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General accounting principles 1.1 Basic information about the Group 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 25 January 2024, Elisa Corporation\u2019s Board of Directors accepted these financial statements for publication. A copy of these financial statements 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 2023. In the Finnish Accounting Act and the provisions issued pursuant to it, the International 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 conclusions based on the judgement of Elisa\u2019s management 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, associated companies 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, the statement of financial position and the cash flow statement. I/S = Income Statement\u2009B/S\u2009 = Balance Sheet C/F\u2009 = Cash Flow Statement \u2003", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "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 25 January 2024, Elisa Corporation\u2019s Board of Directors accepted these financial statements for publication. A copy of these financial statements is available from Elisa\u2019s head office at Ratavartijankatu 5, Helsinki, or on the company\u2019s website at www.elisa.com. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "Elisa Corporation ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "Domicile: Helsinki, Finland ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "Finland ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "Finland ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": " Ratavartijankatu 5, 00520 Helsinki ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "Elisa", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "engages in telecommunications activities and provides ICT and online services ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "Corporation", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "On 25 January 2024, Elisa Corporation\u2019s Board of Directors accepted these financial statements for publication.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 2023.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "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-currency transactions are translated into the 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 on the date of the transaction, excluding items measured at fair value, which are translated at the exchange rates prevailing on the valuation date. Gains and losses arising from the currency translations are recognised through profit or loss. Foreign exchange gains and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gains and losses from the liabilities denominated in foreign currencies are included in financial income and expenses, with the exception of 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 euros 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 are treated as assets and liabilities belonging to the foreign entities. These are converted into euros at the exchange rate prevailing at the end of the reporting period. 1.2.2 Accounting principles that require the judgement of the management and key sources of uncertainty in estimates Preparation of the financial statements requires the Group\u2019s management to make certain estimates and considerations. In addition, judgement is required in applying the accounting policies. 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 2023 Sustainability report on pages 147 and 220. 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 2022, with the exception of the new standards, interpretations and revisions to existing standards listed below, which the Group has applied since 1 January 2023. These revisions did not 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 better understand insurers\u2019 risk exposure, profitability and financial position. This standard replaces the IFRS 4 standard. \u2022 Amendments to IAS 1 Presentation of Financial Statements. 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 to accounting estimates. \u2022 Amendments to IAS 12 Income Taxes. The amendments concern deferred taxes related to assets and liabilities arising from a single transaction, and OECD\u2019s (Organisation for Economic Co-operation and Development) international tax reform. 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. The amendments give relief from accounting for deferred taxes arising from the OECD\u2019s international tax reform and require new disclosures to compensate for the potential loss of information resulting from the relief. On 1 January 2024, the Group will adopt the following new amendments, provided they are approved by the EU by the planned date of adoption. These 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 are intended to promote consistency in application and clarify the requirements for determining if a liability is current or non-current. 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 on the reporting date. The amendments require companies to disclose information about these covenants in the notes to the financial statements. The amendments also clarify transfer of a company\u2019s own equity instruments is regarded as settlement of a liability. Liability with any conversion options might affect classification as current or non-current unless these conversion options are recognized as equity under IAS 32. \u2022 Amendments to IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments: Disclosures. The amendments enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. Amendments require to disclose quantitative and qualitative information about supplier finance programs. On 1 January 2025, the Group will adopt the following new amendment, provided it is approved by the EU by the planned date of adoption. This revision is not expected to have a material impact on the consolidated financial statements. \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The amendments require to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "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-currency transactions are translated into the 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 on the date of the transaction, excluding items measured at fair value, which are translated at the exchange rates prevailing on the valuation date. Gains and losses arising from the currency translations are recognised through profit or loss. Foreign exchange gains and losses resulting from operating activities are included in the respective items above operating profit. Foreign exchange gains and losses from the liabilities denominated in foreign currencies are included in financial income and expenses, with the exception of 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 euros 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 are treated as assets and liabilities belonging to the foreign entities. These are converted into euros at the exchange rate prevailing at the end of the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "1.2.2 Accounting principles that require the judgement of the management and key sources of uncertainty in estimates Preparation of the financial statements requires the Group\u2019s management to make certain estimates and considerations. In addition, judgement is required in applying the accounting policies. 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 2023 Sustainability report on pages 147 and 220. 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 judgement \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 judgement \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 judgement \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 judgement \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 judgement \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 of 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:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "1.3 Applied new and revised standards The consolidated financial statements have been prepared in accordance with the same accounting policies used in 2022, with the exception of the new standards, interpretations and revisions to existing standards listed below, which the Group has applied since 1 January 2023. These revisions did not 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 better understand insurers\u2019 risk exposure, profitability and financial position. This standard replaces the IFRS 4 standard. \u2022 Amendments to IAS 1 Presentation of Financial Statements. 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 to accounting estimates. \u2022 Amendments to IAS 12 Income Taxes. The amendments concern deferred taxes related to assets and liabilities arising from a single transaction, and OECD\u2019s (Organisation for Economic Co-operation and Development) international tax reform. 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. The amendments give relief from accounting for deferred taxes arising from the OECD\u2019s international tax reform and require new disclosures to compensate for the potential loss of information resulting from the relief. On 1 January 2024, the Group will adopt the following new amendments, provided they are approved by the EU by the planned date of adoption. These 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 are intended to promote consistency in application and clarify the requirements for determining if a liability is current or non-current. 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 on the reporting date. The amendments require companies to disclose information about these covenants in the notes to the financial statements. The amendments also clarify transfer of a company\u2019s own equity instruments is regarded as settlement of a liability. Liability with any conversion options might affect classification as current or non-current unless these conversion options are recognized as equity under IAS 32. \u2022 Amendments to IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments: Disclosures. The amendments enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. Amendments require to disclose quantitative and qualitative information about supplier finance programs. On 1 January 2025, the Group will adopt the following new amendment, provided it is approved by the EU by the planned date of adoption. This revision is not expected to have a material impact on the consolidated financial statements. \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The amendments require to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "1.3 Applied new and revised standards The consolidated financial statements have been prepared in accordance with the same accounting policies used in 2022, with the exception of the new standards, interpretations and revisions to existing standards listed below, which the Group has applied since 1 January 2023. These revisions did not 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 better understand insurers\u2019 risk exposure, profitability and financial position. This standard replaces the IFRS 4 standard. \u2022 Amendments to IAS 1 Presentation of Financial Statements. 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 to accounting estimates. \u2022 Amendments to IAS 12 Income Taxes. The amendments concern deferred taxes related to assets and liabilities arising from a single transaction, and OECD\u2019s (Organisation for Economic Co-operation and Development) international tax reform. 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. The amendments give relief from accounting for deferred taxes arising from the OECD\u2019s international tax reform and require new disclosures to compensate for the potential loss of information resulting from the relief. On 1 January 2024, the Group will adopt the following new amendments, provided they are approved by the EU by the planned date of adoption. These 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 are intended to promote consistency in application and clarify the requirements for determining if a liability is current or non-current. 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 on the reporting date. The amendments require companies to disclose information about these covenants in the notes to the financial statements. The amendments also clarify transfer of a company\u2019s own equity instruments is regarded as settlement of a liability. Liability with any conversion options might affect classification as current or non-current unless these conversion options are recognized as equity under IAS 32. \u2022 Amendments to IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments: Disclosures. The amendments enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. Amendments require to disclose quantitative and qualitative information about supplier finance programs. On 1 January 2025, the Group will adopt the following new amendment, provided it is approved by the EU by the planned date of adoption. This revision is not expected to have a material impact on the consolidated financial statements. \u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates. The amendments require to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "Operating segments
2023 Consumer Corporate Group
EUR million Customers
Customers
Unallocated
Total
Revenue
1,334.7
845.8
2,180.5
EBITDA
520.8
235.1
755.9
Depreciation, amortisation and
impairment
\u2013179.3
\u201394.9
\u2013274.1
EBIT
341.6
140.3
481.8
Financial income
8.7
8.7
Financial expenses
\u201332.0
\u201332.0
Share of associated companies' profit
\u20130.4
\u20130.4
Profit before tax
458.1
Investments
213.0
108.4
321.4
Assets
1,900.5
1,110.7
113.4
3,124.6
2022 Consumer Corporate Group
EUR million Customers
Customers
Unallocated
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
Consumer Custom Corporate Custom Consumer Custom Corporate Custom 2 Operational result 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, the Elisa Viihde entertainment service and the Elisa Kirja eBook 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 worldwide services such as videoconferencing services, solutions for automating network management and operations for mobile operators, and IoT solutions for industry. Revenue 2023 EUR million EBITDA 2023 EUR millionGeographical areas
2023 Rest of Other Group
EUR million
Finland
Europe countries total
Revenue
1,821.6
306.2
52.7
2,180.5
Assets
2,597.3
497.3
30.0
3,124.6
2022 Rest of Other Group
EUR million
Finland
Europe countries total
Revenue
1,782.2
295.7
51.7
2,129.5
Assets
2,578.7
489.3
32.8
3,100.8
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 litigation. Income statement
EUR million
2023
2022
Restructuring costs
\u20132.0
Items affecting comparability in EBITDA
\u20132.0
Impairment losses
\u20135.6
Items affecting comparability in EBIT and profit before tax
\u20135.6
\u20132.0
Income taxes on items affecting comparability
1.1
0.4
Items affecting comparability in profit for the period
\u20134.5
\u20131.6
EUR million
2023
2022
Comparable EBITDA
I/S
EBITDA
755.9
733.3
Items affecting comparability in EBITDA
2.0
755.9
735.3
Comparable EBIT
I/S
EBIT
481.8
469.8
Items affecting comparability in EBIT
5.6
2.0
487.4
471.8
Comparable profit before tax
I/S
Profit before tax
458.1
456.0
Items affecting comparability in profit before tax
5.6
2.0
463.7
458.0
Comparable profit for the period
I/S
Profit for the period
374.0
372.8
Items affecting comparability in profit for the period
4.5
1.6
378.5
374.4
Comparable profit for the period attributable to equity holders of the
parent
Comparable profit for the period
378.5
374.4
Non-controlling interests
\u20131.2
\u20131.3
379.7
375.7
Comparable earnings per share, EUR
Comparable profit for the period attributable to equity holders of the parent
379.7
375.7
Average number of outstanding shares, diluted (1,000 shares)
160,530
160,410
2.37
2.34
Cash flow
EUR million
2023
2022
Acquisitions and disposals of shares and business combinations
13.8
20.9
Items affecting comparability in cash flow before financing
13.8
20.9
The main items affecting comparability in 2023 were the acquisition of Elenia\u2019s optical fibre network business, payment of camLine contingent consideration and Sulake purchase price receivable. The main items affecting comparability in 2022 were the acquisitions of Frinx and Cardinality.
Comparable cash flow after investments
C/F\u2009 Cash flow before financing
347.0
299.9
Items affecting comparability in cash flow before financing
13.8
20.9
360.8
320.9
Employee expenses More detailed analysis of employee expenses is included in Note 4. 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 was initiated in 2022 and the company has been liquidated in 2023. The costs of the withdrawal from the Russian operations, EUR 1.1 million, are presented in other operating expenses of the comparison period 2022. 9.1 Key indicators describing the Group\u2019s financial development
2023
2022
2021
2020
2019
INCOME STATEMENT
Revenue, EUR million
2,180
2,130
1,998
1,895
1,844
Change of revenue, %
2.4
6.6
5.5
2.8
0.7
EBITDA, EUR million
756
733
697
685
661
EBITDA as % of revenue
34.7
34.4
34.9
36.2
35.8
EBIT, EUR million
482
470
431
409
395
EBIT as % of revenue
22.1
22.1
21.6
21.6
21.4
Profit before tax, EUR million
458
456
418
398
372
Profit before tax as % of revenue
21.0
21.4
20.9
21.0
20.2
Return on equity (ROE), %
29.4
30.4
28.8
28.1
26.6
Return on investment (ROI), %
18.5
18.3
16.9
16.7
17.2
Research and development costs, EUR million
24
21
16
10
8
Research and development costs as % of revenue
1.1
1.0
0.8
0.5
0.4
BALANCE SHEET
Gearing ratio, %
100.8
101.9
101.2
101.9
103.0
Current ratio
1.0
1.0
1.4
1.3
1.2
Equity ratio, %
41.6
40.6
39.9
39.1
41.0
Non-interest-bearing liabilities, EUR million
463
488
491
430
428
Interest-bearing net debt
1,304
1,276
1,219
1,207
1,184
Balance sheet total, EUR million
3,125
3,101
3,028
3,041
2,814
INVESTMENTS
Investments in shares and business combinations,
EUR million
12
25
28
70
83
CAPITAL EXPENDITURE
Gross investments, EUR million
321
290
265
266
256
Gross investments as % of revenue
14.7
13.6
13.3
14.1
13.9
PERSONNEL
Average number of employees during the period
5,721
5,523
5,391
5,097
4,882
Revenue/employee, EUR 1,000
381
386
371
372
378
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
2023
2022
2021
2020
2019
INCOME STATEMENT
Comparable EBITDA, EUR million
756
735
706
685
668
Comparable EBITDA as % of revenue
34.7
34.5
35.3
36.2
36.2
Comparable EBIT, EUR million
487
472
439
415
402
Comparable EBIT as % of revenue
22.4
22.2
22.0
21.9
21.8
Comparable profit before tax, EUR million
464
458
427
399
379
Comparable profit before tax as % of revenue
21.3
21.5
21.4
21.0
20.5
Comparable return on equity (ROE), %
29.7
30.5
29.3
28.1
27.1
Comparable return on investment (ROI), %
18.7
18.4
17.2
16.7
17.5
Comparable earnings per share (EPS)
2.37
2.34
2.19
2.05
1.93
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\u2019 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
2023
2022
2021
2020
2019
Share capital, EUR
83,033,008
83,033,008
83,033,008
83,033,008
83,033,008
Number of shares at year-end
160,388,419
160,259,695
160,187,301
160,082,908
159,897,796
Average number of shares
160,376,432
160,253,348
160,174,453
160,065,712
159,880,581
Number of shares at year-end, diluted
160,542,095
160,416,729
160,187,301
160,082,908
159,897,796
Average number of shares, diluted
160,530,108
160,410,382
160,174,453
160,065,712
159,880,581
Market capitalisation, EUR million
7,006
8,276
9,056
7,508
8,241
Earnings per share (EPS), EUR
2.34
2.33
2.15
2.05
1.90
Dividend per share, EUR
2.25
2.15
2.05
1.95
1.85
Payout ratio, %
96.2
92.1
95.6
95.1
97.6
Equity per share, EUR
8.05
7.78
7.48
7.39
7.19
P/E ratio
17.9
21.2
25.2
21.9
26.0
Effective dividend yield, %
5.4
4.3
3.8
4.3
3.8
Share performance on Nasdaq Helsinki
Mean price, EUR
48.86
51.99
51.00
51.08
42.26
Closing price at year-end, EUR
41.87
49.46
54.12
44.87
49.25
Lowest price, EUR
39.41
45.57
45.10
40.79
35.51
Highest price, EUR
56.52
56.90
56.18
58.88
49.91
Trading of shares on Nasdaq Helsinki
Total trading volume, 1,000 shares
64,380
71,229
81,557
122,497
96,662
Percentage of shares traded
38
43
49
73
58
(2 (6 (3 (4 (5 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, the trading volumes in these markets in 2023 were approximately 289 (293) per cent of the volumes on the Nasdaq Helsinki. 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 2.25 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "
2.3 Revenue from contracts with customers
Division of Group\u2019s revenue
EUR million
2023
2022
Rendering of services
1,781.4
1,726.8
Sale of equipment
398.7
402.7
Interest revenue 0.4
I/S
2,180.5
2,129.5
EUR million
2023
2022
Mobile telecommunications
1,290.2
1,252.5
Fixed-network broadband and others
890.2
877.0
I/S
2,180.5
2,129.5
Accounting Principles \u2013 Revenue from contracts with customers:
Revenue from consumer customers mainly consists of fixed and mobile subscriptions with supplementary digital services, cable TV subscriptions, the Elisa Viihde entertainment
service and the Elisa Kirja eBook service. Consumer customer contracts are typically standard contracts that are treated as separate performance obligations.
Customer contracts 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 the transaction price, which is allocated to performance obligations on a relative standalone selling price basis.
Revenue from corporate customers mainly consists of fixed and mobile subscriptions with supplementary digital services, IT and communication solutions for the digital
environment, videoconferencing services, solutions for automating network management and operations 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 when they enter into the 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 various payment methods granting them the possibility to purchase equipment with 12\u201336 months\u2019 credit. 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 in monthly payments. If revenue accumulated
by installment contract is higher than the cash selling price of the device, the difference is taken into account as a financing component. In this case, the transaction price is
adjusted to take account of the financing component, and the intrest revenue is recognised over time during the customer\u2019s contract period. Interest revenue is presented as
part of the Group\u2019s revenue. In the comparison period, based on management\u2019s judgement, there was no significant financing component in the contracts.
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 four weeks to cancel a service contract entered into through distance sales 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.
The Group does not currently have any valid loyalty programmes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "2.3 Revenue from contracts with customers Division of Group\u2019s revenue
EUR million
2023
2022
Rendering of services
1,781.4
1,726.8
Sale of equipment
398.7
402.7
Interest revenue 0.4
I/S
2,180.5
2,129.5
EUR million
2023
2022
Mobile telecommunications
1,290.2
1,252.5
Fixed-network broadband and others
890.2
877.0
I/S
2,180.5
2,129.5
Accounting Principles \u2013 Revenue from contracts with customers: Revenue from consumer customers mainly consists of fixed and mobile subscriptions with supplementary digital services, cable TV subscriptions, the Elisa Viihde entertainment service and the Elisa Kirja eBook service. Consumer customer contracts are typically standard contracts that are treated as separate performance obligations. Customer contracts 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 the transaction price, which is allocated to performance obligations on a relative standalone selling price basis. Revenue from corporate customers mainly consists of fixed and mobile subscriptions with supplementary digital services, IT and communication solutions for the digital environment, videoconferencing services, solutions for automating network management and operations 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 when they enter into the 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 various payment methods granting them the possibility to purchase equipment with 12\u201336 months\u2019 credit. 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 in monthly payments. If revenue accumulated by installment contract is higher than the cash selling price of the device, the difference is taken into account as a financing component. In this case, the transaction price is adjusted to take account of the financing component, and the intrest revenue is recognised over time during the customer\u2019s contract period. Interest revenue is presented as part of the Group\u2019s revenue. In the comparison period, based on management\u2019s judgement, there was no significant financing component in the contracts. 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 four weeks to cancel a service contract entered into through distance sales 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. The Group does not currently have any valid loyalty programmes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "Accounting Principles \u2013 Revenue from contracts with customers: Revenue from consumer customers mainly consists of fixed and mobile subscriptions with supplementary digital services, cable TV subscriptions, the Elisa Viihde entertainment service and the Elisa Kirja eBook service. Consumer customer contracts are typically standard contracts that are treated as separate performance obligations. Customer contracts 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 the transaction price, which is allocated to performance obligations on a relative standalone selling price basis. Revenue from corporate customers mainly consists of fixed and mobile subscriptions with supplementary digital services, IT and communication solutions for the digital environment, videoconferencing services, solutions for automating network management and operations 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 when they enter into the 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 various payment methods granting them the possibility to purchase equipment with 12\u201336 months\u2019 credit. 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 in monthly payments. If revenue accumulated by installment contract is higher than the cash selling price of the device, the difference is taken into account as a financing component. In this case, the transaction price is adjusted to take account of the financing component, and the intrest revenue is recognised over time during the customer\u2019s contract period. Interest revenue is presented as part of the Group\u2019s revenue. In the comparison period, based on management\u2019s judgement, there was no significant financing component in the contracts. 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 four weeks to cancel a service contract entered into through distance sales 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. The Group does not currently have any valid loyalty programmes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "2.4 Other operating income
EUR million
2023
2022
Gain on disposals of property, plant and equipment
4.2
0.2
Gain on disposal of subsidiaries 0.5
Government grants
0.0
0.4
Other items
5.1
6.3
I/S
9.8
6.9
(1 (2 1) Includes a EUR 0.5 million profit on divestment of Videra companies. 2) 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 gains 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:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "2.4 Other operating income
EUR million
2023
2022
Gain on disposals of property, plant and equipment
4.2
0.2
Gain on disposal of subsidiaries 0.5
Government grants
0.0
0.4
Other items
5.1
6.3
I/S
9.8
6.9
(1 (2 1) Includes a EUR 0.5 million profit on divestment of Videra companies. 2) 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 gains 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. Audit fees
EUR million
2023
2022
Auditing
0.4
0.4
Tax advisory services
0.0
0.0
Other services
0.1
0.0
0.5
0.4
In 2023, non-audit fees charged by KPMG Oy Ab were EUR 0.1 (0.0) million. Research and development costs
EUR million
2023
2022
Research and development costs recognised as expenses
15.5
13.4
Capitalised development costs
8.9
8.0
24.4
21.4
The focus areas for the research and development activities in 2023 were the development of corporate customers new services and platforms, 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 the 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 subsequently capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "2.5 Operating expenses Materials and services
EUR million
2023
2022
Purchases of materials, supplies and goods
529.0
556.4
Change in inventories
11.2
\u20138.8
External services
277.7
272.9
Foreign exchange gains and losses
0.0
0.2
I/S
817.9
820.8
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "
Audit fees
EUR million
2023
2022
Auditing
0.4
0.4
Tax advisory services
0.0
0.0
Other services
0.1
0.0
0.5
0.4
In 2023, non-audit fees charged by KPMG Oy Ab were EUR 0.1 (0.0) million.
Research and development costs
EUR million
2023
2022
Research and development costs recognised as expenses
15.5
13.4
Capitalised development costs
8.9
8.0
24.4
21.4
The focus areas for the research and development activities in 2023 were the development of corporate customers
new services and platforms, 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 the 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 subsequently capitalised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "Audit fees
EUR million
2023
2022
Auditing
0.4
0.4
Tax advisory services
0.0
0.0
Other services
0.1
0.0
0.5
0.4
In 2023, non-audit fees charged by KPMG Oy Ab were EUR 0.1 (0.0) million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "Research and development costs
EUR million
2023
2022
Research and development costs recognised as expenses
15.5
13.4
Capitalised development costs
8.9
8.0
24.4
21.4
The focus areas for the research and development activities in 2023 were the development of corporate customers new services and platforms, 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 the 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 subsequently capitalised.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "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 the 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 subsequently capitalised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "2.6 Earnings per share
Earnings per share, basic
2023
2022
I/S
Net profit for the period attributable to equity holders of the parent (EUR million)
375.2
374.1
Weighted average number of shares outstanding (1,000 shares)
160,376
160,253
Earnings per share, basic (EUR/share)
2.34
2.33
Diluted earnings per share 2023 2022
I/S
Net profit for the period attributable to equity holders of the parent (EUR million)
375.2 374.1
Weighted average number of shares outstanding (1,000 shares) 160,376 160,253
Impact of share-based incentive plans 154 157
Weighted average number of shares outstanding adjusted by dilutive effect (1,000 shares) 160,530 160,410
Diluted earnings per share (EUR/share) 2.34 2.33
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "3. Business acquisitions and disposals Acquired businesses in 2023 Changes in ownership interests On 30 November 2023, the Group acquired an additional 43.5 per cent of shares in Sutaria Services Inc. The acquisition price was EUR 7.3 million. Following the acquisition, the Group owns the entire share capital of the company. Due to the acquisition the share of non-controlling interests decreased by EUR 0.6 million and the liability for the redemption EUR 7.3 (6.6) million was paid to non-controlling interests. Initial recognition and changes of liability for the redemption has been treated as equity transactions. Disposals of businesses in 2023 Disposal of Elisa Videra business The businesses of Elisa Corporation\u2019s subsidiary Elisa Videra and the German company MVC Mobile VideoCommunication GmbH (owned by KLP Verm\u00f6gensverwaltungs GmbH) was combined into MVC on 20 December 2023. After combination Elisa has 37.5% holding of MVC Mobile Video Communication GmbH and Elisa became a minority shareholder of the company. The transaction was conducted as a share swap. As a result of a share swap, Elisa lost control of Elisa Videra Oy and its subsidiaries. The change in ownership was recorded in the Group as a sale of a subsidiary, and it resulted in a profit of EUR 0.5 million, recorded in other operating income. The Group has consolidated the result of the companies as a subsidiary until 30 November 2023 and, starting from 1 December 2023, as an associated company.
Net assets of the sold entity Carrying
EUR million amount
Tangible and intangible assets
1.0
Inventories
2.4
Trade and other receivables
23.6
Cash and cash equivalents
2.2
Deferred tax liabilities
\u20131.1
Lease liabilities
\u20130.3
Trade payables and other liabilities \u20136.9
20.9
Effects of disposal on cash flow
EUR million
Cash and cash equivalent of a sold entity \u20132.2
\u20132.2
Effects of disposal on consolidated income statement and balance sheet
EUR million
Selling price
11.0
Net assets of a sold entity
\u201320.9
Pre-existing relationships between the Group and the sold entity 10.4
Profit from the sale
0.5
(1 1) As a result of the loss of control, the Group\u2019s net assets increased as the net receivables, totalling EUR 10.4 million and previously eliminated as intra-group items, were treated as the external receivables . 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 multivendor environment. The acquisition price was EUR 14.4 million, including a 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 the Group\u2019s growth in digital services internationally and strengthening Elisa IndustIQ business. 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 the 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 Carrying
EUR million amount
Cash paid
13.4
Contingent consideration 1.1
Total acquisition price
14.4
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, were recorded in other operating expenses in 2022. Acquisition of Cardinality group On 4 August 2022, Elisa acquired the UK-based company 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 a 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 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 Carrying
EUR million amount
Cash paid
9.6
Contingent consideration
0.4
Total acquisition price
10.0
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, 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 cost. 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, any 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 any 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. Any 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 on the date of the 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 judgement \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "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 cost. 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, any 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 any 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. Any 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 on the date of the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "4 Personnel 4.1 Employee expenses
EUR million
2023
2022
Salaries and wages
331.0
314.4
Share-based payments
15.4
14.0
Pension expenses - defined contribution plans
45.8
44.2
Pension expenses - defined benefit plans
0.5
0.3
Other employee costs
24.3
21.8
I/S
417.1
394.8
Number of personnel at the end of the reporting period 2023 2022 Consumer Customers 2,976 2,939 Corporate Customers 2,690 2,684 5,666 5,623 Number of personnel at the year end 4,000 3,000 2,000 1,000 Corporate Customers 0 Consumer Customers 5,000 6,000 2,148 2,257 2,736 2,914 2,526 2,845 2,684 2,939 2,690 2,976 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. 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 of those employees who are part of the share incentive plan. In 2023, EUR 1.5 (2.2) million was recognised in the Group\u2019s personnel fund. Remuneration of management
EUR million
2023
2022
Managing Directors
7.9
8.0
Members and deputy members of Boards of Directors
0.8
0.8
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 note 4 for the parent company.
Benefits recognised on the income statement
EUR million
2023
2022
Remuneration and other short-term employee benefits
4.8
5.1
Post-employment benefits
0.3
0.3
Share-based compensation
5.7
5.1
10.8
10.5
(1 1) In 2023, the share-based compensation expenses were EUR 15.4 (14.0) million, of which EUR 1.5 (1.3) million is allocated to the CEO and EUR 4.2 (3.7) million to the Executive Board. The terms and conditions of share-based incentive plans are described under Note 4.2.
Benefits paid
EUR million
2023
2022
Board of Directors
0.8
0.8
CEO
1.0
1.1
Executive Board
3.1
3.2
Share-based compensation
5.3
2.7
10.1
7.8
(1 1) The reward paid to the CEO under the share-based compensation plans was EUR 1.4 (0.7) million, and the reward paid to the Executive Board members EUR 3.9 (2.0) 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 the Elisa, the CEO is entitled to 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 the 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. CEO\u2019s 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. In August 2023 Veli-Matti Mattila informed the company\u00b4s Board of Directors that he will retire when the new CEO Topi Manner starts in the position, on 1 March 2024 at the latest. Under the previous executive agreement, Mattila would have retired at the age of 60. An increase in the statutory retirement age is compensated for by a decision of the Board. The CEO\u2019s supplementary pension coverage is based on a defined contribution scheme. The pension arrangements include a right to a paid-up policy. The company\u2019s pension liability of EUR 1.7 million is included in the pension obligations on the balance sheet. It accrues annually at 5.1% of annual earnings under employer\u2019s pension insurance (TyEL), and the pension insurance for the management group accrues at 20.7% of annual earnings under TyEL for pensions payable from the age of 62 onwards. The executive agreements of the Group Management Board members appointed before 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 2023 to the CEO under the 2017 plan\u2019s 2020\u20132022 performance period equals the value of 12,057 shares and for the rest of the Executive Board 34,848 shares. 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 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, of which a portion that corresponds to his working time during the performance period will be paid. The maximum reward granted for the rest of the Executive Board equals the value of 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 of which a portion that corresponds to his working time during the performance period will be paid. The maximum reward granted for the rest of the Executive Board equals the value of 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 309,729 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 plan 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
2023
2022
Present value of unfunded obligations
\u20132.8
\u20133.1
Present value of funded obligations
\u201341.2
\u201347.5
Fair value of plan assets
34.7
37.7
\u2009B/S\u2009 Net pension liability (-) / receivable (+) in the statement of financial
position
\u20139.3
\u201312.9
Pension expenses recognised in the statement of comprehensive income
EUR million
2023
2022
Expense recognised in profit or loss
Service cost
0.2
0.2
Net interest
0.4
0.1
0.5
0.3
Remeasurements
\u20131.5
\u20130.5
Tax effect of the remeasurements
0.3
0.1
I/S
\u20131.2
\u20130.4
Reconciliation of the net defined benefit obligations in the statement of financial position
EUR million
2023
2022
Net defined benefit obligation at the beginning of the period
12.9
14.4
Pension expenses recognised in profit or loss
0.5
0.3
Remeasurements
\u20131.5
\u20130.5
Contributions paid by the employer
\u20132.6
\u20131.3
Net defined benefit obligation at the end of period
9.3
12.9
Changes in the present value of the defined benefit obligations
EUR million
2023
2022
Obligation at the beginning of the period
\u201350.6
\u201362.6
Current service cost
\u20130.2
\u20130.2
Interest expenses
\u20131.5
\u20130.4
Remeasurements
Actuarial gain (+) or loss (-) arising from changes in economic
assumptions
2.4
8.0
Gain (+) or loss (-) arising from experience adjustments
1.5
0.1
Benefits paid
4.5
4.5
Obligation at the end of period
\u201344.0
\u201350.6
Changes in the fair value of plan assets
EUR million
2023
2022
Fair value of plan assets at the beginning of the period
37.7
48.2
Interest income
1.2
0.3
Remeasurements, gain (+) or loss (-)
\u20132.3
\u20137.7
Benefits paid
\u20134.5
\u20134.5
Contributions paid by the employer
2.6
1.3
Fair value of plan assets at the end of period
34.7
37.7
The principal actuarial assumptions used
2023
2022
Discount rate, %
3.8
3.3
Future pension increase, %
2.7
2.8
Inflation, %
2.4
2.6
Sensitivity analysis of net defined benefit obligation Effect on the net defined benefit obligation, EUR million
Change in actuarial assumptions
2023
2022
Discount rate + 0.5%
\u20130.6
\u20130.9
Future pension increase +0.5%
0.7
0.9
Expected mortality +1 year
0.6
0.7
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 that 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 a 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 that 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. The weighted average duration of the obligation is 12.7 (13.6) years. The Group expects to contribute EUR 1.4 (0.7) million to defined benefit pension plans in 2024. 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 for 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 a 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. The 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 judgement \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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "Number of personnel at the end of the reporting period 2023 2022 Consumer Customers 2,976 2,939 Corporate Customers 2,690 2,684 5,666 5,623 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "
Remuneration of management
EUR million
2023
2022
Managing Directors
7.9
8.0
Members and deputy members of Boards of Directors
0.8
0.8
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 note 4 for the parent company.
Benefits recognised on the income statement
EUR million
2023
2022
Remuneration and other short-term employee benefits
4.8
5.1
Post-employment benefits
0.3
0.3
Share-based compensation
5.7
5.1
10.8
10.5
(1
1)
In 2023, the share-based compensation expenses were EUR 15.4 (14.0) million, of which EUR 1.5 (1.3) million is allocated to the CEO
and EUR 4.2 (3.7) million to the Executive Board. The terms and conditions of share-based incentive plans are described under Note 4.2.
Benefits paid
EUR million
2023
2022
Board of Directors
0.8
0.8
CEO
1.0
1.1
Executive Board
3.1
3.2
Share-based compensation
5.3
2.7
10.1
7.8
(1
1)
The reward paid to the CEO under the share-based compensation plans was EUR 1.4 (0.7) million, and the reward paid to the Executive
Board members EUR 3.9 (2.0) 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 the Elisa, the CEO is entitled to 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 the 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.
CEO\u2019s 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. In August 2023 Veli-Matti Mattila informed the company\u00b4s Board of Directors that he
will retire when the new CEO Topi Manner starts in the position, on 1 March 2024 at the latest. Under the previous
executive agreement, Mattila would have retired at the age of 60. An increase in the statutory retirement age is
compensated for by a decision of the Board.
The CEO\u2019s supplementary pension coverage is based on a defined contribution scheme. The pension arrangements
include a right to a paid-up policy. The company\u2019s pension liability of EUR 1.7 million is included in the pension
obligations on the balance sheet. It accrues annually at 5.1% of annual earnings under employer\u2019s pension insurance
(TyEL), and the pension insurance for the management group accrues at 20.7% of annual earnings under TyEL for
pensions payable from the age of 62 onwards.
The executive agreements of the Group Management Board members appointed before 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 2023 to the CEO under the 2017 plan\u2019s 2020\u20132022 performance period equals the value of 12,057
shares and for the rest of the Executive Board 34,848 shares.
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 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, of which a portion that corresponds to his working time during the performance period will be paid.
The maximum reward granted for the rest of the Executive Board equals the value of 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 of which a portion that corresponds to his working time during the performance period will be paid.
The maximum reward granted for the rest of the Executive Board equals the value of 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 309,729 shares and votes, corresponding to 0.19 per cent of all shares and votes.
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:
2023
EUR million
Revenue
Purchases
Receivables
Liabilities
Associates
0.7
0.9
11.6
0.5
2022
EUR million
Associates
0.5
1.0
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 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 Suzhou camLine Technology Co. Ltd Suzhou, China 100 TenForce NV Leuven, Belgium 50 TenForce USA LLC Houston TX, USA 50 Process Data Control Corporation Arlington TX, USA 50 Elisa Deutschland GmbH Petershausen, Germany 100 Elisa Finance O\u00fc Tallinn, Estonia 100 Elisa France SAS Les Sorinieres, France 100 Subsidiaries Domicile Group\u2019s ownership, % Elisa Santa Monica Oy Helsinki, Finland 100 Elisa Eesti AS Tallinn, Estonia 100 Elistar AB Stockholm, Sweden 100 Elisa Polystar Finland Oy Helsinki, Finland 100 Cardinality Ltd Guildford, England 100 Cardinality SP. z.o.o. Lublin, Poland 100 Frinx s.r.o. Bratislava, Slovakia 100 Polystar Egypt LLC Cairo, Egypt 100 Polystar Instruments Canada Inc. Toronto, Canada 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 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 LNS Kommunikation AB Stockholm, Sweden 100 Preminet Oy Helsinki, Finland 100 Sutaria Services Inc. Murphy TX, USA 100 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 below. On 13 April 2023, camLine Dresden merged with camLine GmbH and on 1 June 2023 LE-Kuitu Oy merged with Elisa Oyj. Elisa Hong Kong Limited, Cardinality Inc, Frinx Corporation and Polystar Ryssland LLC were liquidated in December 2023. 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. The 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. Sixty 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "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 over 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. 4.2.1 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 each perfomance period. After the end of each performance period, the reward is paid as a combination of company shares and cash after the financial statements are completed. 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 is paid. The performance criteria for the performance period 2023\u20132025 are based on Group\u2019s earnings per share (EPS), the International Digital services growth, 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 395,800 Elisa Corporation shares. The performance criteria for the performance period 2022\u20132024 are based on Group\u2019s EPS, the International Digital services growth, 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 EPS, 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 members of the Corporate Executive Board must retain a minimum of 50 per cent of the net shares given on the basis of the plan. For the CEO, this obligation remains in place until the CEO\u2019s shareholding in the company corresponds to the value of his annual salary, and for members of the Corporate Executive Board, until their total shareholding corresponds to the value of half of their annual salary.
Performance Perfomance Perfomance
Amount of share incentives and terms and period period period
assumptions in the fair value calculation 2023\u20132025 2022\u20132024 2021\u20132023
Maximum number of shares granted
395,800
360,500
410,700
Grant date
31.12.2022
31.12.2021
31.12.2020
Share price on 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 on the closing date, %
58
79
76
Number of participants in the plan on the closing date
192
177
154
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 the required performance levels for each criterion at the beginning of each performance period. After the end of each performance period, the reward is paid as a combination of company shares and cash after the financial statements are completed. The cash portion is intended 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 is paid. The earnings criteria for the performance period 2020\u20132022 were based on Group\u2019s earnings per share EPS, 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 Group\u2019s EPS, 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 Group\u2019s EPS, 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 members of the Corporate Executive Board must retain a minimum of 50 per cent of the net shares given on the basis of the plan. For the CEO, this obligation remains in place until the CEO\u2019s shareholding in the company corresponds to the value of his annual salary, and for members of the Corporate Executive Board, until their total shareholding corresponds to the value of half of their annual salary.
Performance Performance Performance
Amount of share incentives and terms and assumptions in period period period
the fair value calculation 2020\u20132022 2019\u20132021 2018\u20132020
Maximum number of rewards granted
407,600
536,000
550,000
Grant date
31.12.2019
31.12.2018
31.12.2017
Share price on 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
Realisation of earning criteria, %
71
31
39
Number of shares distributed
127,539
72,394
95,241
Volume weighted average share price at distribution date, EUR
52.85
52.52
49.39
Number of shares distributed as a proportion of the possible
maximum number, %
31
14
17
Number of participants in the plan on the payment date
164
175
164
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 for each portion with the Finnish Tax Administration, as required to meet withholding tax obligations. The withholding tax paid to the Tax Administration is recognised directly in equity. Share-based incentive plans are measured at the fair value on 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 judgement \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. 4.2.3 Committed share-based incentive plan 2019 On 31 January 2019, Elisa\u2019s Board of Directors decided on a 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.
Restriction Restriction Restriction
Amount of share incentives and terms and period period period
assumptions in the fair value calculation 2023 2022\u20132023 2022\u20132023
Maximum number of rewards granted
2,500
8,000
2,500
Grant date
1.1.2023
1.8.2022
1.8.2022
Share price on the grant date, EUR
49.78
54.16
54.16
Restriction period started
1.1.2023
1.8.2022
1.8.2022
Restriction period ends
31.12.2023
31.12.2023
31.8.2023
Estimated realisation of earnings criteria at the beginning of
performance period, %
100
100
100
Estimated realisation of earning criteria on the closing date, %
100
100
Realisation of earning criteria, %
100
Number of shares transferred
1,185
Average exchange rate on the day of transfer, EUR
44.98
Number of shares distributed as a proportion of the
maximum amount of share rewards granted, %
47
Number of participants in the plan on the payment date
5
Number of participants in the plan on the closing date
6
4
4.2.4 Committed share-based incentive plan 2023 On 1 February 2023, Elisa\u2019s Board of Directors decided on a committed share-based incentive plan for 2023\u20132027. 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.
Restriction
Amount of share incentives and terms and period
assumptions in the fair value calculation 2023\u20132024
Maximum number of rewards granted
334
Grant date
1.11.2023
Share price on the grant date, EUR
40.78
Restriction period started
1.11.2023
Restriction period ends
31.12.2024
Estimated realisation of earnings criteria at the beginning of
performance period, %
100
Estimated realisation of earning criteria on the closing date, %
100
Number of participants in the plan on the closing date 1
Expenses of share-based incentive plans In 2023, EUR 15.4 (14.0) million of expenses were recognised for the share incentive plans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "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 for each portion with the Finnish Tax Administration, as required to meet withholding tax obligations. The withholding tax paid to the Tax Administration is recognised directly in equity. Share-based incentive plans are measured at the fair value on 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "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 plan 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
2023
2022
Present value of unfunded obligations
\u20132.8
\u20133.1
Present value of funded obligations
\u201341.2
\u201347.5
Fair value of plan assets
34.7
37.7
\u2009B/S\u2009 Net pension liability (-) / receivable (+) in the statement of financial
position
\u20139.3
\u201312.9
Pension expenses recognised in the statement of comprehensive income
EUR million
2023
2022
Expense recognised in profit or loss
Service cost
0.2
0.2
Net interest
0.4
0.1
0.5
0.3
Remeasurements
\u20131.5
\u20130.5
Tax effect of the remeasurements
0.3
0.1
I/S
\u20131.2
\u20130.4
4.3 El\u00e4kevelvoitteet
Reconciliation of the net defined benefit obligations in the statement of financial position
EUR million
2023
2022
Net defined benefit obligation at the beginning of the period
12.9
14.4
Pension expenses recognised in profit or loss
0.5
0.3
Remeasurements
\u20131.5
\u20130.5
Contributions paid by the employer
\u20132.6
\u20131.3
Net defined benefit obligation at the end of period
9.3
12.9
Changes in the present value of the defined benefit obligations
EUR million
2023
2022
Obligation at the beginning of the period
\u201350.6
\u201362.6
Current service cost
\u20130.2
\u20130.2
Interest expenses
\u20131.5
\u20130.4
Remeasurements
Actuarial gain (+) or loss (-) arising from changes in economic
assumptions
2.4
8.0
Gain (+) or loss (-) arising from experience adjustments
1.5
0.1
Benefits paid
4.5
4.5
Obligation at the end of period
\u201344.0
\u201350.6
Changes in the fair value of plan assets
EUR million
2023
2022
Fair value of plan assets at the beginning of the period
37.7
48.2
Interest income
1.2
0.3
Remeasurements, gain (+) or loss (-)
\u20132.3
\u20137.7
Benefits paid
\u20134.5
\u20134.5
Contributions paid by the employer
2.6
1.3
Fair value of plan assets at the end of period
34.7
37.7
The principal actuarial assumptions used
2023
2022
Discount rate, %
3.8
3.3
Future pension increase, %
2.7
2.8
Inflation, %
2.4
2.6
Sensitivity analysis of net defined benefit obligation Effect on the net defined benefit obligation, EUR million
Change in actuarial assumptions
2023
2022
Discount rate + 0.5%
\u20130.6
\u20130.9
Future pension increase +0.5%
0.7
0.9
Expected mortality +1 year
0.6
0.7
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 that 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 a 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 that 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. The weighted average duration of the obligation is 12.7 (13.6) years. The Group expects to contribute EUR 1.4 (0.7) million to defined benefit pension plans in 2024. 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 for 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 a 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. The 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 judgement \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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "Accounting principles \u2013 Pension obligations: The Group\u2019s defined benefit obligation has been calculated separately for 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 a 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. The 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "5.2 Property, plant and equipment
Telecom
Land and Buildings devices, Other Tangible
2023 water and machinery and tangible assets under
EUR million areas structures equipment assets
construction
Total
Acquisition cost at 1 Jan.
11.7
334.8
4,045.9
36.6
32.7
4,461.7
Additions
0.3
14.8
190.8
0.1
30.6
236.6
Business disposals
\u20130.5
\u20139.5
\u201310.0
Disposals
\u20130.2
\u20131.2
\u2013374.6
\u20130.1
0.0
\u2013376.2
Reclassifications
0.0
3.4
22.7
\u201324.9
1.3
Translation differences
0.0
0.0
\u20130.1
0.0
0.0
\u20130.1
Acquisition cost at 31 Dec.
11.7
351.3
3,875.3
36.6
38.3
4,313.3
Accumulated depreciation
and impairment at 1 Jan.
\u20130.1
206.7
3,452.6
35.9
3,695.0
Depreciation and
impairment
0.0
12.3
176.0
0.1
188.4
Accumulated depreciation
on disposals and
reclassifications
0.0
\u20131.1
\u2013374.6
\u20130.1
\u2013375.8
Accumulated depreciation
on business disposals
\u20130.4
\u20139.5
\u20139.9
Translation differences
0.0
0.0
0.0
0.0
Accumulated depreciation
and impairment at 31 Dec.
\u20130.1
217.4
3,244.5
35.9
3,497.7
B/S\u2009 Book value at 1 Jan.
11.8
128.1
593.3
0.8
32.7
766.7
B/S\u2009 Book value at 31 Dec.
11.9
133.9
630.8
0.8
38.3
815.6
Telecom
Land and Buildings devices, Other Tangible assets
2022 water and machinery and tangible under
EUR million areas structures equipment assets
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
B/S\u2009 Book value at 1 Jan.
12.3
120.0
585.7
0.8
33.9
752.7
B/S\u2009 Book value at 31 Dec.
11.8
128.1
593.3
0.8
32.7
766.7
On 31 December 2023, the investment commitments for tangible and intangible assets were EUR 73.5 (70.1) 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 are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "5 Tangible and intangible assets 5.1 Depreciation, amortisation and impairment
EUR million
2023
2022
Tangible assets
Land and water areas
Right-of-use assets
1.2
1.1
Buildings and constructions
Owned buildings and constructions
12.3
11.9
Right-of-use assets
21.5
20.3
Telecom devices, machinery and equipment
Owned telecom devices, machinery and equipment
176.0
168.8
Right-of-use assets
2.9
3.0
Other tangible assets
0.1
0.1
213.9
205.2
Intangible assets
Customer base
2.6
4.3
Other intangible assets
57.6
53.9
60.2
58.2
I/S
274.1
263.4
EUR 5.6 (0.0) million of impairment losses have been recorded for the assets in connection with the ramp down of the 3G network. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "EUR 5.6 (0.0) million of impairment losses have been recorded for the assets in connection with the ramp down of the 3G network. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "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 are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "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: Customer 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "
5.3 Right-of-use assets
Buildings Telecom devices,
2023 Land and and machinery and
EUR million water areas structures
equipment
Total
Acquisition cost at 1 Jan.
17.2
143.6
20.9
181.7
Additions
1.8
17.7
3.8
23.3
Business disposals
\u20130.9
\u20130.1
\u20131.0
Disposals
\u20130.5
\u20130.5
Reclassifications
\u20130.2
\u201324.2
\u20139.9
\u201334.3
Translation differences
0.0
0.0
0.0
Acquisition cost at 31 Dec.
18.7
135.7
14.7
169.1
Accumulated depreciation and impairment at 1 Jan.
4.0
72.2
15.1
91.3
Depreciation and impairment
1.2
21.5
2.9
25.6
Accumulated depreciation on disposals and reclassifications
\u20130.2
\u201324.2
\u20139.9
\u201334.3
Accumulated depreciation on business disposals
\u20130.7
\u20130.1
\u20130.7
Translation differences
0.0
0.0
0.0
Accumulated depreciation and impairment at 31 Dec.
4.9
68.9
8.0
81.8
B/S\u2009 Book value at 1 Jan.
13.2
71.4
5.9
90.4
B/S\u2009 Book value at 31 Dec.
13.8
66.8
6.7
87.3
Land and Buildings Telecom devices,
2022 water and machinery and
EUR million areas structures
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 depreciation 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 depreciation on disposals 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
B/S\u2009 Book value at 1 Jan.
12.6
72.8
5.5
91.0
B/S\u2009 Book value at 31 Dec.
13.2
71.4
5.9
90.4
On 31 December 2023, the lease commitments for lease contracts commencing in the future in accordance with
IFRS 16 were EUR 2.8 (0.1) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "5.3 Right-of-use assets
Buildings Telecom devices,
2023 Land and and machinery and
EUR million water areas structures
equipment
Total
Acquisition cost at 1 Jan.
17.2
143.6
20.9
181.7
Additions
1.8
17.7
3.8
23.3
Business disposals
\u20130.9
\u20130.1
\u20131.0
Disposals
\u20130.5
\u20130.5
Reclassifications
\u20130.2
\u201324.2
\u20139.9
\u201334.3
Translation differences
0.0
0.0
0.0
Acquisition cost at 31 Dec.
18.7
135.7
14.7
169.1
Accumulated depreciation and impairment at 1 Jan.
4.0
72.2
15.1
91.3
Depreciation and impairment
1.2
21.5
2.9
25.6
Accumulated depreciation on disposals and reclassifications
\u20130.2
\u201324.2
\u20139.9
\u201334.3
Accumulated depreciation on business disposals
\u20130.7
\u20130.1
\u20130.7
Translation differences
0.0
0.0
0.0
Accumulated depreciation and impairment at 31 Dec.
4.9
68.9
8.0
81.8
B/S\u2009 Book value at 1 Jan.
13.2
71.4
5.9
90.4
B/S\u2009 Book value at 31 Dec.
13.8
66.8
6.7
87.3
Land and Buildings Telecom devices,
2022 water and machinery and
EUR million areas structures
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 depreciation 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 depreciation on disposals 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
B/S\u2009 Book value at 1 Jan.
12.6
72.8
5.5
91.0
B/S\u2009 Book value at 31 Dec.
13.2
71.4
5.9
90.4
On 31 December 2023, the lease commitments for lease contracts commencing in the future in accordance with IFRS 16 were EUR 2.8 (0.1) 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 on the balance sheet are measured at the 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 at 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 a lease term of 12 months or less are classed as short-term leases, and leases for which the underlying asset is of low value are classed as 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
2023
2022
Within one year
20.8
20.4
Later than one year, but not later than five years
27.4
30.5
Later than five years
40.4
40.4
88.6
91.2
Lease liabilities: Lease liabilities are initially measured at the 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. The company has discounted the future lease payments using the borrowing rate based on the 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 assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "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 on the balance sheet are measured at the 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 at 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 a lease term of 12 months or less are classed as short-term leases, and leases for which the underlying asset is of low value are classed as 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 the 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. The company has discounted the future lease payments using the borrowing rate based on the 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 assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "5.4 Intangible assets
2023
intangible
assets under
EUR million
Goodwill
Customer base
assets
construction
Total
Acquisition cost at 1 Jan.
1,178.4
44.3
906.4
19.0
2,148.1
Additions
51.5
10.0
61.6
Disposals
\u20131.4
\u20131.4
Business disposals
\u20137.9
\u20130.1
\u20138.0
Reclassifications
13.1
\u201314.1
\u20131.0
Translation differences
\u20130.1
0.0
0.0
0.0
Acquisition cost at 31 Dec.
1,178.4
44.3
961.8
14.8
2,199.3
Accumulated amortisation and impairment
at 1 Jan.
21.1
38.3
720.8
780.2
Amortisation and impairment
2.6
57.6
60.2
Accumulated amortisation on disposal and
reclassifications
\u20131.3
\u20131.3
Accumulated amortisation on business
disposals
\u20137.4
\u20137.4
Translation differences
0.1
0.0
0.0
0.1
Accumulated amortisation and impairment
at 31 Dec.
21.2
40.9
769.7
831.8
Book value at 1 Jan.
1,157.3
6.0
185.5
19.0
1,367.9
Book value at 31 Dec.
1,157.2
3.4
192.1
14.8
1,367.5
Other (1 (3
Other
Intangible
2022
intangible
assets under
EUR million
Goodwill
Customer base
assets
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
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
Amortisation and impairment
4.3
53.9
58.2
Accumulated amortisation on business
acquisitions
0.1
0.1
Accumulated amortisation on disposals and
reclassifications
\u20134.0
\u20134.0
Accumulated amortisation on business
disposals
0.0
0.0
Translation differences
\u20130.1
\u20130.5
0.0
\u20130.7
Accumulated amortisation 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
1,337.5
Book value at 31 Dec.
1,157.3
6.0
185.5
19.0
1,367.9
(2 (3 1) Includes Estonian 26 GHz spectrum licence in a carrying amount of EUR 1.63 million . 2) 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 . 3) Includes software in carrying amount of EUR 96.8 (89.6) 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 when 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: Customer 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 a 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 the cost of disposal or its value in use, if it is higher. Value in use is the 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 recoverable amount of the asset 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "5.4 Intangible assets
2023
intangible
assets under
EUR million
Goodwill
Customer base
assets
construction
Total
Acquisition cost at 1 Jan.
1,178.4
44.3
906.4
19.0
2,148.1
Additions
51.5
10.0
61.6
Disposals
\u20131.4
\u20131.4
Business disposals
\u20137.9
\u20130.1
\u20138.0
Reclassifications
13.1
\u201314.1
\u20131.0
Translation differences
\u20130.1
0.0
0.0
0.0
Acquisition cost at 31 Dec.
1,178.4
44.3
961.8
14.8
2,199.3
Accumulated amortisation and impairment
at 1 Jan.
21.1
38.3
720.8
780.2
Amortisation and impairment
2.6
57.6
60.2
Accumulated amortisation on disposal and
reclassifications
\u20131.3
\u20131.3
Accumulated amortisation on business
disposals
\u20137.4
\u20137.4
Translation differences
0.1
0.0
0.0
0.1
Accumulated amortisation and impairment
at 31 Dec.
21.2
40.9
769.7
831.8
Book value at 1 Jan.
1,157.3
6.0
185.5
19.0
1,367.9
Book value at 31 Dec.
1,157.2
3.4
192.1
14.8
1,367.5
Other (1 (3
Other
Intangible
2022
intangible
assets under
EUR million
Goodwill
Customer base
assets
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
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
Amortisation and impairment
4.3
53.9
58.2
Accumulated amortisation on business
acquisitions
0.1
0.1
Accumulated amortisation on disposals and
reclassifications
\u20134.0
\u20134.0
Accumulated amortisation on business
disposals
0.0
0.0
Translation differences
\u20130.1
\u20130.5
0.0
\u20130.7
Accumulated amortisation 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
1,337.5
Book value at 31 Dec.
1,157.3
6.0
185.5
19.0
1,367.9
(2 (3 1) Includes Estonian 26 GHz spectrum licence in a carrying amount of EUR 1.63 million . 2) 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 . 3) Includes software in carrying amount of EUR 96.8 (89.6) 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 when 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: Customer 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 a 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 the cost of disposal or its value in use, if it is higher. Value in use is the 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 recoverable amount of the asset 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
2023
2022
Consumer Customers
641.0
641.0
Corporate Customers
516.2
516.3
B/S
1,157.2
1,157.3
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 discount rate before taxes that is used is 6.9 per cent for the Consumer Customers and 6.8 per cent for the Corporate Customers. (6.6 per cent for both segments 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 impairment tests performed, 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 rates. The major sensitivities in the performance are associated with forecast revenue and profitability levels.
Sensitivity analysis Consumer Corporate Consumer Corporate
Customers Customers Customers Customers
Projection parameters applied 2023 2023 2022 2022
Amount in excess of CGU carrying value, EUR million
5,478
2,847
5,446
2,452
EBITDA margin on average, %
39.1
28.9
38.5
30.0
Horizon growth, %
2.0
2.0
2.0
2.0
Pre-tax discount rate, %
6.9
6.8
6.6
6.6
(1 1) On average during a five-year projection period.
Consumer Corporate Consumer Corporate
Change in projection parameters that Customers Customers Customers Customers
makes the fair value equal to book value 2023 2023 2022 2022
EBITDA margin on average, %
\u201318.1
\u201313.8
\u201318.8
\u201313.3
Horizon growth, %
\u201330.6
\u201329.4
\u201328.9
\u201322.8
Pre-tax discount rate, %
17.1
16.4
17.3
15.3
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 (CGUs) \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 CGU, it is first allocated to reduce the carrying amount of any goodwill allocated to the CGU, 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 judgement \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "5.4 Intangible assets
2023
intangible
assets under
EUR million
Goodwill
Customer base
assets
construction
Total
Acquisition cost at 1 Jan.
1,178.4
44.3
906.4
19.0
2,148.1
Additions
51.5
10.0
61.6
Disposals
\u20131.4
\u20131.4
Business disposals
\u20137.9
\u20130.1
\u20138.0
Reclassifications
13.1
\u201314.1
\u20131.0
Translation differences
\u20130.1
0.0
0.0
0.0
Acquisition cost at 31 Dec.
1,178.4
44.3
961.8
14.8
2,199.3
Accumulated amortisation and impairment
at 1 Jan.
21.1
38.3
720.8
780.2
Amortisation and impairment
2.6
57.6
60.2
Accumulated amortisation on disposal and
reclassifications
\u20131.3
\u20131.3
Accumulated amortisation on business
disposals
\u20137.4
\u20137.4
Translation differences
0.1
0.0
0.0
0.1
Accumulated amortisation and impairment
at 31 Dec.
21.2
40.9
769.7
831.8
Book value at 1 Jan.
1,157.3
6.0
185.5
19.0
1,367.9
Book value at 31 Dec.
1,157.2
3.4
192.1
14.8
1,367.5
Other (1 (3
Other
Intangible
2022
intangible
assets under
EUR million
Goodwill
Customer base
assets
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
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
Amortisation and impairment
4.3
53.9
58.2
Accumulated amortisation on business
acquisitions
0.1
0.1
Accumulated amortisation on disposals and
reclassifications
\u20134.0
\u20134.0
Accumulated amortisation on business
disposals
0.0
0.0
Translation differences
\u20130.1
\u20130.5
0.0
\u20130.7
Accumulated amortisation 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
1,337.5
Book value at 31 Dec.
1,157.3
6.0
185.5
19.0
1,367.9
(2 (3 1) Includes Estonian 26 GHz spectrum licence in a carrying amount of EUR 1.63 million . 2) 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 . 3) Includes software in carrying amount of EUR 96.8 (89.6) 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 when 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: Customer 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 a 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 the cost of disposal or its value in use, if it is higher. Value in use is the 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 recoverable amount of the asset 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "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 when 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: Customer 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 a 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 the cost of disposal or its value in use, if it is higher. Value in use is the 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 recoverable amount of the asset 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "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 the cost of disposal or its value in use, if it is higher. Value in use is the 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 recoverable amount of the asset 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "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 (CGUs) \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 CGU, it is first allocated to reduce the carrying amount of any goodwill allocated to the CGU, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "6 Inventories, trade and other receivables, trade and other liabilities 6.1 Inventories
EUR million
2023
2022
Materials and supplies
25.2
33.2
Finished goods
51.9
62.4
B/S
77.1
95.5
An impairment on inventories of EUR 1.1 (0.4) million was recognised during the financial period. 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 the ordinary course of business, net realisable value is the estimated selling price less estimated necessary 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "6.2 Trade and other receivables 6.2.1 Current receivables
EUR million
2023
2022
Trade receivables
441,5
421,9
Impaired trade receivables
\u20136,1
\u20134,7
Contract assets related to revenue
3,8
2,0
Contract assets related to costs
5,8
5,7
Accrued income
75,2
79,8
Finance lease receivables
17,2
16,5
Loan receivables
0,1
0,1
Receivables from associated companies
7,0
0,1
Other receivables
11,4
15,6
B/S
555,8
537,1
Accrued income includes interest receivables as well as income and cost accruals from the operating activities. Aging of trade receivables
2023
2022
Nominal Carrying Nominal Carrying
EUR million
value
Impairment
amount
value
Impairment
amount
Not past due
394.9
0.0
394.9
374.9
0.0
374.9
Past due
Past due less than 30 days
28.2
\u20130.2
28.1
32.8
\u20130.2
32.6
Past due 31\u201360 days
5.9
\u20130.7
5.2
5.1
\u20130.4
4.7
Past due 61\u201390 days
3.0
\u20130.7
2.4
3.0
\u20130.5
2.5
Past due 91\u2013180 days
3.1
\u20131.8
1.3
2.7
\u20131.7
1.0
Past due more than 181 days
6.4
\u20132.8
3.6
3.4
\u20131.9
1.5
441.5
\u20136.1
435.5
421.9
\u20134.7
417.2
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 435.5 million. 6.2.2 Non-current receivables
EUR million
2023
2022
Loan receivables
0.0
0.0
Trade receivables
94.7
99.4
Receivables from associated companies
4.2
Finance lease receivables
5.7
12.7
Accrued income
1.3
2.4
Non-current derivatives
1.0
1.2
Other non-current receivables
1.1
1.1
B/S
107.9
116.8
The effective interest rate on receivables (current and non-current) was 0.00 (0.00) per cent. Gross finance lease receivables \u2013 maturity of minimum lease receivables
EUR million
2023
2022
Within one year
17.4
17.0
Later than one year, not later than five years
5.7
13.1
23.1
30.1
Future finance income
\u20130.2
\u20130.8
Present value of finance lease receivables
22.9
29.3
Maturity of present value of future minimum lease receivables
EUR million
2023
2022
Within one year
17.2
16.5
Later than one year, not later than five years
5.7
12.7
22.9
29.3
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 consumer customers various payment methods, granting the possibility to purchase equipment on 12\u201336 months\u2019 credit. At the time of the sale of the equipment, such transactions are recorded as revenue and trade receivables. 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 videoconferencing 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 are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "6.3 Trade and other liabilities
EUR million
2023
2022
Non-current
Trade payables 1.4
Advances received
4.8
4.3
Derivative instruments
0.0
Other liabilities
14.6
24.6
B/S
19.4
30.3
Current
Trade payables
191.2
199.0
Advances received
11.0
10.3
Contract liabilities, from revenue
34.7
30.8
Accrued employee-related expenses
62.0
64.9
Other accruals
11.1
8.0
Liabilities to associated companies
0.5
0.0
Other liabilities
92.2
99.9
\u2009B/S\u2009
402.5
412.9
421.9
443.2
(1 (2 (1 (2 1) Comparable year 2022 includes non-current trade payables of EUR 1.4 million for the 26 GHz spectrum licence. Current trade payables include liabilities of EUR 0.0 (5.3) million for the 3540\u20133670 MHz spectrum licence and EUR 1.4 (1.4) million for the 26 GHz spectrum licence. 2) Other non-current liabilities include EUR 8.7 (18.1) million and other current liabilities include EUR 1.1 (6.9) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "Inventories: Inventories are measured at their acquisition cost or at the net realisable value, if lower than the cost. In the ordinary course of business, net realisable value is the estimated selling price less estimated necessary 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "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 consumer customers various payment methods, granting the possibility to purchase equipment on 12\u201336 months\u2019 credit. At the time of the sale of the equipment, such transactions are recorded as revenue and trade receivables. 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 videoconferencing 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 are 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "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. 7.1.1 Market risks Interest rate risk Elisa is exposed to interest rate risk mainly through its financial liabilities. In order to manage the interest rate risk, the Group\u2019s borrowings and investments are diversified into fixed- and variable-rate instruments. Derivative financial instruments may also be used in managing the 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. 2023, at nominal value
Between Over
Time of interest rate change
Less than 1 year
1 and 5 years
5 years
Total
Variable-rate financing instruments
Commercial paper
34.5
34.5
Bank loans
100.0
100.0
Fixed-rate financing instruments
Bonds
248.0
600.0
300.0
1,148.0
Bank loans
3.0
3.0
Lease liabilities
20.8
27.4
40.4
88.6
403.3
627.4
343.4
1,374.2
On 31 December 2023, 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 63.4 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
2023
2022
Change in interest rate level +/- 1%
\u20131.35/1.35
\u20132.25/2.25
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), Swedish krona (SEK), Canadian dollar (CAD), British pound (GBP) and 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 and US dollar. The Group has hedged Swedish krona- and US dollar-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 the Elisa Polystar subgroup. The translation difference exposure has not been hedged during the reporting period.
Foreign currency position
2023
2022
EUR million
Trade receivables
Trade payables
Trade receivables
Trade payables
USD
10.1
5.8
13.0
7.6
SEK
4.0
0.2
4.0
0.9
CAD
2.5
0.0
3.8
0.0
GBP
0.4
0.7
1.0
0.3
NOK
0.3
0.0
0.4
0.0
The Group-level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. If the euro were to appreciate or depreciate by 20 per cent against all other currencies, the impact on cash flows would be:
EUR million
2023
2022
USD
+/- 0.9
+/- 1.1
SEK
+/- 0.8
+/- 0.6
CAD
+/- 0.5
+/- 0.7
GBP
-/+ 0.0
+/- 0.2
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 Puutikankangas wind farm. The agreement is valid until March 2033 and it covers about half of the electricity consumption of Elisa\u2019s mobile network in Finland. 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 \u201dCash flow hedge\u201d. At the end of the year, the ineffective portion of hedge accounting was EUR 0.0 (0.0) million.
Hedging rate for purchases in the following years, %
2023
2022
0\u20131 years
93.1
86.6
1\u20132 years
77.4
60.1
2\u20133 years
38.8
38.9
3\u20134 years
42.3
37.8
4\u20135 years
41.1
36.7
If the market price of electricity derivatives changed by +/- 10 per cent from the balance sheet date 31 December 2023, it would contribute EUR +0,4/\u20130,4 (+0,6/\u20130,6) 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 1,148 million. 20 September 2023 Elisa issued a EUR 300 million Green Bond under the programme. The proceeds from the Green Bond will be earmarked specifically for Eligible Projects and Assets as set out in Elisa\u2019s Sustainability Finance Framework. On 26 September 2023, Elisa announced that it has purchased its bonds due in March 2024 in the amount of EUR 51.97 million. Furthermore, the Company has a EUR 350 million commercial paper programme and committed credit limit of EUR 300 million, out of which a EUR 130 million credit limit will fall due on 22 September 2028, and EUR 170 million will fall due on 17 May 2028. Both credit lines were fully undrawn on 31 December 2023. The loan margin is determined based on the Company\u2019s credit rating. Elisa has issued EUR 100 million of short-term financing under the credit facility, which was arranged by Landesbank Baden-W\u00fcrttemberg. The limit is non-committed and is valid until further notice. The limit was fully undrawn on 31 December 2023. 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). S&P 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
2023
2022
Cash and cash equivalents
63.4
85.4
Credit limits
300.0
300.0
363.4
385.4
On 31 December 2023, cash and cash equivalents, as well as undrawn committed credit limits less commercial papers issued by Elisa, were EUR 328.9 (260.4) 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 the 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 6.1 (4.7) 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 past-due trade receivables from 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 the trade receivables. On 31 December 2023, short-term trade receivables were EUR 435.5 (417.2) million and long-term trade receivables EUR 94.7 (99.4) million. The aging of short-term trade receivables is described in note 6.2.1. 7.2.1 Capital structure and key indicators
EUR million
2023
2022
Interest-bearing net debt
1,304.1
1,275.8
B/S\u2009 Total equity
1,293.7
1,251.9
Total capital
2,597.7
2,527.7
Gearing ratio, %
100.8
101.9
Net debt / EBITDA
1.7
1.7
Equity ratio, %
41.6
40.6
7.2 Capital management Elisa\u2019s capital consists of equity and liabilities. To develop its business, Elisa may carry out expansion investments and acquisitions, which may be financed through equity or liabilities, directly or indirectly. The target for the company\u2019s equity ratio is over 35 per cent and for 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\u2013100 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. 7.2.2 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 2023 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 2023
2022
Treasury shares, 000s
6,947
7,075
Share issue authorisation, 000s
14,999
15,000
On 31 December 2023, the maximum amount of the share issue authorisation at the share closing price was EUR 628.0 (741.9) 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
2023
2022
Commercial paper programme (non-committed)
315.5
225.0
Credit facility (non-committed)
100.0
100.0
Revolving credits (committed)
300.0
300.0
EMTN programme (non-committed)
352.0
600.0
Total, EUR million
1,067.5
1,225.0
(1 (2 (3 On the closing date, the share issue authorisation as well as committed and non-committed credit arrangements totalled EUR 1,695.5 (1,966.9) million. 1) The commercial paper programme amounted to EUR 350 million, of which EUR 34.5 million was in use on 31 December 2023. 2) Elisa has two committed revolving credit facilities of EUR 300 million in total. Both credit facilities were undrawn on 31 December 2023. 3) Elisa has a European Medium Term Note programme (EMTN) for a total of EUR 1,500 million, of which EUR 1,148 million was in use on 31 December 2023. The programme was updated on 19 July 2023, and it is valid for one year as of the update. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "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 the interest rate
risk, the Group\u2019s borrowings and investments are diversified into fixed- and variable-rate instruments. Derivative
financial instruments may also be used in managing the 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. 2023,
at nominal value
Between Over
Time of interest rate change
Less than 1 year
1 and 5 years
5 years
Total
Variable-rate financing instruments
Commercial paper
34.5
34.5
Bank loans
100.0
100.0
Fixed-rate financing instruments
Bonds
248.0
600.0
300.0
1,148.0
Bank loans
3.0
3.0
Lease liabilities
20.8
27.4
40.4
88.6
403.3
627.4
343.4
1,374.2
On 31 December 2023, 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 63.4 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
2023
2022
Change in interest rate level +/- 1%
\u20131.35/1.35
\u20132.25/2.25
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), Swedish krona (SEK), Canadian dollar (CAD), British pound (GBP) and 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
and US dollar. The Group has hedged Swedish krona- and US dollar-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
the Elisa Polystar subgroup. The translation difference exposure has not been hedged during the reporting period.
Foreign currency position
2023
2022
EUR million
Trade receivables
Trade payables
Trade receivables
Trade payables
USD
10.1
5.8
13.0
7.6
SEK
4.0
0.2
4.0
0.9
CAD
2.5
0.0
3.8
0.0
GBP
0.4
0.7
1.0
0.3
NOK
0.3
0.0
0.4
0.0
The Group-level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. If the euro were
to appreciate or depreciate by 20 per cent against all other currencies, the impact on cash flows would be:
EUR million
2023
2022
USD
+/- 0.9
+/- 1.1
SEK
+/- 0.8
+/- 0.6
CAD
+/- 0.5
+/- 0.7
GBP
-/+ 0.0
+/- 0.2
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 Puutikankangas wind farm. The agreement is valid until March 2033 and it covers about half of the electricity
consumption of Elisa\u2019s mobile network in Finland.
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 \u201dCash
flow hedge\u201d.
At the end of the year, the ineffective portion of hedge accounting was EUR 0.0 (0.0) million.
Hedging rate for purchases in the following years, %
2023
2022
0\u20131 years
93.1
86.6
1\u20132 years
77.4
60.1
2\u20133 years
38.8
38.9
3\u20134 years
42.3
37.8
4\u20135 years
41.1
36.7
If the market price of electricity derivatives changed by +/- 10 per cent from the balance sheet date 31 December
2023, it would contribute EUR +0,4/\u20130,4 (+0,6/\u20130,6) million to equity. The impact has been calculated before tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "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), Swedish krona (SEK), Canadian dollar (CAD), British pound (GBP) and 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 and US dollar. The Group has hedged Swedish krona- and US dollar-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 the Elisa Polystar subgroup. The translation difference exposure has not been hedged during the reporting period.
Foreign currency position
2023
2022
EUR million
Trade receivables
Trade payables
Trade receivables
Trade payables
USD
10.1
5.8
13.0
7.6
SEK
4.0
0.2
4.0
0.9
CAD
2.5
0.0
3.8
0.0
GBP
0.4
0.7
1.0
0.3
NOK
0.3
0.0
0.4
0.0
The Group-level currency exposure is the basis for the sensitivity analysis of foreign exchange risk. If the euro were to appreciate or depreciate by 20 per cent against all other currencies, the impact on cash flows would be:
EUR million
2023
2022
USD
+/- 0.9
+/- 1.1
SEK
+/- 0.8
+/- 0.6
CAD
+/- 0.5
+/- 0.7
GBP
-/+ 0.0
+/- 0.2
NOK
+/- 0.1
+/- 0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "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 1,148 million. 20 September 2023 Elisa issued a EUR 300 million Green Bond under the
programme. The proceeds from the Green Bond will be earmarked specifically for Eligible Projects and Assets as set
out in Elisa\u2019s Sustainability Finance Framework. On 26 September 2023, Elisa announced that it has purchased its
bonds due in March 2024 in the amount of EUR 51.97 million.
Furthermore, the Company has a EUR 350 million commercial paper programme and committed credit limit of EUR
300 million, out of which a EUR 130 million credit limit will fall due on 22 September 2028, and EUR 170 million will
fall due on 17 May 2028. Both credit lines were fully undrawn on 31 December 2023. The loan margin is determined
based on the Company\u2019s credit rating.
Elisa has issued EUR 100 million of short-term financing under the credit facility, which was arranged by Landesbank
Baden-W\u00fcrttemberg. The limit is non-committed and is valid until further notice. The limit was fully undrawn on
31 December 2023.
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). S&P 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
2023
2022
Cash and cash equivalents
63.4
85.4
Credit limits
300.0
300.0
363.4
385.4
On 31 December 2023, cash and cash equivalents, as well as undrawn committed credit limits less commercial
papers issued by Elisa, were EUR 328.9 (260.4) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "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 the 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 6.1 (4.7) 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 past-due trade receivables from 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 the trade receivables. On 31 December 2023, short-term trade receivables were EUR 435.5 (417.2) million and long-term trade receivables EUR 94.7 (99.4) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "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 6.1 (4.7) 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 past-due trade receivables from 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 the trade receivables. On 31 December 2023, short-term trade receivables were EUR 435.5 (417.2) million and long-term trade receivables EUR 94.7 (99.4) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "7.2.1 Capital structure and key indicators EUR million 2023 2022 Interest-bearing net debt 1,304.1 1,275.8 B/S\u2009 Total equity 1,293.7 1,251.9 Total capital 2,597.7 2,527.7 Gearing ratio, % 100.8 101.9 Net debt / EBITDA 1.7 1.7 Equity ratio, % 41.6 40.6 7.2 Capital management Elisa\u2019s capital consists of equity and liabilities. To develop its business, Elisa may carry out expansion investments and acquisitions, which may be financed through equity or liabilities, directly or indirectly. The target for the company\u2019s equity ratio is over 35 per cent and for 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\u2013100 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. 7.2.2 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 2023 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 2023 2022 Treasury shares, 000s 6,947 7,075 Share issue authorisation, 000s 14,999 15,000 On 31 December 2023, the maximum amount of the share issue authorisation at the share closing price was EUR 628.0 (741.9) 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 2023 2022 Commercial paper programme (non-committed) 315.5 225.0 Credit facility (non-committed) 100.0 100.0 Revolving credits (committed) 300.0 300.0 EMTN programme (non-committed) 352.0 600.0 Total, EUR million 1,067.5 1,225.0 (1 (2 (3 On the closing date, the share issue authorisation as well as committed and non-committed credit arrangements totalled EUR 1,695.5 (1,966.9) million. 1) The commercial paper programme amounted to EUR 350 million, of which EUR 34.5 million was in use on 31 December 2023. 2) Elisa has two committed revolving credit facilities of EUR 300 million in total. Both credit facilities were undrawn on 31 December 2023. 3) Elisa has a European Medium Term Note programme (EMTN) for a total of EUR 1,500 million, of which EUR 1,148 million was in use on 31 December 2023. The programme was updated on 19 July 2023, and it is valid for one year as of the update. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "7.3 Equity 7.3.1 Share capital and treasury shares
Number of
shares, Share Treasury
EUR million 000s capital shares
1 Jan. 2022
167,335
83.0
\u2013126.1
Disposal of treasury shares 1.6
B/S\u2009 31 Dec. 2022
167,335
83.0
\u2013124.5
Disposal of treasury shares 2.8
B/S\u2009 31 Dec. 2023
167,335
83.0
\u2013121.7
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.
Accounting Holding, %
Number of countervalue, of shares
Treasury shares shares EUR and votes
Treasury shares held by the Group at 1 Jan. 2022
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
Disposal of treasury shares \u2013128,724
Treasury shares held by the Group at 31 Dec. 2023
6,946,654
3,446,986
4.15
7.3.2 Dividends The Annual General Meeting has proposed a total dividend of EUR 2.25 per share to be paid for the 2023 result. A dividend of EUR 2.15 per share was paid for the 2022 result. 7.3.3 Other reserves
Reserve for
invested Fair
non-restricted Contingency value Other
EUR million equity reserve reserve
reserves
Total
1 Jan. 2022
90.9
3.4
\u201310.6
381.0
464.7
Cash flow hedge
\u20130.3
\u20130.3
Remeasurements of the net defined benefit liability
0.4
0.4
B/S\u2009 31 Dec. 2022
90.9
3.4
\u201310.5
381.0
464.8
Cash flow hedge
\u20130.1
\u20130.1
Remeasurements of the net defined benefit liability
1.2
1.2
B/S\u2009 31 Dec. 2023
90.9
3.4
\u20139.4
381.0
465.9
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 a decision of the General Meeting. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "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.
Accounting Holding, %
Number of countervalue, of shares
Treasury shares shares EUR and votes
Treasury shares held by the Group at 1 Jan. 2022
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
Disposal of treasury shares \u2013128,724
Treasury shares held by the Group at 31 Dec. 2023
6,946,654
3,446,986
4.15
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "7.3.2 Dividends The Annual General Meeting has proposed a total dividend of EUR 2.25 per share to be paid for the 2023 result. A dividend of EUR 2.15 per share was paid for the 2022 result. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "2.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-386": { "value": "2.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-387": { "value": "
7.3.3 Other reserves
Reserve for
invested Fair
non-restricted Contingency value Other
EUR million equity reserve reserve
reserves
Total
1 Jan. 2022
90.9
3.4
\u201310.6
381.0
464.7
Cash flow hedge
\u20130.3
\u20130.3
Remeasurements of the net defined benefit liability
0.4
0.4
B/S\u2009 31 Dec. 2022
90.9
3.4
\u201310.5
381.0
464.8
Cash flow hedge
\u20130.1
\u20130.1
Remeasurements of the net defined benefit liability
1.2
1.2
B/S\u2009 31 Dec. 2023
90.9
3.4
\u20139.4
381.0
465.9
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 a decision of the General Meeting.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "7.4 Financial assets and liabilities 7.4.1 Financial income and expenses
EUR million
2023
2022
Financial income
Dividend income from other financial assets
0.5
0.4
Interest and financial income from loans and other receivables
4.7
2.2
Gain on disposal of financial assets
0.2
0.1
Foreign exchange gain
2.1
2.8
Other financial income
1.2
0.0
I/S
8.7
5.6
Financial expenses
Interest expenses on financial liabilities measured at amortised cost
\u201324.3
\u201311.1
Interest expenses on lease liabilities
\u20133.3
\u20132.6
Other financial expenses on financial liabilities measured at amortised cost
\u20132.1
\u20132.0
Other interest expenses
\u20130.1
\u20130.2
Impairments
\u20130.1
\u20130.2
Loss on disposal of financial assets
\u20130.3
\u20130.2
Foreign exchange loss
\u20131.9
\u20132.2
Other financial expenses
0.0
\u20130.3
I/S
\u201332.0
\u201318.7
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "
EUR million
2023
2022
Financial income
Dividend income from other financial assets
0.5
0.4
Interest and financial income from loans and other receivables
4.7
2.2
Gain on disposal of financial assets
0.2
0.1
Foreign exchange gain
2.1
2.8
Other financial income
1.2
0.0
I/S
8.7
5.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "
Financial expenses
Interest expenses on financial liabilities measured at amortised cost
\u201324.3
\u201311.1
Interest expenses on lease liabilities
\u20133.3
\u20132.6
Other financial expenses on financial liabilities measured at amortised cost
\u20132.1
\u20132.0
Other interest expenses
\u20130.1
\u20130.2
Impairments
\u20130.1
\u20130.2
Loss on disposal of financial assets
\u20130.3
\u20130.2
Foreign exchange loss
\u20131.9
\u20132.2
Other financial expenses
0.0
\u20130.3
I/S
\u201332.0
\u201318.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "
7.4.2 Financial liabilities
2023
2022
Balance sheet Balance sheet
EUR million
values
Fair values
values
Fair values
Non-current
Bonds
893.7
870.5
891.8
819.9
Bank loans
103.0
103.0
103.2
103.2
Lease liabilities
67.8
67.8
70.8
70.8
B/S
1,064.5
1,041.4
1,065.9
994.0
Current
Bonds
247.7
246.5
Bank loans
0.0
0.0
150.0
150.0
Lease liabilities
20.8
20.8
20.4
20.4
Commercial paper
34.5
34.5
125.0
125.0
\u2009B/S\u2009
303.0
301.8
295.4
295.4
1,367.5
1,343.2
1,361.2
1,289.3
The financial liabilities include a total of EUR 88.6 (91.2) 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.
Material parts of the 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 2.8 (2.7) years, and the effective average interest rate was 2.0 (1.0)
per cent.
Contract-based cash flows on the repayment of financial liabilities and costs
2023
EUR million
2024
2025
2026
2027
2028
2029\u2013
Total
Bonds
258.3
16.1
316.1
312.8
12.0
312.0
1,227.3
Financial costs
10.3
16.1
16.1
12.8
12.0
12.0
79.3
Repayments
248.0
0.0
300.0
300.0
0.0
300.0
1,148.0
Bank loans
4.7
104.7
0.2
0.2
0.2
2.1
112.1
Financial costs
4.5
4.4
0.0
0.0
0.0
0.1
9.1
Repayments
0.3
100.3
0.2
0.2
0.2
1.9
103.0
Commercial paper
34.5
34.5
Financial costs
0.6
0.6
Repayments
33.9
33.9
Lease liabilities
24.4
19.7
12.9
6.6
4.5
68.5
136.6
Financial costs
3.6
7.0
5.0
2.5
1.7
28.1
47.9
Repayments
20.8
12.7
7.8
4.1
2.8
40.4
88.6
Derivatives
\u20130.9
\u20130.2
\u20131.1
Electricity derivatives
\u20130.8
\u20130.2
\u20131.0
Currency derivatives
\u20130.1
\u20130.1
Contingent considerations
1.1
1.1
Trade payables
191.2
191.2
Total
513.3
140.4
329.2
319.5
16.7
382.5
1,701.7
Financial costs
18.0
27.4
21.2
15.3
13.7
40.2
135.8
Repayments
495.3
113.0
308.0
304.2
3.0
342.3
1,565.9
2022
EUR million
2023
2024
2025
2026
2027
2028\u2013
Total
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
Contingent considerations
4.3
0.5
4.9
Trade payables
199.0
199.0
Total
511.3
328.3
121.6
314.1
306.3
68.3
1,649.9
Financial costs
12.8
15.6
12.2
7.9
2.7
25.8
77.0
Repayments
498.5
312.7
109.4
306.2
303.5
42.5
1,572.9
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. Both EUR 130 million and EUR 170 million credit facilities mature
in 2028 and were fully undrawn on 31 December 2023.
Bonds In the framework of its bond programme, the parent company has issued the following bonds: 31 Dec. 2023
Balance Nominal Nominal Effective
Fair value sheet value value interest interest Maturity
EUR million EUR million EUR million rate, % rate, % date
EMTN programme 2001 / EUR 1,000 million
I/2017
246.5
247.7
248.0
0.875
0.974
17.3.2024
I/2019
287.8
297.3
300.0
1.125
1.236
26.2.2026
I/2020
272.0
298.6
300.0
0.250
0.322
15.9.2027
I/2023
310.7
297.7
300.0
4.000
4.092
27.1.2029
1,117.1
1,141.3
1,148.0
The fair value of bonds is based on market quotes. Maturity of lease liabilities\u2019 cash flows
EUR million
2023
2022
Within one year
20.8
20.4
Later than one year, but not later than five years
27.4
30.5
Later than five years
40.4
40.4
88.6
91.2
7.4.3 Financial assets and liabilities recognised at fair value
Carrying amounts of financial assets and liabilities by category Financial Financial
assets/liabilities assets/liabilities Financial
measured at measured at fair value assets/liabilities
2023 fair value through through other measured at Book Fair
EUR million profit or loss comprehensive income amortised cost values
values
Note
Non-current financial assets
Other financial assets
0.6
15.4
16.0
16.0
Trade and other receivables
1.0
106.9
107.9
107.9
6.2.2
Current financial assets
Trade and other receivables
555.8
555.8
555.8
6.2.1
Non-current financial liabilities
0.6
1.0
678.1
679.7
679.7
Financial liabilities
1,064.5
1,064.5
1,041.4
7.4.2
Trade and other liabilities
14.6
14.6
14.6
6.3
Current financial liabilities
Financial liabilities
303.0
303.0
301.8
7.4.2
Trade and other liabilities
1.1
390.4
391.5
391.5
6.3
1.1
1,772.5
1,773.6
1,749.3
(1
(2
(2
Financial Financial
assets/liabilities assets/liabilities Financial
measured at measured at fair value assets/liabilities
2022 fair value through through other measured at Book Fair
EUR million profit or loss comprehensive income amortised cost values
values
Note
Non-current financial assets
Other financial assets
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
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
0.3
402.3
402.6
402.6
6.3
4.9
0.0
1,785.0
1,789.9
1,718.0
(1
(2
(2
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
2023
Level 1
Level 2
Level 3
Financial assets and liabilities measured at fair value through
other comprehensive income
Electricity derivatives
1.0
1.0
Currency derivatives
0.1
0.1
Financial assets and liabilities measured at fair value through
profit or loss
Listed equity investments
0.6
0.6
Contingent considerations in business combinations
\u20131.1
\u20131.1
0.5
0.6
1.0
\u20131.1
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
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
2023
2022
At the beginning of the period
4.9
3.3
Increase in contingent consideration
0.6
1.7
Payment of contingent consideration
\u20134.2
\u20130.1
Release of unused contingent consideration
\u20130.1
Translation differences
0.0
0.0
At the end of the period
1.1
4.9
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.
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 the 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 operating 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. 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 of up to three 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 2023, the 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 the 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. The company has discounted the future lease payments using the borrowing rate based on the 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 s ell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include ite ms 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 busines s combinations and listed equity investments are recognised as financial assets or liabilities measured at fair valu e through profit or loss. Other financial assets and liabilities are measured at amortised cost. 7.4.4 Derivative instruments Nominal values of derivatives
2023
2022
Period of validity
Period of validity
Less than Over Less than Over
EUR million
1 year
1\u20135 years
5 years
1 year
1\u20135 years
 5 years
Electricity derivatives
3.5
5.8
Currency derivatives
3.3
3.3
6.8
9.1
Fair values of derivatives
2023
2022
Positive Negative Positive Negative
EUR million fair value
fair value
Total
fair value
fair value
Total
Electricity derivatives
1.0
1.0
1.2
1.2
Currency derivatives
0.1
0.1
0.0
0.0
1.0
1.0
1.2
0.0
1.1
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "7.4.2 Financial liabilities
2023
2022
Balance sheet Balance sheet
EUR million
values
Fair values
values
Fair values
Non-current
Bonds
893.7
870.5
891.8
819.9
Bank loans
103.0
103.0
103.2
103.2
Lease liabilities
67.8
67.8
70.8
70.8
B/S
1,064.5
1,041.4
1,065.9
994.0
Current
Bonds
247.7
246.5
Bank loans
0.0
0.0
150.0
150.0
Lease liabilities
20.8
20.8
20.4
20.4
Commercial paper
34.5
34.5
125.0
125.0
\u2009B/S\u2009
303.0
301.8
295.4
295.4
1,367.5
1,343.2
1,361.2
1,289.3
The financial liabilities include a total of EUR 88.6 (91.2) 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. Material parts of the 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 2.8 (2.7) years, and the effective average interest rate was 2.0 (1.0) per cent. Contract-based cash flows on the repayment of financial liabilities and costs
2023
EUR million
2024
2025
2026
2027
2028
2029\u2013
Total
Bonds
258.3
16.1
316.1
312.8
12.0
312.0
1,227.3
Financial costs
10.3
16.1
16.1
12.8
12.0
12.0
79.3
Repayments
248.0
0.0
300.0
300.0
0.0
300.0
1,148.0
Bank loans
4.7
104.7
0.2
0.2
0.2
2.1
112.1
Financial costs
4.5
4.4
0.0
0.0
0.0
0.1
9.1
Repayments
0.3
100.3
0.2
0.2
0.2
1.9
103.0
Commercial paper
34.5
34.5
Financial costs
0.6
0.6
Repayments
33.9
33.9
Lease liabilities
24.4
19.7
12.9
6.6
4.5
68.5
136.6
Financial costs
3.6
7.0
5.0
2.5
1.7
28.1
47.9
Repayments
20.8
12.7
7.8
4.1
2.8
40.4
88.6
Derivatives
\u20130.9
\u20130.2
\u20131.1
Electricity derivatives
\u20130.8
\u20130.2
\u20131.0
Currency derivatives
\u20130.1
\u20130.1
Contingent considerations
1.1
1.1
Trade payables
191.2
191.2
Total
513.3
140.4
329.2
319.5
16.7
382.5
1,701.7
Financial costs
18.0
27.4
21.2
15.3
13.7
40.2
135.8
Repayments
495.3
113.0
308.0
304.2
3.0
342.3
1,565.9
2022
EUR million
2023
2024
2025
2026
2027
2028\u2013
Total
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
Contingent considerations
4.3
0.5
4.9
Trade payables
199.0
199.0
Total
511.3
328.3
121.6
314.1
306.3
68.3
1,649.9
Financial costs
12.8
15.6
12.2
7.9
2.7
25.8
77.0
Repayments
498.5
312.7
109.4
306.2
303.5
42.5
1,572.9
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. Both EUR 130 million and EUR 170 million credit facilities mature in 2028 and were fully undrawn on 31 December 2023. Bonds In the framework of its bond programme, the parent company has issued the following bonds: 31 Dec. 2023
Balance Nominal Nominal Effective
Fair value sheet value value interest interest Maturity
EUR million EUR million EUR million rate, % rate, % date
EMTN programme 2001 / EUR 1,000 million
I/2017
246.5
247.7
248.0
0.875
0.974
17.3.2024
I/2019
287.8
297.3
300.0
1.125
1.236
26.2.2026
I/2020
272.0
298.6
300.0
0.250
0.322
15.9.2027
I/2023
310.7
297.7
300.0
4.000
4.092
27.1.2029
1,117.1
1,141.3
1,148.0
The fair value of bonds is based on market quotes. Maturity of lease liabilities\u2019 cash flows
EUR million
2023
2022
Within one year
20.8
20.4
Later than one year, but not later than five years
27.4
30.5
Later than five years
40.4
40.4
88.6
91.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Bonds In the framework of its bond programme, the parent company has issued the following bonds: 31 Dec. 2023 Balance Nominal Nominal Effective Fair value sheet value value interest interest Maturity EUR million EUR million EUR million rate, % rate, % date EMTN programme 2001 / EUR 1,000 million I/2017 246.5 247.7 248.0 0.875 0.974 17.3.2024 I/2019 287.8 297.3 300.0 1.125 1.236 26.2.2026 I/2020 272.0 298.6 300.0 0.250 0.322 15.9.2027 I/2023 310.7 297.7 300.0 4.000 4.092 27.1.2029 1,117.1 1,141.3 1,148.0 The fair value of bonds is based on market quotes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "7.4.3 Financial assets and liabilities recognised at fair value
Carrying amounts of financial assets and liabilities by category Financial Financial
assets/liabilities assets/liabilities Financial
measured at measured at fair value assets/liabilities
2023 fair value through through other measured at Book Fair
EUR million profit or loss comprehensive income amortised cost values
values
Note
Non-current financial assets
Other financial assets
0.6
15.4
16.0
16.0
Trade and other receivables
1.0
106.9
107.9
107.9
6.2.2
Current financial assets
Trade and other receivables
555.8
555.8
555.8
6.2.1
Non-current financial liabilities
0.6
1.0
678.1
679.7
679.7
Financial liabilities
1,064.5
1,064.5
1,041.4
7.4.2
Trade and other liabilities
14.6
14.6
14.6
6.3
Current financial liabilities
Financial liabilities
303.0
303.0
301.8
7.4.2
Trade and other liabilities
1.1
390.4
391.5
391.5
6.3
1.1
1,772.5
1,773.6
1,749.3
(1 (2 (2
Financial Financial
assets/liabilities assets/liabilities Financial
measured at measured at fair value assets/liabilities
2022 fair value through through other measured at Book Fair
EUR million profit or loss comprehensive income amortised cost values
values
Note
Non-current financial assets
Other financial assets
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
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
0.3
402.3
402.6
402.6
6.3
4.9
0.0
1,785.0
1,789.9
1,718.0
(1 (2 (2 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
2023
Level 1
Level 2
Level 3
Financial assets and liabilities measured at fair value through
other comprehensive income
Electricity derivatives
1.0
1.0
Currency derivatives
0.1
0.1
Financial assets and liabilities measured at fair value through
profit or loss
Listed equity investments
0.6
0.6
Contingent considerations in business combinations
\u20131.1
\u20131.1
0.5
0.6
1.0
\u20131.1
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
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
2023
2022
At the beginning of the period
4.9
3.3
Increase in contingent consideration
0.6
1.7
Payment of contingent consideration
\u20134.2
\u20130.1
Release of unused contingent consideration
\u20130.1
Translation differences
0.0
0.0
At the end of the period
1.1
4.9
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "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 the 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 operating 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "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 the 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 operating 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. 7.4.4 Derivative instruments Nominal values of derivatives
2023
2022
Period of validity
Period of validity
Less than Over Less than Over
EUR million
1 year
1\u20135 years
5 years
1 year
1\u20135 years
 5 years
Electricity derivatives
3.5
5.8
Currency derivatives
3.3
3.3
6.8
9.1
Fair values of derivatives
2023
2022
Positive Negative Positive Negative
EUR million fair value
fair value
Total
fair value
fair value
Total
Electricity derivatives
1.0
1.0
1.2
1.2
Currency derivatives
0.1
0.1
0.0
0.0
1.0
1.0
1.2
0.0
1.1
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "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 of up to three 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 2023, the Group\u2019s equity investments consisted mainly of investments in unlisted companies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "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 of up to three 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 2023, the 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. 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 s ell financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include ite ms 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 busines s combinations and listed equity investments are recognised as financial assets or liabilities measured at fair valu e through profit or loss. Other financial assets and liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "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 of up to three 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 2023, the Group\u2019s equity investments consisted mainly of investments in unlisted companies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "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 s financial assets/liabilities. Financial assets and liabilities measured at fair value through profit or loss include ite 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 busines combinations and listed equity investments are recognised as financial assets or liabilities measured at fair valu 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "8.1.1 Income taxes
EUR million
2023
2022
Taxes for the period
\u201382.7
\u201383.0
Taxes for previous periods
0.0
\u20130.1
Deferred taxes
\u20131.4
\u20130.2
I/S
\u201384.1
\u201383.2
Income taxes recognised directly in comprehensive income:
2023
2022
Before Tax After Before Tax After
EUR million taxes effect taxes taxes effect taxes
Remeasurements of the net defined benefit liability
1.5
\u20130.3
1.2
0.5
\u20130.1
0.4
Cash flow hedge
\u20130.1
0.0
\u20130.1
\u20130.4
0.1
\u20130.3
1.5
\u20130.3
1.2
0.0
0.0
0.0
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
2023
2022
I/S
Profit before tax
458.1
456.0
Tax according to the domestic tax rate
\u201391.6
\u201391.2
Tax effects of the following:
Tax-free income
0.1
0.2
Non-deductible expenses
\u20131.8
\u20130.7
Tax effect related to the foreign subsidiaries
11.0
10.3
Usage of tax losses, for which no deferred tax was recognised
0.7
0.2
Loss for the period, for which no deferred tax asset is recognised
\u20132.4
\u20131.6
Taxes for previous periods
0.0
\u20130.1
Other items
0.0
\u20130.4
I/S
Taxes on the income statement
\u201384.1
\u201383.2
Effective tax rate, %
18.4
18.2
8 Other notes 8.1 Taxes 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. Deferred taxes are recognised from temporary differences arising between the tax bases of assets and liabilities and their carrying values. Please refer to note 8.1.2 for details. The global minimum tax regulation (OECD\u2019s pillar 2) that enters into force in 2024 will apply to Elisa, which has begun analysing the impact of the regulation. As Elisa mainly operates in countries with local tax rates above the 15 percent minimum rate, no significant top-up taxes are expected to be paid. Elisa\u2019s Estonian subsidiaries are subject to a profit distribution tax system, whereby corporate tax is only levied on the distribution of profits at a tax rate not lower than the minimum tax rate. The deferred profit distribution tax will be recognised based on the taxable income of the Estonian subsidiaries, and the regulation requires that the profit distribution tax will be realised within the next four financial years. No deferred tax has been recognised on the results of the Estonian subsidiaries for the financial year 2023, totalling EUR 54.9 million. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "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. Deferred taxes are recognised from temporary differences arising between the tax bases of assets and liabilities and their carrying values. Please refer to note 8.1.2 for details. The global minimum tax regulation (OECD\u2019s pillar 2) that enters into force in 2024 will apply to Elisa, which has begun analysing the impact of the regulation. As Elisa mainly operates in countries with local tax rates above the 15 percent minimum rate, no significant top-up taxes are expected to be paid. Elisa\u2019s Estonian subsidiaries are subject to a profit distribution tax system, whereby corporate tax is only levied on the distribution of profits at a tax rate not lower than the minimum tax rate. The deferred profit distribution tax will be recognised based on the taxable income of the Estonian subsidiaries, and the regulation requires that the profit distribution tax will be realised within the next four financial years. No deferred tax has been recognised on the results of the Estonian subsidiaries for the financial year 2023, totalling EUR 54.9 million. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "8.1.2 Deferred tax assets and liabilities Change in deferred tax assets and liabilities during 2023 Recognised on consolidated Deferred tax assets Recognised statement of 1 Jan. on the income comprehensive Translation 31 Dec. EUR million 2023 statement income differences 2023 Lease liabilities 17.3 \u20130.9 16.4 Right-of-use assets \u201315.6 1.0 \u201314.6 Lease contracts total 1.7 0.1 1.8 Internal margins 2.8 \u20130.4 2.4 Share-based incentive plans 3.9 \u20130.3 3.6 Pension obligations 2.8 \u20130.4 \u20130.3 2.1 Provisions 0.8 0.2 1.0 Confirmed losses 0.3 \u20130.3 0.0 Other temporary differences 0.8 \u20130.2 0.0 0.0 0.6 B/S 13.1 \u20131.3 \u20130.3 0.0 11.5 Deferred tax liabilities Recognised 1 Jan. on the income Business Translation 31 Dec. EUR million 2023 statement disposals differences 2023 Fair value measurement of tangible and intangible assets in business combinations 3.0 \u20131.0 0.0 2.0 Accumulated depreciation differences 17.4 0.6 18.0 Finance lease agreements 1.3 0.7 \u20131.1 0.9 Customer contracts 1.8 \u20130.1 1.7 Bonds 0.7 \u20130.2 0.5 Other temporary differences 1.6 0.0 1.6 B/S 25.7 0.1 \u20131.1 0.0 24.7 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 2023, the Group had no deferred tax assets recognised for confirmed tax losses. At the end of the reporting period, the Group had EUR 20.1 (18.8) million of unused tax losses for which no tax assets have been recognised. Change in deferred tax assets and liabilities during 2022 Recognised on consolidated Deferred tax assets Recognised statement of 1 Jan. on the income comprehensive Translation 31 Dec. EUR million 2022 statement income differences 2022 Lease liabilities 17.3 \u20130.1 17.3 Right-of-use assets \u201315.7 0.1 \u201315.6 Lease contracts total 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 Provisions 1.2 \u20130.4 0.8 Confirmed losses 0.7 \u20130.4 0.3 Other temporary differences 0.9 \u20130.2 0.1 0.0 0.8 B/S 13.1 0.0 0.0 0.0 13.1 Deferred tax liabilities Recognised 1 Jan. on the income Business Translation 31 Dec. EUR million 2022 statement combinations differences 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 contracts 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 B/S 25.3 0.1 0.4 0.0 25.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "8.1.2 Deferred tax assets and liabilities Change in deferred tax assets and liabilities during 2023 Recognised on consolidated Deferred tax assets Recognised statement of 1 Jan. on the income comprehensive Translation 31 Dec. EUR million 2023 statement income differences 2023 Lease liabilities 17.3 \u20130.9 16.4 Right-of-use assets \u201315.6 1.0 \u201314.6 Lease contracts total 1.7 0.1 1.8 Internal margins 2.8 \u20130.4 2.4 Share-based incentive plans 3.9 \u20130.3 3.6 Pension obligations 2.8 \u20130.4 \u20130.3 2.1 Provisions 0.8 0.2 1.0 Confirmed losses 0.3 \u20130.3 0.0 Other temporary differences 0.8 \u20130.2 0.0 0.0 0.6 B/S 13.1 \u20131.3 \u20130.3 0.0 11.5 Deferred tax liabilities Recognised 1 Jan. on the income Business Translation 31 Dec. EUR million 2023 statement disposals differences 2023 Fair value measurement of tangible and intangible assets in business combinations 3.0 \u20131.0 0.0 2.0 Accumulated depreciation differences 17.4 0.6 18.0 Finance lease agreements 1.3 0.7 \u20131.1 0.9 Customer contracts 1.8 \u20130.1 1.7 Bonds 0.7 \u20130.2 0.5 Other temporary differences 1.6 0.0 1.6 B/S 25.7 0.1 \u20131.1 0.0 24.7 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 2023, the Group had no deferred tax assets recognised for confirmed tax losses. At the end of the reporting period, the Group had EUR 20.1 (18.8) million of unused tax losses for which no tax assets have been recognised. Change in deferred tax assets and liabilities during 2022 Recognised on consolidated Deferred tax assets Recognised statement of 1 Jan. on the income comprehensive Translation 31 Dec. EUR million 2022 statement income differences 2022 Lease liabilities 17.3 \u20130.1 17.3 Right-of-use assets \u201315.7 0.1 \u201315.6 Lease contracts total 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 Provisions 1.2 \u20130.4 0.8 Confirmed losses 0.7 \u20130.4 0.3 Other temporary differences 0.9 \u20130.2 0.1 0.0 0.8 B/S 13.1 0.0 0.0 0.0 13.1 Deferred tax liabilities Recognised 1 Jan. on the income Business Translation 31 Dec. EUR million 2022 statement combinations differences 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 contracts 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 B/S 25.3 0.1 0.4 0.0 25.7 Accounting principles \u2013 Deferred tax assets and liabilities: Deferred taxes are recognised for all temporary differences arising between the carrying amount and the tax base, with the exception of situations where a deferred tax asset or liabilty arises from initial recognition of goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination, and at the time of the transaction, does not affect either the accounting or the taxable profit, and does not give rise to equal taxable and deductible temporary differences. No deferred tax is recognised on valuation differences of shares for which the sales profit would be tax-deductible. Leases are typically transactions in which equal taxable and deductible temporary differences arises on initial recognition of the asset and liability. Elisa recognise the tax arising from this difference as an expense or income and presents it as deferred tax receivables in balance sheet. 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 251.8 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 judgement \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 of 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "Accounting principles \u2013 Deferred tax assets and liabilities: Deferred taxes are recognised for all temporary differences arising between the carrying amount and the tax base, with the exception of situations where a deferred tax asset or liabilty arises from initial recognition of goodwill or from the initial recognition of an asset or liability in a transaction which is not a business combination, and at the time of the transaction, does not affect either the accounting or the taxable profit, and does not give rise to equal taxable and deductible temporary differences. No deferred tax is recognised on valuation differences of shares for which the sales profit would be tax-deductible. Leases are typically transactions in which equal taxable and deductible temporary differences arises on initial recognition of the asset and liability. Elisa recognise the tax arising from this difference as an expense or income and presents it as deferred tax receivables in balance sheet. 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 251.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "8.2 Provisions
Termination
EUR million
benefits
Other
Total
1 Jan. 2022
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
Increase in provisions
4.4
4.4
Utilised provisions
\u20133.3
\u20133.3
Release of unused provisions
\u20130.3
\u20130.3
31 Dec. 2023
2.8
1.7
4.5
EUR million
2023
2022
B/S
Long-term provisions
3.4
2.9
B/S
Short-term provisions
1.0
0.8
4.5
3.7
Termination benefits As a part of the Group\u2019s rationalisation, Elisa carried out statutory employee negotiations leading to personnel reductions in 2023. The restructuring provision includes provisions for both unemployment pensions and other expenses due to redundancies. The provisions associated with redundancies will be realised during 2024\u20132027, and the provision associated with unemployment pensions will be realised in 2024\u20132025. Other provisions Other provisions include environmental provisions made for telephone poles. 8.2 Varaukset 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 that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "Contingent liabilities are potential liabilities arising from past events that may occur depending on the outcome of uncertain future events that 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "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 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 Suzhou camLine Technology Co. Ltd Suzhou, China 100 TenForce NV Leuven, Belgium 50 TenForce USA LLC Houston TX, USA 50 Process Data Control Corporation Arlington TX, USA 50 Elisa Deutschland GmbH Petershausen, Germany 100 Elisa Finance O\u00fc Tallinn, Estonia 100 Elisa France SAS Les Sorinieres, France 100 Subsidiaries Domicile Group\u2019s ownership, % Elisa Santa Monica Oy Helsinki, Finland 100 Elisa Eesti AS Tallinn, Estonia 100 Elistar AB Stockholm, Sweden 100 Elisa Polystar Finland Oy Helsinki, Finland 100 Cardinality Ltd Guildford, England 100 Cardinality SP. z.o.o. Lublin, Poland 100 Frinx s.r.o. Bratislava, Slovakia 100 Polystar Egypt LLC Cairo, Egypt 100 Polystar Instruments Canada Inc. Toronto, Canada 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 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 LNS Kommunikation AB Stockholm, Sweden 100 Preminet Oy Helsinki, Finland 100 Sutaria Services Inc. Murphy TX, USA 100 Watson Nordic Oy Vaasa, Finland 100 Significant changes in ownership of subsidiaries are presented in note 3. Other changes in group structure is described below. On 13 April 2023, camLine Dresden merged with camLine GmbH and on 1 June 2023 LE-Kuitu Oy merged with Elisa Oyj. Elisa Hong Kong Limited, Cardinality Inc, Frinx Corporation and Polystar Ryssland LLC were liquidated in December 2023. 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. The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "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. Sixty 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "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. The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "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. Sixty 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "8.3.2 Investments in associated companies Aggregated financial information of associates EUR million 2023 2022 I/S Group\u2019s share of associated companies\u2019 profit \u20130.4 \u20130.7 B/S\u2009 Group\u2019s investments in associated companies 20.8 9.9 EUR million 2023 2022 Balance at the beginning of the period 9.9 10.6 Additions 11.5 0.0 Reclassifications \u20130.2 0.0 Share of profits for the period \u20130.4 \u20130.7 Dividends received 0.0 0.0 Impairment \u20130.1 B/S\u2009 Balance at the end of the period 20.8 9.9 (1 1) The businesses of Elisa Corporation\u2019s subsidiary Elisa Videra and the German company MVC Mobile Video Communication GmbH (owned by KLP Verm\u00f6gensverwaltungs GmbH) was combined into MVC on 20 December 2023. After combination Elisa has 37.5% holding of MVC Mobile Video Communication GmbH and Elisa became a minority shareholder of the company. The transaction was conducted as a share swap and acquistion price for the shares was EUR 11.4 million. 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. Associates Domicile Group\u2019s 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 Helsingin Lauttasaarentie 19 Helsinki, Finland 41.7 Kiinteist\u00f6 Oy Pohjanplassi Lapua, Finland 39.3 Kiinteist\u00f6 Oy Riihim\u00e4en Maisterinkatu 9 Riihim\u00e4ki, Finland 37.0 Kiinteist\u00f6 Oy Runeberginkatu 43 Helsinki, Finland 29.6 Kiinteist\u00f6 Oy Helsingin Stenb\u00e4ckinkatu 5 Helsinki, Finland 40.0 MVC Mobile Video Communication GmbH Kronberg im Taunus, Germany 37.5 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", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "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 2023 2022 Lease payments associated with short-term leases 34.9 31.9 Lease payments associated with low-value assets 14.2 4.6 49.1 36.5 Future minimum lease payments under non-cancellable off-balance sheet leases: EUR million 2023 2022 Within one year 14.4 13.2 Later than one year, but not later than five years 5.1 4.3 Later than five years 1.4 1.0 20.9 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 2023 2022 Within one year 3.0 3.6 Later than one year, but not later than five years 0.4 0.7 3.5 4.3 Accounting principles \u2013 Leases: The group as a lessee The Group recognises rental expenses for short-term leases and low-value assets 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 2023 2022 On behalf of own commitments Mortgages 3.8 3.8 Guarantees 0.8 0.6 Deposits 0.5 0.6 On behalf of others Guarantees 0.5 0.3 5.6 5.2 Other contractual obligations Venture capital investment obligation 0.2 0.5 0.2 0.5 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 2023, the VAT refund liability for real estate investments was EUR 39.7 (36.1) million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "Collateral, commitments and other liabilities EUR million 2023 2022 On behalf of own commitments Mortgages 3.8 3.8 Guarantees 0.8 0.6 Deposits 0.5 0.6 On behalf of others Guarantees 0.5 0.3 5.6 5.2 Other contractual obligations Venture capital investment obligation 0.2 0.5 0.2 0.5 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 2023, the VAT refund liability for real estate investments was EUR 39.7 (36.1) million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "8.5 Events after the end of the reporting period On 16 January 2024, Elisa Oyj and Moontalk Oy signed an agreement under which Elisa takes a majority holding of Moontalk. The deal is currently awaiting approval from the competition authority as well as other conditions typical for the completion of a business transaction. The deal will strengthen Elisa\u2019s application development expertise, especially in developing SaaS-based applications. On 25 January 2024, the Shareholders\u2019 Nomination Board announced its proposal to Elisa\u2019s Board for the notice of the Annual General Meeting of 12 April 2024 that the number of members of the Board of Directors would be eight (8). The Nomination Board proposes that Mr Maher Chebbo, Mr Kim Ignatius, Ms Katariina Kravi, Ms Pia K\u00e5ll, Ms Eva- Lotta Sj\u00f6stedt, Mr Anssi Vanjoki and Mr Antti Vasara be re-elected. The Nomination Board further proposes that Mr Christoph Vitzthum is elected as a new member of the Board. The Nomination Board proposes that Mr Anssi Vanjoki be elected as the Chair of the Board and Ms Katariina Kravi be elected as the Vice Chair. All the proposed Board Members are considered to be independent of the company and of its significant shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:743700TU2S3DXWGU7H32", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }