cash and cash equivalents is managed through depositing the cash and cash equivalents in accounts with large Nordic banks with solid ratings. The Group\u2019s cash and cash equivalents are fully available. The counterparty risk arising from purchasing activities is managed through using, when necessary, letters of credit as payment method, thus ensuring contractual delivery. The Group\u2019s letters of credit are documentary credits.ImpairmentThe most significant financial assets of the Group subject to the expected credit loss model required by IFRS 9 are cash and cash equivalents, traditional trade receivables from companies and the receivables from the company-financed consumer financing service. In addition, it is necessary to apply the impairment model to the financial guarantee contracts. The Group\u2019s cash and cash equivalents are deposited in accounts with solid Nordic banks and are consequently not recognized for impairment. In addition to the aforementioned financial assets, the contract assets are subject to impairment. The management of the Company monitors the development of counterparty risk. The Group recognizes a lifetime expected credit loss on trade receivables using a simplified method (matrix model). The model based on expected credit losses is anticipative, and the expected portion of credit losses is based on the amounts of historical credit losses. The historical credit loss percentage is adjusted when necessary, taking into account the macroeconomic impact on customers\u2019 ability to pay. The expected credit losses over the entire life of the receivable are calculated by multiplying the gross value of the trade receivables with the expected loss portion in all maturity classes. In addition, at each reporting date, the Company assesses whether there is further evidence of impairment of an asset, for instance due to insolvency. In these cases, the Company recognizes the impairment immediately. Impairment losses are recognized in other operating expenses in the income statement. Recoverable credit losses are recognized in other operating expenses in the income statement.The Group has defined different matrix models for standard trade receivables from corporates and for company-financed consumer financing service receivables due to their different risk characteristics. The clients of the company-financed consumer financing service are individuals. To determine the credit default rates for individual customers in the company-financed consumer financing service, the customers\u2019 historical payment behavior, the aging of receivables and their development were examined. The percentages of credit losses are regularly updated based on historical credit losses and the 12-month rolling model. The maximum exposure to credit risk corresponds to the total amount of trade receivables. The Group has not received any guarantees regarding trade receivables. Expected credit losses are recognized as reducing trade receivables. When determining the credit loss rates for corporate customers, the customer\u2019s historical payment behavior, the aging of receivables and their development were examined.Changes in expected credit losses are recognized in other operating expenses in the income statement. The total net credit losses recognized in 2022 amounted to EUR 1 319 (806) thousand. The effects of the company\u2019s net credit losses are described in the note Accounts receivable and other receivables 7.17.The currency risk of Verkkokauppa.com Oyj arises mainly from the purchase of goods, as the company has purchasing activities in several different currencies. However, the management of the Company does not consider the foreign exchange rate risk to be significant, as most purchases are made in euros. In respect of purchases made in foreign currencies, trade payables in the balance sheet are exposed to foreign exchange rate risk. In addition, the Company has advance payments in foreign currency in the balance sheet, with short open positions. Foreign exchange risk is managed from a commercial point of view through rapid inventory turnover and by seeking to transfer possible exchange rate changes into sales prices or by changing supplier. The Company does not hedge against foreign exchange rate risk. Revenue is not exposed to foreign exchange rate risk, as all revenue is generated in euros. The group has currency accounts in US dollars (USD), Hong Kong dollars (HKD) and Chinese yuan renminbi (CNY). The currency risks of foreign currency accounts relate to exchange rate differences that arise from the conversion of monetary assets to the exchange rate on the balance sheet date. Exchange rate differences of monetary assets are presented in the note Financial income and expenses 7.9.At the end of the financial year 2022, the amount of currency-denominated open trade payables amounted to EUR 1 068 (209) thousand. Exchange rate differences in accounts payable were irrelevant in 2022 and the comparison year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-146-4": {
"value": "Funding and liquidity riskThe Group seeks to secure access to finance and sufficient liquidity. A business that generates positive cash flow and a solid management of net working capital enable an optimal capital structure and availability of financing. The Group continuously assesses and monitors the amount of financing required for the business in order to provide the Group with sufficient liquid assets to finance its operations and to pay outstanding payables. In accordance with normal seasonal fluctuations, cash flow and payables peak at the turn of the year and are at their lowest at the end of the second quarter. According to the maturity distribution, the most significant part of the debts will mature within a year, with a priority emphasis. Accounts payable are always due within less than a year because they have short payment periods. The maturities of the lease liabilities depend on the agreement and accordingly, they fall due evenly over the duration of the agreement. However, a significant part of lease contract debts matures within less than five years. The maturity of the guarantee contracts and the maximum amount of liability depend on the customer\u2019s creditworthiness and the distribution percentage applied to the guarantee contract. Maturity has spread to many counterparties. The maximum length of credit granted to an individual customer is three years.Liquidity riskThe group aims to monitor the amount of financing required by the business by analysing sales cash flow forecasts, so that the group has enough liquid assets to finance operations and to repay maturing loans. The availability and flexibility of the group\u2019s financing is aimed at ensuring sufficient credit limit reserves, a balanced maturity distribution of loans and sufficiently long loan periods, as well as by using several financial institutions and forms of financing in the acquisition of financing. On 31 December 2022, the group had EUR 25 million (15) in the credit limit reserve, and their validity period is linked to the validity period of the financing agreement.Verkkokauppa.com agreed on April 6, 2022, to arrange financing. In the arrangement, the company agreed to 25 million loan which is reduced annually by 2.5 million EUR and the rest will be paid in April 2025. In addition, 25 million euro credit limit was agreed. The credit limit is valid for 3 years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-6": {
"value": "Interest rate riskThe group\u2019s income and operational cash flows are mainly independent of fluctuations in market interest rates, and thus the group\u2019s exposure to interest rate risk is mainly related to its external loans. The average annual interest rate of the group\u2019s interest-bearing debt excluding lease contract liabilities in accordance with IFRS 16 was approximately 2.3% (0.0%). The table below shows the effects on the group\u2019s profit before taxes and the effect on equity. If interest rates were to rise or fall (+/- 1.0 percentage points) and other factors remained unchanged, it would affect the group\u2019s result after taxes by EUR 250 thousand (EUR 0 thousand) for the worse or for the better. The sensitivity analysis is based on the interest rate position at the end of the reporting period.EUR thousand20222021Change +/- 1 %+/- 1%Impact on profit after tax 250 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-150-4": {
"value": "Contingent liabilities and assets and commitmentsNo assets have been given as collateral for financial institution loans. Financial loans and credit limit agreements are subject to covenant conditions. The covenant terms determine the required net debt/EBITDA ratio and the net debt ratio. In 2022, Verkkokauppa.com has fulfilled these covenant conditions. In 2021, the company had a credit limit agreement in effect with the corresponding covenant conditions.7.27 Guarantees and commitmentsEUR thousand31 Dec 202231 Dec 2021Collateral given for own commitments Guarantees 1,894 3,463Other commitments and contingent liabilities 15 9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-150-5": {
"value": "Contingent liabilities and assets and commitmentsNo assets have been given as collateral for financial institution loans. Financial loans and credit limit agreements are subject to covenant conditions. The covenant terms determine the required net debt/EBITDA ratio and the net debt ratio. In 2022, Verkkokauppa.com has fulfilled these covenant conditions. In 2021, the company had a credit limit agreement in effect with the corresponding covenant conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-151-4": {
"value": "Credit and counterparty riskCredit risks arise when a counterparty is unable to meet its contractual obligations, causing the Group to suffer a financial loss. Trade receivables and other receivables expose the Group to credit risk. The most significant credit risk relates to the Group consumer financing service. The Group\u2019s main credit risk consists of trade receivables from Group consumer financing and ordinary trade receivables from companies. The open position is larger and longer for Group-financed receivables than for conventional corporate trade receivables. As a result, the credit risk of a Group-financed is greater than that of a conventional corporate trade receivable. The rotation of trade receivables is also faster for corporate trade receivables. The Group has defined a credit policy for customer receivables with the aim of increasing profitable sales in advance, identifying and managing credit risks. The credit policy dictates the minimum principles of Verkkokauppa.com Oyj Group\u2019s credit sales and debt recovery. The credit risk is determined by the Credit Committee of the Group.The Company has credit policies in place for its own customer financing, which describe the principles of risk-taking and risk management. Furthermore, the Company has credit rules that define, among other things, the principles of making credit-granting decisions, the amount of credit limits and the measurement principles of trade receivables. The Board of Directors regularly monitors the development of customer financing. The Credit Committee is responsible for reporting on the financial risks to the Board. The risk of customer-financing receivables is not concentrated but consists of a large amount of receivables with a maximum capital of EUR 3,000. To minimize the credit risk, the customer\u2019s credit report and any credit history are checked before a credit-granting decision is made. Verkkokauppa.com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days are sold to third parties. This reduces the risk of Group receivables. The credit loss allowance related to trade receivables remained unchanged EUR 0.8 (0.8) million.The counterparty risk involved with cash and cash equivalents is managed through depositing the cash and cash equivalents in accounts with large Nordic banks with solid ratings. The Group\u2019s cash and cash equivalents are fully available. The counterparty risk arising from purchasing activities is managed through using, when necessary, letters of credit as payment method, thus ensuring contractual delivery. The Group\u2019s letters of credit are documentary credits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-159-4": {
"value": "Foreign exchange rate riskForeign exchange rate risk is the uncertainty of cash flows, profit and balance sheet resulting from changes in foreign exchange rates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-157-4": {
"value": "The currency risk of Verkkokauppa.com Oyj arises mainly from the purchase of goods, as the company has purchasing activities in several different currencies. However, the management of the Company does not consider the foreign exchange rate risk to be significant, as most purchases are made in euros. In respect of purchases made in foreign currencies, trade payables in the balance sheet are exposed to foreign exchange rate risk. In addition, the Company has advance payments in foreign currency in the balance sheet, with short open positions. Foreign exchange risk is managed from a commercial point of view through rapid inventory turnover and by seeking to transfer possible exchange rate changes into sales prices or by changing supplier. The Company does not hedge against foreign exchange rate risk. Revenue is not exposed to foreign exchange rate risk, as all revenue is generated in euros. The group has currency accounts in US dollars (USD), Hong Kong dollars (HKD) and Chinese yuan renminbi (CNY). The currency risks of foreign currency accounts relate to exchange rate differences that arise from the conversion of monetary assets to the exchange rate on the balance sheet date. Exchange rate differences of monetary assets are presented in the note Financial income and expenses 7.9.At the end of the financial year 2022, the amount of currency-denominated open trade payables amounted to EUR 1 068 (209) thousand. Exchange rate differences in accounts payable were irrelevant in 2022 and the comparison year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-5": {
"value": "7.24 Other current liabilities and accrued liabilitiesEUR thousand31 Dec 202231 Dec 2021Contract liabilities 2,186 2,128Accrued personnel expenses 7,391 7,302Other accrued liabilities 13,065 12,476Withholding tax liability 879 994VAT liability 8,569 7,596Other current liabilities and accrued 32,090 30,496liabilities, totalPayables related to contracts with customers are presented in the note on 7.2 Revenue from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-161-4": {
"value": "7.25 ProvisionsA provision is recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision represents the best estimate of the management with regard to the expenditure required to settle the obligation at the end of the reporting period. At each balance sheet date, the management assesses the amount of the provisions and updates them to reflect the best estimate at the balance sheet date. Changes in provisions are recognized in the income statement in the same line item where the original provision was recognized. Provisions have not been discounted due to the minor effect of such discounting.The provisions recognized by the Group relate to the Company\u2019s own product guarantees and the third-year warranty.A warranty reserve is recognized at the time of sale of a product based on management\u2019s estimate of the product degradation rate, which is based on historical experience. A provision for expected credit losses is recognized based on historical actuals. The profit-sharing model adopts the expected credit loss model according to IFRS 9, the principles of which are described in more detail in the note on 7.22.3 Financial risk management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-2": {
"value": "EUR thousand 2022 2021Provisions 1 Jan 896766Increases in provisions134Decreases in provisions -151-5Reversal of unused provisions --Provisions 31 Dec 745896",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-163-3": {
"value": "7.26 Transactions with related parties Verkkokauppa.com Oyj Group\u2019s related parties are considered to include the members of the Board of Directors and the CEO of Verkkokauppa.com Oyj Group and other members of the Management Team of Verkkokauppa.com Oyj Group, close family members of the aforementioned persons and controlling entities of the aforementioned persons. Transactions with related parties have been carried out under normal commercial terms. Transactions with related partiesEUR thousand20222021Sales of goods and servicesTo key management personnel and their 72 86related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 31 Dec 2022 31 Dec 2021Closing balances from purchases/sales of goods/servicesTrade receivables from key management 5 -personnel and their related partiesTrade payables to key management - -personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-163-4": {
"value": "7.26 Transactions with related parties Verkkokauppa.com Oyj Group\u2019s related parties are considered to include the members of the Board of Directors and the CEO of Verkkokauppa.com Oyj Group and other members of the Management Team of Verkkokauppa.com Oyj Group, close family members of the aforementioned persons and controlling entities of the aforementioned persons. Transactions with related parties have been carried out under normal commercial terms. Transactions with related partiesEUR thousand20222021Sales of goods and servicesTo key management personnel and their 72 86related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 31 Dec 2022 31 Dec 2021Closing balances from purchases/sales of goods/servicesTrade receivables from key management 5 -personnel and their related partiesTrade payables to key management - -personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-165-3": {
"value": "7.27 Guarantees and commitmentsEUR thousand31 Dec 202231 Dec 2021Collateral given for own commitments Guarantees 1,894 3,463Other commitments and contingent liabilities 15 9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-2": {
"value": "7.28 Subsequent eventsOn 16 January 2023, Verkkokauppa.com issued a profit warning and adjust its business to meet the declined demand. As part of the adjustment, the company streamlines its assortment and makes a write-down of EUR 1.6 million related to the inventory, which negatively impacted the Q4 and full year 2022 results. At the same time, preliminary information on the financial development of 2022 was announced.On 16 January 2023, Verkkokauppa.com launched of a profit improvement program to secure profitability, and in connection with that started change negotiations. The annualized profit improvement goal of a program was approximately EUR 10 million, of which around EUR 5-8 million is expected to be realized in 2023. The change negotiations will cover Verkkokauppa.com Oyj\u2019s entire personnel, approximately 770 employees. Possible redundancies, part-time shifts and essential changes to employment contracts apply to a maximum of 110 people. The planned measures aim to achieve annual savings of EUR 6 million in personnel costs. Of the savings, EUR 3-4 million are expected to be realized in the second half of 2023 and in full in 2024. Depending on the outcome of the negotiations, the planned restructuring is estimated to result in costs of approximately EUR 1.3 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}