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A copy of financial statement is available from Elisa\u2019s head office at Ratavartijankatu 5, Helsinki, or on the company\u2019s website at www.elisa.com. 1.2 Basis of preparation of financial statements Elisa\u2019s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), including adherence to IAS and IFRS standards and SIC and IFRIC interpretations valid as at 31 December 2022. In the Finnish Accounting Act and the provisions issued pursuant to it, the Inter-national Financial Reporting Standards refer to standards and interpretations that have been approved for application in the EU according to the procedures provided for in EU regulation (EC) No. 1606/2002 (\u201cIFRS\u201d). The notes to the consolidated financial statements are also compliant with Finnish accounting and corporate legislation. The consolidated financial statements have been prepared under the historical cost convention with the exception of financial assets and liabilities, share-based payments, pension liabilities and derivatives recognised at fair value through profit or loss or statement of comprehensive income. The financial statements are presented in EUR million and the figures are rounded to one decimal place. 1.2.1 Accounting principles, structure and presentation of the consolidated financial statements The accounting policies and descriptions of management\u2019s judgment-based conclusions are mainly found in the notes to the financial statements, which are listed in the table below. Only some general accounting policies are described in this section. \u2003Summary of notes, related to accounting principles for the consolidated financial statements of Elisa Group Accounting principle Note Operating segments 2.1 Revenue from contracts with customers 2.3 Other operating income 2.4 Research and development costs 2.5 Earnings per share 2.6 Business acquisitions and disposals 3 Share-based incentives 4.2 Pension obligations 4.3 Property, plant and equipment 5.2 Right-of-use assets 5.3 Intangible assets 5.4 Goodwill 5.4.1 Inventories, trade and other receivables, trade and other liabilities 6 Financial assets and liabilities 7.4 Derivative instruments 7.4.4 Income taxes 8.1.1 Deferred tax assets and liabilities 8.1.2 Provisions 8.2 Consolidation principles, subsidiaries 8.3.1 Consolidation principles, joint arrangements 8.3.2 Off-balance sheet leases 8.4 The symbols below indicate the figures mentioned in the notes that match the balances in the income statement, statement of financial position and the cash flow statement. I/S = Income Statement \u2009B/S\u2009 = Balance Sheet C/F\u2009 = Cash Flow Statement FINANCIAL STATEMENTS 2022 17 Consolidated income statement and statement of com- prehensive income Consolidation principles The consolidated financial statements include the parent company, Elisa Corporation, subsidiaries, associates and joint arrangements as described in detail in Notes 8.3.1 and 8.3.2. Foreign currency items Functional currency The consolidated financial statements are presented in euros, which is the functional and presentation currency of the parent company. Transactions in foreign currencies Foreign currencies transactions are translated into functional currency using the exchange rates prevailing on the dates of the transactions. Monetary items have been translated into the functional currency at the exchange rates prevailing at the end of the reporting period. Non-monetary items denominated in foreign currencies are translated at the exchange rate at the date of the transaction, excluding items measured at fair value that are translated at the exchange rates prevailing on the valuation date. Gain and losses arising from the currency translations are recognised through profit or loss. Foreign exchange gain and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gain and losses from the liabilities denominated in a foreign currency are included in financial income and expenses, with the exception for exchange rate differences on foreign currency items that constitute a part of the net investment made in a foreign unit. These exchange rate differences are recognised in other comprehensive income and accumulated exchange rate differences are included in the translation difference presented in shareholders\u2019 equity. Translation of foreign Group companies\u2019 financial statements The income statements of foreign subsidiaries that use a functional currency other than the Group\u2019s presentation currency have been converted into euro at the average exchange rate prevailing during the year, and statements of financial position at the exchange rate prevailing at the end of the reporting period. The different exchange rates applicable to the conversion of profit or loss on the income statement and balance sheet result in a translation difference recognised in shareholders\u2019 equity on the balance sheet, and any change in this difference is recognised in other comprehensive income. Translation differences arising from the elimination of the acquisition cost of foreign subsidiaries, as well as translation differences arising from equity items accumulated after the acquisition, are recognised in other comprehensive income. When a subsidiary is divested in full or in part, accumulated translation differences are recognised in the income statement as part of the sales gain or loss. Goodwill arising from the acquisition of foreign entities and the fair value adjustments made to the book values of the assets and liabilities of such foreign entities upon acquisition is treated as assets and liabilities belonging to the foreign entities. These are converted into euro at the exchange rate prevailing at the end of the reporting period. 1.2.2 Accounting principles that require management\u2019s judgement and key sources of estimation uncertainty Preparation of the financial statements requires the Group\u2019s management to make certain estimates and consideration. In addition, judgement in applying the accounting policies is required. This applies particularly to cases in which valid IFRS standards provide for alternative methods of recognition, measurement or presentation. The estimates made in connection with the preparation of financial statements are based on the management\u2019s best view at the end of the financial period, and the outcome may differ from the estimates and assumptions. Estimates are based on historical experience and assumptions concerning the future that are believed to be reasonable at the end of the financial period. The Group regularly assesses the realisation of estimates and assumptions, as well as changes in the underlying factors. Any changes in estimates and assumptions are recorded for the financial year during which the estimate or assumption was adjusted, and for all subsequent periods. Significant areas of estimation and uncertainty in applying accounting policies that have the most significant impact on amounts recognised in the financial statements are related to business combinations (3), impairment of intangible assets (5.4.1), share-based payments (4.2), recognition of net defined pension liability (4.3) and recognition of deferred tax assets (8.1.2). The potential climate change-related risks and opportunities to which the Group is exposed are disclosed in the Group\u2019s Sustainability 2022 report on pages 35 and 75. Management has exercised judgement in concluding that there is no other material financial impact from climate-related risks and opportunities that needs to be recognised in the consolidated financial statements. As the future impact of climate change will depend on environmental, regulatory and other factors outside of the Group\u2019s control that are not currently known, management will continue to monitor these estimates. 1.3 Applied new and revised standards The consolidated financial statements have been prepared in accordance with the same accounting policies used in 2021, with the exception for the following new standards, interpretations and revisions to existing standards that the Group has applied since 1 January 2022. Revisions did not have a material impact on the consolidated financial statements. FINANCIAL STATEMENTS 2022
18
\u2022 Amendments to IAS 16 Property, Plant and Equipment.
Under the amendments, proceeds from selling items
before the related item of PPE is available for use should
be recognized in profit or loss, together with the costs of
producing those items.
\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities
and Contingent Assets. When an onerous contract is
accounted for basing on the costs of fulfilling the contract,
the amendments clarify that these costs comprise both
the incremental costs and an allocation of other direct
costs.
\u2022 Annual Improvements to IFRS Standards 2018\u20132020
On 1 January 2023, the Group will adopt the following
new standard, providing this is approved by the EU by
the planned date of adoption. Revisions are not expected
to have a material impact on the consolidated financial
statements.
\u2022 IFRS 17 Insurance Contracts. The new standard for
insurance contracts will help investors and other parties
understand better insurers\u2019 risk exposure, profitability
and financial position. This standard replaces IFRS 4
standard.
\u2022 Amendments to IAS 1 Presentation of Financial
Statements. The amendments are to promote
consistency in application and clarify the requirements
on determining if a liability is current or non-current.
The amendments clarify the application of materiality
to disclosure of accounting policies to help companies
provide useful accounting policy disclosures.
\u2022 Amendments to IAS 8 Accounting policies, Changes in
Accounting Estimates and Errors. The amendments clarify
how companies should distinguish changes in accounting
policies from changes in accounting estimates, with a
primary focus on the definition of and clarifications on
accounting estimates.
\u2022 Amendments to IAS 12 Income Taxes. The amendments
narrow the initial recognition exemption (IRE) and clarify
that the exemption does not apply to transactions such
as leases and decommissioning obligations which give
rise to equal and offsetting temporary differences.
On 1 January 2024, the Group will adopt the following
new standard, providing this is approved by the EU by
the planned date of adoption. Revisions are not expected
to have a material impact on the consolidated financial
statements.
\u2022 Amendments to IFRS 16 Leases. The amendments
introduce a new accounting model for variable payments
and will require seller-lessees to reassess and potentially
restate sale-and-leaseback transactions entered into
since 2019.
\u2022 Amendments to IAS 1 Presentation of Financial
Statements. The amendments specify that covenants to
be complied with after the reporting date do not affect
the classification of debt as current or non-current at
the reporting date. The amendments require to disclose
information about these covenants in the notes to the
financial statements.
FINANCIAL STATEMENTS 2022
19
2.1 Operating segments and geographical areas
The Group has two reporting segments: Consumer Customers and Corporate Customers. The organisational and management structure of Elisa Group is based on a customer-oriented operating
model. The reportable segments are based on the internal reporting provided to management.
The Consumer Customers segment provides consumers with telecommunications and communications services, such as fixed and mobile subscriptions with supplementary digital services, cable-
tv subscriptions, Elisa Viihde entertainment service and Elisa Kirja e-reading service.
The Corporate Customers segment provides corporate and public administration organisations with services such as IT and communication solutions for the digital environment as well as fixed
and mobile subscriptions. The Corporate Customers segment provides worlwide services such as video conferencing services, solutions for automation of network management and operation for
mobile operators, and IoT solutions for industry.
Operating segments:
2022
EUR million
Consumer
Customers
Corporate
Customers Unallocated
Group
Total
Revenue 1,300.9 828.6 2,129.5
EBITDA 495.7 237.6 733.3
Depreciation, amortisation and impairment \u2013174.0 \u201389.5 \u2013263.4
EBIT 321.7 148.1 469.8
Financial income 5.6 5.6
Financial expenses \u201318.7 \u201318.7
Share of associated companies' profit \u20130.7 \u20130.7
Profit before tax 456.0
Investments 190.6 99.1 289.7
Assets 1,891.9 1,082.4 126.5 3,100.8
2021
EUR million
Consumer
Customers
Corporate
Customers Unallocated
Group
Total
Revenue
(1
1,242.5 755.4 1,997.9
EBITDA
(1
476.0 221.4 697.4
Depreciation, amortisation and impairment
(1
\u2013174.0 \u201392.5 \u2013266.6
EBIT
(1
302.0 128.8 430.8
Financial income 4.6 4.6
Financial expenses \u201316.5 \u201316.5
Share of associated companies' profit \u20130.5 \u20130.5
Profit before tax 418.4
Investments 168.7 96.3 265.1
Assets 1,822.3 1,051.2 154.9 3,028.4
1)
Allocation rules of the revenue and expenses allocated to the segments have been specified in 2022 and the comparable figures have been
updated to reflect the advanced allocations. In the comparison period 1\u201312/2021, Consumer Customers revenue was EUR 1,241.3 million;
EBITDA was EUR 475.1 million; depreciation, amortisation and impairment totalled EUR \u2013160.7 million; and EBIT was EUR 314.4 million. In the
comparison period 1\u201312/2021, Corporate Customers revenue was EUR 756.6 million; EBITDA was EUR 222.3 million; depreciation, amortisation
and impairment totalled EUR \u2013105.8 million; and EBIT was EUR 116.5 million.
Consolidated statement
of financial position
Consolidated cash flow statement
Consumer Customers 1,300.9
Corporate Customers 828.6
EBITDA 2022
Consumer Customers 495.7
Corporate Customers 237.6
2 Operational result
FINANCIAL STATEMENTS 2022 20 Geographical areas 2022 EUR million Finland Rest of Europe Other countries Group total Revenue 1,782.2 295.7 51.7 2,129.5 Assets 2,578.7 489.3 32.8 3,100.8 2021 EUR million Finland Rest of Europe Other countries Group total Revenue 1,702.5 251.2 44.2 1,997.9 Assets 2,551.3 446.5 30.6 3,028.4 Accounting Principles \u2013 Operating Segments: The segments are controlled by segment-specific performance reporting that includes external revenue, EBITDA, EBIT and capital investments. Financial items, share of associated companies\u2019 profit and income taxes are not allocated to operating segments. The costs of production and support functions are allocated to operating segments on the matching principle. Operations in Estonia are divided into the Consumer Customers and Corporate Customers operating segments on the basis of customer accounts. Segment assets consist of intangible and tangible assets, right-of-use assets, inventories, trade and other non-interest bearing receivables. Deferred tax assets, investments in associated companies, other investments, interest-bearing receivables, financial items and income tax receivables are not included in segment assets. Liabilities are not allocated to operating segments. The accounting principles of the segments are the same as those used in the preparation of the financial statements. The reported geographical areas are Finland, Rest of Europe and Other Countries. Revenues are presented on the basis of customer location. The assets are presented on the basis of their location. FINANCIAL STATEMENTS 2022 21 2.2 Items affecting comparability Elisa uses comparable key figures in its financial reporting to describe the financial development of its business and increase comparability between different periods. Exceptional transactions outside the ordinary course of business are treated as items affecting comparability. Such items, as identified by the Group, are for example capital gains and losses from divestments of the assets and businesses, acquisition costs of assets and businesses, impairments, restructuring expenses and costs of legislative changes, damages or litigations. Income statement EUR million 2022 2021 Restructuring costs \u20132.0 \u20138.4 Items affecting comparability in EBITDA, EBIT and profit before tax \u20132.0 \u20138.4 Income taxes on items affecting comparability 0.4 1.6 Items affecting comparability in profit for the period \u20131.6 \u20136.7 Consolidated statement of changes in equity FINANCIAL STATEMENTS 2022
22
EUR million 2022 2021
Comparable EBITDA
I/S
EBITDA 733.3 697.4
Items affecting comparability in EBITDA 2.0 8.4
735.3 705.7
Comparable EBIT
I/S
EBIT 469.8 430.8
Items affecting comparability in EBIT 2.0 8.4
471.8 439.2
Comparable profit before tax
I/S
Profit before tax 456.0 418.4
Items affecting comparability in profit before tax 2.0 8.4
458.0 426.8
Comparable profit for the period
I/S
Profit for the period 372.8 343.5
Items affecting comparability in profit for the period 1.6 6.7
374.4 350.2
Comparable profit for the period attributable to equity holders of the parent
Comparable profit for the period 374.4 350.2
Non-controlling interests \u20131.3 \u20130.2
375.7 350.4
Comparable earnings per share, EUR
Comparable profit for the period attributable to equity holders of the parent 375.7 350.4
Average number of outstanding shares, diluted (1,000 shares) 160,253 160,174
2.34 2.19
FINANCIAL STATEMENTS 2022
23
Cash flow
EUR million 2022 2021
Investment in shares and business combinations 20.9 16.2
Items affecting comparability in cash flow before financing 20.9 16.2
The main item affecting comparability in 2022 was the acquisition of Frinx for EUR 12.5 million and Cardinality for EUR 8.2 million.
The main item affecting comparability in 2021 was the acquisition of sedApta for EUR 9.7 million and TenForce NV for EUR 3.4 million.
Comparable cash flow after investments
C/F\u2009 Cash flow before financing 299.9 321.6
Items affecting comparability in cash flow before financing 20.9 16.2
320.9 337.8
FINANCIAL STATEMENTS 2022 24 20222021202020192018 Development of revenue, EUR million 1,832 1,844 1,895 1,998 2,130 0 500 1,000 1,500 2,000 2,500 2.3 Revenue from contracts with customers Division of Group\u2019s revenue EUR million 2022 2021 Rendering of services 1,726.8 1,642.0 Sale of equipment 402.7 356.0 I/S 2,129.5 1,997.9 EUR million 2022 2021 Mobile telecommunications 1,252.5 1,179.7 Fixed-network broadband and others 877.0 818.3 I/S 2,129.5 1,997.9 Notes FINANCIAL STATEMENTS 2022 25 Accounting Principles \u2013 Revenue from contracts with customers: The revenue of consumer customers mainly consists of fixed and mobile subscriptions with supplementary digital services, cable-tv subscriptions, Elisa Viihde entertainment service and Elisa Kirja e-reading service. Consumer customer contracts are typically standard contracts that are treated as separate performance obligations. Customer contract may include several performance obligations, and Elisa may agree on the delivery or rendering of several products, services or access rights (service bundle). In that case, prices specified in the contract are used as transaction price, which is allocated to performance obligations on a relative stand-alone selling price basis. The revenue of corporate customers mainly consists of fixed and mobile subscriptions with supplementary digital services, IT and communication solutions for the digital environment, video conferencing services, solutions for automation of network management and operation for mobile operators and IoT solutions for industry. Contracts with corporate customers typically meet the criteria laid down for a contract negotiated as a single package, in which case the revenue will be allocated to the goods and services based on the prices agreed with each customer. A performance obligation may be fulfilled and revenue recognised over time or at certain points of time. The key criterion for the revenue recognition is the transfer of control. For performance obligations that are satisfied at a certain point of time, such as equipment, the customer is deemed to gain control at the entry to contract and revenue is recognised when the equipment is transferred to the customer. Service contracts mainly comprise performance obligations that are satisfied over time. The performance is carried out, and revenue is recognised over time as the services are provided. Fixed-term service contracts are recognised over the contract period and the opening fees and related expenses, as well as discounts granted, are allocated to the entire contract period. Incremental costs of obtaining a fixed-term contract such as sales and represent commissions are capitalised and accrued as an expense during the contract period when these commissions relate directly to a contract that can be specifically identified. Service contracts valid until further notice are recognised over time. The opening fees and related expenses are recognised at the time when the service is connected. The Group provides consumer customers with the various payment methods granting possibility to purchase equipment on 12\u201336 months credits. Revenue for equipment is recognised at the time of the sale regardless of whether the customer pays for the device fully at the time of sale or by monthly payments. Based on management\u2019s judgement, the contracts do not include a significant financing component. Revenue from prepaid mobile phone cards is recognised over the period of realised use of the cards. Service fees invoiced from a customer on behalf of a third-party content service provider are not recognised as revenue. As a rule, the customer has 4 weeks to cancel the service contract made at a distance sale and return the purchased equipment. In principle, there is no right of cancellation for equipment bought from an Elisa shop. Based on historical experience the number of refunds is expected to be low due to which the Group has not recognised a refund liability for the amounts expected to be refunded and revenue has not been adjusted by the estimated number of refunds. Customers participating in loyalty programmes are entitled to certain discounts on services and products provided by the Group. Discounts earned by the customers are recognised as reduction of revenue. The Group does not currently have any valid loyalty programmes. FINANCIAL STATEMENTS 2022 26 1. General accounting principles 2.4 Other operating income EUR million 2022 2021 Gain on disposals of property, plant and equipment 0.2 1.9 Government grants 0.4 0.3 Other items (1 6.3 6.9 I/S 6.9 9.0 1) Other items include rental income from the real estate and other income not associated with ordinary operating activities. Accounting Principles \u2013 Other operating income: Other operating income includes non-operating income, such as capital gain on the disposal of tangible and intangible assets, subsidiaries and businesses, and rental income from real estate. Government grants associated with development projects are recognised as other operating income when the related costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a reduction of capital expenditure. FINANCIAL STATEMENTS 2022 27 2.5 Operating expenses Materials and services EUR million 2022 2021 Purchases of materials, supplies and goods 556.4 522.3 Change in inventories \u20138.8 \u201310.6 External services 272.9 251.2 Foreign exchange gains and losses 0.2 0.6 I/S 820.8 763.6 Gains and losses arising from foreign currency translations are recognised in accordance with their nature either in materials and services or financial income and expenses. Employee expenses More detailed analysis of employee expenses is included in Note 4. Auditor fees EUR million 2022 2021 Auditing 0.4 0.4 Tax advisory services 0.0 0.0 Other services 0.0 0.1 0.4 0.4 In 2022, non-audit fees charged by KPMG Oy Ab were EUR 0.0 (0.1) million. Research and development costs EUR million 2022 2021 Research and development costs recognised as expenses 13.4 9.5 Capitalised development costs 8.0 6.6 21.4 16.1 The focus areas for the research and development activities in 2022 were of the development of a customer relationship management system, production and quality management software for the manufacturing industry, as well as the development of network software solutions for telecom operators. Accounting Principles \u2013 Research and development: Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit and the Group has both intention and the resources to complete the development and use or sell the asset. Capitalised development costs include those material, labour and testing costs and any capitalised borrowing costs that are directly attributable to bringing the asset to its working condition for its intended use. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. 1.1 Basic information about the Group FINANCIAL STATEMENTS 2022
28
2.6 Earnings per share
Earnings per share, basic 2022 2021
I/S
Net profit for the period attributable to equity holders of the parent (EUR million) 374.1 343.6
Weighted average number of shares outstanding (1,000 shares) 160,253 160,174
Earnings/share, basic (EUR/share) 2.33 2.15
Diluted earnings per share
2022
2021
I/S
Net profit for the period attributable to equity holders of the parent (EUR million)
374.1
343.6
Weighted average number of shares outstanding (1,000 shares)
160,253
160,174
Impact of share-based incentive plans
157
Weighted average number of shares outstanding adjusted by dilutive effect (1,000 shares)
160,410
160,174
Diluted earnings per share (EUR/share)
2.33
2.15
Accounting principles \u2013 Earnings per share:
Basic earnings per share are calculated by dividing the net profit for the period attributable to the parent company\u2019s equity holders by the weighted average number of shares outstanding
during the period.
Diluted earnings per share are calculated on the same basis as earnings per basic share, except for the dilutive effect of converting all dilutive potential shares into basic shares.
1.2 Basis of presentation of financial statements
FINANCIAL STATEMENTS 2022
29
3. Business acquisitions and disposals
Acquired businesses in 2022
Acquisition of Frinx s.r.o.
On 31 March 2022, Elisa Polystar acquired Frinx s.r.o., a telecom network automation software supplier based in Slovakia. Frinx\u2019s products and software complement Elisa Polystar\u2019s
zero touch automation and analytics offering that helps communication service providers automate the management process of telecom networks in a multi-vendor environment.
The acquisition price was EUR 14.4 million including the contingent consideration of EUR 1.1 million. EUR 0.5 million of the total acquisition price was allocated to software, which will be
amortised over four years.The acquisition resulted in EUR 12.9 million of goodwill relating to Group\u2019s growth in digital services internationally and strengthening Elisa IndustIQ business.
The calculation of the purchase price allocation is preliminary, as the valuation of the acquired net assets has not been fully completed.
The acquired company has been consolidated from 1 April 2022 onwards. External revenue after the acquisition was EUR 2.3 million, and the impact on Group\u2019s profit for the period
was EUR 0.5 million. Had the acquisition been made as of the beginning of the year 2022, the impact on Group revenue would have been EUR 2.7 million and the effect on profit for the
period EUR 0.3 million.
Consideration transferred
EUR million Preliminary
Cash paid 13.4
Contingent consideration 1.1
Total acquisition price 14.4
Analysis of net assets acquired
EUR million
Tangible assets 0.0
Intangible assets 0.5
Trade and other receivables 0.8
Cash and cash equivalents 1.0
Deferred tax liabilities \u20130.1
Trade payables and other liabilities \u20130.4
Tax liabilities \u20130.3
1.5
Effects of acquisition on cash flow
EUR million
Acquisition price paid in cash \u201313.4
Cash and cash equivalents of the acquired entity 1.0
\u201312.3
Goodwill arising from business combination
EUR million
Consideration transferred 14.4
Identifiable net assets of the acquired entity 1.5
Goodwill 12.9
EUR 0.2 million of acquisition-related costs, such as professional fees, is recorded in other operating expenses.
1.3 Applied new and revised standards
FINANCIAL STATEMENTS 2022
30
Acquisition of Cardinality group
On 4 August 2022, Elisa acquired a UK-based Cardinality Ltd. Cardinality is a supplier of cloud-native data management (DataOps), service assurance and customer experience analytics for
communications service providers (CSPs) globally.
The acquisition price was EUR 10.0 million including the contingent consideration of EUR 0.4 million. EUR 1.5 million of the total acquisition price was allocated to software, which will be
amortised over four years. The acquisition resulted in EUR 8.7 million of goodwill relating to the Group\u2019s growth in digital services internationally and acceleration of its telecom software business
development under Elisa Polystar. The calculation of the purchase price allocation is preliminary, as the valuation of the acquired net assets has not been fully completed.
The acquired companies have been consolidated from 1 August 2022 onwards. External revenue after the acquisition was EUR 1.5 million, and the impact on Group\u2019s profit for the period was EUR
\u20130.7 million. Had the acquisition been made as of the beginning of the year 2022, the impact on Group revenue would have been EUR 3.4 million and the effect on profit for the period EUR \u20132.1
million.
Consideration transferred
EUR million Preliminary
Cash paid 9.6
Contingent consideration 0.4
Total acquisition price 10.0
Analysis of net assets acquired
EUR million
Tangible assets 0.0
Intangible assets 1.5
Trade and other receivables 0.5
Tax receivables 0.5
Cash and cash equivalents 1.4
Deferred tax liabilities \u20130.3
Interest-bearing liabilities \u20130.3
Trade payables and other liabilities \u20132.1
1.2
Effects of acquisition on cash flow
EUR million
Acquisition price paid in cash \u20139.6
Cash and cash equivalents of the acquired entities 1.4
\u20138.2
Goodwill arising from business combination
EUR million
Consideration transferred 10.0
Identifiable net assets of the acquired entities 1.2
Goodwill 8.7
EUR 0.4 million of acquisition-related costs, such as professional fees, is recorded in other operating expenses.
FINANCIAL STATEMENTS 2022
31
Acquired businesses in 2021
Acquisition of TenForce NV
On 31 August 2021, Elisa acquired a majority stake of 50.1 per cent in Belgian TenForce NV. TenForce is a provider of environmental, health, safety and quality performance (EHSQ) and
operational risk management software. TenForce primarily serves large global industrial customers with a SaaS model. The acquisition is consistent with Elisa\u2019s strategy to grow digital businesses
internationally and to accelerate the Elisa IndustrIQ business. TenForce provides Elisa with cross-selling opportunities across its customer base and brings a complementary offering and skills,
especially with its deep understanding of process industries and their critical features.
The price paid for the acquisition carried out as directed share issue was EUR 15.1 million, of which EUR 10 million was carried out as a directed share issue. EUR 0.8 million of the total acquisition
price was allocated to the customer base, which will be amortised over four years, and EUR 0.6 was allocated to software, which will also be amortised over four years. The acquisition resulted in
EUR 9.1 million of goodwill relating to Group\u2019s growth in digital services internationally and strengthening Elisa IndustIQ business.
The acquisition generated a non-controlling interest amounting to EUR 4.9 million, which is included in the Non-controlling interest balance sheet item. The non-controlling interest is measured at
a proportionate share of the acquiree\u2019s identifiable net assets.
The acquisition contract includes an option for Elisa to redeem and for non-controlling interests conditional right to sell the remaining 49.9 per cent of the shares in 2026. The liability for the
redemption of the remaining shares has been recognised in the financial statements. The initial recognition of the liability and any changes in it will be treated as equity transactions.
The acquired company has been consolidated from 1 September 2021 onwards. External revenue after the acquisition was EUR 1.9 million, and the impact on Group\u2019s profit for the period was
EUR \u20130.4 million. Had the acquisition been made as of the beginning of the year 2021, the impact on Group revenue would have been EUR 5.5 million and the effect on profit for the period EUR
\u20130.6 million.
FINANCIAL STATEMENTS 2022
32
Consideration transferred
EUR million
Carrying
amount
Cash paid 15.1
Total acquisition 15.1
Analysis of net assets acquired
EUR million
Tangible assets 0.1
Right-of-use assets 1.0
Customer base 0.8
Intangible assets 1.6
Trade and other receivables 1.0
Cash and cash equivalents 11.7
Deferred tax liabilities \u20130.3
Interest-bearing liabilities \u20130.3
Lease liabilities \u20131.0
Trade payables and other liabilities \u20133.6
Tax liabilities \u20130.1
10.9
Effects of acquisition on cash flow
EUR million
Acquisition price paid in cash \u201315.1
Cash and cash equivalents of the acquired entity 11.7
\u20133.4
Goodwill arising from business combination
EUR million
Consideration transferred 15.1
Identifiable net assets of the acquired entity 10.9
Non-controlling interest's proportionate share of identifiable net assets acquired \u20134.9
Goodwill 9.1
EUR 0.2 million of acquisition-related costs, such as professional fees, were recorded in other operating expenses in 2021.
Acquisition of Process Data Control Corp
In November 2021, TenForce NV\u2019s subsidiary TenForce USA LLC, acquired Process Data Control Corp. The acquisition price was EUR 1.5 million. The acquisition resulted in
EUR 1.5 million of goodwill. EUR 0.1 million of acquisition-related costs, such as professional fees, were recorded in other operating expenses in 2022.
FINANCIAL STATEMENTS 2022
33
Disposals of businesses in 2022
Withdrawal from business in Russia
Elisa sold OOO LNR in Russia on 7 July 2022.The divestment of Polystar Ryssland LLC is in progress. The costs of the withdrawal from the Russian operations, EUR 1.1 million, are presented in other
operating expenses.
Disposals of businesses in 2021
There were no significant disposals during the reporting period.
FINANCIAL STATEMENTS 2022 34 Accounting principles \u2013 Business acquisitions and disposals: Subsidiaries are consolidated from the date the Group obtains control, and divested companies until the loss of control. Acquisitions are measured at amortised costs. Identifiable assets acquired and assumed liabilities are measured at their fair value on the acquisition date. Possible investments in non-controlling interests are measured either at a proportionate share of the acquiree\u2019s identifiable net assets or at fair value. The method to be used is selected on a case-by-case basis. Subsequent changes in non-controlling interests are treated as equity transactions. In business combinations carried out in stages, previously held equity share in the acquiree is measured at fair value and the resulting gain or loss is recognised through profit or loss. The acquisition price consists of the fair value of cash and contingent consideration transferred. The amount of the acquisition price that exceeds the fair value of the acquired net assets is recognised as goodwill. Additional information regarding valuation and impairment testing of goodwill is available under note 5.4.1. The changes in contingent consideration are expensed through profit and loss. Acquisition-related costs, such as consulting fees and transfer tax, are accounted for as expenses for the periods, when the costs were incurred and the services received. The costs are presented as Other operating expenses in the income statement. In connection with loss of control, any investment retained in a former subsidiary is measured at fair value through profit or loss at the date of transaction. Changes in ownership interest that do not result in a loss of control are accounted for as equity transactions. Accounting policies that require management\u2019s judgements \u2013 Acquisitions: The identifiable assets and liabilities acquired in a business combination are measured at fair value at the acquisition date. When determining the fair value of the acquired net assets, consideration and estimates may be required. Estimates and judgement are based on the management\u2019s best view of the situation at the time of the acquisition. FINANCIAL STATEMENTS 2022
35
4.1 Employee expenses
EUR million
2022 2021
Salaries and wages
314.4
304.7
Share-based payments
14.0
8.0
Pension expenses - defined contribution plans
44.2
40.4
Pension expenses - defined benefit plans
0.3
0.2
Other employee costs
21.8
20.5
I/S
394.8
373.8
Number of personnel at the end of the reporting period
2022 2021
Consumer Customers
2,939
2,845
Corporate Customers
2,684
2,526
5,623
5,371
20222021202020192018
Corporate Customers
Consumer Customers
Number of personnel at the year end
0
1,000
2,000
3,000
4,000
5,000
6,000
2,033
2,148
2,257
2,754
2,736
2,914
2,526
2,845
2,684 2,939
2. Operational result 2.1 Operating segments and
geographical areas
4 Personnel
FINANCIAL STATEMENTS 2022
36
Employee bonus and incentive schemes
All employees are included in the scope of performance, incentive, commission or provision-based bonus schemes. The Group also has a personnel fund. The costs of the performance-based
bonus scheme and personnel fund are recognised on an accrual basis and the costs are based on the best available estimate of realised amounts.
Performance-based bonus scheme
Rewards are based on financial and operational metrics of Elisa Corporation and its units. Targets are set, and the maximum amount of reward is confirmed semi-annually. Some of the Group\u2019s
key personnel also participated in the share-based compensation plan in 2022.
Personnel fund
The objective of the personnel fund is to secure the commitment of the personnel to Elisa\u2019s long-term objectives and to reinforce their interest in the company\u2019s financial success and its metrics.
The evaluation metrics for the performance-based bonus schemes are earnings per share (EPS) and achievement of defined strategic goals. The Board of Directors decides on the performance-
based bonus schemes and sets the earning criteria for the profit share reward annually.
The members of the personnel fund are the employees of Elisa Group, with the exception for those employees who are part of the share incentive plan. In 2022, EUR 2.2 (2.7) million was
recognised in the Group\u2019s personnel fund.
Management remuneration
EUR million
2022 2021
Managing Directors
8.0
8.1
Members and deputy members of Boards of Directors
0.8
0.7
Employment benefits for key management
Key management consists of Elisa\u2019s Board of Directors, the CEO and the Executive Board.
The remuneration of the Board members and CEO is presented under Parent company\u2019s Note 4.
Benefits recognised on the income statement
EUR million
2022 2021
Remunerations and other short-term employee benefits
5.1
4.6
Post-employment benefits
0.3
0.3
Share-based compensation
(1
5.1
2.8
10,5
7.7
1)
In 2022, the share-based compensation expenses were EUR 14.0 (8.0) million, of which EUR 1.3 (0.7) million is allocated to the CEO and EUR 3.7 (2.1) million to the Executive Board. The terms and conditions
of share-based incentive plans are described under Note 4.2.
FINANCIAL STATEMENTS 2022
37
Benefits paid
EUR million
2022 2021
Board of Directors
0.8
0.7
CEO
1.1
0.9
Executive Board
3.2
2.9
Share-based compensations
(1
2.7
3.3
7.8
7.9
1)
The reward paid to the CEO under the share-based compensation plans was EUR 0.7 (0.9) million and to the Executive Board members EUR 2.0 (2.5) million.
The period of notice for the CEO is six months, if the service contract is terminated by Elisa, and three months, if the contract is terminated by the CEO. Should the service contract be terminated
by Elisa, the CEO is entitled to receive a severance payment equalling the total salary of 24 months less the salary for the period of notice.
The period of notice for other members of the Executive Board is six months, if the service contract is terminated by Elisa. Should the contract be terminated by Elisa, the member of the Executive
Board is entitled to receive a severance payment that equals the total salary of 15 months less the salary for the period of notice.
Managing Directors\u2019 pension commitments
In 2020, the Board of Directors agreed with the CEO of Elisa Corporation Veli-Matti Mattila that he will continue as CEO until further notice. Under previous executive agreement, the Group CEO
would have retired at the age of 60. The defined benefit pension plan includes vested rights. The company is liable for the pension until the age of 63 and the related accumulated liability of EUR
2.1 million is included in pension obligations on the balance sheet. The pension is accrued annually by 5.1 per cent of the annual earnings under Employees Pensions Act (TyEL), and annually
by EUR 120,000 during the period 2017\u20132020. In the management\u2019s cash-based supplementary pension insurance, the pension is accrued from 20.7 per cent of the annual earnings under the
Employees Pensions Act (TyEL) starting from the age of 62. The pension arrangement of the CEO is a cash-based plan, and it covers an increase in the statutory retirement age.
The executive agreements of the Group Management Board members appointed before year 2013 expire mainly at the age of 62, when they have the right to retire. Pension provisions are cash-
based, and they are covered by management supplementary pension insurance, which includes vested rights.
Share-based compensation granted to the management
The reward paid in 2022 to the CEO under the 2017 plan\u2019s 2019\u20132021 performance period equals the value of 6,426 shares and for the rest of the Executive Board 17,642 shares.
The reward paid in 2021 to the CEO under the 2017 plan\u2019s 2018\u20132020 performance period equals the value of 8,258 shares and for the rest of the Executive Board 25,752 shares.
The maximum reward granted to the CEO under the 2017 plan\u2019s 2020\u20132022 performance period equals the value of 32,000 shares and for the rest of the Executive Board 97,500 shares.
The reward will be paid after the publication of the 2022 financial statements.
The maximum reward granted to the CEO under the 2021 plan\u2019s 2021\u20132023 performance period equals the value of 32,000 shares and for the rest of the Executive Board 94,500 shares.
The reward will be paid after the publication of the 2023 financial statements.
The maximum reward granted to the CEO under the 2021 plan\u2019s 2022\u20132024 performance period equals the value of 32,000 shares and for the rest of the Executive Board 89,500 shares.
The reward will be paid after the publication of the 2024 financial statements.
The maximum reward granted to the CEO under the 2021 plan\u2019s 2023\u20132025 performance period equals the value of 38,430 shares and for the rest of the Executive Board 109,000 shares.
The reward will be paid after the publication of the 2025 financial statements.
Elisa shares held by key members of the management
The members of Elisa\u2019s Board of Directors, the CEO, the members of the Executive Board and their related parties held a total of 314,185 shares and votes, corresponding to 0.19 per cent of all
shares and votes.
FINANCIAL STATEMENTS 2022
38
4.2.1 Share-based incentive plan 2021
On 4 March 2021, the Board of Directors of Elisa Corporation has appoved a share-based incentive plan for the Group key employees for years 2021\u20132025.
The Performance Share Plan includes three three-year performance periods, calendar years 2021\u20132023, 2022\u20132024 and 2023\u20132025. The Board of Directors decided the performance criteria for
the plan and required performance levels for each criterion at the beginning of a perfomance period. After the end of the performance period, the reward is paid as a combination of company
shares and cash after the completion of financial statements. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. As a rule, no reward
will be paid, if a participant\u2019s employment or service ends before the reward payment.
The performance criteria for the performance period 2023\u20132025 are based on Group\u2019s Earnings per Share (EPS), on the International Digital services growth, on Employee Engagement and
annual progress in specific key business growth targets. The rewards to be paid on the basis of the performance period 2023\u20132025 correspond to the value of a maximum total of 398,500 Elisa
Corporation shares.
The performance criteria for the performance period 2022\u20132024 are based on Group\u2019s Earnings per Share (EPS), on the International Digital services growth, on Employee Engagement and
annual progress in specific key business growth targets. The rewards to be paid on the basis of the performance period 2022\u20132024 correspond to the value of a maximum total of 360,500 Elisa
Corporation shares.
The performance criteria for the performance period 2021\u20132023 are based on Group\u2019s Earnings per Share (EPS), on the International Digital services growth and on annual progress in specific key
business growth targets. The rewards to be paid on the basis of the performance period 2022\u20132024 correspond to the value of a maximum total of 410,700 Elisa Corporation shares.
The CEO of the Company and a member of the Corporate Executive Board must hold a minimum of 50 per cent of the net shares given on the basis of the plan, until the CEO\u2019s shareholding in the
Company in total corresponds to the value of his annual salary and, respectively, the member\u2019s shareholding in the Company in total corresponds to the value of half of his or her annual salary.
Amount of share incentives and terms and assumptions in the fair value calculation
Performance period
2023\u20132025
Performance period
2022\u20132024
Performance period
2021\u20132023
Maximum number of shares granted, pcs 395,800 360,500 410,700
Grant date 31.12.2022 31.12.2021 31.12.2020
Share price at the grant date, EUR 49.46 54.12 49.70
Performance period starts 1.1.2023 1.1.2022 1.1.2021
Performance period ends 31.12.2025 31.12.2024 31.12.2023
Estimated realisation of earning criteria at the beginning of performance period, % 41 44 46
Estimated realisation of earning criteria at the closing date, % 41 78 73
Number of participants in the plan at the closing date 196 180 157
2.2 Items affecting comparability
4.2 Share-based incentives
The Group has share-based incentive plans in place. The aim of the plans is to align the objectives of the shareholders and the key employees to increase the value of the Company in the long-
term, to retain the key employees at the Company, and to offer them a competitive reward plan that is based on earning and accumulating the Company\u00b4s shares. The potential rewards are based
on the accomplishment of the goals set.
FINANCIAL STATEMENTS 2022
39
4.2.2 Share-based incentive plan 2017
On 15 December 2017, Elisa\u2019s Board of Directors decided on the share-based incentive plan for key personnel for 2018\u20132022.
The performance-based incentive plan has three performance periods: the calendar years 2018\u20132020, 2019\u20132021 and 2020\u20132022. The Board of Directors decides the performance criteria for
the plan and required performance levels for each criterion at the beginning of a performance period. After the end of the performance period, the reward is paid as a combination of company
shares and cash after the completion of financial statements. The cash portion intends to cover the tax obligations resulting from the share-based payment. As a rule, no reward will be paid, if a
participant\u2019s employment or service ends before the reward payment.
The earnings criteria for the performance period 2020\u20132022 are based on earnings per share (EPS), on development of new businesses and other key objectives. The total maximum amount to
be paid for the performance period 2020\u20132022 equals the value of 407,600 Elisa shares.
The earnings criteria for the performance period 2019\u20132021 were based on earnings per share (EPS), on development of new businesses and other key objectives. The total maximum amount to
be paid for the performance period 2019\u20132021 equals the value of 536,000 Elisa shares.
The earnings criteria for the performance period 2018\u20132020 were based on earnings per share (EPS), on development of new businesses and other key objectives. The total maximum amount to
be paid for the performance period 2018\u20132020 equals the value of 550,000 Elisa shares.
The CEO of the Company and a member of the Corporate Executive Board must hold a minimum of 50 per cent of the net shares given on the basis of the plan, until the CEO\u2019s shareholding in the
Company in total corresponds to the value of his annual salary and, respectively, the member\u2019s shareholding in the Company in total corresponds to the value of half of his or her annual salary.
Amount of share incentives and terms and assumptions in the fair value calculation
Performance period
2020\u20132022
Performance period
2019\u20132021
Performance period
2018\u20132020
Maximum number of rewards granted, pcs 407,600 536,000 550,000
Grant date 31.12.2019 31.12.2018 31.12.2017
Share price at the grant date, EUR 49.25 36.08 32.72
Performance period starts 1.1.2020 1.1.2019 1.1.2018
Performance period ends 31.12.2022 31.12.2021 31.12.2020
Estimated realisation of earning criteria at the beginning of performance period, % 61 74 85
Estimated realisation of earning criteria at the closing date, % 71
Realisation of earning criteria, % 31 39
Distributed number, pcs 72,394 95,241
Volume weighted average share price at distribution date, EUR 52.52 49.39
Distributed number out of the maximum number of share rewards granted, % 14 17
Number of participants in the plan at the closing date 164 175 164
FINANCIAL STATEMENTS 2022
40
4.2.3 Committed share-based incentive plan 2019
On 31 January 2019, Elisa\u2019s Board of Directors decided on a new committed share-based incentive plan for 2019\u20132025.
The rewards granted under the plan have a restriction period of 1\u20133 years. The potential reward is based on the validity of the key person\u2019s contract of employment. The maximum number of
rewards paid under the plan equals the value of 500,000 Elisa shares.
Amount of share incentives and terms and assumptions in the fair value calculation
Restriction period
2022\u20132023
Restriction period
2022\u20132023
Restriction period
2019\u20132020
Maximum number of rewards granted, pcs 8,000 3,000 22,500
Grant date 1.8.2022 1.8.2022 10.6.2019
Share price at the grant date, EUR 54.16 54.16 41.50
Restriction period started 1.8.2022 1.8.2022 10.6.2019
Restriction period ends 31.12.2023 31.8.2023 10.6.2021
Estimated realisation of earnings criteria at the beginning of performance period, % 100 100 100
Earning criteria, realised % 100
Shares transferred, pcs 9,152
Average exchange rate on the day of transfer, EUR 51.00
Amount distributed as shares of the maximum amount of share rewards granted, % 41
Number of participants in the plan at the closing date 4 5 8
Expenses of share-based incentive plans
In 2022, EUR 14.0 (8.0) million of expenses were recognised for the share incentive plans.
FINANCIAL STATEMENTS 2022 41 Accounting principles \u2013 Share-based payments: In the share-based payment scheme, the total reward amount is the gross earning of shares granted less the applicable withholding tax, with the remaining net amount being paid to the reward recipient in shares. Compensation costs for the share-based incentive plans are entirely treated as equity-settled arrangements. Share-based incentive costs are recognised based on the number of gross shares issued, even though the employee ultimately receives only net shares. The Group settles a cash payment of a portion, required to meet withholding tax obligations, to the Tax Administration. The withholding tax paid to the Tax Administration is recognised directly in equity. Share-based incentive plans are measured at the fair value at the grant date. If the assumption regarding the realised number of shares changes, an adjustment will be recorded through profit and loss. The share-based incentive plans do not include any other non-market based terms and conditions. Transfer restrictions related to the share-based incentive plans are out of the scope of the fair value measurement and expense recognition. Accounting policies that require management\u2019s judgements \u2013 Share-based payments: The expense recognition for the share-based incentive plans is based on an estimate of the fulfilment of the share incentive plan criteria and the development of Elisa Group\u2019s share price. The fulfilment of the share incentive plan criteria and the development of the share price might deviate from the estimates. FINANCIAL STATEMENTS 2022 42 4.3 Pension obligations The Group\u2019s pension obligations are classified as either defined contribution plans or defined benefit plans. Under a defined contribution plan, the Group pays fixed contributions to pension insurance companies. If the pension insurance company does not hold sufficient assets to pay all employees the benefits in question, the Group will have no legal or constructive obligation to pay further contributions. The contributions for defined contribution pension plans are recognised as expenses during the financial year, in which the payment obligation has arisen. All other plans not meeting the above criteria are classified as defined benefit plans. The pension schemes for the Group\u2019s personnel in Finland are covered by the Employees Pensions Act (TyEL) and are arranged through pension insurance companies. The Finnish Employees Pensions Act (TyEL) is a defined contribution plan. Supplementary pensions are arranged through life insurance companies. Some supplementary pension plans and pension plans under the responsibility of some group companies have been classified as defined benefit plans. The defined benefit plans are mainly funded by yearly contributions to the insurance companies, based on actuarial valuation. Local tax and other legislation are applied to the pension plans\u2019 arrangements. Only Elisa Corporation has defined benefit plans. The pension plans in foreign subsidiaries are defined contribution plans. Post-employment benefits of key management are described in Note 4.1. The net defined benefit related to pension liability EUR million 2022 2021 Present value of unfunded obligations \u20133.1 \u20133.6 Present value of funded obligations \u201347.5 \u201359.0 Fair value of plan assets 37.7 48.2 \u2009B/S\u2009 Net pension liability (-) / receivable (+) in the statement of financial position \u201312.9 \u201314.4 Pension expenses recognised in the statement of comprehensive income EUR million 2022 2021 Expense recognised in profit or loss Service cost 0.2 0.1 Net interest 0.1 0.1 0.3 0.2 Remeasurements \u20130.5 3.5 Tax effect of the remeasurements 0.1 \u20130.7 I/S \u20130.4 2.8 2.3 Revenue FINANCIAL STATEMENTS 2022 43 Reconciliation of the net defined benefit obligations in the statement of financial position EUR million 2022 2021 Net defined benefit obligation at the beginning of the period 14.4 11.0 Pension expenses recognised in profit or loss 0.3 0.2 Remeasurements \u20130.5 3.5 Contributions paid by the employer \u20131.3 \u20130.3 Net defined benefit obligation at the end of period 12.9 14.4 Changes in the present value of the defined benefit obligations EUR million 2022 2021 Obligation at the beginning of the period \u201362.6 \u201363.9 Current service cost \u20130.2 \u20130.1 Interest expenses \u20130.4 \u20130.3 Remeasurements Actuarial gain (+) or loss (-) arising from changes in economic assumptions 8.0 \u20133.5 Gain (+) or loss (-) arising from experience adjustments 0.1 0.8 Benefits paid 4.5 4.5 Obligation at the end of period \u201350.6 \u201362.6 Changes in the fair value of plan assets EUR million 2022 2021 Fair value of plan assets at the beginning of the period 48.2 52.9 Interest income 0.3 0.3 Remeasurements, gain (+) or loss (-) \u20137.7 \u20130.7 Benefits paid \u20134.5 \u20134.5 Contributions paid by the employer 1.3 0.3 Fair value of plan assets at the end of period 37.7 48.2 The principal actuarial assumptions used 2022 2021 Discount rate, % 3.3 0.7 Future pension increase, % 2.8 1.9 Inflation, % 2.6 1.8 Sensitivity analysis of net defined benefit obligation Effect on the net defined benefit obligation, EUR million Change in actuarial assumptions 2022 2021 Discount rate + 0.5% \u20130.9 \u20131.2 Future pension increase +0.5% 0.9 3.9 Expected mortality +1 year 0.7 0.8 When calculating a change in one assumption of the sensitivity analysis, the other assumptions are assumed to remain unchanged. In practice, this is not likely to happen, and some changes in the assumptions may correlate with each other. The figures in the sensitivity analysis have been calculated using the same method which is applied when calculating defined benefit obligations. Defined benefit obligations expose the Group to various risks. Decreases in the gain of corporate bonds, higher inflation and higher expected retirement age may predispose the Group to the growth of defined benefit obligations. On the other hand, since the fair value of assets is calculated using the same discount rate which is used when calculating the obligation, the change in the discount rate will only affect the net defined benefit obligation. Similarly, a rise in life expectancy will increase the assets and affect the net defined benefit obligation. Weighted average duration of the obligation is 13.6 (12.8) years. The Group expects to contribute EUR 0.7 (0.4) million to defined benefit pension plans in 2023. The assets of the defined benefit obligations are 100 per cent acceptable insurances. Accounting principles \u2013 Pension obligations: The Group\u2019s defined benefit obligation has been calculated separately from each plan using the projected unit credit method. Pension expenses calculated by authorised actuaries are recognised in profit or loss over the employees\u2019 working lives. The rate used to discount the present value of the defined benefit obligation is determined by reference to market yields of high-quality corporate bonds. If such information is not available, the market yields on government bonds are used. The maturity of corporate bonds and government bonds are substantially consistent with the maturity of pension obligations. The present value of defined benefit obligation is reduced by the fair value of the plan assets at the end of the reporting period. The net defined benefit pension liability is recognised in the statement of financial position. Current service cost and net interest of the net defined benefit liability are recorded in employee expenses on the income statement. The remeasurements of the net defined benefit liability, for example actuarial gains and losses and the return on plan assets, are recognised in other comprehensive income during the financial period in which they incur. Accounting policies that require management\u2019s judgements \u2013 Pension obligations: The book value of defined pension obligations is based on actuarial valuations. Assumptions and estimates used in the valuations include, among others, the discount rate used on the valuation of the pension obligation and plan assets as well as the development of inflation and salary levels. 5.1 Depreciation, amortisation and impairment EUR million 2022 20 Tangible assets Land and water areas Right-of-use assets 1.1 1 Buildings and constructions Owned buildings and constructions 11.9 12 Right-of-use assets 20.3 17 Telecom devices, machinery and equipment Owned telecom devices, machinery and equipment 168.8 173 Right-of-use assets 3.0 3 Other tangible assets 0.1 0 205.2 20 Intangible assets Customer base 4.3 6 Other intangible assets 53.9 52 58.2 5 I/S 263.4 26 EUR 0.0 (0.0) million of impairment losses have been recoded for the assets. 5 Tangible and intangible assets FINANCIAL STATEMENTS 2022
46
5.2 Property, plant and equipment
2022
EUR million
Land and
water areas
Buildings
and structures
Telecom devices,
machinery and
equipment
Other
tangible assets
Tangible assets
under construction Total
Acquisition cost at 1 Jan. 12.3 316.0 3,949.0 36.5 33.9 4,347.7
Business acquisitions 0.0 0.1 0.0 0.1
Additions 0.1 18.1 152.4 0.1 29.6 200.3
Business disposals \u20131.2 \u20131.2
Disposals \u201380.7 0.0 \u201380.8
Reclassifications \u20130.6 0.6 26.2 0.0 \u201330.8 \u20134.6
Translation differences 0.0 0.0 0.0 0.0 0.0 0.1
Acquisition cost at 31 Dec. 11.7 334.8 4,045.9 36.6 32.7 4,461.7
Accumulated depreciation and impairment at 1 Jan. 0.0 195.9 3,363.3 35.8 3,595.0
Depreciation and impairment \u20130.1 11.9 168.8 0.1 180.7
Accumulated depreciation on business acquisitions 0.1 0.1
Accumulated depreciation on disposals and
reclassifications \u20131.2 \u201378.9 0.0 \u201380.1
Accumulated depreciation on business disposals \u20130.7 \u20130.7
Translation differences 0.0 0.0 0.0 0.0
Accumulated depreciation and impairment at 31 Dec. \u20130.1 206.7 3,452.6 35.9 3,695.0
\u2009B/S\u2009 Book value at 1 Jan. 12.3 120.0 585.7 0.8 33.9 752.7
\u2009B/S\u2009 Book value at 31 Dec. 11.8 128.1 593.3 0.8 32.7 766.7
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS 2022
47
2021
EUR million
Land and
water areas
Buildings
and structures
Telecom devices,
machinery and
equipment
Other
tangible assets
Tangible assets
under construction Total
Acquisition cost at 1 Jan. 11.1 298.9 3,781.9 35.7 28.5 4,156.1
Business acquisitions 1.1 \u20130.4 1.2 0.7 0.2 2.8
Additions 0.1 12.7 162.6 0.1 26.5 201.8
Disposals 0.0 \u20130.5 \u201315.0 0.0 \u201315.4
Reclassifications 0.0 5.3 18.3 \u201321.3 2.3
Translation differences 0.0 0.0 0.1 0.0 0.0 0.1
Acquisition cost at 31 Dec. 12.3 316.0 3,949.0 36.5 33.9 4,347.7
Accumulated depreciation and impairment at 1 Jan. 0.0 183.7 3,202.2 35.1 3,421.0
Depreciation and impairment 12.4 173.2 0.1 185.7
Accumulated depreciation on business acquisitions 0.1 1.0 0.6 1.7
Accumulated depreciation on disposals and
reclassifications \u20130.3 \u201313.1 \u201313.5
Translation differences 0.0 0.0 0.0 0.1
Accumulated depreciation and impairment at 31 Dec. 0.0 195.9 3,363.3 35.8 3,595.0
\u2009B/S\u2009 Book value at 1 Jan. 11.1 115.2 579.7 0.7 28.5 735.1
\u2009B/S\u2009 Book value at 31 Dec. 12.3 120.0 585.7 0.8 33.9 752.7
On 31 December 2022, the investment commitments for tangible and intangible assets were EUR 70.1 (55.7) million.
FINANCIAL STATEMENTS 2022 48 Accounting principles \u2013 Property, plant and equipment: Property, plant and equipment are recognised in the statement of financial position at the original cost. Property, plant and equipment are valuated at acquisition cost less accumulated depreciation and impairments. Depreciation is recorded on a straight-line basis over the useful lives of tangible assets. The residual value and the useful life of an asset is reviewed at year-end and adjusted, if necessary. Subsequent costs, such as renewals and major renovation projects, are capitalised when it is probable that future economic benefit will flow to the Group. Ordinary repair, service and maintenance costs are recognised as expenses during the financial period in which they incur. Government grants, such as grants received in connection with the acquisition of fixed assets, are recorded as a deduction from the carrying amount of the fixed assets. Government grants are recognised in profit and loss in the form of lower depreciation over the useful life of the fixed asset. Expected useful life of property, plant and equipment: Buildings and structures 25\u201340 years Machinery and equipment in buildings 10\u201325 years Telecommunications network (line, backbone, area, subscription, cable TV) 8\u201315 years Exchanges and concentrators (fixed and mobile core) 6\u201310 years Equipment for the network and exchanges 3\u20138 years Telecommunication terminals 2\u20134 years Other machinery and equipment 3\u20135 years Land and water areas are not depreciated. FINANCIAL STATEMENTS 2022 49 5.3 Right-of-use assets 2022 EUR million Land and water areas Buildings and structures Telecom devices, machinery and equipment Total Acquisition cost at 1 Jan. 15.5 129.1 130.3 274.9 Business acquisitions 0.0 0.0 Additions 1.6 20.6 3.3 25.5 Disposals \u20131.6 \u20131.6 Reclassifications \u20134.3 \u2013112.6 \u2013117.0 Translation differences \u20130.2 0.0 \u20130.2 Acquisition cost at 31 Dec. 17.2 143.6 20.9 181.7 Accumulated amortisation and impairment at 1 Jan. 2.9 56.3 124.7 183.9 Depreciation and impairment 1.1 20.3 3.0 24.4 Accumulated amortisation on disposal and reclassifications \u20134.3 \u2013112.6 \u2013117.0 Translation differences \u20130.1 0.0 \u20130.1 Accumulated depreciation and impairment at 31 Dec. 4.0 72.2 15.1 91.3 \u2009B/S\u2009 Book value at 1 Jan. 12.6 72.8 5.5 91.0 \u2009B/S\u2009 Book value at 31 Dec. 13.2 71.4 5.9 90.4 Consolidated Financial Statements FINANCIAL STATEMENTS 2022 50 2021 EUR million Land and water areas Buildings and structures Telecom devices, machinery and equipment Total Acquisition cost at 1 Jan. 14.0 114.0 131.7 259.7 Business acquisitions 0.8 0.3 1.2 Additions 1.5 14.3 2.1 18.0 Disposals \u20131.1 \u20131.1 Reclassifications \u20130.1 \u20132.8 \u20132.9 Translation differences 0.0 0.0 0.0 Acquisition cost at 31 Dec. 15.5 129.1 130.3 274.9 Accumulated depreciation and impairment at 1 Jan. 1.9 38.8 124.4 165.1 Depreciation and impairment 1.0 17.6 3.1 21.8 Accumulated depreciation on disposal and reclassifications \u20130.2 \u20132.8 \u20133.0 Translation differences 0.0 0.0 Accumulated depreciation and impairment at 31 Dec. 2.9 56.3 124.7 183.9 \u2009B/S\u2009 Book value at 1 Jan. 12.1 75.2 7.3 94.6 \u2009B/S\u2009 Book value at 31 Dec. 12.6 72.8 5.5 91.0 On 31 December 2022, the lease commitments for lease contracts commencing in the future in accordance with IFRS 16 were EUR 0.1 (4.8) million. FINANCIAL STATEMENTS 2022 51 Accounting principles \u2013 Right-of-use assets: A lease contract is a contract or a part of a contract that conveys the right to use the underlying asset for a specified period in exchange for consideration. When a new contract is made, Elisa assesses whether the contract in question is a lease contract or contains a lease contract. The Group\u2019s leases mainly consist of leases for business premises, telecom and equipment premises, retail facilities and vehicles. Last mile rentals from other operators and indefeasible right to use (IRU) contracts mainly do not fulfil the definition of a lease. The right-of-use assets and lease liabilities recognised in the balance sheet are measured at present value of future lease payments at the time of initial recognition. The lease payments are discounted using industry-specific interest rates considering the length of the lease contracts. The depreciation costs of the right-of-use assets and the interest portion of the lease liabilities are expensed. The depreciation of right-of-use assets is recorded on a straight-line basis starting on the commencement of the agreement over the useful life of the right-of-use asset or over the lease period, depending on which of these is shorter. The right-of-use asset is adjusted in certain cases with remeasurements of the lease liability. Lease liabilities are mainly remeasured when future payments change due to index or interest rate changes or when the Group\u2019s assessment of using a possible extension option changes. When a lease liability is remeasured, the book value of the right-of-use asset is usually adjusted accordingly. Short term and low value leases are recognised in the income statement and presented as off-balance sheet commitments. Leases with the lease term of 12 months or less are short term leases and leases for which the underlying asset is of low value are low value leases. Rental expenses for short term and low value leases are described under Note 8.4 Off-balance sheet leases and other commitments. The Group separates the service components included in the lease agreements of business premises, retail facilities and vehicles and recognises their share as an expense in the income statement. FINANCIAL STATEMENTS 2022 52 5.4 Intangible assets 2022 EUR million Goodwill Customer base Other intangible assets Intangible assets under construction Total Acquisition cost at 1 Jan. 1,160.6 45.0 845.1 13.4 2,064.1 Business acquisitions 22.5 2.1 24.6 Additions 51.4 (1 12.5 63.9 Disposals \u20130.2 \u20130.2 Business disposals 0.0 0.0 Reclassifications 8.0 \u20136.9 1.1 Translation differences \u20134.7 \u20130.7 0.0 \u20135.4 Acquisition cost at 31 Dec. 1,178.4 44.3 906.4 19.0 2,148.1 Accumulated amortisation and impairment at 1 Jan. 21.2 34.5 670.9 726.7 Depreciation and impairment 4.3 53.9 58.2 Accumulated depreciation on business acquisitions 0.1 0.1 Accumulated amortisation on disposal and reclassifications \u20134.0 \u20134.0 Accumulated depreciation on business disposals 0.0 0.0 Translation differences \u20130.1 \u20130.5 0.0 \u20130.7 Accumulated depreciation and impairment at 31 Dec. 21.1 38.3 720.8 780.2 Book value at 1 Jan. 1,139.4 10.5 174.2 13.4 1,337.4 Book value at 31 Dec. 1,157.3 6.0 185.5 (2 19.0 1,367.8 Consolidated income statement and state- ment of comprehensive income FINANCIAL STATEMENTS 2022 53 2021 EUR million Goodwill Customer base Other intangible assets Intangible assets under construction Total Acquisition cost at 1 Jan. 1,152.5 126.9 801.7 10.2 2,091.4 Business acquisitions 8.6 0.8 3.6 13.0 Additions 34.4 10.9 45.3 Disposals 0.0 0.0 Reclassifications \u201382.5 5.3 \u20137.7 \u201384.9 Translation differences \u20130.5 \u20130.2 0.1 \u20130.7 Acquisition cost at 31 Dec. 1,160.6 45.0 845.1 13.4 2,064.1 Accumulated depreciation and impairment at 1 Jan. 21.1 110.5 618.3 749.9 Depreciation and impairment 6.6 52.5 59.1 Accumulated depreciation on business acquisitions 2.0 2.0 Accumulated depreciation on disposals and reclassifications \u201382.5 \u20131.9 \u201384.4 Translation differences 0.2 \u20130.1 0.0 0.1 Accumulated depreciation and impairment at 31 Dec. 21.2 34.5 670.9 726.7 Book value at 1 Jan. 1,131.4 16.4 183.4 10.2 1,341.5 Book value at 31 Dec. 1,139.4 10.5 174.2 (2 13.4 1,337.4 1) Includes Estonian 3,5 GHz spectrum licence in a carrying amount of EUR 7.2 million and 2x10 MHz spectrum licence in carryng amount of EUR 2.11 million. 2) Includes software in carrying amount of EUR 89.6 (85.1) million. FINANCIAL STATEMENTS 2022 54 Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: AsCustomer base 3\u20135 years Brand 10 years Development expenses 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development expenses capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income, when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less cost of disposal or its value in use, if it is higher. Value in use is a discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed, if there are indications that a change in circumstances has taken place, and the asset\u2019s recoverable amount has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. FINANCIAL STATEMENTS 2022
55
5.4.1 Goodwill
Goodwill is allocated to the Group\u2019s cash generating units as follows:
EUR million 2022 2021
Consumer Customers 641.0 641.0
Corporate Customers 516.3 498.4
\u2009B/S\u2009 1,157.3 1,139.4
The reported operating segments based on Elisa\u2019s organisational and management structure are Consumer Customers and Corporate Customers.
Impairment testing:
In annual impairment tests, the recoverable amount of the segments is determined based on the value in use, which is calculated on the basis of projected discounted cash flows (DCF model).
Covering a five-year period, the cash flow projections are based on plans approved by the management. The projections are mostly consistent with information from external sources and reflect
actual development. The used discount rate before taxes is 6.6 per cent (5.3 per cent in comparison period ). Cash flows after five years have been projected by estimating the change in future
cash flows as 2 per cent growth.
As a result of the performed impairment tests, there was no need for impairment of the segments\u2019 goodwill.
Usage of the DCF model requires forecasts and assumptions concerning market growth, prices, volume development, investment needs and general interest rate. The major sensitivities in the
performance are associated with forecast revenue and profitability levels.
Sensitivity analysis
Projection parameters applied
Consumer
Customers
2022
Corporate
Customers
2022
Consumer
Customers
2021
Corporate
Customers
2021
Amount in excess of CGU carrying value, EUR million 5,446 2,452 7,973 3,871
EBITDA margin on average, %
(1
38.5 30.0 38.4 31.7
Horizon growth, % 2.0 2.0 2.0 2.0
Pre-tax discount rate, % 6.6 6.6 5.3 5.3
1)
On average during a five-year projection period.
Change in projection parameters that makes the fair value equal to book value
Consumer
Customers
2022
Corporate
Customers
2022
Consumer
Customers
2021
Corporate
Customers
2021
EBITDA margin on average, % \u201318.8 \u201313.3 \u201320.9 \u201316.0
Horizon growth, % \u201328.9 \u201322.8 \u201335.5 \u201329.0
Pre-tax discount rate, % 17.3 15.3 19.9 16.6
FINANCIAL STATEMENTS 2022 56 Accounting principles \u2013 Goodwill: Goodwill arising from business combinations prior to 2004 is accounted for in accordance with the previous financial statements regulations and the book value is the assumed acquisition cost in accordance with IFRS. Business combinations incurred between 1 January 2004 and 31 December 2009 have been accounted for in accordance with IFRS 3 (2004). Goodwill arising from business combinations incurred after 1 January 2010 represents the excess of the consideration transferred over the Group\u2019s interest in the net fair value of the identifiable net assets acquired and the amount of non-controlling interest, and in a business combination achieved in stages, the acquisition-date fair value of the equity interest. Goodwill is not amortised. Goodwill is tested for impairment annually, or more frequently, if there is any indication of a potential impairment. For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGU\u2019s) \u2013 Consumer Customers and Corporate Customers. Goodwill is carried at its cost less any accumulated impairment losses. An impairment loss is recognised, when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. If an impairment loss is allocated to a cash-generating unit, it is first allocated to reduce the carrying amount of any goodwill allocated to the cash-generating unit, and then to the other assets of the unit on a pro rata basis. An impairment loss recognised for goodwill is never reversed under any circumstances. Accounting policies that require management\u2019s judgements \u2013 Goodwill impairment testing: The recoverable amount of cash-generating units is determined by calculations based on value in use, the preparation of which requires estimates and assumptions. The main uncertainties are associated with the estimated levels of revenue and profitability and the discount rate. Any changes may lead to the recognition of impairment losses. FINANCIAL STATEMENTS 2022
57
6.1 Inventories
EUR million 2022 2021
Materials and supplies 33.2 23.7
Finished goods 62.4 59.1
\u2009B/S\u2009 95.5 82.8
An impairment on inventories of EUR 0.4 (2.1) million was recognised during the financial period.
Consolidated statement of financial position Consolidated cash flow state-
ment
Consolidated statement of
changes in equity
6 Inventories, trade and other receivables, trade and other liabilities
6.2.1 Current receivables
EUR million 2022 202 1
Trade receivables 421.9 395.7
Impaired trade receivables \u20134.7 \u20135.4
Contract assets related to revenue 2.0 4.3
Contract assets related to costs 5.7 5.7
Accrued income 79.8 79.5
Finance lease receivables 16.5 11.9
Loan receivables 0.1 0.1
Receivables from associated companies 0.1 0.1
Other receivables 15.6 14.3
\u2009B/S\u2009 537.1 506.3
Accrued income includes interest receivables as well as income and cost accruals from the operating activities.
6.2 Trade and other receivables
FINANCIAL STATEMENTS 2022
58
6.2.2 Non-current receivables
EUR million 2022 2021
Loan receivables 0.0 0.0
Trade receivables 99.4 92.0
Finance lease receivables 12.7 6.2
Accrued income 2.4 3.1
Non-current derivatives 1.2 1.6
Other non-current receivables 1.1 0.4
\u2009B/S\u2009 116.8 103.2
The effective interest rate on receivables (current and non-current) was 0.00 (0.00) per cent.
Aging of trade receivables 2022 2021
EUR million
Nominal
value Impairment
Carrying
amount
Nominal
value Impairment
Carrying
amount
Not past due 374.9 0.0 374.9 354.0 \u20130.3 353.8
Past due
Past due less than 30 days 32.8 \u20130.2 32.6 28.2 \u20130.2 28.0
Past due 31\u201360 days 5.1 \u20130.4 4.7 5.3 \u20130.4 4.9
Past due 61\u201390 days 3.0 \u20130.5 2.5 2.7 \u20130.3 2.4
Past due 91\u2013180 days 2.7 \u20131.7 1.0 2.3 \u20131.5 0.8
Past due more than 181 days 3.4 \u20131.9 1.5 3.2 \u20132.7 0.5
421.9 \u20134.7 417.2 395.7 \u20135.4 390.3
The book value of trade receivables approximates their fair value. The credit risk associated with trade receivables is described in note 7.1. The maximum exposure to credit risk is the carrying
amount of the trade receivables on the closing date, EUR 417.2 million.
FINANCIAL STATEMENTS 2022
59
Gross finance lease receivables \u2013 maturity of minimum lease receivables
EUR million 2022 2021
Within one year 17.0 12.1
Later than one year, not later than five years 13.1 6.3
30.1 18.4
Future finance income \u20130.8 \u20130.3
Present value of finance lease receivables 29.3 18.1
Maturity of present value of future minimum lease receivables
EUR million 2022 2021
Within one year 16.5 11.9
Later than one year, not later than five years 12.7 6.2
29.3 18.1
Lease periods vary from one to five years, and conditions vary in terms of index clauses.
FINANCIAL STATEMENTS 2022
60
6.3 Trade and other liabilities
EUR million 2022 2021
Non-current
Trade payables
(1
1.4 8.1
Advances received 4.3 4.4
Derivative instruments 0.0 0.0
Other liabilities
(2
24.6 28.5
\u2009B/S\u2009 30.3 41.0
Current
Trade payables
(1
199.0 203.8
Advances received 10.3 9.3
Contract liabilities, from revenue 30.8 27.7
Accrued employee-related expenses 64.9 60.8
Other accruals 8.0 8.4
Liabilities to associated companies 0.0 0.0
Other liabilities
(2
99.9 91.6
\u2009B/S\u2009 412.9 401.6
443.2 442.6
1)
Non-current trade payables include liabilities of EUR 0.0 (5.3) million for 3540\u20133670 MHz spectrum licence and EUR 1.4 (2.8) million for 26 GHz spectrum licence. Current trade payables include liabilities of
EUR 5.3 (5.3) million for a 3540\u20133670 MHz spectrum licence and EUR 1.4 (1.4) million for a 26 GHz spectrum licence.
2)
Other non-current liabilities include EUR 18.1 (21.4) million and other current liabilities include EUR 6.9 (0.0) million of contingent considerations and contingent redemption obligations for non-controlling
interests related to business acquisitions.
Other accruals consist of accrued interest expenses as well as income and cost accruals from the operating activities.
Notes
FINANCIAL STATEMENTS 2022 61 Accounting principles \u2013 Inventories, trade and other receivables, trade and other liabilities: Inventories: Inventories are measured at their acquisition cost or at the net realisable value, if lower than the cost. In ordinary course of business net realisable value is the estimated selling price less necessary estimated costs associated with the eventual sale. The cost is determined using a weighted average price. Receivables: Receivables are valued at amortised cost and recognised at the original invoiced amount. The Group records the provision for the impairment losses arising from trade receivables based on historical default rates over the expected life and recognises the impairment loss when the trade receivables are stated as lost. The impairment loss is adjusted by the amount of factored receivables. Trade receivables and other receivables are classified as non-current receivables, if they mature in more than 12 months. In other cases, they are classified as current receivables. The Group offers the consumer customers various payment methods granting possibility to purchase equipment on 12\u201336 months credits. At the time of the sale of the equipment, such transactions are recorded as revenue and trade receivable. The trade receivables are classified as non-current, if their maturity exceeds 12 months. Finance lease receivables: The Group acts as a lessor in the lease arrangements for video conferencing and data terminal equipment, which is accounted for as finance leases. At the time of the sale of the equipment, the proceeds is recorded as revenue and receivables at present value. Rental income received is recorded as financial income and a reduction of the receivables, reflecting a constant periodic rate of return on the net investment. Trade payables: The current value of trade payables and other liabilities is a reasonable estimate of their fair value. The payment terms of the Group\u2019s trade payables correspond to conventional corporate payment terms. FINANCIAL STATEMENTS 2022 62 7.1.1 Market risks Interest rate risk Elisa is exposed to interest rate risk mainly through its financial liabilities. In order to manage interest rate risk, the Group\u2019s borrowings and investments are diversified in fixed and variable-rate instruments. Derivative financial instruments may also be used in managing interest rate risk. The purpose is to minimise the negative effects caused by changes in the interest rate level. Timing of interest rate changes for interest-bearing financial liabilities (EUR million) 31 Dec. 2022, at nominal value Time of interest rate change Less than 1 year Between 1 and 5 years Over 5 years Total Variable-rate financing instruments Commercial paper 125.0 125.0 Bank loans 100.0 100.0 Fixed-rate financing instruments Bonds 600.0 300.0 900.0 Bank loans 150.0 3.2 153.2 Lease liabilities 20.4 30.5 40.4 91.2 245.4 780.5 343.6 1,369.4 On 31 December 2022, the Group\u2019s interest-bearing financial assets consisted of commercial papers and bank deposits amounting to EUR 0.0 million and cash in the bank amounting to EUR 85.4 million. Lease contracts contain index-linkages, which affect the amounts of lease liabilities, right-of-use assets and depreciation. The sensitivity analysis includes the financial liabilities at the balance sheet date. The change in interest rate level is assumed to be one percentage point and the effect on income is calculated before taxes. The interest rate position is assumed to include interest-bearing financial liabilities and receivables, as well as interest rate swaps on the balance sheet date, assuming that all the contracts will be valid and stay unchanged for the entire year. EUR million 2022 2021 Change in interest rate level +/- 1% \u20132.25/2.25 \u20131.8/+0.0 1. General account- ing principles 1.1 Basic information about the Group 7 Capital structure 7.1 Financial risk management Elisa\u2019s central treasury department manages the exchange rate, interest rate, liquidity and refinancing risks for the entire Group. The financing policies, covering funding and investment principles, are annually discussed and ratified by the Audit Committee of the Board of Directors. Funding risks are monitored as a part of the regular business monitoring procedure. FINANCIAL STATEMENTS 2022 63 Foreign exchange risk Most of Elisa Group\u2019s cash flows are denominated in euros, which means that the company\u2019s exposure to exchange rate risk (economic risk and transaction risk) is low. Business related exchange rate risks arise from Polystar Osix Ab and its subsidiaries, international interconnection traffic and, to a minor extent, other acquisitions. The most essential currencies are the US dollar (USD), the Swedish Krona (SEK), the Canadian dollar (CAD), the British pound (GBP) and the Norwegian Krone (NOK). The impact of other currencies is insignificant. During the financial year, exchange rate hedges have been used against changes in the value of the Swedish Krona. The Group has hedged Swedish Krona denominated expenses with foreign currency forward contracts. The Group\u2019s financial liabilities do not include exchange rate risk. The translation difference exposure from the foreign subsidiaries included in consolidated equity mainly consists of Polystar subgroup. The translation difference exposure has not been hedged during the reporting period. Foreign currency position 2022 2021 EUR million Trade receivables Trade payables Trade receivables Trade payables USD 13.0 7.6 11.8 5.3 SEK 4.0 0.9 4.9 0.4 CAD 3.8 0.0 1.1 0.0 GBP 1.0 0.3 0.4 0.5 NOK 0.4 0.0 0.5 0.0 The Group level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. Assuming euro to appreciate or depreciate 20 percent against all other currencies, the impact on cash flows would be: EUR million 2022 2021 USD +/- 1.1 +/- 1.3 SEK +/- 0.6 +/- 0.9 CAD +/- 0.7 +/- 0.2 GBP +/- 0.2 -/+ 0.0 NOK +/- 0.1 +/- 0.1 FINANCIAL STATEMENTS 2022 64 Commodity risks Elisa is investing strongly in the use of renewable energy and has signed a wind power purchase agreement for the next 10 years for the Puutikankangas Wind -wind farm that is under construction. The agreement covers about half of the electricity consumption of Elisa\u2019s mobile network in Finland. Puutikankangas wind farm will be operational in 2023. Elisa hedges electricity purchases with physical purchase contracts and derivatives. The electricity price risk is assessed for a five-year period. Hedge accounting is applied to contracts hedging future purchases. The effective portion of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity and the ineffective portion is recognised in the income statement under other operating income or expenses. The change in the revaluation reserve, recognised in equity, is presented in the statement of comprehensive income under Cash flow hedge. At the end of the year, the ineffective portion of hedge accounting was EUR 0.0 (0.0) million. The hedging rate for purchases in the following years, % 2022 2021 0\u20131 years 86.6 93.1 1\u20132 years 60.1 30.6 2\u20133 years 38.9 3\u20134 years 37.8 4\u20135 years 36.7 If the market price of electricity derivatives changed by +/- 10 per cent from the balance sheet date 31 December 2022, it would contribute EUR +1.8/\u20130.5 (+2.0/\u20131.2) million to equity. The impact has been calculated before tax. 7.1.2 Liquidity risk The objective of liquidity risk management is to ensure the Group\u2019s financing under all circumstances. The Group\u2019s most important financing arrangement is an EMTN programme of EUR 1,500 million, under which the Company issued bonds for EUR 900 million. Furthermore, the Company has a EUR 350 million commercial paper programme and committed credit limit of EUR 300 million, out of which EUR 130 million credit limit will fall due on 22 September 2026 and EUR 170 million will fall due on 7 July 2024. Both credits were fully undrawn on 31 December 2022. The loan margin is determined based on the Company\u2019s credit rating. Elisa issued EUR 100 million short-term financing under the credit facility, that was arranged by Landesbank Baden-W\u00fcrttemberg. The limit is non-committed and is valid until 31 May 2023. The limit was fully undrawn on 31 December 2022. On 3 February 2022, Elisa has established a Sustainability Finance Framework to support the company\u2019s sustainability goals. Elisa can issue bonds and other financial instruments to finance or refinance sustainable investments and projects in accordance with the Framework. As part of ensuring its financing, Elisa has acquired international credit ratings. Moody\u2019s Investor Services have rated Elisa\u2019s long-term commitments as Baa2 (outlook stable). Standard & Poor Global has rated the company\u2019s long-term commitments as BBB+ (outlook stable) and short-term commitments as A\u20132. Cash and undrawn committed limits EUR million 2022 2021 Cash and cash equivalents 85.4 114.1 Credit limits 300.0 300.0 385.4 414.1 On 31 December 2022, cash and cash equivalents, as well as undrawn committed credit limits less commercial papers issued by Elisa, were EUR 260.4 (414.1) million. Contract-based cash flows for financial liabilities are presented under Note 7.4.2 FINANCIAL STATEMENTS 2022 65 7.1.3 Credit risk Financial instruments contain an element of risk of the respective parties failing to fulfil their obligations. Liquid assets are invested within confirmed limits in investment targets with good credit ratings. Investments and the limits specified for them are reviewed annually, or more often, if necessary. Derivative contracts are only signed with Finnish and foreign banks with good credit ratings. The business units are liable for credit risk associated with trade receivables. The units have written credit policies that are mainly consistent with uniform principles. The credit ratings of new customers are always reviewed from external sources when selling products or services invoiced in arrears. In case of additional sales to existing customers, creditworthiness is reviewed on the basis of the company\u2019s own accounts. The Group may also collect advance or guarantee payments in accordance with its credit policy. Credit risk concentrations in trade receivables are minor, as the Group\u2019s customer base is wide; the ten largest customers represent approximately 7 per cent of customer invoicing. EUR 4.7 (5.4) million of uncertain receivables have been deducted from consolidated trade receivables. The Group\u2019s previous experience in the collection of trade receivables corresponds to the recognised impairment. Furthermore, the Group regularly sells the past due trade receivables of defined customer groups. Based on these facts, the management is confident that the Group\u2019s trade receivables do not involve any substantial credit risk. The maximum credit risk is the value of trade receivables. On 31 December 2022 short-term trade receivables were EUR 417.2 (390.3) million and long-term trade receivables EUR 99.4 (92.0) million. The aging of short-term trade receivables is described in note 6.2.1. FINANCIAL STATEMENTS 2022
66
7.2.2 Available sources of financing
With regard to capital financing, the company\u2019s objective is to maintain sufficient flexibility for the Board of Directors to issue shares. The Annual General Meeting 2021 authorised the Board
of Directors to pass a resolution concerning the share issue, right of assignment of treasury shares and/or granting of special rights referred to in the Limited Liability Companies Act. The
authorisation entitles the Board of Directors to issue the shares in a proportion other than that of the current shareholdings (directed share issue). A maximum aggregate of 15 million of the
company\u2019s shares can be issued under the authorisation.
Shareholders\u2019 equity 2022 2021
Treasury shares, 1,000 pcs 7,075 7,148
Share issue authorisation, 1,000 pcs 15,000 14,991
On 31 December 2022, the maximum amount of the share issue authorisation at the share closing price was EUR 741.9 (811.3) million.
With regard to capital financing, the company maintains loan programmes and credit arrangements that allow quick issuance. The arrangements are committed and non-committed, and allow
issuances for different maturities.
Debt capital 2022 2021
Commercial paper programme (non-committed)
(1
225.0 350.0
Credit facility (non-committed) 100.0
Revolving credits (committed)
(2
300.0 300.0
EMTN programme (non-committed)
(3
600.0 600.0
Total, EUR million 1,225.0 1,250.0
On the closing date, the share issue authorisation as well as committed and non-committed credit arrangements totalled EUR 1,966.9 (2,061.3) million.
1)
The commercial paper programme amounted to EUR 350 million, of which EUR 125 million was in use on 31 December 2022.
2)
Elisa has two committed revolving credit facilities of EUR 300 million in total. Both credits were undrawn on 31 December 2022.
3)
Elisa has a European Medium Term Note programme (EMTN) for a total of EUR 1,500 million, of which EUR 900 million was in use on 31 December 2022. The programme was updated on 21 July 2022, and it
is valid for one year as of the update.
1.2 Basis of presentation of financial
statements
7.2 Capital management
Elisa\u2019s capital consists of equity and liabilities. To develop its business, Elisa may carry out expansion investments and acquisitions that may be financed through equity or liabilities, directly or
indirectly.
The target for the company\u2019s equity ratio is over 35 per cent and comparable net debt / EBITDA 1.5 to 2.0.
The company\u2019s distribution of profit to shareholders consists of dividends, capital repayment and acquisition of treasury shares. Effective profit distribution is 80 per cent to 100 per cent of profit
for the period. Furthermore, additional profit distribution to the shareholders may occur. When proposing or deciding on the profit distribution, the Board takes into account the company\u2019s
financial position, future financing needs, and set financial objectives.
7.2.1 Capital structure and key indicators
EUR million 2022 2021
Interest-bearing net debt 1,275.8 1,219.1
\u2009B/S\u2009 Total equity 1,251.9 1,204.1
Total capital 2,527.7 2,423.2
Gearing ratio, % 101.9 101.2
Net debt / EBITDA 1.7 1.7
Equity ratio, % 40.6 39.9
FINANCIAL STATEMENTS 2022 67 1.3 Applied new and revised stan- dards 7.3 Equity 7.3.1 Share capital and treasury shares EUR million Number of shares (thousands) Share capital Treasury shares 1 Jan. 2021 167,335 83.0 \u2013128.4 Disposal of treasury shares 2.3 \u2009B/S\u2009 31 Dec. 2021 167,335 83.0 \u2013126.1 Disposal of treasury shares 1.6 \u2009B/S\u2009 31 Dec. 2022 167,335 83.0 \u2013124.5 At the end of the reporting period, the company\u2019s paid-in share capital registered in the Trade Register was EUR 83,033,008 (83,033,008). According to its Articles of Association, Elisa Corporation has only one series of shares, each share entitling to one vote. All issued shares have been paid for. Shares do not have a nominal value. Treasury shares include the acquisition cost of treasury shares held by the Group, and they are deducted from shareholder\u2019s equity in the consolidated financial statements. Treasury shares Shares, pcs Accounting countervalue, EUR Holding, % of share s and votes Treasury shares held by the Group at 1 Jan. 2021 7,252,165 3,598,583 4.33 Disposal of treasury shares \u2013104,393 Treasury shares held by the Group at 31 Dec. 2021 7,147,772 3,546,782 4.27 Disposal of treasury shares \u201372,394 Treasury shares held by the Group at 31 Dec. 2022 7,075,378 3,510,859 4.23 7.3.2 Dividends The Annual General Meeting has proposed a total dividend of EUR 2.15 per share to be paid for the 2022 result. A dividend of EUR 2.05 per share was paid for the 2021 result. FINANCIAL STATEMENTS 2022 68 7.3.3 Other reserves EUR million Reserve for invested non- restricted equity Contingency reserve Fair value reserve Other reserves Total 1 Jan. 2021 90.9 3.4 \u20138.7 381.0 466.6 Cash flow hedge 0.9 0.9 Remeasurements of the net defined benefit liability \u20132.8 \u20132.8 \u2009B/S\u2009 31 Dec. 2021 90.9 3.4 \u201310.6 381.0 464.8 Cash flow hedge \u20130.3 \u20130.3 Remeasurements of the net defined benefit liability 0.4 0.4 \u2009B/S\u2009 31 Dec. 2022 90.9 3.4 \u201310.5 381.0 464.8 The reserve for invested non-restricted equity includes the proportion of share subscription prices that was not recognised as share capital in accordance with the share issue terms. The contingency reserve includes the amount transferred from distributable equity under the Articles of Association or by General Meeting decision. The fair value reserve includes changes in the fair value of other investments, the remeasurements of the net defined benefit liability and the effective portion of the changes in the fair values of derivatives designated as cash flow hedges. Other reserves were formed through share issues in business acquisitions by the amount exceeding the par value of the share received by the Company. FINANCIAL STATEMENTS 2022 69 7.4.1 Financial income and expenses EUR million 2022 2021 Financial income Dividend income on other financial assets 0.4 0.6 Interest and financial income on loans and other receivables 2.2 1.9 Gain on disposal from financial assets 0.1 0.1 Foreign exchange gain 2.8 2.0 Other financial income 0.0 0.1 I/S 5.6 4.6 Financial expenses Interest expenses on financial liabilities measured at amortised cost \u201311.1 \u201310.1 Interest expenses on lease liabilities \u20132.6 \u20132.7 Other financial expenses on financial liabilities measured at amortised cost \u20132.0 \u20132.5 Other interest expenses \u20130.2 \u20130.2 Impairments \u20130.2 Foreign exchange loss \u20132.2 \u20130.6 Other financial expenses \u20130.5 \u20130.3 I/S \u201318.7 \u201316.5 Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. 2. Operational result 7.4 Financial assets and liabilities FINANCIAL STATEMENTS 2022
70
7.4.2 Financial liabilities
2022 2021
EUR million
Balance
sheet values
Fair
values
Balance
sheet values
Fair
values
Non-current
Bonds 891.8 819.9 888.1 913.1
Bank loans 103.2 103.2 253.3 253.3
Lease liabilities 70.8 70.8 73.4 73.4
\u2009B/S\u2009 1,065.9 994.0 1,214.8 1,239.8
Current
Bank loans 150.0 150.0 100.2 100.2
Lease liabilities 20.4 20.4 18.1 18.1
Commercial paper 125.0 125.0
\u2009B/S\u2009 295.4 295.4 118.4 118.4
1,361.2 1,289.3 1,333.2 1,358.2
The financial liabilities include a total of EUR 91.2 (91.6) million of secured lease liabilities. In practice, lease liabilities are secured liabilities, as the rights to the leased property will revert to the
lessor if the payments are neglected.
All financial liabilities are denominated in euros. Financial liabilities are measured at amortised cost. The fair values of financial liabilities are based on quoted market prices.
The average maturity of non-current liabilities was 2.7 (3.7) years and the effective average interest rate was 1.0 (0.7) per cent.
FINANCIAL STATEMENTS 2022
71
Contract-based cash flows on the repayment of financial liabilities and costs
2022
EUR million 2023 2024 2025 2026 2027 2028\u2013 Yhteens\u00e4
Bonds 6.8 306.8 4.1 304.1 300.8 922.5
Financial costs 6.8 6.8 4.1 4.1 0.8 22.5
Repayments 0.0 300.0 0.0 300.0 300.0 900.0
Bank loans 153.9 3.3 103.3 0.2 0.2 2.3 263.2
Financial costs 3.7 3.0 3.0 0.0 0.0 0.2 9.9
Repayments 150.3 0.3 100.2 0.2 0.2 2.1 253.2
Commercial paper 125.0 125.0
Financial costs 0.5 0.5
Repayments 124.5 124.5
Lease liabilities 23.4 17.8 14.2 9.8 5.3 66.0 136.5
Financial costs 3.1 5.8 5.0 3.8 2.0 25.6 45.2
Repayments 20.4 11.9 9.2 6.0 3.3 40.4 91.2
Derivatives \u20131.1 \u20131.1
Electricity derivatives \u20131.2 \u20131.2
Currency derivatives 0.0 0.0
Trade payables 199.0 199.0
Total 507.0 327.8 121.6 314.1 306.3 68.3 1,645.0
Financial costs 12.8 15.6 12.2 7.9 2.7 25.8 77.0
Repayments 494.2 312.2 109.4 306.2 303.5 42.5 1,568.0
FINANCIAL STATEMENTS 2022
72
2021
EUR million 2022 2023 2024 2025 2026 2027\u2013 Yhteens\u00e4
Bonds 6.8 6.8 306.8 4.1 304.1 300.8 929.3
Financial costs 6.8 6.8 6.8 4.1 4.1 0.8 29.3
Repayments 300.0 300.0 300.0 900.0
Bank loans 1.1 151.0 0.4 100.4 0.3 2.1 255.4
Financial costs 0.8 0.8 0.1 0.1 0.0 0.1 1.9
Repayments 0.3 150.3 0.3 100.3 0.3 2.0 253.5
Schuldschein loan 100.0 100.0
Financial costs
Repayments 100.0 100.0
Lease liabilities 20.6 16.5 13.3 11.3 8.7 66.3 136.6
Financial costs 2.4 5.6 4.6 4.1 3.2 25.0 45.1
Repayments 18.1 10.9 8.7 7.2 5.4 41.3 91.6
Derivatives \u20131.6 \u20131.6
Electricity derivatives \u20131.6 \u20131.6
Currency derivatives 0.0 0.0
Trade payables 203.8 203.8
Total 330.6 174.3 320.5 115.9 313.1 369.2 1,623.5
Financial costs 8.4 13.1 11.5 8.4 7.4 25.9 74.6
Repayments 322.3 161.2 309.0 107.5 305.7 343.3 1,548.9
Future financial costs of variable-rate financial liabilities have been calculated at the interest rate prevailing on the period end date.
The company has EUR 300 million in credit facilities, of which EUR 130 million matures in 2026 and EUR 170 million in 2024. Both credits were undrawn on 31 December 2022.
FINANCIAL STATEMENTS 2022 73 Bonds In the framework of its bond programme, the parent company has issued the following bonds: 31 Dec. 2022 Fair value EUR million Balance sheet value EUR million Nominal value EUR million Nominal interest rate, % Effective interest rate, % Maturity date EMTN programme 2001 / EUR 1,000 million I/2017 291.0 297.7 300.0 0.875 0.974 17.3.2024 I/2019 276.2 295.9 300.0 1.125 1.236 26.2.2026 I/2020 252.7 298.2 300.0 0.250 0.322 15.9.2027 819.9 891.8 900.0 The fair value of bonds is based on market quotes. Maturity of lease liabilities\u2019 cash flows EUR million 2022 2021 Within one year 20.4 18.1 Later than one year, but not later than five years 30.5 32.1 Later than five years 40.4 41.3 91.2 91.6 FINANCIAL STATEMENTS 2022
74
7.4.3 Financial assets and liabilities recognised at fair value
Carrying amounts of financial assets and liabilities by category
2022
EUR million
Financial
assets/liabilities
measured at
fair value through
profit or loss
Financial
assets/liabilities
measured at fair value
through other
comprehensive income
Financial
assets/liabilities
measured at
amortised
cost
Book
values
Fair
values Note
Non-current financial assets
Other financial assets
(1
0.6 15.6 16.2 16.2
Trade and other receivables 1.2 115.6 116.8 116.8 6.2.2
Current financial assets
Trade and other receivables 537.1 537.1 537.1 6.2.1
0.6 1.2 668.3 670.1 670.1
Non-current financial liabilities
Financial liabilities 1,065.9 1,065.9 994.0 7.4.2
Trade and other liabilities
(2
4.6 0.0 21.4 26.0 26.0 6.3
Current financial liabilities
Financial liabilities 295.4 295.4 295.4 7.4.2
Trade and other liabilities
(2
0.3 402.3 402.6 402.6 6.3
4.9 0.0 1,785.0 1,789.9 1,718.0
1)
Other investments contain the Group\u2019s listed and unlisted equity investments
2)
Excluding advances received
FINANCIAL STATEMENTS 2022
75
2021
EUR million
Financial
assets/liabilities
measured at
fair value through
profit or loss
Financial
assets/liabilities
measured at fair value
through other
comprehensive income
Financial
assets/liabilities
measured at
amortised
cost
Book
values
Fair
values Note
Non-current financial assets
Other financial assets
(1
0.8 15.6 16.4 16.4
Trade and other receivables 1.6 101.6 103.2 103.2 6.2.2
Current financial assets
Trade and other receivables 506.3 506.3 506.3 6.2.1
0.8 1.6 623.5 625.9 625.9
Non-current financial liabilities
Financial liabilities 1,214.8 1,214.8 1,239.8 7.4.2
Trade and other liabilities
(2
3.3 0.0 33.3 36.6 36.6 6.3
Current financial liabilities
Financial liabilities 118.4 118.4 118.4 7.4.2
Trade and other liabilities
(2
392.3 392.3 392.3 6.3
3.3 0.0 1,758.8 1,762.1 1,787.1
1)
Other investments contain the Group\u2019s listed and unlisted equity investments
2)
Excluding advances received
The fair values of financial asset and liability items are presented in detail under the specified note number.
FINANCIAL STATEMENTS 2022
76
Financial assets and liabilities recognised at fair value
EUR million 2022 Level 1 Level 2 Level 3
Financial assets and liabilities measured at fair value through other comprehensive income
Electricity derivatives 1.2 1.2
Currency derivatives 0.0 0.0
Financial assets and liabilities measured at fair value through profit or loss
Listed equity investments 0.6 0.6
Contingent considerations in business combinations \u20134.9 \u20134.9
\u20133.1 0.6 1.1 \u20134.9
EUR million 2021 Level 1 Level 2 Level 3
Financial assets and liabilities measured at fair value through other comprehensive income
Electricity derivatives 1.6 1.6
Currency derivatives 0.0 0.0
Financial assets and liabilities measured at fair value through profit or loss
Listed equity investments 0.8 0.8
Contingent considerations in business combinations \u20133.3 \u20133.3
\u20130.9 0.8 1.6 \u20133.3
Items measured at fair value are categorised using a three-level value hierarchy. Level 1 includes financial instruments with quoted prices in active markets, such are listed shares owned by the
Group. Level 2 includes instruments with observable prices based on market data, such are electricity and currency derivatives. Level 3 includes instruments with prices that are not based on
observable market data, but instead, on the company\u2019s internal information, such are Group\u2019s contingent considerations relating to business combinations.
Level 3 reconciliation
Contingent considerations related to business acquisitions
EUR million 2022 2021
At the beginning of the period 3.3 4.4
Increase in contingent consideration 1.7
Payment of contingent consideration \u20130.1 \u20131.1
Translation differences 0.0
At the end of the period 4.9 3.3
According to the management\u2019s estimation for the financial instruments valued at Level 3, replacing one or more of the pieces of fair value measurement data with a possible alternative
assumption would not significantly change the fair value of the items, considering the small total amount of underlying liabilities.
FINANCIAL STATEMENTS 2022 77 7.4.4 Derivative instruments Nominal values of derivatives 2022 2021 Period of validity Period of validity EUR million Less than 1 year 1\u20135 years Over 5 years Less than 1 year 1\u20135 years Over 5 years Electricity derivatives 5.8 1.9 Currency derivatives 3.3 3.5 9.1 5.5 Fair values of derivatives 2022 2021 EUR million Positive fair value Negative fair value Total Positive fair value Negative fair value Total Electricity derivatives 1.2 1.2 1.6 1.6 Currency derivatives 0.0 0.0 0.0 0.0 1.2 0.0 1.1 1.6 0.0 1.6 Determination of fair value and categorisation The fair value of derivative instruments is determined using quoted prices in active markets. The Group recognises the derivative instruments at the fair value hierarchy Level 2. Please see note 7.4.3. Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies hedge accounting for electricity price risk and the Swedish krona, and treats electricity derivative contracts as cash flow hedges. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operative income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. FINANCIAL STATEMENTS 2022 78 Accounting principles \u2013 Financial assets and liabilities: Financial assets: Acquisition and sale of financial assets are recognised on the settlement date. The Group derecognises financial assets when its contractual rights to the cash flows from the financial asset expire or when it has transferred substantially all the risks and rewards to an external party. Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities up to 3 months. Investments in shares, excluding investments in associated companies and mutual real-estate companies, are classified as other financial assets and generally measured at fair value. Investments in unlisted companies are recognised at original acquisition cost less any impairment. Investments in listed companies are measured at fair value, based on share transactions. Equity investments are included in non-current assets. On 31 December 2022, Group\u2019s equity investments consisted mainly of investments in unlisted companies. Financial liabilities: Financial liabilities are initially recognised at fair value equalling the net proceeds received and subsequently measured at amortised cost, using the effective interest rate method. The transaction costs are included in the original acquisition cost of financial liabilities. Financial liabilities are recognised in non-current and current liabilities, and they may be non-interest-bearing or interest-bearing. In cases where the terms of the financial liability measured at amortised cost are amended in such a way that the change does not result in derecognition of the liability from the balance sheet, the Group must nevertheless recognise the profit or loss in the income statement. The profit or loss is calculated as the difference between the original contractual cash flows and the cash equivalents, discounted at the original effective interest rate of amended agreements. Lease liabilities: Lease liabilities are initially measured at present value of future lease payments. The estimated lease term includes the non-cancellable period of the lease together with periods covered by termination and extension options, if exercise of these options is reasonably certain. Company has discounted the future lease payments using the borrowing rate based on duration of the estimated lease term. The lease liability is initially measured using the actual value of an index at the commencement date. The lease liabilities are remeasured if the changes are reflected in the cash flow or if the Group reassesses whether it is reasonably certain to exercise a possible option. Classification of assets and liabilities: The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. FINANCIAL STATEMENTS 2022 79 8.1.1 Income taxes EUR million 2022 2021 Taxes for the period \u201383.0 \u201377.0 Taxes for previous periods \u20130.1 0.0 Deferred taxes \u20130.2 2.1 I/S \u201383.2 \u201374.9 Income taxes recognised directly in comprehensive income: 2022 2021 EUR million Before taxes Tax effect After taxes Before taxes Tax effect After taxes Remeasurements of the net defined benefit liability 0.5 \u20130.1 0.4 \u20133.5 0.7 \u20132.8 Cash flow hedge \u20130.4 0.1 \u20130.3 1.1 \u20130.2 0.9 0.0 0.0 0.0 \u20132.3 0.5 \u20131.9 Translation differences do not include a tax effect. Reconciliation of the tax expense on the income statement and taxes calculated at the Group\u2019s domestic statutory tax rate 20 (20): EUR million 2022 2021 I/S Profit before tax 456.0 418.4 Tax according to the domestic tax rate \u201391.2 \u201383.7 Tax effects of the following: Tax-free income 0.2 0.3 Non-deductible expenses \u20130.7 \u20130.2 Tax effect related to the foreign subsidiaries 10.3 9.1 Usage of tax losses, for which no deferred tax was recognised 0.2 Loss for the period, for which no deferred tax asset is recognised \u20131.6 \u20130.5 Taxes for previous periods \u20130.1 0.0 Other items \u20130.4 0.1 I/S Taxes on the income statement \u201383.2 \u201374.9 Effective tax rate, % 18.2 17.9 Accounting principles \u2013 Income taxes for the period and deferred taxes: Taxes recognised on the income statement include current and deferred taxes. Income taxes for the financial year are calculated on the net profit for the period at the current tax rate and are adjusted by taxes for the prior periods. The reporting period as well as prior reporting periods may be subject to a tax audit, which may subsequently result in a change in tax decisions, additional tax payments or refunds. Deferred taxes are calculated from all temporary differences arising between the tax bases of assets and liabilities and their carrying values in the consolidated financial statements. Please refer to the next note 8.1.2 for details. The global minimum tax regulation enters into force in 2024 and applies to Elisa. Elisa has started to analyse the impact of the regulation. 2.1 Operating seg- ments and geograph- ical areas 2.2 Items af- fecting com- parability 8 Other notes 8.1 Taxes FINANCIAL STATEMENTS 2022
80
8.1.2 Deferred tax assets and liabilities
The change in deferred tax assets and liabilities during 2022
Deferred tax assets
EUR million 1 Jan. 2022
Recognised
on the income
statement
Recognised on
consolidated
statement of
comprehensive
income
Translation
differences 31 Dec. 2022
Provisions 1.2 \u20130.4 0.8
Confirmed losses 0.7 \u20130.4 0.3
Right-of-use assets 1.6 0.1 1.7
Internal margins 2.8 0.0 2.8
Share-based incentive plans 3.0 0.9 3.9
Pension obligations 3.0 \u20130.1 \u20130.1 2.8
Other temporary differences 0.9 \u20130.2 0.1 0.0 0.8
\u2009B/S\u2009 13.1 0.0 0.0 0.0 13.1
Deferred tax liabilities
EUR million 1 Jan. 2022
Recognised
on the income
statement
Business
combinations
Translation
differences 31 Dec. 2022
Fair value measurement of tangible and intangible assets in business combinations 3.9 \u20131.2 0.4 0.0 3.0
Accumulated depreciation differences 16.4 1.0 17.4
Finance lease agreements 0.6 0.7 1.3
Customer contracts 1.9 \u20130.1 1.8
Bonds 0.8 \u20130.1 0.7
Other temporary differences 1.6 \u20130.1 1.6
\u2009B/S\u2009 25.3 0.1 0.4 0.0 25.7
Deferred income tax assets recognised for tax losses are carried forward to the extent that the realisation of the related tax benefit through future profits is probable. On 31 December 2022, EUR
0.3 (0.7) million deferred tax asset was recognised for confirmed losses, that will expire in 2026. At the end of the reporting period, the Group had EUR 18.8 (14.0) million of unused tax losses for
which no tax assets have been recognised.
FINANCIAL STATEMENTS 2022 81 The change in deferred tax assets and liabilities during 2021 Deferred tax assets EUR million 1 Jan. 2021 Recognised on the income statement Recognised on consolidated statement of comprehensive income Translation differences 31 Dec. 2021 Provisions 0.7 0.5 1.2 Tax losses carried forward 1.0 \u20130.3 0.7 Right-of-use assets 1.5 0.0 1.6 Internal margins 2.6 0.2 2.8 Share-based incentive plans 2.5 0.4 3.0 Pension obligations 2.6 \u20130.3 0.7 3.0 Other temporary differences 1.0 0.1 \u20130.2 0.0 0.9 \u2009B/S\u2009 11.9 0.8 0.5 0.0 13.1 Deferred tax assets EUR million 1 Jan. 2021 Recognised on the income statement Business combinations Translation differences 31 Dec. 2021 Fair value measurement of tangible and intangible assets in business combinations 4.9 \u20131.4 0.4 3.9 Accumulated depreciation differences 16.0 0.4 16.4 Finance lease contracts 0.8 \u20130.2 0.6 Customer contracts 1.8 0.1 1.9 Bonds 0.9 \u20130.1 0.8 Other temporary differences 1.7 \u20130.1 0.0 1.6 \u2009B/S\u2009 26.2 \u20131.3 0.4 0.0 25.3 Accounting principles \u2013 Deferred tax assets and liabilities: Deferred taxes are calculated from the temporary differences arising between carrying amount and the tax base. The temporary tax liabilities are not recognised if they arise from initial recognition of goodwill or from the initial recognition of an asset/liability other than in a business combination which, at the time of the transaction, does not affect either the accounting or the taxable profit. No deferred tax is recognised on valuation differences of shares for which the sales profit would be tax-deductible. Deferred tax assets are recognised only to the extent that it is probable that they can be utilised against future taxable income. Deferred tax liabilities are recognised on the balance sheet in total, with the exception for Estonian subsidiaries where no tax liability has been recognised for the untaxed retained earnings EUR 196.9 million, as no profit distribution decision or plans for profit distribution exist for the time being. Deferred tax liabilities and assets are not offset. Accounting policies that require management\u2019s judgements \u2013 Deferred tax assets: Particularly at the end of each financial period, the Group assesses the probability of subsidiaries generating taxable income against which unused tax losses can be utilised. The appropriateness for recognising other deferred tax assets is also determined at the end of each financial period. Changes in the estimates may lead to the recognition of significant tax expenses. FINANCIAL STATEMENTS 2022 82 8.2 Provisions EUR million Termination benefits Other Total 1 Jan. 2021 1.7 1.7 3.4 Increase in provisions 7.6 7.6 Utilised provisions \u20133.5 \u20133.5 Release of unused provisions \u20131.6 \u20131.6 31 Dec. 2021 4.3 1.7 5.9 Increase in provisions 2.0 2.0 Utilised provisions \u20133.8 \u20133.8 Release of unused provisions \u20130.5 \u20130.5 31 Dec. 2022 2.0 1.7 3.7 EUR million 2022 2021 \u2009B/S\u2009 Long-term provisions 2.9 2.8 \u2009B/S\u2009 Short-term provisions 0.8 3.1 3.7 5.9 Termination benefits As a part of the Group\u2019s rationalisation, Elisa has carried out statutory employee negotiations leading to personnel reductions in 2022. The restructuring provision includes provisions for both unemployment pensions and other expenses due to redundancies. The provisions associated with redundancies will be realised during 2023\u20132024 and the provision associated with unemployment pensions will be realised in 2023\u20132024. Other provisions Other provisions include environmental provisions made for telephone poles. Accounting principles \u2013 Provisions and contingent liabilities: A provision is recognised when the Group has a 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 the amount of the obligation can be reliably estimated. Contingent liabilities are potential liabilities arising from past events that may occur depending on the outcome of uncertain future events which are beyond the control of the Group. Also a present obligation that is unlikely to require settlement of a payment obligation or the amount of which cannot be reliably measured is a contingent liability. Contingent liabilities are not recognised in the statement of financial position. Contingent liabilities are presented in note 8.4. 2.3 Revenue FINANCIAL STATEMENTS 2022 83 8.3 Related party details The Group\u2019s related parties include the parent company, subsidiaries, associates and joint ventures. The related parties also include Elisa\u2019s Board of Directors, the CEO, the Executive Board as well as entities controlled by them and close members of their family. Transactions carried out with related parties: 2022 EUR million Revenue Purchases Receivables Liabilities Associates 0.5 1.0 0.6 0.0 2021 EUR million Associates 0.5 0.8 0.6 0.0 The employee benefits of the Group\u2019s related parties are presented in Note 4.1 8.3.1 Group companies The parent company of the Group is Elisa Corporation. Subsidiaries Domicile Group\u2019s ownership, % Banana Fingers Limited Bristol, UK 100 Digiset Oy Helsinki, Finland 100 Elisa IndustrIQ Oy Helsinki, Finland 100 Elisa camLine Holding GmbH Petershausen, Germany 100 camLine GmbH Petershausen, Germany 100 camLine Dresden GmbH Dresden, Germany 100 camLine Solutions S.r.l. Ia\u0219i, Romania 100 camLine USA Inc. Atlanta GA, USA 100 camLine Hungary Kft. Szombathely, Hungary 60 camLine Pte. Ltd. Singapore, Singapore 100 camLine Taiwan New Taipei City, Taiwan 100 camLine sdn. Bhd. Bayan Lepas, Malaysia 100 PT Elisa camLine Indonesia Surabaya, Indonesia 100 TenForce NV Leuven, Belgium 50 TenForce USA LLC Houston TX, USA 50 Process Data Control Corporation Arlington TX, USA 50 Elisa Deutschland GmbH Aachen, Germany 100 Elisa Finance O\u00fc Tallinn, Estonia 100 Elisa France SAS Les Sorinieres, France 100 Elisa Hong Kong Limited Hong Kong, Hong Kong 100 Elisa Santa Monica Oy Helsinki, Finland 100 Elisa Eesti AS Tallinn, Estonia 100 Elisa Videra Oy Helsinki, Finland 100 2.4 Other operating income FINANCIAL STATEMENTS 2022 84 Elisa Videra Inc. Los Angeles CA, USA 10 0 Elisa Videra Italy S.r.l San Genesio, Italia 100 Elisa Videra Norge As Oslo, Norway 100 Elisa Videra Singapore PTE Ltd. Singapore, Singapore 100 Elisa Videra Spain S.L Madrid, Spain 100 Elisa Videra UK Ltd. London, UK 100 Elistar AB Stockholm, Sweden 100 Cardinality Ltd Guildford, England 100 Cardinality SP. z.o.o. Lublin, Poland 100 Cardinality Inc. Delaware DE, USA 100 Frinx s.r.o. Bratislava, Slovakia 100 Frinx Corp New York NY, USA 100 Polystar Egypt LLC Cairo, Egypt 100 Polystar Instruments Canada Inc. Toronto, Kanada 100 Polystar Instruments Inc. Frisco,TX, USA 100 Polystar OSIX AB Stockholm, Sweden 100 Polystar Asia Private Ltd. Singapore, Singapore 100 Polystar Australia Pty Sydney, Australia 100 P-OSS Solutions S.L.U. Bilbao, Spain 100 Polystar Ryssland LLC Moscow, Russia 100 Enia Oy Helsinki, Finland 100 Epic TV SAS Sallanches, France 100 Fenix Solutions Oy Turku, Finland 100 Fonum Oy Helsinki, Finland 100 Karelsat Oy Joensuu, Finland 100 Kepit Systems Oy Vaasa, Finland 70 Kiinteist\u00f6 Oy Raision Luolasto Espoo, Finland 100 Kiinteist\u00f6 Oy Rinnetorppa Kuusamo, Finland 100 Kiinteist\u00f6 Oy Tapiolan Luolasto Espoo, Finland 100 LE-Kuitu Oy Salo, Finland 100 LNS Kommunikation AB Stockholm, Sweden 100 Preminet Oy Helsinki, Finland 100 Sutaria Services Inc. Murphy TX, USA 57 Watson Nordic Oy Vaasa, Finland 100 Joint arrangements Kiinteist\u00f6 Oy Brahenkartano Turku, Finland 60 Significant changes in ownership of subsidiaries are presented in note 3. Other changes in group structure is described further. On 25 October 2022 Elisa Eesti AS ja Santa Monica Networks AS have merged with Elisa Teleteenused AS. After the mergers the name of Elisa Teleteenused AS has changed to Elisa Eesti AS. Subsidiaries Domicile Group\u2019s ownership, % FINANCIAL STATEMENTS 2022 85 Accounting principles \u2013 Consolidation principles, subsidiaries: The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control. Acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions, gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated. Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. 60 per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. FINANCIAL STATEMENTS 2022
86
8.3.2 Investments in associated companies
Aggregated financial information of associates
EUR million 2022 2021
I/S
Group\u2019s share of associated companies\u2019 profit \u20130.7 \u20130.5
\u2009B/S\u2009 Group\u2019s investments in associated companies 9.9 10.6
EUR million 2022 2021
Balance at the beginning of the period 10.6 1.4
Additions 0.0 9.8
Reclassifications 0.0 \u20130.1
Share of profits for the period \u20130.7 \u20130.5
Dividends received 0.0
\u2009B/S\u2009 Balance at the end of the period 9.9 10.6
During comparison period Elisa acquired 19 per sent of Italian industrial software provider specialised in innovative IT solutions for Digital Supply Chain and Smart Manufacturing, sedApta Group.
The companies are consolidated as associates on the basis of significant influence.
FINANCIAL STATEMENTS 2022 87 Associates Domicile ownership,% FNE-Finland Oy Kontiolahti, Finland 45.9 Kiinteist\u00f6 Oy Helsingin Sentnerikuja 6 Helsinki, Finland 50.0 Kiinteist\u00f6 Oy Herrainm\u00e4en Luolasto Tampere, Finland 50.0 Kiinteist\u00f6 Oy Lauttasaarentie 19 Helsinki, Finland 41.7 Kiinteist\u00f6 Oy Pohjanplassi Lapua, Finland 39.0 Kiinteist\u00f6 Oy Riihim\u00e4en Maisterinkatu 9 Riihim\u00e4ki, Finland 37.0 Kiinteist\u00f6 Oy Runeberginkatu 43 Helsinki, Finland 29.6 Kiinteist\u00f6 Oy Stenb\u00e4ckinkatu 5 Helsinki, Finland 40.0 sedApta Group Milan, Italy 19.0 Suomen Numerot NUMPAC Oy Helsinki, Finland 33.3 Tele Scope Oy Espoo, Finland 22.0 KE-Masto Oy Kajaani, Finland 49.5 Accounting principles \u2013 Consolidation principles, associated companies Associated companies are entities over which the Group exercises significant influence. Significant influence is presumed to exist when the Group owns over 20 per cent of the voting rights of the company or when the Group otherwise exercises significant influence, but does not exercise control. Associated companies are consolidated in accordance with equity method. If the Group\u2019s share of losses of an associated company exceeds its interest in the associated company, the investment is recognised on the balance sheet at zero value and the Group discontinues recognising its share of further losses unless the Group has other obligations for the associated company. Associated companies are consolidated from the date the Group obtains significant influence and divested associated companies are consolidated until the loss of significant influence. FINANCIAL STATEMENTS 2022 88 8.4 Off-balance sheet leases and other commitments Leases Group as a lessee Lease payments related to off-balance sheet lease commitments: EUR million 2022 2021 Lease payments associated with short-term leases 31.9 32.8 Lease payments associated with low-value assets 4.6 4.2 36.5 37.0 Future minimum lease payments under non-cancellable off-balance sheet leases: EUR million 2022 2021 Within one year 13.2 12.5 Later than one year, but not later than five years 4.3 4.7 Later than five years 1.0 1.2 18.4 18.4 Lease payments are presented without value added tax. Group as a lessor Future minimum lease receivables under non-cancellable operating leases: EUR million 2022 2021 Within one year 3.6 2.5 Later than one year, but not later than five years 0.7 0.9 4.3 3.3 2.5 Operating expenses FINANCIAL STATEMENTS 2022 89 Accounting principles \u2013 Leases: The group as a lessee The Group recognises rental expenses for short-term leases and low-value assest in the income statements and presents such contracts as off-balance sheet liabilities. The group as a lessor The Group acts as a lessor in two different types of lease arrangements that are accounted for as operating leases: rental income from telecom premises and carrier services is recognised as revenue over the lease period, and rental income from real estate is recognised as other operating income. The lease contract periods are mainly short with durations of 1\u20136 months. Rental income is recognised over the lease period. Collateral, commitments and other liabilities EUR million 2022 2021 On behalf of own commitments Mortgages 3.8 3.8 Guarantees 0.6 0.4 Deposits 0.6 0.4 On behalf of others Guarantees 0.3 5.2 4.6 Other contractual obligations Venture Capital investment obligation 0.5 0.8 Repurchase obligations 0.0 0.5 0.8 Real estate investments VAT refund liability for real estate investments indicates the amount that may become completely non tax-deductible if the intended use of the property was to change. On 31 December 2022, VAT refund liability for real estate investments was EUR 36.1 (33.2) million. 8.5 Events after the end of the reporting period There were no significant events after the balance sheet date. . 2.6 Earnings per share FINANCIAL STATEMENTS 2022
90
9.1 Key indicators describing the Group\u2019s financial development
2022 2021 2020 2019 2018
INCOME STATEMENT
Revenue, EUR million 2,130 1,998 1,895 1,844 1,832
Change of revenue, % 6.6 5.5 2.8 0.7 2.5
EBITDA, EUR million 733 697 685 661 640
EBITDA as % of revenue 34.4 34.9 36.2 35.8 34.9
EBIT, EUR million 470 431 409 395 404
EBIT as % of revenue 22.1 21.6 21.6 21.4 22.0
Profit before tax, EUR million 456 418 398 372 381
Profit before tax as % of revenue 21.4 20.9 21.0 20.2 20.8
Return on equity (ROE), % 30.4 28.8 28.1 26.6 29.2
Return on investment (ROI), % 18.3 16.9 16.7 17.2 18.3
Research and development costs, EUR million 21 16 10 8 8
Research and development costs as % of revenue 1.0 0.8 0.5 0.4 0.5
BALANCE SHEET
Gearing ratio, % 101.9 101.2 101.9 103.0 94.8
Current ratio 1.0 1.4 1.3 1.2 1.0
Equity ratio, % 40.6 39.9 39.1 41.0 42.4
Non-interest bearing liabilities, EUR million 488 491 430 428 393
Interest bearing net debt 1,276 1,219 1,207 1,184 1,068
Balance sheet total, EUR million 3,101 3,028 3,041 2,814 2,669
INVESTMENTS
Investments in shares and business combinations, EUR million 25 28 70 83 14
CAPITAL EXPENDITURE
Gross investments, EUR million 290 265 266 256 254
Gross investments as % of revenue 13.6 13.3 14.1 13.9 13.9
PERSONNEL
Average number of employees during the period 5,523 5,391 5,097 4,882 4,814
Revenue/employee, EUR 1,000 386 371 372 378 380
The order book is not presented, as the information is not relevant due to the nature of the Group\u2019s business.
3. Business acquisi-
tions and disposals
4. Personnel
9 Key Indicators
The key indicator tables are unaudited.
FINANCIAL STATEMENTS 2022
91
FORMULAE FOR FINANCIAL SUMMARY INDICATORS
EBITDA EBIT + depreciation, amortisation and impairment
EBIT
Profit for the period + income taxes + financial income and expenses + share of associated companies\u2019 profit
Return on equity (ROE), %
Profit for the period
X 100
Total shareholders\u2019 equity on average
Return on investment (ROI), %
Profit before taxes + interest and other financial expenses
X 100
Total equity + interest-bearing liabilities on average
Gearing ratio, %
Interest-bearing liabilities - cash and cash equivalents and financial assets at
fair value through profit or loss
X 100
Total shareholders\u2019 equity
Current ratio
Current assets
Current liabilities - advance payments received
Equity ratio, %
Total shareholders\u2019 equity
X 100
Balance sheet total - advance payments received
FINANCIAL STATEMENTS 2022
92
9.2 Alternative performance measures
(1
2022 2021 2020 2019 2018
INCOME STATEMENT
Comparable EBITDA, EUR million 735 706 685 668 639
Comparable EBITDA as % of revenue 34.5 35.3 36.2 36.2 34.9
Comparable EBIT, EUR million 472 439 415 402 403
Comparable EBIT as % of revenue 22.2 22.0 21.9 21.8 22.0
Comparable profit before tax, EUR million 458 427 399 379 380
Comparable profit before tax as % of revenue 21.5 21.4 21.0 20.5 20.8
Comparable return on equity (ROE), % 30.5 29.3 28.1 27.1 28.8
Comparable return on investment (ROI), % 18.4 17.2 16.7 17.5 18.3
Comparable earnings per share (EPS) 2.34 2.19 2.05 1.93 1.95
1)
Other than the financial indicators defined by IFRS
4.1 Employee expenses
FINANCIAL STATEMENTS 2022
93
FORMULAE FOR ALTERNATIVE PERFORMANCE MEASURES
Comparable EBITDA EBIT + depreciation, amortisation and impairment +/- items affecting comparability
Comparable EBIT
Profit for the period + income taxes + financial income and expenses +
share of associated companies\u2019 profit +/- items affecting comparability
Comparable profit for the period Profit for the period +/- items affecting comparability
Profit attributable to owners of the parent company
+/- items affecting comparability
Comparable EPS
Average number of shares during the period adjusted for share issues
Comparable return on equity (ROE), %
Profit for the period +/- items affecting comparability
X 100
Total shareholders' equity on average
Comparable return on investment (ROI), %
Profit before taxes + interest and other financial expenses
+/- items affecting comparability
X 100
Total equity + interest-bearing liabilities on average
Comparable cash flow after investments
Net cash flow from operating activities - net cash used in investing activities
+/- items affecting comparability
FINANCIAL STATEMENTS 2022
94
9.3. Per-share indicators
(1
2022 2021 2020 2019 2018
Share capital, EUR 83,033,008 83,033,008 83,033,008 83,033,008 83,033,008
Number of shares at year-end 160,259,695 160,187,301 160,082,908 159,897,796 159,723,252
Average number of shares 160,253,348 160,174,453 160,065,712 159,880,581 159,736,826
Number of shares at year-end, diluted 160,416,729 160,187,301 160,082,908 159,897,796 159,723,252
Average number of shares, diluted 160,410,382 160,174,453 160,065,712 159,880,581 159,736,826
Market capitalisation, EUR million
(2
8,276 9,056 7,508 8,241 6,037
Earnings per share (EPS), EUR 2.33 2.15 2.05 1.90 1.98
Dividend per share, EUR 2.15
(6
2.05 1.95 1.85 1.75
Payout ratio, % 92.1 95.6 95.1 97.6 88.5
Equity per share, EUR 7.78 7.48 7.39 7.19 7.05
P/E ratio 21.2 25.2 21.9 26.0 18.2
Effective dividend yield, %
(3
4.3 3.8 4.3 3.8 4.9
Share performance on Nasdaq Helsinki
Mean price, EUR 51.99 51.00 51.08 42.26 36.34
Closing price at year-end, EUR 49.46 54.12 44.87 49.25 36.08
Lowest price, EUR 45.57 45.10 40.79 35.51 31.68
Highest price, EUR 56.90 56.18 58.88 49.91 41.95
Trading of shares on Nasdaq Helsinki
(4
Total trading volume, 1,000 shares 71,229 81,557 122,497 96,662 104,879
Percentage of shares traded
(5
43 49 73 58 63
1)
The numbers of shares are presented without treasury shares held by Elisa Group.
2)
Calculated on the basis of the closing price on the last trading day of the year and the total number of shares at the end of the period (167 335 073).
3)
Calculated on the basis of the closing price on the last trading day of the year.
4)
Elisa share is also traded in alternative marketplaces. According to Bloomberg and the Fidessa Fragmentation report, the trading volumes in these markets in 2022 were approximately 293 (205) per cent of
Nasdaq Helsinki\u2019s volumes.
5)
Calculated in proportion to the total number of shares at the end of the period.
6)
The Board of Directors proposes a dividend payment of EUR 2.15 per share.
4.2 Share-based incentives
FORMULAE FOR PER-SHARE INDICATORS
Earnings per share (EPS)
Profit for the period attributable to the equity holders of the parent
Average number of shares during the period adjusted for share issues
Dividend per share
(1
Dividend adjusted for share issues
Number of shares at the balance sheet date adjusted for share issues
Effective dividend yield, %
(1
Dividend per share
X 100
Share price at the balance sheet date adjusted for share issues
Payout ratio, %
(1
Dividend per share
X 100
Earnings per share
Equity per share
Equity attributable to equity holders of the parent
Number of shares at the balance sheet date adjusted for share issues
P/E ratio (price/earnings)
Share price on the balance sheet date
Earnings per share
1)
The calculation formulae apply also to the capital repayment indicators.
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"value": "Information about the parent company: Elisa Corporation Domicile: Helsinki, Finland Registered address: Ratavartijankatu 5, 00520 Helsinki Business ID: 0116510\u20136 Elisa Corporation (\u201cElisa\u201d or \u201cthe Group\u201d) engages in telecommunications activities and provides ICT and online services in Finland and in selected international market areas. The shares of the parent company, Elisa Corporation, have been listed on the Nasdaq Helsinki since 1997. On 26 January 2023, Elisa Corporation\u2019s Board of Directors accepted this financial statement for publication. A copy of financial statement is available from Elisa\u2019s head office at Ratavartijankatu 5, Helsinki, or on the company\u2019s website at www.elisa.com. ",
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"fact-311": {
"value": "engages in telecommunications activities and provides ICT and online services",
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"fact-312": {
"value": " in Finland and in selected international market areas",
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"fact-313": {
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"fact-314": {
"value": "On 26 January 2023, Elisa Corporation\u2019s Board of Directors accepted this financial statement for publication.",
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"fact-315": {
"value": "Elisa\u2019s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), including adherence to IAS and IFRS standards and SIC and IFRIC interpretations valid as at 31 December 2022.",
"dimensions": {
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"fact-316": {
"value": "1.2.1 Accounting principles, structure and presentation of the consolidated financial statements The accounting policies and descriptions of management\u2019s judgment-based conclusions are mainly found in the notes to the financial statements, which are listed in the table below. Only some general accounting policies are described in this section. Summary of notes, related to accounting principles for the consolidated financial statements of Elisa Group Accounting principle Note Operating segments 2.1 Revenue from contracts with customers 2.3 Other operating income 2.4 Research and development costs 2.5 Earnings per share 2.6 Business acquisitions and disposals 3 Share-based incentives 4.2 Pension obligations 4.3 Property, plant and equipment 5.2 Right-of-use assets 5.3 Intangible assets 5.4 Goodwill 5.4.1 Inventories, trade and other receivables, trade and other liabilities 6 Financial assets and liabilities 7.4 Derivative instruments 7.4.4 Income taxes 8.1.1 Deferred tax assets and liabilities 8.1.2 Provisions 8.2 Consolidation principles, subsidiaries 8.3.1 Consolidation principles, joint arrangements 8.3.2 Off-balance sheet leases 8.4 The symbols below indicate the figures mentioned in the notes that match the balances in the income statement, statement of financial position and the cash flow statement. I/S = Income Statement \u2009B/S\u2009 = Balance Sheet C/F\u2009 = Cash Flow Statement ",
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"fact-317": {
"value": "Consolidation principles The consolidated financial statements include the parent company, Elisa Corporation, subsidiaries, associates and joint arrangements as described in detail in Notes 8.3.1 and 8.3.2. Foreign currency items Functional currency The consolidated financial statements are presented in euros, which is the functional and presentation currency of the parent company. Transactions in foreign currencies Foreign currencies transactions are translated into functional currency using the exchange rates prevailing on the dates of the transactions. Monetary items have been translated into the functional currency at the exchange rates prevailing at the end of the reporting period. Non-monetary items denominated in foreign currencies are translated at the exchange rate at the date of the transaction, excluding items measured at fair value that are translated at the exchange rates prevailing on the valuation date. Gain and losses arising from the currency translations are recognised through profit or loss. Foreign exchange gain and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gain and losses from the liabilities denominated in a foreign currency are included in financial income and expenses, with the exception for exchange rate differences on foreign currency items that constitute a part of the net investment made in a foreign unit. These exchange rate differences are recognised in other comprehensive income and accumulated exchange rate differences are included in the translation difference presented in shareholders\u2019 equity. Translation of foreign Group companies\u2019 financial statements The income statements of foreign subsidiaries that use a functional currency other than the Group\u2019s presentation currency have been converted into euro at the average exchange rate prevailing during the year, and statements of financial position at the exchange rate prevailing at the end of the reporting period. The different exchange rates applicable to the conversion of profit or loss on the income statement and balance sheet result in a translation difference recognised in shareholders\u2019 equity on the balance sheet, and any change in this difference is recognised in other comprehensive income. Translation differences arising from the elimination of the acquisition cost of foreign subsidiaries, as well as translation differences arising from equity items accumulated after the acquisition, are recognised in other comprehensive income. When a subsidiary is divested in full or in part, accumulated translation differences are recognised in the income statement as part of the sales gain or loss. Goodwill arising from the acquisition of foreign entities and the fair value adjustments made to the book values of the assets and liabilities of such foreign entities upon acquisition is treated as assets and liabilities belonging to the foreign entities. These are converted into euro at the exchange rate prevailing at the end of the reporting period. 1.2.2 Accounting principles that require management\u2019s judgement and key sources of estimation uncertainty Preparation of the financial statements requires the Group\u2019s management to make certain estimates and consideration. In addition, judgement in applying the accounting policies is required. This applies particularly to cases in which valid IFRS standards provide for alternative methods of recognition, measurement or presentation. The estimates made in connection with the preparation of financial statements are based on the management\u2019s best view at the end of the financial period, and the outcome may differ from the estimates and assumptions. Estimates are based on historical experience and assumptions concerning the future that are believed to be reasonable at the end of the financial period. The Group regularly assesses the realisation of estimates and assumptions, as well as changes in the underlying factors. Any changes in estimates and assumptions are recorded for the financial year during which the estimate or assumption was adjusted, and for all subsequent periods. Significant areas of estimation and uncertainty in applying accounting policies that have the most significant impact on amounts recognised in the financial statements are related to business combinations (3), impairment of intangible assets (5.4.1), share-based payments (4.2), recognition of net defined pension liability (4.3) and recognition of deferred tax assets (8.1.2). The potential climate change-related risks and opportunities to which the Group is exposed are disclosed in the Group\u2019s Sustainability 2022 report on pages 35 and 75. Management has exercised judgement in concluding that there is no other material financial impact from climate-related risks and opportunities that needs to be recognised in the consolidated financial statements. As the future impact of climate change will depend on environmental, regulatory and other factors outside of the Group\u2019s control that are not currently known, management will continue to monitor these estimates. 1.3 Applied new and revised standards The consolidated financial statements have been prepared in accordance with the same accounting policies used in 2021, with the exception for the following new standards, interpretations and revisions to existing standards that the Group has applied since 1 January 2022. Revisions did not have a material impact on the consolidated financial statements. Amendments to IAS 16 Property, Plant and Equipment. Under the amendments, proceeds from selling items before the related item of PPE is available for use should be recognized in profit or loss, together with the costs of producing those items. \u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets. When an onerous contract is accounted for basing on the costs of fulfilling the contract, the amendments clarify that these costs comprise both the incremental costs and an allocation of other direct costs. \u2022 Annual Improvements to IFRS Standards 2018\u20132020 On 1 January 2023, the Group will adopt the following new standard, providing this is approved by the EU by the planned date of adoption. Revisions are not expected to have a material impact on the consolidated financial statements. \u2022 IFRS 17 Insurance Contracts. The new standard for insurance contracts will help investors and other parties understand better insurers\u2019 risk exposure, profitability and financial position. This standard replaces IFRS 4 standard. \u2022 Amendments to IAS 1 Presentation of Financial Statements. The amendments are to promote consistency in application and clarify the requirements on determining if a liability is current or non-current. The amendments clarify the application of materiality to disclosure of accounting policies to help companies provide useful accounting policy disclosures. \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. \u2022 Amendments to IAS 12 Income Taxes. The amendments narrow the initial recognition exemption (IRE) and clarify that the exemption does not apply to transactions such as leases and decommissioning obligations which give rise to equal and offsetting temporary differences. On 1 January 2024, the Group will adopt the following new standard, providing this is approved by the EU by the planned date of adoption. Revisions are not expected to have a material impact on the consolidated financial statements. \u2022 Amendments to IFRS 16 Leases. The amendments introduce a new accounting model for variable payments and will require seller-lessees to reassess and potentially restate sale-and-leaseback transactions entered into since 2019. \u2022 Amendments to IAS 1 Presentation of Financial Statements. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments require to disclose information about these covenants in the notes to the financial statements",
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"value": "Transactions in foreign currencies Foreign currencies transactions are translated into functional currency using the exchange rates prevailing on the dates of the transactions. Monetary items have been translated into the functional currency at the exchange rates prevailing at the end of the reporting period. Non-monetary items denominated in foreign currencies are translated at the exchange rate at the date of the transaction, excluding items measured at fair value that are translated at the exchange rates prevailing on the valuation date. Gain and losses arising from the currency translations are recognised through profit or loss. Foreign exchange gain and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gain and losses from the liabilities denominated in a foreign currency are included in financial income and expenses, with the exception for exchange rate differences on foreign currency items that constitute a part of the net investment made in a foreign unit. These exchange rate differences are recognised in other comprehensive income and accumulated exchange rate differences are included in the translation difference presented in shareholders\u2019 equity. Translation of foreign Group companies\u2019 financial statements The income statements of foreign subsidiaries that use a functional currency other than the Group\u2019s presentation currency have been converted into euro at the average exchange rate prevailing during the year, and statements of financial position at the exchange rate prevailing at the end of the reporting period. The different exchange rates applicable to the conversion of profit or loss on the income statement and balance sheet result in a translation difference recognised in shareholders\u2019 equity on the balance sheet, and any change in this difference is recognised in other comprehensive income. Translation differences arising from the elimination of the acquisition cost of foreign subsidiaries, as well as translation differences arising from equity items accumulated after the acquisition, are recognised in other comprehensive income. When a subsidiary is divested in full or in part, accumulated translation differences are recognised in the income statement as part of the sales gain or loss. Goodwill arising from the acquisition of foreign entities and the fair value adjustments made to the book values of the assets and liabilities of such foreign entities upon acquisition is treated as assets and liabilities belonging to the foreign entities. These are converted into euro at the exchange rate prevailing at the end of the reporting period. ",
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"value": "1.2.2 Accounting principles that require management\u2019s judgement and key sources of estimation uncertainty Preparation of the financial statements requires the Group\u2019s management to make certain estimates and consideration. In addition, judgement in applying the accounting policies is required. This applies particularly to cases in which valid IFRS standards provide for alternative methods of recognition, measurement or presentation. The estimates made in connection with the preparation of financial statements are based on the management\u2019s best view at the end of the financial period, and the outcome may differ from the estimates and assumptions. Estimates are based on historical experience and assumptions concerning the future that are believed to be reasonable at the end of the financial period. The Group regularly assesses the realisation of estimates and assumptions, as well as changes in the underlying factors. Any changes in estimates and assumptions are recorded for the financial year during which the estimate or assumption was adjusted, and for all subsequent periods. Significant areas of estimation and uncertainty in applying accounting policies that have the most significant impact on amounts recognised in the financial statements are related to business combinations (3), impairment of intangible assets (5.4.1), share-based payments (4.2), recognition of net defined pension liability (4.3) and recognition of deferred tax assets (8.1.2). The potential climate change-related risks and opportunities to which the Group is exposed are disclosed in the Group\u2019s Sustainability 2022 report on pages 35 and 75. Management has exercised judgement in concluding that there is no other material financial impact from climate-related risks and opportunities that needs to be recognised in the consolidated financial statements. As the future impact of climate change will depend on environmental, regulatory and other factors outside of the Group\u2019s control that are not currently known, management will continue to monitor these estimates. Accounting policies that require management\u2019s judgements \u2013 Acquisitions: The identifiable assets and liabilities acquired in a business combination are measured at fair value at the acquisition date. When determining the fair value of the acquired net assets, consideration and estimates may be required. Estimates and judgement are based on the management\u2019s best view of the situation at the time of the acquisition. Accounting policies that require management\u2019s judgements \u2013 Share-based payments: The expense recognition for the share-based incentive plans is based on an estimate of the fulfilment of the share incentive plan criteria and the development of Elisa Group\u2019s share price. The fulfilment of the share incentive plan criteria and the development of the share price might deviate from the estimates. Accounting policies that require management\u2019s judgements \u2013 Pension obligations: The book value of defined pension obligations is based on actuarial valuations. Assumptions and estimates used in the valuations include, among others, the discount rate used on the valuation of the pension obligation and plan assets as well as the development of inflation and salary levels. Accounting policies that require management\u2019s judgements \u2013 Goodwill impairment testing: The recoverable amount of cash-generating units is determined by calculations based on value in use, the preparation of which requires estimates and assumptions. The main uncertainties are associated with the estimated levels of revenue and profitability and the discount rate. Any changes may lead to the recognition of impairment losses. Accounting policies that require management\u2019s judgements \u2013 Deferred tax assets: Particularly at the end of each financial period, the Group assesses the probability of subsidiaries generating taxable income against which unused tax losses can be utilised. The appropriateness for recognising other deferred tax assets is also determined at the end of each financial period. Changes in the estimates may lead to the recognition of significant tax expenses. ",
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"value": "1.3 Applied new and revised standards The consolidated financial statements have been prepared in accordance with the same accounting policies used in 2021, with the exception for the following new standards, interpretations and revisions to existing standards that the Group has applied since 1 January 2022. Revisions did not have a material impact on the consolidated financial statements. Amendments to IAS 16 Property, Plant and Equipment. Under the amendments, proceeds from selling items before the related item of PPE is available for use should be recognized in profit or loss, together with the costs of producing those items. \u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets. When an onerous contract is accounted for basing on the costs of fulfilling the contract, the amendments clarify that these costs comprise both the incremental costs and an allocation of other direct costs. \u2022 Annual Improvements to IFRS Standards 2018\u20132020 On 1 January 2023, the Group will adopt the following new standard, providing this is approved by the EU by the planned date of adoption. Revisions are not expected to have a material impact on the consolidated financial statements. \u2022 IFRS 17 Insurance Contracts. The new standard for insurance contracts will help investors and other parties understand better insurers\u2019 risk exposure, profitability and financial position. This standard replaces IFRS 4 standard. \u2022 Amendments to IAS 1 Presentation of Financial Statements. The amendments are to promote consistency in application and clarify the requirements on determining if a liability is current or non-current. The amendments clarify the application of materiality to disclosure of accounting policies to help companies provide useful accounting policy disclosures. \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. \u2022 Amendments to IAS 12 Income Taxes. The amendments narrow the initial recognition exemption (IRE) and clarify that the exemption does not apply to transactions such as leases and decommissioning obligations which give rise to equal and offsetting temporary differences. On 1 January 2024, the Group will adopt the following new standard, providing this is approved by the EU by the planned date of adoption. Revisions are not expected to have a material impact on the consolidated financial statements. \u2022 Amendments to IFRS 16 Leases. The amendments introduce a new accounting model for variable payments and will require seller-lessees to reassess and potentially restate sale-and-leaseback transactions entered into since 2019. \u2022 Amendments to IAS 1 Presentation of Financial Statements. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments require to disclose information about these covenants in the notes to the financial statements",
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"fact-321": {
"value": "1.3 Applied new and revised standards The consolidated financial statements have been prepared in accordance with the same accounting policies used in 2021, with the exception for the following new standards, interpretations and revisions to existing standards that the Group has applied since 1 January 2022. Revisions did not have a material impact on the consolidated financial statements. Amendments to IAS 16 Property, Plant and Equipment. Under the amendments, proceeds from selling items before the related item of PPE is available for use should be recognized in profit or loss, together with the costs of producing those items. \u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets. When an onerous contract is accounted for basing on the costs of fulfilling the contract, the amendments clarify that these costs comprise both the incremental costs and an allocation of other direct costs. \u2022 Annual Improvements to IFRS Standards 2018\u20132020 On 1 January 2023, the Group will adopt the following new standard, providing this is approved by the EU by the planned date of adoption. Revisions are not expected to have a material impact on the consolidated financial statements. \u2022 IFRS 17 Insurance Contracts. The new standard for insurance contracts will help investors and other parties understand better insurers\u2019 risk exposure, profitability and financial position. This standard replaces IFRS 4 standard. \u2022 Amendments to IAS 1 Presentation of Financial Statements. The amendments are to promote consistency in application and clarify the requirements on determining if a liability is current or non-current. The amendments clarify the application of materiality to disclosure of accounting policies to help companies provide useful accounting policy disclosures. \u2022 Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors. The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates, with a primary focus on the definition of and clarifications on accounting estimates. \u2022 Amendments to IAS 12 Income Taxes. The amendments narrow the initial recognition exemption (IRE) and clarify that the exemption does not apply to transactions such as leases and decommissioning obligations which give rise to equal and offsetting temporary differences. On 1 January 2024, the Group will adopt the following new standard, providing this is approved by the EU by the planned date of adoption. Revisions are not expected to have a material impact on the consolidated financial statements. \u2022 Amendments to IFRS 16 Leases. The amendments introduce a new accounting model for variable payments and will require seller-lessees to reassess and potentially restate sale-and-leaseback transactions entered into since 2019. \u2022 Amendments to IAS 1 Presentation of Financial Statements. The amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments require to disclose information about these covenants in the notes to the financial statements",
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"value": "2.1 Operating segments and geographical areas The Group has two reporting segments: Consumer Customers and Corporate Customers. The organisational and management structure of Elisa Group is based on a customer-oriented operating model. The reportable segments are based on the internal reporting provided to management. The Consumer Customers segment provides consumers with telecommunications and communications services, such as fixed and mobile subscriptions with supplementary digital services, cable- tv subscriptions, Elisa Viihde entertainment service and Elisa Kirja e-reading service. The Corporate Customers segment provides corporate and public administration organisations with services such as IT and communication solutions for the digital environment as well as fixed and mobile subscriptions. The Corporate Customers segment provides worlwide services such as video conferencing services, solutions for automation of network management and operation for mobile operators, and IoT solutions for industry. Operating segments: 2022 EUR million Consumer Customers Corporate Customers Unallocated Group Total Revenue 1,300.9 828.6 2,129.5 EBITDA 495.7 237.6 733.3 Depreciation, amortisation and impairment \u2013174.0 \u201389.5 \u2013263.4 EBIT 321.7 148.1 469.8 Financial income 5.6 5.6 Financial expenses \u201318.7 \u201318.7 Share of associated companies' profit \u20130.7 \u20130.7 Profit before tax 456.0 Investments 190.6 99.1 289.7 Assets 1,891.9 1,082.4 126.5 3,100.8 2021 EUR million Consumer Customers Corporate Customers Unallocated Group Total Revenue (1 1,242.5 755.4 1,997.9 EBITDA (1 476.0 221.4 697.4 Depreciation, amortisation and impairment (1 \u2013174.0 \u201392.5 \u2013266.6 EBIT (1 302.0 128.8 430.8 Financial income 4.6 4.6 Financial expenses \u201316.5 \u201316.5 Share of associated companies' profit \u20130.5 \u20130.5 Profit before tax 418.4 Investments 168.7 96.3 265.1 Assets 1,822.3 1,051.2 154.9 3,028.4 1) Allocation rules of the revenue and expenses allocated to the segments have been specified in 2022 and the comparable figures have been updated to reflect the advanced allocations. In the comparison period 1\u201312/2021, Consumer Customers revenue was EUR 1,241.3 million; EBITDA was EUR 475.1 million; depreciation, amortisation and impairment totalled EUR \u2013160.7 million; and EBIT was EUR 314.4 million. In the comparison period 1\u201312/2021, Corporate Customers revenue was EUR 756.6 million; EBITDA was EUR 222.3 million; depreciation, amortisation and impairment totalled EUR \u2013105.8 million; and EBIT was EUR 116.5 million. Revenue 2022 Consumer Customers 1,300.9 Corporate Customers 828.6 EBITDA 2022 Consumer Customers 495.7 Corporate Customers 237.6 Geographical areas 2022 EUR million Finland Rest of Europe Other countries Group total Revenue 1,782.2 295.7 51.7 2,129.5 Assets 2,578.7 489.3 32.8 3,100.8 2021 EUR million Finland Rest of Europe Other countries Group total Revenue 1,702.5 251.2 44.2 1,997.9 Assets 2,551.3 446.5 30.6 3,028.4 Accounting Principles \u2013 Operating Segments: The segments are controlled by segment-specific performance reporting that includes external revenue, EBITDA, EBIT and capital investments. Financial items, share of associated companies\u2019 profit and income taxes are not allocated to operating segments. The costs of production and support functions are allocated to operating segments on the matching principle. Operations in Estonia are divided into the Consumer Customers and Corporate Customers operating segments on the basis of customer accounts. Segment assets consist of intangible and tangible assets, right-of-use assets, inventories, trade and other non-interest bearing receivables. Deferred tax assets, investments in associated companies, other investments, interest-bearing receivables, financial items and income tax receivables are not included in segment assets. Liabilities are not allocated to operating segments. The accounting principles of the segments are the same as those used in the preparation of the financial statements. The reported geographical areas are Finland, Rest of Europe and Other Countries. Revenues are presented on the basis of customer location. The assets are presented on the basis of their location. ",
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"fact-323": {
"value": "Accounting Principles \u2013 Operating Segments: The segments are controlled by segment-specific performance reporting that includes external revenue, EBITDA, EBIT and capital investments. Financial items, share of associated companies\u2019 profit and income taxes are not allocated to operating segments. The costs of production and support functions are allocated to operating segments on the matching principle. Operations in Estonia are divided into the Consumer Customers and Corporate Customers operating segments on the basis of customer accounts. Segment assets consist of intangible and tangible assets, right-of-use assets, inventories, trade and other non-interest bearing receivables. Deferred tax assets, investments in associated companies, other investments, interest-bearing receivables, financial items and income tax receivables are not included in segment assets. Liabilities are not allocated to operating segments. The accounting principles of the segments are the same as those used in the preparation of the financial statements. The reported geographical areas are Finland, Rest of Europe and Other Countries. Revenues are presented on the basis of customer location. The assets are presented on the basis of their location. ",
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"fact-324": {
"value": "2.2 Items affecting comparability Elisa uses comparable key figures in its financial reporting to describe the financial development of its business and increase comparability between different periods. Exceptional transactions outside the ordinary course of business are treated as items affecting comparability. Such items, as identified by the Group, are for example capital gains and losses from divestments of the assets and businesses, acquisition costs of assets and businesses, impairments, restructuring expenses and costs of legislative changes, damages or litigations. ",
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"fact-325": {
"value": "2.2 Items affecting comparability Elisa uses comparable key figures in its financial reporting to describe the financial development of its business and increase comparability between different periods. Exceptional transactions outside the ordinary course of business are treated as items affecting comparability. Such items, as identified by the Group, are for example capital gains and losses from divestments of the assets and businesses, acquisition costs of assets and businesses, impairments, restructuring expenses and costs of legislative changes, damages or litigations. Income statement EUR million 2022 2021 Restructuring costs \u20132.0 \u20138.4 Items affecting comparability in EBITDA, EBIT and profit before tax \u20132.0 \u20138.4 Income taxes on items affecting comparability 0.4 1.6 Items affecting comparability in profit for the period \u20131.6 \u20136.7 EUR million 2022 2021 Comparable EBITDA I/S EBITDA 733.3 697.4 Items affecting comparability in EBITDA 2.0 8.4 735.3 705.7 Comparable EBIT I/S EBIT 469.8 430.8 Items affecting comparability in EBIT 2.0 8.4 471.8 439.2 Comparable profit before tax I/S Profit before tax 456.0 418.4 Items affecting comparability in profit before tax 2.0 8.4 458.0 426.8 Comparable profit for the period I/S Profit for the period 372.8 343.5 Items affecting comparability in profit for the period 1.6 6.7 374.4 350.2 Comparable profit for the period attributable to equity holders of the parent Comparable profit for the period 374.4 350.2 Non-controlling interests \u20131.3 \u20130.2 375.7 350.4 Comparable earnings per share, EUR Comparable profit for the period attributable to equity holders of the parent 375.7 350.4 Average number of outstanding shares, diluted (1,000 shares) 160,253 160,174 2.34 2.19 Cash flow EUR million 2022 2021 Investment in shares and business combinations 20.9 16.2 Items affecting comparability in cash flow before financing 20.9 16.2 The main item affecting comparability in 2022 was the acquisition of Frinx for EUR 12.5 million and Cardinality for EUR 8.2 million. The main item affecting comparability in 2021 was the acquisition of sedApta for EUR 9.7 million and TenForce NV for EUR 3.4 million. Comparable cash flow after investments C/F\u2009 Cash flow before financing 299.9 321.6 Items affecting comparability in cash flow before financing 20.9 16.2 320.9 337.8 Disposals of businesses in 2022 Withdrawal from business in Russia Elisa sold OOO LNR in Russia on 7 July 2022.The divestment of Polystar Ryssland LLC is in progress. The costs of the withdrawal from the Russian operations, EUR 1.1 million, are presented in other operating expenses. Disposals of businesses in 2021 There were no significant disposals during the reporting period. 9.1 Key indicators describing the Group\u2019s financial development 2022 2021 2020 2019 2018 INCOME STATEMENT Revenue, EUR million 2,130 1,998 1,895 1,844 1,832 Change of revenue, % 6.6 5.5 2.8 0.7 2.5 EBITDA, EUR million 733 697 685 661 640 EBITDA as % of revenue 34.4 34.9 36.2 35.8 34.9 EBIT, EUR million 470 431 409 395 404 EBIT as % of revenue 22.1 21.6 21.6 21.4 22.0 Profit before tax, EUR million 456 418 398 372 381 Profit before tax as % of revenue 21.4 20.9 21.0 20.2 20.8 Return on equity (ROE), % 30.4 28.8 28.1 26.6 29.2 Return on investment (ROI), % 18.3 16.9 16.7 17.2 18.3 Research and development costs, EUR million 21 16 10 8 8 Research and development costs as % of revenue 1.0 0.8 0.5 0.4 0.5 BALANCE SHEET Gearing ratio, % 101.9 101.2 101.9 103.0 94.8 Current ratio 1.0 1.4 1.3 1.2 1.0 Equity ratio, % 40.6 39.9 39.1 41.0 42.4 Non-interest bearing liabilities, EUR million 488 491 430 428 393 Interest bearing net debt 1,276 1,219 1,207 1,184 1,068 Balance sheet total, EUR million 3,101 3,028 3,041 2,814 2,669 INVESTMENTS Investments in shares and business combinations, EUR million 25 28 70 83 14 CAPITAL EXPENDITURE Gross investments, EUR million 290 265 266 256 254 Gross investments as % of revenue 13.6 13.3 14.1 13.9 13.9 PERSONNEL Average number of employees during the period 5,523 5,391 5,097 4,882 4,814 Revenue/employee, EUR 1,000 386 371 372 378 380 The order book is not presented, as the information is not relevant due to the nature of the Group\u2019s business. 9 Key Indicators The key indicator tables are unaudited. FORMULAE FOR FINANCIAL SUMMARY INDICATORS EBITDA EBIT + depreciation, amortisation and impairment EBIT Profit for the period + income taxes + financial income and expenses + share of associated companies\u2019 profit Return on equity (ROE), % Profit for the period X 100 Total shareholders\u2019 equity on average Return on investment (ROI), % Profit before taxes + interest and other financial expenses X 100 Total equity + interest-bearing liabilities on average Gearing ratio, % Interest-bearing liabilities - cash and cash equivalents and financial assets at fair value through profit or loss X 100 Total shareholders\u2019 equity Current ratio Current assets Current liabilities - advance payments received Equity ratio, % Total shareholders\u2019 equity X 100 Balance sheet total - advance payments received 9.2 Alternative performance measures (1 2022 2021 2020 2019 2018 INCOME STATEMENT Comparable EBITDA, EUR million 735 706 685 668 639 Comparable EBITDA as % of revenue 34.5 35.3 36.2 36.2 34.9 Comparable EBIT, EUR million 472 439 415 402 403 Comparable EBIT as % of revenue 22.2 22.0 21.9 21.8 22.0 Comparable profit before tax, EUR million 458 427 399 379 380 Comparable profit before tax as % of revenue 21.5 21.4 21.0 20.5 20.8 Comparable return on equity (ROE), % 30.5 29.3 28.1 27.1 28.8 Comparable return on investment (ROI), % 18.4 17.2 16.7 17.5 18.3 Comparable earnings per share (EPS) 2.34 2.19 2.05 1.93 1.95 1) Other than the financial indicators defined by IFRS FORMULAE FOR ALTERNATIVE PERFORMANCE MEASURES Comparable EBITDA EBIT + depreciation, amortisation and impairment +/- items affecting comparability Comparable EBIT Profit for the period + income taxes + financial income and expenses + share of associated companies\u2019 profit +/- items affecting comparability Comparable profit for the period Profit for the period +/- items affecting comparability Profit attributable to owners of the parent company +/- items affecting comparability Comparable EPS Average number of shares during the period adjusted for share issues Comparable return on equity (ROE), % Profit for the period +/- items affecting comparability X 100 Total shareholders' equity on average Comparable return on investment (ROI), % Profit before taxes + interest and other financial expenses +/- items affecting comparability X 100 Total equity + interest-bearing liabilities on average Comparable cash flow after investments Net cash flow from operating activities - net cash used in investing activities +/- items affecting comparability 9.3. Per-share indicators (1 2022 2021 2020 2019 2018 Share capital, EUR 83,033,008 83,033,008 83,033,008 83,033,008 83,033,008 Number of shares at year-end 160,259,695 160,187,301 160,082,908 159,897,796 159,723,252 Average number of shares 160,253,348 160,174,453 160,065,712 159,880,581 159,736,826 Number of shares at year-end, diluted 160,416,729 160,187,301 160,082,908 159,897,796 159,723,252 Average number of shares, diluted 160,410,382 160,174,453 160,065,712 159,880,581 159,736,826 Market capitalisation, EUR million (2 8,276 9,056 7,508 8,241 6,037 Earnings per share (EPS), EUR 2.33 2.15 2.05 1.90 1.98 Dividend per share, EUR 2.15 (6 2.05 1.95 1.85 1.75 Payout ratio, % 92.1 95.6 95.1 97.6 88.5 Equity per share, EUR 7.78 7.48 7.39 7.19 7.05 P/E ratio 21.2 25.2 21.9 26.0 18.2 Effective dividend yield, % (3 4.3 3.8 4.3 3.8 4.9 Share performance on Nasdaq Helsinki Mean price, EUR 51.99 51.00 51.08 42.26 36.34 Closing price at year-end, EUR 49.46 54.12 44.87 49.25 36.08 Lowest price, EUR 45.57 45.10 40.79 35.51 31.68 Highest price, EUR 56.90 56.18 58.88 49.91 41.95 Trading of shares on Nasdaq Helsinki (4 Total trading volume, 1,000 shares 71,229 81,557 122,497 96,662 104,879 Percentage of shares traded (5 43 49 73 58 63 1) The numbers of shares are presented without treasury shares held by Elisa Group. 2) Calculated on the basis of the closing price on the last trading day of the year and the total number of shares at the end of the period (167 335 073). 3) Calculated on the basis of the closing price on the last trading day of the year. 4) Elisa share is also traded in alternative marketplaces. According to Bloomberg and the Fidessa Fragmentation report, the trading volumes in these markets in 2022 were approximately 293 (205) per cent of Nasdaq Helsinki\u2019s volumes. 5) Calculated in proportion to the total number of shares at the end of the period. 6) The Board of Directors proposes a dividend payment of EUR 2.15 per share. FORMULAE FOR PER-SHARE INDICATORS Earnings per share (EPS) Profit for the period attributable to the equity holders of the parent Average number of shares during the period adjusted for share issues Dividend per share (1 Dividend adjusted for share issues Number of shares at the balance sheet date adjusted for share issues Effective dividend yield, % (1 Dividend per share X 100 Share price at the balance sheet date adjusted for share issues Payout ratio, % (1 Dividend per share X 100 Earnings per share Equity per share Equity attributable to equity holders of the parent Number of shares at the balance sheet date adjusted for share issues P/E ratio (price/earnings) Share price on the balance sheet date Earnings per share 1) The calculation formulae apply also to the capital repayment indicators.",
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"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-326": {
"value": "Development of revenue, EUR million 1,832 1,844 1,895 1,998 2,130 0 500 1,000 1,500 2,000 2,500 2.3 Revenue from contracts with customers Division of Group\u2019s revenue EUR million 2022 2021 Rendering of services 1,726.8 1,642.0 Sale of equipment 402.7 356.0 I/S 2,129.5 1,997.9 EUR million 2022 2021 Mobile telecommunications 1,252.5 1,179.7 Fixed-network broadband and others 877.0 818.3 I/S 2,129.5 1,997.9 Accounting Principles \u2013 Revenue from contracts with customers: The revenue of consumer customers mainly consists of fixed and mobile subscriptions with supplementary digital services, cable-tv subscriptions, Elisa Viihde entertainment service and Elisa Kirja e-reading service. Consumer customer contracts are typically standard contracts that are treated as separate performance obligations. Customer contract may include several performance obligations, and Elisa may agree on the delivery or rendering of several products, services or access rights (service bundle). In that case, prices specified in the contract are used as transaction price, which is allocated to performance obligations on a relative stand-alone selling price basis. The revenue of corporate customers mainly consists of fixed and mobile subscriptions with supplementary digital services, IT and communication solutions for the digital environment, video conferencing services, solutions for automation of network management and operation for mobile operators and IoT solutions for industry. Contracts with corporate customers typically meet the criteria laid down for a contract negotiated as a single package, in which case the revenue will be allocated to the goods and services based on the prices agreed with each customer. A performance obligation may be fulfilled and revenue recognised over time or at certain points of time. The key criterion for the revenue recognition is the transfer of control. For performance obligations that are satisfied at a certain point of time, such as equipment, the customer is deemed to gain control at the entry to contract and revenue is recognised when the equipment is transferred to the customer. Service contracts mainly comprise performance obligations that are satisfied over time. The performance is carried out, and revenue is recognised over time as the services are provided. Fixed-term service contracts are recognised over the contract period and the opening fees and related expenses, as well as discounts granted, are allocated to the entire contract period. Incremental costs of obtaining a fixed-term contract such as sales and represent commissions are capitalised and accrued as an expense during the contract period when these commissions relate directly to a contract that can be specifically identified. Service contracts valid until further notice are recognised over time. The opening fees and related expenses are recognised at the time when the service is connected. The Group provides consumer customers with the various payment methods granting possibility to purchase equipment on 12\u201336 months credits. Revenue for equipment is recognised at the time of the sale regardless of whether the customer pays for the device fully at the time of sale or by monthly payments. Based on management\u2019s judgement, the contracts do not include a significant financing component. Revenue from prepaid mobile phone cards is recognised over the period of realised use of the cards. Service fees invoiced from a customer on behalf of a third-party content service provider are not recognised as revenue. As a rule, the customer has 4 weeks to cancel the service contract made at a distance sale and return the purchased equipment. In principle, there is no right of cancellation for equipment bought from an Elisa shop. Based on historical experience the number of refunds is expected to be low due to which the Group has not recognised a refund liability for the amounts expected to be refunded and revenue has not been adjusted by the estimated number of refunds. Customers participating in loyalty programmes are entitled to certain discounts on services and products provided by the Group. Discounts earned by the customers are recognised as reduction of revenue. The Group does not currently have any valid loyalty programmes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-327": {
"value": "Development of revenue, EUR million 1,832 1,844 1,895 1,998 2,130 0 500 1,000 1,500 2,000 2,500 2.3 Revenue from contracts with customers Division of Group\u2019s revenue EUR million 2022 2021 Rendering of services 1,726.8 1,642.0 Sale of equipment 402.7 356.0 I/S 2,129.5 1,997.9 EUR million 2022 2021 Mobile telecommunications 1,252.5 1,179.7 Fixed-network broadband and others 877.0 818.3 I/S 2,129.5 1,997.9 Accounting Principles \u2013 Revenue from contracts with customers: The revenue of consumer customers mainly consists of fixed and mobile subscriptions with supplementary digital services, cable-tv subscriptions, Elisa Viihde entertainment service and Elisa Kirja e-reading service. Consumer customer contracts are typically standard contracts that are treated as separate performance obligations. Customer contract may include several performance obligations, and Elisa may agree on the delivery or rendering of several products, services or access rights (service bundle). In that case, prices specified in the contract are used as transaction price, which is allocated to performance obligations on a relative stand-alone selling price basis. The revenue of corporate customers mainly consists of fixed and mobile subscriptions with supplementary digital services, IT and communication solutions for the digital environment, video conferencing services, solutions for automation of network management and operation for mobile operators and IoT solutions for industry. Contracts with corporate customers typically meet the criteria laid down for a contract negotiated as a single package, in which case the revenue will be allocated to the goods and services based on the prices agreed with each customer. A performance obligation may be fulfilled and revenue recognised over time or at certain points of time. The key criterion for the revenue recognition is the transfer of control. For performance obligations that are satisfied at a certain point of time, such as equipment, the customer is deemed to gain control at the entry to contract and revenue is recognised when the equipment is transferred to the customer. Service contracts mainly comprise performance obligations that are satisfied over time. The performance is carried out, and revenue is recognised over time as the services are provided. Fixed-term service contracts are recognised over the contract period and the opening fees and related expenses, as well as discounts granted, are allocated to the entire contract period. Incremental costs of obtaining a fixed-term contract such as sales and represent commissions are capitalised and accrued as an expense during the contract period when these commissions relate directly to a contract that can be specifically identified. Service contracts valid until further notice are recognised over time. The opening fees and related expenses are recognised at the time when the service is connected. The Group provides consumer customers with the various payment methods granting possibility to purchase equipment on 12\u201336 months credits. Revenue for equipment is recognised at the time of the sale regardless of whether the customer pays for the device fully at the time of sale or by monthly payments. Based on management\u2019s judgement, the contracts do not include a significant financing component. Revenue from prepaid mobile phone cards is recognised over the period of realised use of the cards. Service fees invoiced from a customer on behalf of a third-party content service provider are not recognised as revenue. As a rule, the customer has 4 weeks to cancel the service contract made at a distance sale and return the purchased equipment. In principle, there is no right of cancellation for equipment bought from an Elisa shop. Based on historical experience the number of refunds is expected to be low due to which the Group has not recognised a refund liability for the amounts expected to be refunded and revenue has not been adjusted by the estimated number of refunds. Customers participating in loyalty programmes are entitled to certain discounts on services and products provided by the Group. Discounts earned by the customers are recognised as reduction of revenue. The Group does not currently have any valid loyalty programmes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-328": {
"value": "Accounting Principles \u2013 Revenue from contracts with customers: The revenue of consumer customers mainly consists of fixed and mobile subscriptions with supplementary digital services, cable-tv subscriptions, Elisa Viihde entertainment service and Elisa Kirja e-reading service. Consumer customer contracts are typically standard contracts that are treated as separate performance obligations. Customer contract may include several performance obligations, and Elisa may agree on the delivery or rendering of several products, services or access rights (service bundle). In that case, prices specified in the contract are used as transaction price, which is allocated to performance obligations on a relative stand-alone selling price basis. The revenue of corporate customers mainly consists of fixed and mobile subscriptions with supplementary digital services, IT and communication solutions for the digital environment, video conferencing services, solutions for automation of network management and operation for mobile operators and IoT solutions for industry. Contracts with corporate customers typically meet the criteria laid down for a contract negotiated as a single package, in which case the revenue will be allocated to the goods and services based on the prices agreed with each customer. A performance obligation may be fulfilled and revenue recognised over time or at certain points of time. The key criterion for the revenue recognition is the transfer of control. For performance obligations that are satisfied at a certain point of time, such as equipment, the customer is deemed to gain control at the entry to contract and revenue is recognised when the equipment is transferred to the customer. Service contracts mainly comprise performance obligations that are satisfied over time. The performance is carried out, and revenue is recognised over time as the services are provided. Fixed-term service contracts are recognised over the contract period and the opening fees and related expenses, as well as discounts granted, are allocated to the entire contract period. Incremental costs of obtaining a fixed-term contract such as sales and represent commissions are capitalised and accrued as an expense during the contract period when these commissions relate directly to a contract that can be specifically identified. Service contracts valid until further notice are recognised over time. The opening fees and related expenses are recognised at the time when the service is connected. The Group provides consumer customers with the various payment methods granting possibility to purchase equipment on 12\u201336 months credits. Revenue for equipment is recognised at the time of the sale regardless of whether the customer pays for the device fully at the time of sale or by monthly payments. Based on management\u2019s judgement, the contracts do not include a significant financing component. Revenue from prepaid mobile phone cards is recognised over the period of realised use of the cards. Service fees invoiced from a customer on behalf of a third-party content service provider are not recognised as revenue. As a rule, the customer has 4 weeks to cancel the service contract made at a distance sale and return the purchased equipment. In principle, there is no right of cancellation for equipment bought from an Elisa shop. Based on historical experience the number of refunds is expected to be low due to which the Group has not recognised a refund liability for the amounts expected to be refunded and revenue has not been adjusted by the estimated number of refunds. Customers participating in loyalty programmes are entitled to certain discounts on services and products provided by the Group. Discounts earned by the customers are recognised as reduction of revenue. The Group does not currently have any valid loyalty programmes. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-329": {
"value": "2.4 Other operating income EUR million 2022 2021 Gain on disposals of property, plant and equipment 0.2 1.9 Government grants 0.4 0.3 Other items (1 6.3 6.9 I/S 6.9 9.0 1) Other items include rental income from the real estate and other income not associated with ordinary operating activities. Accounting Principles \u2013 Other operating income: Other operating income includes non-operating income, such as capital gain on the disposal of tangible and intangible assets, subsidiaries and businesses, and rental income from real estate. Government grants associated with development projects are recognised as other operating income when the related costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a reduction of capital expenditure. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-330": {
"value": "Government grants associated with development projects are recognised as other operating income when the related costs are recognised as expenses. Government grants associated with capitalised development costs are recorded as a reduction of capital expenditure. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-331": {
"value": "Materials and services EUR million 2022 2021 Purchases of materials, supplies and goods 556.4 522.3 Change in inventories \u20138.8 \u201310.6 External services 272.9 251.2 Foreign exchange gains and losses 0.2 0.6 I/S 820.8 763.6 Gains and losses arising from foreign currency translations are recognised in accordance with their nature either in materials and services or financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-332": {
"value": "Auditor fees EUR million 2022 2021 Auditing 0.4 0.4 Tax advisory services 0.0 0.0 Other services 0.0 0.1 0.4 0.4 In 2022, non-audit fees charged by KPMG Oy Ab were EUR 0.0 (0.1) million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-333": {
"value": "Research and development costs EUR million 2022 2021 Research and development costs recognised as expenses 13.4 9.5 Capitalised development costs 8.0 6.6 21.4 16.1 The focus areas for the research and development activities in 2022 were of the development of a customer relationship management system, production and quality management software for the manufacturing industry, as well as the development of network software solutions for telecom operators. Accounting Principles \u2013 Research and development: Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit and the Group has both intention and the resources to complete the development and use or sell the asset. Capitalised development costs include those material, labour and testing costs and any capitalised borrowing costs that are directly attributable to bringing the asset to its working condition for its intended use. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-334": {
"value": "Accounting Principles \u2013 Research and development: Research costs are recorded as expenses in the income statement. Development costs are capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit and the Group has both intention and the resources to complete the development and use or sell the asset. Capitalised development costs include those material, labour and testing costs and any capitalised borrowing costs that are directly attributable to bringing the asset to its working condition for its intended use. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-335": {
"value": "2.6 Earnings per share Earnings per share, basic 2022 2021 I/S Net profit for the period attributable to equity holders of the parent (EUR million) 374.1 343.6 Weighted average number of shares outstanding (1,000 shares) 160,253 160,174 Earnings/share, basic (EUR/share) 2.33 2.15 Diluted earnings per share 2022 2021 I/S Net profit for the period attributable to equity holders of the parent (EUR million) 374.1 343.6 Weighted average number of shares outstanding (1,000 shares) 160,253 160,174 Impact of share-based incentive plans 157 Weighted average number of shares outstanding adjusted by dilutive effect (1,000 shares) 160,410 160,174 Diluted earnings per share (EUR/share) 2.33 2.15 Accounting principles \u2013 Earnings per share: Basic earnings per share are calculated by dividing the net profit for the period attributable to the parent company\u2019s equity holders by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated on the same basis as earnings per basic share, except for the dilutive effect of converting all dilutive potential shares into basic shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-336": {
"value": "Accounting principles \u2013 Earnings per share: Basic earnings per share are calculated by dividing the net profit for the period attributable to the parent company\u2019s equity holders by the weighted average number of shares outstanding during the period. Diluted earnings per share are calculated on the same basis as earnings per basic share, except for the dilutive effect of converting all dilutive potential shares into basic shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-337": {
"value": "Acquired businesses in 2022 Acquisition of Frinx s.r.o. On 31 March 2022, Elisa Polystar acquired Frinx s.r.o., a telecom network automation software supplier based in Slovakia. Frinx\u2019s products and software complement Elisa Polystar\u2019s zero touch automation and analytics offering that helps communication service providers automate the management process of telecom networks in a multi-vendor environment. The acquisition price was EUR 14.4 million including the contingent consideration of EUR 1.1 million. EUR 0.5 million of the total acquisition price was allocated to software, which will be amortised over four years.The acquisition resulted in EUR 12.9 million of goodwill relating to Group\u2019s growth in digital services internationally and strengthening Elisa IndustIQ business. The calculation of the purchase price allocation is preliminary, as the valuation of the acquired net assets has not been fully completed. The acquired company has been consolidated from 1 April 2022 onwards. External revenue after the acquisition was EUR 2.3 million, and the impact on Group\u2019s profit for the period was EUR 0.5 million. Had the acquisition been made as of the beginning of the year 2022, the impact on Group revenue would have been EUR 2.7 million and the effect on profit for the period EUR 0.3 million. Consideration transferred EUR million Preliminary Cash paid 13.4 Contingent consideration 1.1 Total acquisition price 14.4 Analysis of net assets acquired EUR million Tangible assets 0.0 Intangible assets 0.5 Trade and other receivables 0.8 Cash and cash equivalents 1.0 Deferred tax liabilities \u20130.1 Trade payables and other liabilities \u20130.4 Tax liabilities \u20130.3 1.5 Effects of acquisition on cash flow EUR million Acquisition price paid in cash \u201313.4 Cash and cash equivalents of the acquired entity 1.0 \u201312.3 Goodwill arising from business combination EUR million Consideration transferred 14.4 Identifiable net assets of the acquired entity 1.5 Goodwill 12.9 EUR 0.2 million of acquisition-related costs, such as professional fees, is recorded in other operating expenses. Acquisition of Cardinality group On 4 August 2022, Elisa acquired a UK-based Cardinality Ltd. Cardinality is a supplier of cloud-native data management (DataOps), service assurance and customer experience analytics for communications service providers (CSPs) globally. The acquisition price was EUR 10.0 million including the contingent consideration of EUR 0.4 million. EUR 1.5 million of the total acquisition price was allocated to software, which will be amortised over four years. The acquisition resulted in EUR 8.7 million of goodwill relating to the Group\u2019s growth in digital services internationally and acceleration of its telecom software business development under Elisa Polystar. The calculation of the purchase price allocation is preliminary, as the valuation of the acquired net assets has not been fully completed. The acquired companies have been consolidated from 1 August 2022 onwards. External revenue after the acquisition was EUR 1.5 million, and the impact on Group\u2019s profit for the period was EUR \u20130.7 million. Had the acquisition been made as of the beginning of the year 2022, the impact on Group revenue would have been EUR 3.4 million and the effect on profit for the period EUR \u20132.1 million. Consideration transferred EUR million Preliminary Cash paid 9.6 Contingent consideration 0.4 Total acquisition price 10.0 Analysis of net assets acquired EUR million Tangible assets 0.0 Intangible assets 1.5 Trade and other receivables 0.5 Tax receivables 0.5 Cash and cash equivalents 1.4 Deferred tax liabilities \u20130.3 Interest-bearing liabilities \u20130.3 Trade payables and other liabilities \u20132.1 1.2 Effects of acquisition on cash flow EUR million Acquisition price paid in cash \u20139.6 Cash and cash equivalents of the acquired entities 1.4 \u20138.2 Goodwill arising from business combination EUR million Consideration transferred 10.0 Identifiable net assets of the acquired entities 1.2 Goodwill 8.7 EUR 0.4 million of acquisition-related costs, such as professional fees, is recorded in other operating expenses. Acquired businesses in 2021 Acquisition of TenForce NV On 31 August 2021, Elisa acquired a majority stake of 50.1 per cent in Belgian TenForce NV. TenForce is a provider of environmental, health, safety and quality performance (EHSQ) and operational risk management software. TenForce primarily serves large global industrial customers with a SaaS model. The acquisition is consistent with Elisa\u2019s strategy to grow digital businesses internationally and to accelerate the Elisa IndustrIQ business. TenForce provides Elisa with cross-selling opportunities across its customer base and brings a complementary offering and skills, especially with its deep understanding of process industries and their critical features. The price paid for the acquisition carried out as directed share issue was EUR 15.1 million, of which EUR 10 million was carried out as a directed share issue. EUR 0.8 million of the total acquisition price was allocated to the customer base, which will be amortised over four years, and EUR 0.6 was allocated to software, which will also be amortised over four years. The acquisition resulted in EUR 9.1 million of goodwill relating to Group\u2019s growth in digital services internationally and strengthening Elisa IndustIQ business. The acquisition generated a non-controlling interest amounting to EUR 4.9 million, which is included in the Non-controlling interest balance sheet item. The non-controlling interest is measured at a proportionate share of the acquiree\u2019s identifiable net assets. The acquisition contract includes an option for Elisa to redeem and for non-controlling interests conditional right to sell the remaining 49.9 per cent of the shares in 2026. The liability for the redemption of the remaining shares has been recognised in the financial statements. The initial recognition of the liability and any changes in it will be treated as equity transactions. The acquired company has been consolidated from 1 September 2021 onwards. External revenue after the acquisition was EUR 1.9 million, and the impact on Group\u2019s profit for the period was EUR \u20130.4 million. Had the acquisition been made as of the beginning of the year 2021, the impact on Group revenue would have been EUR 5.5 million and the effect on profit for the period EUR \u20130.6 million. Consideration transferred EUR million Carrying amount Cash paid 15.1 Total acquisition 15.1 Analysis of net assets acquired EUR million Tangible assets 0.1 Right-of-use assets 1.0 Customer base 0.8 Intangible assets 1.6 Trade and other receivables 1.0 Cash and cash equivalents 11.7 Deferred tax liabilities \u20130.3 Interest-bearing liabilities \u20130.3 Lease liabilities \u20131.0 Trade payables and other liabilities \u20133.6 Tax liabilities \u20130.1 10.9 Effects of acquisition on cash flow EUR million Acquisition price paid in cash \u201315.1 Cash and cash equivalents of the acquired entity 11.7 \u20133.4 Goodwill arising from business combination EUR million Consideration transferred 15.1 Identifiable net assets of the acquired entity 10.9 Non-controlling interest's proportionate share of identifiable net assets acquired \u20134.9 Goodwill 9.1 EUR 0.2 million of acquisition-related costs, such as professional fees, were recorded in other operating expenses in 2021. Acquisition of Process Data Control Corp In November 2021, TenForce NV\u2019s subsidiary TenForce USA LLC, acquired Process Data Control Corp. The acquisition price was EUR 1.5 million. The acquisition resulted in EUR 1.5 million of goodwill. EUR 0.1 million of acquisition-related costs, such as professional fees, were recorded in other operating expenses in 2022. Accounting principles \u2013 Business acquisitions and disposals: Subsidiaries are consolidated from the date the Group obtains control, and divested companies until the loss of control. Acquisitions are measured at amortised costs. Identifiable assets acquired and assumed liabilities are measured at their fair value on the acquisition date. Possible investments in non-controlling interests are measured either at a proportionate share of the acquiree\u2019s identifiable net assets or at fair value. The method to be used is selected on a case-by-case basis. Subsequent changes in non-controlling interests are treated as equity transactions. In business combinations carried out in stages, previously held equity share in the acquiree is measured at fair value and the resulting gain or loss is recognised through profit or loss. The acquisition price consists of the fair value of cash and contingent consideration transferred. The amount of the acquisition price that exceeds the fair value of the acquired net assets is recognised as goodwill. Additional information regarding valuation and impairment testing of goodwill is available under note 5.4.1. The changes in contingent consideration are expensed through profit and loss. Acquisition-related costs, such as consulting fees and transfer tax, are accounted for as expenses for the periods, when the costs were incurred and the services received. The costs are presented as Other operating expenses in the income statement. In connection with loss of control, any investment retained in a former subsidiary is measured at fair value through profit or loss at the date of transaction. Changes in ownership interest that do not result in a loss of control are accounted for as equity transactions. Accounting policies that require management\u2019s judgements \u2013 Acquisitions: The identifiable assets and liabilities acquired in a business combination are measured at fair value at the acquisition date. When determining the fair value of the acquired net assets, consideration and estimates may be required. Estimates and judgement are based on the management\u2019s best view of the situation at the time of the acquisition. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-338": {
"value": "Accounting principles \u2013 Business acquisitions and disposals: Subsidiaries are consolidated from the date the Group obtains control, and divested companies until the loss of control. Acquisitions are measured at amortised costs. Identifiable assets acquired and assumed liabilities are measured at their fair value on the acquisition date. Possible investments in non-controlling interests are measured either at a proportionate share of the acquiree\u2019s identifiable net assets or at fair value. The method to be used is selected on a case-by-case basis. Subsequent changes in non-controlling interests are treated as equity transactions. In business combinations carried out in stages, previously held equity share in the acquiree is measured at fair value and the resulting gain or loss is recognised through profit or loss. The acquisition price consists of the fair value of cash and contingent consideration transferred. The amount of the acquisition price that exceeds the fair value of the acquired net assets is recognised as goodwill. Additional information regarding valuation and impairment testing of goodwill is available under note 5.4.1. The changes in contingent consideration are expensed through profit and loss. Acquisition-related costs, such as consulting fees and transfer tax, are accounted for as expenses for the periods, when the costs were incurred and the services received. The costs are presented as Other operating expenses in the income statement. In connection with loss of control, any investment retained in a former subsidiary is measured at fair value through profit or loss at the date of transaction. Changes in ownership interest that do not result in a loss of control are accounted for as equity transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-339": {
"value": "4.1 Employee expenses EUR million 2022 2021 Salaries and wages 314.4 304.7 Share-based payments 14.0 8.0 Pension expenses - defined contribution plans 44.2 40.4 Pension expenses - defined benefit plans 0.3 0.2 Other employee costs 21.8 20.5 I/S 394.8 373.8 Number of personnel at the end of the reporting period 2022 2021 Consumer Customers 2,939 2,845 Corporate Customers 2,684 2,526 5,623 5,371 Corporate Customers Consumer Customers Number of personnel at the year end 0 1,000 2,000 3,000 4,000 5,000 6,000 2,033 2,148 2,257 2,754 2,736 2,914 2,526 2,845 2,684 Employee bonus and incentive schemes All employees are included in the scope of performance, incentive, commission or provision-based bonus schemes. The Group also has a personnel fund. The costs of the performance-based bonus scheme and personnel fund are recognised on an accrual basis and the costs are based on the best available estimate of realised amounts. Performance-based bonus scheme Rewards are based on financial and operational metrics of Elisa Corporation and its units. Targets are set, and the maximum amount of reward is confirmed semi-annually. Some of the Group\u2019s key personnel also participated in the share-based compensation plan in 2022. Personnel fund The objective of the personnel fund is to secure the commitment of the personnel to Elisa\u2019s long-term objectives and to reinforce their interest in the company\u2019s financial success and its metrics. The evaluation metrics for the performance-based bonus schemes are earnings per share (EPS) and achievement of defined strategic goals. The Board of Directors decides on the performance- based bonus schemes and sets the earning criteria for the profit share reward annually. The members of the personnel fund are the employees of Elisa Group, with the exception for those employees who are part of the share incentive plan. In 2022, EUR 2.2 (2.7) million was recognised in the Group\u2019s personnel fund. Management remuneration EUR million 2022 2021 Managing Directors 8.0 8.1 Members and deputy members of Boards of Directors 0.8 0.7 Employment benefits for key management Key management consists of Elisa\u2019s Board of Directors, the CEO and the Executive Board. The remuneration of the Board members and CEO is presented under Parent company\u2019s Note 4. Benefits recognised on the income statement EUR million 2022 2021 Remunerations and other short-term employee benefits 5.1 4.6 Post-employment benefits 0.3 0.3 Share-based compensation (1 5.1 2.8 10,5 7.7 1) In 2022, the share-based compensation expenses were EUR 14.0 (8.0) million, of which EUR 1.3 (0.7) million is allocated to the CEO and EUR 3.7 (2.1) million to the Executive Board. The terms and conditions of share-based incentive plans are described under Note 4.2. Benefits paid EUR million 2022 2021 Board of Directors 0.8 0.7 CEO 1.1 0.9 Executive Board 3.2 2.9 Share-based compensations (1 2.7 3.3 7.8 7.9 1) The reward paid to the CEO under the share-based compensation plans was EUR 0.7 (0.9) million and to the Executive Board members EUR 2.0 (2.5) million. The period of notice for the CEO is six months, if the service contract is terminated by Elisa, and three months, if the contract is terminated by the CEO. Should the service contract be terminated by Elisa, the CEO is entitled to receive a severance payment equalling the total salary of 24 months less the salary for the period of notice. The period of notice for other members of the Executive Board is six months, if the service contract is terminated by Elisa. Should the contract be terminated by Elisa, the member of the Executive Board is entitled to receive a severance payment that equals the total salary of 15 months less the salary for the period of notice. Managing Directors\u2019 pension commitments In 2020, the Board of Directors agreed with the CEO of Elisa Corporation Veli-Matti Mattila that he will continue as CEO until further notice. Under previous executive agreement, the Group CEO would have retired at the age of 60. The defined benefit pension plan includes vested rights. The company is liable for the pension until the age of 63 and the related accumulated liability of EUR 2.1 million is included in pension obligations on the balance sheet. The pension is accrued annually by 5.1 per cent of the annual earnings under Employees Pensions Act (TyEL), and annually by EUR 120,000 during the period 2017\u20132020. In the management\u2019s cash-based supplementary pension insurance, the pension is accrued from 20.7 per cent of the annual earnings under the Employees Pensions Act (TyEL) starting from the age of 62. The pension arrangement of the CEO is a cash-based plan, and it covers an increase in the statutory retirement age. The executive agreements of the Group Management Board members appointed before year 2013 expire mainly at the age of 62, when they have the right to retire. Pension provisions are cash- based, and they are covered by management supplementary pension insurance, which includes vested rights. Share-based compensation granted to the management The reward paid in 2022 to the CEO under the 2017 plan\u2019s 2019\u20132021 performance period equals the value of 6,426 shares and for the rest of the Executive Board 17,642 shares. The reward paid in 2021 to the CEO under the 2017 plan\u2019s 2018\u20132020 performance period equals the value of 8,258 shares and for the rest of the Executive Board 25,752 shares. The maximum reward granted to the CEO under the 2017 plan\u2019s 2020\u20132022 performance period equals the value of 32,000 shares and for the rest of the Executive Board 97,500 shares. The reward will be paid after the publication of the 2022 financial statements. The maximum reward granted to the CEO under the 2021 plan\u2019s 2021\u20132023 performance period equals the value of 32,000 shares and for the rest of the Executive Board 94,500 shares. The reward will be paid after the publication of the 2023 financial statements. The maximum reward granted to the CEO under the 2021 plan\u2019s 2022\u20132024 performance period equals the value of 32,000 shares and for the rest of the Executive Board 89,500 shares. The reward will be paid after the publication of the 2024 financial statements. The maximum reward granted to the CEO under the 2021 plan\u2019s 2023\u20132025 performance period equals the value of 38,430 shares and for the rest of the Executive Board 109,000 shares. The reward will be paid after the publication of the 2025 financial statements. Elisa shares held by key members of the management The members of Elisa\u2019s Board of Directors, the CEO, the members of the Executive Board and their related parties held a total of 314,185 shares and votes, corresponding to 0.19 per cent of all shares and votes. 4.3 Pension obligations The Group\u2019s pension obligations are classified as either defined contribution plans or defined benefit plans. Under a defined contribution plan, the Group pays fixed contributions to pension insurance companies. If the pension insurance company does not hold sufficient assets to pay all employees the benefits in question, the Group will have no legal or constructive obligation to pay further contributions. The contributions for defined contribution pension plans are recognised as expenses during the financial year, in which the payment obligation has arisen. All other plans not meeting the above criteria are classified as defined benefit plans. The pension schemes for the Group\u2019s personnel in Finland are covered by the Employees Pensions Act (TyEL) and are arranged through pension insurance companies. The Finnish Employees Pensions Act (TyEL) is a defined contribution plan. Supplementary pensions are arranged through life insurance companies. Some supplementary pension plans and pension plans under the responsibility of some group companies have been classified as defined benefit plans. The defined benefit plans are mainly funded by yearly contributions to the insurance companies, based on actuarial valuation. Local tax and other legislation are applied to the pension plans\u2019 arrangements. Only Elisa Corporation has defined benefit plans. The pension plans in foreign subsidiaries are defined contribution plans. Post-employment benefits of key management are described in Note 4.1. The net defined benefit related to pension liability EUR million 2022 2021 Present value of unfunded obligations \u20133.1 \u20133.6 Present value of funded obligations \u201347.5 \u201359.0 Fair value of plan assets 37.7 48.2 \u2009B/S\u2009 Net pension liability (-) / receivable (+) in the statement of financial position \u201312.9 \u201314.4 Pension expenses recognised in the statement of comprehensive income EUR million 2022 2021 Expense recognised in profit or loss Service cost 0.2 0.1 Net interest 0.1 0.1 0.3 0.2 Remeasurements \u20130.5 3.5 Tax effect of the remeasurements 0.1 \u20130.7 I/S \u20130.4 2.8 Reconciliation of the net defined benefit obligations in the statement of financial position EUR million 2022 2021 Net defined benefit obligation at the beginning of the period 14.4 11.0 Pension expenses recognised in profit or loss 0.3 0.2 Remeasurements \u20130.5 3.5 Contributions paid by the employer \u20131.3 \u20130.3 Net defined benefit obligation at the end of period 12.9 14.4 Changes in the present value of the defined benefit obligations EUR million 2022 2021 Obligation at the beginning of the period \u201362.6 \u201363.9 Current service cost \u20130.2 \u20130.1 Interest expenses \u20130.4 \u20130.3 Remeasurements Actuarial gain (+) or loss (-) arising from changes in economic assumptions 8.0 \u20133.5 Gain (+) or loss (-) arising from experience adjustments 0.1 0.8 Benefits paid 4.5 4.5 Obligation at the end of period \u201350.6 \u201362.6 Changes in the fair value of plan assets EUR million 2022 2021 Fair value of plan assets at the beginning of the period 48.2 52.9 Interest income 0.3 0.3 Remeasurements, gain (+) or loss (-) \u20137.7 \u20130.7 Benefits paid \u20134.5 \u20134.5 Contributions paid by the employer 1.3 0.3 Fair value of plan assets at the end of period 37.7 48.2 The principal actuarial assumptions used 2022 2021 Discount rate, % 3.3 0.7 Future pension increase, % 2.8 1.9 Inflation, % 2.6 1.8 Sensitivity analysis of net defined benefit obligation Effect on the net defined benefit obligation, EUR million Change in actuarial assumptions 2022 2021 Discount rate + 0.5% \u20130.9 \u20131.2 Future pension increase +0.5% 0.9 3.9 Expected mortality +1 year 0.7 0.8 When calculating a change in one assumption of the sensitivity analysis, the other assumptions are assumed to remain unchanged. In practice, this is not likely to happen, and some changes in the assumptions may correlate with each other. The figures in the sensitivity analysis have been calculated using the same method which is applied when calculating defined benefit obligations. Defined benefit obligations expose the Group to various risks. Decreases in the gain of corporate bonds, higher inflation and higher expected retirement age may predispose the Group to the growth of defined benefit obligations. On the other hand, since the fair value of assets is calculated using the same discount rate which is used when calculating the obligation, the change in the discount rate will only affect the net defined benefit obligation. Similarly, a rise in life expectancy will increase the assets and affect the net defined benefit obligation. Weighted average duration of the obligation is 13.6 (12.8) years. The Group expects to contribute EUR 0.7 (0.4) million to defined benefit pension plans in 2023. The assets of the defined benefit obligations are 100 per cent acceptable insurances. Accounting principles \u2013 Pension obligations: The Group\u2019s defined benefit obligation has been calculated separately from each plan using the projected unit credit method. Pension expenses calculated by authorised actuaries are recognised in profit or loss over the employees\u2019 working lives. The rate used to discount the present value of the defined benefit obligation is determined by reference to market yields of high-quality corporate bonds. If such information is not available, the market yields on government bonds are used. The maturity of corporate bonds and government bonds are substantially consistent with the maturity of pension obligations. The present value of defined benefit obligation is reduced by the fair value of the plan assets at the end of the reporting period. The net defined benefit pension liability is recognised in the statement of financial position. Current service cost and net interest of the net defined benefit liability are recorded in employee expenses on the income statement. The remeasurements of the net defined benefit liability, for example actuarial gains and losses and the return on plan assets, are recognised in other comprehensive income during the financial period in which they incur. Accounting policies that require management\u2019s judgements \u2013 Pension obligations: The book value of defined pension obligations is based on actuarial valuations. Assumptions and estimates used in the valuations include, among others, the discount rate used on the valuation of the pension obligation and plan assets as well as the development of inflation and salary levels. ",
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"fact-340": {
"value": "Number of personnel at the end of the reporting period 2022 2021 Consumer Customers 2,939 2,845 Corporate Customers 2,684 2,526 5,623 5,371 Corporate Customers Consumer Customers Number of personnel at the year end 0 1,000 2,000 3,000 4,000 5,000 6,000 2,033 2,148 2,257 2,754 2,736 2,914 2,526 2,845 2,684 ",
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"fact-341": {
"value": "4.2.1 Share-based incentive plan 2021 On 4 March 2021, the Board of Directors of Elisa Corporation has appoved a share-based incentive plan for the Group key employees for years 2021\u20132025. The Performance Share Plan includes three three-year performance periods, calendar years 2021\u20132023, 2022\u20132024 and 2023\u20132025. The Board of Directors decided the performance criteria for the plan and required performance levels for each criterion at the beginning of a perfomance period. After the end of the performance period, the reward is paid as a combination of company shares and cash after the completion of financial statements. The cash proportion is intended to cover taxes and tax-related costs arising from the reward to the participant. As a rule, no reward will be paid, if a participant\u2019s employment or service ends before the reward payment. The performance criteria for the performance period 2023\u20132025 are based on Group\u2019s Earnings per Share (EPS), on the International Digital services growth, on Employee Engagement and annual progress in specific key business growth targets. The rewards to be paid on the basis of the performance period 2023\u20132025 correspond to the value of a maximum total of 398,500 Elisa Corporation shares. The performance criteria for the performance period 2022\u20132024 are based on Group\u2019s Earnings per Share (EPS), on the International Digital services growth, on Employee Engagement and annual progress in specific key business growth targets. The rewards to be paid on the basis of the performance period 2022\u20132024 correspond to the value of a maximum total of 360,500 Elisa Corporation shares. The performance criteria for the performance period 2021\u20132023 are based on Group\u2019s Earnings per Share (EPS), on the International Digital services growth and on annual progress in specific key business growth targets. The rewards to be paid on the basis of the performance period 2022\u20132024 correspond to the value of a maximum total of 410,700 Elisa Corporation shares. The CEO of the Company and a member of the Corporate Executive Board must hold a minimum of 50 per cent of the net shares given on the basis of the plan, until the CEO\u2019s shareholding in the Company in total corresponds to the value of his annual salary and, respectively, the member\u2019s shareholding in the Company in total corresponds to the value of half of his or her annual salary. Amount of share incentives and terms and assumptions in the fair value calculation Performance period 2023\u20132025 Performance period 2022\u20132024 Performance period 2021\u20132023 Maximum number of shares granted, pcs 395,800 360,500 410,700 Grant date 31.12.2022 31.12.2021 31.12.2020 Share price at the grant date, EUR 49.46 54.12 49.70 Performance period starts 1.1.2023 1.1.2022 1.1.2021 Performance period ends 31.12.2025 31.12.2024 31.12.2023 Estimated realisation of earning criteria at the beginning of performance period, % 41 44 46 Estimated realisation of earning criteria at the closing date, % 41 78 73 Number of participants in the plan at the closing date 196 180 157 4.2 Share-based incentives The Group has share-based incentive plans in place. The aim of the plans is to align the objectives of the shareholders and the key employees to increase the value of the Company in the long- term, to retain the key employees at the Company, and to offer them a competitive reward plan that is based on earning and accumulating the Company\u00b4s shares. The potential rewards are based on the accomplishment of the goals set. 4.2.2 Share-based incentive plan 2017 On 15 December 2017, Elisa\u2019s Board of Directors decided on the share-based incentive plan for key personnel for 2018\u20132022. The performance-based incentive plan has three performance periods: the calendar years 2018\u20132020, 2019\u20132021 and 2020\u20132022. The Board of Directors decides the performance criteria for the plan and required performance levels for each criterion at the beginning of a performance period. After the end of the performance period, the reward is paid as a combination of company shares and cash after the completion of financial statements. The cash portion intends to cover the tax obligations resulting from the share-based payment. As a rule, no reward will be paid, if a participant\u2019s employment or service ends before the reward payment. The earnings criteria for the performance period 2020\u20132022 are based on earnings per share (EPS), on development of new businesses and other key objectives. The total maximum amount to be paid for the performance period 2020\u20132022 equals the value of 407,600 Elisa shares. The earnings criteria for the performance period 2019\u20132021 were based on earnings per share (EPS), on development of new businesses and other key objectives. The total maximum amount to be paid for the performance period 2019\u20132021 equals the value of 536,000 Elisa shares. The earnings criteria for the performance period 2018\u20132020 were based on earnings per share (EPS), on development of new businesses and other key objectives. The total maximum amount to be paid for the performance period 2018\u20132020 equals the value of 550,000 Elisa shares. The CEO of the Company and a member of the Corporate Executive Board must hold a minimum of 50 per cent of the net shares given on the basis of the plan, until the CEO\u2019s shareholding in the Company in total corresponds to the value of his annual salary and, respectively, the member\u2019s shareholding in the Company in total corresponds to the value of half of his or her annual salary. Amount of share incentives and terms and assumptions in the fair value calculation Performance period 2020\u20132022 Performance period 2019\u20132021 Performance period 2018\u20132020 Maximum number of rewards granted, pcs 407,600 536,000 550,000 Grant date 31.12.2019 31.12.2018 31.12.2017 Share price at the grant date, EUR 49.25 36.08 32.72 Performance period starts 1.1.2020 1.1.2019 1.1.2018 Performance period ends 31.12.2022 31.12.2021 31.12.2020 Estimated realisation of earning criteria at the beginning of performance period, % 61 74 85 Estimated realisation of earning criteria at the closing date, % 71 Realisation of earning criteria, % 31 39 Distributed number, pcs 72,394 95,241 Volume weighted average share price at distribution date, EUR 52.52 49.39 Distributed number out of the maximum number of share rewards granted, % 14 17 Number of participants in the plan at the closing date 164 175 164 4.2.3 Committed share-based incentive plan 2019 On 31 January 2019, Elisa\u2019s Board of Directors decided on a new committed share-based incentive plan for 2019\u20132025. The rewards granted under the plan have a restriction period of 1\u20133 years. The potential reward is based on the validity of the key person\u2019s contract of employment. The maximum number of rewards paid under the plan equals the value of 500,000 Elisa shares. Amount of share incentives and terms and assumptions in the fair value calculation Restriction period 2022\u20132023 Restriction period 2022\u20132023 Restriction period 2019\u20132020 Maximum number of rewards granted, pcs 8,000 3,000 22,500 Grant date 1.8.2022 1.8.2022 10.6.2019 Share price at the grant date, EUR 54.16 54.16 41.50 Restriction period started 1.8.2022 1.8.2022 10.6.2019 Restriction period ends 31.12.2023 31.8.2023 10.6.2021 Estimated realisation of earnings criteria at the beginning of performance period, % 100 100 100 Earning criteria, realised % 100 Shares transferred, pcs 9,152 Average exchange rate on the day of transfer, EUR 51.00 Amount distributed as shares of the maximum amount of share rewards granted, % 41 Number of participants in the plan at the closing date 4 5 8 Expenses of share-based incentive plans In 2022, EUR 14.0 (8.0) million of expenses were recognised for the share incentive plans. Accounting principles \u2013 Share-based payments: In the share-based payment scheme, the total reward amount is the gross earning of shares granted less the applicable withholding tax, with the remaining net amount being paid to the reward recipient in shares. Compensation costs for the share-based incentive plans are entirely treated as equity-settled arrangements. Share-based incentive costs are recognised based on the number of gross shares issued, even though the employee ultimately receives only net shares. The Group settles a cash payment of a portion, required to meet withholding tax obligations, to the Tax Administration. The withholding tax paid to the Tax Administration is recognised directly in equity. Share-based incentive plans are measured at the fair value at the grant date. If the assumption regarding the realised number of shares changes, an adjustment will be recorded through profit and loss. The share-based incentive plans do not include any other non-market based terms and conditions. Transfer restrictions related to the share-based incentive plans are out of the scope of the fair value measurement and expense recognition. Accounting policies that require management\u2019s judgements \u2013 Share-based payments: The expense recognition for the share-based incentive plans is based on an estimate of the fulfilment of the share incentive plan criteria and the development of Elisa Group\u2019s share price. The fulfilment of the share incentive plan criteria and the development of the share price might deviate from the estimates. ",
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"fact-342": {
"value": "Accounting principles \u2013 Share-based payments: In the share-based payment scheme, the total reward amount is the gross earning of shares granted less the applicable withholding tax, with the remaining net amount being paid to the reward recipient in shares. Compensation costs for the share-based incentive plans are entirely treated as equity-settled arrangements. Share-based incentive costs are recognised based on the number of gross shares issued, even though the employee ultimately receives only net shares. The Group settles a cash payment of a portion, required to meet withholding tax obligations, to the Tax Administration. The withholding tax paid to the Tax Administration is recognised directly in equity. Share-based incentive plans are measured at the fair value at the grant date. If the assumption regarding the realised number of shares changes, an adjustment will be recorded through profit and loss. The share-based incentive plans do not include any other non-market based terms and conditions. Transfer restrictions related to the share-based incentive plans are out of the scope of the fair value measurement and expense recognition. ",
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"fact-343": {
"value": "4.3 Pension obligations The Group\u2019s pension obligations are classified as either defined contribution plans or defined benefit plans. Under a defined contribution plan, the Group pays fixed contributions to pension insurance companies. If the pension insurance company does not hold sufficient assets to pay all employees the benefits in question, the Group will have no legal or constructive obligation to pay further contributions. The contributions for defined contribution pension plans are recognised as expenses during the financial year, in which the payment obligation has arisen. All other plans not meeting the above criteria are classified as defined benefit plans. The pension schemes for the Group\u2019s personnel in Finland are covered by the Employees Pensions Act (TyEL) and are arranged through pension insurance companies. The Finnish Employees Pensions Act (TyEL) is a defined contribution plan. Supplementary pensions are arranged through life insurance companies. Some supplementary pension plans and pension plans under the responsibility of some group companies have been classified as defined benefit plans. The defined benefit plans are mainly funded by yearly contributions to the insurance companies, based on actuarial valuation. Local tax and other legislation are applied to the pension plans\u2019 arrangements. Only Elisa Corporation has defined benefit plans. The pension plans in foreign subsidiaries are defined contribution plans. Post-employment benefits of key management are described in Note 4.1. The net defined benefit related to pension liability EUR million 2022 2021 Present value of unfunded obligations \u20133.1 \u20133.6 Present value of funded obligations \u201347.5 \u201359.0 Fair value of plan assets 37.7 48.2 \u2009B/S\u2009 Net pension liability (-) / receivable (+) in the statement of financial position \u201312.9 \u201314.4 Pension expenses recognised in the statement of comprehensive income EUR million 2022 2021 Expense recognised in profit or loss Service cost 0.2 0.1 Net interest 0.1 0.1 0.3 0.2 Remeasurements \u20130.5 3.5 Tax effect of the remeasurements 0.1 \u20130.7 I/S \u20130.4 2.8 Reconciliation of the net defined benefit obligations in the statement of financial position EUR million 2022 2021 Net defined benefit obligation at the beginning of the period 14.4 11.0 Pension expenses recognised in profit or loss 0.3 0.2 Remeasurements \u20130.5 3.5 Contributions paid by the employer \u20131.3 \u20130.3 Net defined benefit obligation at the end of period 12.9 14.4 Changes in the present value of the defined benefit obligations EUR million 2022 2021 Obligation at the beginning of the period \u201362.6 \u201363.9 Current service cost \u20130.2 \u20130.1 Interest expenses \u20130.4 \u20130.3 Remeasurements Actuarial gain (+) or loss (-) arising from changes in economic assumptions 8.0 \u20133.5 Gain (+) or loss (-) arising from experience adjustments 0.1 0.8 Benefits paid 4.5 4.5 Obligation at the end of period \u201350.6 \u201362.6 Changes in the fair value of plan assets EUR million 2022 2021 Fair value of plan assets at the beginning of the period 48.2 52.9 Interest income 0.3 0.3 Remeasurements, gain (+) or loss (-) \u20137.7 \u20130.7 Benefits paid \u20134.5 \u20134.5 Contributions paid by the employer 1.3 0.3 Fair value of plan assets at the end of period 37.7 48.2 The principal actuarial assumptions used 2022 2021 Discount rate, % 3.3 0.7 Future pension increase, % 2.8 1.9 Inflation, % 2.6 1.8 Sensitivity analysis of net defined benefit obligation Effect on the net defined benefit obligation, EUR million Change in actuarial assumptions 2022 2021 Discount rate + 0.5% \u20130.9 \u20131.2 Future pension increase +0.5% 0.9 3.9 Expected mortality +1 year 0.7 0.8 When calculating a change in one assumption of the sensitivity analysis, the other assumptions are assumed to remain unchanged. In practice, this is not likely to happen, and some changes in the assumptions may correlate with each other. The figures in the sensitivity analysis have been calculated using the same method which is applied when calculating defined benefit obligations. Defined benefit obligations expose the Group to various risks. Decreases in the gain of corporate bonds, higher inflation and higher expected retirement age may predispose the Group to the growth of defined benefit obligations. On the other hand, since the fair value of assets is calculated using the same discount rate which is used when calculating the obligation, the change in the discount rate will only affect the net defined benefit obligation. Similarly, a rise in life expectancy will increase the assets and affect the net defined benefit obligation. Weighted average duration of the obligation is 13.6 (12.8) years. The Group expects to contribute EUR 0.7 (0.4) million to defined benefit pension plans in 2023. The assets of the defined benefit obligations are 100 per cent acceptable insurances. Accounting principles \u2013 Pension obligations: The Group\u2019s defined benefit obligation has been calculated separately from each plan using the projected unit credit method. Pension expenses calculated by authorised actuaries are recognised in profit or loss over the employees\u2019 working lives. The rate used to discount the present value of the defined benefit obligation is determined by reference to market yields of high-quality corporate bonds. If such information is not available, the market yields on government bonds are used. The maturity of corporate bonds and government bonds are substantially consistent with the maturity of pension obligations. The present value of defined benefit obligation is reduced by the fair value of the plan assets at the end of the reporting period. The net defined benefit pension liability is recognised in the statement of financial position. Current service cost and net interest of the net defined benefit liability are recorded in employee expenses on the income statement. The remeasurements of the net defined benefit liability, for example actuarial gains and losses and the return on plan assets, are recognised in other comprehensive income during the financial period in which they incur. Accounting policies that require management\u2019s judgements \u2013 Pension obligations: The book value of defined pension obligations is based on actuarial valuations. Assumptions and estimates used in the valuations include, among others, the discount rate used on the valuation of the pension obligation and plan assets as well as the development of inflation and salary levels. ",
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"value": "Accounting principles \u2013 Pension obligations: The Group\u2019s defined benefit obligation has been calculated separately from each plan using the projected unit credit method. Pension expenses calculated by authorised actuaries are recognised in profit or loss over the employees\u2019 working lives. The rate used to discount the present value of the defined benefit obligation is determined by reference to market yields of high-quality corporate bonds. If such information is not available, the market yields on government bonds are used. The maturity of corporate bonds and government bonds are substantially consistent with the maturity of pension obligations. The present value of defined benefit obligation is reduced by the fair value of the plan assets at the end of the reporting period. The net defined benefit pension liability is recognised in the statement of financial position. Current service cost and net interest of the net defined benefit liability are recorded in employee expenses on the income statement. The remeasurements of the net defined benefit liability, for example actuarial gains and losses and the return on plan assets, are recognised in other comprehensive income during the financial period in which they incur. ",
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"fact-346": {
"value": "5.1 Depreciation, amortisation and impairment EUR million 2022 20 21 Tangible assets Land and water areas Right-of-use assets 1.1 1 .0 Buildings and constructions Owned buildings and constructions 11.9 12 .4 Right-of-use assets 20.3 17 .6 Telecom devices, machinery and equipment Owned telecom devices, machinery and equipment 168.8 173 .2 Right-of-use assets 3.0 3 .1 Other tangible assets 0.1 0 .1 205.2 20 7.5 Intangible assets Customer base 4.3 6 .6 Other intangible assets 53.9 52 .5 58.2 5 9.1 I/S 263.4 26 6.6 EUR 0.0 (0.0) million of impairment losses have been recoded for the assets. ",
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"fact-347": {
"value": "EUR 0.0 (0.0) million of impairment losses have been recoded for the assets. ",
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},
"fact-348": {
"value": "5.2 Property, plant and equipment 2022 EUR million Land and water areas Buildings and structures Telecom devices, machinery and equipment Other tangible assets Tangible assets under construction Total Acquisition cost at 1 Jan. 12.3 316.0 3,949.0 36.5 33.9 4,347.7 Business acquisitions 0.0 0.1 0.0 0.1 Additions 0.1 18.1 152.4 0.1 29.6 200.3 Business disposals \u20131.2 \u20131.2 Disposals \u201380.7 0.0 \u201380.8 Reclassifications \u20130.6 0.6 26.2 0.0 \u201330.8 \u20134.6 Translation differences 0.0 0.0 0.0 0.0 0.0 0.1 Acquisition cost at 31 Dec. 11.7 334.8 4,045.9 36.6 32.7 4,461.7 Accumulated depreciation and impairment at 1 Jan. 0.0 195.9 3,363.3 35.8 3,595.0 Depreciation and impairment \u20130.1 11.9 168.8 0.1 180.7 Accumulated depreciation on business acquisitions 0.1 0.1 Accumulated depreciation on disposals and reclassifications \u20131.2 \u201378.9 0.0 \u201380.1 Accumulated depreciation on business disposals \u20130.7 \u20130.7 Translation differences 0.0 0.0 0.0 0.0 Accumulated depreciation and impairment at 31 Dec. \u20130.1 206.7 3,452.6 35.9 3,695.0 \u2009B/S\u2009 Book value at 1 Jan. 12.3 120.0 585.7 0.8 33.9 752.7 \u2009B/S\u2009 Book value at 31 Dec. 11.8 128.1 593.3 0.8 32.7 766.7 2021 EUR million Land and water areas Buildings and structures Telecom devices, machinery and equipment Other tangible assets Tangible assets under construction Total Acquisition cost at 1 Jan. 11.1 298.9 3,781.9 35.7 28.5 4,156.1 Business acquisitions 1.1 \u20130.4 1.2 0.7 0.2 2.8 Additions 0.1 12.7 162.6 0.1 26.5 201.8 Disposals 0.0 \u20130.5 \u201315.0 0.0 \u201315.4 Reclassifications 0.0 5.3 18.3 \u201321.3 2.3 Translation differences 0.0 0.0 0.1 0.0 0.0 0.1 Acquisition cost at 31 Dec. 12.3 316.0 3,949.0 36.5 33.9 4,347.7 Accumulated depreciation and impairment at 1 Jan. 0.0 183.7 3,202.2 35.1 3,421.0 Depreciation and impairment 12.4 173.2 0.1 185.7 Accumulated depreciation on business acquisitions 0.1 1.0 0.6 1.7 Accumulated depreciation on disposals and reclassifications \u20130.3 \u201313.1 \u201313.5 Translation differences 0.0 0.0 0.0 0.1 Accumulated depreciation and impairment at 31 Dec. 0.0 195.9 3,363.3 35.8 3,595.0 \u2009B/S\u2009 Book value at 1 Jan. 11.1 115.2 579.7 0.7 28.5 735.1 \u2009B/S\u2009 Book value at 31 Dec. 12.3 120.0 585.7 0.8 33.9 752.7 On 31 December 2022, the investment commitments for tangible and intangible assets were EUR 70.1 (55.7) million. Accounting principles \u2013 Property, plant and equipment: Property, plant and equipment are recognised in the statement of financial position at the original cost. Property, plant and equipment are valuated at acquisition cost less accumulated depreciation and impairments. Depreciation is recorded on a straight-line basis over the useful lives of tangible assets. The residual value and the useful life of an asset is reviewed at year-end and adjusted, if necessary. Subsequent costs, such as renewals and major renovation projects, are capitalised when it is probable that future economic benefit will flow to the Group. Ordinary repair, service and maintenance costs are recognised as expenses during the financial period in which they incur. Government grants, such as grants received in connection with the acquisition of fixed assets, are recorded as a deduction from the carrying amount of the fixed assets. Government grants are recognised in profit and loss in the form of lower depreciation over the useful life of the fixed asset. Expected useful life of property, plant and equipment: Buildings and structures 25\u201340 years Machinery and equipment in buildings 10\u201325 years Telecommunications network (line, backbone, area, subscription, cable TV) 8\u201315 years Exchanges and concentrators (fixed and mobile core) 6\u201310 years Equipment for the network and exchanges 3\u20138 years Telecommunication terminals 2\u20134 years Other machinery and equipment 3\u20135 years Land and water areas are not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-349": {
"value": "Accounting principles \u2013 Property, plant and equipment: Property, plant and equipment are recognised in the statement of financial position at the original cost. Property, plant and equipment are valuated at acquisition cost less accumulated depreciation and impairments. Depreciation is recorded on a straight-line basis over the useful lives of tangible assets. The residual value and the useful life of an asset is reviewed at year-end and adjusted, if necessary. Subsequent costs, such as renewals and major renovation projects, are capitalised when it is probable that future economic benefit will flow to the Group. Ordinary repair, service and maintenance costs are recognised as expenses during the financial period in which they incur. Government grants, such as grants received in connection with the acquisition of fixed assets, are recorded as a deduction from the carrying amount of the fixed assets. Government grants are recognised in profit and loss in the form of lower depreciation over the useful life of the fixed asset. Expected useful life of property, plant and equipment: Buildings and structures 25\u201340 years Machinery and equipment in buildings 10\u201325 years Telecommunications network (line, backbone, area, subscription, cable TV) 8\u201315 years Exchanges and concentrators (fixed and mobile core) 6\u201310 years Equipment for the network and exchanges 3\u20138 years Telecommunication terminals 2\u20134 years Other machinery and equipment 3\u20135 years Land and water areas are not depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-350": {
"value": "Expected useful life of property, plant and equipment: Buildings and structures 25\u201340 years Machinery and equipment in buildings 10\u201325 years Telecommunications network (line, backbone, area, subscription, cable TV) 8\u201315 years Exchanges and concentrators (fixed and mobile core) 6\u201310 years Equipment for the network and exchanges 3\u20138 years Telecommunication terminals 2\u20134 years Other machinery and equipment 3\u20135 years Land and water areas are not depreciated. Amortisation periods for intangible assets: AsCustomer base 3\u20135 years Brand 10 years Development expenses 3 years IT software 5 years Other intangible assets 3\u201310 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-351": {
"value": "5.3 Right-of-use assets 2022 EUR million Land and water areas Buildings and structures Telecom devices, machinery and equipment Total Acquisition cost at 1 Jan. 15.5 129.1 130.3 274.9 Business acquisitions 0.0 0.0 Additions 1.6 20.6 3.3 25.5 Disposals \u20131.6 \u20131.6 Reclassifications \u20134.3 \u2013112.6 \u2013117.0 Translation differences \u20130.2 0.0 \u20130.2 Acquisition cost at 31 Dec. 17.2 143.6 20.9 181.7 Accumulated amortisation and impairment at 1 Jan. 2.9 56.3 124.7 183.9 Depreciation and impairment 1.1 20.3 3.0 24.4 Accumulated amortisation on disposal and reclassifications \u20134.3 \u2013112.6 \u2013117.0 Translation differences \u20130.1 0.0 \u20130.1 Accumulated depreciation and impairment at 31 Dec. 4.0 72.2 15.1 91.3 \u2009B/S\u2009 Book value at 1 Jan. 12.6 72.8 5.5 91.0 \u2009B/S\u2009 Book value at 31 Dec. 13.2 71.4 5.9 90.4 2021 EUR million Land and water areas Buildings and structures Telecom devices, machinery and equipment Total Acquisition cost at 1 Jan. 14.0 114.0 131.7 259.7 Business acquisitions 0.8 0.3 1.2 Additions 1.5 14.3 2.1 18.0 Disposals \u20131.1 \u20131.1 Reclassifications \u20130.1 \u20132.8 \u20132.9 Translation differences 0.0 0.0 0.0 Acquisition cost at 31 Dec. 15.5 129.1 130.3 274.9 Accumulated depreciation and impairment at 1 Jan. 1.9 38.8 124.4 165.1 Depreciation and impairment 1.0 17.6 3.1 21.8 Accumulated depreciation on disposal and reclassifications \u20130.2 \u20132.8 \u20133.0 Translation differences 0.0 0.0 Accumulated depreciation and impairment at 31 Dec. 2.9 56.3 124.7 183.9 \u2009B/S\u2009 Book value at 1 Jan. 12.1 75.2 7.3 94.6 \u2009B/S\u2009 Book value at 31 Dec. 12.6 72.8 5.5 91.0 On 31 December 2022, the lease commitments for lease contracts commencing in the future in accordance with IFRS 16 were EUR 0.1 (4.8) million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-352": {
"value": "5.3 Right-of-use assets 2022 EUR million Land and water areas Buildings and structures Telecom devices, machinery and equipment Total Acquisition cost at 1 Jan. 15.5 129.1 130.3 274.9 Business acquisitions 0.0 0.0 Additions 1.6 20.6 3.3 25.5 Disposals \u20131.6 \u20131.6 Reclassifications \u20134.3 \u2013112.6 \u2013117.0 Translation differences \u20130.2 0.0 \u20130.2 Acquisition cost at 31 Dec. 17.2 143.6 20.9 181.7 Accumulated amortisation and impairment at 1 Jan. 2.9 56.3 124.7 183.9 Depreciation and impairment 1.1 20.3 3.0 24.4 Accumulated amortisation on disposal and reclassifications \u20134.3 \u2013112.6 \u2013117.0 Translation differences \u20130.1 0.0 \u20130.1 Accumulated depreciation and impairment at 31 Dec. 4.0 72.2 15.1 91.3 \u2009B/S\u2009 Book value at 1 Jan. 12.6 72.8 5.5 91.0 \u2009B/S\u2009 Book value at 31 Dec. 13.2 71.4 5.9 90.4 2021 EUR million Land and water areas Buildings and structures Telecom devices, machinery and equipment Total Acquisition cost at 1 Jan. 14.0 114.0 131.7 259.7 Business acquisitions 0.8 0.3 1.2 Additions 1.5 14.3 2.1 18.0 Disposals \u20131.1 \u20131.1 Reclassifications \u20130.1 \u20132.8 \u20132.9 Translation differences 0.0 0.0 0.0 Acquisition cost at 31 Dec. 15.5 129.1 130.3 274.9 Accumulated depreciation and impairment at 1 Jan. 1.9 38.8 124.4 165.1 Depreciation and impairment 1.0 17.6 3.1 21.8 Accumulated depreciation on disposal and reclassifications \u20130.2 \u20132.8 \u20133.0 Translation differences 0.0 0.0 Accumulated depreciation and impairment at 31 Dec. 2.9 56.3 124.7 183.9 \u2009B/S\u2009 Book value at 1 Jan. 12.1 75.2 7.3 94.6 \u2009B/S\u2009 Book value at 31 Dec. 12.6 72.8 5.5 91.0 On 31 December 2022, the lease commitments for lease contracts commencing in the future in accordance with IFRS 16 were EUR 0.1 (4.8) million. Accounting principles \u2013 Right-of-use assets: A lease contract is a contract or a part of a contract that conveys the right to use the underlying asset for a specified period in exchange for consideration. When a new contract is made, Elisa assesses whether the contract in question is a lease contract or contains a lease contract. The Group\u2019s leases mainly consist of leases for business premises, telecom and equipment premises, retail facilities and vehicles. Last mile rentals from other operators and indefeasible right to use (IRU) contracts mainly do not fulfil the definition of a lease. The right-of-use assets and lease liabilities recognised in the balance sheet are measured at present value of future lease payments at the time of initial recognition. The lease payments are discounted using industry-specific interest rates considering the length of the lease contracts. The depreciation costs of the right-of-use assets and the interest portion of the lease liabilities are expensed. The depreciation of right-of-use assets is recorded on a straight-line basis starting on the commencement of the agreement over the useful life of the right-of-use asset or over the lease period, depending on which of these is shorter. The right-of-use asset is adjusted in certain cases with remeasurements of the lease liability. Lease liabilities are mainly remeasured when future payments change due to index or interest rate changes or when the Group\u2019s assessment of using a possible extension option changes. When a lease liability is remeasured, the book value of the right-of-use asset is usually adjusted accordingly. Short term and low value leases are recognised in the income statement and presented as off-balance sheet commitments. Leases with the lease term of 12 months or less are short term leases and leases for which the underlying asset is of low value are low value leases. Rental expenses for short term and low value leases are described under Note 8.4 Off-balance sheet leases and other commitments. The Group separates the service components included in the lease agreements of business premises, retail facilities and vehicles and recognises their share as an expense in the income statement. Maturity of lease liabilities\u2019 cash flows EUR million 2022 2021 Within one year 20.4 18.1 Later than one year, but not later than five years 30.5 32.1 Later than five years 40.4 41.3 91.2 91.6 Lease liabilities: Lease liabilities are initially measured at present value of future lease payments. The estimated lease term includes the non-cancellable period of the lease together with periods covered by termination and extension options, if exercise of these options is reasonably certain. Company has discounted the future lease payments using the borrowing rate based on duration of the estimated lease term. The lease liability is initially measured using the actual value of an index at the commencement date. The lease liabilities are remeasured if the changes are reflected in the cash flow or if the Group reassesses whether it is reasonably certain to exercise a possible option. Leases Group as a lessee Lease payments related to off-balance sheet lease commitments: EUR million 2022 2021 Lease payments associated with short-term leases 31.9 32.8 Lease payments associated with low-value assets 4.6 4.2 36.5 37.0 Future minimum lease payments under non-cancellable off-balance sheet leases: EUR million 2022 2021 Within one year 13.2 12.5 Later than one year, but not later than five years 4.3 4.7 Later than five years 1.0 1.2 18.4 18.4 Lease payments are presented without value added tax. Group as a lessor Future minimum lease receivables under non-cancellable operating leases: EUR million 2022 2021 Within one year 3.6 2.5 Later than one year, but not later than five years 0.7 0.9 4.3 3.3 Accounting principles \u2013 Leases: The group as a lessee The Group recognises rental expenses for short-term leases and low-value assest in the income statements and presents such contracts as off-balance sheet liabilities. The group as a lessor The Group acts as a lessor in two different types of lease arrangements that are accounted for as operating leases: rental income from telecom premises and carrier services is recognised as revenue over the lease period, and rental income from real estate is recognised as other operating income. The lease contract periods are mainly short with durations of 1\u20136 months. Rental income is recognised over the lease period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-353": {
"value": "Accounting principles \u2013 Right-of-use assets: A lease contract is a contract or a part of a contract that conveys the right to use the underlying asset for a specified period in exchange for consideration. When a new contract is made, Elisa assesses whether the contract in question is a lease contract or contains a lease contract. The Group\u2019s leases mainly consist of leases for business premises, telecom and equipment premises, retail facilities and vehicles. Last mile rentals from other operators and indefeasible right to use (IRU) contracts mainly do not fulfil the definition of a lease. The right-of-use assets and lease liabilities recognised in the balance sheet are measured at present value of future lease payments at the time of initial recognition. The lease payments are discounted using industry-specific interest rates considering the length of the lease contracts. The depreciation costs of the right-of-use assets and the interest portion of the lease liabilities are expensed. The depreciation of right-of-use assets is recorded on a straight-line basis starting on the commencement of the agreement over the useful life of the right-of-use asset or over the lease period, depending on which of these is shorter. The right-of-use asset is adjusted in certain cases with remeasurements of the lease liability. Lease liabilities are mainly remeasured when future payments change due to index or interest rate changes or when the Group\u2019s assessment of using a possible extension option changes. When a lease liability is remeasured, the book value of the right-of-use asset is usually adjusted accordingly. Short term and low value leases are recognised in the income statement and presented as off-balance sheet commitments. Leases with the lease term of 12 months or less are short term leases and leases for which the underlying asset is of low value are low value leases. Rental expenses for short term and low value leases are described under Note 8.4 Off-balance sheet leases and other commitments. The Group separates the service components included in the lease agreements of business premises, retail facilities and vehicles and recognises their share as an expense in the income statement. Lease liabilities: Lease liabilities are initially measured at present value of future lease payments. The estimated lease term includes the non-cancellable period of the lease together with periods covered by termination and extension options, if exercise of these options is reasonably certain. Company has discounted the future lease payments using the borrowing rate based on duration of the estimated lease term. The lease liability is initially measured using the actual value of an index at the commencement date. The lease liabilities are remeasured if the changes are reflected in the cash flow or if the Group reassesses whether it is reasonably certain to exercise a possible option. Accounting principles \u2013 Leases: The group as a lessee The Group recognises rental expenses for short-term leases and low-value assest in the income statements and presents such contracts as off-balance sheet liabilities. The group as a lessor The Group acts as a lessor in two different types of lease arrangements that are accounted for as operating leases: rental income from telecom premises and carrier services is recognised as revenue over the lease period, and rental income from real estate is recognised as other operating income. The lease contract periods are mainly short with durations of 1\u20136 months. Rental income is recognised over the lease period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-354": {
"value": "5.4 Intangible assets 2022 EUR million Goodwill Customer base Other intangible assets Intangible assets under construction Total Acquisition cost at 1 Jan. 1,160.6 45.0 845.1 13.4 2,064.1 Business acquisitions 22.5 2.1 24.6 Additions 51.4 (1 12.5 63.9 Disposals \u20130.2 \u20130.2 Business disposals 0.0 0.0 Reclassifications 8.0 \u20136.9 1.1 Translation differences \u20134.7 \u20130.7 0.0 \u20135.4 Acquisition cost at 31 Dec. 1,178.4 44.3 906.4 19.0 2,148.1 Accumulated amortisation and impairment at 1 Jan. 21.2 34.5 670.9 726.7 Depreciation and impairment 4.3 53.9 58.2 Accumulated depreciation on business acquisitions 0.1 0.1 Accumulated amortisation on disposal and reclassifications \u20134.0 \u20134.0 Accumulated depreciation on business disposals 0.0 0.0 Translation differences \u20130.1 \u20130.5 0.0 \u20130.7 Accumulated depreciation and impairment at 31 Dec. 21.1 38.3 720.8 780.2 Book value at 1 Jan. 1,139.4 10.5 174.2 13.4 1,337.4 Book value at 31 Dec. 1,157.3 6.0 185.5 (2 19.0 1,367.8 2021 EUR million Goodwill Customer base Other intangible assets Intangible assets under construction Total Acquisition cost at 1 Jan. 1,152.5 126.9 801.7 10.2 2,091.4 Business acquisitions 8.6 0.8 3.6 13.0 Additions 34.4 10.9 45.3 Disposals 0.0 0.0 Reclassifications \u201382.5 5.3 \u20137.7 \u201384.9 Translation differences \u20130.5 \u20130.2 0.1 \u20130.7 Acquisition cost at 31 Dec. 1,160.6 45.0 845.1 13.4 2,064.1 Accumulated depreciation and impairment at 1 Jan. 21.1 110.5 618.3 749.9 Depreciation and impairment 6.6 52.5 59.1 Accumulated depreciation on business acquisitions 2.0 2.0 Accumulated depreciation on disposals and reclassifications \u201382.5 \u20131.9 \u201384.4 Translation differences 0.2 \u20130.1 0.0 0.1 Accumulated depreciation and impairment at 31 Dec. 21.2 34.5 670.9 726.7 Book value at 1 Jan. 1,131.4 16.4 183.4 10.2 1,341.5 Book value at 31 Dec. 1,139.4 10.5 174.2 (2 13.4 1,337.4 1) Includes Estonian 3,5 GHz spectrum licence in a carrying amount of EUR 7.2 million and 2x10 MHz spectrum licence in carryng amount of EUR 2.11 million. 2) Includes software in carrying amount of EUR 89.6 (85.1) million. Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: AsCustomer base 3\u20135 years Brand 10 years Development expenses 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development expenses capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income, when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less cost of disposal or its value in use, if it is higher. Value in use is a discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed, if there are indications that a change in circumstances has taken place, and the asset\u2019s recoverable amount has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. 5.4.1 Goodwill Goodwill is allocated to the Group\u2019s cash generating units as follows: EUR million 2022 2021 Consumer Customers 641.0 641.0 Corporate Customers 516.3 498.4 \u2009B/S\u2009 1,157.3 1,139.4 The reported operating segments based on Elisa\u2019s organisational and management structure are Consumer Customers and Corporate Customers. Impairment testing: In annual impairment tests, the recoverable amount of the segments is determined based on the value in use, which is calculated on the basis of projected discounted cash flows (DCF model). Covering a five-year period, the cash flow projections are based on plans approved by the management. The projections are mostly consistent with information from external sources and reflect actual development. The used discount rate before taxes is 6.6 per cent (5.3 per cent in comparison period ). Cash flows after five years have been projected by estimating the change in future cash flows as 2 per cent growth. As a result of the performed impairment tests, there was no need for impairment of the segments\u2019 goodwill. Usage of the DCF model requires forecasts and assumptions concerning market growth, prices, volume development, investment needs and general interest rate. The major sensitivities in the performance are associated with forecast revenue and profitability levels. Sensitivity analysis Projection parameters applied Consumer Customers 2022 Corporate Customers 2022 Consumer Customers 2021 Corporate Customers 2021 Amount in excess of CGU carrying value, EUR million 5,446 2,452 7,973 3,871 EBITDA margin on average, % (1 38.5 30.0 38.4 31.7 Horizon growth, % 2.0 2.0 2.0 2.0 Pre-tax discount rate, % 6.6 6.6 5.3 5.3 1) On average during a five-year projection period. Change in projection parameters that makes the fair value equal to book value Consumer Customers 2022 Corporate Customers 2022 Consumer Customers 2021 Corporate Customers 2021 EBITDA margin on average, % \u201318.8 \u201313.3 \u201320.9 \u201316.0 Horizon growth, % \u201328.9 \u201322.8 \u201335.5 \u201329.0 Pre-tax discount rate, % 17.3 15.3 19.9 16.6 Accounting principles \u2013 Goodwill: Goodwill arising from business combinations prior to 2004 is accounted for in accordance with the previous financial statements regulations and the book value is the assumed acquisition cost in accordance with IFRS. Business combinations incurred between 1 January 2004 and 31 December 2009 have been accounted for in accordance with IFRS 3 (2004). Goodwill arising from business combinations incurred after 1 January 2010 represents the excess of the consideration transferred over the Group\u2019s interest in the net fair value of the identifiable net assets acquired and the amount of non-controlling interest, and in a business combination achieved in stages, the acquisition-date fair value of the equity interest. Goodwill is not amortised. Goodwill is tested for impairment annually, or more frequently, if there is any indication of a potential impairment. For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGU\u2019s) \u2013 Consumer Customers and Corporate Customers. Goodwill is carried at its cost less any accumulated impairment losses. An impairment loss is recognised, when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. If an impairment loss is allocated to a cash-generating unit, it is first allocated to reduce the carrying amount of any goodwill allocated to the cash-generating unit, and then to the other assets of the unit on a pro rata basis. An impairment loss recognised for goodwill is never reversed under any circumstances. Accounting policies that require management\u2019s judgements \u2013 Goodwill impairment testing: The recoverable amount of cash-generating units is determined by calculations based on value in use, the preparation of which requires estimates and assumptions. The main uncertainties are associated with the estimated levels of revenue and profitability and the discount rate. Any changes may lead to the recognition of impairment losses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-355": {
"value": "5.4 Intangible assets 2022 EUR million Goodwill Customer base Other intangible assets Intangible assets under construction Total Acquisition cost at 1 Jan. 1,160.6 45.0 845.1 13.4 2,064.1 Business acquisitions 22.5 2.1 24.6 Additions 51.4 (1 12.5 63.9 Disposals \u20130.2 \u20130.2 Business disposals 0.0 0.0 Reclassifications 8.0 \u20136.9 1.1 Translation differences \u20134.7 \u20130.7 0.0 \u20135.4 Acquisition cost at 31 Dec. 1,178.4 44.3 906.4 19.0 2,148.1 Accumulated amortisation and impairment at 1 Jan. 21.2 34.5 670.9 726.7 Depreciation and impairment 4.3 53.9 58.2 Accumulated depreciation on business acquisitions 0.1 0.1 Accumulated amortisation on disposal and reclassifications \u20134.0 \u20134.0 Accumulated depreciation on business disposals 0.0 0.0 Translation differences \u20130.1 \u20130.5 0.0 \u20130.7 Accumulated depreciation and impairment at 31 Dec. 21.1 38.3 720.8 780.2 Book value at 1 Jan. 1,139.4 10.5 174.2 13.4 1,337.4 Book value at 31 Dec. 1,157.3 6.0 185.5 (2 19.0 1,367.8 2021 EUR million Goodwill Customer base Other intangible assets Intangible assets under construction Total Acquisition cost at 1 Jan. 1,152.5 126.9 801.7 10.2 2,091.4 Business acquisitions 8.6 0.8 3.6 13.0 Additions 34.4 10.9 45.3 Disposals 0.0 0.0 Reclassifications \u201382.5 5.3 \u20137.7 \u201384.9 Translation differences \u20130.5 \u20130.2 0.1 \u20130.7 Acquisition cost at 31 Dec. 1,160.6 45.0 845.1 13.4 2,064.1 Accumulated depreciation and impairment at 1 Jan. 21.1 110.5 618.3 749.9 Depreciation and impairment 6.6 52.5 59.1 Accumulated depreciation on business acquisitions 2.0 2.0 Accumulated depreciation on disposals and reclassifications \u201382.5 \u20131.9 \u201384.4 Translation differences 0.2 \u20130.1 0.0 0.1 Accumulated depreciation and impairment at 31 Dec. 21.2 34.5 670.9 726.7 Book value at 1 Jan. 1,131.4 16.4 183.4 10.2 1,341.5 Book value at 31 Dec. 1,139.4 10.5 174.2 (2 13.4 1,337.4 1) Includes Estonian 3,5 GHz spectrum licence in a carrying amount of EUR 7.2 million and 2x10 MHz spectrum licence in carryng amount of EUR 2.11 million. 2) Includes software in carrying amount of EUR 89.6 (85.1) million. Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: AsCustomer base 3\u20135 years Brand 10 years Development expenses 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development expenses capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income, when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less cost of disposal or its value in use, if it is higher. Value in use is a discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed, if there are indications that a change in circumstances has taken place, and the asset\u2019s recoverable amount has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-356": {
"value": "5.4 Intangible assets 2022 EUR million Goodwill Customer base Other intangible assets Intangible assets under construction Total Acquisition cost at 1 Jan. 1,160.6 45.0 845.1 13.4 2,064.1 Business acquisitions 22.5 2.1 24.6 Additions 51.4 (1 12.5 63.9 Disposals \u20130.2 \u20130.2 Business disposals 0.0 0.0 Reclassifications 8.0 \u20136.9 1.1 Translation differences \u20134.7 \u20130.7 0.0 \u20135.4 Acquisition cost at 31 Dec. 1,178.4 44.3 906.4 19.0 2,148.1 Accumulated amortisation and impairment at 1 Jan. 21.2 34.5 670.9 726.7 Depreciation and impairment 4.3 53.9 58.2 Accumulated depreciation on business acquisitions 0.1 0.1 Accumulated amortisation on disposal and reclassifications \u20134.0 \u20134.0 Accumulated depreciation on business disposals 0.0 0.0 Translation differences \u20130.1 \u20130.5 0.0 \u20130.7 Accumulated depreciation and impairment at 31 Dec. 21.1 38.3 720.8 780.2 Book value at 1 Jan. 1,139.4 10.5 174.2 13.4 1,337.4 Book value at 31 Dec. 1,157.3 6.0 185.5 (2 19.0 1,367.8 2021 EUR million Goodwill Customer base Other intangible assets Intangible assets under construction Total Acquisition cost at 1 Jan. 1,152.5 126.9 801.7 10.2 2,091.4 Business acquisitions 8.6 0.8 3.6 13.0 Additions 34.4 10.9 45.3 Disposals 0.0 0.0 Reclassifications \u201382.5 5.3 \u20137.7 \u201384.9 Translation differences \u20130.5 \u20130.2 0.1 \u20130.7 Acquisition cost at 31 Dec. 1,160.6 45.0 845.1 13.4 2,064.1 Accumulated depreciation and impairment at 1 Jan. 21.1 110.5 618.3 749.9 Depreciation and impairment 6.6 52.5 59.1 Accumulated depreciation on business acquisitions 2.0 2.0 Accumulated depreciation on disposals and reclassifications \u201382.5 \u20131.9 \u201384.4 Translation differences 0.2 \u20130.1 0.0 0.1 Accumulated depreciation and impairment at 31 Dec. 21.2 34.5 670.9 726.7 Book value at 1 Jan. 1,131.4 16.4 183.4 10.2 1,341.5 Book value at 31 Dec. 1,139.4 10.5 174.2 (2 13.4 1,337.4 1) Includes Estonian 3,5 GHz spectrum licence in a carrying amount of EUR 7.2 million and 2x10 MHz spectrum licence in carryng amount of EUR 2.11 million. 2) Includes software in carrying amount of EUR 89.6 (85.1) million. Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: AsCustomer base 3\u20135 years Brand 10 years Development expenses 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development expenses capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income, when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less cost of disposal or its value in use, if it is higher. Value in use is a discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed, if there are indications that a change in circumstances has taken place, and the asset\u2019s recoverable amount has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-357": {
"value": "Accounting principles \u2013 Intangible assets: An intangible asset is recognised only if it is probable that the expected future economic benefits attributable to the asset will flow to the Group and the cost of the asset can be measured reliably. Subsequent costs related to the intangible assets are capitalised only if the future economic benefits that will flow to the Group exceed the level of performance originally assessed. In other cases, the costs are recognised the expense is incurred. In connection with the business combinations, intangible assets, such as customer base and brand, are measured at fair value. Other intangible assets are measured at original acquisition cost and amortised on a straight-line basis over their estimated useful life. Amortisation periods for intangible assets: AsCustomer base 3\u20135 years Brand 10 years Development expenses 3 years IT software 5 years Other intangible assets 3\u201310 years Research costs are recorded as expenses in the income statement. Development expenses capitalised from the date the product is technically feasible, it can be utilised commercially and the asset is expected to generate future economic benefit. Otherwise, development costs are recorded as an expense. Development costs initially recognised as expenses cannot be capitalised subsequently. Public grants related to research and development projects are recognised as other operating income, when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. Implementation costs of SaaS arrangement are generally recognised as an expense and capitalised as an intangible asset only if the capitalisation conditions are met. The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less cost of disposal or its value in use, if it is higher. Value in use is a discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed, if there are indications that a change in circumstances has taken place, and the asset\u2019s recoverable amount has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-358": {
"value": "Public grants related to research and development projects are recognised as other operating income, when research and development costs are recognised as an annual expense. If the public grant relates to the product development cost to be capitalised, the grant received reduces the capitalised acquisition costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-359": {
"value": "The Group assesses at each balance sheet date whether there is any indication that an asset may be impaired. If such evidence exists, the recoverable amount of the asset is assessed. Additionally, regardless of any existence of impairment indications, the recoverable amount of intangible assets under construction is assessed annually. The Group does not have any intangible assets with an indefinite useful life. The recoverable amount of the asset is its fair value less cost of disposal or its value in use, if it is higher. Value in use is a discounted present value of future net cash flows expected to be derived from an asset. An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. An impairment loss is reversed, if there are indications that a change in circumstances has taken place, and the asset\u2019s recoverable amount has changed since the impairment loss was recognised. However, the reversal of an impairment loss will never exceed the carrying amount of the asset had no impairment loss been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-360": {
"value": "Accounting principles \u2013 Goodwill: Goodwill arising from business combinations prior to 2004 is accounted for in accordance with the previous financial statements regulations and the book value is the assumed acquisition cost in accordance with IFRS. Business combinations incurred between 1 January 2004 and 31 December 2009 have been accounted for in accordance with IFRS 3 (2004). Goodwill arising from business combinations incurred after 1 January 2010 represents the excess of the consideration transferred over the Group\u2019s interest in the net fair value of the identifiable net assets acquired and the amount of non-controlling interest, and in a business combination achieved in stages, the acquisition-date fair value of the equity interest. Goodwill is not amortised. Goodwill is tested for impairment annually, or more frequently, if there is any indication of a potential impairment. For the purpose of impairment testing, goodwill is allocated to the cash-generating units (CGU\u2019s) \u2013 Consumer Customers and Corporate Customers. Goodwill is carried at its cost less any accumulated impairment losses. An impairment loss is recognised, when the carrying amount of an asset exceeds its recoverable amount. An impairment loss is recognised immediately in the income statement. If an impairment loss is allocated to a cash-generating unit, it is first allocated to reduce the carrying amount of any goodwill allocated to the cash-generating unit, and then to the other assets of the unit on a pro rata basis. An impairment loss recognised for goodwill is never reversed under any circumstances. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-362": {
"value": "6.1 Inventories EUR million 2022 2021 Materials and supplies 33.2 23.7 Finished goods 62.4 59.1 \u2009B/S\u2009 95.5 82.8 An impairment on inventories of EUR 0.4 (2.1) million was recognised during the financial period. Inventories: Inventories are measured at their acquisition cost or at the net realisable value, if lower than the cost. In ordinary course of business net realisable value is the estimated selling price less necessary estimated costs associated with the eventual sale. The cost is determined using a weighted average price. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-363": {
"value": "6.2.1 Current receivables EUR million 2022 202 Trade receivables 421.9 395.7 Impaired trade receivables \u20134.7 \u20135.4 Contract assets related to revenue 2.0 4.3 Contract assets related to costs 5.7 5.7 Accrued income 79.8 79.5 Finance lease receivables 16.5 11.9 Loan receivables 0.1 0.1 Receivables from associated companies 0.1 0.1 Other receivables 15.6 14.3 \u2009B/S\u2009 537.1 506.3 Accrued income includes interest receivables as well as income and cost accruals from the operating activities. 6.2 Trade and other receivables 6.2.2 Non-current receivables EUR million 2022 2021 Loan receivables 0.0 0.0 Trade receivables 99.4 92.0 Finance lease receivables 12.7 6.2 Accrued income 2.4 3.1 Non-current derivatives 1.2 1.6 Other non-current receivables 1.1 0.4 \u2009B/S\u2009 116.8 103.2 The effective interest rate on receivables (current and non-current) was 0.00 (0.00) per cent. Aging of trade receivables 2022 2021 EUR million Nominal value Impairment Carrying amount Nominal value Impairment Carrying amount Not past due 374.9 0.0 374.9 354.0 \u20130.3 353.8 Past due Past due less than 30 days 32.8 \u20130.2 32.6 28.2 \u20130.2 28.0 Past due 31\u201360 days 5.1 \u20130.4 4.7 5.3 \u20130.4 4.9 Past due 61\u201390 days 3.0 \u20130.5 2.5 2.7 \u20130.3 2.4 Past due 91\u2013180 days 2.7 \u20131.7 1.0 2.3 \u20131.5 0.8 Past due more than 181 days 3.4 \u20131.9 1.5 3.2 \u20132.7 0.5 421.9 \u20134.7 417.2 395.7 \u20135.4 390.3 The book value of trade receivables approximates their fair value. The credit risk associated with trade receivables is described in note 7.1. The maximum exposure to credit risk is the carrying amount of the trade receivables on the closing date, EUR 417.2 million. Gross finance lease receivables \u2013 maturity of minimum lease receivables EUR million 2022 2021 Within one year 17.0 12.1 Later than one year, not later than five years 13.1 6.3 30.1 18.4 Future finance income \u20130.8 \u20130.3 Present value of finance lease receivables 29.3 18.1 Maturity of present value of future minimum lease receivables EUR million 2022 2021 Within one year 16.5 11.9 Later than one year, not later than five years 12.7 6.2 29.3 18.1 Lease periods vary from one to five years, and conditions vary in terms of index clauses. Receivables: Receivables are valued at amortised cost and recognised at the original invoiced amount. The Group records the provision for the impairment losses arising from trade receivables based on historical default rates over the expected life and recognises the impairment loss when the trade receivables are stated as lost. The impairment loss is adjusted by the amount of factored receivables. Trade receivables and other receivables are classified as non-current receivables, if they mature in more than 12 months. In other cases, they are classified as current receivables. The Group offers the consumer customers various payment methods granting possibility to purchase equipment on 12\u201336 months credits. At the time of the sale of the equipment, such transactions are recorded as revenue and trade receivable. The trade receivables are classified as non-current, if their maturity exceeds 12 months. Finance lease receivables: The Group acts as a lessor in the lease arrangements for video conferencing and data terminal equipment, which is accounted for as finance leases. At the time of the sale of the equipment, the proceeds is recorded as revenue and receivables at present value. Rental income received is recorded as financial income and a reduction of the receivables, reflecting a constant periodic rate of return on the net investment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-364": {
"value": "6.3 Trade and other liabilities EUR million 2022 2021 Non-current Trade payables (1 1.4 8.1 Advances received 4.3 4.4 Derivative instruments 0.0 0.0 Other liabilities (2 24.6 28.5 \u2009B/S\u2009 30.3 41.0 Current Trade payables (1 199.0 203.8 Advances received 10.3 9.3 Contract liabilities, from revenue 30.8 27.7 Accrued employee-related expenses 64.9 60.8 Other accruals 8.0 8.4 Liabilities to associated companies 0.0 0.0 Other liabilities (2 99.9 91.6 \u2009B/S\u2009 412.9 401.6 443.2 442.6 1) Non-current trade payables include liabilities of EUR 0.0 (5.3) million for 3540\u20133670 MHz spectrum licence and EUR 1.4 (2.8) million for 26 GHz spectrum licence. Current trade payables include liabilities of EUR 5.3 (5.3) million for a 3540\u20133670 MHz spectrum licence and EUR 1.4 (1.4) million for a 26 GHz spectrum licence. 2) Other non-current liabilities include EUR 18.1 (21.4) million and other current liabilities include EUR 6.9 (0.0) million of contingent considerations and contingent redemption obligations for non-controlling interests related to business acquisitions. Other accruals consist of accrued interest expenses as well as income and cost accruals from the operating activities. Trade payables: The current value of trade payables and other liabilities is a reasonable estimate of their fair value. The payment terms of the Group\u2019s trade payables correspond to conventional corporate payment terms. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-365": {
"value": "Inventories: Inventories are measured at their acquisition cost or at the net realisable value, if lower than the cost. In ordinary course of business net realisable value is the estimated selling price less necessary estimated costs associated with the eventual sale. The cost is determined using a weighted average price. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-366": {
"value": "Receivables: Receivables are valued at amortised cost and recognised at the original invoiced amount. The Group records the provision for the impairment losses arising from trade receivables based on historical default rates over the expected life and recognises the impairment loss when the trade receivables are stated as lost. The impairment loss is adjusted by the amount of factored receivables. Trade receivables and other receivables are classified as non-current receivables, if they mature in more than 12 months. In other cases, they are classified as current receivables. The Group offers the consumer customers various payment methods granting possibility to purchase equipment on 12\u201336 months credits. At the time of the sale of the equipment, such transactions are recorded as revenue and trade receivable. The trade receivables are classified as non-current, if their maturity exceeds 12 months. Finance lease receivables: The Group acts as a lessor in the lease arrangements for video conferencing and data terminal equipment, which is accounted for as finance leases. At the time of the sale of the equipment, the proceeds is recorded as revenue and receivables at present value. Rental income received is recorded as financial income and a reduction of the receivables, reflecting a constant periodic rate of return on the net investment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-367": {
"value": "Trade payables: The current value of trade payables and other liabilities is a reasonable estimate of their fair value. The payment terms of the Group\u2019s trade payables correspond to conventional corporate payment terms. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-368": {
"value": "7.1.1 Market risks Interest rate risk Elisa is exposed to interest rate risk mainly through its financial liabilities. In order to manage interest rate risk, the Group\u2019s borrowings and investments are diversified in fixed and variable-rate instruments. Derivative financial instruments may also be used in managing interest rate risk. The purpose is to minimise the negative effects caused by changes in the interest rate level. Timing of interest rate changes for interest-bearing financial liabilities (EUR million) 31 Dec. 2022, at nominal value Time of interest rate change Less than 1 year Between 1 and 5 years Over 5 years Total Variable-rate financing instruments Commercial paper 125.0 125.0 Bank loans 100.0 100.0 Fixed-rate financing instruments Bonds 600.0 300.0 900.0 Bank loans 150.0 3.2 153.2 Lease liabilities 20.4 30.5 40.4 91.2 245.4 780.5 343.6 1,369.4 On 31 December 2022, the Group\u2019s interest-bearing financial assets consisted of commercial papers and bank deposits amounting to EUR 0.0 million and cash in the bank amounting to EUR 85.4 million. Lease contracts contain index-linkages, which affect the amounts of lease liabilities, right-of-use assets and depreciation. The sensitivity analysis includes the financial liabilities at the balance sheet date. The change in interest rate level is assumed to be one percentage point and the effect on income is calculated before taxes. The interest rate position is assumed to include interest-bearing financial liabilities and receivables, as well as interest rate swaps on the balance sheet date, assuming that all the contracts will be valid and stay unchanged for the entire year. EUR million 2022 2021 Change in interest rate level +/- 1% \u20132.25/2.25 \u20131.8/+0.0 Foreign exchange risk Most of Elisa Group\u2019s cash flows are denominated in euros, which means that the company\u2019s exposure to exchange rate risk (economic risk and transaction risk) is low. Business related exchange rate risks arise from Polystar Osix Ab and its subsidiaries, international interconnection traffic and, to a minor extent, other acquisitions. The most essential currencies are the US dollar (USD), the Swedish Krona (SEK), the Canadian dollar (CAD), the British pound (GBP) and the Norwegian Krone (NOK). The impact of other currencies is insignificant. During the financial year, exchange rate hedges have been used against changes in the value of the Swedish Krona. The Group has hedged Swedish Krona denominated expenses with foreign currency forward contracts. The Group\u2019s financial liabilities do not include exchange rate risk. The translation difference exposure from the foreign subsidiaries included in consolidated equity mainly consists of Polystar subgroup. The translation difference exposure has not been hedged during the reporting period. Foreign currency position 2022 2021 EUR million Trade receivables Trade payables Trade receivables Trade payables USD 13.0 7.6 11.8 5.3 SEK 4.0 0.9 4.9 0.4 CAD 3.8 0.0 1.1 0.0 GBP 1.0 0.3 0.4 0.5 NOK 0.4 0.0 0.5 0.0 The Group level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. Assuming euro to appreciate or depreciate 20 percent against all other currencies, the impact on cash flows would be: EUR million 2022 2021 USD +/- 1.1 +/- 1.3 SEK +/- 0.6 +/- 0.9 CAD +/- 0.7 +/- 0.2 GBP +/- 0.2 -/+ 0.0 NOK +/- 0.1 +/- 0.1 Commodity risks Elisa is investing strongly in the use of renewable energy and has signed a wind power purchase agreement for the next 10 years for the Puutikankangas Wind -wind farm that is under construction. The agreement covers about half of the electricity consumption of Elisa\u2019s mobile network in Finland. Puutikankangas wind farm will be operational in 2023. Elisa hedges electricity purchases with physical purchase contracts and derivatives. The electricity price risk is assessed for a five-year period. Hedge accounting is applied to contracts hedging future purchases. The effective portion of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity and the ineffective portion is recognised in the income statement under other operating income or expenses. The change in the revaluation reserve, recognised in equity, is presented in the statement of comprehensive income under Cash flow hedge. At the end of the year, the ineffective portion of hedge accounting was EUR 0.0 (0.0) million. The hedging rate for purchases in the following years, % 2022 2021 0\u20131 years 86.6 93.1 1\u20132 years 60.1 30.6 2\u20133 years 38.9 3\u20134 years 37.8 4\u20135 years 36.7 If the market price of electricity derivatives changed by +/- 10 per cent from the balance sheet date 31 December 2022, it would contribute EUR +1.8/\u20130.5 (+2.0/\u20131.2) million to equity. The impact has been calculated before tax. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-369": {
"value": "7.1.1 Market risks Interest rate risk Elisa is exposed to interest rate risk mainly through its financial liabilities. In order to manage interest rate risk, the Group\u2019s borrowings and investments are diversified in fixed and variable-rate instruments. Derivative financial instruments may also be used in managing interest rate risk. The purpose is to minimise the negative effects caused by changes in the interest rate level. Timing of interest rate changes for interest-bearing financial liabilities (EUR million) 31 Dec. 2022, at nominal value Time of interest rate change Less than 1 year Between 1 and 5 years Over 5 years Total Variable-rate financing instruments Commercial paper 125.0 125.0 Bank loans 100.0 100.0 Fixed-rate financing instruments Bonds 600.0 300.0 900.0 Bank loans 150.0 3.2 153.2 Lease liabilities 20.4 30.5 40.4 91.2 245.4 780.5 343.6 1,369.4 On 31 December 2022, the Group\u2019s interest-bearing financial assets consisted of commercial papers and bank deposits amounting to EUR 0.0 million and cash in the bank amounting to EUR 85.4 million. Lease contracts contain index-linkages, which affect the amounts of lease liabilities, right-of-use assets and depreciation. The sensitivity analysis includes the financial liabilities at the balance sheet date. The change in interest rate level is assumed to be one percentage point and the effect on income is calculated before taxes. The interest rate position is assumed to include interest-bearing financial liabilities and receivables, as well as interest rate swaps on the balance sheet date, assuming that all the contracts will be valid and stay unchanged for the entire year. EUR million 2022 2021 Change in interest rate level +/- 1% \u20132.25/2.25 \u20131.8/+0.0 7 Capital structure 7.1 Financial risk management Elisa\u2019s central treasury department manages the exchange rate, interest rate, liquidity and refinancing risks for the entire Group. The financing policies, covering funding and investment principles, are annually discussed and ratified by the Audit Committee of the Board of Directors. Funding risks are monitored as a part of the regular business monitoring procedure. Foreign exchange risk Most of Elisa Group\u2019s cash flows are denominated in euros, which means that the company\u2019s exposure to exchange rate risk (economic risk and transaction risk) is low. Business related exchange rate risks arise from Polystar Osix Ab and its subsidiaries, international interconnection traffic and, to a minor extent, other acquisitions. The most essential currencies are the US dollar (USD), the Swedish Krona (SEK), the Canadian dollar (CAD), the British pound (GBP) and the Norwegian Krone (NOK). The impact of other currencies is insignificant. During the financial year, exchange rate hedges have been used against changes in the value of the Swedish Krona. The Group has hedged Swedish Krona denominated expenses with foreign currency forward contracts. The Group\u2019s financial liabilities do not include exchange rate risk. The translation difference exposure from the foreign subsidiaries included in consolidated equity mainly consists of Polystar subgroup. The translation difference exposure has not been hedged during the reporting period. Foreign currency position 2022 2021 EUR million Trade receivables Trade payables Trade receivables Trade payables USD 13.0 7.6 11.8 5.3 SEK 4.0 0.9 4.9 0.4 CAD 3.8 0.0 1.1 0.0 GBP 1.0 0.3 0.4 0.5 NOK 0.4 0.0 0.5 0.0 The Group level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. Assuming euro to appreciate or depreciate 20 percent against all other currencies, the impact on cash flows would be: EUR million 2022 2021 USD +/- 1.1 +/- 1.3 SEK +/- 0.6 +/- 0.9 CAD +/- 0.7 +/- 0.2 GBP +/- 0.2 -/+ 0.0 NOK +/- 0.1 +/- 0.1 Commodity risks Elisa is investing strongly in the use of renewable energy and has signed a wind power purchase agreement for the next 10 years for the Puutikankangas Wind -wind farm that is under construction. The agreement covers about half of the electricity consumption of Elisa\u2019s mobile network in Finland. Puutikankangas wind farm will be operational in 2023. Elisa hedges electricity purchases with physical purchase contracts and derivatives. The electricity price risk is assessed for a five-year period. Hedge accounting is applied to contracts hedging future purchases. The effective portion of derivatives that qualify for hedge accounting is recognised in the revaluation reserve of equity and the ineffective portion is recognised in the income statement under other operating income or expenses. The change in the revaluation reserve, recognised in equity, is presented in the statement of comprehensive income under Cash flow hedge. At the end of the year, the ineffective portion of hedge accounting was EUR 0.0 (0.0) million. The hedging rate for purchases in the following years, % 2022 2021 0\u20131 years 86.6 93.1 1\u20132 years 60.1 30.6 2\u20133 years 38.9 3\u20134 years 37.8 4\u20135 years 36.7 If the market price of electricity derivatives changed by +/- 10 per cent from the balance sheet date 31 December 2022, it would contribute EUR +1.8/\u20130.5 (+2.0/\u20131.2) million to equity. The impact has been calculated before tax. 7.1.2 Liquidity risk The objective of liquidity risk management is to ensure the Group\u2019s financing under all circumstances. The Group\u2019s most important financing arrangement is an EMTN programme of EUR 1,500 million, under which the Company issued bonds for EUR 900 million. Furthermore, the Company has a EUR 350 million commercial paper programme and committed credit limit of EUR 300 million, out of which EUR 130 million credit limit will fall due on 22 September 2026 and EUR 170 million will fall due on 7 July 2024. Both credits were fully undrawn on 31 December 2022. The loan margin is determined based on the Company\u2019s credit rating. Elisa issued EUR 100 million short-term financing under the credit facility, that was arranged by Landesbank Baden-W\u00fcrttemberg. The limit is non-committed and is valid until 31 May 2023. The limit was fully undrawn on 31 December 2022. On 3 February 2022, Elisa has established a Sustainability Finance Framework to support the company\u2019s sustainability goals. Elisa can issue bonds and other financial instruments to finance or refinance sustainable investments and projects in accordance with the Framework. As part of ensuring its financing, Elisa has acquired international credit ratings. Moody\u2019s Investor Services have rated Elisa\u2019s long-term commitments as Baa2 (outlook stable). Standard & Poor Global has rated the company\u2019s long-term commitments as BBB+ (outlook stable) and short-term commitments as A\u20132. Cash and undrawn committed limits EUR million 2022 2021 Cash and cash equivalents 85.4 114.1 Credit limits 300.0 300.0 385.4 414.1 On 31 December 2022, cash and cash equivalents, as well as undrawn committed credit limits less commercial papers issued by Elisa, were EUR 260.4 (414.1) million. Contract-based cash flows for financial liabilities are presented under Note 7.4.2 7.1.3 Credit risk Financial instruments contain an element of risk of the respective parties failing to fulfil their obligations. Liquid assets are invested within confirmed limits in investment targets with good credit ratings. Investments and the limits specified for them are reviewed annually, or more often, if necessary. Derivative contracts are only signed with Finnish and foreign banks with good credit ratings. The business units are liable for credit risk associated with trade receivables. The units have written credit policies that are mainly consistent with uniform principles. The credit ratings of new customers are always reviewed from external sources when selling products or services invoiced in arrears. In case of additional sales to existing customers, creditworthiness is reviewed on the basis of the company\u2019s own accounts. The Group may also collect advance or guarantee payments in accordance with its credit policy. Credit risk concentrations in trade receivables are minor, as the Group\u2019s customer base is wide; the ten largest customers represent approximately 7 per cent of customer invoicing. EUR 4.7 (5.4) million of uncertain receivables have been deducted from consolidated trade receivables. The Group\u2019s previous experience in the collection of trade receivables corresponds to the recognised impairment. Furthermore, the Group regularly sells the past due trade receivables of defined customer groups. Based on these facts, the management is confident that the Group\u2019s trade receivables do not involve any substantial credit risk. The maximum credit risk is the value of trade receivables. On 31 December 2022 short-term trade receivables were EUR 417.2 (390.3) million and long-term trade receivables EUR 99.4 (92.0) million. The aging of short-term trade receivables is described in note 6.2.1. 7.2.2 Available sources of financing With regard to capital financing, the company\u2019s objective is to maintain sufficient flexibility for the Board of Directors to issue shares. The Annual General Meeting 2021 authorised the Board of Directors to pass a resolution concerning the share issue, right of assignment of treasury shares and/or granting of special rights referred to in the Limited Liability Companies Act. The authorisation entitles the Board of Directors to issue the shares in a proportion other than that of the current shareholdings (directed share issue). A maximum aggregate of 15 million of the company\u2019s shares can be issued under the authorisation. Shareholders\u2019 equity 2022 2021 Treasury shares, 1,000 pcs 7,075 7,148 Share issue authorisation, 1,000 pcs 15,000 14,991 On 31 December 2022, the maximum amount of the share issue authorisation at the share closing price was EUR 741.9 (811.3) million. With regard to capital financing, the company maintains loan programmes and credit arrangements that allow quick issuance. The arrangements are committed and non-committed, and allow issuances for different maturities. Debt capital 2022 2021 Commercial paper programme (non-committed) (1 225.0 350.0 Credit facility (non-committed) 100.0 Revolving credits (committed) (2 300.0 300.0 EMTN programme (non-committed) (3 600.0 600.0 Total, EUR million 1,225.0 1,250.0 On the closing date, the share issue authorisation as well as committed and non-committed credit arrangements totalled EUR 1,966.9 (2,061.3) million. 1) The commercial paper programme amounted to EUR 350 million, of which EUR 125 million was in use on 31 December 2022. 2) Elisa has two committed revolving credit facilities of EUR 300 million in total. Both credits were undrawn on 31 December 2022. 3) Elisa has a European Medium Term Note programme (EMTN) for a total of EUR 1,500 million, of which EUR 900 million was in use on 31 December 2022. The programme was updated on 21 July 2022, and it is valid for one year as of the update. 7.2 Capital management Elisa\u2019s capital consists of equity and liabilities. To develop its business, Elisa may carry out expansion investments and acquisitions that may be financed through equity or liabilities, directly or indirectly. The target for the company\u2019s equity ratio is over 35 per cent and comparable net debt / EBITDA 1.5 to 2.0. The company\u2019s distribution of profit to shareholders consists of dividends, capital repayment and acquisition of treasury shares. Effective profit distribution is 80 per cent to 100 per cent of profit for the period. Furthermore, additional profit distribution to the shareholders may occur. When proposing or deciding on the profit distribution, the Board takes into account the company\u2019s financial position, future financing needs, and set financial objectives. 7.2.1 Capital structure and key indicators EUR million 2022 2021 Interest-bearing net debt 1,275.8 1,219.1 \u2009B/S\u2009 Total equity 1,251.9 1,204.1 Total capital 2,527.7 2,423.2 Gearing ratio, % 101.9 101.2 Net debt / EBITDA 1.7 1.7 Equity ratio, % 40.6 39.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-370": {
"value": "Foreign exchange risk Most of Elisa Group\u2019s cash flows are denominated in euros, which means that the company\u2019s exposure to exchange rate risk (economic risk and transaction risk) is low. Business related exchange rate risks arise from Polystar Osix Ab and its subsidiaries, international interconnection traffic and, to a minor extent, other acquisitions. The most essential currencies are the US dollar (USD), the Swedish Krona (SEK), the Canadian dollar (CAD), the British pound (GBP) and the Norwegian Krone (NOK). The impact of other currencies is insignificant. During the financial year, exchange rate hedges have been used against changes in the value of the Swedish Krona. The Group has hedged Swedish Krona denominated expenses with foreign currency forward contracts. The Group\u2019s financial liabilities do not include exchange rate risk. The translation difference exposure from the foreign subsidiaries included in consolidated equity mainly consists of Polystar subgroup. The translation difference exposure has not been hedged during the reporting period. Foreign currency position 2022 2021 EUR million Trade receivables Trade payables Trade receivables Trade payables USD 13.0 7.6 11.8 5.3 SEK 4.0 0.9 4.9 0.4 CAD 3.8 0.0 1.1 0.0 GBP 1.0 0.3 0.4 0.5 NOK 0.4 0.0 0.5 0.0 The Group level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. Assuming euro to appreciate or depreciate 20 percent against all other currencies, the impact on cash flows would be: EUR million 2022 2021 USD +/- 1.1 +/- 1.3 SEK +/- 0.6 +/- 0.9 CAD +/- 0.7 +/- 0.2 GBP +/- 0.2 -/+ 0.0 NOK +/- 0.1 +/- 0.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-371": {
"value": "7.1.2 Liquidity risk
The objective of liquidity risk management is to ensure the Group\u2019s financing under all circumstances. The Group\u2019s most important financing arrangement is an EMTN programme of EUR 1,500
million, under which the Company issued bonds for EUR 900 million. Furthermore, the Company has a EUR 350 million commercial paper programme and committed credit limit of EUR 300
million, out of which EUR 130 million credit limit will fall due on 22 September 2026 and EUR 170 million will fall due on 7 July 2024. Both credits were fully undrawn on 31 December 2022. The
loan margin is determined based on the Company\u2019s credit rating.
Elisa issued EUR 100 million short-term financing under the credit facility, that was arranged by Landesbank Baden-W\u00fcrttemberg. The limit is non-committed and is valid until 31 May 2023. The
limit was fully undrawn on 31 December 2022.
On 3 February 2022, Elisa has established a Sustainability Finance Framework to support the company\u2019s sustainability goals. Elisa can issue bonds and other financial instruments to finance or
refinance sustainable investments and projects in accordance with the Framework.
As part of ensuring its financing, Elisa has acquired international credit ratings. Moody\u2019s Investor Services have rated Elisa\u2019s long-term commitments as Baa2 (outlook stable). Standard & Poor
Global has rated the company\u2019s long-term commitments as BBB+ (outlook stable) and short-term commitments as A\u20132.
Cash and undrawn committed limits
EUR million 2022 2021
Cash and cash equivalents 85.4 114.1
Credit limits 300.0 300.0
385.4 414.1
On 31 December 2022, cash and cash equivalents, as well as undrawn committed credit limits less commercial papers issued by Elisa, were EUR 260.4 (414.1) million.
Contract-based cash flows for financial liabilities are presented under Note 7.4.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-372": {
"value": "7.1.3 Credit risk Financial instruments contain an element of risk of the respective parties failing to fulfil their obligations. Liquid assets are invested within confirmed limits in investment targets with good credit ratings. Investments and the limits specified for them are reviewed annually, or more often, if necessary. Derivative contracts are only signed with Finnish and foreign banks with good credit ratings. The business units are liable for credit risk associated with trade receivables. The units have written credit policies that are mainly consistent with uniform principles. The credit ratings of new customers are always reviewed from external sources when selling products or services invoiced in arrears. In case of additional sales to existing customers, creditworthiness is reviewed on the basis of the company\u2019s own accounts. The Group may also collect advance or guarantee payments in accordance with its credit policy. Credit risk concentrations in trade receivables are minor, as the Group\u2019s customer base is wide; the ten largest customers represent approximately 7 per cent of customer invoicing. EUR 4.7 (5.4) million of uncertain receivables have been deducted from consolidated trade receivables. The Group\u2019s previous experience in the collection of trade receivables corresponds to the recognised impairment. Furthermore, the Group regularly sells the past due trade receivables of defined customer groups. Based on these facts, the management is confident that the Group\u2019s trade receivables do not involve any substantial credit risk. The maximum credit risk is the value of trade receivables. On 31 December 2022 short-term trade receivables were EUR 417.2 (390.3) million and long-term trade receivables EUR 99.4 (92.0) million. The aging of short-term trade receivables is described in note 6.2.1. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-373": {
"value": "Credit risk concentrations in trade receivables are minor, as the Group\u2019s customer base is wide; the ten largest customers represent approximately 7 per cent of customer invoicing. EUR 4.7 (5.4) million of uncertain receivables have been deducted from consolidated trade receivables. The Group\u2019s previous experience in the collection of trade receivables corresponds to the recognised impairment. Furthermore, the Group regularly sells the past due trade receivables of defined customer groups. Based on these facts, the management is confident that the Group\u2019s trade receivables do not involve any substantial credit risk. The maximum credit risk is the value of trade receivables. On 31 December 2022 short-term trade receivables were EUR 417.2 (390.3) million and long-term trade receivables EUR 99.4 (92.0) million. The aging of short-term trade receivables is described in note 6.2.1. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-374": {
"value": "7.2.2 Available sources of financing With regard to capital financing, the company\u2019s objective is to maintain sufficient flexibility for the Board of Directors to issue shares. The Annual General Meeting 2021 authorised the Board of Directors to pass a resolution concerning the share issue, right of assignment of treasury shares and/or granting of special rights referred to in the Limited Liability Companies Act. The authorisation entitles the Board of Directors to issue the shares in a proportion other than that of the current shareholdings (directed share issue). A maximum aggregate of 15 million of the company\u2019s shares can be issued under the authorisation. Shareholders\u2019 equity 2022 2021 Treasury shares, 1,000 pcs 7,075 7,148 Share issue authorisation, 1,000 pcs 15,000 14,991 On 31 December 2022, the maximum amount of the share issue authorisation at the share closing price was EUR 741.9 (811.3) million. With regard to capital financing, the company maintains loan programmes and credit arrangements that allow quick issuance. The arrangements are committed and non-committed, and allow issuances for different maturities. Debt capital 2022 2021 Commercial paper programme (non-committed) (1 225.0 350.0 Credit facility (non-committed) 100.0 Revolving credits (committed) (2 300.0 300.0 EMTN programme (non-committed) (3 600.0 600.0 Total, EUR million 1,225.0 1,250.0 On the closing date, the share issue authorisation as well as committed and non-committed credit arrangements totalled EUR 1,966.9 (2,061.3) million. 1) The commercial paper programme amounted to EUR 350 million, of which EUR 125 million was in use on 31 December 2022. 2) Elisa has two committed revolving credit facilities of EUR 300 million in total. Both credits were undrawn on 31 December 2022. 3) Elisa has a European Medium Term Note programme (EMTN) for a total of EUR 1,500 million, of which EUR 900 million was in use on 31 December 2022. The programme was updated on 21 July 2022, and it is valid for one year as of the update. 7.2 Capital management Elisa\u2019s capital consists of equity and liabilities. To develop its business, Elisa may carry out expansion investments and acquisitions that may be financed through equity or liabilities, directly or indirectly. The target for the company\u2019s equity ratio is over 35 per cent and comparable net debt / EBITDA 1.5 to 2.0. The company\u2019s distribution of profit to shareholders consists of dividends, capital repayment and acquisition of treasury shares. Effective profit distribution is 80 per cent to 100 per cent of profit for the period. Furthermore, additional profit distribution to the shareholders may occur. When proposing or deciding on the profit distribution, the Board takes into account the company\u2019s financial position, future financing needs, and set financial objectives. 7.2.1 Capital structure and key indicators EUR million 2022 2021 Interest-bearing net debt 1,275.8 1,219.1 \u2009B/S\u2009 Total equity 1,251.9 1,204.1 Total capital 2,527.7 2,423.2 Gearing ratio, % 101.9 101.2 Net debt / EBITDA 1.7 1.7 Equity ratio, % 40.6 39.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-375": {
"value": "7.3 Equity 7.3.1 Share capital and treasury shares EUR million Number of shares (thousands) Share capital Treasury shares 1 Jan. 2021 167,335 83.0 \u2013128.4 Disposal of treasury shares 2.3 \u2009B/S\u2009 31 Dec. 2021 167,335 83.0 \u2013126.1 Disposal of treasury shares 1.6 \u2009B/S\u2009 31 Dec. 2022 167,335 83.0 \u2013124.5 At the end of the reporting period, the company\u2019s paid-in share capital registered in the Trade Register was EUR 83,033,008 (83,033,008). According to its Articles of Association, Elisa Corporation has only one series of shares, each share entitling to one vote. All issued shares have been paid for. Shares do not have a nominal value. Treasury shares include the acquisition cost of treasury shares held by the Group, and they are deducted from shareholder\u2019s equity in the consolidated financial statements. Treasury shares Shares, pcs Accounting countervalue, EUR Holding, % of share s and votes Treasury shares held by the Group at 1 Jan. 2021 7,252,165 3,598,583 4.33 Disposal of treasury shares \u2013104,393 Treasury shares held by the Group at 31 Dec. 2021 7,147,772 3,546,782 4.27 Disposal of treasury shares \u201372,394 Treasury shares held by the Group at 31 Dec. 2022 7,075,378 3,510,859 4.23 7.3.2 Dividends The Annual General Meeting has proposed a total dividend of EUR 2.15 per share to be paid for the 2022 result. A dividend of EUR 2.05 per share was paid for the 2021 result. 7.3.3 Other reserves EUR million Reserve for invested non- restricted equity Contingency reserve Fair value reserve Other reserves Total 1 Jan. 2021 90.9 3.4 \u20138.7 381.0 466.6 Cash flow hedge 0.9 0.9 Remeasurements of the net defined benefit liability \u20132.8 \u20132.8 \u2009B/S\u2009 31 Dec. 2021 90.9 3.4 \u201310.6 381.0 464.8 Cash flow hedge \u20130.3 \u20130.3 Remeasurements of the net defined benefit liability 0.4 0.4 \u2009B/S\u2009 31 Dec. 2022 90.9 3.4 \u201310.5 381.0 464.8 The reserve for invested non-restricted equity includes the proportion of share subscription prices that was not recognised as share capital in accordance with the share issue terms. The contingency reserve includes the amount transferred from distributable equity under the Articles of Association or by General Meeting decision. The fair value reserve includes changes in the fair value of other investments, the remeasurements of the net defined benefit liability and the effective portion of the changes in the fair values of derivatives designated as cash flow hedges. Other reserves were formed through share issues in business acquisitions by the amount exceeding the par value of the share received by the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-376": {
"value": "Treasury shares include the acquisition cost of treasury shares held by the Group, and they are deducted from shareholder\u2019s equity in the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-377": {
"value": "Treasury shares include the acquisition cost of treasury shares held by the Group, and they are deducted from shareholder\u2019s equity in the consolidated financial statements. Treasury shares Shares, pcs Accounting countervalue, EUR Holding, % of share and votes Treasury shares held by the Group at 1 Jan. 2021 7,252,165 3,598,583 4.33 Disposal of treasury shares \u2013104,393 Treasury shares held by the Group at 31 Dec. 2021 7,147,772 3,546,782 4.27 Disposal of treasury shares \u201372,394 Treasury shares held by the Group at 31 Dec. 2022 7,075,378 3,510,859 4.23 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-378": {
"value": "7.3.2 Dividends The Annual General Meeting has proposed a total dividend of EUR 2.15 per share to be paid for the 2022 result. A dividend of EUR 2.05 per share was paid for the 2021 result. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-379": {
"value": "2.15",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-380": {
"value": "2.05",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"fact-381": {
"value": "7.3.3 Other reserves EUR million Reserve for invested non- restricted equity Contingency reserve Fair value reserve Other reserves Total 1 Jan. 2021 90.9 3.4 \u20138.7 381.0 466.6 Cash flow hedge 0.9 0.9 Remeasurements of the net defined benefit liability \u20132.8 \u20132.8 \u2009B/S\u2009 31 Dec. 2021 90.9 3.4 \u201310.6 381.0 464.8 Cash flow hedge \u20130.3 \u20130.3 Remeasurements of the net defined benefit liability 0.4 0.4 \u2009B/S\u2009 31 Dec. 2022 90.9 3.4 \u201310.5 381.0 464.8 The reserve for invested non-restricted equity includes the proportion of share subscription prices that was not recognised as share capital in accordance with the share issue terms. The contingency reserve includes the amount transferred from distributable equity under the Articles of Association or by General Meeting decision. The fair value reserve includes changes in the fair value of other investments, the remeasurements of the net defined benefit liability and the effective portion of the changes in the fair values of derivatives designated as cash flow hedges. Other reserves were formed through share issues in business acquisitions by the amount exceeding the par value of the share received by the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-382": {
"value": "7.4.1 Financial income and expenses EUR million 2022 2021 Financial income Dividend income on other financial assets 0.4 0.6 Interest and financial income on loans and other receivables 2.2 1.9 Gain on disposal from financial assets 0.1 0.1 Foreign exchange gain 2.8 2.0 Other financial income 0.0 0.1 I/S 5.6 4.6 Financial expenses Interest expenses on financial liabilities measured at amortised cost \u201311.1 \u201310.1 Interest expenses on lease liabilities \u20132.6 \u20132.7 Other financial expenses on financial liabilities measured at amortised cost \u20132.0 \u20132.5 Other interest expenses \u20130.2 \u20130.2 Impairments \u20130.2 Foreign exchange loss \u20132.2 \u20130.6 Other financial expenses \u20130.5 \u20130.3 I/S \u201318.7 \u201316.5 Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-383": {
"value": "Financial income Dividend income on other financial assets 0.4 0.6 Interest and financial income on loans and other receivables 2.2 1.9 Gain on disposal from financial assets 0.1 0.1 Foreign exchange gain 2.8 2.0 Other financial income 0.0 0.1 I/S 5.6 4.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-384": {
"value": "Financial expenses Interest expenses on financial liabilities measured at amortised cost \u201311.1 \u201310.1 Interest expenses on lease liabilities \u20132.6 \u20132.7 Other financial expenses on financial liabilities measured at amortised cost \u20132.0 \u20132.5 Other interest expenses \u20130.2 \u20130.2 Impairments \u20130.2 Foreign exchange loss \u20132.2 \u20130.6 Other financial expenses \u20130.5 \u20130.3 I/S \u201318.7 \u201316.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-385": {
"value": "Accounting principles \u2013 Financial income and expenses: Interest income and expenses are recognised using the effective interest rate method, and dividend income is recognised when the right to dividend is incurred. Foreign exchange rate gains and losses are recognised in accordance with their nature either in materials and services or in financial income and expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-386": {
"value": "7.4.2 Financial liabilities 2022 2021 EUR million Balance sheet values Fair values Balance sheet values Fair values Non-current Bonds 891.8 819.9 888.1 913.1 Bank loans 103.2 103.2 253.3 253.3 Lease liabilities 70.8 70.8 73.4 73.4 \u2009B/S\u2009 1,065.9 994.0 1,214.8 1,239.8 Current Bank loans 150.0 150.0 100.2 100.2 Lease liabilities 20.4 20.4 18.1 18.1 Commercial paper 125.0 125.0 \u2009B/S\u2009 295.4 295.4 118.4 118.4 1,361.2 1,289.3 1,333.2 1,358.2 The financial liabilities include a total of EUR 91.2 (91.6) million of secured lease liabilities. In practice, lease liabilities are secured liabilities, as the rights to the leased property will revert to the lessor if the payments are neglected. All financial liabilities are denominated in euros. Financial liabilities are measured at amortised cost. The fair values of financial liabilities are based on quoted market prices. The average maturity of non-current liabilities was 2.7 (3.7) years and the effective average interest rate was 1.0 (0.7) per cent. Contract-based cash flows on the repayment of financial liabilities and costs 2022 EUR million 2023 2024 2025 2026 2027 2028\u2013 Yhteens\u00e4 Bonds 6.8 306.8 4.1 304.1 300.8 922.5 Financial costs 6.8 6.8 4.1 4.1 0.8 22.5 Repayments 0.0 300.0 0.0 300.0 300.0 900.0 Bank loans 153.9 3.3 103.3 0.2 0.2 2.3 263.2 Financial costs 3.7 3.0 3.0 0.0 0.0 0.2 9.9 Repayments 150.3 0.3 100.2 0.2 0.2 2.1 253.2 Commercial paper 125.0 125.0 Financial costs 0.5 0.5 Repayments 124.5 124.5 Lease liabilities 23.4 17.8 14.2 9.8 5.3 66.0 136.5 Financial costs 3.1 5.8 5.0 3.8 2.0 25.6 45.2 Repayments 20.4 11.9 9.2 6.0 3.3 40.4 91.2 Derivatives \u20131.1 \u20131.1 Electricity derivatives \u20131.2 \u20131.2 Currency derivatives 0.0 0.0 Trade payables 199.0 199.0 Total 507.0 327.8 121.6 314.1 306.3 68.3 1,645.0 Financial costs 12.8 15.6 12.2 7.9 2.7 25.8 77.0 Repayments 494.2 312.2 109.4 306.2 303.5 42.5 1,568.0 2021 EUR million 2022 2023 2024 2025 2026 2027\u2013 Yhteens\u00e4 Bonds 6.8 6.8 306.8 4.1 304.1 300.8 929.3 Financial costs 6.8 6.8 6.8 4.1 4.1 0.8 29.3 Repayments 300.0 300.0 300.0 900.0 Bank loans 1.1 151.0 0.4 100.4 0.3 2.1 255.4 Financial costs 0.8 0.8 0.1 0.1 0.0 0.1 1.9 Repayments 0.3 150.3 0.3 100.3 0.3 2.0 253.5 Schuldschein loan 100.0 100.0 Financial costs Repayments 100.0 100.0 Lease liabilities 20.6 16.5 13.3 11.3 8.7 66.3 136.6 Financial costs 2.4 5.6 4.6 4.1 3.2 25.0 45.1 Repayments 18.1 10.9 8.7 7.2 5.4 41.3 91.6 Derivatives \u20131.6 \u20131.6 Electricity derivatives \u20131.6 \u20131.6 Currency derivatives 0.0 0.0 Trade payables 203.8 203.8 Total 330.6 174.3 320.5 115.9 313.1 369.2 1,623.5 Financial costs 8.4 13.1 11.5 8.4 7.4 25.9 74.6 Repayments 322.3 161.2 309.0 107.5 305.7 343.3 1,548.9 Future financial costs of variable-rate financial liabilities have been calculated at the interest rate prevailing on the period end date. The company has EUR 300 million in credit facilities, of which EUR 130 million matures in 2026 and EUR 170 million in 2024. Both credits were undrawn on 31 December 2022. Bonds In the framework of its bond programme, the parent company has issued the following bonds: 31 Dec. 2022 Fair value EUR million Balance sheet value EUR million Nominal value EUR million Nominal interest rate, % Effective interest rate, % Maturity date EMTN programme 2001 / EUR 1,000 million I/2017 291.0 297.7 300.0 0.875 0.974 17.3.2024 I/2019 276.2 295.9 300.0 1.125 1.236 26.2.2026 I/2020 252.7 298.2 300.0 0.250 0.322 15.9.2027 819.9 891.8 900.0 The fair value of bonds is based on market quotes. Maturity of lease liabilities\u2019 cash flows EUR million 2022 2021 Within one year 20.4 18.1 Later than one year, but not later than five years 30.5 32.1 Later than five years 40.4 41.3 91.2 91.6 Financial liabilities: Financial liabilities are initially recognised at fair value equalling the net proceeds received and subsequently measured at amortised cost, using the effective interest rate method. The transaction costs are included in the original acquisition cost of financial liabilities. Financial liabilities are recognised in non-current and current liabilities, and they may be non-interest-bearing or interest-bearing. In cases where the terms of the financial liability measured at amortised cost are amended in such a way that the change does not result in derecognition of the liability from the balance sheet, the Group must nevertheless recognise the profit or loss in the income statement. The profit or loss is calculated as the difference between the original contractual cash flows and the cash equivalents, discounted at the original effective interest rate of amended agreements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-387": {
"value": "Bonds In the framework of its bond programme, the parent company has issued the following bonds: 31 Dec. 2022 Fair value EUR million Balance sheet value EUR million Nominal value EUR million Nominal interest rate, % Effective interest rate, % Maturity date EMTN programme 2001 / EUR 1,000 million I/2017 291.0 297.7 300.0 0.875 0.974 17.3.2024 I/2019 276.2 295.9 300.0 1.125 1.236 26.2.2026 I/2020 252.7 298.2 300.0 0.250 0.322 15.9.2027 819.9 891.8 900.0 The fair value of bonds is based on market quotes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-388": {
"value": "7.4.3 Financial assets and liabilities recognised at fair value Carrying amounts of financial assets and liabilities by category 2022 EUR million Financial assets/liabilities measured at fair value through profit or loss Financial assets/liabilities measured at fair value through other comprehensive income Financial assets/liabilities measured at amortised cost Book values Fair values Note Non-current financial assets Other financial assets (1 0.6 15.6 16.2 16.2 Trade and other receivables 1.2 115.6 116.8 116.8 6.2.2 Current financial assets Trade and other receivables 537.1 537.1 537.1 6.2.1 0.6 1.2 668.3 670.1 670.1 Non-current financial liabilities Financial liabilities 1,065.9 1,065.9 994.0 7.4.2 Trade and other liabilities (2 4.6 0.0 21.4 26.0 26.0 6.3 Current financial liabilities Financial liabilities 295.4 295.4 295.4 7.4.2 Trade and other liabilities (2 0.3 402.3 402.6 402.6 6.3 4.9 0.0 1,785.0 1,789.9 1,718.0 1) Other investments contain the Group\u2019s listed and unlisted equity investments 2) Excluding advances received 2021 EUR million Financial assets/liabilities measured at fair value through profit or loss Financial assets/liabilities measured at fair value through other comprehensive income Financial assets/liabilities measured at amortised cost Book values Fair values Note Non-current financial assets Other financial assets (1 0.8 15.6 16.4 16.4 Trade and other receivables 1.6 101.6 103.2 103.2 6.2.2 Current financial assets Trade and other receivables 506.3 506.3 506.3 6.2.1 0.8 1.6 623.5 625.9 625.9 Non-current financial liabilities Financial liabilities 1,214.8 1,214.8 1,239.8 7.4.2 Trade and other liabilities (2 3.3 0.0 33.3 36.6 36.6 6.3 Current financial liabilities Financial liabilities 118.4 118.4 118.4 7.4.2 Trade and other liabilities (2 392.3 392.3 392.3 6.3 3.3 0.0 1,758.8 1,762.1 1,787.1 1) Other investments contain the Group\u2019s listed and unlisted equity investments 2) Excluding advances received The fair values of financial asset and liability items are presented in detail under the specified note number. Financial assets and liabilities recognised at fair value EUR million 2022 Level 1 Level 2 Level 3 Financial assets and liabilities measured at fair value through other comprehensive income Electricity derivatives 1.2 1.2 Currency derivatives 0.0 0.0 Financial assets and liabilities measured at fair value through profit or loss Listed equity investments 0.6 0.6 Contingent considerations in business combinations \u20134.9 \u20134.9 \u20133.1 0.6 1.1 \u20134.9 EUR million 2021 Level 1 Level 2 Level 3 Financial assets and liabilities measured at fair value through other comprehensive income Electricity derivatives 1.6 1.6 Currency derivatives 0.0 0.0 Financial assets and liabilities measured at fair value through profit or loss Listed equity investments 0.8 0.8 Contingent considerations in business combinations \u20133.3 \u20133.3 \u20130.9 0.8 1.6 \u20133.3 Items measured at fair value are categorised using a three-level value hierarchy. Level 1 includes financial instruments with quoted prices in active markets, such are listed shares owned by the Group. Level 2 includes instruments with observable prices based on market data, such are electricity and currency derivatives. Level 3 includes instruments with prices that are not based on observable market data, but instead, on the company\u2019s internal information, such are Group\u2019s contingent considerations relating to business combinations. Level 3 reconciliation Contingent considerations related to business acquisitions EUR million 2022 2021 At the beginning of the period 3.3 4.4 Increase in contingent consideration 1.7 Payment of contingent consideration \u20130.1 \u20131.1 Translation differences 0.0 At the end of the period 4.9 3.3 According to the management\u2019s estimation for the financial instruments valued at Level 3, replacing one or more of the pieces of fair value measurement data with a possible alternative assumption would not significantly change the fair value of the items, considering the small total amount of underlying liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-389": {
"value": "7.4.4 Derivative instruments Nominal values of derivatives 2022 2021 Period of validity Period of validity EUR million Less than 1 year 1\u20135 years Over 5 years Less than 1 year 1\u20135 years Over 5 years Electricity derivatives 5.8 1.9 Currency derivatives 3.3 3.5 9.1 5.5 Fair values of derivatives 2022 2021 EUR million Positive fair value Negative fair value Total Positive fair value Negative fair value Total Electricity derivatives 1.2 1.2 1.6 1.6 Currency derivatives 0.0 0.0 0.0 0.0 1.2 0.0 1.1 1.6 0.0 1.6 Determination of fair value and categorisation The fair value of derivative instruments is determined using quoted prices in active markets. The Group recognises the derivative instruments at the fair value hierarchy Level 2. Please see note 7.4.3. Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies hedge accounting for electricity price risk and the Swedish krona, and treats electricity derivative contracts as cash flow hedges. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operative income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-390": {
"value": "Accounting principles \u2013 Derivative instruments: Derivatives are recognised at fair value as financial assets or liabilities on the date of acquisition. Gains and losses arising from the fair value remeasurements are recognised in accordance with the nature of derivative contracts. Outstanding derivatives that do not qualify for hedge accounting are measured at fair value at the end of the reporting period and the fair value changes are immediately recognised in financial items on the income statement. The fair value of derivatives is expected to approximate the quoted market prices or, if the quoted market prices are not available, the value is estimated using commonly used valuation methods. The Group applies hedge accounting for electricity price risk and the Swedish krona, and treats electricity derivative contracts as cash flow hedges. The change in fair value of effective portion of derivatives that qualify for hedge accounting is recognised in other comprehensive income and presented in the equity hedge revaluation reserve (as a part of \u201cOther reserves\u201d). Gains or losses on derivative instruments accumulated in equity are expensed when any hedged item affects profit or loss. The ineffective portion of the derivatives is recognised in other operative income and expenses on the income statement. The hedge accounting is discontinued when the hedge contract is expired, sold, terminated or completed. Any cumulative gain or loss arising from the hedge instrument remains in equity until the expected transaction is realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-391": {
"value": "Financial assets: Acquisition and sale of financial assets are recognised on the settlement date. The Group derecognises financial assets when its contractual rights to the cash flows from the financial asset expire or when it has transferred substantially all the risks and rewards to an external party. Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities up to 3 months. Investments in shares, excluding investments in associated companies and mutual real-estate companies, are classified as other financial assets and generally measured at fair value. Investments in unlisted companies are recognised at original acquisition cost less any impairment. Investments in listed companies are measured at fair value, based on share transactions. Equity investments are included in non-current assets. On 31 December 2022, Group\u2019s equity investments consisted mainly of investments in unlisted companies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-392": {
"value": "Financial assets: Acquisition and sale of financial assets are recognised on the settlement date. The Group derecognises financial assets when its contractual rights to the cash flows from the financial asset expire or when it has transferred substantially all the risks and rewards to an external party. Cash and cash equivalents include cash at hand and bank deposits as well as highly liquid short-term investments with maturities up to 3 months. Investments in shares, excluding investments in associated companies and mutual real-estate companies, are classified as other financial assets and generally measured at fair value. Investments in unlisted companies are recognised at original acquisition cost less any impairment. Investments in listed companies are measured at fair value, based on share transactions. Equity investments are included in non-current assets. On 31 December 2022, Group\u2019s equity investments consisted mainly of investments in unlisted companies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-393": {
"value": "Financial liabilities: Financial liabilities are initially recognised at fair value equalling the net proceeds received and subsequently measured at amortised cost, using the effective interest rate method. The transaction costs are included in the original acquisition cost of financial liabilities. Financial liabilities are recognised in non-current and current liabilities, and they may be non-interest-bearing or interest-bearing. In cases where the terms of the financial liability measured at amortised cost are amended in such a way that the change does not result in derecognition of the liability from the balance sheet, the Group must nevertheless recognise the profit or loss in the income statement. The profit or loss is calculated as the difference between the original contractual cash flows and the cash equivalents, discounted at the original effective interest rate of amended agreements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-394": {
"value": "Classification of assets and liabilities: The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-395": {
"value": "Classification of assets and liabilities: The Group\u2019s financial assets and liabilities are classified as financial assets and liabilities measured at amortised cost, financial assets and liabilities measured at fair value through other comprehensive income, and financial assets and liabilities measured at fair value through profit or loss. Financial assets and liabilities measured at amortised cost include fixed-term contracts the cash flow of which include payments of principal and interest on the principal amount outstanding. Financial assets and liabilities measured at fair value through other comprehensive income include financial items that are expected both to collect contractual cash flows and to sell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include items that do not meet the criteria of the other groups. The Group categorises electricity and currency derivatives that qualify for hedge accounting as financial assets or liabilities measured at fair value through other comprehensive income. Contingent considerations in business combinations and listed equity investments are recognised as financial assets or liabilities measured at fair value through profit or loss. Other financial assets and liabilities are measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-396": {
"value": "8.1.1 Income taxes EUR million 2022 2021 Taxes for the period \u201383.0 \u201377.0 Taxes for previous periods \u20130.1 0.0 Deferred taxes \u20130.2 2.1 I/S \u201383.2 \u201374.9 Income taxes recognised directly in comprehensive income: 2022 2021 EUR million Before taxes Tax effect After taxes Before taxes Tax effect After taxes Remeasurements of the net defined benefit liability 0.5 \u20130.1 0.4 \u20133.5 0.7 \u20132.8 Cash flow hedge \u20130.4 0.1 \u20130.3 1.1 \u20130.2 0.9 0.0 0.0 0.0 \u20132.3 0.5 \u20131.9 Translation differences do not include a tax effect. Reconciliation of the tax expense on the income statement and taxes calculated at the Group\u2019s domestic statutory tax rate 20 (20): EUR million 2022 2021 I/S Profit before tax 456.0 418.4 Tax according to the domestic tax rate \u201391.2 \u201383.7 Tax effects of the following: Tax-free income 0.2 0.3 Non-deductible expenses \u20130.7 \u20130.2 Tax effect related to the foreign subsidiaries 10.3 9.1 Usage of tax losses, for which no deferred tax was recognised 0.2 Loss for the period, for which no deferred tax asset is recognised \u20131.6 \u20130.5 Taxes for previous periods \u20130.1 0.0 Other items \u20130.4 0.1 I/S Taxes on the income statement \u201383.2 \u201374.9 Effective tax rate, % 18.2 17.9 Accounting principles \u2013 Income taxes for the period and deferred taxes: Taxes recognised on the income statement include current and deferred taxes. Income taxes for the financial year are calculated on the net profit for the period at the current tax rate and are adjusted by taxes for the prior periods. The reporting period as well as prior reporting periods may be subject to a tax audit, which may subsequently result in a change in tax decisions, additional tax payments or refunds. Deferred taxes are calculated from all temporary differences arising between the tax bases of assets and liabilities and their carrying values in the consolidated financial statements. Please refer to the next note 8.1.2 for details. The global minimum tax regulation enters into force in 2024 and applies to Elisa. Elisa has started to analyse the impact of the regulation. 8.1 Taxes ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-397": {
"value": "Accounting principles \u2013 Income taxes for the period and deferred taxes: Taxes recognised on the income statement include current and deferred taxes. Income taxes for the financial year are calculated on the net profit for the period at the current tax rate and are adjusted by taxes for the prior periods. The reporting period as well as prior reporting periods may be subject to a tax audit, which may subsequently result in a change in tax decisions, additional tax payments or refunds. Deferred taxes are calculated from all temporary differences arising between the tax bases of assets and liabilities and their carrying values in the consolidated financial statements. Please refer to the next note 8.1.2 for details. The global minimum tax regulation enters into force in 2024 and applies to Elisa. Elisa has started to analyse the impact of the regulation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-398": {
"value": "8.1.2 Deferred tax assets and liabilities The change in deferred tax assets and liabilities during 2022 Deferred tax assets EUR million 1 Jan. 2022 Recognised on the income statement Recognised on consolidated statement of comprehensive income Translation differences 31 Dec. 2022 Provisions 1.2 \u20130.4 0.8 Confirmed losses 0.7 \u20130.4 0.3 Right-of-use assets 1.6 0.1 1.7 Internal margins 2.8 0.0 2.8 Share-based incentive plans 3.0 0.9 3.9 Pension obligations 3.0 \u20130.1 \u20130.1 2.8 Other temporary differences 0.9 \u20130.2 0.1 0.0 0.8 \u2009B/S\u2009 13.1 0.0 0.0 0.0 13.1 Deferred tax liabilities EUR million 1 Jan. 2022 Recognised on the income statement Business combinations Translation differences 31 Dec. 2022 Fair value measurement of tangible and intangible assets in business combinations 3.9 \u20131.2 0.4 0.0 3.0 Accumulated depreciation differences 16.4 1.0 17.4 Finance lease agreements 0.6 0.7 1.3 Customer contracts 1.9 \u20130.1 1.8 Bonds 0.8 \u20130.1 0.7 Other temporary differences 1.6 \u20130.1 1.6 \u2009B/S\u2009 25.3 0.1 0.4 0.0 25.7 Deferred income tax assets recognised for tax losses are carried forward to the extent that the realisation of the related tax benefit through future profits is probable. On 31 December 2022, EUR 0.3 (0.7) million deferred tax asset was recognised for confirmed losses, that will expire in 2026. At the end of the reporting period, the Group had EUR 18.8 (14.0) million of unused tax losses for which no tax assets have been recognised. The change in deferred tax assets and liabilities during 2021 Deferred tax assets EUR million 1 Jan. 2021 Recognised on the income statement Recognised on consolidated statement of comprehensive income Translation differences 31 Dec. 2021 Provisions 0.7 0.5 1.2 Tax losses carried forward 1.0 \u20130.3 0.7 Right-of-use assets 1.5 0.0 1.6 Internal margins 2.6 0.2 2.8 Share-based incentive plans 2.5 0.4 3.0 Pension obligations 2.6 \u20130.3 0.7 3.0 Other temporary differences 1.0 0.1 \u20130.2 0.0 0.9 \u2009B/S\u2009 11.9 0.8 0.5 0.0 13.1 Deferred tax assets EUR million 1 Jan. 2021 Recognised on the income statement Business combinations Translation differences 31 Dec. 2021 Fair value measurement of tangible and intangible assets in business combinations 4.9 \u20131.4 0.4 3.9 Accumulated depreciation differences 16.0 0.4 16.4 Finance lease contracts 0.8 \u20130.2 0.6 Customer contracts 1.8 0.1 1.9 Bonds 0.9 \u20130.1 0.8 Other temporary differences 1.7 \u20130.1 0.0 1.6 \u2009B/S\u2009 26.2 \u20131.3 0.4 0.0 25.3 Accounting principles \u2013 Deferred tax assets and liabilities: Deferred taxes are calculated from the temporary differences arising between carrying amount and the tax base. The temporary tax liabilities are not recognised if they arise from initial recognition of goodwill or from the initial recognition of an asset/liability other than in a business combination which, at the time of the transaction, does not affect either the accounting or the taxable profit. No deferred tax is recognised on valuation differences of shares for which the sales profit would be tax-deductible. Deferred tax assets are recognised only to the extent that it is probable that they can be utilised against future taxable income. Deferred tax liabilities are recognised on the balance sheet in total, with the exception for Estonian subsidiaries where no tax liability has been recognised for the untaxed retained earnings EUR 196.9 million, as no profit distribution decision or plans for profit distribution exist for the time being. Deferred tax liabilities and assets are not offset. Accounting policies that require management\u2019s judgements \u2013 Deferred tax assets: Particularly at the end of each financial period, the Group assesses the probability of subsidiaries generating taxable income against which unused tax losses can be utilised. The appropriateness for recognising other deferred tax assets is also determined at the end of each financial period. Changes in the estimates may lead to the recognition of significant tax expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-399": {
"value": "Accounting principles \u2013 Deferred tax assets and liabilities: Deferred taxes are calculated from the temporary differences arising between carrying amount and the tax base. The temporary tax liabilities are not recognised if they arise from initial recognition of goodwill or from the initial recognition of an asset/liability other than in a business combination which, at the time of the transaction, does not affect either the accounting or the taxable profit. No deferred tax is recognised on valuation differences of shares for which the sales profit would be tax-deductible. Deferred tax assets are recognised only to the extent that it is probable that they can be utilised against future taxable income. Deferred tax liabilities are recognised on the balance sheet in total, with the exception for Estonian subsidiaries where no tax liability has been recognised for the untaxed retained earnings EUR 196.9 million, as no profit distribution decision or plans for profit distribution exist for the time being. Deferred tax liabilities and assets are not offset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-400": {
"value": "8.2 Provisions EUR million Termination benefits Other Total 1 Jan. 2021 1.7 1.7 3.4 Increase in provisions 7.6 7.6 Utilised provisions \u20133.5 \u20133.5 Release of unused provisions \u20131.6 \u20131.6 31 Dec. 2021 4.3 1.7 5.9 Increase in provisions 2.0 2.0 Utilised provisions \u20133.8 \u20133.8 Release of unused provisions \u20130.5 \u20130.5 31 Dec. 2022 2.0 1.7 3.7 EUR million 2022 2021 \u2009B/S\u2009 Long-term provisions 2.9 2.8 \u2009B/S\u2009 Short-term provisions 0.8 3.1 3.7 5.9 Termination benefits As a part of the Group\u2019s rationalisation, Elisa has carried out statutory employee negotiations leading to personnel reductions in 2022. The restructuring provision includes provisions for both unemployment pensions and other expenses due to redundancies. The provisions associated with redundancies will be realised during 2023\u20132024 and the provision associated with unemployment pensions will be realised in 2023\u20132024. Other provisions Other provisions include environmental provisions made for telephone poles. Accounting principles \u2013 Provisions and contingent liabilities: A provision is recognised when the Group has a 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 the amount of the obligation can be reliably estimated. Contingent liabilities are potential liabilities arising from past events that may occur depending on the outcome of uncertain future events which are beyond the control of the Group. Also a present obligation that is unlikely to require settlement of a payment obligation or the amount of which cannot be reliably measured is a contingent liability. Contingent liabilities are not recognised in the statement of financial position. Contingent liabilities are presented in note 8.4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-401": {
"value": "A provision is recognised when the Group has a 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 the amount of the obligation can be reliably estimated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-402": {
"value": "Contingent liabilities are potential liabilities arising from past events that may occur depending on the outcome of uncertain future events which are beyond the control of the Group. Also a present obligation that is unlikely to require settlement of a payment obligation or the amount of which cannot be reliably measured is a contingent liability. Contingent liabilities are not recognised in the statement of financial position. Contingent liabilities are presented in note 8.4. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-403": {
"value": "8.3 Related party details The Group\u2019s related parties include the parent company, subsidiaries, associates and joint ventures. The related parties also include Elisa\u2019s Board of Directors, the CEO, the Executive Board as well as entities controlled by them and close members of their family. Transactions carried out with related parties: 2022 EUR million Revenue Purchases Receivables Liabilities Associates 0.5 1.0 0.6 0.0 2021 EUR million Associates 0.5 0.8 0.6 0.0 The employee benefits of the Group\u2019s related parties are presented in Note 4.1 8.3.1 Group companies The parent company of the Group is Elisa Corporation. Subsidiaries Domicile Group\u2019s ownership, % Banana Fingers Limited Bristol, UK 100 Digiset Oy Helsinki, Finland 100 Elisa IndustrIQ Oy Helsinki, Finland 100 Elisa camLine Holding GmbH Petershausen, Germany 100 camLine GmbH Petershausen, Germany 100 camLine Dresden GmbH Dresden, Germany 100 camLine Solutions S.r.l. Ia\u0219i, Romania 100 camLine USA Inc. Atlanta GA, USA 100 camLine Hungary Kft. Szombathely, Hungary 60 camLine Pte. Ltd. Singapore, Singapore 100 camLine Taiwan New Taipei City, Taiwan 100 camLine sdn. Bhd. Bayan Lepas, Malaysia 100 PT Elisa camLine Indonesia Surabaya, Indonesia 100 TenForce NV Leuven, Belgium 50 TenForce USA LLC Houston TX, USA 50 Process Data Control Corporation Arlington TX, USA 50 Elisa Deutschland GmbH Aachen, Germany 100 Elisa Finance O\u00fc Tallinn, Estonia 100 Elisa France SAS Les Sorinieres, France 100 Elisa Hong Kong Limited Hong Kong, Hong Kong 100 Elisa Santa Monica Oy Helsinki, Finland 100 Elisa Eesti AS Tallinn, Estonia 100 Elisa Videra Oy Helsinki, Finland 100 Elisa Videra Inc. Los Angeles CA, USA 10 Elisa Videra Italy S.r.l San Genesio, Italia 100 Elisa Videra Norge As Oslo, Norway 100 Elisa Videra Singapore PTE Ltd. Singapore, Singapore 100 Elisa Videra Spain S.L Madrid, Spain 100 Elisa Videra UK Ltd. London, UK 100 Elistar AB Stockholm, Sweden 100 Cardinality Ltd Guildford, England 100 Cardinality SP. z.o.o. Lublin, Poland 100 Cardinality Inc. Delaware DE, USA 100 Frinx s.r.o. Bratislava, Slovakia 100 Frinx Corp New York NY, USA 100 Polystar Egypt LLC Cairo, Egypt 100 Polystar Instruments Canada Inc. Toronto, Kanada 100 Polystar Instruments Inc. Frisco,TX, USA 100 Polystar OSIX AB Stockholm, Sweden 100 Polystar Asia Private Ltd. Singapore, Singapore 100 Polystar Australia Pty Sydney, Australia 100 P-OSS Solutions S.L.U. Bilbao, Spain 100 Polystar Ryssland LLC Moscow, Russia 100 Enia Oy Helsinki, Finland 100 Epic TV SAS Sallanches, France 100 Fenix Solutions Oy Turku, Finland 100 Fonum Oy Helsinki, Finland 100 Karelsat Oy Joensuu, Finland 100 Kepit Systems Oy Vaasa, Finland 70 Kiinteist\u00f6 Oy Raision Luolasto Espoo, Finland 100 Kiinteist\u00f6 Oy Rinnetorppa Kuusamo, Finland 100 Kiinteist\u00f6 Oy Tapiolan Luolasto Espoo, Finland 100 LE-Kuitu Oy Salo, Finland 100 LNS Kommunikation AB Stockholm, Sweden 100 Preminet Oy Helsinki, Finland 100 Sutaria Services Inc. Murphy TX, USA 57 Watson Nordic Oy Vaasa, Finland 100 Joint arrangements Kiinteist\u00f6 Oy Brahenkartano Turku, Finland 60 Significant changes in ownership of subsidiaries are presented in note 3. Other changes in group structure is described further. On 25 October 2022 Elisa Eesti AS ja Santa Monica Networks AS have merged with Elisa Teleteenused AS. After the mergers the name of Elisa Teleteenused AS has changed to Elisa Eesti AS. Subsidiaries Domicile Group\u2019s ownership, % Accounting principles \u2013 Consolidation principles, subsidiaries: The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control. Acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions, gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated. Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. 60 per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-404": {
"value": "The parent company of the Group is Elisa Corporation. Subsidiaries Domicile Group\u2019s ownership, % Banana Fingers Limited Bristol, UK 100 Digiset Oy Helsinki, Finland 100 Elisa IndustrIQ Oy Helsinki, Finland 100 Elisa camLine Holding GmbH Petershausen, Germany 100 camLine GmbH Petershausen, Germany 100 camLine Dresden GmbH Dresden, Germany 100 camLine Solutions S.r.l. Ia\u0219i, Romania 100 camLine USA Inc. Atlanta GA, USA 100 camLine Hungary Kft. Szombathely, Hungary 60 camLine Pte. Ltd. Singapore, Singapore 100 camLine Taiwan New Taipei City, Taiwan 100 camLine sdn. Bhd. Bayan Lepas, Malaysia 100 PT Elisa camLine Indonesia Surabaya, Indonesia 100 TenForce NV Leuven, Belgium 50 TenForce USA LLC Houston TX, USA 50 Process Data Control Corporation Arlington TX, USA 50 Elisa Deutschland GmbH Aachen, Germany 100 Elisa Finance O\u00fc Tallinn, Estonia 100 Elisa France SAS Les Sorinieres, France 100 Elisa Hong Kong Limited Hong Kong, Hong Kong 100 Elisa Santa Monica Oy Helsinki, Finland 100 Elisa Eesti AS Tallinn, Estonia 100 Elisa Videra Oy Helsinki, Finland 100 Elisa Videra Inc. Los Angeles CA, USA 10 Elisa Videra Italy S.r.l San Genesio, Italia 100 Elisa Videra Norge As Oslo, Norway 100 Elisa Videra Singapore PTE Ltd. Singapore, Singapore 100 Elisa Videra Spain S.L Madrid, Spain 100 Elisa Videra UK Ltd. London, UK 100 Elistar AB Stockholm, Sweden 100 Cardinality Ltd Guildford, England 100 Cardinality SP. z.o.o. Lublin, Poland 100 Cardinality Inc. Delaware DE, USA 100 Frinx s.r.o. Bratislava, Slovakia 100 Frinx Corp New York NY, USA 100 Polystar Egypt LLC Cairo, Egypt 100 Polystar Instruments Canada Inc. Toronto, Kanada 100 Polystar Instruments Inc. Frisco,TX, USA 100 Polystar OSIX AB Stockholm, Sweden 100 Polystar Asia Private Ltd. Singapore, Singapore 100 Polystar Australia Pty Sydney, Australia 100 P-OSS Solutions S.L.U. Bilbao, Spain 100 Polystar Ryssland LLC Moscow, Russia 100 Enia Oy Helsinki, Finland 100 Epic TV SAS Sallanches, France 100 Fenix Solutions Oy Turku, Finland 100 Fonum Oy Helsinki, Finland 100 Karelsat Oy Joensuu, Finland 100 Kepit Systems Oy Vaasa, Finland 70 Kiinteist\u00f6 Oy Raision Luolasto Espoo, Finland 100 Kiinteist\u00f6 Oy Rinnetorppa Kuusamo, Finland 100 Kiinteist\u00f6 Oy Tapiolan Luolasto Espoo, Finland 100 LE-Kuitu Oy Salo, Finland 100 LNS Kommunikation AB Stockholm, Sweden 100 Preminet Oy Helsinki, Finland 100 Sutaria Services Inc. Murphy TX, USA 57 Watson Nordic Oy Vaasa, Finland 100 Subsidiaries Domicile Group\u2019s ownership, % Significant changes in ownership of subsidiaries are presented in note 3. Other changes in group structure is described further. On 25 October 2022 Elisa Eesti AS ja Santa Monica Networks AS have merged with Elisa Teleteenused AS. After the mergers the name of Elisa Teleteenused AS has changed to Elisa Eesti AS. Accounting principles \u2013 Consolidation principles, subsidiaries: The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control. Acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions, gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated. Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-405": {
"value": " Elisa Corporation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-406": {
"value": "Joint arrangements Kiinteist\u00f6 Oy Brahenkartano Turku, Finland 60 Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. 60 per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-407": {
"value": "Accounting principles \u2013 Consolidation principles, subsidiaries: The consolidated financial statements include the parent company, Elisa Corporation, and those subsidiaries over which the Group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date the Group obtains control and divested companies until the loss of control. Acquisition method is used in the accounting for the elimination of internal ownership. All intra-group transactions, gains on the sale of inventories and fixed assets, intra-group receivables, payables and dividends are eliminated. Profit for the period attributable to the equity holders of the parent and non-controlling interests is presented separately in the consolidated income statement. Non-controlling interests are presented separately from the equity of the owners of the parent in the consolidated statement of financial position. Losses of subsidiaries are allocated to non-controlling interests even if they exceed their share of ownership. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-408": {
"value": "Accounting principles \u2013 Consolidation principles, joint arrangements: Joint arrangements are arrangements over which the Group exercises joint control with one or more parties. A joint arrangement is either a joint venture or a joint operation. A joint venture is a joint arrangement, where the Group has rights to the net assets of the arrangement. A joint operation is a joint arrangement where the Group has rights to the assets and obligations for the liabilities relating to the arrangement. The only joint arrangement owned by the Group, Kiinteist\u00f6 Oy Brahenkartano, is a joint operation, which is consolidated using the proportional consolidation method. 60 per cent of the assets, liabilities, income and expenses of the joint operation are consolidated to the Group\u2019s financial statements. The company owns and manages a building and a site in Turku. Elisa is mainly entitled to manage office and telecom facilities with the shares owned. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-409": {
"value": "8.3.2 Investments in associated companies Aggregated financial information of associates EUR million 2022 2021 I/S Group\u2019s share of associated companies\u2019 profit \u20130.7 \u20130.5 \u2009B/S\u2009 Group\u2019s investments in associated companies 9.9 10.6 EUR million 2022 2021 Balance at the beginning of the period 10.6 1.4 Additions 0.0 9.8 Reclassifications 0.0 \u20130.1 Share of profits for the period \u20130.7 \u20130.5 Dividends received 0.0 \u2009B/S\u2009 Balance at the end of the period 9.9 10.6 During comparison period Elisa acquired 19 per sent of Italian industrial software provider specialised in innovative IT solutions for Digital Supply Chain and Smart Manufacturing, sedApta Group. The companies are consolidated as associates on the basis of significant influence. Associates Domicile ownership,% FNE-Finland Oy Kontiolahti, Finland 45.9 Kiinteist\u00f6 Oy Helsingin Sentnerikuja 6 Helsinki, Finland 50.0 Kiinteist\u00f6 Oy Herrainm\u00e4en Luolasto Tampere, Finland 50.0 Kiinteist\u00f6 Oy Lauttasaarentie 19 Helsinki, Finland 41.7 Kiinteist\u00f6 Oy Pohjanplassi Lapua, Finland 39.0 Kiinteist\u00f6 Oy Riihim\u00e4en Maisterinkatu 9 Riihim\u00e4ki, Finland 37.0 Kiinteist\u00f6 Oy Runeberginkatu 43 Helsinki, Finland 29.6 Kiinteist\u00f6 Oy Stenb\u00e4ckinkatu 5 Helsinki, Finland 40.0 sedApta Group Milan, Italy 19.0 Suomen Numerot NUMPAC Oy Helsinki, Finland 33.3 Tele Scope Oy Espoo, Finland 22.0 KE-Masto Oy Kajaani, Finland 49.5 Accounting principles \u2013 Consolidation principles, associated companies Associated companies are entities over which the Group exercises significant influence. Significant influence is presumed to exist when the Group owns over 20 per cent of the voting rights of the company or when the Group otherwise exercises significant influence, but does not exercise control. Associated companies are consolidated in accordance with equity method. If the Group\u2019s share of losses of an associated company exceeds its interest in the associated company, the investment is recognised on the balance sheet at zero value and the Group discontinues recognising its share of further losses unless the Group has other obligations for the associated company. Associated companies are consolidated from the date the Group obtains significant influence and divested associated companies are consolidated until the loss of significant influence. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-410": {
"value": "Accounting principles \u2013 Consolidation principles, associated companies Associated companies are entities over which the Group exercises significant influence. Significant influence is presumed to exist when the Group owns over 20 per cent of the voting rights of the company or when the Group otherwise exercises significant influence, but does not exercise control. Associated companies are consolidated in accordance with equity method. If the Group\u2019s share of losses of an associated company exceeds its interest in the associated company, the investment is recognised on the balance sheet at zero value and the Group discontinues recognising its share of further losses unless the Group has other obligations for the associated company. Associated companies are consolidated from the date the Group obtains significant influence and divested associated companies are consolidated until the loss of significant influence. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-411": {
"value": "8.4 Off-balance sheet leases and other commitments Leases Group as a lessee Lease payments related to off-balance sheet lease commitments: EUR million 2022 2021 Lease payments associated with short-term leases 31.9 32.8 Lease payments associated with low-value assets 4.6 4.2 36.5 37.0 Future minimum lease payments under non-cancellable off-balance sheet leases: EUR million 2022 2021 Within one year 13.2 12.5 Later than one year, but not later than five years 4.3 4.7 Later than five years 1.0 1.2 18.4 18.4 Lease payments are presented without value added tax. Group as a lessor Future minimum lease receivables under non-cancellable operating leases: EUR million 2022 2021 Within one year 3.6 2.5 Later than one year, but not later than five years 0.7 0.9 4.3 3.3 Accounting principles \u2013 Leases: The group as a lessee The Group recognises rental expenses for short-term leases and low-value assest in the income statements and presents such contracts as off-balance sheet liabilities. The group as a lessor The Group acts as a lessor in two different types of lease arrangements that are accounted for as operating leases: rental income from telecom premises and carrier services is recognised as revenue over the lease period, and rental income from real estate is recognised as other operating income. The lease contract periods are mainly short with durations of 1\u20136 months. Rental income is recognised over the lease period. Collateral, commitments and other liabilities EUR million 2022 2021 On behalf of own commitments Mortgages 3.8 3.8 Guarantees 0.6 0.4 Deposits 0.6 0.4 On behalf of others Guarantees 0.3 5.2 4.6 Other contractual obligations Venture Capital investment obligation 0.5 0.8 Repurchase obligations 0.0 0.5 0.8 Real estate investments VAT refund liability for real estate investments indicates the amount that may become completely non tax-deductible if the intended use of the property was to change. On 31 December 2022, VAT refund liability for real estate investments was EUR 36.1 (33.2) million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-412": {
"value": "Collateral, commitments and other liabilities EUR million 2022 2021 On behalf of own commitments Mortgages 3.8 3.8 Guarantees 0.6 0.4 Deposits 0.6 0.4 On behalf of others Guarantees 0.3 5.2 4.6 Other contractual obligations Venture Capital investment obligation 0.5 0.8 Repurchase obligations 0.0 0.5 0.8 Real estate investments VAT refund liability for real estate investments indicates the amount that may become completely non tax-deductible if the intended use of the property was to change. On 31 December 2022, VAT refund liability for real estate investments was EUR 36.1 (33.2) million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
},
"fact-413": {
"value": "8.5 Events after the end of the reporting period There were no significant events after the balance sheet date. . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:743700TU2S3DXWGU7H32",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
}
}
}
}