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"s8_notes__6__8": {
"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 13 febryary 2024. 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 consolidated financial statements were prepared in accordance with the IFRS Accounting Standards as adopted by the European Union.The structure of the group is described in note Group structure 6.4The 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. Business transactions denominated in foreign currency have been converted during the consolidation phase of the group to denominated in the group\u2019s presentation currency at the average exchange rates of the period.. 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.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 in the local currency of each legal entity. The consolidated financial statements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the local currency using the exchange rate on the day of the transaction. Receivables and liabilities are converted into euros according to the exchange rate on the balance sheet date. Applied exchange rates are based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of the acquisition cost of foreign entity and the translation differences of post-acquisition profits and losses are recorded in other items of comprehensive income and presented separately in equity. The goodwill generated with the acquisition and the fair value adjustments made to the assets and liabilities of the foreign entity are treated as assets and liabilities of the relevant foreign entity in the local currency, which are converted into euros using the exchange rates on the end of the reporting period. If the foreign entity is sold as a whole or partly, the reported exchange rate differences are booked as part of the capital gain or loss of the transaction.\u2022 Exchange rate differences arising from normal business transaction related receivables and liabilities and related potential hedging are included in the operating profit. Exchange rate differences related to financial assets and liabilities and the result of the related hedging instruments are reported in the financial items on the income statement.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, 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 1.0 (1.5) million euros, and 0.2 (0.4) million euros was recorded as an expense for the financial year. 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 7.23.3. 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 2023. 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 Dec 2023Parent compnayVerkkokauppa.com OyjFinland Subsidiariese-ville.com Distribution OyFinland 100%Arc Distribution OyFinland 100%Digi Electronics LtdHong Kong 100%Digital Trading (Shenzhen) Co. LtdChina 100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS accounting standard, IFRIC interpretation or annual improvement or change made to IFRS accounting standards published on or after 1 January 2023 has not had a material impact on the 2023 financial statements.Nor are any IFRS accounting standards coming into effect later that would affect the Verkkokauppa.com group\u2019s result, financial position or notes in connection with their introduction known at the time of closing the accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__7-1": {
"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 13 febryary 2024. 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 consolidated financial statements were prepared in accordance with the IFRS Accounting Standards as adopted by the European Union.The structure of the group is described in note Group structure 6.4The 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. Business transactions denominated in foreign currency have been converted during the consolidation phase of the group to denominated in the group\u2019s presentation currency at the average exchange rates of the period.. 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.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 in the local currency of each legal entity. The consolidated financial statements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the local currency using the exchange rate on the day of the transaction. Receivables and liabilities are converted into euros according to the exchange rate on the balance sheet date. Applied exchange rates are based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of the acquisition cost of foreign entity and the translation differences of post-acquisition profits and losses are recorded in other items of comprehensive income and presented separately in equity. The goodwill generated with the acquisition and the fair value adjustments made to the assets and liabilities of the foreign entity are treated as assets and liabilities of the relevant foreign entity in the local currency, which are converted into euros using the exchange rates on the end of the reporting period. If the foreign entity is sold as a whole or partly, the reported exchange rate differences are booked as part of the capital gain or loss of the transaction.\u2022 Exchange rate differences arising from normal business transaction related receivables and liabilities and related potential hedging are included in the operating profit. Exchange rate differences related to financial assets and liabilities and the result of the related hedging instruments are reported in the financial items on the income statement.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, 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 1.0 (1.5) million euros, and 0.2 (0.4) million euros was recorded as an expense for the financial year. 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 7.23.3. 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 2023. 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 Dec 2023Parent compnayVerkkokauppa.com OyjFinland Subsidiariese-ville.com Distribution OyFinland 100%Arc Distribution OyFinland 100%Digi Electronics LtdHong Kong 100%Digital Trading (Shenzhen) Co. LtdChina 100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS accounting standard, IFRIC interpretation or annual improvement or change made to IFRS accounting standards published on or after 1 January 2023 has not had a material impact on the 2023 financial statements.Nor are any IFRS accounting standards coming into effect later that would affect the Verkkokauppa.com group\u2019s result, financial position or notes in connection with their introduction known at the time of closing the accounts.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 78,000 products from 24 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. 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 7.25.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 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 personnelThe key management personnel include the company\u2019s board members, CEO and members of the management team. The remuneration committee of the board prepares a reference framework for the salaries, fees and other benefits of the company\u2019s CEO and management team, and the board decides on the CEO\u2019s salaries, fees and other benefits. The chairman of the board approves the salaries, bonuses and other benefits of the management team working 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 59% 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.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 75% (2022; approximately 73%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management 7.23.37.18 Inventor yThe 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.7.21 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.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 7.23.3.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 7.24 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 7.23.3 Financial risk management.Fair value reserveThe fair value reserve is a fund that is based on equity investments measured at fair value.Foreign exchange rate riskForeign exchange rate risk means the uncertainty of cash flows, profit and balance sheet resulting from changes in foreign exchange rates.The 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__6-1": {
"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 13 febryary 2024. 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 consolidated financial statements were prepared in accordance with the IFRS Accounting Standards as adopted by the European Union.The structure of the group is described in note Group structure 6.4The 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. Business transactions denominated in foreign currency have been converted during the consolidation phase of the group to denominated in the group\u2019s presentation currency at the average exchange rates of the period.. 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.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 in the local currency of each legal entity. The consolidated financial statements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the local currency using the exchange rate on the day of the transaction. Receivables and liabilities are converted into euros according to the exchange rate on the balance sheet date. Applied exchange rates are based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of the acquisition cost of foreign entity and the translation differences of post-acquisition profits and losses are recorded in other items of comprehensive income and presented separately in equity. The goodwill generated with the acquisition and the fair value adjustments made to the assets and liabilities of the foreign entity are treated as assets and liabilities of the relevant foreign entity in the local currency, which are converted into euros using the exchange rates on the end of the reporting period. If the foreign entity is sold as a whole or partly, the reported exchange rate differences are booked as part of the capital gain or loss of the transaction.\u2022 Exchange rate differences arising from normal business transaction related receivables and liabilities and related potential hedging are included in the operating profit. Exchange rate differences related to financial assets and liabilities and the result of the related hedging instruments are reported in the financial items on the income statement.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, 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 1.0 (1.5) million euros, and 0.2 (0.4) million euros was recorded as an expense for the financial year. 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 7.23.3. 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 2023. 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 Dec 2023Parent compnayVerkkokauppa.com OyjFinland Subsidiariese-ville.com Distribution OyFinland 100%Arc Distribution OyFinland 100%Digi Electronics LtdHong Kong 100%Digital Trading (Shenzhen) Co. LtdChina 100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS accounting standard, IFRIC interpretation or annual improvement or change made to IFRS accounting standards published on or after 1 January 2023 has not had a material impact on the 2023 financial statements.Nor are any IFRS accounting standards coming into effect later that would affect the Verkkokauppa.com group\u2019s result, financial position or notes in connection with their introduction known at the time of closing the accounts.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 78,000 products from 24 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. 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 7.25.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 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 personnelThe key management personnel include the company\u2019s board members, CEO and members of the management team. The remuneration committee of the board prepares a reference framework for the salaries, fees and other benefits of the company\u2019s CEO and management team, and the board decides on the CEO\u2019s salaries, fees and other benefits. The chairman of the board approves the salaries, bonuses and other benefits of the management team working 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 59% 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.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 75% (2022; approximately 73%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management 7.23.37.18 Inventor yThe 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.7.21 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.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 7.23.3.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 7.24 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 7.23.3 Financial risk management.Fair value reserveThe fair value reserve is a fund that is based on equity investments measured at fair value.Foreign exchange rate riskForeign exchange rate risk means the uncertainty of cash flows, profit and balance sheet resulting from changes in foreign exchange rates.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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"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__5": {
"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 13 febryary 2024. 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 consolidated financial statements were prepared in accordance with the IFRS Accounting Standards as adopted by the European Union.The structure of the group is described in note Group structure 6.4The 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. Business transactions denominated in foreign currency have been converted during the consolidation phase of the group to denominated in the group\u2019s presentation currency at the average exchange rates of the period.. 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.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 in the local currency of each legal entity. The consolidated financial statements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the local currency using the exchange rate on the day of the transaction. Receivables and liabilities are converted into euros according to the exchange rate on the balance sheet date. Applied exchange rates are based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of the acquisition cost of foreign entity and the translation differences of post-acquisition profits and losses are recorded in other items of comprehensive income and presented separately in equity. The goodwill generated with the acquisition and the fair value adjustments made to the assets and liabilities of the foreign entity are treated as assets and liabilities of the relevant foreign entity in the local currency, which are converted into euros using the exchange rates on the end of the reporting period. If the foreign entity is sold as a whole or partly, the reported exchange rate differences are booked as part of the capital gain or loss of the transaction.\u2022 Exchange rate differences arising from normal business transaction related receivables and liabilities and related potential hedging are included in the operating profit. Exchange rate differences related to financial assets and liabilities and the result of the related hedging instruments are reported in the financial items on the income statement.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, 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 1.0 (1.5) million euros, and 0.2 (0.4) million euros was recorded as an expense for the financial year. 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 7.23.3. 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 2023. 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 Dec 2023Parent compnayVerkkokauppa.com OyjFinland Subsidiariese-ville.com Distribution OyFinland 100%Arc Distribution OyFinland 100%Digi Electronics LtdHong Kong 100%Digital Trading (Shenzhen) Co. LtdChina 100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS accounting standard, IFRIC interpretation or annual improvement or change made to IFRS accounting standards published on or after 1 January 2023 has not had a material impact on the 2023 financial statements.Nor are any IFRS accounting standards coming into effect later that would affect the Verkkokauppa.com group\u2019s result, financial position or notes in connection with their introduction known at the time of closing the accounts.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 78,000 products from 24 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. 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 7.25.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 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 thousand 2023 2022At a point in time 498,607 5 37,54 4Over time 4,244 5,573Revenue, total 502,852 543,117Revenue by external customer location EUR thousand 2023 2022Finland 468,363 502,991EU 29,657 25,288Rest of the world 4,832 14,837Revenue by external customer location 502,852 543,117Revenue by sales channelEUR thousand 2023 2022Customer segmentsConsumers 34 4,817.8 368,340.9Business customers 113,819.9 125,242.4Export 33,018.9 38,143.6Other 11,195.1 11,390.1Sales channelsWeb store 303,270.1 323,925.9Store 155,550.2 169,616.3Export 33,018.9 38,143.6Other 11,012.5 11,431.3Product categoriesCore categories (CE) 420,910.3 444,104.4Developing categories 67,191.8 81,502.0Other 14,602.1 17,335.5Visits to websites, (in the millions). 72.4 82.4Income 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 2023 2022Interest income recognized using effective 4,244 3,088interest rate methodOther income from company-financed customer 2,555 1,613financingRevenues from self-financed customer 6,799 4,701financing , totalContract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).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 2023 2022Lease income 266 545Other income 154 363Other operating income, total 420 9087.4 Materials and servicesEUR thousand 2023 2022Purchases during the financial year 409,890 428,548Change in inventories 12,029 14,097External services 92 19,876Materials and services, total 422,011 462,5227.5 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 thousand 2023 2022Wages and salaries 29,460 31,960Pension expenses -defined contribution plans 5,472 6,015Share-based payments 25 31Other personnel-related expenses 815 1,175Voluntary employee benefits 1,979 1,979Total employee benefits before capitalization 37,749 41,159Capitalized employee benefits for the financial yearWages and salaries -883 -724Pension expenses -defined contribution plans -4 -157Other personnel-related expenses -172 -45Capitalized employee benefits for -1,059 -926the financial yearTotal employee benefits36,69040,233The capitalized personnel costs are mainly related to the development of Verkkokauppa.com Oyj\u2019s ERP and other key systems, which is explained more in note Intangible assets 7.13.2023 2022Number of employees at the end of 677 838the 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 personnelThe key management personnel include the company\u2019s board members, CEO and members of the management team. The remuneration committee of the board prepares a reference framework for the salaries, fees and other benefits of the company\u2019s CEO and management team, and the board decides on the CEO\u2019s salaries, fees and other benefits. The chairman of the board approves the salaries, bonuses and other benefits of the management team working 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 2023 performance criteria were based on 25% of 2023 to the development of working capital 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 company\u2019s CEO and other members of the management team are entitled to a statutory pension benefit. The company has no valid additional pensions or security arrangements for the CEO or other members of the management team..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 is generally equivalent to six months\u2019 cash salary at the time the contract ends.Share-based incentivesThe company has a performance-based additional share system for the years 2023\u20132027. The system has three earning periods covering the fiscal years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The board decides each year on the start of the earning period and its details. The earning criterion for the first earning period 2023\u20132025 is the total share return (TSR).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 previous share-based incentive system, the Performance Matching Share Plan 2020\u20132022, ended on December 31, 2022 and was realized as a payment in the spring of 2023.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 remuneration2023Panu Porkka,Management 2023, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 394 1,342 1,736fringe benefitsIncentive bonus 124 174 298Statutory pension74251325Share-based paymentsShare-based payments 6 19 25Total5971,7872,384Shareholding, pcs 119,000 103,552 222,552% of shares 0.26% 0.23% 0.49%2022Panu Porkka,Management 2023, 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 payments 53 88 141Total 551 1,694 2,245Shareholding, pcs 95,000 110,250 205,250% of shares 0.21% 0.24% 0.45%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 30 March 2023 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 2023, the company transferred 50,218 (32,140) 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 thousand 2023 2022Board members, 31 Dec 2023Arja Talma, Chairman of the Board 89 89Kai Seikku, Chairman of the Audit Committee 51 51Samuli Sepp\u00e4l\u00e435 35Johan Ryding39 39Robin Bade (member since 30 Mar 2023) 30 -Kati Riikonen (member since 30 Mar 2023) 32 -Henrik Pankakoski (member since 30 Mar 2023)32 -The formerMikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) 9 35Frida Ridderstolpe (member until 30 Mar 2023) 9 35Christoffer H\u00e4ggblom (member until 14 6630 Mar 2023)Remuneration of the Board of Directors, total341350The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs 2023 2022Arja Talma, Chairman of the Board37,85323,780Kai Seikku, Chairman of the Audit Committee 157,845 150,809Samuli Sepp\u00e4l\u00e415,527,000 15,957,000Johan Ryding12,849 5,882Robin Bade (member since 30 Mar 2023) 5,347 -Kati Riikonen (member since 30 Mar 2023) 5,347 -Henrik Pankakoski (member since 30 Mar 2023)5,347 -The formerMikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) - 5,858Frida Ridderstolpe (member until 30 Mar 2023) - 5,858Christoffer H\u00e4ggblom (member until - 33,33930 Mar 2023)Number of shares, total15,751,588 16,182,526 % of shares 2023 2022Arja Talma, Chairman of the Board 0.08% 0.05%Kai Seikku, Chairman of the Audit Committee 0.35% 0.33%Samuli Sepp\u00e4l\u00e434.23% 35.18%Johan Ryding0.03% 0.01%Robin Bade (member since 30 Mar 2023) 0.01% -Kati Riikonen (member since 30 Mar 2023) 0.01% -Henrik Pankakoski (member since 30 Mar 2023)0.01% -The former ,Mikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) - 0.01%Frida Ridderstolpe (member until 30 Mar 2023) - 0.01%Christoffer H\u00e4ggblom (member until - 0.07%30 Mar 2023)% of shares, total34.72%35.68%7.7 Depreciation and amortizationEUR thousand 2023 2022Intangible assetsDevelopment costs 413 362Other intangible assets 509 125Amortization of intangible assets, total 922 487Tangible assetsMachinery and equipment 1,102 1,100Other tangible assets 123 152Depreciation of tangible assets, total 1,224 1,252Right-of-use assetsPremises and facilities 4,218 3,793Machinery and equipment 0 19Depreciation of right-of-use assets, total 4,218 3,812Depreciation and amortization, total 6,365 5,5527.8 Other operating expensesEUR thousand 2023 2022Premises maintenance and operation costs 6,794 7,101Financial transactions expenses 1,676 1,918Marketing 7,518 8,166Administrative services 16,923 15,780Other expenses 590 470Other operating expenses, total 33,500 33,434Auditor feesEUR thousand 2023 2022Statutory audit 216 155Other services 39 20Auditor fees, total 258 175The audit firm selected by the Annual General Meeting is Price-water house Coopers Oy Services other than auditing performed by PricewaterhouseCoopers Oy totaled 39 thousand euros.. 7.9 Finance income and expensesFinance incomeEUR thousand 2023 2022Interest income 331 16Finance income, total 331 16Finance costsEUR thousand 2023 2022Lease liability interest 912 1,071Other interest costs 1,138 352Other finance costs 161 212Exchange rate differences on cash and cash 62 50equivalentsFinance costs, total 2,273 1,686In 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 2023 2022Current taxes 528 399Taxes from previous financial periods 2 20Change in deferred taxes 174 -129Income taxes, total 704 291The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2023 2022Profit before income taxes 2,7 74 615Taxes calculated at the Finnish tax rate 20% 555 123Effect of tax-exempt income 2 1Effect of non-deductible expenses -11 -53Income taxes from previous accounting periods 2 20Other 22 162Unrecognized deferred tax assets from tax losses135 38Income taxes recognized in the income 704 291statement, totalThe Finnish tax rate in the financial statements of the financial years 2023 and 2022 was 20 percent.Taxes related to other comprehensive income items 2023EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity - - -investmentsOther comprehensive income - - -items of the financial year, total2022EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity 72 -14 58investmentsOther comprehensive income 72 -14 58items 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.2023 2022Earnings per share, basicProfit for the year attributable to shareholders, 2,070 324EUR thousandWeighted average number of outstanding 45,208,813 45,083,275shares, pcsBasic earnings per share, EUR0.050,01Earnings per share, dilutedProfit for the year attributable to 2,070 324the shareholders, EUR thousandPotentially dilutive shares of share-based 22,833 318,333incentive plan, pcs.Diluted weighted average number of 45,231,646 45,401,608outstanding shares, pcs.Diluted earnings per share, EUR0.050.01Further information on the number of shares is presented in the note on Equity 7. 21 .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.Details of the share-based incentive plans. The Board of Directors of Verkkokauppa.com Oyj resolved on 11th of May to establish a new share-based incentive plan for the CEO and the members of the Management Team of the company. The aim of the new plan is to align the objectives of the shareholders and the management in order to increase the value of the company in the long-term, to encourage the management to personally invest in the company\u2019s shares, to retain the target group at the company, and to offer them a competitive incentive plan in which the participants may earn shares as a reward for performance and their personal investment.The new Performance Matching Share Plan 2023\u20132027 includes three performance periods, covering financial years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The Board will decide annually on the commencement and details of a performance period. The performance criterion in the first performance period 2023\u20132025 is the Total Shareholder Return of the company\u2019s share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The prerequisite for participation in the plan and receiving the reward is that the person allocates freely transferable Verkkokauppa.com Oyj shares held by him or her to the plan or acquires the company\u2019s shares in a number determined by the Board of Directors.The rewards from the plan will be paid partly in the company\u2019s shares and partly in cash. The rewards will be paid by the end of May in the year following the end of the performance period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward to the participant. In general, no reward will be paid if a participant\u2019s employment or service in the group ends before the reward payment. The CEO is obligated to hold 50 per cent of the reward shares until the CEO\u2019s total personal shareholding in the company corresponds to the CEO\u2019s annual salary.The target group of the plan consists of nine persons (the CEO and all members of the Management Team). The gross rewards from the first performance period 2023\u20132025 correspond to the value of an approximate maximum total of 229,000 Verkkokauppa.com Oyj shares, including the proportion to be paid in cash.Previous Verkkokauppa.com\u2019s share-based incentive plan, the Performance Matching Share Plan 2020\u20132022, ended on 31 December 2022 and the payments were realized as during the fiscal year 2023.2023\u20132025 PlanGrant date11 May 2023Vesting start date1 Jan 2026Share ownership and Vesting conditions employmentPayment methodSharesShare price at grant date, EUR2.50Fair value of share at grant date, EUR*1.70 Estimated number of participants at end of vesting 89%period, %Estimate change in shares associated with the plan, %2%Number of plan participants6 * The fair value of the share at the grant date is the current value of the share less the estimated dividends to be paid out during the commitment period.Effect of share-based payments on the operating resultEUR thousand 2023 2022Expenses related to share-based payments in 25 31 the income statementTotal 25 31Effect of share-based payments on the balance sheetEUR thousand 2023 2022Recognized in equity25428Total 25 4287.13 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.Development Other intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwill TotalCost 1 Jan 2023 3,383 2,457 2,530 2,846 11,216Increases 782 0 1,259 0 2,041Disposals 0 0 0 0 0Transfers between items 3,446 -3,446 0Cost 31 Dec 2023 4,165 5,903 343 2,84613,257Accumulated amortization and impairment 1 Jan 2023 -2,986 -1,553 0 0 -4,539Accumulated amortization on disposals 0 0 0 0 0Transfers between items 0 0 0 0 0Amortization for the financial year -413 -509 0 0 -922Accumulated amortization and impairment 31 Dec 2023 -3,398 -2,062 0 0 -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796Development Other Advance payments Consolidated EUR thousandcostsintangible assetsand work in progressgoodwill TotalCost 1 Jan 2022 3,246 1,777 392 0 5,415Increases 137 680 2,137 0 2,955Business integration 2,846 2,846Disposals 0Transfers between items 0Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,74 3 -1,308 0 0 -4,051Accumulated amortization on disposals 0Transfers between items 0Amortization for the financial year -242 -245 0 0 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 0 0 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 20223979042,5302,8466,677Capitalized 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. Goodwill is allocated to cash flow generating units as follows: online store 1.4M\u20ac, stores 1.1M\u20ac and export 0.4M\u20ac. According to goodwill testing, the current value of the group of cash-generating units exceeds the book value as follows: online store \u20ac48.1M, stores \u20ac70.1M and export \u20ac5 7.8M.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.Key Assumptions3-year Residual average valueUsed discount rate - Stores 9.7% 9.7%Used discount rate - Online shop 8.8% 8.8%Used discount rate - Wholesale 9.5% 9.5%Combined revenue growth assumption 6.8% 2.0%Combined gross margin % 15.9% 16.0%Combined operating profit% assumption 2.5% 3.7%Combined investments M\u20ac3.0 3.1 According to Verkkokauppa.co\u2019s sensitivity analysis, a -1.4% percentage point change in sales margin % for one store would cause a situation where the book value of the store in question (\u20ac3.4M) would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat pos-sible changes regarding stores, online shopping or wholesale.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 thousand Landequipmentassetsand work in progress TotalCost 1 Jan 20232 13,072 3,050 812 16,936Increases- 279 4 52 335Additions, internal reorganisations - - -Disposals- -52 -52Transfers between items- 92 - -92 -Cost 31 Dec 20232 13,443 3,054 720 17, 219Accumulated depreciation 1 Jan 2023- -7,566 -2,617 - -10,183Depreciation for the financial year- -1,102 -123 - -1,224Accumulated depreciation 31 Dec 2023- -8,668 -2,740 - -11,408Carrying amount 1 Jan 2023 2 5,506 433 812 6,752Carrying amount 31 Dec 2023 2 4,775 314 720 5,811Machinery and Other tangible Advance payments EUR thousand Landequipmentassetsand work in progress TotalCost 1 Jan 20222 8,717 3,012 2,412 14,142Increases- 349 28 2,417 2 794Transfers between items- 4,006 11 -4,017 0Cost 31 Dec 20222 13,072 3,050 812 16,936,Transfers between items- -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 2022 2 2,254 546 2,412 5,214Carrying amount 31 Dec 2022 2 5,506 433 812 6,752 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 59% 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 TotalCost 1 Jan 202336,1961,62037,816Increase/decrease due to remeasurement 4,701 - 4,701Cost 31 Dec 2023 40,897 1,62042,517Accumulated depreciation 1 Jan 2023 -23,331 -1,620 -24,950Depreciation for the financial year -4,218 - -4,218Accumulated depreciation 31 Dec 2023 -27,549 -1,620-29,169Carrying amount 1 Jan 2023 12,865 0 12,866Carrying amount 31 Dec 202313,348013,349EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 2022 35,269 1,66236 931Increases 130 - 130Disposals -11 -42 -53Increase/decrease due to remeasurement 808 - 808Cost 31 Dec 2022 36,196 1,62037 816Accumulated depreciation 1 Jan 2022 -19,538 -1,616 -21 154Accumulated depreciation on disposals 0 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 202212,865012,866The remeasurements carried out in 2023 and 2022 relate to index increases in lease contracts and to renegotiated leases.Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2023 31 Dec 2022Less than one year 5,696 5,248From one to two years 11,258 9,256From three to four years 1,146 4,246Over five years - -Undiscounted lease liabilities, total 18,101 18,749Lease liabilities in the balance sheetEUR thousand 31 Dec 2023 31 Dec 2022Current lease liabilities 4,974 4,477Non-current lease liabilities 11,729 12,334Lease liabilities, total 16,702 16,812Items recognized in the income statementEUR thousand 2023 2022Depreciations on right-of-use assets 4,218 3,812Interests on lease liabilities 912 1,071Lease income from subleasing right-of-use 266545assetsExpenses related to leases of low-value assets 58 60Items recognized in the cash flow statementEUR thousand 2023 2022Total cash outflow for leases -5,723-5,3087.16 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 assetsRecognized through profit Recognized -2,558 EUR thousand 1 Jan 2023-104 - 2,662or lossin equity 31 Dec 2022Lease liabilities 3,364 -31 - 3,33232 - -74Inventories 43 Deferred tax liabilities, total -2,664 -72 - -2,73619 - 62Share-based payments 2,558 104 86 - 2,662 -86 - 0Provisions -106 32 148 0 -7453 - 202Eliminations of Group inventories 2 -0 - 2Non-deductible expenses related to the acquisition 131 -131 - 0of group companiesEarn-out costs from the conditional purchase price 83 -83 - 0Unused tax depreciation80 159 - 239Deferred tax assets, total 3,938 -101 - 3,835Netting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting 1,380 -205 - 1 174Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with -106 the acquisition of a subsidiaryNetting of deferred tax assets and liabilities Total after netting Recognized through profit Recognized EUR thousand 1 Jan 2022or lossin equity 31 Dec 2022Lease liabilities4,024 -614 3,364Inventories102 -59 - 43Share-based payments101 -16 - 86Provisions179 -30 - 148Eliminations of Group inventories2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesNon-deductible expenses related to the acquisition - 83 - 83of group companiesEarn-out costs from the conditional purchase price- -14 14 0Depreciation difference0 80 - 80Unused tax depreciation56 -56 0Deferred tax assets, total 4,462 -493 14 3,938Netting of deferred tax assets and liabilities-3,155 598 - 2,558Total after netting 1,306 105 14 1,380Change in deferred tax liabilitiesRecognized through profit Recognized in EUR thousand 1 Jan 2022 Increasesor lossequity 31 Dec 2022Leases-3,155 - 598 - -2,558Fair value adjustments made in connection with - -130 24 - -106the acquisition of a subsidiaryDeferred tax liabilities, total-3,155 -130 622 - -2,664Netting of deferred tax assets and liabilities3,155 - -598 - 2,558Total after netting 0 -130 24 - -1067.17 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 75% (2022; approximately 73%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management 7.23.3Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand 31 Dec 2023 31 Dec 2022Non-current Trade receivablesOther non-current receivables 396 397Non-current receivables, total 8,220 6,012CurrentTrade receivables37,292 28,833Contract assets 2,770 3,516Other accrued income 8,121 8,598Vat receivables 135 -Income tax receivables -1,232 -596Other receivables1,232 2,171Current receivables, total 48,319 42,522Non-current and current receivables, total 56,538 48,534Maging analysis of trade receivables 31 Dec 2023 31 Dec 2022EUR thousand Trade receivables Loss allowance Trade receivables Loss allowanceNot due 38,383 467 29,984 259Past due 1\u201360 days 7,721 586 4,942 323Past due 61\u2013120 days 111 56 211 114Past due over 121 days 133 124 155 147Total 46,348 1,232 35,291 843The bad debt allowance for trade receivables as at 31 December reconcile to opening bad debt allowance as followsEUR thousand 2023 2022Opening bad debt allowance at 1 January 843 829Increase in bad debt allowance recognized in 3,263 1,319profit or loss during yearReceivables written of during the year as -2,844 -1,251uncollectibleUnused amount reversed -30 -53Closing bad debt allowance at 31 December 1,232 843During the financial period, the Group recognized net credit losses on trade receivables totaling EUR 3,263 (1,319) 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 Inventor yThe 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 2023 31 Dec 2022Goods 62,721 74,767Total 62,721 74 767The Group has recorded a total of EUR 3.4 (4.1) 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 2022 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. In the fiscal year 2023, no corresponding write-down has been made.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.EUR thousand 31 Dec 2023 31 Dec 2022Cash in hand and at banks 31,893 21,210Total31,89321 210The 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 -677Total3,976As part of the financing of the transaction, Verkkokauppa.com\u2019s board decided to carry out a directed share issue of 1.4 million euros, in connection with which 289,402 new shares were issued.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 -12 7.9Acquired 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.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.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 203 45,083 271 45,355 100Acquisition of treasury shares - - - -Proceeds from issue of share capital - - - -Transfer of treasury shares, Board of Directors\u2019 50 -50 - -remunerationTransfer of treasury shares, share-based incentive 75 -75 - -scheme31 Dec 2023 45,209 146 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 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 20 -20 - -remunerationTransfer of treasury shares, share-based incentive 32 -32 - -scheme31 Dec 202245 083 271 45 355 100Verkkokauppa.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 2023, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 145,719 (271,257) treasury shares held by the Company. During the financial years 2022\u20132023, 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 -21.5% (-74.6%) 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 2023, the Group had revolving credit facilities totaling EUR 20 million that had not been utilized. The terms of the covenants are described in note 7.23.3 Financial risk management.EUR thousand 2023 2022Net debt -6,118 -19,745Total shareholders\u2019 equity 28,479 26,470Net debt to equity ratio -21.5% -74.6%The ratio of net liabilities to equity remained positive at 21.5%. The group\u2019s net liabilities decreased and gross assets increased in the 2023 fiscal year.DividendsDividends paid2023The company has not paid a dividend during the financial year.2022For the previous year Date of payment Dividend per share, EUR4.4.20220.0609.5.20220.06125.7.20220.0627.11. 20220.063Total dividends, EUR thousand 11,068Dividend proposedThe board\u2019s dividend distribution proposal for the annual general meeting: In order to improve the company\u2019s equity ratio, the board proposes to the 2024 general meeting that Verkkokauppa.com Oyj deviates from its dividend distribution policy, and that no dividend will be paid for the financial year 2023.7.22 Cash flow informationNet debt reconciliationEUR thousand 2023 2022Cash and cash equivalents 31,893 21,210Bank loans -21,308 -24,144Lease liabilities -16,702 -16,812Net debt -6,118 -19,745EUR thousand 2023 2022Cash 31,893 21,210Gross debt - leases -38,011 -40,955Net debt -6,118 -19,745Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt Jan 1, 20220 -20,139 -20,139 20,917 778Increase of financial loans -30,030 -30,030 -30,030Decrease of financial loans 6,781 6,781 6,781Increase in lease liabilities -130 -130 -130Decrease in lease liabilities 4,237 4,237 4,237Cash flows - 293 293Other changes -894 -779 -1,673 -1,673Net debt Dec 31, 2022-24 144 -16 812 -40 955 21 210 -19 745Increase of financial loans0 0 0Decrease of financial loans 2,836 2,836 2,836Increase in lease liabilities -4,701 -4,701 -4,701Decrease in lease liabilities 4,810 4,810 4,810Cash flows - 10,682 10,682Other changes - - - -Net debt 31 Dec 2023 -21,308 -16,702 -38,011 31,893 -6,118The Company\u2019s net debt as of 31 Dec 2023 was EUR -6.1 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 7.23.3.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 7.24 and Leases 7.15.7.23.1 Financial assets and liabilities by measurement category31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalNon-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash 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 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, 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 Financial institution loansAt the end of 2023, the Verkkokauppa.com group had a total of 21.3 million interest-bearing financial institution loans. EUR (24.1). 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. Activities in accordance with the loan covenant are reported to the lenders every six months, and the group\u2019s management monitors the fulfillment of the loan covenant regularly. In 2023, the Company has fulfilled the required covenant conditions. 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 company\u2019s net debt is primarily controlled by managing and optimizing working capital. 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.7.23.3 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 2023EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,258 1,146 - 18,101Trade payables 78,962 - - - 78,962Total 87, 217 30,008 1,146 - 118,37131.12.2022EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2 894 21 250 - - 24 144Lease liabilities 5,248 9,256 4,246 - 18,749Trade payables 66,834 - - - 66,834Total 74,975 30,506 4,246 - 109,726The balance sheet contains liquid assets of 18%. 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 2023, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 31.9 (21.2) 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 5.0% (2.3%). 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 230 thousand (EUR 250 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 thousand 2023 2022Change +/- 1% +/-1%Impact on profit after tax 230 250Liquidity 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 2023, the group had EUR 25 million (25) in the credit limit reserve, and their validity period is linked to the validity period of the financing agreement.At the end of 2023, the Verkkokauppa.com group had interest-bearing financial institution loans totaling 21.3 million. EUR (23.8), which is amortized annually by 2.5 million. euro and the rest will be paid in April 2025.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 2023, Verkkokauppa.com has fulfilled these 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 where EUR 1.2 (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 2023 amounted to EUR 3,263 (1,319) thousand. The effects of the company\u2019s net credit losses are described in the note Accounts receivable and other receivables 7.17.Foreign exchange rate riskForeign exchange rate risk means the uncertainty of cash flows, profit and balance sheet resulting from changes in foreign exchange rates. 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 2023, the amount of currency-denominated open trade payables amounted to EUR 286 (1,608) thousand. Exchange rate differences in accounts payable were irrelevant in 2023 and the comparison year.7.24 Other current liabilities and accrued liabilitiesEUR thousand 31 Dec 2023 31 Dec 2022Contract liabilities1,802 2,186Accrued personnel expenses 6,687 7,391Other accrued liabilities 10,159 13,065Withholding tax liability 759 879VAT liability9,820 8,569Other current liabilities and accrued 29,227 32,090liabilities, 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 7.23.3 Financial risk management.EUR thousand 2023 2022Provisions 1 Jan 745 896Increases in provisions 263 0Decreases in provisions 0 -151Provisions 31 Dec 1,008 7457.26 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. Information regarding the remuneration of management and the board of directors is presented in section 7.6 .Transactions with related partiesEUR thousand 2023 2022Sales of goods and servicesTo key management personnel and their 92 72related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 2023 2022Closing balances from purchases/ sales of goods/servicesTrade receivables from key management -5personnel and their related partiesTrade payables to key management 5 -personnel and their related parties7.27 Guarantees and commitmentsEUR thousand 2023 2022Collateral given for own commitmentsMortgages 27,301 27,301Guarantees 2,027 1,894Other commitments and contingent liabilities 50 15The 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 18 January 2024, the shareholders\u2019 nomination committee announced its proposals to the annual general meeting scheduled for April 4, 2024. According to the proposal, the board consists of seven members and that the following persons are elected as members of the board for a term that ends at the end of the 2025 annual general meeting. The following are proposed for re-election: Robin Bade, Henrik Pankakoski, Kati Riikonen, Samuli Sepp\u00e4l\u00e4 and Arja Talma, and Irmeli Rytk\u00f6nen and Enel Sinto are proposed as new members. The personal information of the new members proposed as board members is available on the company\u2019s investor page, at https://investors.verkkokauppa.com/fi/hallinnointi/yhtiokokous_2024.The persons proposed to be elected as board members have announced that if they are elected, they will elect Arja Talma as chairman of the board. All candidates are independent of the company and its significant shareholders, with the exception of Samuli Sepp\u00e4l\u00e4.The nomination committee proposes that no changes be made to the fees to be paid.",
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"value": "is the best-known and most-visited Finnish online retailer in the country.",
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"value": "Verkkokauppa.com Oyj Group is a public limited company, the shares of which are quoted on the official list of Nasdaq Helsinki.",
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"s8_notes__6__16": {
"value": "The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland.",
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"value": "The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland.",
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"value": "The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland.",
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"value": "The registered address of its head office is Tyynenmerenkatu 11, 00220 Helsinki, Finland.",
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"value": "The Board of Directors of the Company approved these Group financial statements for publication at its meeting on 13 febryary 2024. 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.",
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"s8_notes__6__20": {
"value": "6.2 Basis of preparationThese consolidated financial statements were prepared in accordance with the IFRS Accounting Standards as adopted by the European Union.",
"dimensions": {
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"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
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"s8_notes__6__19": {
"value": "6.2 Basis of preparationThese consolidated financial statements were prepared in accordance with the IFRS Accounting Standards as adopted by the European Union.The structure of the group is described in note Group structure 6.4The 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. Business transactions denominated in foreign currency have been converted during the consolidation phase of the group to denominated in the group\u2019s presentation currency at the average exchange rates of the period.. 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.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 in the local currency of each legal entity. The consolidated financial statements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the local currency using the exchange rate on the day of the transaction. Receivables and liabilities are converted into euros according to the exchange rate on the balance sheet date. Applied exchange rates are based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of the acquisition cost of foreign entity and the translation differences of post-acquisition profits and losses are recorded in other items of comprehensive income and presented separately in equity. The goodwill generated with the acquisition and the fair value adjustments made to the assets and liabilities of the foreign entity are treated as assets and liabilities of the relevant foreign entity in the local currency, which are converted into euros using the exchange rates on the end of the reporting period. If the foreign entity is sold as a whole or partly, the reported exchange rate differences are booked as part of the capital gain or loss of the transaction.\u2022 Exchange rate differences arising from normal business transaction related receivables and liabilities and related potential hedging are included in the operating profit. Exchange rate differences related to financial assets and liabilities and the result of the related hedging instruments are reported in the financial items on the income statement.",
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"value": "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. Business transactions denominated in foreign currency have been converted during the consolidation phase of the group to denominated in the group\u2019s presentation currency at the average exchange rates of the period.. 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.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.Exchange rate differences are treated in the reporting as following:\u2022 The group companies\u2019 results and financial position are reported in the local currency of each legal entity. The consolidated financial statements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the local currency using the exchange rate on the day of the transaction. Receivables and liabilities are converted into euros according to the exchange rate on the balance sheet date. Applied exchange rates are based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of the acquisition cost of foreign entity and the translation differences of post-acquisition profits and losses are recorded in other items of comprehensive income and presented separately in equity. The goodwill generated with the acquisition and the fair value adjustments made to the assets and liabilities of the foreign entity are treated as assets and liabilities of the relevant foreign entity in the local currency, which are converted into euros using the exchange rates on the end of the reporting period. If the foreign entity is sold as a whole or partly, the reported exchange rate differences are booked as part of the capital gain or loss of the transaction.\u2022 Exchange rate differences arising from normal business transaction related receivables and liabilities and related potential hedging are included in the operating profit. Exchange rate differences related to financial assets and liabilities and the result of the related hedging instruments are reported in the financial items on the income statement.Foreign exchange rate riskForeign exchange rate risk means the uncertainty of cash flows, profit and balance sheet resulting from changes in foreign exchange rates.",
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"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": {
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"language": "en",
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"s8_notes__6__23": {
"value": "Exchange rate differences are treated in the reporting as following:\u2022 The group companies\u2019 results and financial position are reported in the local currency of each legal entity. The consolidated financial statements are prepared and presented in euros.\u2022 Business transactions in a foreign currency are recorded in the local currency using the exchange rate on the day of the transaction. Receivables and liabilities are converted into euros according to the exchange rate on the balance sheet date. Applied exchange rates are based on official ECB exchange rates.\u2022 The translation differences arising from the elimination of the acquisition cost of foreign entity and the translation differences of post-acquisition profits and losses are recorded in other items of comprehensive income and presented separately in equity. The goodwill generated with the acquisition and the fair value adjustments made to the assets and liabilities of the foreign entity are treated as assets and liabilities of the relevant foreign entity in the local currency, which are converted into euros using the exchange rates on the end of the reporting period. If the foreign entity is sold as a whole or partly, the reported exchange rate differences are booked as part of the capital gain or loss of the transaction.\u2022 Exchange rate differences arising from normal business transaction related receivables and liabilities and related potential hedging are included in the operating profit. Exchange rate differences related to financial assets and liabilities and the result of the related hedging instruments are reported in the financial items on the income statement.",
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"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__25": {
"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, 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 1.0 (1.5) million euros, and 0.2 (0.4) million euros was recorded as an expense for the financial year. 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 7.23.3. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26": {
"value": "6.4 Group Information The table below shows the parent company and the subsidiaries belonging to the group as of 31 December 2023. 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 Dec 2023Parent compnayVerkkokauppa.com OyjFinland Subsidiariese-ville.com Distribution OyFinland 100%Arc Distribution OyFinland 100%Digi Electronics LtdHong Kong 100%Digital Trading (Shenzhen) Co. LtdChina 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28": {
"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 Dec 2023Parent compnayVerkkokauppa.com OyjFinland Subsidiariese-ville.com Distribution OyFinland 100%Arc Distribution OyFinland 100%Digi Electronics LtdHong Kong 100%Digital Trading (Shenzhen) Co. LtdChina 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27": {
"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 Dec 2023Parent compnayVerkkokauppa.com OyjFinland Subsidiariese-ville.com Distribution OyFinland 100%Arc Distribution OyFinland 100%Digi Electronics LtdHong Kong 100%Digital Trading (Shenzhen) Co. LtdChina 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31-1": {
"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 78,000 products from 24 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. 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 7.25.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 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 59% 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30-1": {
"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 78,000 products from 24 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. 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 7.25.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 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38-1": {
"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 thousand 2023 2022At a point in time 498,607 5 37,54 4Over time 4,244 5,573Revenue, total 502,852 543,117Revenue by external customer location EUR thousand 2023 2022Finland 468,363 502,991EU 29,657 25,288Rest of the world 4,832 14,837Revenue by external customer location 502,852 543,117Revenue by sales channelEUR thousand 2023 2022Customer segmentsConsumers 34 4,817.8 368,340.9Business customers 113,819.9 125,242.4Export 33,018.9 38,143.6Other 11,195.1 11,390.1Sales channelsWeb store 303,270.1 323,925.9Store 155,550.2 169,616.3Export 33,018.9 38,143.6Other 11,012.5 11,431.3Product categoriesCore categories (CE) 420,910.3 444,104.4Developing categories 67,191.8 81,502.0Other 14,602.1 17,335.5Visits to websites, (in the millions). 72.4 82.4Income 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 2023 2022Interest income recognized using effective 4,244 3,088interest rate methodOther income from company-financed customer 2,555 1,613financingRevenues from self-financed customer 6,799 4,701financing , totalContract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).EUR thousand 2023 2022Lease income 266 545Other income 154 363Other operating income, total 420 9087.8 Other operating expensesEUR thousand 2023 2022Premises maintenance and operation costs 6,794 7,101Financial transactions expenses 1,676 1,918Marketing 7,518 8,166Administrative services 16,923 15,780Other expenses 590 470Other operating expenses, total 33,500 33,434Development Other intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwill TotalCost 1 Jan 2023 3,383 2,457 2,530 2,846 11,216Increases 782 0 1,259 0 2,041Disposals 0 0 0 0 0Transfers between items 3,446 -3,446 0Cost 31 Dec 2023 4,165 5,903 343 2,84613,257Accumulated amortization and impairment 1 Jan 2023 -2,986 -1,553 0 0 -4,539Accumulated amortization on disposals 0 0 0 0 0Transfers between items 0 0 0 0 0Amortization for the financial year -413 -509 0 0 -922Accumulated amortization and impairment 31 Dec 2023 -3,398 -2,062 0 0 -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796Development Other Advance payments Consolidated EUR thousandcostsintangible assetsand work in progressgoodwill TotalCost 1 Jan 2022 3,246 1,777 392 0 5,415Increases 137 680 2,137 0 2,955Business integration 2,846 2,846Disposals 0Transfers between items 0Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,74 3 -1,308 0 0 -4,051Accumulated amortization on disposals 0Transfers between items 0Amortization for the financial year -242 -245 0 0 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 0 0 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 20223979042,5302,8466,677Capitalized 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37": {
"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 thousand 2023 2022At a point in time 498,607 5 37,54 4Over time 4,244 5,573Revenue, total 502,852 543,117Revenue by external customer location EUR thousand 2023 2022Finland 468,363 502,991EU 29,657 25,288Rest of the world 4,832 14,837Revenue by external customer location 502,852 543,117Revenue by sales channelEUR thousand 2023 2022Customer segmentsConsumers 34 4,817.8 368,340.9Business customers 113,819.9 125,242.4Export 33,018.9 38,143.6Other 11,195.1 11,390.1Sales channelsWeb store 303,270.1 323,925.9Store 155,550.2 169,616.3Export 33,018.9 38,143.6Other 11,012.5 11,431.3Product categoriesCore categories (CE) 420,910.3 444,104.4Developing categories 67,191.8 81,502.0Other 14,602.1 17,335.5Visits to websites, (in the millions). 72.4 82.4Income 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 2023 2022Interest income recognized using effective 4,244 3,088interest rate methodOther income from company-financed customer 2,555 1,613financingRevenues from self-financed customer 6,799 4,701financing , totalContract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36-1": {
"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 thousand 2023 2022At a point in time 498,607 5 37,54 4Over time 4,244 5,573Revenue, total 502,852 543,117Revenue by external customer location EUR thousand 2023 2022Finland 468,363 502,991EU 29,657 25,288Rest of the world 4,832 14,837Revenue by external customer location 502,852 543,117Revenue by sales channelEUR thousand 2023 2022Customer segmentsConsumers 34 4,817.8 368,340.9Business customers 113,819.9 125,242.4Export 33,018.9 38,143.6Other 11,195.1 11,390.1Sales channelsWeb store 303,270.1 323,925.9Store 155,550.2 169,616.3Export 33,018.9 38,143.6Other 11,012.5 11,431.3Product categoriesCore categories (CE) 420,910.3 444,104.4Developing categories 67,191.8 81,502.0Other 14,602.1 17,335.5Visits to websites, (in the millions). 72.4 82.4Income 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 2023 2022Interest income recognized using effective 4,244 3,088interest rate methodOther income from company-financed customer 2,555 1,613financingRevenues from self-financed customer 6,799 4,701financing , totalContract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).7.4 Materials and servicesEUR thousand 2023 2022Purchases during the financial year 409,890 428,548Change in inventories 12,029 14,097External services 92 19,876Materials and services, total 422,011 462,522Development Other intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwill TotalCost 1 Jan 2023 3,383 2,457 2,530 2,846 11,216Increases 782 0 1,259 0 2,041Disposals 0 0 0 0 0Transfers between items 3,446 -3,446 0Cost 31 Dec 2023 4,165 5,903 343 2,84613,257Accumulated amortization and impairment 1 Jan 2023 -2,986 -1,553 0 0 -4,539Accumulated amortization on disposals 0 0 0 0 0Transfers between items 0 0 0 0 0Amortization for the financial year -413 -509 0 0 -922Accumulated amortization and impairment 31 Dec 2023 -3,398 -2,062 0 0 -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796Development Other Advance payments Consolidated EUR thousandcostsintangible assetsand work in progressgoodwill TotalCost 1 Jan 2022 3,246 1,777 392 0 5,415Increases 137 680 2,137 0 2,955Business integration 2,846 2,846Disposals 0Transfers between items 0Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,74 3 -1,308 0 0 -4,051Accumulated amortization on disposals 0Transfers between items 0Amortization for the financial year -242 -245 0 0 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 0 0 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 20223979042,5302,8466,677Capitalized 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. Goodwill is allocated to cash flow generating units as follows: online store 1.4M\u20ac, stores 1.1M\u20ac and export 0.4M\u20ac. According to goodwill testing, the current value of the group of cash-generating units exceeds the book value as follows: online store \u20ac48.1M, stores \u20ac70.1M and export \u20ac5 7.8M.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.Key Assumptions3-year Residual average valueUsed discount rate - Stores 9.7% 9.7%Used discount rate - Online shop 8.8% 8.8%Used discount rate - Wholesale 9.5% 9.5%Combined revenue growth assumption 6.8% 2.0%Combined gross margin % 15.9% 16.0%Combined operating profit% assumption 2.5% 3.7%Combined investments M\u20ac3.0 3.1 According to Verkkokauppa.co\u2019s sensitivity analysis, a -1.4% percentage point change in sales margin % for one store would cause a situation where the book value of the store in question (\u20ac3.4M) would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat pos-sible changes regarding stores, online shopping or wholesale.7.26 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. Information regarding the remuneration of management and the board of directors is presented in section 7.6 .Transactions with related partiesEUR thousand 2023 2022Sales of goods and servicesTo key management personnel and their 92 72related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 2023 2022Closing balances from purchases/ sales of goods/servicesTrade receivables from key management -5personnel and their related partiesTrade payables to key management 5 -personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35-1": {
"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 thousand 2023 2022At a point in time 498,607 5 37,54 4Over time 4,244 5,573Revenue, total 502,852 543,117Revenue by external customer location EUR thousand 2023 2022Finland 468,363 502,991EU 29,657 25,288Rest of the world 4,832 14,837Revenue by external customer location 502,852 543,117Revenue by sales channelEUR thousand 2023 2022Customer segmentsConsumers 34 4,817.8 368,340.9Business customers 113,819.9 125,242.4Export 33,018.9 38,143.6Other 11,195.1 11,390.1Sales channelsWeb store 303,270.1 323,925.9Store 155,550.2 169,616.3Export 33,018.9 38,143.6Other 11,012.5 11,431.3Product categoriesCore categories (CE) 420,910.3 444,104.4Developing categories 67,191.8 81,502.0Other 14,602.1 17,335.5Visits to websites, (in the millions). 72.4 82.4Income 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 2023 2022Interest income recognized using effective 4,244 3,088interest rate methodOther income from company-financed customer 2,555 1,613financingRevenues from self-financed customer 6,799 4,701financing , totalContract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2023 31 Dec 2022Less than one year 5,696 5,248From one to two years 11,258 9,256From three to four years 1,146 4,246Over five years - -Undiscounted lease liabilities, total 18,101 18,749Lease liabilities in the balance sheetEUR thousand 31 Dec 2023 31 Dec 2022Current lease liabilities 4,974 4,477Non-current lease liabilities 11,729 12,334Lease liabilities, total 16,702 16,812Items recognized in the income statementEUR thousand 2023 2022Depreciations on right-of-use assets 4,218 3,812Interests on lease liabilities 912 1,071Lease income from subleasing right-of-use 266545assetsExpenses related to leases of low-value assets 58 60Items recognized in the cash flow statementEUR thousand 2023 2022Total cash outflow for leases -5,723-5,3087.23.2 Financial institution loansAt the end of 2023, the Verkkokauppa.com group had a total of 21.3 million interest-bearing financial institution loans. EUR (24.1). 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. Activities in accordance with the loan covenant are reported to the lenders every six months, and the group\u2019s management monitors the fulfillment of the loan covenant regularly. In 2023, the Company has fulfilled the required covenant conditions. 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 company\u2019s net debt is primarily controlled by managing and optimizing working capital. 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 5.0% (2.3%). 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 230 thousand (EUR 250 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 thousand 2023 2022Change +/- 1% +/-1%Impact on profit after tax 230 250",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34-1": {
"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 thousand 2023 2022At a point in time 498,607 5 37,54 4Over time 4,244 5,573Revenue, total 502,852 543,117Revenue by external customer location EUR thousand 2023 2022Finland 468,363 502,991EU 29,657 25,288Rest of the world 4,832 14,837Revenue by external customer location 502,852 543,117Revenue by sales channelEUR thousand 2023 2022Customer segmentsConsumers 34 4,817.8 368,340.9Business customers 113,819.9 125,242.4Export 33,018.9 38,143.6Other 11,195.1 11,390.1Sales channelsWeb store 303,270.1 323,925.9Store 155,550.2 169,616.3Export 33,018.9 38,143.6Other 11,012.5 11,431.3Product categoriesCore categories (CE) 420,910.3 444,104.4Developing categories 67,191.8 81,502.0Other 14,602.1 17,335.5Visits to websites, (in the millions). 72.4 82.4Income 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 2023 2022Interest income recognized using effective 4,244 3,088interest rate methodOther income from company-financed customer 2,555 1,613financingRevenues from self-financed customer 6,799 4,701financing , totalContract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2023 31 Dec 2022Less than one year 5,696 5,248From one to two years 11,258 9,256From three to four years 1,146 4,246Over five years - -Undiscounted lease liabilities, total 18,101 18,749Lease liabilities in the balance sheetEUR thousand 31 Dec 2023 31 Dec 2022Current lease liabilities 4,974 4,477Non-current lease liabilities 11,729 12,334Lease liabilities, total 16,702 16,812Items recognized in the income statementEUR thousand 2023 2022Depreciations on right-of-use assets 4,218 3,812Interests on lease liabilities 912 1,071Lease income from subleasing right-of-use 266545assetsExpenses related to leases of low-value assets 58 60Items recognized in the cash flow statementEUR thousand 2023 2022Total cash outflow for leases -5,723-5,3087.23.2 Financial institution loansAt the end of 2023, the Verkkokauppa.com group had a total of 21.3 million interest-bearing financial institution loans. EUR (24.1). 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. Activities in accordance with the loan covenant are reported to the lenders every six months, and the group\u2019s management monitors the fulfillment of the loan covenant regularly. In 2023, the Company has fulfilled the required covenant conditions. 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 company\u2019s net debt is primarily controlled by managing and optimizing working capital. 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 5.0% (2.3%). 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 230 thousand (EUR 250 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 thousand 2023 2022Change +/- 1% +/-1%Impact on profit after tax 230 250",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__33": {
"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 thousand 2023 2022At a point in time 498,607 5 37,54 4Over time 4,244 5,573Revenue, total 502,852 543,117Revenue by external customer location EUR thousand 2023 2022Finland 468,363 502,991EU 29,657 25,288Rest of the world 4,832 14,837Revenue by external customer location 502,852 543,117Revenue by sales channelEUR thousand 2023 2022Customer segmentsConsumers 34 4,817.8 368,340.9Business customers 113,819.9 125,242.4Export 33,018.9 38,143.6Other 11,195.1 11,390.1Sales channelsWeb store 303,270.1 323,925.9Store 155,550.2 169,616.3Export 33,018.9 38,143.6Other 11,012.5 11,431.3Product categoriesCore categories (CE) 420,910.3 444,104.4Developing categories 67,191.8 81,502.0Other 14,602.1 17,335.5Visits to websites, (in the millions). 72.4 82.4Income 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 2023 2022Interest income recognized using effective 4,244 3,088interest rate methodOther income from company-financed customer 2,555 1,613financingRevenues from self-financed customer 6,799 4,701financing , totalContract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).",
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},
"s8_notes__6__32": {
"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 thousand 2023 2022At a point in time 498,607 5 37,54 4Over time 4,244 5,573Revenue, total 502,852 543,117Revenue by external customer location EUR thousand 2023 2022Finland 468,363 502,991EU 29,657 25,288Rest of the world 4,832 14,837Revenue by external customer location 502,852 543,117Revenue by sales channelEUR thousand 2023 2022Customer segmentsConsumers 34 4,817.8 368,340.9Business customers 113,819.9 125,242.4Export 33,018.9 38,143.6Other 11,195.1 11,390.1Sales channelsWeb store 303,270.1 323,925.9Store 155,550.2 169,616.3Export 33,018.9 38,143.6Other 11,012.5 11,431.3Product categoriesCore categories (CE) 420,910.3 444,104.4Developing categories 67,191.8 81,502.0Other 14,602.1 17,335.5Visits to websites, (in the millions). 72.4 82.4Income 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 2023 2022Interest income recognized using effective 4,244 3,088interest rate methodOther income from company-financed customer 2,555 1,613financingRevenues from self-financed customer 6,799 4,701financing , totalContract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__39-1": {
"value": "Contract assets and liabilitiesEUR thousand 2023 2022Contract assets 1,5782,053Contract advances received 3,474 4,880Contract liabilities 1,784 2,186Assets based on contracts are related to services that have not been invoiced, but have already been produced at the time of closing the accounts, as well as an asset related to the right of return. Contractual assets related to services already provided are transferred to accounts receivable when invoiced. The billing interval depends on the customer agreement. The average billing interval is three months. There have been no significant changes in assets based on contracts between financial periods.Advances based on agreements include paid undelivered products and refunds to customer accounts. 161,061 thousand euros (178,760) have been received from advances during the accounting period.Contract 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 2023, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 1,852 thousand (1,605).7.23.1 Financial assets and liabilities by measurement category31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalNon-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash 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 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, 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.",
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"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
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"entity": "scheme:743700QZE6B52SHHTV75",
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"s8_notes__6__41-1": {
"value": "EUR thousand 2023 2022Lease income 266 545Other income 154 363Other operating income, total 420 9087.4 Materials and servicesEUR thousand 2023 2022Purchases during the financial year 409,890 428,548Change in inventories 12,029 14,097External services 92 19,876Materials and services, total 422,011 462,5227.8 Other operating expensesEUR thousand 2023 2022Premises maintenance and operation costs 6,794 7,101Financial transactions expenses 1,676 1,918Marketing 7,518 8,166Administrative services 16,923 15,780Other expenses 590 470Other operating expenses, total 33,500 33,434Auditor feesEUR thousand 2023 2022Statutory audit 216 155Other services 39 20Auditor fees, total 258 175The audit firm selected by the Annual General Meeting is Price-water house Coopers Oy Services other than auditing performed by PricewaterhouseCoopers Oy totaled 39 thousand euros..",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__42": {
"value": "EUR thousand 2023 2022Lease income 266 545Other income 154 363Other operating income, total 420 908",
"dimensions": {
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"language": "en",
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"s8_notes__6__47-1": {
"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 personnelThe key management personnel include the company\u2019s board members, CEO and members of the management team. The remuneration committee of the board prepares a reference framework for the salaries, fees and other benefits of the company\u2019s CEO and management team, and the board decides on the CEO\u2019s salaries, fees and other benefits. The chairman of the board approves the salaries, bonuses and other benefits of the management team working 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 59% 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 7.23.3.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 7.24 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 7.23.3 Financial risk management.",
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"s8_notes__6__46": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__48-1": {
"value": "EUR thousand 2023 2022Wages and salaries 29,460 31,960Pension expenses -defined contribution plans 5,472 6,015Share-based payments 25 31Other personnel-related expenses 815 1,175Voluntary employee benefits 1,979 1,979Total employee benefits before capitalization 37,749 41,159Capitalized employee benefits for the financial yearWages and salaries -883 -724Pension expenses -defined contribution plans -4 -157Other personnel-related expenses -172 -45Capitalized employee benefits for -1,059 -926the financial yearTotal employee benefits36,69040,233The capitalized personnel costs are mainly related to the development of Verkkokauppa.com Oyj\u2019s ERP and other key systems, which is explained more in note Intangible assets 7.13.2023 2022Number of employees at the end of 677 838the 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 2023 performance criteria were based on 25% of 2023 to the development of working capital 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 company\u2019s CEO and other members of the management team are entitled to a statutory pension benefit. The company has no valid additional pensions or security arrangements for the CEO or other members of the management team..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 is generally equivalent to six months\u2019 cash salary at the time the contract ends.Share-based incentivesThe company has a performance-based additional share system for the years 2023\u20132027. The system has three earning periods covering the fiscal years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The board decides each year on the start of the earning period and its details. The earning criterion for the first earning period 2023\u20132025 is the total share return (TSR).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 previous share-based incentive system, the Performance Matching Share Plan 2020\u20132022, ended on December 31, 2022 and was realized as a payment in the spring of 2023.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 remuneration2023Panu Porkka,Management 2023, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 394 1,342 1,736fringe benefitsIncentive bonus 124 174 298Statutory pension74251325Share-based paymentsShare-based payments 6 19 25Total5971,7872,384Shareholding, pcs 119,000 103,552 222,552% of shares 0.26% 0.23% 0.49%2022Panu Porkka,Management 2023, 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 payments 53 88 141Total 551 1,694 2,245Shareholding, pcs 95,000 110,250 205,250% of shares 0.21% 0.24% 0.45%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 30 March 2023 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 2023, the company transferred 50,218 (32,140) 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 thousand 2023 2022Board members, 31 Dec 2023Arja Talma, Chairman of the Board 89 89Kai Seikku, Chairman of the Audit Committee 51 51Samuli Sepp\u00e4l\u00e435 35Johan Ryding39 39Robin Bade (member since 30 Mar 2023) 30 -Kati Riikonen (member since 30 Mar 2023) 32 -Henrik Pankakoski (member since 30 Mar 2023)32 -The formerMikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) 9 35Frida Ridderstolpe (member until 30 Mar 2023) 9 35Christoffer H\u00e4ggblom (member until 14 6630 Mar 2023)Remuneration of the Board of Directors, total341350The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs 2023 2022Arja Talma, Chairman of the Board37,85323,780Kai Seikku, Chairman of the Audit Committee 157,845 150,809Samuli Sepp\u00e4l\u00e415,527,000 15,957,000Johan Ryding12,849 5,882Robin Bade (member since 30 Mar 2023) 5,347 -Kati Riikonen (member since 30 Mar 2023) 5,347 -Henrik Pankakoski (member since 30 Mar 2023)5,347 -The formerMikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) - 5,858Frida Ridderstolpe (member until 30 Mar 2023) - 5,858Christoffer H\u00e4ggblom (member until - 33,33930 Mar 2023)Number of shares, total15,751,588 16,182,526 % of shares 2023 2022Arja Talma, Chairman of the Board 0.08% 0.05%Kai Seikku, Chairman of the Audit Committee 0.35% 0.33%Samuli Sepp\u00e4l\u00e434.23% 35.18%Johan Ryding0.03% 0.01%Robin Bade (member since 30 Mar 2023) 0.01% -Kati Riikonen (member since 30 Mar 2023) 0.01% -Henrik Pankakoski (member since 30 Mar 2023)0.01% -The former ,Mikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) - 0.01%Frida Ridderstolpe (member until 30 Mar 2023) - 0.01%Christoffer H\u00e4ggblom (member until - 0.07%30 Mar 2023)% of shares, total34.72%35.68%",
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"s8_notes__6__49": {
"value": "2023 2022Number of employees at the end of 677 838the 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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"s8_notes__6__52": {
"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 2023 performance criteria were based on 25% of 2023 to the development of working capital 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 company\u2019s CEO and other members of the management team are entitled to a statutory pension benefit. The company has no valid additional pensions or security arrangements for the CEO or other members of the management team..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 is generally equivalent to six months\u2019 cash salary at the time the contract ends.Share-based incentivesThe company has a performance-based additional share system for the years 2023\u20132027. The system has three earning periods covering the fiscal years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The board decides each year on the start of the earning period and its details. The earning criterion for the first earning period 2023\u20132025 is the total share return (TSR).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 previous share-based incentive system, the Performance Matching Share Plan 2020\u20132022, ended on December 31, 2022 and was realized as a payment in the spring of 2023.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 remuneration2023Panu Porkka,Management 2023, EUR thousandCEOTeamtotalShort-term employee benefitsFixed basic salaries and 394 1,342 1,736fringe benefitsIncentive bonus 124 174 298Statutory pension74251325Share-based paymentsShare-based payments 6 19 25Total5971,7872,384Shareholding, pcs 119,000 103,552 222,552% of shares 0.26% 0.23% 0.49%2022Panu Porkka,Management 2023, 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 payments 53 88 141Total 551 1,694 2,245Shareholding, pcs 95,000 110,250 205,250% of shares 0.21% 0.24% 0.45%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 30 March 2023 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 2023, the company transferred 50,218 (32,140) 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 thousand 2023 2022Board members, 31 Dec 2023Arja Talma, Chairman of the Board 89 89Kai Seikku, Chairman of the Audit Committee 51 51Samuli Sepp\u00e4l\u00e435 35Johan Ryding39 39Robin Bade (member since 30 Mar 2023) 30 -Kati Riikonen (member since 30 Mar 2023) 32 -Henrik Pankakoski (member since 30 Mar 2023)32 -The formerMikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) 9 35Frida Ridderstolpe (member until 30 Mar 2023) 9 35Christoffer H\u00e4ggblom (member until 14 6630 Mar 2023)Remuneration of the Board of Directors, total341350The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs 2023 2022Arja Talma, Chairman of the Board37,85323,780Kai Seikku, Chairman of the Audit Committee 157,845 150,809Samuli Sepp\u00e4l\u00e415,527,000 15,957,000Johan Ryding12,849 5,882Robin Bade (member since 30 Mar 2023) 5,347 -Kati Riikonen (member since 30 Mar 2023) 5,347 -Henrik Pankakoski (member since 30 Mar 2023)5,347 -The formerMikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) - 5,858Frida Ridderstolpe (member until 30 Mar 2023) - 5,858Christoffer H\u00e4ggblom (member until - 33,33930 Mar 2023)Number of shares, total15,751,588 16,182,526 % of shares 2023 2022Arja Talma, Chairman of the Board 0.08% 0.05%Kai Seikku, Chairman of the Audit Committee 0.35% 0.33%Samuli Sepp\u00e4l\u00e434.23% 35.18%Johan Ryding0.03% 0.01%Robin Bade (member since 30 Mar 2023) 0.01% -Kati Riikonen (member since 30 Mar 2023) 0.01% -Henrik Pankakoski (member since 30 Mar 2023)0.01% -The former ,Mikko K\u00e4rkk\u00e4inen (member until 30 Mar 2023) - 0.01%Frida Ridderstolpe (member until 30 Mar 2023) - 0.01%Christoffer H\u00e4ggblom (member until - 0.07%30 Mar 2023)% of shares, total34.72%35.68%",
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"s8_notes__6__55": {
"value": "7.7 Depreciation and amortizationEUR thousand 2023 2022Intangible assetsDevelopment costs 413 362Other intangible assets 509 125Amortization of intangible assets, total 922 487Tangible assetsMachinery and equipment 1,102 1,100Other tangible assets 123 152Depreciation of tangible assets, total 1,224 1,252Right-of-use assetsPremises and facilities 4,218 3,793Machinery and equipment 0 19Depreciation of right-of-use assets, total 4,218 3,812Depreciation and amortization, total 6,365 5,552",
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"s8_notes__6__54": {
"value": "7.7 Depreciation and amortizationEUR thousand 2023 2022Intangible assetsDevelopment costs 413 362Other intangible assets 509 125Amortization of intangible assets, total 922 487Tangible assetsMachinery and equipment 1,102 1,100Other tangible assets 123 152Depreciation of tangible assets, total 1,224 1,252Right-of-use assetsPremises and facilities 4,218 3,793Machinery and equipment 0 19Depreciation of right-of-use assets, total 4,218 3,812Depreciation and amortization, total 6,365 5,552",
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"s8_notes__6__53-1": {
"value": "7.7 Depreciation and amortizationEUR thousand 2023 2022Intangible assetsDevelopment costs 413 362Other intangible assets 509 125Amortization of intangible assets, total 922 487Tangible assetsMachinery and equipment 1,102 1,100Other tangible assets 123 152Depreciation of tangible assets, total 1,224 1,252Right-of-use assetsPremises and facilities 4,218 3,793Machinery and equipment 0 19Depreciation of right-of-use assets, total 4,218 3,812Depreciation and amortization, total 6,365 5,552Development Other intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwill TotalCost 1 Jan 2023 3,383 2,457 2,530 2,846 11,216Increases 782 0 1,259 0 2,041Disposals 0 0 0 0 0Transfers between items 3,446 -3,446 0Cost 31 Dec 2023 4,165 5,903 343 2,84613,257Accumulated amortization and impairment 1 Jan 2023 -2,986 -1,553 0 0 -4,539Accumulated amortization on disposals 0 0 0 0 0Transfers between items 0 0 0 0 0Amortization for the financial year -413 -509 0 0 -922Accumulated amortization and impairment 31 Dec 2023 -3,398 -2,062 0 0 -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796Development Other Advance payments Consolidated EUR thousandcostsintangible assetsand work in progressgoodwill TotalCost 1 Jan 2022 3,246 1,777 392 0 5,415Increases 137 680 2,137 0 2,955Business integration 2,846 2,846Disposals 0Transfers between items 0Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,74 3 -1,308 0 0 -4,051Accumulated amortization on disposals 0Transfers between items 0Amortization for the financial year -242 -245 0 0 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 0 0 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 20223979042,5302,8466,677Capitalized 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.",
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"s8_notes__6__57": {
"value": "7.8 Other operating expensesEUR thousand 2023 2022Premises maintenance and operation costs 6,794 7,101Financial transactions expenses 1,676 1,918Marketing 7,518 8,166Administrative services 16,923 15,780Other expenses 590 470Other operating expenses, total 33,500 33,434Auditor feesEUR thousand 2023 2022Statutory audit 216 155Other services 39 20Auditor fees, total 258 175The audit firm selected by the Annual General Meeting is Price-water house Coopers Oy Services other than auditing performed by PricewaterhouseCoopers Oy totaled 39 thousand euros..",
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"s8_notes__6__59": {
"value": "Auditor feesEUR thousand 2023 2022Statutory audit 216 155Other services 39 20Auditor fees, total 258 175The audit firm selected by the Annual General Meeting is Price-water house Coopers Oy Services other than auditing performed by PricewaterhouseCoopers Oy totaled 39 thousand euros..",
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"s8_notes__6__62-1": {
"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2023 2022Interest income 331 16Finance income, total 331 16Finance costsEUR thousand 2023 2022Lease liability interest 912 1,071Other interest costs 1,138 352Other finance costs 161 212Exchange rate differences on cash and cash 62 50equivalentsFinance costs, total 2,273 1,686In 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 -677Total3,976As part of the financing of the transaction, Verkkokauppa.com\u2019s board decided to carry out a directed share issue of 1.4 million euros, in connection with which 289,402 new shares were issued.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 -12 7.9Acquired 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.7.23.1 Financial assets and liabilities by measurement category31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalNon-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash 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 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, 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 Financial institution loansAt the end of 2023, the Verkkokauppa.com group had a total of 21.3 million interest-bearing financial institution loans. EUR (24.1). 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. Activities in accordance with the loan covenant are reported to the lenders every six months, and the group\u2019s management monitors the fulfillment of the loan covenant regularly. In 2023, the Company has fulfilled the required covenant conditions. 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 company\u2019s net debt is primarily controlled by managing and optimizing working capital. 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.",
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"s8_notes__6__61-1": {
"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2023 2022Interest income 331 16Finance income, total 331 16Finance costsEUR thousand 2023 2022Lease liability interest 912 1,071Other interest costs 1,138 352Other finance costs 161 212Exchange rate differences on cash and cash 62 50equivalentsFinance costs, total 2,273 1,686In 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 thousand 2023 2022Cash and cash equivalents 31,893 21,210Bank loans -21,308 -24,144Lease liabilities -16,702 -16,812Net debt -6,118 -19,745EUR thousand 2023 2022Cash 31,893 21,210Gross debt - leases -38,011 -40,955Net debt -6,118 -19,745Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt Jan 1, 20220 -20,139 -20,139 20,917 778Increase of financial loans -30,030 -30,030 -30,030Decrease of financial loans 6,781 6,781 6,781Increase in lease liabilities -130 -130 -130Decrease in lease liabilities 4,237 4,237 4,237Cash flows - 293 293Other changes -894 -779 -1,673 -1,673Net debt Dec 31, 2022-24 144 -16 812 -40 955 21 210 -19 745Increase of financial loans0 0 0Decrease of financial loans 2,836 2,836 2,836Increase in lease liabilities -4,701 -4,701 -4,701Decrease in lease liabilities 4,810 4,810 4,810Cash flows - 10,682 10,682Other changes - - - -Net debt 31 Dec 2023 -21,308 -16,702 -38,011 31,893 -6,118The Company\u2019s net debt as of 31 Dec 2023 was EUR -6.1 million.7.23.1 Financial assets and liabilities by measurement category31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalNon-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash 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 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, 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 Financial institution loansAt the end of 2023, the Verkkokauppa.com group had a total of 21.3 million interest-bearing financial institution loans. EUR (24.1). 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. Activities in accordance with the loan covenant are reported to the lenders every six months, and the group\u2019s management monitors the fulfillment of the loan covenant regularly. In 2023, the Company has fulfilled the required covenant conditions. 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 company\u2019s net debt is primarily controlled by managing and optimizing working capital. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__60-1": {
"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2023 2022Interest income 331 16Finance income, total 331 16Finance costsEUR thousand 2023 2022Lease liability interest 912 1,071Other interest costs 1,138 352Other finance costs 161 212Exchange rate differences on cash and cash 62 50equivalentsFinance costs, total 2,273 1,686In 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 thousand 2023 2022Cash and cash equivalents 31,893 21,210Bank loans -21,308 -24,144Lease liabilities -16,702 -16,812Net debt -6,118 -19,745EUR thousand 2023 2022Cash 31,893 21,210Gross debt - leases -38,011 -40,955Net debt -6,118 -19,745Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt Jan 1, 20220 -20,139 -20,139 20,917 778Increase of financial loans -30,030 -30,030 -30,030Decrease of financial loans 6,781 6,781 6,781Increase in lease liabilities -130 -130 -130Decrease in lease liabilities 4,237 4,237 4,237Cash flows - 293 293Other changes -894 -779 -1,673 -1,673Net debt Dec 31, 2022-24 144 -16 812 -40 955 21 210 -19 745Increase of financial loans0 0 0Decrease of financial loans 2,836 2,836 2,836Increase in lease liabilities -4,701 -4,701 -4,701Decrease in lease liabilities 4,810 4,810 4,810Cash flows - 10,682 10,682Other changes - - - -Net debt 31 Dec 2023 -21,308 -16,702 -38,011 31,893 -6,118The Company\u2019s net debt as of 31 Dec 2023 was EUR -6.1 million.7.23.1 Financial assets and liabilities by measurement category31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalNon-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash 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 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, 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 Financial institution loansAt the end of 2023, the Verkkokauppa.com group had a total of 21.3 million interest-bearing financial institution loans. EUR (24.1). 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. Activities in accordance with the loan covenant are reported to the lenders every six months, and the group\u2019s management monitors the fulfillment of the loan covenant regularly. In 2023, the Company has fulfilled the required covenant conditions. 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 company\u2019s net debt is primarily controlled by managing and optimizing working capital. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__66-1": {
"value": "Income taxes in the income statementEUR thousand 2023 2022Current taxes 528 399Taxes from previous financial periods 2 20Change in deferred taxes 174 -129Income taxes, total 704 291The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2023 2022Profit before income taxes 2,7 74 615Taxes calculated at the Finnish tax rate 20% 555 123Effect of tax-exempt income 2 1Effect of non-deductible expenses -11 -53Income taxes from previous accounting periods 2 20Other 22 162Unrecognized deferred tax assets from tax losses135 38Income taxes recognized in the income 704 291statement, totalThe Finnish tax rate in the financial statements of the financial years 2023 and 2022 was 20 percent.Taxes related to other comprehensive income items 2023EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity - - -investmentsOther comprehensive income - - -items of the financial year, total2022EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity 72 -14 58investmentsOther comprehensive income 72 -14 58items 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 receivables37,292 28,833Contract assets 2,770 3,516Other accrued income 8,121 8,598Vat receivables 135 -Income tax receivables -1,232 -596Other receivables1,232 2,171Current receivables, total 48,319 42,522Non-current and current receivables, total 56,538 48,534",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__65": {
"value": "Income taxes in the income statementEUR thousand 2023 2022Current taxes 528 399Taxes from previous financial periods 2 20Change in deferred taxes 174 -129Income taxes, total 704 291The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2023 2022Profit before income taxes 2,7 74 615Taxes calculated at the Finnish tax rate 20% 555 123Effect of tax-exempt income 2 1Effect of non-deductible expenses -11 -53Income taxes from previous accounting periods 2 20Other 22 162Unrecognized deferred tax assets from tax losses135 38Income taxes recognized in the income 704 291statement, totalThe Finnish tax rate in the financial statements of the financial years 2023 and 2022 was 20 percent.Taxes related to other comprehensive income items 2023EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity - - -investmentsOther comprehensive income - - -items of the financial year, total2022EUR thousand Before taxes Tax effect After taxesChanges in fair values of equity 72 -14 58investmentsOther comprehensive income 72 -14 58items 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__67": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "2023 2022Earnings per share, basicProfit for the year attributable to shareholders, 2,070 324EUR thousandWeighted average number of outstanding 45,208,813 45,083,275shares, pcsBasic earnings per share, EUR0.050,01Earnings per share, dilutedProfit for the year attributable to 2,070 324the shareholders, EUR thousandPotentially dilutive shares of share-based 22,833 318,333incentive plan, pcs.Diluted weighted average number of 45,231,646 45,401,608outstanding shares, pcs.Diluted earnings per share, EUR0.050.01Further information on the number of shares is presented in the note on Equity 7. 21 .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__73-1": {
"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.Details of the share-based incentive plans. The Board of Directors of Verkkokauppa.com Oyj resolved on 11th of May to establish a new share-based incentive plan for the CEO and the members of the Management Team of the company. The aim of the new plan is to align the objectives of the shareholders and the management in order to increase the value of the company in the long-term, to encourage the management to personally invest in the company\u2019s shares, to retain the target group at the company, and to offer them a competitive incentive plan in which the participants may earn shares as a reward for performance and their personal investment.The new Performance Matching Share Plan 2023\u20132027 includes three performance periods, covering financial years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The Board will decide annually on the commencement and details of a performance period. The performance criterion in the first performance period 2023\u20132025 is the Total Shareholder Return of the company\u2019s share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The prerequisite for participation in the plan and receiving the reward is that the person allocates freely transferable Verkkokauppa.com Oyj shares held by him or her to the plan or acquires the company\u2019s shares in a number determined by the Board of Directors.The rewards from the plan will be paid partly in the company\u2019s shares and partly in cash. The rewards will be paid by the end of May in the year following the end of the performance period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward to the participant. In general, no reward will be paid if a participant\u2019s employment or service in the group ends before the reward payment. The CEO is obligated to hold 50 per cent of the reward shares until the CEO\u2019s total personal shareholding in the company corresponds to the CEO\u2019s annual salary.The target group of the plan consists of nine persons (the CEO and all members of the Management Team). The gross rewards from the first performance period 2023\u20132025 correspond to the value of an approximate maximum total of 229,000 Verkkokauppa.com Oyj shares, including the proportion to be paid in cash.Previous Verkkokauppa.com\u2019s share-based incentive plan, the Performance Matching Share Plan 2020\u20132022, ended on 31 December 2022 and the payments were realized as during the fiscal year 2023.2023\u20132025 PlanGrant date11 May 2023Vesting start date1 Jan 2026Share ownership and Vesting conditions employmentPayment methodSharesShare price at grant date, EUR2.50Fair value of share at grant date, EUR*1.70 Estimated number of participants at end of vesting 89%period, %Estimate change in shares associated with the plan, %2%Number of plan participants6 * The fair value of the share at the grant date is the current value of the share less the estimated dividends to be paid out during the commitment period.Effect of share-based payments on the operating resultEUR thousand 2023 2022Expenses related to share-based payments in 25 31 the income statementTotal 25 31Effect of share-based payments on the balance sheetEUR thousand 2023 2022Recognized in equity25428Total 25 428Share 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 203 45,083 271 45,355 100Acquisition of treasury shares - - - -Proceeds from issue of share capital - - - -Transfer of treasury shares, Board of Directors\u2019 50 -50 - -remunerationTransfer of treasury shares, share-based incentive 75 -75 - -scheme31 Dec 2023 45,209 146 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 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 20 -20 - -remunerationTransfer of treasury shares, share-based incentive 32 -32 - -scheme31 Dec 202245 083 271 45 355 100Verkkokauppa.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 2023, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 145,719 (271,257) treasury shares held by the Company. During the financial years 2022\u20132023, the company has not acquired its own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71-1": {
"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 7.23.3.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 7.24 and Leases 7.15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__69": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "Details of the share-based incentive plans. The Board of Directors of Verkkokauppa.com Oyj resolved on 11th of May to establish a new share-based incentive plan for the CEO and the members of the Management Team of the company. The aim of the new plan is to align the objectives of the shareholders and the management in order to increase the value of the company in the long-term, to encourage the management to personally invest in the company\u2019s shares, to retain the target group at the company, and to offer them a competitive incentive plan in which the participants may earn shares as a reward for performance and their personal investment.The new Performance Matching Share Plan 2023\u20132027 includes three performance periods, covering financial years 2023\u20132025, 2024\u20132026 and 2025\u20132027. The Board will decide annually on the commencement and details of a performance period. The performance criterion in the first performance period 2023\u20132025 is the Total Shareholder Return of the company\u2019s share (TSR). The achievement of the required TSR levels will determine the proportion out of the maximum reward that will be paid to a participant. The prerequisite for participation in the plan and receiving the reward is that the person allocates freely transferable Verkkokauppa.com Oyj shares held by him or her to the plan or acquires the company\u2019s shares in a number determined by the Board of Directors.The rewards from the plan will be paid partly in the company\u2019s shares and partly in cash. The rewards will be paid by the end of May in the year following the end of the performance period. The cash proportion is intended for covering taxes and tax-related costs arising from the reward to the participant. In general, no reward will be paid if a participant\u2019s employment or service in the group ends before the reward payment. The CEO is obligated to hold 50 per cent of the reward shares until the CEO\u2019s total personal shareholding in the company corresponds to the CEO\u2019s annual salary.The target group of the plan consists of nine persons (the CEO and all members of the Management Team). The gross rewards from the first performance period 2023\u20132025 correspond to the value of an approximate maximum total of 229,000 Verkkokauppa.com Oyj shares, including the proportion to be paid in cash.Previous Verkkokauppa.com\u2019s share-based incentive plan, the Performance Matching Share Plan 2020\u20132022, ended on 31 December 2022 and the payments were realized as during the fiscal year 2023.2023\u20132025 PlanGrant date11 May 2023Vesting start date1 Jan 2026Share ownership and Vesting conditions employmentPayment methodSharesShare price at grant date, EUR2.50Fair value of share at grant date, EUR*1.70 Estimated number of participants at end of vesting 89%period, %Estimate change in shares associated with the plan, %2%Number of plan participants6 * The fair value of the share at the grant date is the current value of the share less the estimated dividends to be paid out during the commitment period.Effect of share-based payments on the operating resultEUR thousand 2023 2022Expenses related to share-based payments in 25 31 the income statementTotal 25 31Effect of share-based payments on the balance sheetEUR thousand 2023 2022Recognized in equity25428Total 25 428",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__78-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__77-1": {
"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 75% (2022; approximately 73%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management 7.23.37.18 Inventor yThe 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 7.23.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__75-1": {
"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 59% 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__81": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__80-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__79": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__83": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__90": {
"value": "Development Other intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwill TotalCost 1 Jan 2023 3,383 2,457 2,530 2,846 11,216Increases 782 0 1,259 0 2,041Disposals 0 0 0 0 0Transfers between items 3,446 -3,446 0Cost 31 Dec 2023 4,165 5,903 343 2,84613,257Accumulated amortization and impairment 1 Jan 2023 -2,986 -1,553 0 0 -4,539Accumulated amortization on disposals 0 0 0 0 0Transfers between items 0 0 0 0 0Amortization for the financial year -413 -509 0 0 -922Accumulated amortization and impairment 31 Dec 2023 -3,398 -2,062 0 0 -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796Development Other Advance payments Consolidated EUR thousandcostsintangible assetsand work in progressgoodwill TotalCost 1 Jan 2022 3,246 1,777 392 0 5,415Increases 137 680 2,137 0 2,955Business integration 2,846 2,846Disposals 0Transfers between items 0Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,74 3 -1,308 0 0 -4,051Accumulated amortization on disposals 0Transfers between items 0Amortization for the financial year -242 -245 0 0 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 0 0 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 20223979042,5302,8466,677Capitalized 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__87-1": {
"value": "Development Other intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwill TotalCost 1 Jan 2023 3,383 2,457 2,530 2,846 11,216Increases 782 0 1,259 0 2,041Disposals 0 0 0 0 0Transfers between items 3,446 -3,446 0Cost 31 Dec 2023 4,165 5,903 343 2,84613,257Accumulated amortization and impairment 1 Jan 2023 -2,986 -1,553 0 0 -4,539Accumulated amortization on disposals 0 0 0 0 0Transfers between items 0 0 0 0 0Amortization for the financial year -413 -509 0 0 -922Accumulated amortization and impairment 31 Dec 2023 -3,398 -2,062 0 0 -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796Development Other Advance payments Consolidated EUR thousandcostsintangible assetsand work in progressgoodwill TotalCost 1 Jan 2022 3,246 1,777 392 0 5,415Increases 137 680 2,137 0 2,955Business integration 2,846 2,846Disposals 0Transfers between items 0Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,74 3 -1,308 0 0 -4,051Accumulated amortization on disposals 0Transfers between items 0Amortization for the financial year -242 -245 0 0 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 0 0 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 20223979042,5302,8466,677Capitalized 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. Goodwill is allocated to cash flow generating units as follows: online store 1.4M\u20ac, stores 1.1M\u20ac and export 0.4M\u20ac. According to goodwill testing, the current value of the group of cash-generating units exceeds the book value as follows: online store \u20ac48.1M, stores \u20ac70.1M and export \u20ac5 7.8M.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.Key Assumptions3-year Residual average valueUsed discount rate - Stores 9.7% 9.7%Used discount rate - Online shop 8.8% 8.8%Used discount rate - Wholesale 9.5% 9.5%Combined revenue growth assumption 6.8% 2.0%Combined gross margin % 15.9% 16.0%Combined operating profit% assumption 2.5% 3.7%Combined investments M\u20ac3.0 3.1 According to Verkkokauppa.co\u2019s sensitivity analysis, a -1.4% percentage point change in sales margin % for one store would cause a situation where the book value of the store in question (\u20ac3.4M) would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat pos-sible changes regarding stores, online shopping or wholesale.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 -12 7.9Acquired 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__86-1": {
"value": "Development Other intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwill TotalCost 1 Jan 2023 3,383 2,457 2,530 2,846 11,216Increases 782 0 1,259 0 2,041Disposals 0 0 0 0 0Transfers between items 3,446 -3,446 0Cost 31 Dec 2023 4,165 5,903 343 2,84613,257Accumulated amortization and impairment 1 Jan 2023 -2,986 -1,553 0 0 -4,539Accumulated amortization on disposals 0 0 0 0 0Transfers between items 0 0 0 0 0Amortization for the financial year -413 -509 0 0 -922Accumulated amortization and impairment 31 Dec 2023 -3,398 -2,062 0 0 -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796Development Other Advance payments Consolidated EUR thousandcostsintangible assetsand work in progressgoodwill TotalCost 1 Jan 2022 3,246 1,777 392 0 5,415Increases 137 680 2,137 0 2,955Business integration 2,846 2,846Disposals 0Transfers between items 0Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,74 3 -1,308 0 0 -4,051Accumulated amortization on disposals 0Transfers between items 0Amortization for the financial year -242 -245 0 0 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 0 0 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 20223979042,5302,8466,677Capitalized 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 -12 7.9Acquired 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__84-1": {
"value": "Development Other intangible Advance payments Consolidated EUR thousand costsassetsand work in progressgoodwill TotalCost 1 Jan 2023 3,383 2,457 2,530 2,846 11,216Increases 782 0 1,259 0 2,041Disposals 0 0 0 0 0Transfers between items 3,446 -3,446 0Cost 31 Dec 2023 4,165 5,903 343 2,84613,257Accumulated amortization and impairment 1 Jan 2023 -2,986 -1,553 0 0 -4,539Accumulated amortization on disposals 0 0 0 0 0Transfers between items 0 0 0 0 0Amortization for the financial year -413 -509 0 0 -922Accumulated amortization and impairment 31 Dec 2023 -3,398 -2,062 0 0 -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796Development Other Advance payments Consolidated EUR thousandcostsintangible assetsand work in progressgoodwill TotalCost 1 Jan 2022 3,246 1,777 392 0 5,415Increases 137 680 2,137 0 2,955Business integration 2,846 2,846Disposals 0Transfers between items 0Cost 31 Dec 2022 3,383 2,457 2,530 2,846 11,216Accumulated amortization and impairment 1 Jan 2022 -2,74 3 -1,308 0 0 -4,051Accumulated amortization on disposals 0Transfers between items 0Amortization for the financial year -242 -245 0 0 -487Accumulated amortization and impairment 31 Dec 2022 -2,986 -1,553 0 0 -4,539Carrying amount 1 Jan 2022 502 469 392 1,364Carrying amount 31 Dec 20223979042,5302,8466,677Capitalized 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. Goodwill is allocated to cash flow generating units as follows: online store 1.4M\u20ac, stores 1.1M\u20ac and export 0.4M\u20ac. According to goodwill testing, the current value of the group of cash-generating units exceeds the book value as follows: online store \u20ac48.1M, stores \u20ac70.1M and export \u20ac5 7.8M.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.Key Assumptions3-year Residual average valueUsed discount rate - Stores 9.7% 9.7%Used discount rate - Online shop 8.8% 8.8%Used discount rate - Wholesale 9.5% 9.5%Combined revenue growth assumption 6.8% 2.0%Combined gross margin % 15.9% 16.0%Combined operating profit% assumption 2.5% 3.7%Combined investments M\u20ac3.0 3.1 According to Verkkokauppa.co\u2019s sensitivity analysis, a -1.4% percentage point change in sales margin % for one store would cause a situation where the book value of the store in question (\u20ac3.4M) would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat pos-sible changes regarding stores, online shopping or wholesale.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 -12 7.9Acquired 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__91-1": {
"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. Goodwill is allocated to cash flow generating units as follows: online store 1.4M\u20ac, stores 1.1M\u20ac and export 0.4M\u20ac. According to goodwill testing, the current value of the group of cash-generating units exceeds the book value as follows: online store \u20ac48.1M, stores \u20ac70.1M and export \u20ac5 7.8M.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.Key Assumptions3-year Residual average valueUsed discount rate - Stores 9.7% 9.7%Used discount rate - Online shop 8.8% 8.8%Used discount rate - Wholesale 9.5% 9.5%Combined revenue growth assumption 6.8% 2.0%Combined gross margin % 15.9% 16.0%Combined operating profit% assumption 2.5% 3.7%Combined investments M\u20ac3.0 3.1 According to Verkkokauppa.co\u2019s sensitivity analysis, a -1.4% percentage point change in sales margin % for one store would cause a situation where the book value of the store in question (\u20ac3.4M) would exceed the recoverable amount. In other key assumptions, a similar situation was not observed in somewhat pos-sible changes regarding stores, online shopping or wholesale.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 2023 amounted to EUR 3,263 (1,319) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__93": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__98": {
"value": "Machinery and Other tangible Advance payments EUR thousand Landequipmentassetsand work in progress TotalCost 1 Jan 20232 13,072 3,050 812 16,936Increases- 279 4 52 335Additions, internal reorganisations - - -Disposals- -52 -52Transfers between items- 92 - -92 -Cost 31 Dec 20232 13,443 3,054 720 17, 219Accumulated depreciation 1 Jan 2023- -7,566 -2,617 - -10,183Depreciation for the financial year- -1,102 -123 - -1,224Accumulated depreciation 31 Dec 2023- -8,668 -2,740 - -11,408Carrying amount 1 Jan 2023 2 5,506 433 812 6,752Carrying amount 31 Dec 2023 2 4,775 314 720 5,811Machinery and Other tangible Advance payments EUR thousand Landequipmentassetsand work in progress TotalCost 1 Jan 20222 8,717 3,012 2,412 14,142Increases- 349 28 2,417 2 794Transfers between items- 4,006 11 -4,017 0Cost 31 Dec 20222 13,072 3,050 812 16,936,Transfers between items- -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 2022 2 2,254 546 2,412 5,214Carrying amount 31 Dec 2022 2 5,506 433 812 6,752 The company has no investment commitments in relation to tangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__104-1": {
"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 59% 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 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 7.23.3.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 7.24 and Leases 7.15.The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__102-1": {
"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 59% 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 75% (2022; approximately 73%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management 7.23.37.19 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 7.23.3.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 7.24 and Leases 7.15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__99-1": {
"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 59% 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__110": {
"value": "Right-of-use assetsEUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 202336,1961,62037,816Increase/decrease due to remeasurement 4,701 - 4,701Cost 31 Dec 2023 40,897 1,62042,517Accumulated depreciation 1 Jan 2023 -23,331 -1,620 -24,950Depreciation for the financial year -4,218 - -4,218Accumulated depreciation 31 Dec 2023 -27,549 -1,620-29,169Carrying amount 1 Jan 2023 12,865 0 12,866Carrying amount 31 Dec 202313,348013,349EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 2022 35,269 1,66236 931Increases 130 - 130Disposals -11 -42 -53Increase/decrease due to remeasurement 808 - 808Cost 31 Dec 2022 36,196 1,62037 816Accumulated depreciation 1 Jan 2022 -19,538 -1,616 -21 154Accumulated depreciation on disposals 0 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 202212,865012,866The remeasurements carried out in 2023 and 2022 relate to index increases in lease contracts and to renegotiated leases.Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2023 31 Dec 2022Less than one year 5,696 5,248From one to two years 11,258 9,256From three to four years 1,146 4,246Over five years - -Undiscounted lease liabilities, total 18,101 18,749Lease liabilities in the balance sheetEUR thousand 31 Dec 2023 31 Dec 2022Current lease liabilities 4,974 4,477Non-current lease liabilities 11,729 12,334Lease liabilities, total 16,702 16,812Items recognized in the income statementEUR thousand 2023 2022Depreciations on right-of-use assets 4,218 3,812Interests on lease liabilities 912 1,071Lease income from subleasing right-of-use 266545assetsExpenses related to leases of low-value assets 58 60Items recognized in the cash flow statementEUR thousand 2023 2022Total cash outflow for leases -5,723-5,308",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__109-1": {
"value": "Right-of-use assetsEUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 202336,1961,62037,816Increase/decrease due to remeasurement 4,701 - 4,701Cost 31 Dec 2023 40,897 1,62042,517Accumulated depreciation 1 Jan 2023 -23,331 -1,620 -24,950Depreciation for the financial year -4,218 - -4,218Accumulated depreciation 31 Dec 2023 -27,549 -1,620-29,169Carrying amount 1 Jan 2023 12,865 0 12,866Carrying amount 31 Dec 202313,348013,349EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 2022 35,269 1,66236 931Increases 130 - 130Disposals -11 -42 -53Increase/decrease due to remeasurement 808 - 808Cost 31 Dec 2022 36,196 1,62037 816Accumulated depreciation 1 Jan 2022 -19,538 -1,616 -21 154Accumulated depreciation on disposals 0 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 202212,865012,866The remeasurements carried out in 2023 and 2022 relate to index increases in lease contracts and to renegotiated leases.Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2023 31 Dec 2022Less than one year 5,696 5,248From one to two years 11,258 9,256From three to four years 1,146 4,246Over five years - -Undiscounted lease liabilities, total 18,101 18,749Lease liabilities in the balance sheetEUR thousand 31 Dec 2023 31 Dec 2022Current lease liabilities 4,974 4,477Non-current lease liabilities 11,729 12,334Lease liabilities, total 16,702 16,812Items recognized in the income statementEUR thousand 2023 2022Depreciations on right-of-use assets 4,218 3,812Interests on lease liabilities 912 1,071Lease income from subleasing right-of-use 266545assetsExpenses related to leases of low-value assets 58 60Items recognized in the cash flow statementEUR thousand 2023 2022Total cash outflow for leases -5,723-5,308 Change in deferred tax assetsRecognized through profit Recognized -2,558 EUR thousand 1 Jan 2023-104 - 2,662or lossin equity 31 Dec 2022Lease liabilities 3,364 -31 - 3,33232 - -74Inventories 43 Deferred tax liabilities, total -2,664 -72 - -2,73619 - 62Share-based payments 2,558 104 86 - 2,662 -86 - 0Provisions -106 32 148 0 -7453 - 202Eliminations of Group inventories 2 -0 - 2Non-deductible expenses related to the acquisition 131 -131 - 0of group companiesEarn-out costs from the conditional purchase price 83 -83 - 0Unused tax depreciation80 159 - 239Deferred tax assets, total 3,938 -101 - 3,835Netting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting 1,380 -205 - 1 174Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with -106 the acquisition of a subsidiaryNetting of deferred tax assets and liabilities Total after netting Recognized through profit Recognized EUR thousand 1 Jan 2022or lossin equity 31 Dec 2022Lease liabilities4,024 -614 3,364Inventories102 -59 - 43Share-based payments101 -16 - 86Provisions179 -30 - 148Eliminations of Group inventories2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesNon-deductible expenses related to the acquisition - 83 - 83of group companiesEarn-out costs from the conditional purchase price- -14 14 0Depreciation difference0 80 - 80Unused tax depreciation56 -56 0Deferred tax assets, total 4,462 -493 14 3,938Netting of deferred tax assets and liabilities-3,155 598 - 2,558Total after netting 1,306 105 14 1,380Change in deferred tax liabilitiesRecognized through profit Recognized in EUR thousand 1 Jan 2022 Increasesor lossequity 31 Dec 2022Leases-3,155 - 598 - -2,558Fair value adjustments made in connection with - -130 24 - -106the acquisition of a subsidiaryDeferred tax liabilities, total-3,155 -130 622 - -2,664Netting of deferred tax assets and liabilities3,155 - -598 - 2,558Total after netting 0 -130 24 - -106Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand 31 Dec 2023 31 Dec 2022Non-current Trade receivablesOther non-current receivables 396 397Non-current receivables, total 8,220 6,012CurrentTrade receivables37,292 28,833Contract assets 2,770 3,516Other accrued income 8,121 8,598Vat receivables 135 -Income tax receivables -1,232 -596Other receivables1,232 2,171Current receivables, total 48,319 42,522Non-current and current receivables, total 56,538 48,534Maging analysis of trade receivables 31 Dec 2023 31 Dec 2022EUR thousand Trade receivables Loss allowance Trade receivables Loss allowanceNot due 38,383 467 29,984 259Past due 1\u201360 days 7,721 586 4,942 323Past due 61\u2013120 days 111 56 211 114Past due over 121 days 133 124 155 147Total 46,348 1,232 35,291 843The bad debt allowance for trade receivables as at 31 December reconcile to opening bad debt allowance as followsEUR thousand 2023 2022Opening bad debt allowance at 1 January 843 829Increase in bad debt allowance recognized in 3,263 1,319profit or loss during yearReceivables written of during the year as -2,844 -1,251uncollectibleUnused amount reversed -30 -53Closing bad debt allowance at 31 December 1,232 843During the financial period, the Group recognized net credit losses on trade receivables totaling EUR 3,263 (1,319) 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 2023 31 Dec 2022Cash in hand and at banks 31,893 21,210Total31,89321 210The Company\u2019s cash assets were fully available at the balance sheet date.7.22 Cash flow informationNet debt reconciliationEUR thousand 2023 2022Cash and cash equivalents 31,893 21,210Bank loans -21,308 -24,144Lease liabilities -16,702 -16,812Net debt -6,118 -19,745EUR thousand 2023 2022Cash 31,893 21,210Gross debt - leases -38,011 -40,955Net debt -6,118 -19,745Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt Jan 1, 20220 -20,139 -20,139 20,917 778Increase of financial loans -30,030 -30,030 -30,030Decrease of financial loans 6,781 6,781 6,781Increase in lease liabilities -130 -130 -130Decrease in lease liabilities 4,237 4,237 4,237Cash flows - 293 293Other changes -894 -779 -1,673 -1,673Net debt Dec 31, 2022-24 144 -16 812 -40 955 21 210 -19 745Increase of financial loans0 0 0Decrease of financial loans 2,836 2,836 2,836Increase in lease liabilities -4,701 -4,701 -4,701Decrease in lease liabilities 4,810 4,810 4,810Cash flows - 10,682 10,682Other changes - - - -Net debt 31 Dec 2023 -21,308 -16,702 -38,011 31,893 -6,118The Company\u2019s net debt as of 31 Dec 2023 was EUR -6.1 million.7.23.1 Financial assets and liabilities by measurement category31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalNon-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash 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 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, 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 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 2023EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,258 1,146 - 18,101Trade payables 78,962 - - - 78,962Total 87, 217 30,008 1,146 - 118,37131.12.2022EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2 894 21 250 - - 24 144Lease liabilities 5,248 9,256 4,246 - 18,749Trade payables 66,834 - - - 66,834Total 74,975 30,506 4,246 - 109,726The balance sheet contains liquid assets of 18%. 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 2023, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 31.9 (21.2) 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 5.0% (2.3%). 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 230 thousand (EUR 250 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 thousand 2023 2022Change +/- 1% +/-1%Impact on profit after tax 230 250Liquidity 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 2023, the group had EUR 25 million (25) in the credit limit reserve, and their validity period is linked to the validity period of the financing agreement.At the end of 2023, the Verkkokauppa.com group had interest-bearing financial institution loans totaling 21.3 million. EUR (23.8), which is amortized annually by 2.5 million. euro and the rest will be paid in April 2025.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 2023, Verkkokauppa.com has fulfilled these 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 where EUR 1.2 (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 2023 amounted to EUR 3,263 (1,319) 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 2023, the amount of currency-denominated open trade payables amounted to EUR 286 (1,608) thousand. Exchange rate differences in accounts payable were irrelevant in 2023 and the comparison year.7.24 Other current liabilities and accrued liabilitiesEUR thousand 31 Dec 2023 31 Dec 2022Contract liabilities1,802 2,186Accrued personnel expenses 6,687 7,391Other accrued liabilities 10,159 13,065Withholding tax liability 759 879VAT liability9,820 8,569Other current liabilities and accrued 29,227 32,090liabilities, totalPayables related to contracts with customers are presented in the note on 7.2 Revenue from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__114-1": {
"value": "Lease liabilities in the balance sheetEUR thousand 31 Dec 2023 31 Dec 2022Current lease liabilities 4,974 4,477Non-current lease liabilities 11,729 12,334Lease liabilities, total 16,702 16,812Recognized through profit Recognized -2,558 EUR thousand 1 Jan 2023-104 - 2,662or lossin equity 31 Dec 2022Lease liabilities 3,364 -31 - 3,33232 - -74Inventories 43 Deferred tax liabilities, total -2,664 -72 - -2,73619 - 62Share-based payments 2,558 104 86 - 2,662 -86 - 0Provisions -106 32 148 0 -7453 - 202Eliminations of Group inventories 2 -0 - 2Non-deductible expenses related to the acquisition 131 -131 - 0of group companiesEarn-out costs from the conditional purchase price 83 -83 - 0Unused tax depreciation80 159 - 239Deferred tax assets, total 3,938 -101 - 3,835Netting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting 1,380 -205 - 1 174Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with -106 the acquisition of a subsidiaryNetting of deferred tax assets and liabilities Total after netting Recognized through profit Recognized EUR thousand 1 Jan 2022or lossin equity 31 Dec 2022Lease liabilities4,024 -614 3,364Inventories102 -59 - 43Share-based payments101 -16 - 86Provisions179 -30 - 148Eliminations of Group inventories2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesNon-deductible expenses related to the acquisition - 83 - 83of group companiesEarn-out costs from the conditional purchase price- -14 14 0Depreciation difference0 80 - 80Unused tax depreciation56 -56 0Deferred tax assets, total 4,462 -493 14 3,938Netting of deferred tax assets and liabilities-3,155 598 - 2,558Total after netting 1,306 105 14 1,380Change in deferred tax liabilitiesRecognized through profit Recognized in EUR thousand 1 Jan 2022 Increasesor lossequity 31 Dec 2022Leases-3,155 - 598 - -2,558Fair value adjustments made in connection with - -130 24 - -106the acquisition of a subsidiaryDeferred tax liabilities, total-3,155 -130 622 - -2,664Netting of deferred tax assets and liabilities3,155 - -598 - 2,558Total after netting 0 -130 24 - -106Non-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalNon-current financial liabilitiesLease liabilities - - 12,334 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, totalContractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2023EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,258 1,146 - 18,101Trade payables 78,962 - - - 78,962Total 87, 217 30,008 1,146 - 118,37131.12.2022EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2 894 21 250 - - 24 144Lease liabilities 5,248 9,256 4,246 - 18,749Trade payables 66,834 - - - 66,834Total 74,975 30,506 4,246 - 109,726The balance sheet contains liquid assets of 18%. 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 2023, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 31.9 (21.2) million. The funds were distributed among various bank accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s8_notes__6__113-1": {
"value": "Lease liabilities in the balance sheetEUR thousand 31 Dec 2023 31 Dec 2022Current lease liabilities 4,974 4,477Non-current lease liabilities 11,729 12,334Lease liabilities, total 16,702 16,812Recognized through profit Recognized -2,558 EUR thousand 1 Jan 2023-104 - 2,662or lossin equity 31 Dec 2022Lease liabilities 3,364 -31 - 3,33232 - -74Inventories 43 Deferred tax liabilities, total -2,664 -72 - -2,73619 - 62Share-based payments 2,558 104 86 - 2,662 -86 - 0Provisions -106 32 148 0 -7453 - 202Eliminations of Group inventories 2 -0 - 2Non-deductible expenses related to the acquisition 131 -131 - 0of group companiesEarn-out costs from the conditional purchase price 83 -83 - 0Unused tax depreciation80 159 - 239Deferred tax assets, total 3,938 -101 - 3,835Netting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting 1,380 -205 - 1 174Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with -106 the acquisition of a subsidiaryNetting of deferred tax assets and liabilities Total after netting Recognized through profit Recognized EUR thousand 1 Jan 2022or lossin equity 31 Dec 2022Lease liabilities4,024 -614 3,364Inventories102 -59 - 43Share-based payments101 -16 - 86Provisions179 -30 - 148Eliminations of Group inventories2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesNon-deductible expenses related to the acquisition - 83 - 83of group companiesEarn-out costs from the conditional purchase price- -14 14 0Depreciation difference0 80 - 80Unused tax depreciation56 -56 0Deferred tax assets, total 4,462 -493 14 3,938Netting of deferred tax assets and liabilities-3,155 598 - 2,558Total after netting 1,306 105 14 1,380Change in deferred tax liabilitiesRecognized through profit Recognized in EUR thousand 1 Jan 2022 Increasesor lossequity 31 Dec 2022Leases-3,155 - 598 - -2,558Fair value adjustments made in connection with - -130 24 - -106the acquisition of a subsidiaryDeferred tax liabilities, total-3,155 -130 622 - -2,664Netting of deferred tax assets and liabilities3,155 - -598 - 2,558Total after netting 0 -130 24 - -106Non-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fairNon-current financial liabilitiesLease liabilities - - 12,334 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, totalContractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2023EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,258 1,146 - 18,101Trade payables 78,962 - - - 78,962Total 87, 217 30,008 1,146 - 118,37131.12.2022EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2 894 21 250 - - 24 144Lease liabilities 5,248 9,256 4,246 - 18,749Trade payables 66,834 - - - 66,834Total 74,975 30,506 4,246 - 109,726The balance sheet contains liquid assets of 18%. 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 2023, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 31.9 (21.2) million. The funds were distributed among various bank accounts.7.24 Other current liabilities and accrued liabilitiesEUR thousand 31 Dec 2023 31 Dec 2022Contract liabilities1,802 2,186Accrued personnel expenses 6,687 7,391Other accrued liabilities 10,159 13,065Withholding tax liability 759 879VAT liability9,820 8,569Other current liabilities and accrued 29,227 32,090liabilities, totalPayables related to contracts with customers are presented in the note on 7.2 Revenue from contracts with customers.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__116": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__117": {
"value": " Change in deferred tax assetsRecognized through profit Recognized -2,558 EUR thousand 1 Jan 2023-104 - 2,662or lossin equity 31 Dec 2022Lease liabilities 3,364 -31 - 3,33232 - -74Inventories 43 Deferred tax liabilities, total -2,664 -72 - -2,73619 - 62Share-based payments 2,558 104 86 - 2,662 -86 - 0Provisions -106 32 148 0 -7453 - 202Eliminations of Group inventories 2 -0 - 2Non-deductible expenses related to the acquisition 131 -131 - 0of group companiesEarn-out costs from the conditional purchase price 83 -83 - 0Unused tax depreciation80 159 - 239Deferred tax assets, total 3,938 -101 - 3,835Netting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting 1,380 -205 - 1 174Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with -106 the acquisition of a subsidiaryNetting of deferred tax assets and liabilities Total after netting Recognized through profit Recognized EUR thousand 1 Jan 2022or lossin equity 31 Dec 2022Lease liabilities4,024 -614 3,364Inventories102 -59 - 43Share-based payments101 -16 - 86Provisions179 -30 - 148Eliminations of Group inventories2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesNon-deductible expenses related to the acquisition - 83 - 83of group companiesEarn-out costs from the conditional purchase price- -14 14 0Depreciation difference0 80 - 80Unused tax depreciation56 -56 0Deferred tax assets, total 4,462 -493 14 3,938Netting of deferred tax assets and liabilities-3,155 598 - 2,558Total after netting 1,306 105 14 1,380Change in deferred tax liabilitiesRecognized through profit Recognized in EUR thousand 1 Jan 2022 Increasesor lossequity 31 Dec 2022Leases-3,155 - 598 - -2,558Fair value adjustments made in connection with - -130 24 - -106the acquisition of a subsidiaryDeferred tax liabilities, total-3,155 -130 622 - -2,664Netting of deferred tax assets and liabilities3,155 - -598 - 2,558Total after netting 0 -130 24 - -106",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__119-1": {
"value": "Recognized through profit Recognized -2,558 EUR thousand 1 Jan 2023-104 - 2,662or lossin equity 31 Dec 2022Lease liabilities 3,364 -31 - 3,33232 - -74Inventories 43 Deferred tax liabilities, total -2,664 -72 - -2,73619 - 62Share-based payments 2,558 104 86 - 2,662 -86 - 0Provisions -106 32 148 0 -7453 - 202Eliminations of Group inventories 2 -0 - 2Non-deductible expenses related to the acquisition 131 -131 - 0of group companiesEarn-out costs from the conditional purchase price 83 -83 - 0Unused tax depreciation80 159 - 239Deferred tax assets, total 3,938 -101 - 3,835Netting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting 1,380 -205 - 1 174Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with -106 the acquisition of a subsidiaryNetting of deferred tax assets and liabilities Total after netting Recognized through profit Recognized EUR thousand 1 Jan 2022or lossin equity 31 Dec 2022Lease liabilities4,024 -614 3,364Inventories102 -59 - 43Share-based payments101 -16 - 86Provisions179 -30 - 148Eliminations of Group inventories2 - 2Non-deductible expenses related to the acquisition - 131 - 131of group companiesNon-deductible expenses related to the acquisition - 83 - 83of group companiesEarn-out costs from the conditional purchase price- -14 14 0Depreciation difference0 80 - 80Unused tax depreciation56 -56 0Deferred tax assets, total 4,462 -493 14 3,938Netting of deferred tax assets and liabilities-3,155 598 - 2,558Total after netting 1,306 105 14 1,380Change in deferred tax liabilitiesRecognized through profit Recognized in EUR thousand 1 Jan 2022 Increasesor lossequity 31 Dec 2022Leases-3,155 - 598 - -2,558Fair value adjustments made in connection with - -130 24 - -106the acquisition of a subsidiaryDeferred tax liabilities, total-3,155 -130 622 - -2,664Netting of deferred tax assets and liabilities3,155 - -598 - 2,558Total after netting 0 -130 24 - -1067.23.1 Financial assets and liabilities by measurement category31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalNon-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash 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 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, 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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__122": {
"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 75% (2022; approximately 73%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management 7.23.3",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__125": {
"value": "Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand 31 Dec 2023 31 Dec 2022Non-current Trade receivablesOther non-current receivables 396 397Non-current receivables, total 8,220 6,012CurrentTrade receivables37,292 28,833Contract assets 2,770 3,516Other accrued income 8,121 8,598Vat receivables 135 -Income tax receivables -1,232 -596Other receivables1,232 2,171Current receivables, total 48,319 42,522Non-current and current receivables, total 56,538 48,534Maging analysis of trade receivables 31 Dec 2023 31 Dec 2022EUR thousand Trade receivables Loss allowance Trade receivables Loss allowanceNot due 38,383 467 29,984 259Past due 1\u201360 days 7,721 586 4,942 323Past due 61\u2013120 days 111 56 211 114Past due over 121 days 133 124 155 147Total 46,348 1,232 35,291 843The bad debt allowance for trade receivables as at 31 December reconcile to opening bad debt allowance as followsEUR thousand 2023 2022Opening bad debt allowance at 1 January 843 829Increase in bad debt allowance recognized in 3,263 1,319profit or loss during yearReceivables written of during the year as -2,844 -1,251uncollectibleUnused amount reversed -30 -53Closing bad debt allowance at 31 December 1,232 843During the financial period, the Group recognized net credit losses on trade receivables totaling EUR 3,263 (1,319) 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__127-1": {
"value": "EUR thousand 31 Dec 2023 31 Dec 2022Non-current Trade receivablesOther non-current receivables 396 397Non-current receivables, total 8,220 6,012Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt Jan 1, 20220 -20,139 -20,139 20,917 778Increase of financial loans -30,030 -30,030 -30,030Decrease of financial loans 6,781 6,781 6,781Increase in lease liabilities -130 -130 -130Decrease in lease liabilities 4,237 4,237 4,237Cash flows - 293 293Other changes -894 -779 -1,673 -1,673Net debt Dec 31, 2022-24 144 -16 812 -40 955 21 210 -19 745Increase of financial loans0 0 0Decrease of financial loans 2,836 2,836 2,836Increase in lease liabilities -4,701 -4,701 -4,701Decrease in lease liabilities 4,810 4,810 4,810Cash flows - 10,682 10,682Other changes - - - -Net debt 31 Dec 2023 -21,308 -16,702 -38,011 31,893 -6,118The Company\u2019s net debt as of 31 Dec 2023 was EUR -6.1 million.31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement - 56,482 - 56,482category, totalOther receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__128": {
"value": "CurrentTrade receivables37,292 28,833Contract assets 2,770 3,516Other accrued income 8,121 8,598Vat receivables 135 -Income tax receivables -1,232 -596Other receivables1,232 2,171Current receivables, total 48,319 42,522Non-current and current receivables, total 56,538 48,534",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__130-1": {
"value": "The bad debt allowance for trade receivables as at 31 December reconcile to opening bad debt allowance as followsEUR thousand 2023 2022Opening bad debt allowance at 1 January 843 829Increase in bad debt allowance recognized in 3,263 1,319profit or loss during yearReceivables written of during the year as -2,844 -1,251uncollectibleUnused amount reversed -30 -53Closing bad debt allowance at 31 December 1,232 843During the financial period, the Group recognized net credit losses on trade receivables totaling EUR 3,263 (1,319) 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 where EUR 1.2 (0.8) million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__131": {
"value": "7.18 Inventor yThe 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__133": {
"value": "EUR thousand 31 Dec 2023 31 Dec 2022Goods 62,721 74,767Total 62,721 74 767The Group has recorded a total of EUR 3.4 (4.1) 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 2022 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. In the fiscal year 2023, no corresponding write-down has been made.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__134": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__137": {
"value": "EUR thousand 31 Dec 2023 31 Dec 2022Cash in hand and at banks 31,893 21,210Total31,89321 210The Company\u2019s cash assets were fully available at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__139": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__138": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__142": {
"value": "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 -677Total3,976As part of the financing of the transaction, Verkkokauppa.com\u2019s board decided to carry out a directed share issue of 1.4 million euros, in connection with which 289,402 new shares were issued.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 -12 7.9Acquired 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__148-1": {
"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 -12 7.9Acquired 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.Non-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fairNon-current financial liabilitiesLease liabilities - - 12,334 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, totalContractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2023EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,258 1,146 - 18,101Trade payables 78,962 - - - 78,962Total 87, 217 30,008 1,146 - 118,37131.12.2022EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2 894 21 250 - - 24 144Lease liabilities 5,248 9,256 4,246 - 18,749Trade payables 66,834 - - - 66,834Total 74,975 30,506 4,246 - 109,726The balance sheet contains liquid assets of 18%. 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 2023, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 31.9 (21.2) million. The funds were distributed among various bank accounts.Transactions with related parties have been carried out under normal commercial terms. Information regarding the remuneration of management and the board of directors is presented in section 7.6 .Transactions with related partiesEUR thousand 2023 2022Sales of goods and servicesTo key management personnel and their 92 72related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 2023 2022Closing balances from purchases/ sales of goods/servicesTrade receivables from key management -5personnel and their related partiesTrade payables to key management 5 -personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__144-1": {
"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 -12 7.9Acquired 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.7.24 Other current liabilities and accrued liabilitiesEUR thousand 31 Dec 2023 31 Dec 2022Contract liabilities1,802 2,186Accrued personnel expenses 6,687 7,391Other accrued liabilities 10,159 13,065Withholding tax liability 759 879VAT liability9,820 8,569Other current liabilities and accrued 29,227 32,090liabilities, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__150": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__149-1": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__153-1": {
"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 203 45,083 271 45,355 100Acquisition of treasury shares - - - -Proceeds from issue of share capital - - - -Transfer of treasury shares, Board of Directors\u2019 50 -50 - -remunerationTransfer of treasury shares, share-based incentive 75 -75 - -scheme31 Dec 2023 45,209 146 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 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 20 -20 - -remunerationTransfer of treasury shares, share-based incentive 32 -32 - -scheme31 Dec 202245 083 271 45 355 100Verkkokauppa.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 2023, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 145,719 (271,257) treasury shares held by the Company. During the financial years 2022\u20132023, 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 -21.5% (-74.6%) 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 2023, the Group had revolving credit facilities totaling EUR 20 million that had not been utilized. The terms of the covenants are described in note 7.23.3 Financial risk management.EUR thousand 2023 2022Net debt -6,118 -19,745Total shareholders\u2019 equity 28,479 26,470Net debt to equity ratio -21.5% -74.6%The ratio of net liabilities to equity remained positive at 21.5%. The group\u2019s net liabilities decreased and gross assets increased in the 2023 fiscal year.DividendsDividends paid2023The company has not paid a dividend during the financial year.2022For the previous year Date of payment Dividend per share, EUR4.4.20220.0609.5.20220.06125.7.20220.0627.11. 20220.063Total dividends, EUR thousand 11,068Dividend proposedThe board\u2019s dividend distribution proposal for the annual general meeting: In order to improve the company\u2019s equity ratio, the board proposes to the 2024 general meeting that Verkkokauppa.com Oyj deviates from its dividend distribution policy, and that no dividend will be paid for the financial year 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__152": {
"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 203 45,083 271 45,355 100Acquisition of treasury shares - - - -Proceeds from issue of share capital - - - -Transfer of treasury shares, Board of Directors\u2019 50 -50 - -remunerationTransfer of treasury shares, share-based incentive 75 -75 - -scheme31 Dec 2023 45,209 146 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 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 20 -20 - -remunerationTransfer of treasury shares, share-based incentive 32 -32 - -scheme31 Dec 202245 083 271 45 355 100Verkkokauppa.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 2023, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 145,719 (271,257) treasury shares held by the Company. During the financial years 2022\u20132023, the company has not acquired its own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__151-1": {
"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 203 45,083 271 45,355 100Acquisition of treasury shares - - - -Proceeds from issue of share capital - - - -Transfer of treasury shares, Board of Directors\u2019 50 -50 - -remunerationTransfer of treasury shares, share-based incentive 75 -75 - -scheme31 Dec 2023 45,209 146 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 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 20 -20 - -remunerationTransfer of treasury shares, share-based incentive 32 -32 - -scheme31 Dec 202245 083 271 45 355 100Verkkokauppa.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 2023, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,083 275 including 145,719 (271,257) treasury shares held by the Company. During the financial years 2022\u20132023, 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 -21.5% (-74.6%) 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 2023, the Group had revolving credit facilities totaling EUR 20 million that had not been utilized. The terms of the covenants are described in note 7.23.3 Financial risk management.EUR thousand 2023 2022Net debt -6,118 -19,745Total shareholders\u2019 equity 28,479 26,470Net debt to equity ratio -21.5% -74.6%The ratio of net liabilities to equity remained positive at 21.5%. The group\u2019s net liabilities decreased and gross assets increased in the 2023 fiscal year.DividendsDividends paid2023The company has not paid a dividend during the financial year.2022For the previous year Date of payment Dividend per share, EUR4.4.20220.0609.5.20220.06125.7.20220.0627.11. 20220.063Total dividends, EUR thousand 11,068Dividend proposedThe board\u2019s dividend distribution proposal for the annual general meeting: In order to improve the company\u2019s equity ratio, the board proposes to the 2024 general meeting that Verkkokauppa.com Oyj deviates from its dividend distribution policy, and that no dividend will be paid for the financial year 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__161": {
"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 -21.5% (-74.6%) 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 2023, the Group had revolving credit facilities totaling EUR 20 million that had not been utilized. The terms of the covenants are described in note 7.23.3 Financial risk management.EUR thousand 2023 2022Net debt -6,118 -19,745Total shareholders\u2019 equity 28,479 26,470Net debt to equity ratio -21.5% -74.6%The ratio of net liabilities to equity remained positive at 21.5%. The group\u2019s net liabilities decreased and gross assets increased in the 2023 fiscal year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__162": {
"value": "DividendsDividends paid2023The company has not paid a dividend during the financial year.2022For the previous year Date of payment Dividend per share, EUR4.4.20220.0609.5.20220.06125.7.20220.0627.11. 20220.063Total dividends, EUR thousand 11,068Dividend proposedThe board\u2019s dividend distribution proposal for the annual general meeting: In order to improve the company\u2019s equity ratio, the board proposes to the 2024 general meeting that Verkkokauppa.com Oyj deviates from its dividend distribution policy, and that no dividend will be paid for the financial year 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__164-1": {
"value": "7.22 Cash flow informationNet debt reconciliationEUR thousand 2023 2022Cash and cash equivalents 31,893 21,210Bank loans -21,308 -24,144Lease liabilities -16,702 -16,812Net debt -6,118 -19,745EUR thousand 2023 2022Cash 31,893 21,210Gross debt - leases -38,011 -40,955Net debt -6,118 -19,745Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt Jan 1, 20220 -20,139 -20,139 20,917 778Increase of financial loans -30,030 -30,030 -30,030Decrease of financial loans 6,781 6,781 6,781Increase in lease liabilities -130 -130 -130Decrease in lease liabilities 4,237 4,237 4,237Cash flows - 293 293Other changes -894 -779 -1,673 -1,673Net debt Dec 31, 2022-24 144 -16 812 -40 955 21 210 -19 745Increase of financial loans0 0 0Decrease of financial loans 2,836 2,836 2,836Increase in lease liabilities -4,701 -4,701 -4,701Decrease in lease liabilities 4,810 4,810 4,810Cash flows - 10,682 10,682Other changes - - - -Net debt 31 Dec 2023 -21,308 -16,702 -38,011 31,893 -6,118The Company\u2019s net debt as of 31 Dec 2023 was EUR -6.1 million.7.23.1 Financial assets and liabilities by measurement category31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalNon-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash 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 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, 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 Financial institution loansAt the end of 2023, the Verkkokauppa.com group had a total of 21.3 million interest-bearing financial institution loans. EUR (24.1). 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. Activities in accordance with the loan covenant are reported to the lenders every six months, and the group\u2019s management monitors the fulfillment of the loan covenant regularly. In 2023, the Company has fulfilled the required covenant conditions. 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 company\u2019s net debt is primarily controlled by managing and optimizing working capital. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__163": {
"value": "7.22 Cash flow informationNet debt reconciliationEUR thousand 2023 2022Cash and cash equivalents 31,893 21,210Bank loans -21,308 -24,144Lease liabilities -16,702 -16,812Net debt -6,118 -19,745EUR thousand 2023 2022Cash 31,893 21,210Gross debt - leases -38,011 -40,955Net debt -6,118 -19,745Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt Jan 1, 20220 -20,139 -20,139 20,917 778Increase of financial loans -30,030 -30,030 -30,030Decrease of financial loans 6,781 6,781 6,781Increase in lease liabilities -130 -130 -130Decrease in lease liabilities 4,237 4,237 4,237Cash flows - 293 293Other changes -894 -779 -1,673 -1,673Net debt Dec 31, 2022-24 144 -16 812 -40 955 21 210 -19 745Increase of financial loans0 0 0Decrease of financial loans 2,836 2,836 2,836Increase in lease liabilities -4,701 -4,701 -4,701Decrease in lease liabilities 4,810 4,810 4,810Cash flows - 10,682 10,682Other changes - - - -Net debt 31 Dec 2023 -21,308 -16,702 -38,011 31,893 -6,118The Company\u2019s net debt as of 31 Dec 2023 was EUR -6.1 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__168-1": {
"value": "Liabilities from financing activities Other assetsEUR thousand Financial institution loans Leases Total Cash and cash equivalents TotalNet debt Jan 1, 20220 -20,139 -20,139 20,917 778Increase of financial loans -30,030 -30,030 -30,030Decrease of financial loans 6,781 6,781 6,781Increase in lease liabilities -130 -130 -130Decrease in lease liabilities 4,237 4,237 4,237Cash flows - 293 293Other changes -894 -779 -1,673 -1,673Net debt Dec 31, 2022-24 144 -16 812 -40 955 21 210 -19 745Increase of financial loans0 0 0Decrease of financial loans 2,836 2,836 2,836Increase in lease liabilities -4,701 -4,701 -4,701Decrease in lease liabilities 4,810 4,810 4,810Cash flows - 10,682 10,682Other changes - - - -Net debt 31 Dec 2023 -21,308 -16,702 -38,011 31,893 -6,118The Company\u2019s net debt as of 31 Dec 2023 was EUR -6.1 million.31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement - 56,482 - 56,482category, totalOther 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__170": {
"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 7.23.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__177": {
"value": "Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.23.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__171": {
"value": "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 7.24 and Leases 7.15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__178-1": {
"value": "31 Dec 2023Recognized at fair value through other At amortized Lease Carrying comprehensive incomecostliabilitiesamountEUR thousandNon-current financial assetsTrade and other receivables *- 8,220 - 8,220Non-current financial assets, total8,220-8,220Current financial assetsTrade receivables - 37, 292 - 37,292Cash and cash equivalents - 31,893 - 31,893Current financial assets, total - 69,185 - 69,185Financial assets by measurement 77,404 - 77,4 04category, totalRecognized at fair Recognized at fair31 Dec 2022value through other At amortized Lease Carrying comprehensive incomecostamountEUR thousandliabilitiesTrade and other receivables * - 6,012 - 6,012Non-current financial assetsNon-current financial assets, total-6,012-6,012Current financial assets - Trade receivables28,833 - 28,833Cash and cash equivalents - 21,210 - 21,210Current financial assets, total-50,470-50,470Financial assets by measurement - 56,482 - 56,482category, total",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__180-1": {
"value": "Non-current financial liabilitiesLease liabilities - - 11,729 11,729Liabilities to credit institutions 18,750Non-current financial liabilities, total-18,75011,72930,479Current financial liabilitiesLease liabilities - - 4,974 4,974Liabilities to credit institutions 2,558Trade payables - 78,962 - 78,962Current financial liabilities, total-81,5204,97486,494Financial liabilities by measurement - 100,270 16,702116,973category, totalRecognized at fairNon-current financial liabilitiesLease liabilities - - 12,334 12,334- - 4,477 4,477Liabilities to credit institutionsLiabilities to credit institutions 394 39423,750Trade payables - 66,834 - 66,83423,750Non-current financial liabilities, total-23,75012,33436,084Current financial liabilitiesLease liabilities 90,978 16,812 107,789Current financial liabilities, total-67,2284,47771,705-Financial liabilities by measurement category, total",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__201": {
"value": "7.23.2 Financial institution loansAt the end of 2023, the Verkkokauppa.com group had a total of 21.3 million interest-bearing financial institution loans. EUR (24.1). 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. Activities in accordance with the loan covenant are reported to the lenders every six months, and the group\u2019s management monitors the fulfillment of the loan covenant regularly. In 2023, the Company has fulfilled the required covenant conditions. 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 company\u2019s net debt is primarily controlled by managing and optimizing working capital. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__208-1": {
"value": "7.23.3 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 2023EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,258 1,146 - 18,101Trade payables 78,962 - - - 78,962Total 87, 217 30,008 1,146 - 118,37131.12.2022EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2 894 21 250 - - 24 144Lease liabilities 5,248 9,256 4,246 - 18,749Trade payables 66,834 - - - 66,834Total 74,975 30,506 4,246 - 109,726The balance sheet contains liquid assets of 18%. 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 2023, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 31.9 (21.2) 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 5.0% (2.3%). 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 230 thousand (EUR 250 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 thousand 2023 2022Change +/- 1% +/-1%Impact on profit after tax 230 250Liquidity 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 2023, the group had EUR 25 million (25) in the credit limit reserve, and their validity period is linked to the validity period of the financing agreement.At the end of 2023, the Verkkokauppa.com group had interest-bearing financial institution loans totaling 21.3 million. EUR (23.8), which is amortized annually by 2.5 million. euro and the rest will be paid in April 2025.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 2023, Verkkokauppa.com has fulfilled these 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 where EUR 1.2 (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 2023 amounted to EUR 3,263 (1,319) 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 2023, the amount of currency-denominated open trade payables amounted to EUR 286 (1,608) thousand. Exchange rate differences in accounts payable were irrelevant in 2023 and the comparison year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__210-1": {
"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.Contractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2023EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,258 1,146 - 18,101Trade payables 78,962 - - - 78,962Total 87, 217 30,008 1,146 - 118,37131.12.2022EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2 894 21 250 - - 24 144Lease liabilities 5,248 9,256 4,246 - 18,749Trade payables 66,834 - - - 66,834Total 74,975 30,506 4,246 - 109,726The balance sheet contains liquid assets of 18%. 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 2023, the Company\u2019s liquidity reserve consisted of liquid funds. At the end of the financial year, liquid funds amounted to EUR 31.9 (21.2) 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 5.0% (2.3%). 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 230 thousand (EUR 250 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 thousand 2023 2022Change +/- 1% +/-1%Impact on profit after tax 230 250Liquidity 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 2023, the group had EUR 25 million (25) in the credit limit reserve, and their validity period is linked to the validity period of the financing agreement.At the end of 2023, the Verkkokauppa.com group had interest-bearing financial institution loans totaling 21.3 million. EUR (23.8), which is amortized annually by 2.5 million. euro and the rest will be paid in April 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__214": {
"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 5.0% (2.3%). 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 230 thousand (EUR 250 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 thousand 2023 2022Change +/- 1% +/-1%Impact on profit after tax 230 250",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__219": {
"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 2023, Verkkokauppa.com has fulfilled these covenant conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__218-1": {
"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 2023, Verkkokauppa.com has fulfilled these covenant conditions.7.27 Guarantees and commitmentsEUR thousand 2023 2022Collateral given for own commitmentsMortgages 27,301 27,301Guarantees 2,027 1,894Other commitments and contingent liabilities 50 15",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__220": {
"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 where EUR 1.2 (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 2023 amounted to EUR 3,263 (1,319) 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:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__228": {
"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 2023, the amount of currency-denominated open trade payables amounted to EUR 286 (1,608) thousand. Exchange rate differences in accounts payable were irrelevant in 2023 and the comparison year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__231": {
"value": "7.24 Other current liabilities and accrued liabilitiesEUR thousand 31 Dec 2023 31 Dec 2022Contract liabilities1,802 2,186Accrued personnel expenses 6,687 7,391Other accrued liabilities 10,159 13,065Withholding tax liability 759 879VAT liability9,820 8,569Other current liabilities and accrued 29,227 32,090liabilities, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__233": {
"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 7.23.3 Financial risk management.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__235": {
"value": "EUR thousand 2023 2022Provisions 1 Jan 745 896Increases in provisions 263 0Decreases in provisions 0 -151Provisions 31 Dec 1,008 745",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__237": {
"value": "7.26 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. Information regarding the remuneration of management and the board of directors is presented in section 7.6 .Transactions with related partiesEUR thousand 2023 2022Sales of goods and servicesTo key management personnel and their 92 72related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 2023 2022Closing balances from purchases/ sales of goods/servicesTrade receivables from key management -5personnel and their related partiesTrade payables to key management 5 -personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__236": {
"value": "7.26 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. Information regarding the remuneration of management and the board of directors is presented in section 7.6 .Transactions with related partiesEUR thousand 2023 2022Sales of goods and servicesTo key management personnel and their 92 72related partiesPurchases of goods and servicesFrom key management personnel and their - -related partiesEUR thousand 2023 2022Closing balances from purchases/ sales of goods/servicesTrade receivables from key management -5personnel and their related partiesTrade payables to key management 5 -personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__241": {
"value": "7.27 Guarantees and commitmentsEUR thousand 2023 2022Collateral given for own commitmentsMortgages 27,301 27,301Guarantees 2,027 1,894Other commitments and contingent liabilities 50 15The 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:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__245": {
"value": "7.28 Subsequent eventsOn 18 January 2024, the shareholders\u2019 nomination committee announced its proposals to the annual general meeting scheduled for April 4, 2024. According to the proposal, the board consists of seven members and that the following persons are elected as members of the board for a term that ends at the end of the 2025 annual general meeting. The following are proposed for re-election: Robin Bade, Henrik Pankakoski, Kati Riikonen, Samuli Sepp\u00e4l\u00e4 and Arja Talma, and Irmeli Rytk\u00f6nen and Enel Sinto are proposed as new members. The personal information of the new members proposed as board members is available on the company\u2019s investor page, at https://investors.verkkokauppa.com/fi/hallinnointi/yhtiokokous_2024.The persons proposed to be elected as board members have announced that if they are elected, they will elect Arja Talma as chairman of the board. All candidates are independent of the company and its significant shareholders, with the exception of Samuli Sepp\u00e4l\u00e4.The nomination committee proposes that no changes be made to the fees to be paid.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}