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"value": "6 GROUP ACCOUNTING PRINCIPLESTo improve the readability and understandability of the consolidated financial statements, Verkkokauppa.com Oyj Group presents some of the accounting policies as part of these notes, highlighted in grey text boxes. The accounting principles repeat the standard when the Group considers it necessary to understand the applied policies. 6.1 Basic information on the CompanyVerkkokauppa.com Oyj Group is the best-known and most-visited Finnish online retailer in the country. Verkkokauppa.com Oyj Group is a public limited company, the shares of which are quoted on the official list of Nasdaq Helsinki. The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland. The registered address of its head office is Tyynenmerenkatu 11, 00220 Helsinki, Finland. The Board of Directors of the Company approved these Group financial statements for publication at its meeting on 11 March 2025. 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 6.4.The consolidated financial statement are prepared on historical cost basis unless otherwise specified in the preparation principles.The Group financial statements are prepared in euros, which is the Group\u2019s functional and presentation currency. Business transactions denominated in foreign currency have been converted into the Group\u2019s presentation currency at the average exchange rates for period during the Group consolidation phase. 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 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 from 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 at 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.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 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.Foreign currency itemsThe Group companies\u2019 results and financial position are reported in the local currency of each legal entity. 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.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 the estimates.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 Verkkokauppa.com Oyj has one reportable segment. The management of Verkkokauppa.com Oyj has exercised judgement when it has applied the aggregation criteria to aggregate the operating segments into one reportable segment. All combined operating segments have similar characteristics. The main factor to the Group\u2019s business model is the strong integration of online shopping and stores, common support functions serving the entire business, and the volume benefits made possible 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 uncertainties and assumptions related to the estimates that may cause a significant risk of change to the carrying value 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 and the assumptions. The management believes that the estimates and assumptions used are sufficiently reasonable to determine the fair value.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 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. 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.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.ProvisionsThe Group recognizes provisions related to the following items: product warranties and the company\u2019s extended warranty for certain product Group\u00b4s. The provisions include estimates of the probability and the amount of the obligation. The management 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 2024. 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 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 2024Parent compnayVerkkokauppa.com OyjFinlandSubsidiariese-ville.com Distribution OyFinland100%Arc Distribution OyFinland100%Digi Electronics LtdHong Kong100%Digital Trading (shenzhen) Co. LtdChina100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS accounting standard, IFRIC interpretation or annual improvement or amendment to IFRS accounting standards issued on or after January 1, 2024 has had a material impact on the 2024 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.",
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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 6.4.The consolidated financial statement are prepared on historical cost basis unless otherwise specified in the preparation principles.The Group financial statements are prepared in euros, which is the Group\u2019s functional and presentation currency. Business transactions denominated in foreign currency have been converted into the Group\u2019s presentation currency at the average exchange rates for period during the Group consolidation phase. 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 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 from 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 at 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.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 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.Foreign currency itemsThe Group companies\u2019 results and financial position are reported in the local currency of each legal entity. 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.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 the estimates.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 Verkkokauppa.com Oyj has one reportable segment. The management of Verkkokauppa.com Oyj has exercised judgement when it has applied the aggregation criteria to aggregate the operating segments into one reportable segment. All combined operating segments have similar characteristics. The main factor to the Group\u2019s business model is the strong integration of online shopping and stores, common support functions serving the entire business, and the volume benefits made possible 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 uncertainties and assumptions related to the estimates that may cause a significant risk of change to the carrying value 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 and the assumptions. The management believes that the estimates and assumptions used are sufficiently reasonable to determine the fair value.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 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. 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.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.ProvisionsThe Group recognizes provisions related to the following items: product warranties and the company\u2019s extended warranty for certain product Group\u00b4s. The provisions include estimates of the probability and the amount of the obligation. The management 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 2024. 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 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 2024Parent compnayVerkkokauppa.com OyjFinlandSubsidiariese-ville.com Distribution OyFinland100%Arc Distribution OyFinland100%Digi Electronics LtdHong Kong100%Digital Trading (shenzhen) Co. LtdChina100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS accounting standard, IFRIC interpretation or annual improvement or amendment to IFRS accounting standards issued on or after January 1, 2024 has had a material impact on the 2024 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 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. 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 2024 nor in 2023. 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 60,000 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 when 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 the Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards The Group companies Verkkokauppa.com Oyj and e-ville Distribution Oy sell gift cards for 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 assetsThe Verkkokauppa.com Group\u2019s intangible assets consist of capitalized development costs, goodwill 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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of 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 73% 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 acquisition cost model. Under the acquisition 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 77% (2023; 75%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.37.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The inventory turn 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 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 is recorded based on the decision of the Annual General Meeting.7.22 FundingFinancial assetsThe Group main financial assets are trade receivables and cash. 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.The Group measures equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividend income is recorded in the income statement as 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. The Group 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 the Group, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the Group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe Group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the Group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The Group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23.3 and Leases 7.15.7.24 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 product warranties for the company\u2019s own products and additional warranties granted by the company for certain product Groups.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.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.EUR thousand 2024 2023Collateral given for own commitmentsMortgages 27, 301 27, 301Guarantees 1,345 2,027Other commitments and contingent liabilities The guarantees are related to rental, customs guarantees and letters of 28 50credit. Other responsibilities and liability commitments are related to residual value responsibilities.",
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"value": "6 GROUP ACCOUNTING PRINCIPLESTo improve the readability and understandability of the consolidated financial statements, Verkkokauppa.com Oyj Group presents some of the accounting policies as part of these notes, highlighted in grey text boxes. The accounting principles repeat the standard when the Group considers it necessary to understand the applied policies. 6.1 Basic information on the CompanyVerkkokauppa.com Oyj Group is the best-known and most-visited Finnish online retailer in the country. Verkkokauppa.com Oyj Group is a public limited company, the shares of which are quoted on the official list of Nasdaq Helsinki. The business identity code of the Company is 1456344-5 and it is domiciled in Helsinki, Finland. The registered address of its head office is Tyynenmerenkatu 11, 00220 Helsinki, Finland. The Board of Directors of the Company approved these Group financial statements for publication at its meeting on 11 March 2025. 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 6.4.The consolidated financial statement are prepared on historical cost basis unless otherwise specified in the preparation principles.The Group financial statements are prepared in euros, which is the Group\u2019s functional and presentation currency. Business transactions denominated in foreign currency have been converted into the Group\u2019s presentation currency at the average exchange rates for period during the Group consolidation phase. 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 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 from 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 at 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.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 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.Foreign currency itemsThe Group companies\u2019 results and financial position are reported in the local currency of each legal entity. 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.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 the estimates.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 Verkkokauppa.com Oyj has one reportable segment. The management of Verkkokauppa.com Oyj has exercised judgement when it has applied the aggregation criteria to aggregate the operating segments into one reportable segment. All combined operating segments have similar characteristics. The main factor to the Group\u2019s business model is the strong integration of online shopping and stores, common support functions serving the entire business, and the volume benefits made possible 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 uncertainties and assumptions related to the estimates that may cause a significant risk of change to the carrying value 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 and the assumptions. The management believes that the estimates and assumptions used are sufficiently reasonable to determine the fair value.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 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. 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.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.ProvisionsThe Group recognizes provisions related to the following items: product warranties and the company\u2019s extended warranty for certain product Group\u00b4s. The provisions include estimates of the probability and the amount of the obligation. The management 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 2024. 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 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 2024Parent compnayVerkkokauppa.com OyjFinlandSubsidiariese-ville.com Distribution OyFinland100%Arc Distribution OyFinland100%Digi Electronics LtdHong Kong100%Digital Trading (shenzhen) Co. LtdChina100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS accounting standard, IFRIC interpretation or annual improvement or amendment to IFRS accounting standards issued on or after January 1, 2024 has had a material impact on the 2024 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 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. 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 2024 nor in 2023. 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 60,000 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 when 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 the Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards The Group companies Verkkokauppa.com Oyj and e-ville Distribution Oy sell gift cards for 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 assetsThe Verkkokauppa.com Group\u2019s intangible assets consist of capitalized development costs, goodwill 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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of 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 73% 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 acquisition cost model. Under the acquisition 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 77% (2023; 75%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.37.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The inventory turn 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 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 is recorded based on the decision of the Annual General Meeting.7.22 FundingFinancial assetsThe Group main financial assets are trade receivables and cash. 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.The Group measures equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividend income is recorded in the income statement as 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. The Group 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 the Group, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the Group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe Group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the Group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The Group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23.3 and Leases 7.15.7.24 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 product warranties for the company\u2019s own products and additional warranties granted by the company for certain product Groups.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.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.EUR thousand 2024 2023Collateral given for own commitmentsMortgages 27, 301 27, 301Guarantees 1,345 2,027Other commitments and contingent liabilities The guarantees are related to rental, customs guarantees and letters of 28 50credit. Other responsibilities and liability commitments are related to residual value responsibilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 11 March 2025. 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 6.4.The consolidated financial statement are prepared on historical cost basis unless otherwise specified in the preparation principles.The Group financial statements are prepared in euros, which is the Group\u2019s functional and presentation currency. Business transactions denominated in foreign currency have been converted into the Group\u2019s presentation currency at the average exchange rates for period during the Group consolidation phase. 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 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 from 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 at 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.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 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.Foreign currency itemsThe Group companies\u2019 results and financial position are reported in the local currency of each legal entity. 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.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 the estimates.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 Verkkokauppa.com Oyj has one reportable segment. The management of Verkkokauppa.com Oyj has exercised judgement when it has applied the aggregation criteria to aggregate the operating segments into one reportable segment. All combined operating segments have similar characteristics. The main factor to the Group\u2019s business model is the strong integration of online shopping and stores, common support functions serving the entire business, and the volume benefits made possible 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 uncertainties and assumptions related to the estimates that may cause a significant risk of change to the carrying value 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 and the assumptions. The management believes that the estimates and assumptions used are sufficiently reasonable to determine the fair value.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 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. 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.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.ProvisionsThe Group recognizes provisions related to the following items: product warranties and the company\u2019s extended warranty for certain product Group\u00b4s. The provisions include estimates of the probability and the amount of the obligation. The management 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 2024. 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 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 2024Parent compnayVerkkokauppa.com OyjFinlandSubsidiariese-ville.com Distribution OyFinland100%Arc Distribution OyFinland100%Digi Electronics LtdHong Kong100%Digital Trading (shenzhen) Co. LtdChina100%6.5 Effects of IFRS standards that become effective during or after the financial yearNo IFRS accounting standard, IFRIC interpretation or annual improvement or amendment to IFRS accounting standards issued on or after January 1, 2024 has had a material impact on the 2024 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 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. 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 2024 nor in 2023. 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 60,000 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 when 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 the Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards The Group companies Verkkokauppa.com Oyj and e-ville Distribution Oy sell gift cards for 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 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 turnover is mostly generated in its functional currency euro from its 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 time.EUR thousand 2024 2023At a point in time 463,645498,607Over time 4,1844,244Revenue, total 467,829 502,852Revenue by external customer location EUR thousand 2024 2023Finland 437,708468,363EU 28,88929,657Rest of the world 1,2334,832Revenue by external customer location 467,829 502,852Revenue by sales channelEUR thousand 2024 2023Customer segmentsConsumers 318,064 344,057Business customers 137,712 146,662Other 12,053 12,133Sales channelsWeb store 300,190 316,820Store 155,586 173,899Export 12,053 12,133Product categoriesCore categories (CE) 402,612 428,617Developing categories 53,165 62,102Other 12,053 12,133Own brands 30,961 26,278Visits to websites, (in the millions) 74 80Income 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 2024 2023Interest income recognized using effective 4,964 4,244interest rate methodOther income from company-financed customer 2,7882,555financingRevenues from self-financed customer 7,752 6,799financing , totalContract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).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 2024 2023Lease income from subleasing right-of-use 132266assetsOther income 466154Other operating income, total 5984207.4 Materials and servicesEUR thousand 2024 2023Purchases during the financial year 380,092 409,881Change in inventories 11,578 12,029External services 38792Materials and services, total 392,057 422,0017.5 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 2024 2023Wages and salaries 29,104 29,460Pension expenses -defined contribution plans 5,229 5,472Share-based payments 175 25Other personnel-related expenses 715 1,139Voluntary employee benefits 1,636 1,663Total employee benefits before capitalization 36,860 37,759Capitalized employee benefits for the financial yearWages and salaries -779 -883Pension expenses -defined contribution plans -143 -156Other personnel-related expenses -20 -30Capitalized employee benefits for -942 -1,068the financial yearTotal employee benefits 35,918 36,690The capitalized personnel costs are mainly related to the development of Verkkokauppa.com Oyj\u2019s ERP and other key systems, which is described in note Intangible assets 7.13.2024 2023Number of employees at the end of 615 677the 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 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 and an incentive bonus for achieving financial and operational objectives. The remuneration of the CEO and the Management Team also includes a long-term performance-based share plan.The Board of Directors decides annually on the performance and operational targets, criteria and determination of the incentive bonus based on the proposal of the Remuneration Committee. The earning criteria for the short-term incentive plan for 2024 were 45% based on sales growth, 45% profitability improvement and 10% sustainability. The Board of Directors may also decide to pay other one-off bonuses at any time based on its own discretion.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 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 commencement and details of the earning period. The earning criterion for the first earning period 2023\u20132025 and the second earning period 2024\u20132026 is 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 programs are described in more detail in the note on Share-based payments 7.12The following table shows the remuneration of the 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 remuneration and paymentsEUR Thousand CEO Management team 2024, total CEO Management team 2023, totalShort-term employee benefitsFixed basic salaries and fringe 4341,448 1,882 394 1,342 1,736benefitsIncentive bonus 55 90 146 124 174 298Statutory pension 86 239 325 74 251 325Share-based benefitsshare-based benefit payments 30 27 56 6 19 25Total 605 1,804 2,409 597 1,787 2,384Shareholding, pcs 119,000 44,352 163,352 119,000103,552222,552 % of shares 0,26 % 0,10 % 0,36 % 0,26 % 0,23 % 0,49 %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 as annual fee. 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 April 4, 2024 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 2024, the company transferred 59,374 (50,218) 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 2024 2023Board members 31 Dec 2024Arja Talma, Chair of the Board, 88 88Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e435 35Robin Bade39 30Kati Riikonen41 32Henrik Pankakoski39 32Enel Sintonen, Chair of Audit Committee 38 -Irmeli Rytk\u00f6nen32 -The former Johan Ryding (member until 4 April 2024) 9 39Kai Seikku (member until 4 April 2024) 9 51Mikko K\u00e4rkk\u00e4inen (member until 30 May 2023) - 9Frida Ridderstolpe (member until 30 May 2023) - 9Christoffer H\u00e4ggblom (member until 30 May 2023) - 14Remuneration of Board of Directors, total 330 339The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs 2024 2023Arja Talma, Chair of the Board, 54,817 37,853Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e413,347,000 15,527,000Robin Bade13,829 5,347Kati Riikonen13,829 5,347Henrik Pankakoski13,8295,347Enel Sintonen, Chair of Audit Committee 6,659 -Irmeli Rytk\u00f6nen6,659 -The former Johan Ryding (member until 4 April 2024) -12,849Kai Seikku (member until 4 April 2024) - 157,8 45Number of shares, total 13,456,622 15,751, 588 % of shares 2024 2023Arja Talma, Chair of the Board, 0.12%0.08%Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e429.43%34.23%Robin Bade0.03%0,01%Kati Riikonen0.03%0.01%Henrik Pankakoski0.03%0.01%Enel Sintonen, Chair of Audit Committee 0.01%-Irmeli Rytk\u00f6nen0.01%-The formerJohan Ryding (member until 4 April 2024)-0.03%Kai Seikku (member until 4 April 2024)-0.35%% of shares, total 29,66% 34.72%7.7 Depreciation and amortizationEUR thousand 2024 2023Intangible assetsDevelopment costs 456 413Other intangible assets 986 509Amortization of intangible assets, total 1,442 922Tangible assets Machinery and equipment 1,001 1,102Other tangible assets 112 123Depreciation of tangible assets, total 1,113 1,224Right-of-use assetsPremises and facilities 4,364 4,218Depreciation of right-of-use assets, total 4,364 4,218Depreciation and amortization, total 6,919 6,3657.8 Other operating expensesEUR thousand 2024 2023Premises maintenance and operation expenses 6,663 6,794Financial transactions expenses 1,593 1,676Marketing 7,182 7,518Administrative services 16,900 16,923Other expenses 585 590Other operating expenses, total 32,923 33,500Auditor feesEUR thousand 2024 2023Statutory audit 186 216Assignments according the Audit Act section 1, 10 -subsection 1, point 2Other services 13 39Auditor fees, total 209 255The auditing firm selected by the Annual General Meeting is PricewaterhouseCoopers Oy. The non-audit services provided by PricewaterhouseCoopers Oy totaled EUR 27 thousand.7.9 Finance income and expensesFinance incomeEUR thousand 2024 2023Interest income 394 331Finance income, total 394 331Finance costsEUR thousand 2024 2023Lease liability interest 745 912Other interest costs 1,354 1,138Other finance costs 311 161Exchange rate differences on cash and cash 21 61equivalentsFinance costs, total 2,431 2,273In 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 2024 2023Current taxes --528Taxes from previous financial periods -3-2Change in deferred taxes 627-174Income taxes, total 623 -704The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2024 2023Result before income taxes -1,426 2,7 74Taxes calculated at the Finnish tax rate 20% 285-555Effect of tax-exempt income 0-2Effect of non-deductible expenses -185-11Income taxes from previous accounting periods -3-2Other 163-3Recorded deferred tax receivables from taxable 389-lossesUnrecognized deferred tax assets from tax losses-26-135Income taxes recognized in the income 623 -704statement, totalEffective tax rate (%) 43.7 % 25.4 %The Group has recognized a deferred tax asset for the tax losses of both the parent company Verkkokauppa.com Oyj and the subsidiary e-Ville Distribution Oy for the financial year 2024. In addition, the operations of the Group\u2019s subsidiary e-Ville Distribution Oy have been loss-making in previous financial years and the Group has recognized a deferred tax asset of EUR 389 thousand in the financial statements for 2024 from the company\u2019s confirmed losses from previous financial years. This recognition has a significant impact on the Group\u2019s effective tax rate. The Finnish tax rate in the financial statements of the financial years 2024 and 2023 was 20 percent. Changes in deferred tax assets and liabilities are presented in note Deferred tax assets and liabilities 7.16.7.11 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.2024 2023Earnings per share, basicResult for the year attributable to shareholders, -803 2,070EUR thousandWeighted average number of outstanding 45,243,689 45,208,813shares, pcsBasic earnings per share, EUR -0.02 0.05Earnings per share, dilutedResult for the year attributable to -803 2,070the shareholders, EUR thousandPotentially dilutive shares of share-based 43,767 22,833 incentive plan, pcs.Diluted weighted average number of 45,287,45645,231,646outstanding shares, pcs.Diluted earnings per share, EUR -0.02 0.05Further information on the number of shares is presented in the note on Equity 7. 20.7.12 Share-based paymentsThe Group has a share-based incentive plan that is classified as equity-based payment arrangement with a net settlement feature. The Company will, on behalf of the employee, withhold an amount of shares of the share reward that will cover the taxes and parafiscal charges paid in cash. The benefits granted under the plan are measured at the fair value the share of Verkkokauppa.com Oyj at the grant date and are amortized over the earning and commitment periods. The expense is presented in the employee benefit expenses. For equity-settled share-based payment arrangements, an increase corresponding to the expense entry in the income statement is recognized in equity.Details of the share-based incentive plans. In 2023, Verkkokauppa.com Oyj established a share-based incentive system for the company\u2019s CEO and management team. The purpose of the system is to combine the goals of the shareholders and the management to increase the company\u2019s value in the long term, to encourage the management to invest personally in the company\u2019s shares, to commit the executives to the company, and to offer them a competitive reward system, where the participants can earn shares as a reward for performance and their own 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 for the first earning period 2023\u20132025 and the second earning period 2024\u20132026 is total share return (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 eight persons (the CEO and all members of the Management Team).The gross rewards to be paid for the first 2023\u20132025 and the second 2024\u20132026 earnings period correspond to an estimated total value of a maximum of 295,900 Verkkokauppa.com Oyj shares, including the portion to be paid in cash.2024\u20132026 2023\u20132025Grant date13 February 202411 May 2023Vesting start date 1 Jan 20271 Jan 2026Share ownership Share ownership Vesting conditionsand employmentand employmentPayment method Shares Shares Share price at grant date, EUR 2.352.50Fair value of share at grant date, EUR* 2.482.63Estimated number of participants 100%100%at end of vesting period, %Estimated change in shares 2%2%associated with the plan, %Number of plan participants 45 * 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 2024 2023Expenses related to share-based payments in 56 25 the income statementTotal 56 25Effect of share-based payments on the balance sheetEUR thousand 2024 2023Recognized in equity 81 25Total 81 257.13 Intangible assetsThe Verkkokauppa.com Group\u2019s intangible assets consist of capitalized development costs, goodwill 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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.Development Other intangible Advance payments Consolidated EUR thousandTotal costsassetsand work in progressgoodwillCost 1 Jan 2024 4,165 5,903 343 2,846 13,257Increases 195 147 649 - 992Transfers between items - 209 -209 - -Cost 31 Dec 2024 4,360 6,259 782 2,846 14,249Accumulated amortization and impairment 1 Jan 2024 -3,398 -2,062 - - -5,461Amortization for the financial year -456 -986 - - -1,442Accumulated amortization and impairment 31 Dec 2024 -3,855 -3,048 - - -6,903Carrying amount 1 Jan 2024 766 3,840 343 2,846 7,796Carrying amount 31 Dec 2024 506 3,212 782 2,846 7,346Development Other Advance payments Consolidated EUR thousandTotalcostsintangible assetsand work in progressgoodwillCost 1 Jan 20233,3832,4572,5302,846 11,216Increases782-1,259- 2,041Transfers between items03,446-3,446- 0Cost 31 Dec 20234,1655,9033432,846 13,257Accumulated amortization and impairment 1 Jan 2023-2,986-1,553-- -4,539Amortization for the financial year-413-509-- -922Accumulated amortization and impairment 31 Dec 2023-3,398-2,062-- -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796The capitalized development costs relate to the development of new features related to the company\u2019s ERP system and other key systems.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 result and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been performed at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s online store, store network and new markets, are tested for impairment by comparing the carrying amount of the cash-generating unit Group to 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 result. Recording an impairment loss weakens the Group\u2019s result and thus equity, but it has no effect on the Group\u2019s cash flows. Goodwill of EUR 2.9 million is allocated to cash-generating units as follows: online store EUR 1.4 million, store network EUR 1.1 million and new markets EUR 0.4 million. According to the goodwill testing, the present value of the cash-generating units exceeds the carrying amount and therefore no impairment has been recognized for goodwill.Key accounting estimates and assumptionsIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year average Residual valueUsed discount rate 8.8% 8.8%Average revenue growth assumption 7.6% 2.0%Average operating result % assumption2.7%3.7%Based on a sensitivity analysis, Verkkokauppa.com\u2019s management has assessed that no reasonably possible change in the key assumptions of the impairment testing would have led to an impairment of goodwill.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 LandTotalequipmentassetsand work in progressCost 1 Jan 20242 13 443 3 054 720 17 219Increases- 562 38 175 775Transfers between items- 0 78 -78 0Cost 31 Dec 20242 14 005 3 169 817 17 994Accumulated depreciation 1 Jan 2024- -8 668 -2 740 - -11 408Depreciation for the financial year- -1 001 -112 - -1 113Accumulated depreciation 31 Dec 2024- -9 669 -2 852 0 -12 521Carrying amount 1 Jan 2024 2 4 775 314 720 5 811Carrying amount 31 Dec 2024 2 4 336 317 817 5 473Machinery and Other tangible Advance payments EUR thousand LandTotalequipmentassetsand work in progressCost 1 Jan 2023213,0723,050812 16,936Increases-279452 335Disposals----52 -52Transfers between items-92--92 0Cost 31 Dec 2023213,4433,054720 17,219Accumulated depreciation 1 Jan 2023--7,56 6-2,617- -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 5,811The 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 73% 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 acquisition cost model. Under the acquisition 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. 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 which is 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 2024 40,897 1,620 42,517Increase/decrease due to remeasurement 14,880 - 14,880Cost 31 Dec 2024 55,777 1,620 57,397Accumulated depreciation 1 Jan 2024 -27,549 -1,620 -29,169Depreciation for the financial year -4,364 - -4,364Accumulated depreciation 31 Dec 2024 -31,913 -1,620 -33,533Carrying amount 1 Jan 2024 13,348 0 13,349Carrying amount 31 Dec 2024 23,864 0 23,864EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 202336,196 1,620 37,816Increase/decrease due to remeasurement4,701 - 4,701Cost 31 Dec 202340,897 1,620 42,517Accumulated 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 2023 13,348 0 13,349The remeasurements carried out in 2024 and 2023 relate to index increases in lease contracts and to renegotiated leases. In December 2024, the company has entered into an extension agreement for J\u00e4tk\u00e4saari real estate and land areas. The extension agreement is valid until December 2032.Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2024 31 Dec 2023Less than one year 5,3265,696From one to two years 9,71611,258From three to four years 7,2 261,146Over five years 10,8390Undiscounted lease liabilities, total 33,107 18,101Lease liabilities in the balance sheetEUR thousand 31 Dec 2024 31 Dec 2023Current lease liabilities 3,8424,974Non-current lease liabilities 22,58711,729Lease liabilities, total 26,428 16,702Items recognized in the income statementEUR thousand 2024 2023Depreciations on right-of-use assets 4,3644,218Interests on lease liabilities 745912Lease income from subleasing right-of-use 132266assetsExpenses related to leases of low-value assets 5258Items recognized in the cash flow statementEUR thousand 2024 2023Total cash outflow for leases -5,894 -5,7237.16 Deferred tax assets and liabilitiesThe deferred tax is calculated from the temporary differences between the carrying amount and the tax base, using either the tax rate in force at the balance sheet date or a known tax rate that will come into force at a later date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the temporary difference can be utilized. Change in deferred tax assetsEUR thousand 1 Jan 2024 Recognized Recognized 31 Dec 2024-2,662 through profit or loss -2,111 - -4,773in equityRight-of-use assets 3,332 1,954 - 5,286Inventories 32 - -4262 -21 - 40Provisions 202 -2,079 - -4,815-141 - 60Eliminations of Group inventories 2 -2 - 0Depreciation difference 2,662 2,111 239 37 - 4,773- 275Deferred tax asset from loss for the financial year 0 880 - 880 -74 32 Total deferred tax assets - -423,835 2,706- 6,542before nettingNetting of deferred tax assets and liabilities -2,662 -2,111 - -4,773Total after netting1,174 596 - 1,769Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with the -74 acquisition of a subsidiaryTotal deferred tax liability -2,736 before nettingNetting of deferred tax assets and liabilities Total after netting Recognized Recognized EUR thousand 1 Jan 202331 Dec 2023through profit or lossin equityLease liabilities3,364 -31-3,332Inventories4319-62Share-based compensation86 -86-0Provisions14853-202Eliminations of Group inventories2 --2Non-deductible expenses related to the acquisition 131 -131-0of Group companiesEarn-out costs from the conditional purchase price83 -83-0depreciation difference80159-239Total deferred tax assets 3,938 -101 - 3 835before nettingNetting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting1,380 -205 - 1,174Change in deferred tax liabilitiesRecognized through Recognized EUR thousand 1 Jan 202331 Dec 2023profit or lossin equityRight-of-use assets -2,558 -104- -2,662Fair value allocations made in connection with the -10632- -74acquisition of a subsidiaryTotal deferred tax liability -2,664 -72 - -2,736before nettingNetting of deferred tax assets and liabilities2,558104-2,662Total after netting -106 32 - -747.17 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 77% (2023; 75%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.3Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand 2024 2023Non-current Trade receivables Other non-current receivables 504396Non-current receivables, total 7,122 8,220Current Trade receivables32,551 37, 292 Contract assets 1,9052,770 Other accrued income 10,0618,121 Vat receivables 136Current receivables, total 45,791 48,319135Non-current and current receivables, total Income tax receivables 952,913-1,232 Other receivables 1,12956,5381,232Ageing analysis of trade receivables20242023Trade Impairment Trade Impairment EUR thousandreceivablesreceivablesNot due 34,388 573 38,383 467 Past due 1\u201360 days 5,763 440 7,721 586 Past due 61\u2013120 days 97 66 111 56 Past due over 121 days 187 187 133 124 Total 40,435 1,266 46,348 1,232 The company has entered into an agreement with Norion Bank AB for invoice ledger management and invoice sales. According to the agreement, all our new B2B invoice receivables have been transferred to Norion Bank AB as of the beginning of December 2024.Reconciliation of impairment of the trade receivablesEUR thousand 2024 2023Impairment at 1 January 1,233843Impairment recognized in profit or loss during the 3,068 3,263financial yearReceivables written off during the year as -3,016 -2,844uncollectibleUnused amount reversed -18 -30Impairment at 31 December 1,266 1,233Verkkokauppa.com Group sells all its overdue receivables on a \u201ccontinuous trade\u201d basis, where all receivables overdue for more than 60 days and financed by the Company itself are sold to third parties. This reduces the Company\u2019s accounts receivable risk.7.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The inventory turn 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 2024 2023Goods 51,139 62,721Total 51,139 62,721The Group has recorded a total impairment of inventories of EUR 2.9 million (3.4) during the financial year. The entries have adjusted the carrying amount of the inventory to correspond to its net realizable 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.EUR thousand 2024 2023Cash in hand and at banks 35,60031,893Total 35,600 31,893The Company\u2019s cash assets were fully available at the balance sheet date. 7. 20 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 is recorded based on the decision of the Annual General Meeting.Share capital and treasury sharesNumber of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, pcs (1,000)pcs (1,000)pcs (1,000)EUR thousand 1 Jan 2024 45,209 146 45,355 100Transfer of treasury shares, Board 59 -59 - -of Directors\u2019 remuneration31 Dec 2024 45,268 86 45,355 100Number of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, EUR pcs (1,000)pcs (1,000)pcs (1,000)thousand 1 Jan 2023 45,083 271 45,355 100Transfer of treasury shares, Board 50-50--of Directors\u2019 remunerationTransfer of treasury shares, share-based 75-75--incentive scheme31 Dec 2023 45,209 146 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 2024, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,354,532 including 86,345 (145,719) treasury shares held by the Company. During the financial years 2023\u20132024, 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 35.2% (21.5%) 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 the business acquisitions.At the end of the financial year 2024, the Group had revolving credit facilities totaling EUR 25 million that had not been utilized. The terms of the covenants are described in note 7.22.3 Financial risk management.EUR thousand 2024 2023Net debt -9,829 -6,118Total shareholders\u2019 equity 27,90528,479Net debt to equity ratio -35.2%-21.5%The ratio of net liabilities to equity was 35.2% (21.5). The Group\u2019s net liabilities decreased and gross assets increased in the 2024 fiscal year.DividendsThe company has not paid a dividend during the financial years 2024 and 2023.Dividend proposedAccording to the company\u2019s dividend policy, its target is to pay out 60-80 percent of annual net result in quarterly growing dividends. The company\u2019s 2024 net result was EUR -0.8 million. Thus, the Board of Directors will propose to the Annual General Meeting 2025 that no dividend be paid for the financial year 2024.7.21 Cash flow informationNet debt reconciliationEUR thousand 2024 2023Cash and cash equivalents 35,600 31,893Bank loans -19,000 -21,308Lease liabilities -26,428 -16,702Net debt -9,829 -6,118EUR thousand 2024 2023Cash 35,600 31,893Gross debt - leases -45,428 -38,011Net debt -9,829 -6,118Liabilities from financing activities Other assetsFinancial Cash and cash EUR thousandLeases TotalTotalinstitution loansequivalentsNet debt Jan 1, 2023 -24,144 -16,812 -40,955 21,210 -19,745Decrease 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 Dec 31, 2023 -21,308 -16,702 -38,011 31,893 -6,118Increase of financial loans-26,000 - -26,000 - -26,000Decrease of financial loans 28,308 - 28,308 - 28,308Increase in lease liabilities - -14,880 -14,880 -14,880 -14,880Decrease in lease liabilities - 5,149 5,149 5,149 5,149Cash flows - - - 3,707 3,707Other changes - 4 4 - 4Net debt 31 Dec 2024 -19,000 -26,429 -45,429 35,600 -9,829The Company\u2019s net debt as of 31 Dec 2024 was EUR -9.8 million.7.22 FundingFinancial assetsThe Group main financial assets are trade receivables and cash. 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.The Group measures equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividend income is recorded in the income statement as 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. The Group 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 the Group, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the Group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe Group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the Group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The Group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23.3 and Leases 7.15.7.22.1 Financial assets and liabilities by measurement category31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, totalNon-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalLevel 2 includes interest-bearing liabilities. The group has no financial assets or liabilities recognized at fair value through other comprehensive income.* 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.7.22.2 Financial institution loansAt the end of 2024, the Verkkokauppa.com Group had a total of EUR 19.0 million (21.3) interest-bearing financial institution loans. 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 June 24, 2024. 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. Verkkokauppa.com has complied with the financial covenants of the loans it has granted to credit institutions in both reporting periods of the financial year. The purpose of the loans raised from financial institutions is primarily to develop the business and the general financing needs of the Group. The company\u2019s net debt is primarily managed by managing and optimizing working capital. The carrying amounts of the loans correspond in essential respects to the fair values of the loans, because the loans have variable interest rates and the Group\u2019s risk premium has not substantially changed.7.22.3 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. 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. 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 2024EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,000 17,000 - - 19,000Lease liabilities 5,326 15,941 7, 226 10,839 39,331Trade payables 68,707 - - - 68,707Total 76,033 32,941 7,226 10,839 127,03831.12.2023EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,2581,146- 18,101Trade payables 78,962 - - -78,962Total87,2 17 30,008 1,146 -118,371The balance sheet contains liquid assets of 20%. 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.At the end of the financial year 2024, the Company\u2019s liquidity reserve consisted of liquid cash funds. At the end of the financial year, liquid funds amounted to EUR 35,6 million (31,9). 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 5.5% (5.0%).The table below shows the effects on the Group\u2019s result 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 200 thousand (230) 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 2024 2023Change +/- 1% +/-1%Impact on result after tax 200 230Liquidity 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 2024, 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 2024, the Verkkokauppa.com Group had interest-bearing financial institution loans totaling EUR 19.0 million (21.3), which is amortized annually by 2.0 million euro and the rest will be paid in June 2027.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 2024, 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-finance receivables 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, identifying and managing credit risks in advance. 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 was EUR 1,3 million (1,2).The company has entered into an agreement with Norion Bank AB for managing the invoice ledger and selling invoices. In accordance with the agreement, all our new B2B invoice receivables have been transferred to Norion Bank AB from the beginning of December of the fiscal year 2024.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 customer 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 2024 amounted to EUR 3,068 thousand (3,263). 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 2024, the amount of currency-denominated open trade payables amounted to EUR 215 thousand (286). Exchange rate differences in accounts payable were irrelevant in 2024 and the comparison year.7.23 Other current liabilities and accrued liabilitiesEUR thousand 2024 2023Contract liabilities 1,664 1,802Accrued personnel expenses 6,743 6,687Other accrued liabilities 12,181 10,132Withholding tax liability 752 759VAT liability10,273 9,820Other current liabilities and accrued liabilities31,613 29,200Payables related to contracts with customers are presented in the note on 7.2 Revenue from contracts with customers.7.24 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 product warranties for the company\u2019s own products and additional warranties granted by the company for certain product Groups.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.EUR thousand 2024 2023Provisions 1 Jan 1,008745Increase in reservations -263Decrease in reservations -705-Provisions 31 Dec 302 1,0087.25 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 2024 2023Sales of goods and servicesTo key management personnel and their 77 92related partiesPurchases of goods and servicesFrom key management personnel and their 135 -related partiesEUR thousand 2024 2023Closing balances from purchases / sales of goods / servicesTrade receivables from key management - -personnel and their related partiesTrade payables to key management 275personnel and their related parties7.26 Guarantees and commitmentsEUR thousand 2024 2023Collateral given for own commitmentsMortgages 27, 301 27, 301Guarantees 1,345 2,027Other commitments and contingent liabilities The guarantees are related to rental, customs guarantees and letters of 28 50credit. Other responsibilities and liability commitments are related to residual value responsibilities.7.27 Subsequent eventsAfter the review period, the company made a decision to commit to the Science Based Targets (SBTi) climate initiative and reduce its greenhouse gas emissions in line with the 1.5 degree warming target of the Paris Climate Agreement. The company has been systematically reducing its emissions for years with the aim of reducing its own operations (scope 1 and 2) emissions to zero by the end of 2025. With the SBTi commitment, the company will set science-based climate targets to reduce indirect emissions (scope 3) in the value chain. The commitment has also been recorded in the environmental policy prepared in the reporting year, which is publicly available on the company\u2019s website.On January 28, 2025, the company announced that the Shareholders\u2019 Nomination Board of Verkkokauppa.com Oyj proposes to the Annual General Meeting scheduled for April 8, 2025 that the Board of Directors consist of a total of seven members and that Robin Bade, Henrik Pankakoski, Kati Riikonen, Irmeli Rytk\u00f6nen, Samuli Sepp\u00e4l\u00e4, Enel Sintonen and Arja Talma be re-elected as members of the Board of Directors.On January 28, 2025, the company announced preliminary information on the results for 2024. On 12 February 2025, the Board of Verkkokauppa.com Oyj resolved on a new Performance Period under Performance Matching Share Plan 2023-2027. The aim of the plan is to align the objectives of the shareholders and the management 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.On 24 February 2025, Helsinki Administrative Court has upheld the administrative fine imposed on Verkkokauppa.com by the Data Protection Ombudsman\u2019s Sanctions Board. The company has recognized a provision for the administrative fine in its first quarter 2024 results.",
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"value": "The Board of Directors of the Company approved these Group financial statements for publication at its meeting on 11 March 2025. 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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},
"f1__s8__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 6.4.The consolidated financial statement are prepared on historical cost basis unless otherwise specified in the preparation principles.The Group financial statements are prepared in euros, which is the Group\u2019s functional and presentation currency. Business transactions denominated in foreign currency have been converted into the Group\u2019s presentation currency at the average exchange rates for period during the Group consolidation phase. 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 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 from 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 at 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.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 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.Foreign currency itemsThe Group companies\u2019 results and financial position are reported in the local currency of each legal entity. 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.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__21-1": {
"value": "The Group financial statements are prepared in euros, which is the Group\u2019s functional and presentation currency. Business transactions denominated in foreign currency have been converted into the Group\u2019s presentation currency at the average exchange rates for period during the Group consolidation phase. 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 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 from 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 at 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.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.Foreign currency itemsThe Group companies\u2019 results and financial position are reported in the local currency of each legal entity. 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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__22": {
"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 costs related to the acquisition have been booked as expenses. All intra-Group business transactions as well as receivables and liabilities, unrealized margins and internal profit distribution are eliminated in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__23": {
"value": "Foreign currency itemsThe Group companies\u2019 results and financial position are reported in the local currency of each legal entity. 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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__25-1": {
"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 the estimates.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 Verkkokauppa.com Oyj has one reportable segment. The management of Verkkokauppa.com Oyj has exercised judgement when it has applied the aggregation criteria to aggregate the operating segments into one reportable segment. All combined operating segments have similar characteristics. The main factor to the Group\u2019s business model is the strong integration of online shopping and stores, common support functions serving the entire business, and the volume benefits made possible 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 uncertainties and assumptions related to the estimates that may cause a significant risk of change to the carrying value 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 and the assumptions. The management believes that the estimates and assumptions used are sufficiently reasonable to determine the fair value.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 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. 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.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.ProvisionsThe Group recognizes provisions related to the following items: product warranties and the company\u2019s extended warranty for certain product Group\u00b4s. The provisions include estimates of the probability and the amount of the obligation. The management regularly assesses the amount of costs incurred based on historical actuals.Key accounting estimates and assumptionsIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year average Residual valueUsed discount rate 8.8% 8.8%Average revenue growth assumption 7.6% 2.0%Average operating result % assumption2.7%3.7%Based on a sensitivity analysis, Verkkokauppa.com\u2019s management has assessed that no reasonably possible change in the key assumptions of the impairment testing would have led to an impairment of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 2024. 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 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 2024Parent compnayVerkkokauppa.com OyjFinlandSubsidiariese-ville.com Distribution OyFinland100%Arc Distribution OyFinland100%Digi Electronics LtdHong Kong100%Digital Trading (shenzhen) Co. LtdChina100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__28": {
"value": "SubsidiariesThe 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 2024Parent compnayVerkkokauppa.com OyjFinlandSubsidiariese-ville.com Distribution OyFinland100%Arc Distribution OyFinland100%Digi Electronics LtdHong Kong100%Digital Trading (shenzhen) Co. LtdChina100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__27": {
"value": "SubsidiariesThe 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 2024Parent compnayVerkkokauppa.com OyjFinlandSubsidiariese-ville.com Distribution OyFinland100%Arc Distribution OyFinland100%Digi Electronics LtdHong Kong100%Digital Trading (shenzhen) Co. LtdChina100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 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. 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 2024 nor in 2023. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 60,000 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 when 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 the Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards The Group companies Verkkokauppa.com Oyj and e-ville Distribution Oy sell gift cards for 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 73% 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 60,000 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 when 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 the Group receivables.The contracts with customers of Verkkokauppa.com Oyj do not contain any separate performance obligations that are to be recognized as income in different periods. The product warranties offered by the Group, third-year warranty and own-brand warranties are treated as assurance-type warranties because they do not render additional service to the customer. Assurance-type warranties are recognized as provisions. Detailed principles can be found in the note on Provisions 7.24.Revenue recognition of sale of servicesRevenue from the sale of customer contracts for installation and maintenance services is recognized when the service is performed. The duration of rendering services is short and the duration of the services is usually defined in hours. Revenue from visibility sales is mainly recognized by the Group over time, based on the passage of time. The time-based method of determining the degree of fulfillment is equivalent to an input. The customer will benefit from the visibility during the service. The transaction price of service sales contracts does not contain variable elements but mainly consists of fixed prices. A customer contract receivable is recognized if the billing for visibility services is less than the revenue recognized on an accrual basis. An asset based on a customer agreement is presented as part of accrued income in the balance sheet.Gift cards The Group companies Verkkokauppa.com Oyj and e-ville Distribution Oy sell gift cards for 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__38-1": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from 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 turnover is mostly generated in its functional currency euro from its 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 time.EUR thousand 2024 2023At a point in time 463,645498,607Over time 4,1844,244Revenue, total 467,829 502,852Revenue by external customer location EUR thousand 2024 2023Finland 437,708468,363EU 28,88929,657Rest of the world 1,2334,832Revenue by external customer location 467,829 502,852Revenue by sales channelEUR thousand 2024 2023Customer segmentsConsumers 318,064 344,057Business customers 137,712 146,662Other 12,053 12,133Sales channelsWeb store 300,190 316,820Store 155,586 173,899Export 12,053 12,133Product categoriesCore categories (CE) 402,612 428,617Developing categories 53,165 62,102Other 12,053 12,133Own brands 30,961 26,278Visits to websites, (in the millions) 74 80Income 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 2024 2023Interest income recognized using effective 4,964 4,244interest rate methodOther income from company-financed customer 2,7882,555financingRevenues from self-financed customer 7,752 6,799financing , totalContract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).EUR thousand 2024 2023Lease income from subleasing right-of-use 132266assetsOther income 466154Other operating income, total 5984207.8 Other operating expensesEUR thousand 2024 2023Premises maintenance and operation expenses 6,663 6,794Financial transactions expenses 1,593 1,676Marketing 7,182 7,518Administrative services 16,900 16,923Other expenses 585 590Other operating expenses, total 32,923 33,500Development Other intangible Advance payments Consolidated EUR thousandTotal costsassetsand work in progressgoodwillCost 1 Jan 2024 4,165 5,903 343 2,846 13,257Increases 195 147 649 - 992Transfers between items - 209 -209 - -Cost 31 Dec 2024 4,360 6,259 782 2,846 14,249Accumulated amortization and impairment 1 Jan 2024 -3,398 -2,062 - - -5,461Amortization for the financial year -456 -986 - - -1,442Accumulated amortization and impairment 31 Dec 2024 -3,855 -3,048 - - -6,903Carrying amount 1 Jan 2024 766 3,840 343 2,846 7,796Carrying amount 31 Dec 2024 506 3,212 782 2,846 7,346Development Other Advance payments Consolidated EUR thousandTotalcostsintangible assetsand work in progressgoodwillCost 1 Jan 20233,3832,4572,5302,846 11,216Increases782-1,259- 2,041Transfers between items03,446-3,446- 0Cost 31 Dec 20234,1655,9033432,846 13,257Accumulated amortization and impairment 1 Jan 2023-2,986-1,553-- -4,539Amortization for the financial year-413-509-- -922Accumulated amortization and impairment 31 Dec 2023-3,398-2,062-- -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796The capitalized development costs relate to the development of new features related to the company\u2019s ERP system and other key systems.The Group has no investment commitments in relation to intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__37": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from 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 turnover is mostly generated in its functional currency euro from its 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 time.EUR thousand 2024 2023At a point in time 463,645498,607Over time 4,1844,244Revenue, total 467,829 502,852Revenue by external customer location EUR thousand 2024 2023Finland 437,708468,363EU 28,88929,657Rest of the world 1,2334,832Revenue by external customer location 467,829 502,852Revenue by sales channelEUR thousand 2024 2023Customer segmentsConsumers 318,064 344,057Business customers 137,712 146,662Other 12,053 12,133Sales channelsWeb store 300,190 316,820Store 155,586 173,899Export 12,053 12,133Product categoriesCore categories (CE) 402,612 428,617Developing categories 53,165 62,102Other 12,053 12,133Own brands 30,961 26,278Visits to websites, (in the millions) 74 80Income 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 2024 2023Interest income recognized using effective 4,964 4,244interest rate methodOther income from company-financed customer 2,7882,555financingRevenues from self-financed customer 7,752 6,799financing , totalContract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__36-1": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from 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 turnover is mostly generated in its functional currency euro from its 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 time.EUR thousand 2024 2023At a point in time 463,645498,607Over time 4,1844,244Revenue, total 467,829 502,852Revenue by external customer location EUR thousand 2024 2023Finland 437,708468,363EU 28,88929,657Rest of the world 1,2334,832Revenue by external customer location 467,829 502,852Revenue by sales channelEUR thousand 2024 2023Customer segmentsConsumers 318,064 344,057Business customers 137,712 146,662Other 12,053 12,133Sales channelsWeb store 300,190 316,820Store 155,586 173,899Export 12,053 12,133Product categoriesCore categories (CE) 402,612 428,617Developing categories 53,165 62,102Other 12,053 12,133Own brands 30,961 26,278Visits to websites, (in the millions) 74 80Income 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 2024 2023Interest income recognized using effective 4,964 4,244interest rate methodOther income from company-financed customer 2,7882,555financingRevenues from self-financed customer 7,752 6,799financing , totalContract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).7.4 Materials and servicesEUR thousand 2024 2023Purchases during the financial year 380,092 409,881Change in inventories 11,578 12,029External services 38792Materials and services, total 392,057 422,001Development Other intangible Advance payments Consolidated EUR thousandTotal costsassetsand work in progressgoodwillCost 1 Jan 2024 4,165 5,903 343 2,846 13,257Increases 195 147 649 - 992Transfers between items - 209 -209 - -Cost 31 Dec 2024 4,360 6,259 782 2,846 14,249Accumulated amortization and impairment 1 Jan 2024 -3,398 -2,062 - - -5,461Amortization for the financial year -456 -986 - - -1,442Accumulated amortization and impairment 31 Dec 2024 -3,855 -3,048 - - -6,903Carrying amount 1 Jan 2024 766 3,840 343 2,846 7,796Carrying amount 31 Dec 2024 506 3,212 782 2,846 7,346Development Other Advance payments Consolidated EUR thousandTotalcostsintangible assetsand work in progressgoodwillCost 1 Jan 20233,3832,4572,5302,846 11,216Increases782-1,259- 2,041Transfers between items03,446-3,446- 0Cost 31 Dec 20234,1655,9033432,846 13,257Accumulated amortization and impairment 1 Jan 2023-2,986-1,553-- -4,539Amortization for the financial year-413-509-- -922Accumulated amortization and impairment 31 Dec 2023-3,398-2,062-- -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796The capitalized development costs relate to the development of new features related to the company\u2019s ERP system and other key systems.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 result and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been performed at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s online store, store network and new markets, are tested for impairment by comparing the carrying amount of the cash-generating unit Group to 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 result. Recording an impairment loss weakens the Group\u2019s result and thus equity, but it has no effect on the Group\u2019s cash flows. Goodwill of EUR 2.9 million is allocated to cash-generating units as follows: online store EUR 1.4 million, store network EUR 1.1 million and new markets EUR 0.4 million. According to the goodwill testing, the present value of the cash-generating units exceeds the carrying amount and therefore no impairment has been recognized for goodwill.Key accounting estimates and assumptionsIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year average Residual valueUsed discount rate 8.8% 8.8%Average revenue growth assumption 7.6% 2.0%Average operating result % assumption2.7%3.7%Based on a sensitivity analysis, Verkkokauppa.com\u2019s management has assessed that no reasonably possible change in the key assumptions of the impairment testing would have led to an impairment of goodwill.7.25 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 2024 2023Sales of goods and servicesTo key management personnel and their 77 92related partiesPurchases of goods and servicesFrom key management personnel and their 135 -related partiesEUR thousand 2024 2023Closing balances from purchases / sales of goods / servicesTrade receivables from key management - -personnel and their related partiesTrade payables to key management 275personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__35-1": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from 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 turnover is mostly generated in its functional currency euro from its 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 time.EUR thousand 2024 2023At a point in time 463,645498,607Over time 4,1844,244Revenue, total 467,829 502,852Revenue by external customer location EUR thousand 2024 2023Finland 437,708468,363EU 28,88929,657Rest of the world 1,2334,832Revenue by external customer location 467,829 502,852Revenue by sales channelEUR thousand 2024 2023Customer segmentsConsumers 318,064 344,057Business customers 137,712 146,662Other 12,053 12,133Sales channelsWeb store 300,190 316,820Store 155,586 173,899Export 12,053 12,133Product categoriesCore categories (CE) 402,612 428,617Developing categories 53,165 62,102Other 12,053 12,133Own brands 30,961 26,278Visits to websites, (in the millions) 74 80Income 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 2024 2023Interest income recognized using effective 4,964 4,244interest rate methodOther income from company-financed customer 2,7882,555financingRevenues from self-financed customer 7,752 6,799financing , totalContract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2024 31 Dec 2023Less than one year 5,3265,696From one to two years 9,71611,258From three to four years 7,2 261,146Over five years 10,8390Undiscounted lease liabilities, total 33,107 18,101Lease liabilities in the balance sheetEUR thousand 31 Dec 2024 31 Dec 2023Current lease liabilities 3,8424,974Non-current lease liabilities 22,58711,729Lease liabilities, total 26,428 16,702Items recognized in the income statementEUR thousand 2024 2023Depreciations on right-of-use assets 4,3644,218Interests on lease liabilities 745912Lease income from subleasing right-of-use 132266assetsExpenses related to leases of low-value assets 5258Items recognized in the cash flow statementEUR thousand 2024 2023Total cash outflow for leases -5,894 -5,7237.22.2 Financial institution loansAt the end of 2024, the Verkkokauppa.com Group had a total of EUR 19.0 million (21.3) interest-bearing financial institution loans. 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 June 24, 2024. 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. Verkkokauppa.com has complied with the financial covenants of the loans it has granted to credit institutions in both reporting periods of the financial year. The purpose of the loans raised from financial institutions is primarily to develop the business and the general financing needs of the Group. The company\u2019s net debt is primarily managed by managing and optimizing working capital. The carrying amounts of the loans correspond in essential respects to the fair values of the loans, because the loans have variable interest rates and the Group\u2019s risk premium has not substantially changed.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 5.5% (5.0%).The table below shows the effects on the Group\u2019s result 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 200 thousand (230) 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 2024 2023Change +/- 1% +/-1%Impact on result after tax 200 230",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__34-1": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from 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 turnover is mostly generated in its functional currency euro from its 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 time.EUR thousand 2024 2023At a point in time 463,645498,607Over time 4,1844,244Revenue, total 467,829 502,852Revenue by external customer location EUR thousand 2024 2023Finland 437,708468,363EU 28,88929,657Rest of the world 1,2334,832Revenue by external customer location 467,829 502,852Revenue by sales channelEUR thousand 2024 2023Customer segmentsConsumers 318,064 344,057Business customers 137,712 146,662Other 12,053 12,133Sales channelsWeb store 300,190 316,820Store 155,586 173,899Export 12,053 12,133Product categoriesCore categories (CE) 402,612 428,617Developing categories 53,165 62,102Other 12,053 12,133Own brands 30,961 26,278Visits to websites, (in the millions) 74 80Income 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 2024 2023Interest income recognized using effective 4,964 4,244interest rate methodOther income from company-financed customer 2,7882,555financingRevenues from self-financed customer 7,752 6,799financing , totalContract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2024 31 Dec 2023Less than one year 5,3265,696From one to two years 9,71611,258From three to four years 7,2 261,146Over five years 10,8390Undiscounted lease liabilities, total 33,107 18,101Lease liabilities in the balance sheetEUR thousand 31 Dec 2024 31 Dec 2023Current lease liabilities 3,8424,974Non-current lease liabilities 22,58711,729Lease liabilities, total 26,428 16,702Items recognized in the income statementEUR thousand 2024 2023Depreciations on right-of-use assets 4,3644,218Interests on lease liabilities 745912Lease income from subleasing right-of-use 132266assetsExpenses related to leases of low-value assets 5258Items recognized in the cash flow statementEUR thousand 2024 2023Total cash outflow for leases -5,894 -5,7237.22.2 Financial institution loansAt the end of 2024, the Verkkokauppa.com Group had a total of EUR 19.0 million (21.3) interest-bearing financial institution loans. 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 June 24, 2024. 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. Verkkokauppa.com has complied with the financial covenants of the loans it has granted to credit institutions in both reporting periods of the financial year. The purpose of the loans raised from financial institutions is primarily to develop the business and the general financing needs of the Group. The company\u2019s net debt is primarily managed by managing and optimizing working capital. The carrying amounts of the loans correspond in essential respects to the fair values of the loans, because the loans have variable interest rates and the Group\u2019s risk premium has not substantially changed.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 5.5% (5.0%).The table below shows the effects on the Group\u2019s result 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 200 thousand (230) 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 2024 2023Change +/- 1% +/-1%Impact on result after tax 200 230",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__33": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from 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 turnover is mostly generated in its functional currency euro from its 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 time.EUR thousand 2024 2023At a point in time 463,645498,607Over time 4,1844,244Revenue, total 467,829 502,852Revenue by external customer location EUR thousand 2024 2023Finland 437,708468,363EU 28,88929,657Rest of the world 1,2334,832Revenue by external customer location 467,829 502,852Revenue by sales channelEUR thousand 2024 2023Customer segmentsConsumers 318,064 344,057Business customers 137,712 146,662Other 12,053 12,133Sales channelsWeb store 300,190 316,820Store 155,586 173,899Export 12,053 12,133Product categoriesCore categories (CE) 402,612 428,617Developing categories 53,165 62,102Other 12,053 12,133Own brands 30,961 26,278Visits to websites, (in the millions) 74 80Income 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 2024 2023Interest income recognized using effective 4,964 4,244interest rate methodOther income from company-financed customer 2,7882,555financingRevenues from self-financed customer 7,752 6,799financing , totalContract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__32": {
"value": "Disaggregation of revenueThe Group\u2019s revenue consists of revenue from 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 turnover is mostly generated in its functional currency euro from its 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 time.EUR thousand 2024 2023At a point in time 463,645498,607Over time 4,1844,244Revenue, total 467,829 502,852Revenue by external customer location EUR thousand 2024 2023Finland 437,708468,363EU 28,88929,657Rest of the world 1,2334,832Revenue by external customer location 467,829 502,852Revenue by sales channelEUR thousand 2024 2023Customer segmentsConsumers 318,064 344,057Business customers 137,712 146,662Other 12,053 12,133Sales channelsWeb store 300,190 316,820Store 155,586 173,899Export 12,053 12,133Product categoriesCore categories (CE) 402,612 428,617Developing categories 53,165 62,102Other 12,053 12,133Own brands 30,961 26,278Visits to websites, (in the millions) 74 80Income 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 2024 2023Interest income recognized using effective 4,964 4,244interest rate methodOther income from company-financed customer 2,7882,555financingRevenues from self-financed customer 7,752 6,799financing , totalContract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__39-1": {
"value": "Contract assets and liabilitiesEUR thousand 2024 2023Contract assets 1,980 1,578Contract advances received 4,040 3,474Contract liabilities 2,217 1,784Assets 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. During the accounting period 155,471 thousand euros (161,061) has been generated to profit and loss from advances.Contract liabilities include the gift card liability and the repayment liability related to the right of return. Gift cards sold to customers 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 2024, the amount recognized as revenue at the beginning of the period, included in the contract liabilities, was EUR 694 thousand (1,852).7.22.1 Financial assets and liabilities by measurement category31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, totalNon-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalLevel 2 includes interest-bearing liabilities. The group has no financial assets or liabilities recognized at fair value through other comprehensive income.* Other receivables include non-current receivables presented in the balance sheet, which include rental guarantee receivables classified as financial assets. There have been no transfers between valuation Groups during the financial year or in the comparison year. The balance sheet values of trade receivables and other receivables classified as financial assets are substantially equivalent to their fair values.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__41-1": {
"value": "EUR thousand 2024 2023Lease income from subleasing right-of-use 132266assetsOther income 466154Other operating income, total 5984207.4 Materials and servicesEUR thousand 2024 2023Purchases during the financial year 380,092 409,881Change in inventories 11,578 12,029External services 38792Materials and services, total 392,057 422,0017.8 Other operating expensesEUR thousand 2024 2023Premises maintenance and operation expenses 6,663 6,794Financial transactions expenses 1,593 1,676Marketing 7,182 7,518Administrative services 16,900 16,923Other expenses 585 590Other operating expenses, total 32,923 33,500Auditor feesEUR thousand 2024 2023Statutory audit 186 216Assignments according the Audit Act section 1, 10 -subsection 1, point 2Other services 13 39Auditor fees, total 209 255The auditing firm selected by the Annual General Meeting is PricewaterhouseCoopers Oy. The non-audit services provided by PricewaterhouseCoopers Oy totaled EUR 27 thousand.",
"dimensions": {
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"language": "en",
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"f1__s8__6__42": {
"value": "EUR thousand 2024 2023Lease income from subleasing right-of-use 132266assetsOther income 466154Other operating income, total 598420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__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 assetsThe Verkkokauppa.com Group\u2019s intangible assets consist of capitalized development costs, goodwill 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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of 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 73% 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 acquisition cost model. Under the acquisition 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. 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 which is 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.7.22 FundingFinancial assetsThe Group main financial assets are trade receivables and cash. 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.The Group measures equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividend income is recorded in the income statement as 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. The Group 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 the Group, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the Group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe Group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the Group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The Group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23.3 and Leases 7.15.7.24 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 product warranties for the company\u2019s own products and additional warranties granted by the company for certain product Groups.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.",
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"f1__s8__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__48-1": {
"value": "EUR thousand 2024 2023Wages and salaries 29,104 29,460Pension expenses -defined contribution plans 5,229 5,472Share-based payments 175 25Other personnel-related expenses 715 1,139Voluntary employee benefits 1,636 1,663Total employee benefits before capitalization 36,860 37,759Capitalized employee benefits for the financial yearWages and salaries -779 -883Pension expenses -defined contribution plans -143 -156Other personnel-related expenses -20 -30Capitalized employee benefits for -942 -1,068the financial yearTotal employee benefits 35,918 36,690The capitalized personnel costs are mainly related to the development of Verkkokauppa.com Oyj\u2019s ERP and other key systems, which is described in note Intangible assets 7.13.2024 2023Number of employees at the end of 615 677the 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 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 and an incentive bonus for achieving financial and operational objectives. The remuneration of the CEO and the Management Team also includes a long-term performance-based share plan.The Board of Directors decides annually on the performance and operational targets, criteria and determination of the incentive bonus based on the proposal of the Remuneration Committee. The earning criteria for the short-term incentive plan for 2024 were 45% based on sales growth, 45% profitability improvement and 10% sustainability. The Board of Directors may also decide to pay other one-off bonuses at any time based on its own discretion.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 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 commencement and details of the earning period. The earning criterion for the first earning period 2023\u20132025 and the second earning period 2024\u20132026 is 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 programs are described in more detail in the note on Share-based payments 7.12The following table shows the remuneration of the 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 remuneration and paymentsEUR Thousand CEO Management team 2024, total CEO Management team 2023, totalShort-term employee benefitsFixed basic salaries and fringe 4341,448 1,882 394 1,342 1,736benefitsIncentive bonus 55 90 146 124 174 298Statutory pension 86 239 325 74 251 325Share-based benefitsshare-based benefit payments 30 27 56 6 19 25Total 605 1,804 2,409 597 1,787 2,384Shareholding, pcs 119,000 44,352 163,352 119,000103,552222,552 % of shares 0,26 % 0,10 % 0,36 % 0,26 % 0,23 % 0,49 %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 as annual fee. 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 April 4, 2024 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 2024, the company transferred 59,374 (50,218) 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 2024 2023Board members 31 Dec 2024Arja Talma, Chair of the Board, 88 88Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e435 35Robin Bade39 30Kati Riikonen41 32Henrik Pankakoski39 32Enel Sintonen, Chair of Audit Committee 38 -Irmeli Rytk\u00f6nen32 -The former Johan Ryding (member until 4 April 2024) 9 39Kai Seikku (member until 4 April 2024) 9 51Mikko K\u00e4rkk\u00e4inen (member until 30 May 2023) - 9Frida Ridderstolpe (member until 30 May 2023) - 9Christoffer H\u00e4ggblom (member until 30 May 2023) - 14Remuneration of Board of Directors, total 330 339The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs 2024 2023Arja Talma, Chair of the Board, 54,817 37,853Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e413,347,000 15,527,000Robin Bade13,829 5,347Kati Riikonen13,829 5,347Henrik Pankakoski13,8295,347Enel Sintonen, Chair of Audit Committee 6,659 -Irmeli Rytk\u00f6nen6,659 -The former Johan Ryding (member until 4 April 2024) -12,849Kai Seikku (member until 4 April 2024) - 157,8 45Number of shares, total 13,456,622 15,751, 588 % of shares 2024 2023Arja Talma, Chair of the Board, 0.12%0.08%Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e429.43%34.23%Robin Bade0.03%0,01%Kati Riikonen0.03%0.01%Henrik Pankakoski0.03%0.01%Enel Sintonen, Chair of Audit Committee 0.01%-Irmeli Rytk\u00f6nen0.01%-The formerJohan Ryding (member until 4 April 2024)-0.03%Kai Seikku (member until 4 April 2024)-0.35%% of shares, total 29,66% 34.72%",
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"value": "2024 2023Number of employees at the end of 615 677the financial yearThe number of employees includes both full-time and part-time employees. The amount does not include temporary agency workers.Information on management\u2019s employee benefits is presented in the note on Remuneration of key management personnel 7.6.Share-based payment is described in more detail in Share-based payments 7.12 in the notes to the financial statements.",
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"value": " Remuneration of the CEO and the management teamShort-term employee benefitsThe short-term employee benefits of the CEO consist of a fixed salary and benefits 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 and an incentive bonus for achieving financial and operational objectives. The remuneration of the CEO and the Management Team also includes a long-term performance-based share plan.The Board of Directors decides annually on the performance and operational targets, criteria and determination of the incentive bonus based on the proposal of the Remuneration Committee. The earning criteria for the short-term incentive plan for 2024 were 45% based on sales growth, 45% profitability improvement and 10% sustainability. The Board of Directors may also decide to pay other one-off bonuses at any time based on its own discretion.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 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 commencement and details of the earning period. The earning criterion for the first earning period 2023\u20132025 and the second earning period 2024\u20132026 is 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 programs are described in more detail in the note on Share-based payments 7.12The following table shows the remuneration of the 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 remuneration and paymentsEUR Thousand CEO Management team 2024, total CEO Management team 2023, totalShort-term employee benefitsFixed basic salaries and fringe 4341,448 1,882 394 1,342 1,736benefitsIncentive bonus 55 90 146 124 174 298Statutory pension 86 239 325 74 251 325Share-based benefitsshare-based benefit payments 30 27 56 6 19 25Total 605 1,804 2,409 597 1,787 2,384Shareholding, pcs 119,000 44,352 163,352 119,000103,552222,552 % of shares 0,26 % 0,10 % 0,36 % 0,26 % 0,23 % 0,49 %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 as annual fee. 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 April 4, 2024 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 2024, the company transferred 59,374 (50,218) 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 2024 2023Board members 31 Dec 2024Arja Talma, Chair of the Board, 88 88Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e435 35Robin Bade39 30Kati Riikonen41 32Henrik Pankakoski39 32Enel Sintonen, Chair of Audit Committee 38 -Irmeli Rytk\u00f6nen32 -The former Johan Ryding (member until 4 April 2024) 9 39Kai Seikku (member until 4 April 2024) 9 51Mikko K\u00e4rkk\u00e4inen (member until 30 May 2023) - 9Frida Ridderstolpe (member until 30 May 2023) - 9Christoffer H\u00e4ggblom (member until 30 May 2023) - 14Remuneration of Board of Directors, total 330 339The following tables show the shareholdings and holdings of the Board of Directors. Shareholding, pcs 2024 2023Arja Talma, Chair of the Board, 54,817 37,853Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e413,347,000 15,527,000Robin Bade13,829 5,347Kati Riikonen13,829 5,347Henrik Pankakoski13,8295,347Enel Sintonen, Chair of Audit Committee 6,659 -Irmeli Rytk\u00f6nen6,659 -The former Johan Ryding (member until 4 April 2024) -12,849Kai Seikku (member until 4 April 2024) - 157,8 45Number of shares, total 13,456,622 15,751, 588 % of shares 2024 2023Arja Talma, Chair of the Board, 0.12%0.08%Chair of the Remuneration CommitteeSamuli Sepp\u00e4l\u00e429.43%34.23%Robin Bade0.03%0,01%Kati Riikonen0.03%0.01%Henrik Pankakoski0.03%0.01%Enel Sintonen, Chair of Audit Committee 0.01%-Irmeli Rytk\u00f6nen0.01%-The formerJohan Ryding (member until 4 April 2024)-0.03%Kai Seikku (member until 4 April 2024)-0.35%% of shares, total 29,66% 34.72%",
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"value": "7.7 Depreciation and amortizationEUR thousand 2024 2023Intangible assetsDevelopment costs 456 413Other intangible assets 986 509Amortization of intangible assets, total 1,442 922Tangible assets Machinery and equipment 1,001 1,102Other tangible assets 112 123Depreciation of tangible assets, total 1,113 1,224Right-of-use assetsPremises and facilities 4,364 4,218Depreciation of right-of-use assets, total 4,364 4,218Depreciation and amortization, total 6,919 6,365",
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"value": "7.7 Depreciation and amortizationEUR thousand 2024 2023Intangible assetsDevelopment costs 456 413Other intangible assets 986 509Amortization of intangible assets, total 1,442 922Tangible assets Machinery and equipment 1,001 1,102Other tangible assets 112 123Depreciation of tangible assets, total 1,113 1,224Right-of-use assetsPremises and facilities 4,364 4,218Depreciation of right-of-use assets, total 4,364 4,218Depreciation and amortization, total 6,919 6,365",
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"value": "7.7 Depreciation and amortizationEUR thousand 2024 2023Intangible assetsDevelopment costs 456 413Other intangible assets 986 509Amortization of intangible assets, total 1,442 922Tangible assets Machinery and equipment 1,001 1,102Other tangible assets 112 123Depreciation of tangible assets, total 1,113 1,224Right-of-use assetsPremises and facilities 4,364 4,218Depreciation of right-of-use assets, total 4,364 4,218Depreciation and amortization, total 6,919 6,365Development Other intangible Advance payments Consolidated EUR thousandTotal costsassetsand work in progressgoodwillCost 1 Jan 2024 4,165 5,903 343 2,846 13,257Increases 195 147 649 - 992Transfers between items - 209 -209 - -Cost 31 Dec 2024 4,360 6,259 782 2,846 14,249Accumulated amortization and impairment 1 Jan 2024 -3,398 -2,062 - - -5,461Amortization for the financial year -456 -986 - - -1,442Accumulated amortization and impairment 31 Dec 2024 -3,855 -3,048 - - -6,903Carrying amount 1 Jan 2024 766 3,840 343 2,846 7,796Carrying amount 31 Dec 2024 506 3,212 782 2,846 7,346Development Other Advance payments Consolidated EUR thousandTotalcostsintangible assetsand work in progressgoodwillCost 1 Jan 20233,3832,4572,5302,846 11,216Increases782-1,259- 2,041Transfers between items03,446-3,446- 0Cost 31 Dec 20234,1655,9033432,846 13,257Accumulated amortization and impairment 1 Jan 2023-2,986-1,553-- -4,539Amortization for the financial year-413-509-- -922Accumulated amortization and impairment 31 Dec 2023-3,398-2,062-- -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796The capitalized development costs relate to the development of new features related to the company\u2019s ERP system and other key systems.The Group has no investment commitments in relation to intangible assets.",
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"value": "7.8 Other operating expensesEUR thousand 2024 2023Premises maintenance and operation expenses 6,663 6,794Financial transactions expenses 1,593 1,676Marketing 7,182 7,518Administrative services 16,900 16,923Other expenses 585 590Other operating expenses, total 32,923 33,500Auditor feesEUR thousand 2024 2023Statutory audit 186 216Assignments according the Audit Act section 1, 10 -subsection 1, point 2Other services 13 39Auditor fees, total 209 255The auditing firm selected by the Annual General Meeting is PricewaterhouseCoopers Oy. The non-audit services provided by PricewaterhouseCoopers Oy totaled EUR 27 thousand.",
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"value": "Auditor feesEUR thousand 2024 2023Statutory audit 186 216Assignments according the Audit Act section 1, 10 -subsection 1, point 2Other services 13 39Auditor fees, total 209 255The auditing firm selected by the Annual General Meeting is PricewaterhouseCoopers Oy. The non-audit services provided by PricewaterhouseCoopers Oy totaled EUR 27 thousand.",
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"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2024 2023Interest income 394 331Finance income, total 394 331Finance costsEUR thousand 2024 2023Lease liability interest 745 912Other interest costs 1,354 1,138Other finance costs 311 161Exchange rate differences on cash and cash 21 61equivalentsFinance costs, total 2,431 2,273In addition to financial income and costs, exchange rate differences have been recognized as adjustments to purchases for the financial year.7.22.1 Financial assets and liabilities by measurement category31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, totalNon-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalLevel 2 includes interest-bearing liabilities. The group has no financial assets or liabilities recognized at fair value through other comprehensive income.* 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.7.22.2 Financial institution loansAt the end of 2024, the Verkkokauppa.com Group had a total of EUR 19.0 million (21.3) interest-bearing financial institution loans. 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 June 24, 2024. 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. Verkkokauppa.com has complied with the financial covenants of the loans it has granted to credit institutions in both reporting periods of the financial year. The purpose of the loans raised from financial institutions is primarily to develop the business and the general financing needs of the Group. The company\u2019s net debt is primarily managed by managing and optimizing working capital. The carrying amounts of the loans correspond in essential respects to the fair values of the loans, because the loans have variable interest rates and the Group\u2019s risk premium has not substantially changed.",
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"f1__s8__6__61-1": {
"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2024 2023Interest income 394 331Finance income, total 394 331Finance costsEUR thousand 2024 2023Lease liability interest 745 912Other interest costs 1,354 1,138Other finance costs 311 161Exchange rate differences on cash and cash 21 61equivalentsFinance costs, total 2,431 2,273In addition to financial income and costs, exchange rate differences have been recognized as adjustments to purchases for the financial year.7.21 Cash flow informationNet debt reconciliationEUR thousand 2024 2023Cash and cash equivalents 35,600 31,893Bank loans -19,000 -21,308Lease liabilities -26,428 -16,702Net debt -9,829 -6,118EUR thousand 2024 2023Cash 35,600 31,893Gross debt - leases -45,428 -38,011Net debt -9,829 -6,118Liabilities from financing activities Other assetsFinancial Cash and cash EUR thousandLeases TotalTotalinstitution loansequivalentsNet debt Jan 1, 2023 -24,144 -16,812 -40,955 21,210 -19,745Decrease 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 Dec 31, 2023 -21,308 -16,702 -38,011 31,893 -6,118Increase of financial loans-26,000 - -26,000 - -26,000Decrease of financial loans 28,308 - 28,308 - 28,308Increase in lease liabilities - -14,880 -14,880 -14,880 -14,880Decrease in lease liabilities - 5,149 5,149 5,149 5,149Cash flows - - - 3,707 3,707Other changes - 4 4 - 4Net debt 31 Dec 2024 -19,000 -26,429 -45,429 35,600 -9,829The Company\u2019s net debt as of 31 Dec 2024 was EUR -9.8 million.7.22.1 Financial assets and liabilities by measurement category31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, totalNon-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalLevel 2 includes interest-bearing liabilities. The group has no financial assets or liabilities recognized at fair value through other comprehensive income.* 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.7.22.2 Financial institution loansAt the end of 2024, the Verkkokauppa.com Group had a total of EUR 19.0 million (21.3) interest-bearing financial institution loans. 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 June 24, 2024. 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. Verkkokauppa.com has complied with the financial covenants of the loans it has granted to credit institutions in both reporting periods of the financial year. The purpose of the loans raised from financial institutions is primarily to develop the business and the general financing needs of the Group. The company\u2019s net debt is primarily managed by managing and optimizing working capital. The carrying amounts of the loans correspond in essential respects to the fair values of the loans, because the loans have variable interest rates and the Group\u2019s risk premium has not substantially changed.",
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},
"f1__s8__6__60-1": {
"value": "7.9 Finance income and expensesFinance incomeEUR thousand 2024 2023Interest income 394 331Finance income, total 394 331Finance costsEUR thousand 2024 2023Lease liability interest 745 912Other interest costs 1,354 1,138Other finance costs 311 161Exchange rate differences on cash and cash 21 61equivalentsFinance costs, total 2,431 2,273In addition to financial income and costs, exchange rate differences have been recognized as adjustments to purchases for the financial year.7.21 Cash flow informationNet debt reconciliationEUR thousand 2024 2023Cash and cash equivalents 35,600 31,893Bank loans -19,000 -21,308Lease liabilities -26,428 -16,702Net debt -9,829 -6,118EUR thousand 2024 2023Cash 35,600 31,893Gross debt - leases -45,428 -38,011Net debt -9,829 -6,118Liabilities from financing activities Other assetsFinancial Cash and cash EUR thousandLeases TotalTotalinstitution loansequivalentsNet debt Jan 1, 2023 -24,144 -16,812 -40,955 21,210 -19,745Decrease 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 Dec 31, 2023 -21,308 -16,702 -38,011 31,893 -6,118Increase of financial loans-26,000 - -26,000 - -26,000Decrease of financial loans 28,308 - 28,308 - 28,308Increase in lease liabilities - -14,880 -14,880 -14,880 -14,880Decrease in lease liabilities - 5,149 5,149 5,149 5,149Cash flows - - - 3,707 3,707Other changes - 4 4 - 4Net debt 31 Dec 2024 -19,000 -26,429 -45,429 35,600 -9,829The Company\u2019s net debt as of 31 Dec 2024 was EUR -9.8 million.7.22.1 Financial assets and liabilities by measurement category31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, totalNon-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalLevel 2 includes interest-bearing liabilities. The group has no financial assets or liabilities recognized at fair value through other comprehensive income.* 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.7.22.2 Financial institution loansAt the end of 2024, the Verkkokauppa.com Group had a total of EUR 19.0 million (21.3) interest-bearing financial institution loans. 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 June 24, 2024. 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. Verkkokauppa.com has complied with the financial covenants of the loans it has granted to credit institutions in both reporting periods of the financial year. The purpose of the loans raised from financial institutions is primarily to develop the business and the general financing needs of the Group. The company\u2019s net debt is primarily managed by managing and optimizing working capital. The carrying amounts of the loans correspond in essential respects to the fair values of the loans, because the loans have variable interest rates and the Group\u2019s risk premium has not substantially changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__66-1": {
"value": "Income taxes in the income statementEUR thousand 2024 2023Current taxes --528Taxes from previous financial periods -3-2Change in deferred taxes 627-174Income taxes, total 623 -704The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2024 2023Result before income taxes -1,426 2,7 74Taxes calculated at the Finnish tax rate 20% 285-555Effect of tax-exempt income 0-2Effect of non-deductible expenses -185-11Income taxes from previous accounting periods -3-2Other 163-3Recorded deferred tax receivables from taxable 389-lossesUnrecognized deferred tax assets from tax losses-26-135Income taxes recognized in the income 623 -704statement, totalEffective tax rate (%) 43.7 % 25.4 %The Group has recognized a deferred tax asset for the tax losses of both the parent company Verkkokauppa.com Oyj and the subsidiary e-Ville Distribution Oy for the financial year 2024. In addition, the operations of the Group\u2019s subsidiary e-Ville Distribution Oy have been loss-making in previous financial years and the Group has recognized a deferred tax asset of EUR 389 thousand in the financial statements for 2024 from the company\u2019s confirmed losses from previous financial years. This recognition has a significant impact on the Group\u2019s effective tax rate. The Finnish tax rate in the financial statements of the financial years 2024 and 2023 was 20 percent. Changes in deferred tax assets and liabilities are presented in note Deferred tax assets and liabilities 7.16.EUR thousand 2024 2023Non-current Trade receivables Other non-current receivables 504396Non-current receivables, total 7,122 8,220Current Trade receivables32,551 37, 292 Contract assets 1,9052,770 Other accrued income 10,0618,121 Vat receivables 136Current receivables, total 45,791 48,319135Non-current and current receivables, total Income tax receivables 952,913-1,232 Other receivables 1,12956,5381,232",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "Income taxes in the income statementEUR thousand 2024 2023Current taxes --528Taxes from previous financial periods -3-2Change in deferred taxes 627-174Income taxes, total 623 -704The company has no pending tax disputes.Reconciliation of the effective tax rateEUR thousand 2024 2023Result before income taxes -1,426 2,7 74Taxes calculated at the Finnish tax rate 20% 285-555Effect of tax-exempt income 0-2Effect of non-deductible expenses -185-11Income taxes from previous accounting periods -3-2Other 163-3Recorded deferred tax receivables from taxable 389-lossesUnrecognized deferred tax assets from tax losses-26-135Income taxes recognized in the income 623 -704statement, totalEffective tax rate (%) 43.7 % 25.4 %The Group has recognized a deferred tax asset for the tax losses of both the parent company Verkkokauppa.com Oyj and the subsidiary e-Ville Distribution Oy for the financial year 2024. In addition, the operations of the Group\u2019s subsidiary e-Ville Distribution Oy have been loss-making in previous financial years and the Group has recognized a deferred tax asset of EUR 389 thousand in the financial statements for 2024 from the company\u2019s confirmed losses from previous financial years. This recognition has a significant impact on the Group\u2019s effective tax rate. The Finnish tax rate in the financial statements of the financial years 2024 and 2023 was 20 percent. Changes in deferred tax assets and liabilities are presented in note Deferred tax assets and liabilities 7.16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "2024 2023Earnings per share, basicResult for the year attributable to shareholders, -803 2,070EUR thousandWeighted average number of outstanding 45,243,689 45,208,813shares, pcsBasic earnings per share, EUR -0.02 0.05Earnings per share, dilutedResult for the year attributable to -803 2,070the shareholders, EUR thousandPotentially dilutive shares of share-based 43,767 22,833 incentive plan, pcs.Diluted weighted average number of 45,287,45645,231,646outstanding shares, pcs.Diluted earnings per share, EUR -0.02 0.05Further information on the number of shares is presented in the note on Equity 7. 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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. In 2023, Verkkokauppa.com Oyj established a share-based incentive system for the company\u2019s CEO and management team. The purpose of the system is to combine the goals of the shareholders and the management to increase the company\u2019s value in the long term, to encourage the management to invest personally in the company\u2019s shares, to commit the executives to the company, and to offer them a competitive reward system, where the participants can earn shares as a reward for performance and their own 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 for the first earning period 2023\u20132025 and the second earning period 2024\u20132026 is total share return (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 eight persons (the CEO and all members of the Management Team).The gross rewards to be paid for the first 2023\u20132025 and the second 2024\u20132026 earnings period correspond to an estimated total value of a maximum of 295,900 Verkkokauppa.com Oyj shares, including the portion to be paid in cash.2024\u20132026 2023\u20132025Grant date13 February 202411 May 2023Vesting start date 1 Jan 20271 Jan 2026Share ownership Share ownership Vesting conditionsand employmentand employmentPayment method Shares Shares Share price at grant date, EUR 2.352.50Fair value of share at grant date, EUR* 2.482.63Estimated number of participants 100%100%at end of vesting period, %Estimated change in shares 2%2%associated with the plan, %Number of plan participants 45 * 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 2024 2023Expenses related to share-based payments in 56 25 the income statementTotal 56 25Effect of share-based payments on the balance sheetEUR thousand 2024 2023Recognized in equity 81 25Total 81 25Share capital and treasury sharesNumber of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, pcs (1,000)pcs (1,000)pcs (1,000)EUR thousand 1 Jan 2024 45,209 146 45,355 100Transfer of treasury shares, Board 59 -59 - -of Directors\u2019 remuneration31 Dec 2024 45,268 86 45,355 100Number of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, EUR pcs (1,000)pcs (1,000)pcs (1,000)thousand 1 Jan 2023 45,083 271 45,355 100Transfer of treasury shares, Board 50-50--of Directors\u2019 remunerationTransfer of treasury shares, share-based 75-75--incentive scheme31 Dec 2023 45,209 146 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 2024, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,354,532 including 86,345 (145,719) treasury shares held by the Company. During the financial years 2023\u20132024, the company has not acquired its own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 assetsThe Verkkokauppa.com Group\u2019s intangible assets consist of capitalized development costs, goodwill 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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of five years. The intangible assets of the Group consist mainly of intangible rights, IT software and licenses.Fair value reserveThe fair value reserve is a fund that is based on equity investments measured at fair value.7.22 FundingFinancial assetsThe Group main financial assets are trade receivables and cash. 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.The Group measures equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividend income is recorded in the income statement as 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. The Group 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 the Group, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the Group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe Group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the Group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The Group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23.3 and Leases 7.15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__72": {
"value": "Details of the share-based incentive plans. In 2023, Verkkokauppa.com Oyj established a share-based incentive system for the company\u2019s CEO and management team. The purpose of the system is to combine the goals of the shareholders and the management to increase the company\u2019s value in the long term, to encourage the management to invest personally in the company\u2019s shares, to commit the executives to the company, and to offer them a competitive reward system, where the participants can earn shares as a reward for performance and their own 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 for the first earning period 2023\u20132025 and the second earning period 2024\u20132026 is total share return (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 eight persons (the CEO and all members of the Management Team).The gross rewards to be paid for the first 2023\u20132025 and the second 2024\u20132026 earnings period correspond to an estimated total value of a maximum of 295,900 Verkkokauppa.com Oyj shares, including the portion to be paid in cash.2024\u20132026 2023\u20132025Grant date13 February 202411 May 2023Vesting start date 1 Jan 20271 Jan 2026Share ownership Share ownership Vesting conditionsand employmentand employmentPayment method Shares Shares Share price at grant date, EUR 2.352.50Fair value of share at grant date, EUR* 2.482.63Estimated number of participants 100%100%at end of vesting period, %Estimated change in shares 2%2%associated with the plan, %Number of plan participants 45 * 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 2024 2023Expenses related to share-based payments in 56 25 the income statementTotal 56 25Effect of share-based payments on the balance sheetEUR thousand 2024 2023Recognized in equity 81 25Total 81 25",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__78-1": {
"value": "7.13 Intangible assetsThe Verkkokauppa.com Group\u2019s intangible assets consist of capitalized development costs, goodwill 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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__77-1": {
"value": "7.13 Intangible assetsThe Verkkokauppa.com Group\u2019s intangible assets consist of capitalized development costs, goodwill 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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of 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 77% (2023; 75%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.37.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The inventory turn and the possible reduction of the net realizable value below cost are regularly assessed and, if necessary, an impairment of inventories is recorded. In addition, the Group separately recognizes write-down for older items according to the inventory dates.Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__75-1": {
"value": "7.13 Intangible assetsThe Verkkokauppa.com Group\u2019s intangible assets consist of capitalized development costs, goodwill 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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of 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 73% 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 acquisition cost model. Under the acquisition 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. 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 which is 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__80": {
"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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 recorded for depreciation, but is tested for possible impairment annually and in addition 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 result margin (operating result/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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 uses self-developed ERP system as well as other systems, of which development costs are capitalized by the Company to the extent that the capitalization criteria are deemed to be met. 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 maximum of 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__90": {
"value": "Development Other intangible Advance payments Consolidated EUR thousandTotal costsassetsand work in progressgoodwillCost 1 Jan 2024 4,165 5,903 343 2,846 13,257Increases 195 147 649 - 992Transfers between items - 209 -209 - -Cost 31 Dec 2024 4,360 6,259 782 2,846 14,249Accumulated amortization and impairment 1 Jan 2024 -3,398 -2,062 - - -5,461Amortization for the financial year -456 -986 - - -1,442Accumulated amortization and impairment 31 Dec 2024 -3,855 -3,048 - - -6,903Carrying amount 1 Jan 2024 766 3,840 343 2,846 7,796Carrying amount 31 Dec 2024 506 3,212 782 2,846 7,346Development Other Advance payments Consolidated EUR thousandTotalcostsintangible assetsand work in progressgoodwillCost 1 Jan 20233,3832,4572,5302,846 11,216Increases782-1,259- 2,041Transfers between items03,446-3,446- 0Cost 31 Dec 20234,1655,9033432,846 13,257Accumulated amortization and impairment 1 Jan 2023-2,986-1,553-- -4,539Amortization for the financial year-413-509-- -922Accumulated amortization and impairment 31 Dec 2023-3,398-2,062-- -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796The capitalized development costs relate to the development of new features related to the company\u2019s ERP system and other key systems.The Group has no investment commitments in relation to intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__87": {
"value": "Development Other intangible Advance payments Consolidated EUR thousandTotal costsassetsand work in progressgoodwillCost 1 Jan 2024 4,165 5,903 343 2,846 13,257Increases 195 147 649 - 992Transfers between items - 209 -209 - -Cost 31 Dec 2024 4,360 6,259 782 2,846 14,249Accumulated amortization and impairment 1 Jan 2024 -3,398 -2,062 - - -5,461Amortization for the financial year -456 -986 - - -1,442Accumulated amortization and impairment 31 Dec 2024 -3,855 -3,048 - - -6,903Carrying amount 1 Jan 2024 766 3,840 343 2,846 7,796Carrying amount 31 Dec 2024 506 3,212 782 2,846 7,346Development Other Advance payments Consolidated EUR thousandTotalcostsintangible assetsand work in progressgoodwillCost 1 Jan 20233,3832,4572,5302,846 11,216Increases782-1,259- 2,041Transfers between items03,446-3,446- 0Cost 31 Dec 20234,1655,9033432,846 13,257Accumulated amortization and impairment 1 Jan 2023-2,986-1,553-- -4,539Amortization for the financial year-413-509-- -922Accumulated amortization and impairment 31 Dec 2023-3,398-2,062-- -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796The capitalized development costs relate to the development of new features related to the company\u2019s ERP system and other key systems.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 result and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been performed at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s online store, store network and new markets, are tested for impairment by comparing the carrying amount of the cash-generating unit Group to 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 result. Recording an impairment loss weakens the Group\u2019s result and thus equity, but it has no effect on the Group\u2019s cash flows. Goodwill of EUR 2.9 million is allocated to cash-generating units as follows: online store EUR 1.4 million, store network EUR 1.1 million and new markets EUR 0.4 million. According to the goodwill testing, the present value of the cash-generating units exceeds the carrying amount and therefore no impairment has been recognized for goodwill.Key accounting estimates and assumptionsIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year average Residual valueUsed discount rate 8.8% 8.8%Average revenue growth assumption 7.6% 2.0%Average operating result % assumption2.7%3.7%Based on a sensitivity analysis, Verkkokauppa.com\u2019s management has assessed that no reasonably possible change in the key assumptions of the impairment testing would have led to an impairment of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__86": {
"value": "Development Other intangible Advance payments Consolidated EUR thousandTotal costsassetsand work in progressgoodwillCost 1 Jan 2024 4,165 5,903 343 2,846 13,257Increases 195 147 649 - 992Transfers between items - 209 -209 - -Cost 31 Dec 2024 4,360 6,259 782 2,846 14,249Accumulated amortization and impairment 1 Jan 2024 -3,398 -2,062 - - -5,461Amortization for the financial year -456 -986 - - -1,442Accumulated amortization and impairment 31 Dec 2024 -3,855 -3,048 - - -6,903Carrying amount 1 Jan 2024 766 3,840 343 2,846 7,796Carrying amount 31 Dec 2024 506 3,212 782 2,846 7,346Development Other Advance payments Consolidated EUR thousandTotalcostsintangible assetsand work in progressgoodwillCost 1 Jan 20233,3832,4572,5302,846 11,216Increases782-1,259- 2,041Transfers between items03,446-3,446- 0Cost 31 Dec 20234,1655,9033432,846 13,257Accumulated amortization and impairment 1 Jan 2023-2,986-1,553-- -4,539Amortization for the financial year-413-509-- -922Accumulated amortization and impairment 31 Dec 2023-3,398-2,062-- -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796The capitalized development costs relate to the development of new features related to the company\u2019s ERP system and other key systems.The Group has no investment commitments in relation to intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__84": {
"value": "Development Other intangible Advance payments Consolidated EUR thousandTotal costsassetsand work in progressgoodwillCost 1 Jan 2024 4,165 5,903 343 2,846 13,257Increases 195 147 649 - 992Transfers between items - 209 -209 - -Cost 31 Dec 2024 4,360 6,259 782 2,846 14,249Accumulated amortization and impairment 1 Jan 2024 -3,398 -2,062 - - -5,461Amortization for the financial year -456 -986 - - -1,442Accumulated amortization and impairment 31 Dec 2024 -3,855 -3,048 - - -6,903Carrying amount 1 Jan 2024 766 3,840 343 2,846 7,796Carrying amount 31 Dec 2024 506 3,212 782 2,846 7,346Development Other Advance payments Consolidated EUR thousandTotalcostsintangible assetsand work in progressgoodwillCost 1 Jan 20233,3832,4572,5302,846 11,216Increases782-1,259- 2,041Transfers between items03,446-3,446- 0Cost 31 Dec 20234,1655,9033432,846 13,257Accumulated amortization and impairment 1 Jan 2023-2,986-1,553-- -4,539Amortization for the financial year-413-509-- -922Accumulated amortization and impairment 31 Dec 2023-3,398-2,062-- -5,461Carrying amount 1 Jan 2023 397 904 2,530 2,846 6,677Carrying amount 31 Dec 2023 766 3,840 343 2,846 7,796The capitalized development costs relate to the development of new features related to the company\u2019s ERP system and other key systems.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 result and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been performed at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s online store, store network and new markets, are tested for impairment by comparing the carrying amount of the cash-generating unit Group to 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 result. Recording an impairment loss weakens the Group\u2019s result and thus equity, but it has no effect on the Group\u2019s cash flows. Goodwill of EUR 2.9 million is allocated to cash-generating units as follows: online store EUR 1.4 million, store network EUR 1.1 million and new markets EUR 0.4 million. According to the goodwill testing, the present value of the cash-generating units exceeds the carrying amount and therefore no impairment has been recognized for goodwill.Key accounting estimates and assumptionsIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year average Residual valueUsed discount rate 8.8% 8.8%Average revenue growth assumption 7.6% 2.0%Average operating result % assumption2.7%3.7%Based on a sensitivity analysis, Verkkokauppa.com\u2019s management has assessed that no reasonably possible change in the key assumptions of the impairment testing would have led to an impairment of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__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 result and net working capital forecasts are based on the company\u2019s long-term forecasts.Verkkokauppa.com\u2019s impairment testing has been performed at the operating segment level. Cash-generating units, i.e. Verkkokauppa.com\u2019s online store, store network and new markets, are tested for impairment by comparing the carrying amount of the cash-generating unit Group to 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 result. Recording an impairment loss weakens the Group\u2019s result and thus equity, but it has no effect on the Group\u2019s cash flows. Goodwill of EUR 2.9 million is allocated to cash-generating units as follows: online store EUR 1.4 million, store network EUR 1.1 million and new markets EUR 0.4 million. According to the goodwill testing, the present value of the cash-generating units exceeds the carrying amount and therefore no impairment has been recognized for goodwill.Key accounting estimates and assumptionsIn testing the Group\u2019s goodwill, the recoverable amount is based on the value in use (present value), which is determined by discounting the estimated future net cash flows at the time of review. Assumptions about the growth of cash flows and the improvement of profitability describe the management\u2019s perception of the development of sales and costs in the forecast period. The weighted average cost of capital (WACC) calculated for Verkkokauppa.com before taxes has been used as the discount rate for the amount to be collected. The components of the yield requirement are e.g. risk-free rate, equity beta and market risk premium.3-year average Residual valueUsed discount rate 8.8% 8.8%Average revenue growth assumption 7.6% 2.0%Average operating result % assumption2.7%3.7%Based on a sensitivity analysis, Verkkokauppa.com\u2019s management has assessed that no reasonably possible change in the key assumptions of the impairment testing would have led to an impairment of goodwill.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 customer 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 2024 amounted to EUR 3,068 thousand (3,263). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__94": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__99": {
"value": "Machinery and Other tangible Advance payments EUR thousand LandTotalequipmentassetsand work in progressCost 1 Jan 20242 13 443 3 054 720 17 219Increases- 562 38 175 775Transfers between items- 0 78 -78 0Cost 31 Dec 20242 14 005 3 169 817 17 994Accumulated depreciation 1 Jan 2024- -8 668 -2 740 - -11 408Depreciation for the financial year- -1 001 -112 - -1 113Accumulated depreciation 31 Dec 2024- -9 669 -2 852 0 -12 521Carrying amount 1 Jan 2024 2 4 775 314 720 5 811Carrying amount 31 Dec 2024 2 4 336 317 817 5 473Machinery and Other tangible Advance payments EUR thousand LandTotalequipmentassetsand work in progressCost 1 Jan 2023213,0723,050812 16,936Increases-279452 335Disposals----52 -52Transfers between items-92--92 0Cost 31 Dec 2023213,4433,054720 17,219Accumulated depreciation 1 Jan 2023--7,56 6-2,617- -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 5,811The company has no investment commitments in relation to tangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__105-1": {
"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 73% 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.7.22 FundingFinancial assetsThe Group main financial assets are trade receivables and cash. 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.The Group measures equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividend income is recorded in the income statement as 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. The Group 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 the Group, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the Group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe Group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the Group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The Group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23.3 and Leases 7.15.EUR thousand 2024 2023Collateral given for own commitmentsMortgages 27, 301 27, 301Guarantees 1,345 2,027Other commitments and contingent liabilities The guarantees are related to rental, customs guarantees and letters of 28 50credit. Other responsibilities and liability commitments are related to residual value responsibilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__103-1": {
"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 73% 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 acquisition cost model. Under the acquisition 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. 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 which is 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 77% (2023; 75%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.37.19 Cash and cash equivalentsCash and cash equivalents consist of cash assets and balances on bank accounts. Cash and cash equivalents belong to the category of financial assets measured at amortized cost. No impairment is recognized on cash and cash equivalents, as the cash is held with well-rated Nordic banks and the related impairment is considered immaterial.7.22 FundingFinancial assetsThe Group main financial assets are trade receivables and cash. 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.The Group measures equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividend income is recorded in the income statement as 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. The Group 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 the Group, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the Group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.Financial liabilitiesThe Group\u2019s financial liabilities are classified upon initial recognition as financial liabilities recognized at fair value through profit or loss and financial liabilities valued at amortized cost. For financial liabilities other than those recognized at fair value through profit or loss, transaction costs are deducted from the original acquisition cost. All financial debt transactions are recorded on the contract date, which is the day on which the Group commits to the contractual terms of the financial debt. Financial liabilities are written off the balance sheet when the Group\u2019s contractual obligation has been fulfilled, canceled or its validity has expired. Arrangement fees related to loan commitments are recorded as transaction costs up to the amount that it is probable that all or part of the loan commitment will be withdrawn, and in that case the fee is recorded on the balance sheet until the loan is withdrawn. In connection with the withdrawal of the loan, the arrangement fee related to the loan commitments is entered as part of the transaction costs. To the extent that it is likely that the loan commitment will not be withdrawn, the arrangement fee is recorded as an advance payment for the service related to the ability to pay and is allocated as an expense for the duration of the loan commitment. The Group\u2019s financial liabilities consist of loans from financial institutions as well as purchase and lease liabilities. The principles of recording and valuation of these are described in their own notes, Other short-term liabilities and accruals 7.23.3 and Leases 7.15.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__100-1": {
"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 73% 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 acquisition cost model. Under the acquisition 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. 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 which is taken into account in the calculation of the lease liability. The leases do not include residual value guarantees or purchase options. At the end of the accounting period, the Group does not have any leasing contracts related to cars, machines or equipment.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__111": {
"value": "Right-of-use assetsEUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 2024 40,897 1,620 42,517Increase/decrease due to remeasurement 14,880 - 14,880Cost 31 Dec 2024 55,777 1,620 57,397Accumulated depreciation 1 Jan 2024 -27,549 -1,620 -29,169Depreciation for the financial year -4,364 - -4,364Accumulated depreciation 31 Dec 2024 -31,913 -1,620 -33,533Carrying amount 1 Jan 2024 13,348 0 13,349Carrying amount 31 Dec 2024 23,864 0 23,864EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 202336,196 1,620 37,816Increase/decrease due to remeasurement4,701 - 4,701Cost 31 Dec 202340,897 1,620 42,517Accumulated 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 2023 13,348 0 13,349The remeasurements carried out in 2024 and 2023 relate to index increases in lease contracts and to renegotiated leases. In December 2024, the company has entered into an extension agreement for J\u00e4tk\u00e4saari real estate and land areas. The extension agreement is valid until December 2032.Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2024 31 Dec 2023Less than one year 5,3265,696From one to two years 9,71611,258From three to four years 7,2 261,146Over five years 10,8390Undiscounted lease liabilities, total 33,107 18,101Lease liabilities in the balance sheetEUR thousand 31 Dec 2024 31 Dec 2023Current lease liabilities 3,8424,974Non-current lease liabilities 22,58711,729Lease liabilities, total 26,428 16,702Items recognized in the income statementEUR thousand 2024 2023Depreciations on right-of-use assets 4,3644,218Interests on lease liabilities 745912Lease income from subleasing right-of-use 132266assetsExpenses related to leases of low-value assets 5258Items recognized in the cash flow statementEUR thousand 2024 2023Total cash outflow for leases -5,894 -5,723",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__110-1": {
"value": "Right-of-use assetsEUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 2024 40,897 1,620 42,517Increase/decrease due to remeasurement 14,880 - 14,880Cost 31 Dec 2024 55,777 1,620 57,397Accumulated depreciation 1 Jan 2024 -27,549 -1,620 -29,169Depreciation for the financial year -4,364 - -4,364Accumulated depreciation 31 Dec 2024 -31,913 -1,620 -33,533Carrying amount 1 Jan 2024 13,348 0 13,349Carrying amount 31 Dec 2024 23,864 0 23,864EUR thousand Premises and facilities Machinery and equipment TotalCost 1 Jan 202336,196 1,620 37,816Increase/decrease due to remeasurement4,701 - 4,701Cost 31 Dec 202340,897 1,620 42,517Accumulated 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 2023 13,348 0 13,349The remeasurements carried out in 2024 and 2023 relate to index increases in lease contracts and to renegotiated leases. In December 2024, the company has entered into an extension agreement for J\u00e4tk\u00e4saari real estate and land areas. The extension agreement is valid until December 2032.Lease liabilities Maturity analysis, contractual undiscounted cash flowsEUR thousand 31 Dec 2024 31 Dec 2023Less than one year 5,3265,696From one to two years 9,71611,258From three to four years 7,2 261,146Over five years 10,8390Undiscounted lease liabilities, total 33,107 18,101Lease liabilities in the balance sheetEUR thousand 31 Dec 2024 31 Dec 2023Current lease liabilities 3,8424,974Non-current lease liabilities 22,58711,729Lease liabilities, total 26,428 16,702Items recognized in the income statementEUR thousand 2024 2023Depreciations on right-of-use assets 4,3644,218Interests on lease liabilities 745912Lease income from subleasing right-of-use 132266assetsExpenses related to leases of low-value assets 5258Items recognized in the cash flow statementEUR thousand 2024 2023Total cash outflow for leases -5,894 -5,723 Change in deferred tax assetsEUR thousand 1 Jan 2024 Recognized Recognized 31 Dec 2024-2,662 through profit or loss -2,111 - -4,773in equityRight-of-use assets 3,332 1,954 - 5,286Inventories 32 - -4262 -21 - 40Provisions 202 -2,079 - -4,815-141 - 60Eliminations of Group inventories 2 -2 - 0Depreciation difference 2,662 2,111 239 37 - 4,773- 275Deferred tax asset from loss for the financial year 0 880 - 880 -74 32 Total deferred tax assets - -423,835 2,706- 6,542before nettingNetting of deferred tax assets and liabilities -2,662 -2,111 - -4,773Total after netting1,174 596 - 1,769Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with the -74 acquisition of a subsidiaryTotal deferred tax liability -2,736 before nettingNetting of deferred tax assets and liabilities Total after netting Recognized Recognized EUR thousand 1 Jan 202331 Dec 2023through profit or lossin equityLease liabilities3,364 -31-3,332Inventories4319-62Share-based compensation86 -86-0Provisions14853-202Eliminations of Group inventories2 --2Non-deductible expenses related to the acquisition 131 -131-0of Group companiesEarn-out costs from the conditional purchase price83 -83-0depreciation difference80159-239Total deferred tax assets 3,938 -101 - 3 835before nettingNetting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting1,380 -205 - 1,174Change in deferred tax liabilitiesRecognized through Recognized EUR thousand 1 Jan 202331 Dec 2023profit or lossin equityRight-of-use assets -2,558 -104- -2,662Fair value allocations made in connection with the -10632- -74acquisition of a subsidiaryTotal deferred tax liability -2,664 -72 - -2,736before nettingNetting of deferred tax assets and liabilities2,558104-2,662Total after netting -106 32 - -74Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand 2024 2023Non-current Trade receivables Other non-current receivables 504396Non-current receivables, total 7,122 8,220Current Trade receivables32,551 37, 292 Contract assets 1,9052,770 Other accrued income 10,0618,121 Vat receivables 136Current receivables, total 45,791 48,319135Non-current and current receivables, total Income tax receivables 952,913-1,232 Other receivables 1,12956,5381,232Ageing analysis of trade receivables20242023Trade Impairment Trade Impairment EUR thousandreceivablesreceivablesNot due 34,388 573 38,383 467 Past due 1\u201360 days 5,763 440 7,721 586 Past due 61\u2013120 days 97 66 111 56 Past due over 121 days 187 187 133 124 Total 40,435 1,266 46,348 1,232 The company has entered into an agreement with Norion Bank AB for invoice ledger management and invoice sales. According to the agreement, all our new B2B invoice receivables have been transferred to Norion Bank AB as of the beginning of December 2024.Reconciliation of impairment of the trade receivablesEUR thousand 2024 2023Impairment at 1 January 1,233843Impairment recognized in profit or loss during the 3,068 3,263financial yearReceivables written off during the year as -3,016 -2,844uncollectibleUnused amount reversed -18 -30Impairment at 31 December 1,266 1,233Verkkokauppa.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 2024 2023Cash in hand and at banks 35,60031,893Total 35,600 31,893The Company\u2019s cash assets were fully available at the balance sheet date.7.21 Cash flow informationNet debt reconciliationEUR thousand 2024 2023Cash and cash equivalents 35,600 31,893Bank loans -19,000 -21,308Lease liabilities -26,428 -16,702Net debt -9,829 -6,118EUR thousand 2024 2023Cash 35,600 31,893Gross debt - leases -45,428 -38,011Net debt -9,829 -6,118Liabilities from financing activities Other assetsFinancial Cash and cash EUR thousandLeases TotalTotalinstitution loansequivalentsNet debt Jan 1, 2023 -24,144 -16,812 -40,955 21,210 -19,745Decrease 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 Dec 31, 2023 -21,308 -16,702 -38,011 31,893 -6,118Increase of financial loans-26,000 - -26,000 - -26,000Decrease of financial loans 28,308 - 28,308 - 28,308Increase in lease liabilities - -14,880 -14,880 -14,880 -14,880Decrease in lease liabilities - 5,149 5,149 5,149 5,149Cash flows - - - 3,707 3,707Other changes - 4 4 - 4Net debt 31 Dec 2024 -19,000 -26,429 -45,429 35,600 -9,829The Company\u2019s net debt as of 31 Dec 2024 was EUR -9.8 million.7.22.1 Financial assets and liabilities by measurement category31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, totalNon-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalLevel 2 includes interest-bearing liabilities. The group has no financial assets or liabilities recognized at fair value through other comprehensive income.* 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.7.22.3 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. 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. 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 2024EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,000 17,000 - - 19,000Lease liabilities 5,326 15,941 7, 226 10,839 39,331Trade payables 68,707 - - - 68,707Total 76,033 32,941 7,226 10,839 127,03831.12.2023EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,2581,146- 18,101Trade payables 78,962 - - -78,962Total87,2 17 30,008 1,146 -118,371The balance sheet contains liquid assets of 20%. 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.At the end of the financial year 2024, the Company\u2019s liquidity reserve consisted of liquid cash funds. At the end of the financial year, liquid funds amounted to EUR 35,6 million (31,9). 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 5.5% (5.0%).The table below shows the effects on the Group\u2019s result 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 200 thousand (230) 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 2024 2023Change +/- 1% +/-1%Impact on result after tax 200 230Liquidity 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 2024, 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 2024, the Verkkokauppa.com Group had interest-bearing financial institution loans totaling EUR 19.0 million (21.3), which is amortized annually by 2.0 million euro and the rest will be paid in June 2027.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 2024, 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-finance receivables 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, identifying and managing credit risks in advance. 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 was EUR 1,3 million (1,2).The company has entered into an agreement with Norion Bank AB for managing the invoice ledger and selling invoices. In accordance with the agreement, all our new B2B invoice receivables have been transferred to Norion Bank AB from the beginning of December of the fiscal year 2024.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 customer 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 2024 amounted to EUR 3,068 thousand (3,263). 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 2024, the amount of currency-denominated open trade payables amounted to EUR 215 thousand (286). Exchange rate differences in accounts payable were irrelevant in 2024 and the comparison year.7.23 Other current liabilities and accrued liabilitiesEUR thousand 2024 2023Contract liabilities 1,664 1,802Accrued personnel expenses 6,743 6,687Other accrued liabilities 12,181 10,132Withholding tax liability 752 759VAT liability10,273 9,820Other current liabilities and accrued liabilities31,613 29,200Payables 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__115-1": {
"value": "Lease liabilities in the balance sheetEUR thousand 31 Dec 2024 31 Dec 2023Current lease liabilities 3,8424,974Non-current lease liabilities 22,58711,729Lease liabilities, total 26,428 16,702EUR thousand 1 Jan 2024 Recognized Recognized 31 Dec 2024-2,662 through profit or loss -2,111 - -4,773in equityRight-of-use assets 3,332 1,954 - 5,286Inventories 32 - -4262 -21 - 40Provisions 202 -2,079 - -4,815-141 - 60Eliminations of Group inventories 2 -2 - 0Depreciation difference 2,662 2,111 239 37 - 4,773- 275Deferred tax asset from loss for the financial year 0 880 - 880 -74 32 Total deferred tax assets - -423,835 2,706- 6,542before nettingNetting of deferred tax assets and liabilities -2,662 -2,111 - -4,773Total after netting1,174 596 - 1,769Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with the -74 acquisition of a subsidiaryTotal deferred tax liability -2,736 before nettingNetting of deferred tax assets and liabilities Total after netting Recognized Recognized EUR thousand 1 Jan 202331 Dec 2023through profit or lossin equityLease liabilities3,364 -31-3,332Inventories4319-62Share-based compensation86 -86-0Provisions14853-202Eliminations of Group inventories2 --2Non-deductible expenses related to the acquisition 131 -131-0of Group companiesEarn-out costs from the conditional purchase price83 -83-0depreciation difference80159-239Total deferred tax assets 3,938 -101 - 3 835before nettingNetting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting1,380 -205 - 1,174Change in deferred tax liabilitiesRecognized through Recognized EUR thousand 1 Jan 202331 Dec 2023profit or lossin equityRight-of-use assets -2,558 -104- -2,662Fair value allocations made in connection with the -10632- -74acquisition of a subsidiaryTotal deferred tax liability -2,664 -72 - -2,736before nettingNetting of deferred tax assets and liabilities2,558104-2,662Total after netting -106 32 - -74Non-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalContractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2024EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,000 17,000 - - 19,000Lease liabilities 5,326 15,941 7, 226 10,839 39,331Trade payables 68,707 - - - 68,707Total 76,033 32,941 7,226 10,839 127,03831.12.2023EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,2581,146- 18,101Trade payables 78,962 - - -78,962Total87,2 17 30,008 1,146 -118,371The balance sheet contains liquid assets of 20%. 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.At the end of the financial year 2024, the Company\u2019s liquidity reserve consisted of liquid cash funds. At the end of the financial year, liquid funds amounted to EUR 35,6 million (31,9). The funds were distributed among various bank accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__114-1": {
"value": "Lease liabilities in the balance sheetEUR thousand 31 Dec 2024 31 Dec 2023Current lease liabilities 3,8424,974Non-current lease liabilities 22,58711,729Lease liabilities, total 26,428 16,702EUR thousand 1 Jan 2024 Recognized Recognized 31 Dec 2024-2,662 through profit or loss -2,111 - -4,773in equityRight-of-use assets 3,332 1,954 - 5,286Inventories 32 - -4262 -21 - 40Provisions 202 -2,079 - -4,815-141 - 60Eliminations of Group inventories 2 -2 - 0Depreciation difference 2,662 2,111 239 37 - 4,773- 275Deferred tax asset from loss for the financial year 0 880 - 880 -74 32 Total deferred tax assets - -423,835 2,706- 6,542before nettingNetting of deferred tax assets and liabilities -2,662 -2,111 - -4,773Total after netting1,174 596 - 1,769Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with the -74 acquisition of a subsidiaryTotal deferred tax liability -2,736 before nettingNetting of deferred tax assets and liabilities Total after netting Recognized Recognized EUR thousand 1 Jan 202331 Dec 2023through profit or lossin equityLease liabilities3,364 -31-3,332Inventories4319-62Share-based compensation86 -86-0Provisions14853-202Eliminations of Group inventories2 --2Non-deductible expenses related to the acquisition 131 -131-0of Group companiesEarn-out costs from the conditional purchase price83 -83-0depreciation difference80159-239Total deferred tax assets 3,938 -101 - 3 835before nettingNetting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting1,380 -205 - 1,174Change in deferred tax liabilitiesRecognized through Recognized EUR thousand 1 Jan 202331 Dec 2023profit or lossin equityRight-of-use assets -2,558 -104- -2,662Fair value allocations made in connection with the -10632- -74acquisition of a subsidiaryTotal deferred tax liability -2,664 -72 - -2,736before nettingNetting of deferred tax assets and liabilities2,558104-2,662Total after netting -106 32 - -74Non-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalContractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2024EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,000 17,000 - - 19,000Lease liabilities 5,326 15,941 7, 226 10,839 39,331Trade payables 68,707 - - - 68,707Total 76,033 32,941 7,226 10,839 127,03831.12.2023EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,2581,146- 18,101Trade payables 78,962 - - -78,962Total87,2 17 30,008 1,146 -118,371The balance sheet contains liquid assets of 20%. 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.At the end of the financial year 2024, the Company\u2019s liquidity reserve consisted of liquid cash funds. At the end of the financial year, liquid funds amounted to EUR 35,6 million (31,9). The funds were distributed among various bank accounts.7.23 Other current liabilities and accrued liabilitiesEUR thousand 2024 2023Contract liabilities 1,664 1,802Accrued personnel expenses 6,743 6,687Other accrued liabilities 12,181 10,132Withholding tax liability 752 759VAT liability10,273 9,820Other current liabilities and accrued liabilities31,613 29,200Payables 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__117": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__118": {
"value": " Change in deferred tax assetsEUR thousand 1 Jan 2024 Recognized Recognized 31 Dec 2024-2,662 through profit or loss -2,111 - -4,773in equityRight-of-use assets 3,332 1,954 - 5,286Inventories 32 - -4262 -21 - 40Provisions 202 -2,079 - -4,815-141 - 60Eliminations of Group inventories 2 -2 - 0Depreciation difference 2,662 2,111 239 37 - 4,773- 275Deferred tax asset from loss for the financial year 0 880 - 880 -74 32 Total deferred tax assets - -423,835 2,706- 6,542before nettingNetting of deferred tax assets and liabilities -2,662 -2,111 - -4,773Total after netting1,174 596 - 1,769Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with the -74 acquisition of a subsidiaryTotal deferred tax liability -2,736 before nettingNetting of deferred tax assets and liabilities Total after netting Recognized Recognized EUR thousand 1 Jan 202331 Dec 2023through profit or lossin equityLease liabilities3,364 -31-3,332Inventories4319-62Share-based compensation86 -86-0Provisions14853-202Eliminations of Group inventories2 --2Non-deductible expenses related to the acquisition 131 -131-0of Group companiesEarn-out costs from the conditional purchase price83 -83-0depreciation difference80159-239Total deferred tax assets 3,938 -101 - 3 835before nettingNetting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting1,380 -205 - 1,174Change in deferred tax liabilitiesRecognized through Recognized EUR thousand 1 Jan 202331 Dec 2023profit or lossin equityRight-of-use assets -2,558 -104- -2,662Fair value allocations made in connection with the -10632- -74acquisition of a subsidiaryTotal deferred tax liability -2,664 -72 - -2,736before nettingNetting of deferred tax assets and liabilities2,558104-2,662Total after netting -106 32 - -74",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__120-1": {
"value": "EUR thousand 1 Jan 2024 Recognized Recognized 31 Dec 2024-2,662 through profit or loss -2,111 - -4,773in equityRight-of-use assets 3,332 1,954 - 5,286Inventories 32 - -4262 -21 - 40Provisions 202 -2,079 - -4,815-141 - 60Eliminations of Group inventories 2 -2 - 0Depreciation difference 2,662 2,111 239 37 - 4,773- 275Deferred tax asset from loss for the financial year 0 880 - 880 -74 32 Total deferred tax assets - -423,835 2,706- 6,542before nettingNetting of deferred tax assets and liabilities -2,662 -2,111 - -4,773Total after netting1,174 596 - 1,769Change in deferred tax liabilitiesRight-of-use assets Fair value adjustments made in connection with the -74 acquisition of a subsidiaryTotal deferred tax liability -2,736 before nettingNetting of deferred tax assets and liabilities Total after netting Recognized Recognized EUR thousand 1 Jan 202331 Dec 2023through profit or lossin equityLease liabilities3,364 -31-3,332Inventories4319-62Share-based compensation86 -86-0Provisions14853-202Eliminations of Group inventories2 --2Non-deductible expenses related to the acquisition 131 -131-0of Group companiesEarn-out costs from the conditional purchase price83 -83-0depreciation difference80159-239Total deferred tax assets 3,938 -101 - 3 835before nettingNetting of deferred tax assets and liabilities -2,558 -104 - -2,662Total after netting1,380 -205 - 1,174Change in deferred tax liabilitiesRecognized through Recognized EUR thousand 1 Jan 202331 Dec 2023profit or lossin equityRight-of-use assets -2,558 -104- -2,662Fair value allocations made in connection with the -10632- -74acquisition of a subsidiaryTotal deferred tax liability -2,664 -72 - -2,736before nettingNetting of deferred tax assets and liabilities2,558104-2,662Total after netting -106 32 - -747.22.1 Financial assets and liabilities by measurement category31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, totalNon-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalLevel 2 includes interest-bearing liabilities. The group has no financial assets or liabilities recognized at fair value through other comprehensive income.* 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__123": {
"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 77% (2023; 75%) of the balance sheet value of current trade receivables.The principles relating to impairment are explained in the note on Financial risk management.7.22.3",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__126": {
"value": "Changes in the contractual assets are explained in the note on Revenue from contracts with customers 7.2.EUR thousand 2024 2023Non-current Trade receivables Other non-current receivables 504396Non-current receivables, total 7,122 8,220Current Trade receivables32,551 37, 292 Contract assets 1,9052,770 Other accrued income 10,0618,121 Vat receivables 136Current receivables, total 45,791 48,319135Non-current and current receivables, total Income tax receivables 952,913-1,232 Other receivables 1,12956,5381,232Ageing analysis of trade receivables20242023Trade Impairment Trade Impairment EUR thousandreceivablesreceivablesNot due 34,388 573 38,383 467 Past due 1\u201360 days 5,763 440 7,721 586 Past due 61\u2013120 days 97 66 111 56 Past due over 121 days 187 187 133 124 Total 40,435 1,266 46,348 1,232 The company has entered into an agreement with Norion Bank AB for invoice ledger management and invoice sales. According to the agreement, all our new B2B invoice receivables have been transferred to Norion Bank AB as of the beginning of December 2024.Reconciliation of impairment of the trade receivablesEUR thousand 2024 2023Impairment at 1 January 1,233843Impairment recognized in profit or loss during the 3,068 3,263financial yearReceivables written off during the year as -3,016 -2,844uncollectibleUnused amount reversed -18 -30Impairment at 31 December 1,266 1,233Verkkokauppa.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__128-1": {
"value": "EUR thousand 2024 2023Non-current Trade receivables Other non-current receivables 504396Non-current receivables, total 7,122 8,220Current Trade receivables32,551 37, 292 Contract assets 1,9052,770 Other accrued income 10,0618,121 Vat receivables 136Current receivables, total 45,791 48,319135Non-current and current receivables, total Income tax receivables 952,913-1,232 Other receivables 1,12956,5381,232Liabilities from financing activities Other assetsFinancial Cash and cash EUR thousandLeases TotalTotalinstitution loansequivalentsNet debt Jan 1, 2023 -24,144 -16,812 -40,955 21,210 -19,745Decrease 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 Dec 31, 2023 -21,308 -16,702 -38,011 31,893 -6,118Increase of financial loans-26,000 - -26,000 - -26,000Decrease of financial loans 28,308 - 28,308 - 28,308Increase in lease liabilities - -14,880 -14,880 -14,880 -14,880Decrease in lease liabilities - 5,149 5,149 5,149 5,149Cash flows - - - 3,707 3,707Other changes - 4 4 - 4Net debt 31 Dec 2024 -19,000 -26,429 -45,429 35,600 -9,829The Company\u2019s net debt as of 31 Dec 2024 was EUR -9.8 million.31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__129": {
"value": "EUR thousand 2024 2023Non-current Trade receivables Other non-current receivables 504396Non-current receivables, total 7,122 8,220Current Trade receivables32,551 37, 292 Contract assets 1,9052,770 Other accrued income 10,0618,121 Vat receivables 136Current receivables, total 45,791 48,319135Non-current and current receivables, total Income tax receivables 952,913-1,232 Other receivables 1,12956,5381,232",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__131-1": {
"value": "Reconciliation of impairment of the trade receivablesEUR thousand 2024 2023Impairment at 1 January 1,233843Impairment recognized in profit or loss during the 3,068 3,263financial yearReceivables written off during the year as -3,016 -2,844uncollectibleUnused amount reversed -18 -30Impairment at 31 December 1,266 1,233Verkkokauppa.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 was EUR 1,3 million (1,2).The company has entered into an agreement with Norion Bank AB for managing the invoice ledger and selling invoices. In accordance with the agreement, all our new B2B invoice receivables have been transferred to Norion Bank AB from the beginning of December of the fiscal year 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__132": {
"value": "7.18 InventoryThe Group\u2019s inventory consists of finished goods for sale, in-store demonstration equipment and serviced products. Inventories are valued at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling expenses. The cost of inventory is determined using the first-in, first-out (FIFO) method. The cost includes direct costs incurred in connection with the acquisition, net of rebates. The inventory turn 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__134": {
"value": "EUR thousand 2024 2023Goods 51,139 62,721Total 51,139 62,721The Group has recorded a total impairment of inventories of EUR 2.9 million (3.4) during the financial year. The entries have adjusted the carrying amount of the inventory to correspond to its net realizable value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__135": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__138": {
"value": "EUR thousand 2024 2023Cash in hand and at banks 35,60031,893Total 35,600 31,893The Company\u2019s cash assets were fully available at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__140": {
"value": "7. 20 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 is recorded based on the decision of the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__139-1": {
"value": "7. 20 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 is recorded based on 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__143-1": {
"value": "Share capital and treasury sharesNumber of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, pcs (1,000)pcs (1,000)pcs (1,000)EUR thousand 1 Jan 2024 45,209 146 45,355 100Transfer of treasury shares, Board 59 -59 - -of Directors\u2019 remuneration31 Dec 2024 45,268 86 45,355 100Number of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, EUR pcs (1,000)pcs (1,000)pcs (1,000)thousand 1 Jan 2023 45,083 271 45,355 100Transfer of treasury shares, Board 50-50--of Directors\u2019 remunerationTransfer of treasury shares, share-based 75-75--incentive scheme31 Dec 2023 45,209 146 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 2024, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,354,532 including 86,345 (145,719) treasury shares held by the Company. During the financial years 2023\u20132024, 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 35.2% (21.5%) 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 the business acquisitions.At the end of the financial year 2024, the Group had revolving credit facilities totaling EUR 25 million that had not been utilized. The terms of the covenants are described in note 7.22.3 Financial risk management.EUR thousand 2024 2023Net debt -9,829 -6,118Total shareholders\u2019 equity 27,90528,479Net debt to equity ratio -35.2%-21.5%The ratio of net liabilities to equity was 35.2% (21.5). The Group\u2019s net liabilities decreased and gross assets increased in the 2024 fiscal year.DividendsThe company has not paid a dividend during the financial years 2024 and 2023.Dividend proposedAccording to the company\u2019s dividend policy, its target is to pay out 60-80 percent of annual net result in quarterly growing dividends. The company\u2019s 2024 net result was EUR -0.8 million. Thus, the Board of Directors will propose to the Annual General Meeting 2025 that no dividend be paid for the financial year 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__142": {
"value": "Share capital and treasury sharesNumber of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, pcs (1,000)pcs (1,000)pcs (1,000)EUR thousand 1 Jan 2024 45,209 146 45,355 100Transfer of treasury shares, Board 59 -59 - -of Directors\u2019 remuneration31 Dec 2024 45,268 86 45,355 100Number of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, EUR pcs (1,000)pcs (1,000)pcs (1,000)thousand 1 Jan 2023 45,083 271 45,355 100Transfer of treasury shares, Board 50-50--of Directors\u2019 remunerationTransfer of treasury shares, share-based 75-75--incentive scheme31 Dec 2023 45,209 146 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 2024, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,354,532 including 86,345 (145,719) treasury shares held by the Company. During the financial years 2023\u20132024, the company has not acquired its own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__141-1": {
"value": "Share capital and treasury sharesNumber of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, pcs (1,000)pcs (1,000)pcs (1,000)EUR thousand 1 Jan 2024 45,209 146 45,355 100Transfer of treasury shares, Board 59 -59 - -of Directors\u2019 remuneration31 Dec 2024 45,268 86 45,355 100Number of Share capital Outstanding Number of treasury carrying shares, shares, shares, amount, EUR pcs (1,000)pcs (1,000)pcs (1,000)thousand 1 Jan 2023 45,083 271 45,355 100Transfer of treasury shares, Board 50-50--of Directors\u2019 remunerationTransfer of treasury shares, share-based 75-75--incentive scheme31 Dec 2023 45,209 146 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 2024, the share capital of Verkkokauppa.com Oyj was EUR 100,000 and the number of shares was 45,354,532 including 86,345 (145,719) treasury shares held by the Company. During the financial years 2023\u20132024, 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 35.2% (21.5%) 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 the business acquisitions.At the end of the financial year 2024, the Group had revolving credit facilities totaling EUR 25 million that had not been utilized. The terms of the covenants are described in note 7.22.3 Financial risk management.EUR thousand 2024 2023Net debt -9,829 -6,118Total shareholders\u2019 equity 27,90528,479Net debt to equity ratio -35.2%-21.5%The ratio of net liabilities to equity was 35.2% (21.5). The Group\u2019s net liabilities decreased and gross assets increased in the 2024 fiscal year.DividendsThe company has not paid a dividend during the financial years 2024 and 2023.Dividend proposedAccording to the company\u2019s dividend policy, its target is to pay out 60-80 percent of annual net result in quarterly growing dividends. The company\u2019s 2024 net result was EUR -0.8 million. Thus, the Board of Directors will propose to the Annual General Meeting 2025 that no dividend be paid for the financial year 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__151": {
"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 35.2% (21.5%) 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 the business acquisitions.At the end of the financial year 2024, the Group had revolving credit facilities totaling EUR 25 million that had not been utilized. The terms of the covenants are described in note 7.22.3 Financial risk management.EUR thousand 2024 2023Net debt -9,829 -6,118Total shareholders\u2019 equity 27,90528,479Net debt to equity ratio -35.2%-21.5%The ratio of net liabilities to equity was 35.2% (21.5). The Group\u2019s net liabilities decreased and gross assets increased in the 2024 fiscal year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__152": {
"value": "DividendsThe company has not paid a dividend during the financial years 2024 and 2023.Dividend proposedAccording to the company\u2019s dividend policy, its target is to pay out 60-80 percent of annual net result in quarterly growing dividends. The company\u2019s 2024 net result was EUR -0.8 million. Thus, the Board of Directors will propose to the Annual General Meeting 2025 that no dividend be paid for the financial year 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__154-1": {
"value": "7.21 Cash flow informationNet debt reconciliationEUR thousand 2024 2023Cash and cash equivalents 35,600 31,893Bank loans -19,000 -21,308Lease liabilities -26,428 -16,702Net debt -9,829 -6,118EUR thousand 2024 2023Cash 35,600 31,893Gross debt - leases -45,428 -38,011Net debt -9,829 -6,118Liabilities from financing activities Other assetsFinancial Cash and cash EUR thousandLeases TotalTotalinstitution loansequivalentsNet debt Jan 1, 2023 -24,144 -16,812 -40,955 21,210 -19,745Decrease 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 Dec 31, 2023 -21,308 -16,702 -38,011 31,893 -6,118Increase of financial loans-26,000 - -26,000 - -26,000Decrease of financial loans 28,308 - 28,308 - 28,308Increase in lease liabilities - -14,880 -14,880 -14,880 -14,880Decrease in lease liabilities - 5,149 5,149 5,149 5,149Cash flows - - - 3,707 3,707Other changes - 4 4 - 4Net debt 31 Dec 2024 -19,000 -26,429 -45,429 35,600 -9,829The Company\u2019s net debt as of 31 Dec 2024 was EUR -9.8 million.7.22.1 Financial assets and liabilities by measurement category31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, totalNon-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalLevel 2 includes interest-bearing liabilities. The group has no financial assets or liabilities recognized at fair value through other comprehensive income.* 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.7.22.2 Financial institution loansAt the end of 2024, the Verkkokauppa.com Group had a total of EUR 19.0 million (21.3) interest-bearing financial institution loans. 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 June 24, 2024. 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. Verkkokauppa.com has complied with the financial covenants of the loans it has granted to credit institutions in both reporting periods of the financial year. The purpose of the loans raised from financial institutions is primarily to develop the business and the general financing needs of the Group. The company\u2019s net debt is primarily managed by managing and optimizing working capital. The carrying amounts of the loans correspond in essential respects to the fair values of the loans, because the loans have variable interest rates and the Group\u2019s risk premium has not substantially changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__153": {
"value": "7.21 Cash flow informationNet debt reconciliationEUR thousand 2024 2023Cash and cash equivalents 35,600 31,893Bank loans -19,000 -21,308Lease liabilities -26,428 -16,702Net debt -9,829 -6,118EUR thousand 2024 2023Cash 35,600 31,893Gross debt - leases -45,428 -38,011Net debt -9,829 -6,118Liabilities from financing activities Other assetsFinancial Cash and cash EUR thousandLeases TotalTotalinstitution loansequivalentsNet debt Jan 1, 2023 -24,144 -16,812 -40,955 21,210 -19,745Decrease 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 Dec 31, 2023 -21,308 -16,702 -38,011 31,893 -6,118Increase of financial loans-26,000 - -26,000 - -26,000Decrease of financial loans 28,308 - 28,308 - 28,308Increase in lease liabilities - -14,880 -14,880 -14,880 -14,880Decrease in lease liabilities - 5,149 5,149 5,149 5,149Cash flows - - - 3,707 3,707Other changes - 4 4 - 4Net debt 31 Dec 2024 -19,000 -26,429 -45,429 35,600 -9,829The Company\u2019s net debt as of 31 Dec 2024 was EUR -9.8 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__158-1": {
"value": "Liabilities from financing activities Other assetsFinancial Cash and cash EUR thousandLeases TotalTotalinstitution loansequivalentsNet debt Jan 1, 2023 -24,144 -16,812 -40,955 21,210 -19,745Decrease 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 Dec 31, 2023 -21,308 -16,702 -38,011 31,893 -6,118Increase of financial loans-26,000 - -26,000 - -26,000Decrease of financial loans 28,308 - 28,308 - 28,308Increase in lease liabilities - -14,880 -14,880 -14,880 -14,880Decrease in lease liabilities - 5,149 5,149 5,149 5,149Cash flows - - - 3,707 3,707Other changes - 4 4 - 4Net debt 31 Dec 2024 -19,000 -26,429 -45,429 35,600 -9,829The Company\u2019s net debt as of 31 Dec 2024 was EUR -9.8 million.31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__160": {
"value": "7.22 FundingFinancial assetsThe Group main financial assets are trade receivables and cash. 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.The Group measures equity investments at fair value through other comprehensive income. Changes in fair value are recognized in other comprehensive income. Dividend income is recorded in the income statement as 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. The Group 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 the Group, which consist of non-current lease insurance receivables. Trade receivables are initially recognized in the transaction price if they do not contain a significant financing component. Other receivables in the Group are initially recognized at fair value plus transaction costs and measured at amortized cost using the effective interest method. A gain or loss on a financial asset measured at amortized cost is recognized in profit or loss when the asset is derecognized or impaired. Impairment losses on trade and other receivables are recognized in the income statement under other operating expenses. Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__167": {
"value": "Impairment of financial assetsImpairment is described in more detail in the note on Financial risk management 7.22.3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__161": {
"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 7.23.3 and Leases 7.15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__168-1": {
"value": "31 Dec 2024 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2024Non-current financial assets (level 2)Trade receivables and other financial 7,1227,122receivables*Non-current financial assets, total 7,122 7,122Current financial assets (level 2)Trade receivables 32,551 32,551Cash and cash equivalents 35,600 35,600Current financial assets, total 68,151 68,151Financial assets by measurement 75,273 75,273category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, total",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__183-1": {
"value": "Non-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, totalContractual cash flows based of financial liabilities and financial guarantee contracts31 Dec 2024EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,000 17,000 - - 19,000Lease liabilities 5,326 15,941 7, 226 10,839 39,331Trade payables 68,707 - - - 68,707Total 76,033 32,941 7,226 10,839 127,03831.12.2023EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,2581,146- 18,101Trade payables 78,962 - - -78,962Total87,2 17 30,008 1,146 -118,371The balance sheet contains liquid assets of 20%. 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.At the end of the financial year 2024, the Company\u2019s liquidity reserve consisted of liquid cash funds. At the end of the financial year, liquid funds amounted to EUR 35,6 million (31,9). 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 2024 2023Sales of goods and servicesTo key management personnel and their 77 92related partiesPurchases of goods and servicesFrom key management personnel and their 135 -related partiesEUR thousand 2024 2023Closing balances from purchases / sales of goods / servicesTrade receivables from key management - -personnel and their related partiesTrade payables to key management 275personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__170-1": {
"value": "Non-current financial liabilities (level 2)Lease liabilities 22,587 22,587Liabilities to credit institutions 17,000 17,000Non-current financial liabilities, total 39,587Current financial liabilities (level 2) 39,587Lease liabilities 3,842 3,842Loans from financial institutions 2,000 2,000Interest amortization on financial loans 27 27Accounts payable 68,707 68,707Current financial liabilities, total 74,576 74,576Financial liabilities by measurement 114,162 114,162category, total31 Dec 2023 Financial assets and liabilities at Carrying amount EUR thousandamortized cost31.12.2023Non-current financial assets (level 2)Trade receivables and other financial 8,2208,220receivables*Non-current financial assets, total 8,220 8,220Current financial assets (level 2)Trade receivables 37,292 37, 292Cash and cash equivalents31,89331,893Current financial assets, total 69,185 69,185Financial assets by measurement 77,404 7 7,404category, totalNon-current financial liabilities (level 2)Lease liabilities11,72911,729Liabilities to credit institutions18,75018,750Non-current financial liabilities, total 30,479 30,479Current financial liabilities (level 2)Lease liabilities4,9744,974Loans from financial institutions2,558Current financial liabilities, total 86,696 86,6962,558Interest amortization on financial loans202202Accounts payable78,96278,962Financial liabilities by measurement 117,174 117,174category, total",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__191": {
"value": "7.22.2 Financial institution loansAt the end of 2024, the Verkkokauppa.com Group had a total of EUR 19.0 million (21.3) interest-bearing financial institution loans. 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 June 24, 2024. 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. Verkkokauppa.com has complied with the financial covenants of the loans it has granted to credit institutions in both reporting periods of the financial year. The purpose of the loans raised from financial institutions is primarily to develop the business and the general financing needs of the Group. The company\u2019s net debt is primarily managed by managing and optimizing working capital. The carrying amounts of the loans correspond in essential respects to the fair values of the loans, because the loans have variable interest rates and the Group\u2019s risk premium has not substantially changed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__198-1": {
"value": "7.22.3 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. 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. 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 2024EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,000 17,000 - - 19,000Lease liabilities 5,326 15,941 7, 226 10,839 39,331Trade payables 68,707 - - - 68,707Total 76,033 32,941 7,226 10,839 127,03831.12.2023EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,2581,146- 18,101Trade payables 78,962 - - -78,962Total87,2 17 30,008 1,146 -118,371The balance sheet contains liquid assets of 20%. 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.At the end of the financial year 2024, the Company\u2019s liquidity reserve consisted of liquid cash funds. At the end of the financial year, liquid funds amounted to EUR 35,6 million (31,9). 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 5.5% (5.0%).The table below shows the effects on the Group\u2019s result 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 200 thousand (230) 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 2024 2023Change +/- 1% +/-1%Impact on result after tax 200 230Liquidity 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 2024, 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 2024, the Verkkokauppa.com Group had interest-bearing financial institution loans totaling EUR 19.0 million (21.3), which is amortized annually by 2.0 million euro and the rest will be paid in June 2027.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 2024, 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-finance receivables 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, identifying and managing credit risks in advance. 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 was EUR 1,3 million (1,2).The company has entered into an agreement with Norion Bank AB for managing the invoice ledger and selling invoices. In accordance with the agreement, all our new B2B invoice receivables have been transferred to Norion Bank AB from the beginning of December of the fiscal year 2024.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 customer 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 2024 amounted to EUR 3,068 thousand (3,263). 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 2024, the amount of currency-denominated open trade payables amounted to EUR 215 thousand (286). Exchange rate differences in accounts payable were irrelevant in 2024 and the comparison year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__200-1": {
"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. 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. 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 2024EUR thousand < 1 year 2\u20133 years 3\u20134 years > 5 years TotalBank loans 2,000 17,000 - - 19,000Lease liabilities 5,326 15,941 7, 226 10,839 39,331Trade payables 68,707 - - - 68,707Total 76,033 32,941 7,226 10,839 127,03831.12.2023EUR thousand < 1 year 2\u20133 years 1\u20135 years > 5 years TotalBank loans 2,558 18,750 - - 21,308Lease liabilities 5,696 11,2581,146- 18,101Trade payables 78,962 - - -78,962Total87,2 17 30,008 1,146 -118,371The balance sheet contains liquid assets of 20%. 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.At the end of the financial year 2024, the Company\u2019s liquidity reserve consisted of liquid cash funds. At the end of the financial year, liquid funds amounted to EUR 35,6 million (31,9). 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 5.5% (5.0%).The table below shows the effects on the Group\u2019s result 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 200 thousand (230) 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 2024 2023Change +/- 1% +/-1%Impact on result after tax 200 230Liquidity 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 2024, 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 2024, the Verkkokauppa.com Group had interest-bearing financial institution loans totaling EUR 19.0 million (21.3), which is amortized annually by 2.0 million euro and the rest will be paid in June 2027.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__204": {
"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 5.5% (5.0%).The table below shows the effects on the Group\u2019s result 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 200 thousand (230) 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 2024 2023Change +/- 1% +/-1%Impact on result after tax 200 230",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__209": {
"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 2024, Verkkokauppa.com has fulfilled these covenant conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__208-1": {
"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 2024, Verkkokauppa.com has fulfilled these covenant conditions.7.26 Guarantees and commitmentsEUR thousand 2024 2023Collateral given for own commitmentsMortgages 27, 301 27, 301Guarantees 1,345 2,027Other commitments and contingent liabilities The guarantees are related to rental, customs guarantees and letters of 28 50",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__210": {
"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-finance receivables 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, identifying and managing credit risks in advance. 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 was EUR 1,3 million (1,2).The company has entered into an agreement with Norion Bank AB for managing the invoice ledger and selling invoices. In accordance with the agreement, all our new B2B invoice receivables have been transferred to Norion Bank AB from the beginning of December of the fiscal year 2024.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 customer 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 2024 amounted to EUR 3,068 thousand (3,263). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__218": {
"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 2024, the amount of currency-denominated open trade payables amounted to EUR 215 thousand (286). Exchange rate differences in accounts payable were irrelevant in 2024 and the comparison year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__222": {
"value": "7.23 Other current liabilities and accrued liabilitiesEUR thousand 2024 2023Contract liabilities 1,664 1,802Accrued personnel expenses 6,743 6,687Other accrued liabilities 12,181 10,132Withholding tax liability 752 759VAT liability10,273 9,820Other current liabilities and accrued liabilities31,613 29,200Payables 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__221": {
"value": "7.23 Other current liabilities and accrued liabilitiesEUR thousand 2024 2023Contract liabilities 1,664 1,802Accrued personnel expenses 6,743 6,687Other accrued liabilities 12,181 10,132Withholding tax liability 752 759VAT liability10,273 9,820Other current liabilities and accrued liabilities31,613 29,200Payables 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__223": {
"value": "7.24 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 product warranties for the company\u2019s own products and additional warranties granted by the company for certain product Groups.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__225": {
"value": "EUR thousand 2024 2023Provisions 1 Jan 1,008745Increase in reservations -263Decrease in reservations -705-Provisions 31 Dec 302 1,008",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__227": {
"value": "7.25 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 2024 2023Sales of goods and servicesTo key management personnel and their 77 92related partiesPurchases of goods and servicesFrom key management personnel and their 135 -related partiesEUR thousand 2024 2023Closing balances from purchases / sales of goods / servicesTrade receivables from key management - -personnel and their related partiesTrade payables to key management 275personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__226": {
"value": "7.25 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 2024 2023Sales of goods and servicesTo key management personnel and their 77 92related partiesPurchases of goods and servicesFrom key management personnel and their 135 -related partiesEUR thousand 2024 2023Closing balances from purchases / sales of goods / servicesTrade receivables from key management - -personnel and their related partiesTrade payables to key management 275personnel and their related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__231": {
"value": "7.26 Guarantees and commitmentsEUR thousand 2024 2023Collateral given for own commitmentsMortgages 27, 301 27, 301Guarantees 1,345 2,027Other commitments and contingent liabilities The guarantees are related to rental, customs guarantees and letters of 28 50credit. Other responsibilities and liability commitments are related to residual value responsibilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__235": {
"value": "7.27 Subsequent eventsAfter the review period, the company made a decision to commit to the Science Based Targets (SBTi) climate initiative and reduce its greenhouse gas emissions in line with the 1.5 degree warming target of the Paris Climate Agreement. The company has been systematically reducing its emissions for years with the aim of reducing its own operations (scope 1 and 2) emissions to zero by the end of 2025. With the SBTi commitment, the company will set science-based climate targets to reduce indirect emissions (scope 3) in the value chain. The commitment has also been recorded in the environmental policy prepared in the reporting year, which is publicly available on the company\u2019s website.On January 28, 2025, the company announced that the Shareholders\u2019 Nomination Board of Verkkokauppa.com Oyj proposes to the Annual General Meeting scheduled for April 8, 2025 that the Board of Directors consist of a total of seven members and that Robin Bade, Henrik Pankakoski, Kati Riikonen, Irmeli Rytk\u00f6nen, Samuli Sepp\u00e4l\u00e4, Enel Sintonen and Arja Talma be re-elected as members of the Board of Directors.On January 28, 2025, the company announced preliminary information on the results for 2024. On 12 February 2025, the Board of Verkkokauppa.com Oyj resolved on a new Performance Period under Performance Matching Share Plan 2023-2027. The aim of the plan is to align the objectives of the shareholders and the management 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.On 24 February 2025, Helsinki Administrative Court has upheld the administrative fine imposed on Verkkokauppa.com by the Data Protection Ombudsman\u2019s Sanctions Board. The company has recognized a provision for the administrative fine in its first quarter 2024 results.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:743700QZE6B52SHHTV75",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}