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1. General information and basis of preparation
General information of the Group
Koskisen Corporation (the company, the parent company) together with its
consolidated subsidiaries (Koskisen, the Group) is a Finnish public company active in
the sawn timber and panel industries where it manufactures a wide range of wooden
products such as sawn goods, plywood and chipboard. Koskisen aims to be a
sustainable partner with both the forest owners as well as its customers. Koskisen was
founded in 1909. Its headquarters is in J\u00e4rvel\u00e4, Finland and it has offices in Finland and
Poland. Koskisen has approximately 900 employees.
Koskisen Corporation is a Finnish public limited liability company with a corporate
identity number 0148241-9, domiciled in K\u00e4rk\u00f6l\u00e4, Finland. The registered address is
Tehdastie 2, 16600 J\u00e4rvel\u00e4, Finland. The parent company\u2019s / Koskisen Corporation\u2019s
shares are listed on the main list of Nasdaq Helsinki Oy from 1 December 2022.
The Board of Directors of Koskisen Corporation has approved these consolidated
financial statements for issue on 10 April 2025. A copy of the consolidated financial
statements is available at the Internet address www.koskisen.com.
Basis of preparation
Koskisen\u2019s consolidated financial statements have been prepared in accordance with
the IFRS accounting standards as adopted by the European Union, and the IFRS
accounting standards in force on 31 December 2024 have been complied with when
preparing them. The notes to the consolidated financial statements also comply with
the requirements under the Finnish accounting and company legislation
complementary to the IFRS.
The consolidated financial statements have been prepared primarily under the
historical cost convention unless otherwise indicated. Financial assets at fair value
through profit or loss, derivative liabilities and forest assets, as well as assets and
liabilities regarding benefit-based plans and share-based payments have been
measured at fair value.
The consolidated financial statements are presented in thousands of euros, which is the
functional and presentation currency of the parent company.
All amounts disclosed in the consolidated financial statements and notes have been
rounded off to the nearest thousand unless otherwise stated, therefore the sum of
individual figures may deviate from the presented total figure.
New standards and interpretations
The new accounting standards, amendments to accounting standards or
interpretations adopted on 1 January 2024 did not have a significant impact on the
Koskisen consolidated financial statements.
The Group has not adopted any new published accounting standards, amendments to
accounting standards or interpretations that are not mandatory for financial periods
ending 31 December 2024.
The IFRS 18 Presentation and Disclosure in Financial Statements accounting standard
will enter into force on 1 January 2027 and replaces the existing IAS 1 Presentation of
Financial Statements. IFRS 18 introduces changes to the structure of the income
statement and mandatory subtotals, a requirement to disclose certain management-
determined performance measures that are currently reported outside the financial
statements, and expanded consolidation and disaggregation criteria that apply to both
the main statements and the notes to the financial statements. IFRS 18 does not affect
the recognition or measurement of items in the financial statements. Koskisen will
assess the impact of the new IFRS 18 standard on the consolidated financial statements
during year 2025.
Other accounting standards, amendments to accounting standards or interpretations
published by the balance sheet date are not expected to have a material impact on the
entity in the current or future reporting periods and on foreseeable future transactions.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in euros,
which is the company\u2019s functional and presentation currency.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of comprehensive income.
Foreign exchange gains and losses relating to the ordinary course of business, as well
as foreign exchange gains and losses relating to financial items are presented in
finance costs, net in the statement of comprehensive income.
Group companies
The results and financial position of foreign operations that have a functional currency
different from the presentation currency are translated into the presentation currency.
Assets and liabilities for each balance sheet presented are translated at the closing rate
at the date of that balance sheet. Income and expenses for each statement of
comprehensive income are translated at average exchange rates. All resulting
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net
investment in foreign entities are recognised in other comprehensive income. When a
foreign operation is sold or otherwise disposed of, the associated exchange differences
are reclassified to the statement of comprehensive income, as part of the gain or loss
on sale.
Fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
The effects of the Russian war of aggression
Russia\u2019s war of aggression against Ukraine has kept the demand for birch plywood high
relative to supply, supporting the high price level of birch plywood. The impact of the
war on the estimates and assumptions presented in financial reporting is based on the
management\u2019s best judgement.\u00a0
The liquidation process of OOO Koskiles, Koskisen\u2019s logistics and wood supply company
operating in Russia, was completed in November 2023, after which the Group has not
had any operations in Russia.
Key estimates and management judgement
The preparation of financial statements in conformity with IFRS accounting standards
requires management to use certain critical estimates and exercise judgement, which
have an impact on the amount of assets and liabilities as well as the amount of income
and expenses recognised for the financial year presented in these consolidated
financial statements. In addition, the management is required to use judgement in the
application of the accounting policies.
The estimates and judgement are continually evaluated and are based on the
management\u2019s best knowledge, historical experience and expectations of future events
that are believed to be reasonable under the circumstances. The resulting accounting
estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities are presented in the
following notes to the consolidated financial statements:
Note
Key estimates and judgements
13. Forest assets
Valuation of forest assets
14. Leases
Embedded leases
14. Leases
Lease term determination
14. Leases
Determination of incremental borrowing rate
22. Provisions
Estimation of the amount and timing of the provision
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-288": { "value": "
1. General information and basis of preparation
General information of the Group
Koskisen Corporation (the company, the parent company) together with its
consolidated subsidiaries (Koskisen, the Group) is a Finnish public company active in
the sawn timber and panel industries where it manufactures a wide range of wooden
products such as sawn goods, plywood and chipboard. Koskisen aims to be a
sustainable partner with both the forest owners as well as its customers. Koskisen was
founded in 1909. Its headquarters is in J\u00e4rvel\u00e4, Finland and it has offices in Finland and
Poland. Koskisen has approximately 900 employees.
Koskisen Corporation is a Finnish public limited liability company with a corporate
identity number 0148241-9, domiciled in K\u00e4rk\u00f6l\u00e4, Finland. The registered address is
Tehdastie 2, 16600 J\u00e4rvel\u00e4, Finland. The parent company\u2019s / Koskisen Corporation\u2019s
shares are listed on the main list of Nasdaq Helsinki Oy from 1 December 2022.
The Board of Directors of Koskisen Corporation has approved these consolidated
financial statements for issue on 10 April 2025. A copy of the consolidated financial
statements is available at the Internet address www.koskisen.com.
Basis of preparation
Koskisen\u2019s consolidated financial statements have been prepared in accordance with
the IFRS accounting standards as adopted by the European Union, and the IFRS
accounting standards in force on 31 December 2024 have been complied with when
preparing them. The notes to the consolidated financial statements also comply with
the requirements under the Finnish accounting and company legislation
complementary to the IFRS.
The consolidated financial statements have been prepared primarily under the
historical cost convention unless otherwise indicated. Financial assets at fair value
through profit or loss, derivative liabilities and forest assets, as well as assets and
liabilities regarding benefit-based plans and share-based payments have been
measured at fair value.
The consolidated financial statements are presented in thousands of euros, which is the
functional and presentation currency of the parent company.
All amounts disclosed in the consolidated financial statements and notes have been
rounded off to the nearest thousand unless otherwise stated, therefore the sum of
individual figures may deviate from the presented total figure.
New standards and interpretations
The new accounting standards, amendments to accounting standards or
interpretations adopted on 1 January 2024 did not have a significant impact on the
Koskisen consolidated financial statements.
The Group has not adopted any new published accounting standards, amendments to
accounting standards or interpretations that are not mandatory for financial periods
ending 31 December 2024.
The IFRS 18 Presentation and Disclosure in Financial Statements accounting standard
will enter into force on 1 January 2027 and replaces the existing IAS 1 Presentation of
Financial Statements. IFRS 18 introduces changes to the structure of the income
statement and mandatory subtotals, a requirement to disclose certain management-
determined performance measures that are currently reported outside the financial
statements, and expanded consolidation and disaggregation criteria that apply to both
the main statements and the notes to the financial statements. IFRS 18 does not affect
the recognition or measurement of items in the financial statements. Koskisen will
assess the impact of the new IFRS 18 standard on the consolidated financial statements
during year 2025.
Other accounting standards, amendments to accounting standards or interpretations
published by the balance sheet date are not expected to have a material impact on the
entity in the current or future reporting periods and on foreseeable future transactions.
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in euros,
which is the company\u2019s functional and presentation currency.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of comprehensive income.
Foreign exchange gains and losses relating to the ordinary course of business, as well
as foreign exchange gains and losses relating to financial items are presented in
finance costs, net in the statement of comprehensive income.
Group companies
The results and financial position of foreign operations that have a functional currency
different from the presentation currency are translated into the presentation currency.
Assets and liabilities for each balance sheet presented are translated at the closing rate
at the date of that balance sheet. Income and expenses for each statement of
comprehensive income are translated at average exchange rates. All resulting
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net
investment in foreign entities are recognised in other comprehensive income. When a
foreign operation is sold or otherwise disposed of, the associated exchange differences
are reclassified to the statement of comprehensive income, as part of the gain or loss
on sale.
Fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
The effects of the Russian war of aggression
Russia\u2019s war of aggression against Ukraine has kept the demand for birch plywood high
relative to supply, supporting the high price level of birch plywood. The impact of the
war on the estimates and assumptions presented in financial reporting is based on the
management\u2019s best judgement.\u00a0
The liquidation process of OOO Koskiles, Koskisen\u2019s logistics and wood supply company
operating in Russia, was completed in November 2023, after which the Group has not
had any operations in Russia.
Key estimates and management judgement
The preparation of financial statements in conformity with IFRS accounting standards
requires management to use certain critical estimates and exercise judgement, which
have an impact on the amount of assets and liabilities as well as the amount of income
and expenses recognised for the financial year presented in these consolidated
financial statements. In addition, the management is required to use judgement in the
application of the accounting policies.
The estimates and judgement are continually evaluated and are based on the
management\u2019s best knowledge, historical experience and expectations of future events
that are believed to be reasonable under the circumstances. The resulting accounting
estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities are presented in the
following notes to the consolidated financial statements:
Note
Key estimates and judgements
13. Forest assets
Valuation of forest assets
14. Leases
Embedded leases
14. Leases
Lease term determination
14. Leases
Determination of incremental borrowing rate
22. Provisions
Estimation of the amount and timing of the provision
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "value": "Koskisen Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "value": "Koskisen Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "value": "Koskisen Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "value": "Corporation", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-294": { "value": "the sawn timber and panel industries where it manufactures a wide range of wooden products such as sawn goods, plywood and chipboard.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "value": "K\u00e4rk\u00f6l\u00e4", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "value": "K\u00e4rk\u00f6l\u00e4", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "value": "Finland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-298": { "value": "Tehdastie 2, 16600 J\u00e4rvel\u00e4", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-299": { "value": "
The Board of Directors of Koskisen Corporation has approved these consolidated
financial statements for issue on 10 April 2025. A copy of the consolidated financial
statements is available at the Internet address www.koskisen.com.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-300": { "value": "
Koskisen\u2019s consolidated financial statements have been prepared in accordance with
the IFRS accounting standards as adopted by the European Union, and the IFRS
accounting standards in force on 31 December 2024 have been complied with when
preparing them. The notes to the consolidated financial statements also comply with
the requirements under the Finnish accounting and company legislation
complementary to the IFRS.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "value": "
The consolidated financial statements have been prepared primarily under the
historical cost convention unless otherwise indicated. Financial assets at fair value
through profit or loss, derivative liabilities and forest assets, as well as assets and
liabilities regarding benefit-based plans and share-based payments have been
measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "value": "
The consolidated financial statements have been prepared primarily under the
historical cost convention unless otherwise indicated. Financial assets at fair value
through profit or loss, derivative liabilities and forest assets, as well as assets and
liabilities regarding benefit-based plans and share-based payments have been
measured at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-304": { "value": "
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in euros,
which is the company\u2019s functional and presentation currency.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of comprehensive income.
Foreign exchange gains and losses relating to the ordinary course of business, as well
as foreign exchange gains and losses relating to financial items are presented in
finance costs, net in the statement of comprehensive income.
Group companies
The results and financial position of foreign operations that have a functional currency
different from the presentation currency are translated into the presentation currency.
Assets and liabilities for each balance sheet presented are translated at the closing rate
at the date of that balance sheet. Income and expenses for each statement of
comprehensive income are translated at average exchange rates. All resulting
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net
investment in foreign entities are recognised in other comprehensive income. When a
foreign operation is sold or otherwise disposed of, the associated exchange differences
are reclassified to the statement of comprehensive income, as part of the gain or loss
on sale.
Fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "value": "
Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured
using the currency of the primary economic environment in which the entity operates
(the functional currency). The consolidated financial statements are presented in euros,
which is the company\u2019s functional and presentation currency.
Foreign currency transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates at the dates of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognised in the consolidated statement of comprehensive income.
Foreign exchange gains and losses relating to the ordinary course of business, as well
as foreign exchange gains and losses relating to financial items are presented in
finance costs, net in the statement of comprehensive income.
Group companies
The results and financial position of foreign operations that have a functional currency
different from the presentation currency are translated into the presentation currency.
Assets and liabilities for each balance sheet presented are translated at the closing rate
at the date of that balance sheet. Income and expenses for each statement of
comprehensive income are translated at average exchange rates. All resulting
exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net
investment in foreign entities are recognised in other comprehensive income. When a
foreign operation is sold or otherwise disposed of, the associated exchange differences
are reclassified to the statement of comprehensive income, as part of the gain or loss
on sale.
Fair value adjustments arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-305": { "value": "
Key estimates and management judgement
The preparation of financial statements in conformity with IFRS accounting standards
requires management to use certain critical estimates and exercise judgement, which
have an impact on the amount of assets and liabilities as well as the amount of income
and expenses recognised for the financial year presented in these consolidated
financial statements. In addition, the management is required to use judgement in the
application of the accounting policies.
The estimates and judgement are continually evaluated and are based on the
management\u2019s best knowledge, historical experience and expectations of future events
that are believed to be reasonable under the circumstances. The resulting accounting
estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities are presented in the
following notes to the consolidated financial statements:
Note
Key estimates and judgements
13. Forest assets
Valuation of forest assets
14. Leases
Embedded leases
14. Leases
Lease term determination
14. Leases
Determination of incremental borrowing rate
22. Provisions
Estimation of the amount and timing of the provision
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "value": "
2. Segment information and revenue
Koskisen\u2019s chief operative decision-maker (CODM) is the Board of Directors which
monitors the results of the Group and allocates resources to the segments. Koskisen\u2019s
operating segments, which also are the Group\u2019s reportable segments, are the Panel
Industry and the Sawn Timber Industry. The Board of Directors monitors each
segment\u2019s performance on the basis of revenue and EBITDA. Transactions between
operating segments are based on arm\u2019s length terms, and they are eliminated on
consolidation.
The Panel Industry provides tailored high quality panel board solutions to our
customers. The Panel Industry revenue comprises sales of plywood, chipboard, thin
plywood and veneer as well as optimised van interior solutions.
The Sawn Timber Industry provides sawn timber and further-processed products that
are produced from high-quality wood raw material. The Sawn Timber Industry revenue
comprises sales of sawn timber and further processed timber as well as wood
procurement side products for pulp and paper industry and bioenergy for several
power plants.
Other consists of Kosava-Kiinteist\u00f6t Oy, 100% owned subsidiary providing facility
management related services to the parent company, as well as some of the Group
central functions which are not allocated to the segments.
REVENUE BY SEGMENTS
1 Jan\u201331 Dec 2024
1 Jan\u201331 Dec 2023
EUR thousand
External
Internal
Total
External
Internal
Total
Panel Industry
142,433
21
142,454
148,786
9
148,795
Sawn Timber
Industry
139,737
27,946
167,683
122,400
24,823
147,223
Segments total
282,171
27,967
310,137
271,186
24,832
296,018
Other
92
780
871
89
577
666
Elimination of
internal sales
-28,746
-28,746
-25,410
-25,410
Total
282,262
-
282,262
271,275
-
271,275
Koskisen generates revenue mainly from the sale of goods, i.e. sawn timber and panel.
Majority of the Koskisen\u2019s revenue is recognised at a point in time when customer
obtains control of the goods based on the applicable delivery terms. The payment
terms in Koskisen\u2019s customer contracts typically vary between 30 and 60 days, and the
contracts do not include significant financing components. The contracts may include
variable payments such as cash discounts or other discounts.
In 2024 and 2023, Koskisen had no external customers from which revenue recognised
would have been over 10% of the Group\u2019s total revenue.
REVENUE BY COUNTRIES
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finland
111,595
111,206
Germany
24,098
20,320
Japan
23,990
21,116
Poland
15,465
11,556
Other EU countries
76,556
75,419
Other countries
30,559
31,658
Total
282,262
271,275
EBITDA BY SEGMENTS
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Panel Industry
17,681
29,282
Sawn Timber Industry
7,205
3,274
Segments total
24,886
32,556
Other
-693
3,204
Eliminations
-
-2,757
Total
24,193
33,003
RECONCILIATION OF EBITDA TO OPERATING PROFIT (LOSS)
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
EBITDA
24,193
33,003
Depreciation, amortisation and impairments
-11,169
-8,607
Operating profit (loss)
13,023
24,396
CONTRACT ASSETS AND LIABILITIES
EUR thousand
31 Dec 2024
31 Dec 2023
Contract liabilities1
838
501
\u00b9 Included in Advances received in the balance sheet
Revenue was recognised for the majority of the amount included in the contract
liability balance at the beginning of the period.
NON-CURRENT ASSETS BY GEOGRAPHICAL AREA
EUR thousand
31 Dec 2024
31 Dec 2023
Finland
144,835
126,498
EU countries
5,708
3,032
Other countries
15
16
Total
150,558
129,546
ACCOUNTING POLICY
Based on contracts with customers, sales of goods are distinct performance
obligations. In addition, Koskisen applies various delivery terms based on
Incoterms 2020, which are the official rules for the interpretation of trade terms
as issued by the International Chamber of Commerce (ICC). Control of goods sold
transfers at a point in time, typically when the title for the goods or physical
possession of the goods has transferred to the customer, the customer has
accepted the goods or Koskisen has right to payment.
When control of goods has transferred to the customer, but Koskisen still has
responsibility to arrange for delivery or insurance, these services are considered
as distinct performance obligations, and if material, recognised over time, while
the service is being performed. Koskisen considers that the customer is able to
benefit from these services by simultaneously receiving and consuming the
benefits provided by such a service.
The more widely used delivery terms are Carriage and Insurance Paid to (CIP),
Carriage Paid to (CPT), Cost, Insurance and Freight paid to (CIF) or Cost and
Freight paid to (CFR): with revenue for goods recognised at the point of handing
over the goods to a carrier in accordance with relevant term; for Free of Carriage
(FCA) sale of goods is recognised at the point of handing the goods over to the
buyer\u2019s carrier; and for Delivered at Place (DAP) at the point of delivery to
destination.
Koskisen recognises revenue from contracts with customer to the amount that it
expects to receive from the customer net of any sales taxes. Any variable
considerations, such as discounts, included in the customer contract are
estimated and included in the revenue only to the extent that it is highly
probable that no significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of variable consideration is estimated at
the end of each reporting period. When a contract contains more than one
performance obligation, the consideration included in the contract is allocated to
the performance obligations based on stand-alone selling prices. Koskisen does
not have significant warranty or return obligations.
Koskisen does not recognise material contract assets arising from contracts with
customers, as right to consideration typically meets the definition of trade
receivables on initial recognition. Trade receivables are recognised when the
control of the goods is transferred to the customer, and the consideration
included in the contract is unconditional except for the passage of time. In
Koskisen\u2019s customer contracts the period between the transfer of the goods or
services to the customers and the receipt of payment is less than 12 months.
Koskisen has elected to use the practical expedient not to adjust revenue for the
effect of financing components. Any advance payments received from the
customers are recognised on the balance sheet (contract liability).
For any sales commissions paid, Koskisen applies a practical expedient
mentioned by IFRS 15, and recognises the cost as an expense when incurred as
the amortisation period of the related assets would have been one year or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "value": "
2. Segment information and revenue
Koskisen\u2019s chief operative decision-maker (CODM) is the Board of Directors which
monitors the results of the Group and allocates resources to the segments. Koskisen\u2019s
operating segments, which also are the Group\u2019s reportable segments, are the Panel
Industry and the Sawn Timber Industry. The Board of Directors monitors each
segment\u2019s performance on the basis of revenue and EBITDA. Transactions between
operating segments are based on arm\u2019s length terms, and they are eliminated on
consolidation.
The Panel Industry provides tailored high quality panel board solutions to our
customers. The Panel Industry revenue comprises sales of plywood, chipboard, thin
plywood and veneer as well as optimised van interior solutions.
The Sawn Timber Industry provides sawn timber and further-processed products that
are produced from high-quality wood raw material. The Sawn Timber Industry revenue
comprises sales of sawn timber and further processed timber as well as wood
procurement side products for pulp and paper industry and bioenergy for several
power plants.
Other consists of Kosava-Kiinteist\u00f6t Oy, 100% owned subsidiary providing facility
management related services to the parent company, as well as some of the Group
central functions which are not allocated to the segments.
REVENUE BY SEGMENTS
1 Jan\u201331 Dec 2024
1 Jan\u201331 Dec 2023
EUR thousand
External
Internal
Total
External
Internal
Total
Panel Industry
142,433
21
142,454
148,786
9
148,795
Sawn Timber
Industry
139,737
27,946
167,683
122,400
24,823
147,223
Segments total
282,171
27,967
310,137
271,186
24,832
296,018
Other
92
780
871
89
577
666
Elimination of
internal sales
-28,746
-28,746
-25,410
-25,410
Total
282,262
-
282,262
271,275
-
271,275
Koskisen generates revenue mainly from the sale of goods, i.e. sawn timber and panel.
Majority of the Koskisen\u2019s revenue is recognised at a point in time when customer
obtains control of the goods based on the applicable delivery terms. The payment
terms in Koskisen\u2019s customer contracts typically vary between 30 and 60 days, and the
contracts do not include significant financing components. The contracts may include
variable payments such as cash discounts or other discounts.
In 2024 and 2023, Koskisen had no external customers from which revenue recognised
would have been over 10% of the Group\u2019s total revenue.
REVENUE BY COUNTRIES
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finland
111,595
111,206
Germany
24,098
20,320
Japan
23,990
21,116
Poland
15,465
11,556
Other EU countries
76,556
75,419
Other countries
30,559
31,658
Total
282,262
271,275
EBITDA BY SEGMENTS
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Panel Industry
17,681
29,282
Sawn Timber Industry
7,205
3,274
Segments total
24,886
32,556
Other
-693
3,204
Eliminations
-
-2,757
Total
24,193
33,003
RECONCILIATION OF EBITDA TO OPERATING PROFIT (LOSS)
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
EBITDA
24,193
33,003
Depreciation, amortisation and impairments
-11,169
-8,607
Operating profit (loss)
13,023
24,396
CONTRACT ASSETS AND LIABILITIES
EUR thousand
31 Dec 2024
31 Dec 2023
Contract liabilities1
838
501
\u00b9 Included in Advances received in the balance sheet
Revenue was recognised for the majority of the amount included in the contract
liability balance at the beginning of the period.
NON-CURRENT ASSETS BY GEOGRAPHICAL AREA
EUR thousand
31 Dec 2024
31 Dec 2023
Finland
144,835
126,498
EU countries
5,708
3,032
Other countries
15
16
Total
150,558
129,546
ACCOUNTING POLICY
Based on contracts with customers, sales of goods are distinct performance
obligations. In addition, Koskisen applies various delivery terms based on
Incoterms 2020, which are the official rules for the interpretation of trade terms
as issued by the International Chamber of Commerce (ICC). Control of goods sold
transfers at a point in time, typically when the title for the goods or physical
possession of the goods has transferred to the customer, the customer has
accepted the goods or Koskisen has right to payment.
When control of goods has transferred to the customer, but Koskisen still has
responsibility to arrange for delivery or insurance, these services are considered
as distinct performance obligations, and if material, recognised over time, while
the service is being performed. Koskisen considers that the customer is able to
benefit from these services by simultaneously receiving and consuming the
benefits provided by such a service.
The more widely used delivery terms are Carriage and Insurance Paid to (CIP),
Carriage Paid to (CPT), Cost, Insurance and Freight paid to (CIF) or Cost and
Freight paid to (CFR): with revenue for goods recognised at the point of handing
over the goods to a carrier in accordance with relevant term; for Free of Carriage
(FCA) sale of goods is recognised at the point of handing the goods over to the
buyer\u2019s carrier; and for Delivered at Place (DAP) at the point of delivery to
destination.
Koskisen recognises revenue from contracts with customer to the amount that it
expects to receive from the customer net of any sales taxes. Any variable
considerations, such as discounts, included in the customer contract are
estimated and included in the revenue only to the extent that it is highly
probable that no significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of variable consideration is estimated at
the end of each reporting period. When a contract contains more than one
performance obligation, the consideration included in the contract is allocated to
the performance obligations based on stand-alone selling prices. Koskisen does
not have significant warranty or return obligations.
Koskisen does not recognise material contract assets arising from contracts with
customers, as right to consideration typically meets the definition of trade
receivables on initial recognition. Trade receivables are recognised when the
control of the goods is transferred to the customer, and the consideration
included in the contract is unconditional except for the passage of time. In
Koskisen\u2019s customer contracts the period between the transfer of the goods or
services to the customers and the receipt of payment is less than 12 months.
Koskisen has elected to use the practical expedient not to adjust revenue for the
effect of financing components. Any advance payments received from the
customers are recognised on the balance sheet (contract liability).
For any sales commissions paid, Koskisen applies a practical expedient
mentioned by IFRS 15, and recognises the cost as an expense when incurred as
the amortisation period of the related assets would have been one year or less.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "value": "
Koskisen\u2019s chief operative decision-maker (CODM) is the Board of Directors which
monitors the results of the Group and allocates resources to the segments. Koskisen\u2019s
operating segments, which also are the Group\u2019s reportable segments, are the Panel
Industry and the Sawn Timber Industry. The Board of Directors monitors each
segment\u2019s performance on the basis of revenue and EBITDA. Transactions between
operating segments are based on arm\u2019s length terms, and they are eliminated on
consolidation.
The Panel Industry provides tailored high quality panel board solutions to our
customers. The Panel Industry revenue comprises sales of plywood, chipboard, thin
plywood and veneer as well as optimised van interior solutions.
The Sawn Timber Industry provides sawn timber and further-processed products that
are produced from high-quality wood raw material. The Sawn Timber Industry revenue
comprises sales of sawn timber and further processed timber as well as wood
procurement side products for pulp and paper industry and bioenergy for several
power plants.
Other consists of Kosava-Kiinteist\u00f6t Oy, 100% owned subsidiary providing facility
management related services to the parent company, as well as some of the Group
central functions which are not allocated to the segments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "value": "
CONTRACT ASSETS AND LIABILITIES
EUR thousand
31 Dec 2024
31 Dec 2023
Contract liabilities1
838
501
\u00b9 Included in Advances received in the balance sheet
Revenue was recognised for the majority of the amount included in the contract
liability balance at the beginning of the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "value": "
ACCOUNTING POLICY
Based on contracts with customers, sales of goods are distinct performance
obligations. In addition, Koskisen applies various delivery terms based on
Incoterms 2020, which are the official rules for the interpretation of trade terms
as issued by the International Chamber of Commerce (ICC). Control of goods sold
transfers at a point in time, typically when the title for the goods or physical
possession of the goods has transferred to the customer, the customer has
accepted the goods or Koskisen has right to payment.
When control of goods has transferred to the customer, but Koskisen still has
responsibility to arrange for delivery or insurance, these services are considered
as distinct performance obligations, and if material, recognised over time, while
the service is being performed. Koskisen considers that the customer is able to
benefit from these services by simultaneously receiving and consuming the
benefits provided by such a service.
The more widely used delivery terms are Carriage and Insurance Paid to (CIP),
Carriage Paid to (CPT), Cost, Insurance and Freight paid to (CIF) or Cost and
Freight paid to (CFR): with revenue for goods recognised at the point of handing
over the goods to a carrier in accordance with relevant term; for Free of Carriage
(FCA) sale of goods is recognised at the point of handing the goods over to the
buyer\u2019s carrier; and for Delivered at Place (DAP) at the point of delivery to
destination.
Koskisen recognises revenue from contracts with customer to the amount that it
expects to receive from the customer net of any sales taxes. Any variable
considerations, such as discounts, included in the customer contract are
estimated and included in the revenue only to the extent that it is highly
probable that no significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of variable consideration is estimated at
the end of each reporting period. When a contract contains more than one
performance obligation, the consideration included in the contract is allocated to
the performance obligations based on stand-alone selling prices. Koskisen does
not have significant warranty or return obligations.
Koskisen does not recognise material contract assets arising from contracts with
customers, as right to consideration typically meets the definition of trade
receivables on initial recognition. Trade receivables are recognised when the
control of the goods is transferred to the customer, and the consideration
included in the contract is unconditional except for the passage of time. In
Koskisen\u2019s customer contracts the period between the transfer of the goods or
services to the customers and the receipt of payment is less than 12 months.
Koskisen has elected to use the practical expedient not to adjust revenue for the
effect of financing components. Any advance payments received from the
customers are recognised on the balance sheet (contract liability).
For any sales commissions paid, Koskisen applies a practical expedient
mentioned by IFRS 15, and recognises the cost as an expense when incurred as
the amortisation period of the related assets would have been one year or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "value": "
3. Financial risk and capital management
Financial risks are divided into credit risk covering business-related credit risk and
financial credit risk, liquidity risk and market risk covering foreign exchange risk and
interest rate risk. These financial risks are managed by the Koskisen Group Finance
department in accordance with the Koskisen Treasury Policy. Koskisen Treasury Policy
is approved by the Board of Directors of Koskisen Corporation.
The objective for treasury activities is to guarantee sufficient funding at all times and to
identify, evaluate and manage financial risks.
Credit risk
Credit risk arises from cash and cash equivalents, deposits, investments measured at
fair value through profit or loss (FVPL), favourable derivative financial instruments as
well as trade receivables. The Group\u2019s credit risks or counterparty risks are realised
when the customer or other counterparty is unable to fulfil its commitments to
the\u00a0Group.
Regarding trade receivables, Koskisen applies the expected credit loss model to assess
impairment loss for the doubtful trade receivables since the trade receivables do not
contain a significant financing component. To measure the lifetime expected credit
losses, trade receivables have been grouped based on aging category and measured
based on historical loss rates adjusted by forward looking estimates and individual
assessment. Trade receivables is written off as impaired when receivership or
bankruptcy is confirmed or when it is otherwise obvious that the customer will be
unable to meet its payment obligations. Changes in impairment loss for doubtful trade
receivables are recognised under other operating costs in the statement of
comprehensive income. According to the principles of credit management, the quality
of receivables is assessed on the basis of customer-specific analysis. Credit risks related
to customers are managed by credit insurance, advance payment terms and/or by
expecting bank guarantees or confirmed letters of credit for customer payments.
Koskisen is also exposed to counterparty risks related to financial institutions, through
the significant amounts of liquid funds deposited with financial institutions, in the form
of financial investments and in derivatives. Financial investments are made only with
counterparties with high creditworthiness. While cash and cash equivalents and
deposits are also subject to the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
LOSS ALLOWANCE
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2024
Expected loss rate
0.0%
0.0%
0.3%
3.3%
6.8%
Trade receivables, gross
18,821
4,648
120
11
264
23,863
Loss allowance
-8
-2
-0
-0
-18
-28
Trade receivables, net
18,813
4,646
119
10
246
23,835
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2023
Expected loss rate
0.1%
0.1%
0.2%
1.6%
100.0%
Trade receivables, gross
18,750
4,464
160
5
85
23,464
Loss allowance
-11
-3
-0
-0
-85
-99
Trade receivables, net
18,739
4,462
159
5
-
23,365
LOSS ALLOWANCE RECONCILIATION
EUR thousand
2024
2023
Opening loss allowance at 1 Jan
99
30
Increase in loss allowance recognised in the statement of comprehensive
income during the financial year
28
99
Receivables written off during the financial year as uncollectible
-
-20
Unused amount reversed
-99
-10
Closing loss allowance at 31 Dec
28
99
Liquidity risk
Cash flow from operations is the principal source of Koskisen\u2019s financing. External
funding, as well as cash and financial investments, are managed centrally by Koskisen
Group Finance according to the Koskisen Treasury Policy. Financial investments are
made mainly in short-term instruments to ensure continuous liquidity.
Koskisen ensures sufficient liquidity at all times by efficient cash management and by
maintaining sufficient available committed and uncommitted credit lines that are
available until 2027. Refinancing risk is managed by having a sufficiently long
loan\u00a0portfolio.
The Group\u2019s existing credit facilities include committed revolving credit facility totalling
to EUR 8.0 million as at 31 December 2024 (31 December 2023: EUR 8.0 million).
At the end of 2024, the funding of Koskisen was guaranteed by existing committed
credit facilities, cash and financial investments. The Group had cash and cash
equivalents totalling EUR 31.8 million as at 31 December 2024 (31 December 2023:
EUR\u00a035.8 million).\u00a0
Binding revolving credit facilities and long-term loans include financial covenants,
which are described below in the capital management section.
MATURITIES OF FINANCIAL LIABILITIES
EUR thousand
2025
2026
2027
2028
2029
2030\u2013
Total
contractual
cash flows
Carrying
amount
31 Dec 2024
Loans from financial institutions
9,521
12,334
5,670
3,426
2,633
2,815
36,399
32,772
Lease liabilities
6,347
4,763
4,494
4,369
3,840
23,389
47,202
33,489
Derivative liabilities
141
-
-
-
-
-
141
141
Trade payables
29,211
-
-
-
-
-
29,211
29,211
Trade payables, payment system1
6,639
-
-
-
-
-
6,639
6,470
Total
51,859
17,097
10,164
7,795
6,473
26,204
119,592
102,084
EUR thousand
2024
2025
2026
2027
2028
2029\u2013
Total
contractual
cash flows
Carrying
amount
31 Dec 2023
Loans from financial institutions
7,877
9,237
13,993
3,246
3,180
5,086
42,619
37,711
Lease liabilities
4,979
3,523
2,848
2,565
2,458
23,472
39,846
25,989
Trade payables
25,411
-
-
-
-
-
25,411
25,411
Trade payables, payment system1
7,437
-
-
-
-
-
7,437
7,396
Total
45,704
12,759
16,841
5,811
5,639
28,559
115,312
96,507
\u00b9 Trade payables under the payment system are payable on demand, so the company reports them as short-term debt. Accumulated interest and interest for the 45 days notice period have been added to the
contractual cash flows of these.
Market risk
Commodity price risk
Prices of panel board and sawn wood products as well as timber used as raw material
fluctuates based on international market conditions, exposing Koskisen revenue and
profitability to negative fluctuations.
Koskisen hedges against electricity price risk fluctuations by entering partly in fixed
price contracts. For the purchases between 1 to 12 months forward, the range of the
price fixing is between 65% to 90%, for the following 13 to 24 months, the range of the
price fixing is between 35% to 75%, for the following 25 to 36 months, the range of the
price fixing is between 10% to 50%, and for the following 37 to 48 months, the range of
the price fixing is between 0% to 25%. Koskisen\u2019s principle is to keep the degree of
hedging within these ranges. The Group\u2019s aim is to ensure that a sufficiently large
proportion of the purchases is protected from fluctuations in the market price. The
significant volatility of the electricity prices is an additional risk for production costs and
its importance for market competition depends on the realisation of the risk in relation
to competitors.\u00a0
Foreign exchange risk
Koskisen\u2019s headquarters is in Finland and Koskisen also has a foreign subsidiary in
Poland. The Group is exposed to both transaction and translation foreign exchange
risks. The Group\u2019s business and results from operations are exposed to changes in
exchange rates between the euro, the presentation currency, and other currencies,
such as the U.S. dollar (USD) and British pound (GBP). The largest export currency after
the euro is the USD, which is used for example as the currency for exports to Japan. The
magnitude of foreign exchange exposures changes over time as a function of revenue
and costs in different markets, as well as the prevalent currencies used for transactions
in those markets. Significant changes in exchange rates may also impact Koskisen\u2019s
competitive position and related price pressures through their impact on
our\u00a0competitors.
The majority of Koskisen\u2019s revenue and results are in the Group companies\u2019 functional
currencies, hence Koskisen\u2019s exposure to risks, other than risks arising from USD, is
limited. Additionally, Koskisen is exposed to risks related to liquidity and payment
discipline of its customers, which may impact cash flow or lead to credit losses.
As shown in the table below, Koskisen is primarily exposed to changes in the EUR/USD
exchange rate. The sensitivity of profit or loss to changes in the exchange rates arises
mainly from revenue, outstanding trade receivables in USD, and a bank account in
USD. Koskisen\u2019s exposure to other foreign exchange movements is not material.
To mitigate the impact of changes in exchange rates on Koskisen\u2019s results, Koskisen
hedges the foreign exchange exposure by entering into foreign exchange forward
contracts. Koskisen\u2019s policy is to fix 100% of the USD denominated sales within the
current quarter, 50% in the next quarter and 25% of the third quarter. The nominal
amount of the outstanding USD foreign exchange forward contracts was EUR 3,619
thousand on 31 December 2024 (31 December 2023: EUR 2,416 thousand). The Group\u2019s
open USD position as well as the derivatives and the sensitivity analysis of the position
are presented in the tables below. At the balance sheet date, the open USD position is
higher than the average during the financial period.
USD exposure
EUR thousand
31 Dec 2024
31 Dec 2023
Trade receivables
1,397
752
Cash and cash equivalents
1,673
3,550
Trade payables
48
40
Foreign currency forwards (nominal value)
3,619
2,416
Foreign currency forwards (fair value)
-141
55
Impact on post-tax profit
EUR thousand
2024
2023
EUR strengthens against US dollar 10%
-1,834
-1,589
EUR weakens against US dollar 10%
1,834
1,589
As Koskisen has entities where the functional currency is other than the euro, the
shareholders\u2019 equity is exposed to fluctuations in foreign exchange rates. Changes in
shareholders\u2019 equity caused by movements in foreign exchange rates are shown as
currency translation differences in the consolidated financial statements. The Group
does not hedge this risk.
Interest rate risk
Koskisen borrows money from financial institutions and the interest rates of these loans
are based on floating markets rates, which exposes Koskisen to an increase in its
financing costs (cash flow interest rate risk).
Koskisen hedges its exposure to changes in interest rates with interest rate swaps.
These hedges cover 47% (2023: 80%) of the open balance of variable rate loans from the
change of the market rates. Their nominal amount is EUR 30.0 million during the
periods presented. The interest rate swap agreements are valid until 2025, and
accordingly effectively fix interest rates partly to predetermined level.
The following sensitivity analysis covers both variable rate loans and the interest rate
swap contracts.
Impact on post-tax profit
EUR thousand
2024
2023
Interest rates \u2013 increase by one percentage points\u00b9
-337
-77
Interest rates \u2013 decrease by one percentage points\u00b9
337
77
\u00b9 Holding all other variables constant
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents, deposits, investments measured at
fair value through profit or loss (FVPL), favourable derivative financial instruments as
well as trade receivables. The Group\u2019s credit risks or counterparty risks are realised
when the customer or other counterparty is unable to fulfil its commitments to
the\u00a0Group.
Regarding trade receivables, Koskisen applies the expected credit loss model to assess
impairment loss for the doubtful trade receivables since the trade receivables do not
contain a significant financing component. To measure the lifetime expected credit
losses, trade receivables have been grouped based on aging category and measured
based on historical loss rates adjusted by forward looking estimates and individual
assessment. Trade receivables is written off as impaired when receivership or
bankruptcy is confirmed or when it is otherwise obvious that the customer will be
unable to meet its payment obligations. Changes in impairment loss for doubtful trade
receivables are recognised under other operating costs in the statement of
comprehensive income. According to the principles of credit management, the quality
of receivables is assessed on the basis of customer-specific analysis. Credit risks related
to customers are managed by credit insurance, advance payment terms and/or by
expecting bank guarantees or confirmed letters of credit for customer payments.
Koskisen is also exposed to counterparty risks related to financial institutions, through
the significant amounts of liquid funds deposited with financial institutions, in the form
of financial investments and in derivatives. Financial investments are made only with
counterparties with high creditworthiness. While cash and cash equivalents and
deposits are also subject to the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
LOSS ALLOWANCE
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2024
Expected loss rate
0.0%
0.0%
0.3%
3.3%
6.8%
Trade receivables, gross
18,821
4,648
120
11
264
23,863
Loss allowance
-8
-2
-0
-0
-18
-28
Trade receivables, net
18,813
4,646
119
10
246
23,835
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2023
Expected loss rate
0.1%
0.1%
0.2%
1.6%
100.0%
Trade receivables, gross
18,750
4,464
160
5
85
23,464
Loss allowance
-11
-3
-0
-0
-85
-99
Trade receivables, net
18,739
4,462
159
5
-
23,365
LOSS ALLOWANCE RECONCILIATION
EUR thousand
2024
2023
Opening loss allowance at 1 Jan
99
30
Increase in loss allowance recognised in the statement of comprehensive
income during the financial year
28
99
Receivables written off during the financial year as uncollectible
-
-20
Unused amount reversed
-99
-10
Closing loss allowance at 31 Dec
28
99
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "value": "
Credit risk
Credit risk arises from cash and cash equivalents, deposits, investments measured at
fair value through profit or loss (FVPL), favourable derivative financial instruments as
well as trade receivables. The Group\u2019s credit risks or counterparty risks are realised
when the customer or other counterparty is unable to fulfil its commitments to
the\u00a0Group.
Regarding trade receivables, Koskisen applies the expected credit loss model to assess
impairment loss for the doubtful trade receivables since the trade receivables do not
contain a significant financing component. To measure the lifetime expected credit
losses, trade receivables have been grouped based on aging category and measured
based on historical loss rates adjusted by forward looking estimates and individual
assessment. Trade receivables is written off as impaired when receivership or
bankruptcy is confirmed or when it is otherwise obvious that the customer will be
unable to meet its payment obligations. Changes in impairment loss for doubtful trade
receivables are recognised under other operating costs in the statement of
comprehensive income. According to the principles of credit management, the quality
of receivables is assessed on the basis of customer-specific analysis. Credit risks related
to customers are managed by credit insurance, advance payment terms and/or by
expecting bank guarantees or confirmed letters of credit for customer payments.
Koskisen is also exposed to counterparty risks related to financial institutions, through
the significant amounts of liquid funds deposited with financial institutions, in the form
of financial investments and in derivatives. Financial investments are made only with
counterparties with high creditworthiness. While cash and cash equivalents and
deposits are also subject to the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
LOSS ALLOWANCE
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2024
Expected loss rate
0.0%
0.0%
0.3%
3.3%
6.8%
Trade receivables, gross
18,821
4,648
120
11
264
23,863
Loss allowance
-8
-2
-0
-0
-18
-28
Trade receivables, net
18,813
4,646
119
10
246
23,835
EUR thousand
Not due
Under 30 days
30\u201360 days
61\u201390 days
Over 90 days
Total
31 Dec 2023
Expected loss rate
0.1%
0.1%
0.2%
1.6%
100.0%
Trade receivables, gross
18,750
4,464
160
5
85
23,464
Loss allowance
-11
-3
-0
-0
-85
-99
Trade receivables, net
18,739
4,462
159
5
-
23,365
LOSS ALLOWANCE RECONCILIATION
EUR thousand
2024
2023
Opening loss allowance at 1 Jan
99
30
Increase in loss allowance recognised in the statement of comprehensive
income during the financial year
28
99
Receivables written off during the financial year as uncollectible
-
-20
Unused amount reversed
-99
-10
Closing loss allowance at 31 Dec
28
99
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-314": { "value": "
Liquidity risk
Cash flow from operations is the principal source of Koskisen\u2019s financing. External
funding, as well as cash and financial investments, are managed centrally by Koskisen
Group Finance according to the Koskisen Treasury Policy. Financial investments are
made mainly in short-term instruments to ensure continuous liquidity.
Koskisen ensures sufficient liquidity at all times by efficient cash management and by
maintaining sufficient available committed and uncommitted credit lines that are
available until 2027. Refinancing risk is managed by having a sufficiently long
loan\u00a0portfolio.
The Group\u2019s existing credit facilities include committed revolving credit facility totalling
to EUR 8.0 million as at 31 December 2024 (31 December 2023: EUR 8.0 million).
At the end of 2024, the funding of Koskisen was guaranteed by existing committed
credit facilities, cash and financial investments. The Group had cash and cash
equivalents totalling EUR 31.8 million as at 31 December 2024 (31 December 2023:
EUR\u00a035.8 million).\u00a0
Binding revolving credit facilities and long-term loans include financial covenants,
which are described below in the capital management section.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-315": { "value": "
Market risk
Commodity price risk
Prices of panel board and sawn wood products as well as timber used as raw material
fluctuates based on international market conditions, exposing Koskisen revenue and
profitability to negative fluctuations.
Koskisen hedges against electricity price risk fluctuations by entering partly in fixed
price contracts. For the purchases between 1 to 12 months forward, the range of the
price fixing is between 65% to 90%, for the following 13 to 24 months, the range of the
price fixing is between 35% to 75%, for the following 25 to 36 months, the range of the
price fixing is between 10% to 50%, and for the following 37 to 48 months, the range of
the price fixing is between 0% to 25%. Koskisen\u2019s principle is to keep the degree of
hedging within these ranges. The Group\u2019s aim is to ensure that a sufficiently large
proportion of the purchases is protected from fluctuations in the market price. The
significant volatility of the electricity prices is an additional risk for production costs and
its importance for market competition depends on the realisation of the risk in relation
to competitors.\u00a0
Foreign exchange risk
Koskisen\u2019s headquarters is in Finland and Koskisen also has a foreign subsidiary in
Poland. The Group is exposed to both transaction and translation foreign exchange
risks. The Group\u2019s business and results from operations are exposed to changes in
exchange rates between the euro, the presentation currency, and other currencies,
such as the U.S. dollar (USD) and British pound (GBP). The largest export currency after
the euro is the USD, which is used for example as the currency for exports to Japan. The
magnitude of foreign exchange exposures changes over time as a function of revenue
and costs in different markets, as well as the prevalent currencies used for transactions
in those markets. Significant changes in exchange rates may also impact Koskisen\u2019s
competitive position and related price pressures through their impact on
our\u00a0competitors.
The majority of Koskisen\u2019s revenue and results are in the Group companies\u2019 functional
currencies, hence Koskisen\u2019s exposure to risks, other than risks arising from USD, is
limited. Additionally, Koskisen is exposed to risks related to liquidity and payment
discipline of its customers, which may impact cash flow or lead to credit losses.
As shown in the table below, Koskisen is primarily exposed to changes in the EUR/USD
exchange rate. The sensitivity of profit or loss to changes in the exchange rates arises
mainly from revenue, outstanding trade receivables in USD, and a bank account in
USD. Koskisen\u2019s exposure to other foreign exchange movements is not material.
To mitigate the impact of changes in exchange rates on Koskisen\u2019s results, Koskisen
hedges the foreign exchange exposure by entering into foreign exchange forward
contracts. Koskisen\u2019s policy is to fix 100% of the USD denominated sales within the
current quarter, 50% in the next quarter and 25% of the third quarter. The nominal
amount of the outstanding USD foreign exchange forward contracts was EUR 3,619
thousand on 31 December 2024 (31 December 2023: EUR 2,416 thousand). The Group\u2019s
open USD position as well as the derivatives and the sensitivity analysis of the position
are presented in the tables below. At the balance sheet date, the open USD position is
higher than the average during the financial period.
USD exposure
EUR thousand
31 Dec 2024
31 Dec 2023
Trade receivables
1,397
752
Cash and cash equivalents
1,673
3,550
Trade payables
48
40
Foreign currency forwards (nominal value)
3,619
2,416
Foreign currency forwards (fair value)
-141
55
Impact on post-tax profit
EUR thousand
2024
2023
EUR strengthens against US dollar 10%
-1,834
-1,589
EUR weakens against US dollar 10%
1,834
1,589
As Koskisen has entities where the functional currency is other than the euro, the
shareholders\u2019 equity is exposed to fluctuations in foreign exchange rates. Changes in
shareholders\u2019 equity caused by movements in foreign exchange rates are shown as
currency translation differences in the consolidated financial statements. The Group
does not hedge this risk.
Interest rate risk
Koskisen borrows money from financial institutions and the interest rates of these loans
are based on floating markets rates, which exposes Koskisen to an increase in its
financing costs (cash flow interest rate risk).
Koskisen hedges its exposure to changes in interest rates with interest rate swaps.
These hedges cover 47% (2023: 80%) of the open balance of variable rate loans from the
change of the market rates. Their nominal amount is EUR 30.0 million during the
periods presented. The interest rate swap agreements are valid until 2025, and
accordingly effectively fix interest rates partly to predetermined level.
The following sensitivity analysis covers both variable rate loans and the interest rate
swap contracts.
Impact on post-tax profit
EUR thousand
2024
2023
Interest rates \u2013 increase by one percentage points\u00b9
-337
-77
Interest rates \u2013 decrease by one percentage points\u00b9
337
77
\u00b9 Holding all other variables constant
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-316": { "value": "
Foreign exchange risk
Koskisen\u2019s headquarters is in Finland and Koskisen also has a foreign subsidiary in
Poland. The Group is exposed to both transaction and translation foreign exchange
risks. The Group\u2019s business and results from operations are exposed to changes in
exchange rates between the euro, the presentation currency, and other currencies,
such as the U.S. dollar (USD) and British pound (GBP). The largest export currency after
the euro is the USD, which is used for example as the currency for exports to Japan. The
magnitude of foreign exchange exposures changes over time as a function of revenue
and costs in different markets, as well as the prevalent currencies used for transactions
in those markets. Significant changes in exchange rates may also impact Koskisen\u2019s
competitive position and related price pressures through their impact on
our\u00a0competitors.
The majority of Koskisen\u2019s revenue and results are in the Group companies\u2019 functional
currencies, hence Koskisen\u2019s exposure to risks, other than risks arising from USD, is
limited. Additionally, Koskisen is exposed to risks related to liquidity and payment
discipline of its customers, which may impact cash flow or lead to credit losses.
As shown in the table below, Koskisen is primarily exposed to changes in the EUR/USD
exchange rate. The sensitivity of profit or loss to changes in the exchange rates arises
mainly from revenue, outstanding trade receivables in USD, and a bank account in
USD. Koskisen\u2019s exposure to other foreign exchange movements is not material.
To mitigate the impact of changes in exchange rates on Koskisen\u2019s results, Koskisen
hedges the foreign exchange exposure by entering into foreign exchange forward
contracts. Koskisen\u2019s policy is to fix 100% of the USD denominated sales within the
current quarter, 50% in the next quarter and 25% of the third quarter. The nominal
amount of the outstanding USD foreign exchange forward contracts was EUR 3,619
thousand on 31 December 2024 (31 December 2023: EUR 2,416 thousand). The Group\u2019s
open USD position as well as the derivatives and the sensitivity analysis of the position
are presented in the tables below. At the balance sheet date, the open USD position is
higher than the average during the financial period.
USD exposure
EUR thousand
31 Dec 2024
31 Dec 2023
Trade receivables
1,397
752
Cash and cash equivalents
1,673
3,550
Trade payables
48
40
Foreign currency forwards (nominal value)
3,619
2,416
Foreign currency forwards (fair value)
-141
55
Impact on post-tax profit
EUR thousand
2024
2023
EUR strengthens against US dollar 10%
-1,834
-1,589
EUR weakens against US dollar 10%
1,834
1,589
As Koskisen has entities where the functional currency is other than the euro, the
shareholders\u2019 equity is exposed to fluctuations in foreign exchange rates. Changes in
shareholders\u2019 equity caused by movements in foreign exchange rates are shown as
currency translation differences in the consolidated financial statements. The Group
does not hedge this risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "value": "
Capital management
Koskisen aims to manage its capital in a way that supports the profitable growth of
operations, and ensures an adequate liquidity and capitalisation of the Group at all
times. The target is to maintain a capital structure that contributes to the creation of
shareholder value. Management monitors the capital structure with leverage (Net Debt
to EBITDA).
The assets employed in Koskisen\u2019s business consist principally of net working capital,
fixed assets, and financial investments which are funded by equity and net debt.
Koskisen aims to maintain low net working capital to ensure a healthy cash flow even
when the business is growing and to maintain a high return on assets employed.
Koskisen has not defined a specific quantitative target for its capital management or
capital structure, but the aim is to ensure strong credit quality to provide for ample
access to external funding sources and to support the growth ambitions of the
business. Koskisen considers its current capital structure to be a strength, as it allows
for capturing potential value creating business opportunities, should such
opportunities arise.
The key terms of the loans in the Koskisen financing agreement are:
\u2022 Interest 6 months Euribor
\u2022 Margin, which varies depending on financial performance
\u2022 Semi-annual repayments
\u2022 Covenants: leverage, equity ratio
\u2022 Termination date of the loan agreement 1 January 2027.
The loan was initially recognised at fair value, net of transaction costs incurred.
The loans in the Koskisen financing agreement include covenant conditions regarding
the company\u2019s indebtedness and self-sufficiency. The covenants are calculated from
the Group figures and are reported to the financiers four times a year.
The table lists the covenants of the loans. The covenants were met throughout the
financial period and are expected to be met during the next financial period.
31 Dec 2024
31 Dec 2023
Actual
Threshold
Actual
Threshold
Leverage
0.90
3.50
-0.02
3.50
Equity ratio
54.0%
30%
54.8%
30%
The Board of Directors of the company has adopted a dividend policy pursuant to
which Koskisen aims to pay an attractive dividend in accordance with its strategy,
investment requirements, financial position and market outlook. Koskisen aims to pay a
dividend equal to no less than one third of its net profit annually.
The key terms of the new sawmill financing package loans are:
\u2022 Interest 6 months Euribor
\u2022 Fixed margin
\u2022 Semi-annual repayments
\u2022 No covenants
\u2022 The loans mature between the years 2029\u20132031.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "value": "
The Board of Directors of the company has adopted a dividend policy pursuant to
which Koskisen aims to pay an attractive dividend in accordance with its strategy,
investment requirements, financial position and market outlook. Koskisen aims to pay a
dividend equal to no less than one third of its net profit annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "
4. Other operating income
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Sale of emission allowances
1,294
2,385
Firewood sales to forest owners
237
263
Grants received
184
294
Lease income
110
93
Gains on disposal of property, plant and equipment
53
484
Compensations received
35
106
Realisation of electricity hedges
-
220
Other
109
205
Total
2,022
4,050
Koskisen participates in the European Union emission trading scheme, in which it has
received free emission allowances for a defined period. Koskisen was granted 20,416
units of CO2 emission rights for the year 2024 (2023: 20,985 units). The rights in excess of
the Group\u2019s needs have been transferred to the following financial period. In 2024,
Koskisen returned emission rights totalling 2,277 units (2023: 1,891 units).
Koskisen\u2019s CO2 credits as at 31 December 2024 amounted to 23,436 units (31 December
2023: 25,297 units) and their market value was approximately EUR 1,687 thousand (31
December 2023: EUR 2,033 thousand). Koskisen sold emission rights in 2024 amounting
to EUR 1,294 thousand (2023: EUR 2,385 thousand). No rights have been purchased
(2023: no purchases).
ACCOUNTING POLICY
Emission rights
Koskisen participates in the European Union\u2019s Emissions Trading Scheme aimed
at reducing greenhouse gas emission and receives allowances, free of charge, for
a defined period to emit a fixed tonnage carbon dioxide. Allowances received are
initially and subsequently measured at cost (nominal amount). The related
liability is measured at the carrying amount of the allowances. Any emissions
exceeding the allowances received is measured at the market value of the excess
emissions. Gains arising from the sale of the emission right allowances are
recorded in other operating income in the statement of comprehensive income.
Government grants
Government grants are recognised when there is reasonable assurance that the
conditions underlying the grants have been met and that the grant will be
received. Government grants to cover expenses incurred are recognised in the
statement of comprehensive income proportionally over the periods during
which the related expenses are recognised. Government grants related to the
acquisition of tangible assets are deducted from the acquisition price of the
asset and the net acquisition cost is capitalized in the balance sheet.
Government grants received, for which the expenses have not yet been
recognised, are recognised as an advance received in the consolidated balance
sheet. The grant component for eligible expenses already incurred during the
reporting period, for which the grant will be received in subsequent reporting
periods, is recognised as grant income in the statement of comprehensive
income and as other receivable in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "value": "
4. Other operating income
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Sale of emission allowances
1,294
2,385
Firewood sales to forest owners
237
263
Grants received
184
294
Lease income
110
93
Gains on disposal of property, plant and equipment
53
484
Compensations received
35
106
Realisation of electricity hedges
-
220
Other
109
205
Total
2,022
4,050
Koskisen participates in the European Union emission trading scheme, in which it has
received free emission allowances for a defined period. Koskisen was granted 20,416
units of CO2 emission rights for the year 2024 (2023: 20,985 units). The rights in excess of
the Group\u2019s needs have been transferred to the following financial period. In 2024,
Koskisen returned emission rights totalling 2,277 units (2023: 1,891 units).
Koskisen\u2019s CO2 credits as at 31 December 2024 amounted to 23,436 units (31 December
2023: 25,297 units) and their market value was approximately EUR 1,687 thousand (31
December 2023: EUR 2,033 thousand). Koskisen sold emission rights in 2024 amounting
to EUR 1,294 thousand (2023: EUR 2,385 thousand). No rights have been purchased
(2023: no purchases).
ACCOUNTING POLICY
Emission rights
Koskisen participates in the European Union\u2019s Emissions Trading Scheme aimed
at reducing greenhouse gas emission and receives allowances, free of charge, for
a defined period to emit a fixed tonnage carbon dioxide. Allowances received are
initially and subsequently measured at cost (nominal amount). The related
liability is measured at the carrying amount of the allowances. Any emissions
exceeding the allowances received is measured at the market value of the excess
emissions. Gains arising from the sale of the emission right allowances are
recorded in other operating income in the statement of comprehensive income.
Government grants
Government grants are recognised when there is reasonable assurance that the
conditions underlying the grants have been met and that the grant will be
received. Government grants to cover expenses incurred are recognised in the
statement of comprehensive income proportionally over the periods during
which the related expenses are recognised. Government grants related to the
acquisition of tangible assets are deducted from the acquisition price of the
asset and the net acquisition cost is capitalized in the balance sheet.
Government grants received, for which the expenses have not yet been
recognised, are recognised as an advance received in the consolidated balance
sheet. The grant component for eligible expenses already incurred during the
reporting period, for which the grant will be received in subsequent reporting
periods, is recognised as grant income in the statement of comprehensive
income and as other receivable in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "value": "
Emission rights
Koskisen participates in the European Union\u2019s Emissions Trading Scheme aimed
at reducing greenhouse gas emission and receives allowances, free of charge, for
a defined period to emit a fixed tonnage carbon dioxide. Allowances received are
initially and subsequently measured at cost (nominal amount). The related
liability is measured at the carrying amount of the allowances. Any emissions
exceeding the allowances received is measured at the market value of the excess
emissions. Gains arising from the sale of the emission right allowances are
recorded in other operating income in the statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "value": "
Government grants
Government grants are recognised when there is reasonable assurance that the
conditions underlying the grants have been met and that the grant will be
received. Government grants to cover expenses incurred are recognised in the
statement of comprehensive income proportionally over the periods during
which the related expenses are recognised. Government grants related to the
acquisition of tangible assets are deducted from the acquisition price of the
asset and the net acquisition cost is capitalized in the balance sheet.
Government grants received, for which the expenses have not yet been
recognised, are recognised as an advance received in the consolidated balance
sheet. The grant component for eligible expenses already incurred during the
reporting period, for which the grant will be received in subsequent reporting
periods, is recognised as grant income in the statement of comprehensive
income and as other receivable in the consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-323": { "value": "
5. Materials and services
Materials and services comprise purchases of materials and supplies such as logs,
coatings, glues, energy for production and other production materials. External services
comprise log harvesting, transportation and machinery repair services.
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Purchases of materials and supplies
141,322
122,969
Change in inventories
-6,505
-2,363
External services
39,932
36,163
Total
174,749
156,769
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-324": { "value": "
6. Employee benefit expenses
Koskisen employed an average of 919 employees in 2024, of which 794 employees were
located in Finland and 110 in Poland. In addition, there were some 15 employees working
in sales in different countries around the world. Koskisen\u2019s employee benefit expenses
are presented in the table below. The remuneration of the members of the Executive
Board team, CEO and the members of the Board of Directors is presented in the note 25:
Related party transactions. More detailed information on the share-based payments is
presented in note 7: Share-based incentive plans.
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Wages and salaries
38,809
37,813
Pension costs \u2013 defined contribution plans
6,652
6,157
Social security costs
1,369
1,863
Share-based payments
904
804
Other long-term benefits \u2013 service allowance
179
253
Total
47,913
46,890
Other long-term benefits consist of an annual service allowance plan. The cost of the
plan is determined based on the advice of qualified actuary who carries out a full
valuation of the plan on a regular basis using the projected unit credit method. Under
this method, the costs of the plan are charged to the statement of comprehensive
income to spread the regular costs over the working lives of the employees. Koskisen
presents the service cost relating to defined benefit obligations in employee benefit
expenses while the net interest is presented in finance costs.
AVERAGE NUMBER OF EMPLOYEES
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Salaried employees
249
243
Workers
671
661
Average number of employees during the period
919
904
ACCOUNTING POLICY
Short-term employee benefits are recognised as expenses during the period in
which related service is provided. A liability is recognised when the Group has a
statutory and constructive obligation relating to employment relationship based
on performance received and when an obligation can be measured reliably.
Koskisen has only defined contribution pension plans in the jurisdictions it
operates. The Group pays contributions to external insurance companies and it
does not have a legal or constructive obligation to make additional payments in
case the recipient for pension contributions is unable to pay the pension benefits.
The contributions are recognised as employee benefit expense in the statement
of comprehensive income during the period to which the charge relates to.
Annual service allowance
Koskisen pays an annual service allowance to its production workers based on the
collective agreements. The plan is accounted for as a long-term employee benefit
plan according to IAS 19 Employee benefits, with items resulting from
remeasurement, which include actuarial gains and losses, are recognised
immediately in the consolidated balance sheet for the period through the
statement of comprehensive income (profit and loss) when they incur.
Expenditures based on previous work performance are recorded as expenses
either when the amendment or curtailment of the arrangement takes place, or
when the restructuring expenses related to the arrangement or the benefits
related to the termination of the employment relationship are recorded,
whichever comes first. Net interest is calculated by applying the discount rate to
the net liability or asset under the defined benefit plan. The Group recognises the
changes in the net liability for the service cost in employee benefit expenses and
net interest expense or income in finance costs, net.
The annual service allowance obligations and the related service costs have been
calculated using the projected credit unit method by discounting the estimated
future cash flows with the discount rate based on AA euro corporate bond yield
curve which reflects the duration of the liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-325": { "value": "
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Salaried employees
249
243
Workers
671
661
Average number of employees during the period
919
904
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-326": { "value": "
ACCOUNTING POLICY
Short-term employee benefits are recognised as expenses during the period in
which related service is provided. A liability is recognised when the Group has a
statutory and constructive obligation relating to employment relationship based
on performance received and when an obligation can be measured reliably.
Koskisen has only defined contribution pension plans in the jurisdictions it
operates. The Group pays contributions to external insurance companies and it
does not have a legal or constructive obligation to make additional payments in
case the recipient for pension contributions is unable to pay the pension benefits.
The contributions are recognised as employee benefit expense in the statement
of comprehensive income during the period to which the charge relates to.
Annual service allowance
Koskisen pays an annual service allowance to its production workers based on the
collective agreements. The plan is accounted for as a long-term employee benefit
plan according to IAS 19 Employee benefits, with items resulting from
remeasurement, which include actuarial gains and losses, are recognised
immediately in the consolidated balance sheet for the period through the
statement of comprehensive income (profit and loss) when they incur.
Expenditures based on previous work performance are recorded as expenses
either when the amendment or curtailment of the arrangement takes place, or
when the restructuring expenses related to the arrangement or the benefits
related to the termination of the employment relationship are recorded,
whichever comes first. Net interest is calculated by applying the discount rate to
the net liability or asset under the defined benefit plan. The Group recognises the
changes in the net liability for the service cost in employee benefit expenses and
net interest expense or income in finance costs, net.
The annual service allowance obligations and the related service costs have been
calculated using the projected credit unit method by discounting the estimated
future cash flows with the discount rate based on AA euro corporate bond yield
curve which reflects the duration of the liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-327": { "value": "
7. Share-based incentive plans
Share-based incentive plan 2022\u20132026
In March 2022, the Board of Directors of Koskisen Corporation decided on a share-
based incentive programme in place for its key employees for the years 2022 to 2026.
The incentive programme consists of three three-year earning periods, which are from
2022 to 2024, from 2023 to 2025 and from 2024 to 2026.
Share-based incentive plan 2022\u20132026 \u2013 Performance period 2022\u20132024
The key employees eligible for the programme, the incentives to be paid, the vesting
conditions and targets determined by the company\u2019s Board of Directors were
communicated to the persons participating in the arrangement in June 2022. The key
employees eligible for the programme (six individuals) can receive a maximum of
138,000 company shares (gross amount) if the terms of the programme are met. During
2024, Koskisen Corporation included a new participant in the plan, raising the number
of eligible employees to seven (7), and the maximum number of company shares that
can be received to 156 000 (gross amount). The vesting conditions and the targets
relate to meeting certain key figures (EBITDA and return on invested capital) and work
obligation. The earned shares are given to the key employees after the vesting period
ends. From the total number of shares, Koskisen withholds the withholding tax
corresponding to the income tax liability of the key employee and pays it to the tax
authorities. The arrangement has a net settlement feature of tax obligations and is
classified as an equity-settled share-based transaction in its entirety. The arrangement
is treated as an equity-settled share-based transaction.
Share-based incentive plan 2022\u20132026 \u2013 Performance period 2023\u20132025
In April 2023, the company\u2019s Board of Directors resolved on the criteria and targets as
well as the key employees eligible for the incentive programme for the second earning
period. The members of the Group Executive Board, a total of seven people, are
currently entitled to participate in the long-term share-based incentive programme.
The potential receipt and amount of the reward is based on the accumulated adjusted
EBITDA from 1 January 2023 to 31 December 2025 and the person\u2019s continued
employment with the company. During the second earning period of the incentive
programme, the key employees eligible for the incentive programme may earn a
maximum of 215,000 shares (gross amount). The earned shares are given to the key
employees after the vesting period ends. From the total number of shares, Koskisen
withholds the withholding tax corresponding to the income tax liability of the key
employee and pays it to the tax authorities. The arrangement has a net settlement
feature of tax obligations and is classified as an equity-settled share-based transaction
in its entirety. The arrangement is treated as an equity-settled share-based transaction.
Share-based incentive plan 2022\u20132026 \u2013 Performance period 2024\u20132026
In May 2024, the company\u2019s Board of Directors resolved on the criteria and targets as
well as the key employees eligible for the incentive programme for the third earning
period. The members of the Group Executive Board, a total of eight people, are
currently entitled to participate in the long-term share-based incentive programme.
The company\u2019s Board of Directors decided in June to add new participants to the 2024\u2013
2026 earning period, after which the maximum number of participants will be 25. The
potential receipt and amount of the reward is based, in alignment with the growth
strategy, on increase in net sales and the accumulated adjusted EBITDA from 1 January
2024 to 31 December 2026, and the person\u2019s continued employment with the company.
During the third earning period of the incentive programme, the key employees
eligible for the incentive programme may earn a maximum of 331,000 company shares
(gross amount). The earned shares are given to the key employees after the vesting
period. From the total number of shares, Koskisen withholds the withholding tax
corresponding to the income tax liability of the key employee and pays it to the tax
authorities. The arrangement has a net settlement feature of tax obligations and is
classified as an equity-settled share-based transaction in its entirety. The arrangement
is treated as an equity-settled share-based transaction.
Incentive plan related to the Initial public offering
In June 2022, Koskisen established a share-based incentive plan for key management.
The Board of Directors has determined the employees eligible for the programme, the
incentives to be paid, and the vesting conditions and targets. The programme includes
two individuals who, if the conditions are met, can receive a maximum of 45,000
company shares. The earning criteria and goals are related to the listing and work
obligation. The first part is paid two months after the listing and the second part 12
months after the first part is paid. The reward is paid half in shares and half in cash,
which is determined by the value of the share at the time of payment. The
arrangement is treated partly as an equity-settled and partly as a cash-settled share-
based transaction. The first part was paid in full in February 2023. The second part was
paid in full in February 2024.
Share-based incentive plan 2022\u20132026
Incentive plan
related to the initial
public offering
Total
Performance period
2022\u201320241
Performance period
2023\u20132025
Performance period
2024\u20132026
Instalment 21
Total / Weighted
average
Maximum amount, pcs2
156,000
215,000
331,000
27,000
729,000
Initial allocation date
1 Jul 2022
30 Apr 2023
27 May 2024
6 Oct 2022
Estimated vesting date
30 Apr 2025
30 Apr 2026
30 Apr 2027
28 Feb 2024
Maximum contractual life, years
2.8
3.0
2.9
1.4
2.5
Remaining contractual life, years
0.3
1.3
2.3
0
1.0
Number of persons at the end of reporting year
7
7
23
0
Payment method
Equity and cash (net
settlement)
Equity and cash (net
settlement)
Equity and cash (net
settlement)
Equity and cash
\u00b9\u00a0 Maximum amounts of the Share-based incentive plan 2022\u20132026 Performance Period 2022\u20132024 and Incentive plan related to the initial offering are adjusted by the share split carried out in November 2022.
\u00b2\u00a0 The amounts are presented in gross terms, i.e. the share reward figures include both the reward paid in share and a number of shares corresponding to the amount of the reward paid in cash.
Share-based incentive plan 2022\u20132026
Incentive plan
related to the initial
public offering
Changes during the period
Performance period
2022\u201320241
Performance period
2023\u20132025
Performance period
2024\u20132026
Instalment 21
Total
1 Jan 2024
Outstanding in the beginning of the period
138,000
215,000
-
27,000
380,000
Changes during period
Granted during period
14,040
-
325,125
-
339,165
Exercised during period
-
-
-
27,000
27,000
31 Dec 2024
Granted shares to which the right has not yet arisen
152,040
215,000
325,125
-
692,165
\u00b9\u00a0 Granted amounts of the Share-based incentive 2022\u20132026 Performance Period 2022\u20132024 and Incentive plan related to the initial public offering are adjusted by the share split carried out in November 2022.
Fair value determination
The fair value of share-based incentives have been determined at grant date and the
fair value is expensed until vesting. The pricing of the share-based incentives granted
during the period was determined by the following inputs and had the following effect:
VALUATION PARAMETERS FOR INSTRUMENTS GRANTED DURING THE
PERIOD
Share-based incentive plan\u00a0
2022\u20132026
Instrument
Performance
period
2022\u20132024
Performance
period
2024\u201320261
Estimated market price of the share at the time of
issuance, EUR
7.18
7.54
Maturity, years
0.7
2.8
Risk-free rate, %
-%
2.88%
Expected dividends, EUR
-
0.71
The fair value of the benefit per share at the time of
grant, EUR
7.18
6.86
Share price at reporting period end, EUR
6.96
6.96
\u00b9 The fair value and the parameters used to determine the fair value are presented as average.
EFFECT ON THE RESULT AND FINANCIAL POSITION
EUR thousand
1 Jan\u201331 Dec 2024
Expenses for the financial year, share-based payments
639
Expenses for the financial year, share-based payments, equity-
settled
625
Liabilities arising from share-based payments 31 Dec 2024
-
Estimated amount to be transferred to the tax authority to settle
the employee\u2019s tax obligation within the ongoing share-based
incentive plans, 31 Dec 2024
1,010
Share issue directed to personnel
In September 2022, Koskisen carried out a directed share issue to its employees, in
which all employees working in a permanent employment relationship could
participate. The subscription price of the shares issued as part of the personnel offering
(115,018) was lower than the fair value of the shares. The subsequent sale of the
subscribed shares is limited and the shares are subject to an obligation to work for a
period that ends with a separate decision of the Board of Directors, when two years
have passed since the approval of the share subscriptions or when at least six months
have passed since the listing, whichever occurs later. The share restrictions ended and
the shares were vested on 29 September 2024.
Instrument
Share issue directed to
personnel 20221
Maximum amount, pcs
260,000
Initial exercise price
3.00
Dividend adjustment
No
Initial allocation date
29 Sep 2022
Vesting date
29 Sep 2024
Maximum contractual life, yrs
2
Remaining contractual life, yrs
-
Number of persons at the end of reporting year
-
Payment method
Shares
\u00b9 The maximum amount of the share issue directed to personnel 2022 was adjusted by the share split
carried out in November 2022.
Changes during the period
Share issue directed to
personnel 20221
1 Jan 2024
Outstanding in the beginning of the period
113,932
Changes during period
Exercised during period
113,932
31 Dec 2024
Granted shares to which the right has not yet arisen
-
\u00b9 The subscribed amounts of the share issue directed to personnel 2022 were adjusted by the share split
carried out in November 2022.
EFFECT ON THE RESULT AND FINANCIAL POSITION
EUR thousand
1 Jan\u201331 Dec 2024
Expenses for the financial year, share-based payments,
equity-settled
265
Liabilities arising from share-based payments 31 Dec 2024
-
ACCOUNTING POLICY
The Group\u2019s share-based incentive plans are classified as equity-settled or cash-
settled share-based transactions. Transactions with the net settlement feature
for tax obligations are classified in their entirety as equity-settled share-based
transactions. Equity-settled share-based transactions are measured at the grant
date fair value. The liabilities for the cash-settled share-based transactions are
measured at the fair value on each reporting date. At the end of each reporting
period, the company\u2019s management evaluates the probability of the fulfilment of
the plan conditions (conditions based on the performance of the service and
results), updates the estimate of the number of shares expected to finally vest
and makes a corresponding adjustment on the expense recognised. Payments
for share-based plans are expensed on a straight-line basis over the vesting
period when the obligation has incurred. The expense is presented in the
employee benefit expenses. For the equity-settled plans, a corresponding
amount is recognised as an increase in retained earnings, and for the cash-
settled plans, a corresponding liability is recognised in other liabilities on the
balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-328": { "value": "
ACCOUNTING POLICY
The Group\u2019s share-based incentive plans are classified as equity-settled or cash-
settled share-based transactions. Transactions with the net settlement feature
for tax obligations are classified in their entirety as equity-settled share-based
transactions. Equity-settled share-based transactions are measured at the grant
date fair value. The liabilities for the cash-settled share-based transactions are
measured at the fair value on each reporting date. At the end of each reporting
period, the company\u2019s management evaluates the probability of the fulfilment of
the plan conditions (conditions based on the performance of the service and
results), updates the estimate of the number of shares expected to finally vest
and makes a corresponding adjustment on the expense recognised. Payments
for share-based plans are expensed on a straight-line basis over the vesting
period when the obligation has incurred. The expense is presented in the
employee benefit expenses. For the equity-settled plans, a corresponding
amount is recognised as an increase in retained earnings, and for the cash-
settled plans, a corresponding liability is recognised in other liabilities on the
balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-330": { "value": "
8. Depreciation, amortisation and impairment
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Property, plant and equipment, depreciation
Buildings and structures
2,157
1,503
Machinery and equipment
4,247
3,523
Other property, plant and equipment
415
358
Total
6,818
5,385
Right-of-use assets, depreciation
Power plants
1,659
1,589
Machinery and equipment
1,760
1,191
Buildings
310
138
Land and water areas
45
49
Total
3,773
2,967
Intangible assets, depreciation
Software
346
220
Total
346
220
Impairment
Machinery and equipment
-
35
Assets held for sale
232
-
Total
232
35
Depreciation, amortisation and impairment total
11,169
8,607
ACCOUNTING POLICY
Depreciation and amortisation is recognised in the statement of comprehensive
income on a straight-line basis over the estimated useful lives of property, plant
and equipment and intangible assets. Right-of-use assets are depreciated over
the shorter of the asset\u2019s useful life and the lease term. If Koskisen is reasonably
certain on exercising a purchase option, the right-of-use asset is depreciated
over its useful life.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-329": { "value": "
8. Depreciation, amortisation and impairment
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Property, plant and equipment, depreciation
Buildings and structures
2,157
1,503
Machinery and equipment
4,247
3,523
Other property, plant and equipment
415
358
Total
6,818
5,385
Right-of-use assets, depreciation
Power plants
1,659
1,589
Machinery and equipment
1,760
1,191
Buildings
310
138
Land and water areas
45
49
Total
3,773
2,967
Intangible assets, depreciation
Software
346
220
Total
346
220
Impairment
Machinery and equipment
-
35
Assets held for sale
232
-
Total
232
35
Depreciation, amortisation and impairment total
11,169
8,607
ACCOUNTING POLICY
Depreciation and amortisation is recognised in the statement of comprehensive
income on a straight-line basis over the estimated useful lives of property, plant
and equipment and intangible assets. Right-of-use assets are depreciated over
the shorter of the asset\u2019s useful life and the lease term. If Koskisen is reasonably
certain on exercising a purchase option, the right-of-use asset is depreciated
over its useful life.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-331": { "value": "
ACCOUNTING POLICY
Depreciation and amortisation is recognised in the statement of comprehensive
income on a straight-line basis over the estimated useful lives of property, plant
and equipment and intangible assets. Right-of-use assets are depreciated over
the shorter of the asset\u2019s useful life and the lease term. If Koskisen is reasonably
certain on exercising a purchase option, the right-of-use asset is depreciated
over its useful life.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-335": { "value": "
9. Other operating expenses
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Sales freight and forwarding
24,127
22,237
IT expenses
4,169
3,954
Maintenance of property
3,793
3,528
Consulting and administrative services
1,963
1,431
Administrative expenses
1,794
1,595
Personnel related expenses
1,722
1,972
Travel expenses
1,067
1,003
Lease expenses
885
809
Sales commissions
664
656
Marketing expenses
603
732
Research and development expenses
301
540
Other expenses1
1,816
1,998
Total
42,904
40,455
\u00b9 Other expenses include, for example, expenses related to machines, equipment and vehicles, as well as
losses on disposal of fixed assets
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Audit
150
100
Tax and legal advisory services
-
5
Other services
57
28
Total
207
133
Auditor remuneration includes the fees paid to the auditors of each Group company.
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-334": { "value": "
9. Other operating expenses
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Sales freight and forwarding
24,127
22,237
IT expenses
4,169
3,954
Maintenance of property
3,793
3,528
Consulting and administrative services
1,963
1,431
Administrative expenses
1,794
1,595
Personnel related expenses
1,722
1,972
Travel expenses
1,067
1,003
Lease expenses
885
809
Sales commissions
664
656
Marketing expenses
603
732
Research and development expenses
301
540
Other expenses1
1,816
1,998
Total
42,904
40,455
\u00b9 Other expenses include, for example, expenses related to machines, equipment and vehicles, as well as
losses on disposal of fixed assets
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Audit
150
100
Tax and legal advisory services
-
5
Other services
57
28
Total
207
133
Auditor remuneration includes the fees paid to the auditors of each Group company.
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-333": { "value": "
9. Other operating expenses
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Sales freight and forwarding
24,127
22,237
IT expenses
4,169
3,954
Maintenance of property
3,793
3,528
Consulting and administrative services
1,963
1,431
Administrative expenses
1,794
1,595
Personnel related expenses
1,722
1,972
Travel expenses
1,067
1,003
Lease expenses
885
809
Sales commissions
664
656
Marketing expenses
603
732
Research and development expenses
301
540
Other expenses1
1,816
1,998
Total
42,904
40,455
\u00b9 Other expenses include, for example, expenses related to machines, equipment and vehicles, as well as
losses on disposal of fixed assets
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Audit
150
100
Tax and legal advisory services
-
5
Other services
57
28
Total
207
133
Auditor remuneration includes the fees paid to the auditors of each Group company.
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-332": { "value": "
9. Other operating expenses
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Sales freight and forwarding
24,127
22,237
IT expenses
4,169
3,954
Maintenance of property
3,793
3,528
Consulting and administrative services
1,963
1,431
Administrative expenses
1,794
1,595
Personnel related expenses
1,722
1,972
Travel expenses
1,067
1,003
Lease expenses
885
809
Sales commissions
664
656
Marketing expenses
603
732
Research and development expenses
301
540
Other expenses1
1,816
1,998
Total
42,904
40,455
\u00b9 Other expenses include, for example, expenses related to machines, equipment and vehicles, as well as
losses on disposal of fixed assets
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Audit
150
100
Tax and legal advisory services
-
5
Other services
57
28
Total
207
133
Auditor remuneration includes the fees paid to the auditors of each Group company.
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-336": { "value": "
Other operating expenses comprise, for example, costs related to sales freight,
forwarding and chipping, expenses for property maintenance and IT expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-337": { "value": "
Fees paid to the auditor of the Group performing the statutory audit for the years
presented in the consolidated financial statements appointed by the annual general
meeting are presented in the table below.
AUDITOR REMUNERATION
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Audit
150
100
Tax and legal advisory services
-
5
Other services
57
28
Total
207
133
Auditor remuneration includes the fees paid to the auditors of each Group company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "value": "
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "value": "
ACCOUNTING POLICY
Research costs are expensed as incurred in the other operating expenses in the
statement of comprehensive income. Development costs are expensed as
incurred unless they meet the criteria for internally developed intangible assets,
in which case they are capitalised as intangible assets and amortised over their
expected useful life. Development costs previously recognised as an expense are
not recognised as an asset in a subsequent period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finance income
Interest income
1,414
2,299
Foreign exchange gains
769
606
Gains on capital redemption contracts
754
879
Gains on interest rate derivatives
611
625
Gains on foreign currency derivatives
89
162
Other finance income
1
3
Total
3,638
4,573
Finance costs
Interest expenses from lease liabilities\u00b9
-2,617
-934
Foreign exchange losses
-2,209
-2,079
Interest expenses from borrowings
-615
-554
Losses on interest rate derivatives
-593
-961
Losses on foreign currency derivatives
-450
-175
Other finance expenses
-206
-206
Total
-6,689
-4,910
Finance income and costs total
-3,051
-337
\u00b9 Interest expenses from borrowings are capitalised fully for the sawmill investment for the period
1\u00a0January \u2013 30 June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finance income
Interest income
1,414
2,299
Foreign exchange gains
769
606
Gains on capital redemption contracts
754
879
Gains on interest rate derivatives
611
625
Gains on foreign currency derivatives
89
162
Other finance income
1
3
Total
3,638
4,573
Finance costs
Interest expenses from lease liabilities\u00b9
-2,617
-934
Foreign exchange losses
-2,209
-2,079
Interest expenses from borrowings
-615
-554
Losses on interest rate derivatives
-593
-961
Losses on foreign currency derivatives
-450
-175
Other finance expenses
-206
-206
Total
-6,689
-4,910
Finance income and costs total
-3,051
-337
\u00b9 Interest expenses from borrowings are capitalised fully for the sawmill investment for the period
1\u00a0January \u2013 30 June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-343": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finance income
Interest income
1,414
2,299
Foreign exchange gains
769
606
Gains on capital redemption contracts
754
879
Gains on interest rate derivatives
611
625
Gains on foreign currency derivatives
89
162
Other finance income
1
3
Total
3,638
4,573
Finance costs
Interest expenses from lease liabilities\u00b9
-2,617
-934
Foreign exchange losses
-2,209
-2,079
Interest expenses from borrowings
-615
-554
Losses on interest rate derivatives
-593
-961
Losses on foreign currency derivatives
-450
-175
Other finance expenses
-206
-206
Total
-6,689
-4,910
Finance income and costs total
-3,051
-337
\u00b9 Interest expenses from borrowings are capitalised fully for the sawmill investment for the period
1\u00a0January \u2013 30 June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finance income
Interest income
1,414
2,299
Foreign exchange gains
769
606
Gains on capital redemption contracts
754
879
Gains on interest rate derivatives
611
625
Gains on foreign currency derivatives
89
162
Other finance income
1
3
Total
3,638
4,573
Finance costs
Interest expenses from lease liabilities\u00b9
-2,617
-934
Foreign exchange losses
-2,209
-2,079
Interest expenses from borrowings
-615
-554
Losses on interest rate derivatives
-593
-961
Losses on foreign currency derivatives
-450
-175
Other finance expenses
-206
-206
Total
-6,689
-4,910
Finance income and costs total
-3,051
-337
\u00b9 Interest expenses from borrowings are capitalised fully for the sawmill investment for the period
1\u00a0January \u2013 30 June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finance income
Interest income
1,414
2,299
Foreign exchange gains
769
606
Gains on capital redemption contracts
754
879
Gains on interest rate derivatives
611
625
Gains on foreign currency derivatives
89
162
Other finance income
1
3
Total
3,638
4,573
Finance costs
Interest expenses from lease liabilities\u00b9
-2,617
-934
Foreign exchange losses
-2,209
-2,079
Interest expenses from borrowings
-615
-554
Losses on interest rate derivatives
-593
-961
Losses on foreign currency derivatives
-450
-175
Other finance expenses
-206
-206
Total
-6,689
-4,910
Finance income and costs total
-3,051
-337
\u00b9 Interest expenses from borrowings are capitalised fully for the sawmill investment for the period
1\u00a0January \u2013 30 June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "
10. Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finance income
Interest income
1,414
2,299
Foreign exchange gains
769
606
Gains on capital redemption contracts
754
879
Gains on interest rate derivatives
611
625
Gains on foreign currency derivatives
89
162
Other finance income
1
3
Total
3,638
4,573
Finance costs
Interest expenses from lease liabilities\u00b9
-2,617
-934
Foreign exchange losses
-2,209
-2,079
Interest expenses from borrowings
-615
-554
Losses on interest rate derivatives
-593
-961
Losses on foreign currency derivatives
-450
-175
Other finance expenses
-206
-206
Total
-6,689
-4,910
Finance income and costs total
-3,051
-337
\u00b9 Interest expenses from borrowings are capitalised fully for the sawmill investment for the period
1\u00a0January \u2013 30 June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "value": "Finance income and costs
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Finance income
Interest income
1,414
2,299
Foreign exchange gains
769
606
Gains on capital redemption contracts
754
879
Gains on interest rate derivatives
611
625
Gains on foreign currency derivatives
89
162
Other finance income
1
3
Total
3,638
4,573
Finance costs
Interest expenses from lease liabilities\u00b9
-2,617
-934
Foreign exchange losses
-2,209
-2,079
Interest expenses from borrowings
-615
-554
Losses on interest rate derivatives
-593
-961
Losses on foreign currency derivatives
-450
-175
Other finance expenses
-206
-206
Total
-6,689
-4,910
Finance income and costs total
-3,051
-337
\u00b9 Interest expenses from borrowings are capitalised fully for the sawmill investment for the period
1\u00a0January \u2013 30 June 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "value": "
11. Income tax
Income tax expense comprises current income tax based on the taxable income for the
period and deferred tax expense.
INCOME TAX EXPENSE
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Current tax on result for the period
-203
-1,612
Adjustments for current tax of prior periods
35
-208
Total current income tax expense
-168
-1,819
Change in deferred tax assets
1,447
-281
Change in deferred tax liabilities
-2,964
-1,729
Total deferred tax expense
-1,517
-2,009
Income tax expense
-1,684
-3,829
The difference between income taxes at the statutory tax rate in Finland (20%) and
income taxes recognised in the statement of comprehensive income is reconciled
as\u00a0follows:
RECONCILIATION OF THE EFFECTIVE TAX RATE
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Profit (loss) before taxes
9,972
24,059
Tax calculated at Finnish tax rate 20%
-1,994
-4,812
Effect of foreign tax rates
5
1
Effect of expenses not deductible for tax purposes
-407
-223
Utilisation of non-deductible net interest expenses from
previous reporting periods
511
1,398
Effect of non-taxable income
165
15
Adjustment in respect to prior years
35
-208
Income tax expense
-1,684
-3,829
DEFERRED TAX ASSETS AND LIABILITIES
EUR thousand
At 1 Jan
Recognised in profit
or loss
Translation
differences
At 31 Dec
2024
Deferred tax assets
Leases
5,198
1,500
0
6,698
Other long-term employee benefits
625
-1
623
Intangible assets
66
-29
37
Provisions
37
11
48
Credit loss provision
20
-14
0
6
Other items
90
-19
1
71
Total
6,035
1,447
1
7,484
Netting of deferred taxes
-5,947
-7,447
Total
88
37
Deferred tax liabilities
Accumulated depreciation differences
5,827
1,230
7,057
Rental contracts
4,318
1,638
5,957
Borrowings
833
24
857
Tangible assets
338
65
403
Derivatives
314
-12
303
Other items
14
19
33
Total
11,645
2,964
-
14,609
Netting of deferred taxes
-5,947
-7,447
Total
5,697
7,162
Deferred tax liabilities, net
5,610
7,126
EUR thousand
At 1 Jan
Recognised in profit
or loss
Reclassifications
Translation
differences
At 31 Dec
2023
Deferred tax assets
Leases
5,462
-264
0
5,198
Other long-term employee benefits
604
21
625
Intangible assets
-
-31
97
66
Provisions
20
17
37
Credit loss provision
6
13
0
20
Other items
219
-36
-97
4
90
Total
6,311
-281
-
5
6,035
Netting of deferred taxes
-6,182
-5,947
Total
129
88
Deferred tax liabilities
Accumulated depreciation differences
4,280
1,547
5,827
Rental contracts
4,540
-222
4,318
Borrowings
626
207
833
Tangible assets
-
174
164
338
Intangible assets
164
-164
-
Derivatives
306
9
314
Other items
-
14
14
Total
9,916
1,729
-
-
11,645
Netting of deferred taxes
-6,182
-5,947
Total
3,734
5,697
Deferred tax liabilities, net
3,605
5,610
ACCOUNTING POLICY
Income tax
The income tax expense or credit for the period is the tax payable on the current
period\u2019s taxable income, based on the applicable income tax rate for each
jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses. Tax is recognised in the
statement of comprehensive income, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the end of the reporting period. Management
periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and considers
whether it is probable that a taxation authority will accept an uncertain tax
treatment. The Group measures its tax balances either based on the most likely
amount or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable
right to offset current tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on
a net basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "value": "
11. Income tax
Income tax expense comprises current income tax based on the taxable income for the
period and deferred tax expense.
INCOME TAX EXPENSE
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Current tax on result for the period
-203
-1,612
Adjustments for current tax of prior periods
35
-208
Total current income tax expense
-168
-1,819
Change in deferred tax assets
1,447
-281
Change in deferred tax liabilities
-2,964
-1,729
Total deferred tax expense
-1,517
-2,009
Income tax expense
-1,684
-3,829
The difference between income taxes at the statutory tax rate in Finland (20%) and
income taxes recognised in the statement of comprehensive income is reconciled
as\u00a0follows:
RECONCILIATION OF THE EFFECTIVE TAX RATE
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Profit (loss) before taxes
9,972
24,059
Tax calculated at Finnish tax rate 20%
-1,994
-4,812
Effect of foreign tax rates
5
1
Effect of expenses not deductible for tax purposes
-407
-223
Utilisation of non-deductible net interest expenses from
previous reporting periods
511
1,398
Effect of non-taxable income
165
15
Adjustment in respect to prior years
35
-208
Income tax expense
-1,684
-3,829
DEFERRED TAX ASSETS AND LIABILITIES
EUR thousand
At 1 Jan
Recognised in profit
or loss
Translation
differences
At 31 Dec
2024
Deferred tax assets
Leases
5,198
1,500
0
6,698
Other long-term employee benefits
625
-1
623
Intangible assets
66
-29
37
Provisions
37
11
48
Credit loss provision
20
-14
0
6
Other items
90
-19
1
71
Total
6,035
1,447
1
7,484
Netting of deferred taxes
-5,947
-7,447
Total
88
37
Deferred tax liabilities
Accumulated depreciation differences
5,827
1,230
7,057
Rental contracts
4,318
1,638
5,957
Borrowings
833
24
857
Tangible assets
338
65
403
Derivatives
314
-12
303
Other items
14
19
33
Total
11,645
2,964
-
14,609
Netting of deferred taxes
-5,947
-7,447
Total
5,697
7,162
Deferred tax liabilities, net
5,610
7,126
EUR thousand
At 1 Jan
Recognised in profit
or loss
Reclassifications
Translation
differences
At 31 Dec
2023
Deferred tax assets
Leases
5,462
-264
0
5,198
Other long-term employee benefits
604
21
625
Intangible assets
-
-31
97
66
Provisions
20
17
37
Credit loss provision
6
13
0
20
Other items
219
-36
-97
4
90
Total
6,311
-281
-
5
6,035
Netting of deferred taxes
-6,182
-5,947
Total
129
88
Deferred tax liabilities
Accumulated depreciation differences
4,280
1,547
5,827
Rental contracts
4,540
-222
4,318
Borrowings
626
207
833
Tangible assets
-
174
164
338
Intangible assets
164
-164
-
Derivatives
306
9
314
Other items
-
14
14
Total
9,916
1,729
-
-
11,645
Netting of deferred taxes
-6,182
-5,947
Total
3,734
5,697
Deferred tax liabilities, net
3,605
5,610
ACCOUNTING POLICY
Income tax
The income tax expense or credit for the period is the tax payable on the current
period\u2019s taxable income, based on the applicable income tax rate for each
jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses. Tax is recognised in the
statement of comprehensive income, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the end of the reporting period. Management
periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and considers
whether it is probable that a taxation authority will accept an uncertain tax
treatment. The Group measures its tax balances either based on the most likely
amount or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable
right to offset current tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on
a net basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "value": "
EUR thousand
At 1 Jan
Recognised in profit
or loss
Translation
differences
At 31 Dec
2024
Deferred tax assets
Leases
5,198
1,500
0
6,698
Other long-term employee benefits
625
-1
623
Intangible assets
66
-29
37
Provisions
37
11
48
Credit loss provision
20
-14
0
6
Other items
90
-19
1
71
Total
6,035
1,447
1
7,484
Netting of deferred taxes
-5,947
-7,447
Total
88
37
Deferred tax liabilities
Accumulated depreciation differences
5,827
1,230
7,057
Rental contracts
4,318
1,638
5,957
Borrowings
833
24
857
Tangible assets
338
65
403
Derivatives
314
-12
303
Other items
14
19
33
Total
11,645
2,964
-
14,609
Netting of deferred taxes
-5,947
-7,447
Total
5,697
7,162
Deferred tax liabilities, net
5,610
7,126
EUR thousand
At 1 Jan
Recognised in profit
or loss
Reclassifications
Translation
differences
At 31 Dec
2023
Deferred tax assets
Leases
5,462
-264
0
5,198
Other long-term employee benefits
604
21
625
Intangible assets
-
-31
97
66
Provisions
20
17
37
Credit loss provision
6
13
0
20
Other items
219
-36
-97
4
90
Total
6,311
-281
-
5
6,035
Netting of deferred taxes
-6,182
-5,947
Total
129
88
Deferred tax liabilities
Accumulated depreciation differences
4,280
1,547
5,827
Rental contracts
4,540
-222
4,318
Borrowings
626
207
833
Tangible assets
-
174
164
338
Intangible assets
164
-164
-
Derivatives
306
9
314
Other items
-
14
14
Total
9,916
1,729
-
-
11,645
Netting of deferred taxes
-6,182
-5,947
Total
3,734
5,697
Deferred tax liabilities, net
3,605
5,610
Deferred tax
Deferred income tax is recognised on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable
right to offset current tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on
a net basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "value": "
ACCOUNTING POLICY
Income tax
The income tax expense or credit for the period is the tax payable on the current
period\u2019s taxable income, based on the applicable income tax rate for each
jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable
to temporary differences and to unused tax losses. Tax is recognised in the
statement of comprehensive income, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted
or substantively enacted at the end of the reporting period. Management
periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation and considers
whether it is probable that a taxation authority will accept an uncertain tax
treatment. The Group measures its tax balances either based on the most likely
amount or the expected value, depending on which method provides a better
prediction of the resolution of the uncertainty.
Current tax assets and tax liabilities are offset where the entity has a legally
enforceable right to offset and intends either to settle on a net basis, or to realise
the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "value": "
Deferred tax
Deferred income tax is recognised on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantively enacted by the end of the
reporting period and are expected to apply when the related deferred income
tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable
amounts will be available to utilise those temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable
right to offset current tax assets and liabilities and where the deferred tax
balances relate to the same taxation authority on either the same taxable entity
or different taxable entities where there is an intention to settle the balances on
a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "
12. Property, plant and equipment
EUR thousand
Land
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Advance
payments and
construction in
progress
Total
Cost at 1 Jan 2024
2,714
82,158
102,648
7,446
18,004
212,970
Translation differences
2
31
15
1
2
51
Additions
12
1,870
6,283
24
13,981
22,169
Disposals
-
-1,121
-7,468
-677
-140
-9,406
Reclassifications
-
828
15,399
31
-16,272
-13
Reclassification to assets held for sale
-
-
-3,536
-
-
-3,536
Cost at 31 Dec 2024
2,727
83,766
113,342
6,825
15,576
222,235
Accumulated depreciation and impairment at 1 Jan 2024
-
-40,130
-71,096
-4,235
-
-115,462
Translation differences
-
-7
-4
-1
-
-12
Depreciation
-
-2,157
-4,247
-415
-
-6,818
Accumulated depreciation of disposals and reclassifications
-
1,120
7,062
609
-
8,790
Reclassification to assets held for sale
-
-
2,807
-
2,807
Accumulated depreciation and impairment at 31 Dec 2024
-
-41,174
-65,479
-4,042
-
-110,695
Carrying value at 1 Jan 2024
2,714
42,028
31,551
3,211
18,004
97,508
Carrying value at 31 Dec 2024
2,727
42,591
47,863
2,783
15,576
111,540
EUR thousand
Land
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Advance
payments and
construction in
progress
Total
Cost at 1 Jan 2023
2,734
61,241
95,078
6,061
26,741
191,855
Translation differences
8
144
16
5
8
182
Additions
33
7,648
8,604
120
15,303
31,708
Disposals
-61
-1,613
-3,738
-825
-4
-6,241
Reclassifications
-
14,738
2,688
2,085
-24,044
-4,533
Cost at 31 Dec 2023
2,714
82,158
102,648
7,446
18,004
212,970
Accumulated depreciation and impairment at 1 Jan 2023
-
-39,870
-71,297
-4,412
-
-115,579
Translation differences
-
-28
21
-3
-
-10
Depreciation
-
-1,503
-3,523
-358
-
-5,385
Accumulated depreciation of disposals and reclassifications
-
1,272
3,738
538
-
5,548
Impairment
-
-
-35
-
-
-35
Accumulated depreciation and impairment at 31 Dec 2023
-
-40,130
-71,096
-4,235
-
-115,462
Carrying value at 1 Jan 2023
2,734
21,370
23,781
1,650
26,741
76,275
Carrying value at 31 Dec 2023
2,714
42,028
31,551
3,211
18,004
97,508
Other tangible assets comprise amongst others a stormwater system and district
heating network as well as, amongst others, constructions of roads, parking and
warehouse areas and an art collection.
The increases during the financial period amounted to EUR 22.2 (31.7) million. These
were mainly related to the construction of the the new log yard. At the end of the
financial period advance payments and work in progress included EUR 13.1 million
related to the construction of new log yard. In addition there was investments during
the financial period related to the channel dryer, the renewal of the second planing mill,
and the new sawmill, among others.
The additions during 2023 were mainly related to the new sawmill in J\u00e4rvel\u00e4. Other
significant investments during the financial period were a spindleless lathe, and a solar
power plant in J\u00e4rvel\u00e4.
During the financial year, EUR 0.4 (1.3) million in financial expenses were capitalised
regarding loans for the new sawmill.
ACCOUNTING POLICY
Land is recognised in property, plant and equipment at cost. Other property,
plant and equipment is recognised at cost less accumulated depreciation and
any impairment. Cost includes expenditure that is directly attributable to the
acquisition of the items. Financial costs of loans used to finance the construction
of assets are capitalised as part of the cost of tangible fixed assets over the
construction period when the conditions for capitalisation are met. Depreciation
is calculated using the straight-line method over the estimated useful life of
the\u00a0asset.
The estimated useful economic lives of property, plant and equipment are
\u2022\u00a0 Buildings and structures 10\u201350 years
\u2022\u00a0 Machinery and equipment5\u201315 years
\u2022\u00a0 Other tangible assets5\u201310 years
The residual values and useful lives are reviewed, and adjusted if appropriate, at
the end of each reporting period. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount. Gains and losses on disposals are
determined by comparing proceeds with carrying amount. These are included in
the statement of comprehensive income
Impairment
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value in use. The assets are tested
at the cash generating unit (CGU) level, which is represents the lowest level for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets.
Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "value": "
12. Property, plant and equipment
EUR thousand
Land
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Advance
payments and
construction in
progress
Total
Cost at 1 Jan 2024
2,714
82,158
102,648
7,446
18,004
212,970
Translation differences
2
31
15
1
2
51
Additions
12
1,870
6,283
24
13,981
22,169
Disposals
-
-1,121
-7,468
-677
-140
-9,406
Reclassifications
-
828
15,399
31
-16,272
-13
Reclassification to assets held for sale
-
-
-3,536
-
-
-3,536
Cost at 31 Dec 2024
2,727
83,766
113,342
6,825
15,576
222,235
Accumulated depreciation and impairment at 1 Jan 2024
-
-40,130
-71,096
-4,235
-
-115,462
Translation differences
-
-7
-4
-1
-
-12
Depreciation
-
-2,157
-4,247
-415
-
-6,818
Accumulated depreciation of disposals and reclassifications
-
1,120
7,062
609
-
8,790
Reclassification to assets held for sale
-
-
2,807
-
2,807
Accumulated depreciation and impairment at 31 Dec 2024
-
-41,174
-65,479
-4,042
-
-110,695
Carrying value at 1 Jan 2024
2,714
42,028
31,551
3,211
18,004
97,508
Carrying value at 31 Dec 2024
2,727
42,591
47,863
2,783
15,576
111,540
EUR thousand
Land
Buildings and
structures
Machinery and
equipment
Other tangible
assets
Advance
payments and
construction in
progress
Total
Cost at 1 Jan 2023
2,734
61,241
95,078
6,061
26,741
191,855
Translation differences
8
144
16
5
8
182
Additions
33
7,648
8,604
120
15,303
31,708
Disposals
-61
-1,613
-3,738
-825
-4
-6,241
Reclassifications
-
14,738
2,688
2,085
-24,044
-4,533
Cost at 31 Dec 2023
2,714
82,158
102,648
7,446
18,004
212,970
Accumulated depreciation and impairment at 1 Jan 2023
-
-39,870
-71,297
-4,412
-
-115,579
Translation differences
-
-28
21
-3
-
-10
Depreciation
-
-1,503
-3,523
-358
-
-5,385
Accumulated depreciation of disposals and reclassifications
-
1,272
3,738
538
-
5,548
Impairment
-
-
-35
-
-
-35
Accumulated depreciation and impairment at 31 Dec 2023
-
-40,130
-71,096
-4,235
-
-115,462
Carrying value at 1 Jan 2023
2,734
21,370
23,781
1,650
26,741
76,275
Carrying value at 31 Dec 2023
2,714
42,028
31,551
3,211
18,004
97,508
Other tangible assets comprise amongst others a stormwater system and district
heating network as well as, amongst others, constructions of roads, parking and
warehouse areas and an art collection.
The increases during the financial period amounted to EUR 22.2 (31.7) million. These
were mainly related to the construction of the the new log yard. At the end of the
financial period advance payments and work in progress included EUR 13.1 million
related to the construction of new log yard. In addition there was investments during
the financial period related to the channel dryer, the renewal of the second planing mill,
and the new sawmill, among others.
The additions during 2023 were mainly related to the new sawmill in J\u00e4rvel\u00e4. Other
significant investments during the financial period were a spindleless lathe, and a solar
power plant in J\u00e4rvel\u00e4.
During the financial year, EUR 0.4 (1.3) million in financial expenses were capitalised
regarding loans for the new sawmill.
ACCOUNTING POLICY
Land is recognised in property, plant and equipment at cost. Other property,
plant and equipment is recognised at cost less accumulated depreciation and
any impairment. Cost includes expenditure that is directly attributable to the
acquisition of the items. Financial costs of loans used to finance the construction
of assets are capitalised as part of the cost of tangible fixed assets over the
construction period when the conditions for capitalisation are met. Depreciation
is calculated using the straight-line method over the estimated useful life of
the\u00a0asset.
The estimated useful economic lives of property, plant and equipment are
\u2022\u00a0 Buildings and structures 10\u201350 years
\u2022\u00a0 Machinery and equipment5\u201315 years
\u2022\u00a0 Other tangible assets5\u201310 years
The residual values and useful lives are reviewed, and adjusted if appropriate, at
the end of each reporting period. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount. Gains and losses on disposals are
determined by comparing proceeds with carrying amount. These are included in
the statement of comprehensive income
Impairment
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value in use. The assets are tested
at the cash generating unit (CGU) level, which is represents the lowest level for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets.
Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "value": "
ACCOUNTING POLICY
Land is recognised in property, plant and equipment at cost. Other property,
plant and equipment is recognised at cost less accumulated depreciation and
any impairment. Cost includes expenditure that is directly attributable to the
acquisition of the items. Financial costs of loans used to finance the construction
of assets are capitalised as part of the cost of tangible fixed assets over the
construction period when the conditions for capitalisation are met. Depreciation
is calculated using the straight-line method over the estimated useful life of
the\u00a0asset.
The estimated useful economic lives of property, plant and equipment are
\u2022\u00a0 Buildings and structures 10\u201350 years
\u2022\u00a0 Machinery and equipment5\u201315 years
\u2022\u00a0 Other tangible assets5\u201310 years
The residual values and useful lives are reviewed, and adjusted if appropriate, at
the end of each reporting period. An asset\u2019s carrying amount is written down
immediately to its recoverable amount if the asset\u2019s carrying amount is greater
than its estimated recoverable amount. Gains and losses on disposals are
determined by comparing proceeds with carrying amount. These are included in
the statement of comprehensive income
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-356": { "value": "
Impairment
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value in use. The assets are tested
at the cash generating unit (CGU) level, which is represents the lowest level for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets.
Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "
Impairment
Non-financial assets are tested for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs of disposal and value in use. The assets are tested
at the cash generating unit (CGU) level, which is represents the lowest level for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets.
Non-financial assets that suffered an impairment are reviewed for possible
reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "value": "
13. Forest assets
Koskisen owns 764 hectares of forest land in Southern Finland at the end of the
financial period. The value of the forest assets, i.e. standing trees, is EUR 3.9 million as at
31 December 2024 (31 December 2023: EUR 3.6 million).
EUR thousand
2024
2023
Carrying value, at Jan 1
3,599
2,731
Gain (loss) arising from changes in fair value
505
870
Decreases due to harvest
-141
-
Decreases due to sales
-48
-2
Carrying value, at Dec 31
3,915
3,599
Koskisen uses forest certification and all of its own forests are certified by the
Programme for the Endorsement of Forest Certification (PEFC). PEFC sets requirements
for the monitoring of certified wood raw materials and wood products in supply chains.
In addition, the certification requires safeguarding the diversity of forests, maintaining
the health and growth of forests and the use of the forests for recreational use.
ACCOUNTING POLICY
The forest land is divided into the forest assets, i.e. standing trees, and land.
Forest assets are recognised at fair value less cost to sell. Land is recognised at
cost and presented in property plant and equipment.
The fair value of forest assets is calculated using the sum value method, in which
the values of the soil base, saplings and standing trees are valuated separately
and the total value is adjusted based on the special characteristics of the forests.
The fair value of forest assets is classified as level 3 in the fair value hierarchy due
to the use of the unobservable inputs, for example wood growth. Changes in the
fair value of the forest assets is recognised in the operating profit (loss) in the
statement of comprehensive income.
Key estimates and judgements
Valuation of forest assets
The valuation of forest assets is a complicated process and requires several
management estimates and judgement on assumptions that have a significant impact
on the value of the forest assets presented on the balance sheet. Factors requiring
management estimates include estimates on wood growth, analysing the
appropriateness of harvesting and stumpage prices and management review of the
valuation related data provided by third-party service providers. Stumpage prices used
in the calculations are based on prices from third-party valuation service providers and
have been compared to Finnish statistical database prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "
The forest land is divided into the forest assets, i.e. standing trees, and land.
Forest assets are recognised at fair value less cost to sell. Land is recognised at
cost and presented in property plant and equipment.
The fair value of forest assets is calculated using the sum value method, in which
the values of the soil base, saplings and standing trees are valuated separately
and the total value is adjusted based on the special characteristics of the forests.
The fair value of forest assets is classified as level 3 in the fair value hierarchy due
to the use of the unobservable inputs, for example wood growth. Changes in the
fair value of the forest assets is recognised in the operating profit (loss) in the
statement of comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "value": "
14. Leases
Koskisen\u2019s lease contracts comprise leases of real estates, including offices, apartments,
warehouses and land areas, production machinery and equipment, cars and leases of
other machinery and equipment, such as IT equipment. The lease terms are fixed or
valid until further notice and may include extension or termination options. The lease
contracts may include index clauses, which are typically based on the consumer price
index. These are not included in the measurement of lease liability until they realise.
In addition, Koskisen has entered into an agreement for heat energy supply which
includes a lease contract for power plants. Koskisen has right to receive substantially all
the economic benefits from the use of the power plants. The agreement includes an
option based on which at the end of the 15 years agreement period, or in case of a
breaching event, Koskisen has the right, or obligation if the other party requires, to
redeem the power plants for itself or for a third party. Due to restructuring the lease
agreement during 2022, Koskisen received a payment of EUR 3.0 million which was
recognised as decrease to the right-of-use assets.
The balance sheet shows the following amounts relating to leases:
EUR thousand
31 Dec 2024
31 Dec 2023
Right-of-use assets
Power plants
17,965
18,751
Machinery and equipment
14,584
6,891
Buildings
1,284
289
Land and water areas
209
229
Total
34,043
26,159
Lease liabilities
Non-current
29,465
23,857
Current
4,024
2,132
Total
33,489
25,989
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Additions to the right-of-use assets during the financial
year
10,649
1,636
The statement of comprehensive income shows the following amounts relating to
leases:
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Depreciation charge of right-of-use assets
Power plants
1,659
1,589
Machinery and equipment
1,760
1,191
Buildings
310
138
Land and water areas
45
49
Total
3,773
2,967
Interest expense
2,209
2,079
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Expense relating to short-term leases1
26
8
Expense relating to leases of low value assets that are not
short-term leases1
223
361
\u00b9 Included in other operating expenses
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
The total cash flow for leases in the financial year
5,618
5,607
The maturity of the lease liabilities is presented in note 3: Financial risk and capital
management.
ACCOUNTING POLICY
At the contract inception, Koskisen assesses whether the arrangement is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for
consideration. Koskisen recognises a right-of-use asset and a corresponding
lease liability at contract commencement for leases where it is a lessor. The
contract commencement date is the date on which the asset is available for use
by the lessee.
Koskisen measures the lease liability at the commencement by discounting the
future lease payments to their present value. The lease payments include fixed
payments, variable lease payments based on an index or a rate, residual value
guarantees, which are expected to be payable by Koskisen and the exercise price
of a purchase option, if Koskisen is reasonably certain to exercise the option.
Penalties for terminating the lease are included in the lease liability measurement
if the lease term reflects that Koskisen will use the termination option.
Koskisen discounts lease payments using the interest rate implicit in the lease. If
that rate cannot be readily determined, Koskisen uses the incremental
borrowing rate, i.e. the rate that Koskisen would have to pay to borrow over a
similar term, and with a similar security to obtain an asset of a similar value to
the right-of-use asset in a similar economic environment. Interest expense on
lease liabilities is presented in the cash flow from operating activities.
After the lease commencement, lease liability is measured at amortised cost
using the effective interest method. Lease liability is remeasured when the lease
payments change due to, for example, index change, exercising of the option
included in the lease is reassessed or to reflect other lease modifications.
Right-of-use assets are measured at cost comprising the initial amount of the
lease liability, any lease payments made at or before the contract
commencement, any initial direct costs and restoration costs. Right-of-use assets
are depreciated using the straight-line method over the shorter of the asset\u2019s
useful life and lease term. If Koskisen is reasonably certain to exercise a purchase
option, the right-of-use asset is depreciated over the asset\u2019s useful life.
Koskisen applies the short-term and low value asset exemptions provided by the
standard. Short-term leases are leases with a lease term of 12 months or less. Low
value assets include, among others, bicycles and ICT equipment. Lease payments
associated with those leases are recognised as an expense on a straight-line
basis.
Koskisen has minor activities as a lessor by leasing its land areas and
apartments. Koskisen classifies all of its leases as operating leases as the leases
do not transfer substantially all of the risks and rewards incidental to ownership
of an underlying assets.
Key estimates and judgements
Embedded leases
Koskisen has agreements for heat energy supply and sawn timber manufacturing for
which management has assessed whether the agreements include a lease. When the
agreements include an identified asset and Koskisen utilises substantially all of the
capacity of the assets and therefore obtains substantially all of the economic benefits
from the use of the assets, and if Koskisen also has right to direct the use of the asset
for a period of time, Koskisen accounts the arrangement as a lease. In arrangements
where all lease payments are variable, not dependent on an index or a rate, and are not
in-substance fixed,\u00a0 no lease liability or right-of-use asset is recognised in the balance
sheet.
Lease term determination
Koskisen assesses the lease term on a lease-by-lease basis based on the contractual
obligations, economic incentives, and nature of the asset. Koskisen\u2019s lease contracts
include contracts with fixed lease terms, extension and termination options and
contracts that are valid until further notice.
If the contract contains a fixed lease term without option to extend or to terminate the
lease, the lease term is set based on the fixed lease term. Extension options (or periods
after termination options) are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated).
If the lease term is not stated clearly in the contract, or will continue in perpetuity until
further notice, management assesses the enforceable period of the lease based on the
contractual terms and reasonable certainty. In case there are no significant penalties
involved in contracts where the lease term is not stated clearly or continues until
further notice, the Group determines the lease term on a lease-by-lease basis reflecting
the Group\u2019s need for the underlying asset and its strategic planning period of five years.
The lease term is reassessed if a significant event or change in circumstances occurs.
Incremental borrowing rate determination
The incremental borrowing rate is determined based on recent third-party financing
agreements as a starting point, adjusted to reflect the lease term, credit risk for leases,
the leased asset and changes in financing conditions and operating environment since
third-party financing was received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "
ACCOUNTING POLICY
At the contract inception, Koskisen assesses whether the arrangement is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for
consideration. Koskisen recognises a right-of-use asset and a corresponding
lease liability at contract commencement for leases where it is a lessor. The
contract commencement date is the date on which the asset is available for use
by the lessee.
Koskisen measures the lease liability at the commencement by discounting the
future lease payments to their present value. The lease payments include fixed
payments, variable lease payments based on an index or a rate, residual value
guarantees, which are expected to be payable by Koskisen and the exercise price
of a purchase option, if Koskisen is reasonably certain to exercise the option.
Penalties for terminating the lease are included in the lease liability measurement
if the lease term reflects that Koskisen will use the termination option.
Koskisen discounts lease payments using the interest rate implicit in the lease. If
that rate cannot be readily determined, Koskisen uses the incremental
borrowing rate, i.e. the rate that Koskisen would have to pay to borrow over a
similar term, and with a similar security to obtain an asset of a similar value to
the right-of-use asset in a similar economic environment. Interest expense on
lease liabilities is presented in the cash flow from operating activities.
After the lease commencement, lease liability is measured at amortised cost
using the effective interest method. Lease liability is remeasured when the lease
payments change due to, for example, index change, exercising of the option
included in the lease is reassessed or to reflect other lease modifications.
Right-of-use assets are measured at cost comprising the initial amount of the
lease liability, any lease payments made at or before the contract
commencement, any initial direct costs and restoration costs. Right-of-use assets
are depreciated using the straight-line method over the shorter of the asset\u2019s
useful life and lease term. If Koskisen is reasonably certain to exercise a purchase
option, the right-of-use asset is depreciated over the asset\u2019s useful life.
Koskisen applies the short-term and low value asset exemptions provided by the
standard. Short-term leases are leases with a lease term of 12 months or less. Low
value assets include, among others, bicycles and ICT equipment. Lease payments
associated with those leases are recognised as an expense on a straight-line
basis.
Koskisen has minor activities as a lessor by leasing its land areas and
apartments. Koskisen classifies all of its leases as operating leases as the leases
do not transfer substantially all of the risks and rewards incidental to ownership
of an underlying assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "Intangible assets
EUR thousand
Softwares
Advance
payments and
work in progress
Total
Cost at Jan 1, 2024
3,622
30
3,652
Translation differences
2
-
2
Additions
48
12
60
Disposals
-2,345
-
-2,345
Reclassifications
43
-30
13
Cost at Dec 31, 2024
1,369
12
1,382
Accumulated amortisation and
impairment at Jan 1, 2024
-2,344
-
-2,344
Translation differences
-1
-1
Accumulated amortisation of
disposals and reclassifications
2,345
-
2,345
Amortisation
-346
-
-346
Accumulated amortisation and
impairment at Dec 31, 2024
-345
-
-345
Carrying value at Jan 1, 2024
1,278
30
1,308
Carrying value at Dec 31, 2024
1,024
12
1,036
EUR thousand
Softwares
Advance
payments and
work in progress
Total
Cost at Jan 1, 2023
3,415
290
3,705
Translation differences
6
-
6
Additions
389
30
419
Disposals
-662
-
-662
Reclassifications
473
-290
183
Cost at Dec 31, 2023
3,622
30
3,652
Accumulated amortisation and
impairment at Jan 1, 2023
-2,782
-
-2,782
Translation differences
-4
-4
Accumulated amortisation of
disposals and reclassifications
662
662
Amortisation
-220
-
-220
Accumulated amortisation and
impairment at Dec 31, 2023
-2,344
-
-2,344
Carrying value at Jan 1, 2023
633
290
923
Carrying value at Dec 31, 2023
1,278
30
1,308
ACCOUNTING POLICY
Software-related costs
Software costs are recognised as an asset if Koskisen has control over the
underlying asset, at historical cost less accumulated amortisation and
impairment losses. Amortisations are calculated on a straight-line method over
the useful economic lives of the assets which is five years.
The assets\u2019 useful lives and amortisation methods are reviewed at minimum at the
end of each reporting period and adjusted, if appropriate, to reflect changes in the
expected economic benefits. The amortisation of intangible assets is commenced
when the asset is ready for its intended use.
Impairments are presented in note 12: Property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "
ACCOUNTING POLICY
Software-related costs
Software costs are recognised as an asset if Koskisen has control over the
underlying asset, at historical cost less accumulated amortisation and
impairment losses. Amortisations are calculated on a straight-line method over
the useful economic lives of the assets which is five years.
The assets\u2019 useful lives and amortisation methods are reviewed at minimum at the
end of each reporting period and adjusted, if appropriate, to reflect changes in the
expected economic benefits. The amortisation of intangible assets is commenced
when the asset is ready for its intended use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-363": { "value": "
16. Inventories
EUR thousand
31 Dec 2024
31 Dec 2023
Raw materials
29,060
22,534
Work in progress
4,981
4,824
Finished goods
15,186
10,185
Total
49,227
37,544
Write-downs of slow-moving inventories to net realisable value amounted to EUR 249
thousand in 2024 (2023: EUR 288 thousand). These were recognised as an expense
during the financial year and included in changes in inventories in the statement of
comprehensive income. The Group reversed EUR 288 thousand of a previous inventory
write-down in 2024, based on the Group\u2019s assessment of the net realisable values (2023:
EUR 98 thousand). The amount reversed has been included in changes in inventories in
the statement of comprehensive income.
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value, the cost being
determined by the weighted average cost method. The cost comprises raw
materials, direct labour, depreciation and an appropriate proportion of variable
and fixed overhead expenditure, the latter being allocated on the basis of normal
operating capacity. Net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs of completion and the
estimated costs necessary to make the sale.
A valuation allowance is made for old, slow-moving inventories based on the
management\u2019s best estimate of the expected net realisable value at the end of
the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-364": { "value": "
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value, the cost being
determined by the weighted average cost method. The cost comprises raw
materials, direct labour, depreciation and an appropriate proportion of variable
and fixed overhead expenditure, the latter being allocated on the basis of normal
operating capacity. Net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs of completion and the
estimated costs necessary to make the sale.
A valuation allowance is made for old, slow-moving inventories based on the
management\u2019s best estimate of the expected net realisable value at the end of
the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "
17. Other receivables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current assets
Other accrued income on expenses
10
11
Total
10
11
Current assets
Advances of purchases of logs
4,047
3,731
VAT receivables
3,074
2,090
Sales receivables
779
1,314
Other accrued income on expenses
665
1,625
IT expenses accruals
508
425
Other receivables
464
1,242
Total
9,536
10,427
Other receivables total
9,546
10,439
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "value": "
17. Other receivables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current assets
Other accrued income on expenses
10
11
Total
10
11
Current assets
Advances of purchases of logs
4,047
3,731
VAT receivables
3,074
2,090
Sales receivables
779
1,314
Other accrued income on expenses
665
1,625
IT expenses accruals
508
425
Other receivables
464
1,242
Total
9,536
10,427
Other receivables total
9,546
10,439
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-366": { "value": "
17. Other receivables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current assets
Other accrued income on expenses
10
11
Total
10
11
Current assets
Advances of purchases of logs
4,047
3,731
VAT receivables
3,074
2,090
Sales receivables
779
1,314
Other accrued income on expenses
665
1,625
IT expenses accruals
508
425
Other receivables
464
1,242
Total
9,536
10,427
Other receivables total
9,546
10,439
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-365": { "value": "
17. Other receivables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current assets
Other accrued income on expenses
10
11
Total
10
11
Current assets
Advances of purchases of logs
4,047
3,731
VAT receivables
3,074
2,090
Sales receivables
779
1,314
Other accrued income on expenses
665
1,625
IT expenses accruals
508
425
Other receivables
464
1,242
Total
9,536
10,427
Other receivables total
9,546
10,439
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "value": "
18. Assets held for sale
EUR thousand
2024
2023
Assets held for sale at Jan 1
Reclassification from Property, plant and equipment
729
-
Impairment
-232
-
Disposals
-50
-
Assets held for sale at Dec 31
447
-
The machines and equipment of the decommissioned old sawmill have been classified
as assets held for sale during the period. A sales contract has been made for these,
according to which they will be dismantled and transferred to the new owner during
years 2024 and 2025, and ownership will be transferred in accordance with the agreed
payment schedule.
ACCOUNTING POLICY
An asset or disposal group is classified as held for sale if its carrying amount will
be recovered principally through a sale transaction rather than through
continuing use of the asset. For this to be the case, the asset or disposal group
must be available for immediate sale in its present condition subject only to
terms that are usual and customary for sales of such assets or disposal groups
and its sale must be highly probable. These assets, or the assets and liabilities in
the disposal group, are presented separately in the consolidated balance sheet
and are valued at the lower of its carrying amount and fair value less costs to sell.
Depreciation is not performed on long-term assets classified as held for sale or
being part of a disposal group classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "
18. Assets held for sale
EUR thousand
2024
2023
Assets held for sale at Jan 1
Reclassification from Property, plant and equipment
729
-
Impairment
-232
-
Disposals
-50
-
Assets held for sale at Dec 31
447
-
The machines and equipment of the decommissioned old sawmill have been classified
as assets held for sale during the period. A sales contract has been made for these,
according to which they will be dismantled and transferred to the new owner during
years 2024 and 2025, and ownership will be transferred in accordance with the agreed
payment schedule.
ACCOUNTING POLICY
An asset or disposal group is classified as held for sale if its carrying amount will
be recovered principally through a sale transaction rather than through
continuing use of the asset. For this to be the case, the asset or disposal group
must be available for immediate sale in its present condition subject only to
terms that are usual and customary for sales of such assets or disposal groups
and its sale must be highly probable. These assets, or the assets and liabilities in
the disposal group, are presented separately in the consolidated balance sheet
and are valued at the lower of its carrying amount and fair value less costs to sell.
Depreciation is not performed on long-term assets classified as held for sale or
being part of a disposal group classified as held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "value": "
19. Equity
EUR thousand
Total number of
shares outstanding
(pcs)
Treasury shares (pcs)
Total number of
issued shares (pcs)
Share capital
Reserve for invested
unrestricted equity
1 Jan 2023
23,002,659
-
23,002,659
1,512
73,843
Directed share issue without consideration, management1
9,000
-
9,000
-
-
Acquisition of treasury shares
-1,086
1,086
-
-
-
31 Dec 2023
23,010,573
1,086
23,011,659
1,512
73,843
Directed share issue without consideration, management1
13,500
-
13,500
-
-
31 Dec 2024
23,024,073
1,086
23,025,159
1,512
73,843
\u00b9\u00a0 Additional information in note 7: Share-based incentive plans
Share capital
Koskisen Corporation has one series of shares, and all shares are equally entitled to
dividends. One share carries one vote at the general meeting. The shares do not have a
nominal value. The Koskisen Corporation shares are listed on the Nasdaq Helsinki stock
exchange. The shares are included in the book-entry system maintained by Euroclear
Finland Ltd. The trading code is KOSKI and the ISIN code is FI4000533005.
On 7 February 2023, Koskisen Corporation\u2019s Board of Directors decided on a directed
share issue without consideration to the company\u2019s CEO and CFO as part of the
remuneration of management pursuant to the authorisation granted by the
Extraordinary General Meeting of 31 October 2022. The issued shares were registered in
the Trade Register on 16 February 2023. The total number of shares increased to
23,011,659 shares when in total 9,000 new shares were issued to the CEO and CFO.
The\u00a0value of the first instalment of the remuneration to the CEO for the completion of
the IPO corresponds to 12,000 shares, half of which was paid in cash to cover
withholding tax. The value of the first instalment of the remuneration to Koskisen\u2019s CFO
corresponds to 6,000 shares, half of which was paid in cash to cover withholding tax.
The share issue without consideration did not impact the company\u2019s share capital or
capital structure.
Koskisen Corporation acquired on 5 July 2023 a total of 1,086 shares of Koskisen
Corporation in accordance with the terms of the minority shareholders\u2019 agreement
with EUR 3.00 per share purchase price. Originally, the shares were subscribed in the
personnel offering carried out in September 2022. In accordance with the terms of the
minority shareholders\u2019 agreement, ownership of the shares issued in the personnel
offering requires a valid employment relationship with the company. After the share
acquisition, Koskisen Corporation holds 1,086 treasury shares.
On 16 February 2024 Koskisen Corporation\u2019s Board of Directors decided on a free share
issue directed to the company\u2019s CEO and CFO as part of management remuneration
based on the authorisation given by the annual general meeting on 11 May 2023. The
issued shares were registered in the trade register on 28 February 2024. The total
number of shares increased to 23,025,159 shares when the CEO and CFO were given
13,500 new shares. The value of the second instalment of the reward related to the
completion of the listing to Koskisen\u2019s CEO corresponds to 18,000 shares, half of which
was paid in cash to cover the withholding tax. The value of the second instalment of the
reward to Koskisen\u2019s CFO corresponds to 9,000 shares, half of which was paid in cash to
cover the withholding tax. The share issue without consideration did not impact the
company\u2019s share capital or capital structure.
Legal reserve
The legal reserve comprises the amounts transferred from distributable funds under
the articles of association or by decision of the general meeting.
Reserve for invested unrestricted equity
The subscription prices of new shares, as well as other equity investments, are
recognised in the reserve for invested unrestricted equity, unless these are recognised
in full or in part in share capital according to a specific decision.
Treasury shares
The acquisition cost of treasury shares held by the Group is presented in equity as a
separate reserve that reduces the unrestricted equity.
Translation differences
Translation differences arising from the translation of the financial statements of
foreign subsidiaries are recognised in the other comprehensive income and accrued in
a separate equity reserve. The cumulative amount of translation differences is
recognised in the consolidated statement of comprehensive income on the disposal of
the net investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "value": "
19. Equity
EUR thousand
Total number of
shares outstanding
(pcs)
Treasury shares (pcs)
Total number of
issued shares (pcs)
Share capital
Reserve for invested
unrestricted equity
1 Jan 2023
23,002,659
-
23,002,659
1,512
73,843
Directed share issue without consideration, management1
9,000
-
9,000
-
-
Acquisition of treasury shares
-1,086
1,086
-
-
-
31 Dec 2023
23,010,573
1,086
23,011,659
1,512
73,843
Directed share issue without consideration, management1
13,500
-
13,500
-
-
31 Dec 2024
23,024,073
1,086
23,025,159
1,512
73,843
\u00b9\u00a0 Additional information in note 7: Share-based incentive plans
Share capital
Koskisen Corporation has one series of shares, and all shares are equally entitled to
dividends. One share carries one vote at the general meeting. The shares do not have a
nominal value. The Koskisen Corporation shares are listed on the Nasdaq Helsinki stock
exchange. The shares are included in the book-entry system maintained by Euroclear
Finland Ltd. The trading code is KOSKI and the ISIN code is FI4000533005.
On 7 February 2023, Koskisen Corporation\u2019s Board of Directors decided on a directed
share issue without consideration to the company\u2019s CEO and CFO as part of the
remuneration of management pursuant to the authorisation granted by the
Extraordinary General Meeting of 31 October 2022. The issued shares were registered in
the Trade Register on 16 February 2023. The total number of shares increased to
23,011,659 shares when in total 9,000 new shares were issued to the CEO and CFO.
The\u00a0value of the first instalment of the remuneration to the CEO for the completion of
the IPO corresponds to 12,000 shares, half of which was paid in cash to cover
withholding tax. The value of the first instalment of the remuneration to Koskisen\u2019s CFO
corresponds to 6,000 shares, half of which was paid in cash to cover withholding tax.
The share issue without consideration did not impact the company\u2019s share capital or
capital structure.
Koskisen Corporation acquired on 5 July 2023 a total of 1,086 shares of Koskisen
Corporation in accordance with the terms of the minority shareholders\u2019 agreement
with EUR 3.00 per share purchase price. Originally, the shares were subscribed in the
personnel offering carried out in September 2022. In accordance with the terms of the
minority shareholders\u2019 agreement, ownership of the shares issued in the personnel
offering requires a valid employment relationship with the company. After the share
acquisition, Koskisen Corporation holds 1,086 treasury shares.
On 16 February 2024 Koskisen Corporation\u2019s Board of Directors decided on a free share
issue directed to the company\u2019s CEO and CFO as part of management remuneration
based on the authorisation given by the annual general meeting on 11 May 2023. The
issued shares were registered in the trade register on 28 February 2024. The total
number of shares increased to 23,025,159 shares when the CEO and CFO were given
13,500 new shares. The value of the second instalment of the reward related to the
completion of the listing to Koskisen\u2019s CEO corresponds to 18,000 shares, half of which
was paid in cash to cover the withholding tax. The value of the second instalment of the
reward to Koskisen\u2019s CFO corresponds to 9,000 shares, half of which was paid in cash to
cover the withholding tax. The share issue without consideration did not impact the
company\u2019s share capital or capital structure.
Legal reserve
The legal reserve comprises the amounts transferred from distributable funds under
the articles of association or by decision of the general meeting.
Reserve for invested unrestricted equity
The subscription prices of new shares, as well as other equity investments, are
recognised in the reserve for invested unrestricted equity, unless these are recognised
in full or in part in share capital according to a specific decision.
Treasury shares
The acquisition cost of treasury shares held by the Group is presented in equity as a
separate reserve that reduces the unrestricted equity.
Translation differences
Translation differences arising from the translation of the financial statements of
foreign subsidiaries are recognised in the other comprehensive income and accrued in
a separate equity reserve. The cumulative amount of translation differences is
recognised in the consolidated statement of comprehensive income on the disposal of
the net investment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "value": "
EUR thousand
Total number of
shares outstanding
(pcs)
Treasury shares (pcs)
Total number of
issued shares (pcs)
Share capital
Reserve for invested
unrestricted equity
1 Jan 2023
23,002,659
-
23,002,659
1,512
73,843
Directed share issue without consideration, management1
9,000
-
9,000
-
-
Acquisition of treasury shares
-1,086
1,086
-
-
-
31 Dec 2023
23,010,573
1,086
23,011,659
1,512
73,843
Directed share issue without consideration, management1
13,500
-
13,500
-
-
31 Dec 2024
23,024,073
1,086
23,025,159
1,512
73,843
\u00b9\u00a0 Additional information in note 7: Share-based incentive plans
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-375": { "value": "
Share capital
Koskisen Corporation has one series of shares, and all shares are equally entitled to
dividends. One share carries one vote at the general meeting. The shares do not have a
nominal value. The Koskisen Corporation shares are listed on the Nasdaq Helsinki stock
exchange. The shares are included in the book-entry system maintained by Euroclear
Finland Ltd. The trading code is KOSKI and the ISIN code is FI4000533005.
On 7 February 2023, Koskisen Corporation\u2019s Board of Directors decided on a directed
share issue without consideration to the company\u2019s CEO and CFO as part of the
remuneration of management pursuant to the authorisation granted by the
Extraordinary General Meeting of 31 October 2022. The issued shares were registered in
the Trade Register on 16 February 2023. The total number of shares increased to
23,011,659 shares when in total 9,000 new shares were issued to the CEO and CFO.
The\u00a0value of the first instalment of the remuneration to the CEO for the completion of
the IPO corresponds to 12,000 shares, half of which was paid in cash to cover
withholding tax. The value of the first instalment of the remuneration to Koskisen\u2019s CFO
corresponds to 6,000 shares, half of which was paid in cash to cover withholding tax.
The share issue without consideration did not impact the company\u2019s share capital or
capital structure.
Koskisen Corporation acquired on 5 July 2023 a total of 1,086 shares of Koskisen
Corporation in accordance with the terms of the minority shareholders\u2019 agreement
with EUR 3.00 per share purchase price. Originally, the shares were subscribed in the
personnel offering carried out in September 2022. In accordance with the terms of the
minority shareholders\u2019 agreement, ownership of the shares issued in the personnel
offering requires a valid employment relationship with the company. After the share
acquisition, Koskisen Corporation holds 1,086 treasury shares.
On 16 February 2024 Koskisen Corporation\u2019s Board of Directors decided on a free share
issue directed to the company\u2019s CEO and CFO as part of management remuneration
based on the authorisation given by the annual general meeting on 11 May 2023. The
issued shares were registered in the trade register on 28 February 2024. The total
number of shares increased to 23,025,159 shares when the CEO and CFO were given
13,500 new shares. The value of the second instalment of the reward related to the
completion of the listing to Koskisen\u2019s CEO corresponds to 18,000 shares, half of which
was paid in cash to cover the withholding tax. The value of the second instalment of the
reward to Koskisen\u2019s CFO corresponds to 9,000 shares, half of which was paid in cash to
cover the withholding tax. The share issue without consideration did not impact the
company\u2019s share capital or capital structure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "value": "
Share capital
Koskisen Corporation has one series of shares, and all shares are equally entitled to
dividends. One share carries one vote at the general meeting. The shares do not have a
nominal value. The Koskisen Corporation shares are listed on the Nasdaq Helsinki stock
exchange. The shares are included in the book-entry system maintained by Euroclear
Finland Ltd. The trading code is KOSKI and the ISIN code is FI4000533005.
On 7 February 2023, Koskisen Corporation\u2019s Board of Directors decided on a directed
share issue without consideration to the company\u2019s CEO and CFO as part of the
remuneration of management pursuant to the authorisation granted by the
Extraordinary General Meeting of 31 October 2022. The issued shares were registered in
the Trade Register on 16 February 2023. The total number of shares increased to
23,011,659 shares when in total 9,000 new shares were issued to the CEO and CFO.
The\u00a0value of the first instalment of the remuneration to the CEO for the completion of
the IPO corresponds to 12,000 shares, half of which was paid in cash to cover
withholding tax. The value of the first instalment of the remuneration to Koskisen\u2019s CFO
corresponds to 6,000 shares, half of which was paid in cash to cover withholding tax.
The share issue without consideration did not impact the company\u2019s share capital or
capital structure.
Koskisen Corporation acquired on 5 July 2023 a total of 1,086 shares of Koskisen
Corporation in accordance with the terms of the minority shareholders\u2019 agreement
with EUR 3.00 per share purchase price. Originally, the shares were subscribed in the
personnel offering carried out in September 2022. In accordance with the terms of the
minority shareholders\u2019 agreement, ownership of the shares issued in the personnel
offering requires a valid employment relationship with the company. After the share
acquisition, Koskisen Corporation holds 1,086 treasury shares.
On 16 February 2024 Koskisen Corporation\u2019s Board of Directors decided on a free share
issue directed to the company\u2019s CEO and CFO as part of management remuneration
based on the authorisation given by the annual general meeting on 11 May 2023. The
issued shares were registered in the trade register on 28 February 2024. The total
number of shares increased to 23,025,159 shares when the CEO and CFO were given
13,500 new shares. The value of the second instalment of the reward related to the
completion of the listing to Koskisen\u2019s CEO corresponds to 18,000 shares, half of which
was paid in cash to cover the withholding tax. The value of the second instalment of the
reward to Koskisen\u2019s CFO corresponds to 9,000 shares, half of which was paid in cash to
cover the withholding tax. The share issue without consideration did not impact the
company\u2019s share capital or capital structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "value": "
20. Earnings per share
EUR
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Earnings per share
Profit (loss) for the period attributable to the owners of
the parent company (EUR)
8,287,597
20,230,125
Weighted average number of shares outstanding during
the period
23,021,352
23,010,189
Diluted weighted average number of shares outstanding
during the period
23,290,168
23,182,729
Basic earnings per share (EUR)
0.36
0.88
Diluted earnings per share (EUR)
0.36
0.87
ACCOUNTING POLICY
Basic earnings per share is calculated by dividing the profit attributable to
owners of the parent company by the weighted average number of ordinary
shares outstanding during the financial period. Diluted earnings per share
adjusts the figures used in the determination of basic earnings per share to take
into consideration the Group\u2019s potential commitment to issue new shares in
the\u00a0future.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "value": "
ACCOUNTING POLICY
Basic earnings per share is calculated by dividing the profit attributable to
owners of the parent company by the weighted average number of ordinary
shares outstanding during the financial period. Diluted earnings per share
adjusts the figures used in the determination of basic earnings per share to take
into consideration the Group\u2019s potential commitment to issue new shares in
the\u00a0future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-385": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2023
28,650
27,309
55,959
Cash flows from financing
Repayments of borrowings
-4,500
-3,165
-7,665
Other changes
Exportkredit and Kredex loans1
13,360
-
13,360
New leases
-
1,845
1,845
Effect of applying the effective interest
rate1
200
-
200
31 Dec 2023
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
\u00b9 No cash flow impact
Changes in financial liabilities
Koskisen has three loans under the financing agreement, a term loan of originally EUR
19.0 million, a term loan of EUR 10.0 million and a standby credit of EUR 8.0 million,
which is intended to finance the Group\u2019s general working capital requirements. The
loans have been withdrawn in full at the time of the reporting, and they are repaid
semi-annually. EUR 7.9 million of the standby credit remains undrawn.
The financing agreement is valid for five years until year 2027. The financing agreement
includes the usual financial covenant and default terms. Financial covenants are
measured every six months on a rolling basis for the past 12 months and are calculated
from the Koskisen Group\u2019s financial information. The interest on the loans is tied to the
six-month Euribor, and they also have a margin, the level of which depends on the ratio
of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised relating to the financing package
for the new sawmill. The loans have been withdrawn in full at the time of the reporting
and they are repaid semi-annually. The loans will mature between 2029 and 2031. The
interest rates on the loans are tied to the six-month Euribor rate and the margins
are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. Koskisen has interest rate swaps with a total nominal value of EUR
30 million. The changes in the fair value of the interest rate swaps net out the profit
effects of the loan\u2019s interest rate changes, protecting the Group from interest rate risk,
even though they are not one-to-one with the Group\u2019s financial institution loans. The
interest rate swap agreements are valid until 2025.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-384": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2023
28,650
27,309
55,959
Cash flows from financing
Repayments of borrowings
-4,500
-3,165
-7,665
Other changes
Exportkredit and Kredex loans1
13,360
-
13,360
New leases
-
1,845
1,845
Effect of applying the effective interest
rate1
200
-
200
31 Dec 2023
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
\u00b9 No cash flow impact
Changes in financial liabilities
Koskisen has three loans under the financing agreement, a term loan of originally EUR
19.0 million, a term loan of EUR 10.0 million and a standby credit of EUR 8.0 million,
which is intended to finance the Group\u2019s general working capital requirements. The
loans have been withdrawn in full at the time of the reporting, and they are repaid
semi-annually. EUR 7.9 million of the standby credit remains undrawn.
The financing agreement is valid for five years until year 2027. The financing agreement
includes the usual financial covenant and default terms. Financial covenants are
measured every six months on a rolling basis for the past 12 months and are calculated
from the Koskisen Group\u2019s financial information. The interest on the loans is tied to the
six-month Euribor, and they also have a margin, the level of which depends on the ratio
of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised relating to the financing package
for the new sawmill. The loans have been withdrawn in full at the time of the reporting
and they are repaid semi-annually. The loans will mature between 2029 and 2031. The
interest rates on the loans are tied to the six-month Euribor rate and the margins
are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. Koskisen has interest rate swaps with a total nominal value of EUR
30 million. The changes in the fair value of the interest rate swaps net out the profit
effects of the loan\u2019s interest rate changes, protecting the Group from interest rate risk,
even though they are not one-to-one with the Group\u2019s financial institution loans. The
interest rate swap agreements are valid until 2025.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-383": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2023
28,650
27,309
55,959
Cash flows from financing
Repayments of borrowings
-4,500
-3,165
-7,665
Other changes
Exportkredit and Kredex loans1
13,360
-
13,360
New leases
-
1,845
1,845
Effect of applying the effective interest
rate1
200
-
200
31 Dec 2023
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
\u00b9 No cash flow impact
Changes in financial liabilities
Koskisen has three loans under the financing agreement, a term loan of originally EUR
19.0 million, a term loan of EUR 10.0 million and a standby credit of EUR 8.0 million,
which is intended to finance the Group\u2019s general working capital requirements. The
loans have been withdrawn in full at the time of the reporting, and they are repaid
semi-annually. EUR 7.9 million of the standby credit remains undrawn.
The financing agreement is valid for five years until year 2027. The financing agreement
includes the usual financial covenant and default terms. Financial covenants are
measured every six months on a rolling basis for the past 12 months and are calculated
from the Koskisen Group\u2019s financial information. The interest on the loans is tied to the
six-month Euribor, and they also have a margin, the level of which depends on the ratio
of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised relating to the financing package
for the new sawmill. The loans have been withdrawn in full at the time of the reporting
and they are repaid semi-annually. The loans will mature between 2029 and 2031. The
interest rates on the loans are tied to the six-month Euribor rate and the margins
are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. Koskisen has interest rate swaps with a total nominal value of EUR
30 million. The changes in the fair value of the interest rate swaps net out the profit
effects of the loan\u2019s interest rate changes, protecting the Group from interest rate risk,
even though they are not one-to-one with the Group\u2019s financial institution loans. The
interest rate swap agreements are valid until 2025.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-382": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2023
28,650
27,309
55,959
Cash flows from financing
Repayments of borrowings
-4,500
-3,165
-7,665
Other changes
Exportkredit and Kredex loans1
13,360
-
13,360
New leases
-
1,845
1,845
Effect of applying the effective interest
rate1
200
-
200
31 Dec 2023
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
\u00b9 No cash flow impact
Changes in financial liabilities
Koskisen has three loans under the financing agreement, a term loan of originally EUR
19.0 million, a term loan of EUR 10.0 million and a standby credit of EUR 8.0 million,
which is intended to finance the Group\u2019s general working capital requirements. The
loans have been withdrawn in full at the time of the reporting, and they are repaid
semi-annually. EUR 7.9 million of the standby credit remains undrawn.
The financing agreement is valid for five years until year 2027. The financing agreement
includes the usual financial covenant and default terms. Financial covenants are
measured every six months on a rolling basis for the past 12 months and are calculated
from the Koskisen Group\u2019s financial information. The interest on the loans is tied to the
six-month Euribor, and they also have a margin, the level of which depends on the ratio
of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised relating to the financing package
for the new sawmill. The loans have been withdrawn in full at the time of the reporting
and they are repaid semi-annually. The loans will mature between 2029 and 2031. The
interest rates on the loans are tied to the six-month Euribor rate and the margins
are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. Koskisen has interest rate swaps with a total nominal value of EUR
30 million. The changes in the fair value of the interest rate swaps net out the profit
effects of the loan\u2019s interest rate changes, protecting the Group from interest rate risk,
even though they are not one-to-one with the Group\u2019s financial institution loans. The
interest rate swap agreements are valid until 2025.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-381": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2023
28,650
27,309
55,959
Cash flows from financing
Repayments of borrowings
-4,500
-3,165
-7,665
Other changes
Exportkredit and Kredex loans1
13,360
-
13,360
New leases
-
1,845
1,845
Effect of applying the effective interest
rate1
200
-
200
31 Dec 2023
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
\u00b9 No cash flow impact
Changes in financial liabilities
Koskisen has three loans under the financing agreement, a term loan of originally EUR
19.0 million, a term loan of EUR 10.0 million and a standby credit of EUR 8.0 million,
which is intended to finance the Group\u2019s general working capital requirements. The
loans have been withdrawn in full at the time of the reporting, and they are repaid
semi-annually. EUR 7.9 million of the standby credit remains undrawn.
The financing agreement is valid for five years until year 2027. The financing agreement
includes the usual financial covenant and default terms. Financial covenants are
measured every six months on a rolling basis for the past 12 months and are calculated
from the Koskisen Group\u2019s financial information. The interest on the loans is tied to the
six-month Euribor, and they also have a margin, the level of which depends on the ratio
of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised relating to the financing package
for the new sawmill. The loans have been withdrawn in full at the time of the reporting
and they are repaid semi-annually. The loans will mature between 2029 and 2031. The
interest rates on the loans are tied to the six-month Euribor rate and the margins
are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. Koskisen has interest rate swaps with a total nominal value of EUR
30 million. The changes in the fair value of the interest rate swaps net out the profit
effects of the loan\u2019s interest rate changes, protecting the Group from interest rate risk,
even though they are not one-to-one with the Group\u2019s financial institution loans. The
interest rate swap agreements are valid until 2025.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2023
28,650
27,309
55,959
Cash flows from financing
Repayments of borrowings
-4,500
-3,165
-7,665
Other changes
Exportkredit and Kredex loans1
13,360
-
13,360
New leases
-
1,845
1,845
Effect of applying the effective interest
rate1
200
-
200
31 Dec 2023
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
\u00b9 No cash flow impact
Changes in financial liabilities
Koskisen has three loans under the financing agreement, a term loan of originally EUR
19.0 million, a term loan of EUR 10.0 million and a standby credit of EUR 8.0 million,
which is intended to finance the Group\u2019s general working capital requirements. The
loans have been withdrawn in full at the time of the reporting, and they are repaid
semi-annually. EUR 7.9 million of the standby credit remains undrawn.
The financing agreement is valid for five years until year 2027. The financing agreement
includes the usual financial covenant and default terms. Financial covenants are
measured every six months on a rolling basis for the past 12 months and are calculated
from the Koskisen Group\u2019s financial information. The interest on the loans is tied to the
six-month Euribor, and they also have a margin, the level of which depends on the ratio
of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised relating to the financing package
for the new sawmill. The loans have been withdrawn in full at the time of the reporting
and they are repaid semi-annually. The loans will mature between 2029 and 2031. The
interest rates on the loans are tied to the six-month Euribor rate and the margins
are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. Koskisen has interest rate swaps with a total nominal value of EUR
30 million. The changes in the fair value of the interest rate swaps net out the profit
effects of the loan\u2019s interest rate changes, protecting the Group from interest rate risk,
even though they are not one-to-one with the Group\u2019s financial institution loans. The
interest rate swap agreements are valid until 2025.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-379": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2023
28,650
27,309
55,959
Cash flows from financing
Repayments of borrowings
-4,500
-3,165
-7,665
Other changes
Exportkredit and Kredex loans1
13,360
-
13,360
New leases
-
1,845
1,845
Effect of applying the effective interest
rate1
200
-
200
31 Dec 2023
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
\u00b9 No cash flow impact
Changes in financial liabilities
Koskisen has three loans under the financing agreement, a term loan of originally EUR
19.0 million, a term loan of EUR 10.0 million and a standby credit of EUR 8.0 million,
which is intended to finance the Group\u2019s general working capital requirements. The
loans have been withdrawn in full at the time of the reporting, and they are repaid
semi-annually. EUR 7.9 million of the standby credit remains undrawn.
The financing agreement is valid for five years until year 2027. The financing agreement
includes the usual financial covenant and default terms. Financial covenants are
measured every six months on a rolling basis for the past 12 months and are calculated
from the Koskisen Group\u2019s financial information. The interest on the loans is tied to the
six-month Euribor, and they also have a margin, the level of which depends on the ratio
of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised relating to the financing package
for the new sawmill. The loans have been withdrawn in full at the time of the reporting
and they are repaid semi-annually. The loans will mature between 2029 and 2031. The
interest rates on the loans are tied to the six-month Euribor rate and the margins
are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. Koskisen has interest rate swaps with a total nominal value of EUR
30 million. The changes in the fair value of the interest rate swaps net out the profit
effects of the loan\u2019s interest rate changes, protecting the Group from interest rate risk,
even though they are not one-to-one with the Group\u2019s financial institution loans. The
interest rate swap agreements are valid until 2025.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "value": "
21. Financial assets and liabilities
FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
RECONCILIATION OF FINANCIAL LIABILITIES
EUR thousand
Borrowings
Lease
Total
1 Jan 2023
28,650
27,309
55,959
Cash flows from financing
Repayments of borrowings
-4,500
-3,165
-7,665
Other changes
Exportkredit and Kredex loans1
13,360
-
13,360
New leases
-
1,845
1,845
Effect of applying the effective interest
rate1
200
-
200
31 Dec 2023
37,711
25,989
63,700
Cash flows from financing
Repayments of borrowings
-6,625
-3,657
-10,281
Other changes
Exportkredit and Kredex loans1
1,713
-
1,713
New leases
-
11,157
11,157
Effect of applying the effective interest
rate1
-27
-
-27
31 Dec 2024
32,772
33,489
66,262
\u00b9 No cash flow impact
Changes in financial liabilities
Koskisen has three loans under the financing agreement, a term loan of originally EUR
19.0 million, a term loan of EUR 10.0 million and a standby credit of EUR 8.0 million,
which is intended to finance the Group\u2019s general working capital requirements. The
loans have been withdrawn in full at the time of the reporting, and they are repaid
semi-annually. EUR 7.9 million of the standby credit remains undrawn.
The financing agreement is valid for five years until year 2027. The financing agreement
includes the usual financial covenant and default terms. Financial covenants are
measured every six months on a rolling basis for the past 12 months and are calculated
from the Koskisen Group\u2019s financial information. The interest on the loans is tied to the
six-month Euribor, and they also have a margin, the level of which depends on the ratio
of net debt to EBITDA.
A total of EUR 20.1 million in loans have been raised relating to the financing package
for the new sawmill. The loans have been withdrawn in full at the time of the reporting
and they are repaid semi-annually. The loans will mature between 2029 and 2031. The
interest rates on the loans are tied to the six-month Euribor rate and the margins
are\u00a0fixed.\u00a0
Koskisen\u2019s loans from financial institutions expose the Group\u2019s cash flow to interest rate
risk. There have been no changes in Koskisen\u2019s interest rate risk hedging policy, but the
Group\u2019s management constantly evaluates the amount of open risk and the need for
additional hedging. Koskisen has interest rate swaps with a total nominal value of EUR
30 million. The changes in the fair value of the interest rate swaps net out the profit
effects of the loan\u2019s interest rate changes, protecting the Group from interest rate risk,
even though they are not one-to-one with the Group\u2019s financial institution loans. The
interest rate swap agreements are valid until 2025.
The Group\u2019s exposure to various risks associated with the financial instruments is
discussed in the note 3: Financial risk and capital management. The maximum
exposure to credit risk at the end of the reporting period is the carrying amount of
each class of financial assets mentioned above.
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-387": { "value": "
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-386": { "value": "
EUR thousand
Fair value
hierarchy level
31 Dec 2024
31 Dec 2023
Financial assets measured at
amortised cost
Trade receivables
-
23,835
23,365
Deposits1
-
-
20,000
Cash and cash equivalents
-
31,823
35,771
Total financial assets measured at
amortised cost
55,658
79,136
Financial assets measured at fair value
through profit or loss
Capital redemption contracts
1
11,236
10,625
Derivatives
2
277
947
Other assets measured at fair value
through profit or loss
3
14
14
Total financial assets measured at fair
value through profit or loss
11,526
11,585
Financial liabilities measured at
amortised cost
Loans from financial institutions
2
32,772
37,711
Lease liabilities
-
33,489
25,989
Trade payables
-
29,211
25,411
Trade payables, payment system
-
6,470
7,396
Total financial liabilities measured at
amortised cost
101,943
96,507
Financial liabilities measured at fair
value through profit or loss
Derivative liabilities
2
141
-
Total financial liabilities measured at
fair value through profit or loss
141
-
\u00b9 Time deposits with a maturity of over three months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-389": { "value": "
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-388": { "value": "
The fair value of the loans from financial institutions on 31 December 2024 was EUR
32.8 million (31 December 2023: EUR 37.7 million). The fair value of the loans has been
determined by discounting the future cash flows at the estimated market interest
rate at the time of reporting. The company has estimated that the contractual
interest rate of the loans is reasonably close to the market interest rate and has not
made an adjustment to the discount rate at which the fair values are determined, in
which case the fair values of the loans correspond to their nominal value. Since the
company\u2019s loans from financial institutions have variable interest rates, the rise in
market interest rates during the period has been directly reflected in the Group\u2019s
interest expenses and has therefore not affected the fair value of the loans. Fair values
of loans from financial institutions are classified in level 2 in the fair value hierarchy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-390": { "value": "
The fair value of derivatives is estimated based on the present value of future cash
flows, using market prices on the valuation date, and the fair value of fund investments
and capital redemption contracts is estimated on the basis of counterparty quotes.
Changes in the fair value of derivatives, fund investments and capital redemption
contracts are recognised in financial income and expenses. The most significant part of
the changes in the fair value arises from derivatives, and they are mainly due to
changes in market interest rates during the reporting period. The Group\u2019s open USD
balance position at the time of closing on 31 December 2024 mainly consisted of trade
receivables and a bank account, totalling EUR 3.1 million (31 December 2023: EUR 4.3
million). The nominal value of the hedging open futures on the reporting date is EUR
3.6 million (31 December 2023: EUR 2.4 million).
The hierarchy levels are as follows:
Level 1: The fair value of financial instruments traded in active markets (such as publicly
traded derivatives, and equity securities) is based on quoted market prices at the end of
the reporting period. The quoted market price used for financial assets held by the
Group is the current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on
entity-specific estimates. If all significant inputs required to fair value an instrument are
observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3. This is the case for unlisted equity securities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-392": { "value": "
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-391": { "value": "
ACCOUNTING POLICY
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
Financial assets are derecognised when the rights to receive cash flows from the
financial assets have expired or have been transferred and the Group has
transferred substantially all the risks and rewards of ownership. Any gain or loss
arising on derecognition is recognised directly in the statement of
comprehensive income and presented in other operating expenses.
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
Deposits
Time deposits with a maturity of more than three months are presented in
deposits.
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Credit risk arising from financial assets, management of credit risk and the
provision matrix of trade receivables are presented in note 3: Financial risk and
capital management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-393": { "value": "
The Group\u2019s financial assets comprise trade receivables, capital redemption
contracts, deposits and cash and cash equivalents. Capital redemption contracts
are classified as financial assets at fair value through profit or loss and trade
receivables, deposits and cash and cash equivalents are classified as financial
assets measured at amortised cost, as assets are for collection of contractual
cash flows, where those cash flows represent solely payment of principal and
interest. Interest income from these financial assets is included in finance
income using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-394": { "value": "
Capital redemption contracts
Koskisen has invested in capital redemption contracts. These contracts are
measured at fair value through profit or loss as they don\u2019t meet the solely
payments of principal and interest (SPPI) test under IFRS 9 Financial
instruments.
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-396": { "value": "
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-395": { "value": "
Derivatives
Derivatives are initially recognised at fair value on the date a derivative contract
is entered into, and they are subsequently remeasured to their fair value at the
end of each reporting period. The Group has entered into interest rate swap
contracts and foreign currency forward contracts for hedging purposes, even
though hedge accounting, as specified under IFRS, is not applied. The fair value
of derivatives is estimated based on the present value of future cash flows using
market prices on the measurement date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-397": { "value": "
Trade receivables
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. They are generally due for
settlement within 30 days and are therefore all classified as current. Trade
receivables are recognised initially at the amount of consideration that is
unconditional, unless they contain significant financing components, when they
are recognised at fair value. The Group holds the trade receivables with the
objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method. Details on
the Group\u2019s impairment policies and the calculation of the loss allowance are
provided in note 3: Financial risk and capital management.
Due to the short-term nature of the trade receivables, their carrying amount is
considered to be the same as their fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-399": { "value": "
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-398": { "value": "
Cash and cash equivalents
Cash and cash equivalents presented in the balance sheet and cash flow
statement consist of cash at bank and in hand. Any utilised credit limits are
presented as current liabilities. Credit limits are a part of the liquidity
management. Liquidity risk and its management is described in note 3: Financial
risk and capital management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-400": { "value": "
Impairment of financial assets
For trade receivables and contract assets Koskisen applies the simplified
approach permitted by IFRS 9, which requires expected lifetime losses to be
recognised from initial recognition of the receivables.
To measure the expected credit losses, trade receivables have been grouped
based on ageing category. The expected loss rates are based on the actual
performance over the comparison period. The historical loss rates are adjusted to
reflect current and forward-looking information on macroeconomic factors
affecting the ability of the customers to settle the receivables. The factors
considered include, but are not limited to, customers\u2019 previous payment
behaviour, available forecasts and their possible impact on the credit rating and
payment behaviour of customers, as well as possible securities and credit
insurances.
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-401": { "value": "
Receivables are derecognised as final credit losses when their payment cannot
be reasonably expected. Indications that the payment cannot be reasonably
expected include unsuccessful collection efforts, bankruptcy notification etc.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-403": { "value": "
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-402": { "value": "
Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the statement of comprehensive income over the period of the
borrowings using the effective interest method. Fees paid on the establishment
of loan facilities are recognised as transaction costs of the loan to the extent that
it is probable that some or all of the facility will be drawn down. In this case, the
fee is deferred until the draw-down occurs. To the extent there is no evidence
that it is probable that some or all of the facility will be drawn down, the fee is
capitalised as a prepayment for liquidity services and amortised over the period
of the facility to which it relates.
Borrowings are removed from the balance sheet when the obligation specified
in the contract is discharged, cancelled or expired. The difference between the
carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in the statement of
comprehensive income as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-404": { "value": "
Trade payables
Trade payables represent liabilities for goods and services provided to the Group
prior to the end of the financial year which are unpaid. The amounts are
unsecured and are usually paid within 30 days of recognition. Trade payables are
presented as current liabilities unless payment is not due within 12 months after
the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
The carrying amount of trade payables is considered to equal their fair value due
to their short maturity.
Trade payables, payment system
Koskisen provides, as part of its wood procurement process, a possibility for the
seller to leave the transaction price or part of the transaction price received from
the sale of logs in the payment system with Koskisen. A fixed interest rate is
offered varying according to the size of the agreement. The length of the
agreement varies between one and three years, after which it becomes
indefinite unless the timber seller has terminated it 45 days before the end of the
agreement. However, the seller has the right to withdraw the funds at any time
with a 45 day notice period. These payment system trade payables are
recognised initially at their fair value and subsequently measured at amortised
cost using the effective interest method. Due to the right to withdraw the funds,
the payables are presented as current on the balance sheet. The carrying
amount of the payment system trade payables is considered to equal their fair
value due to their short maturity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-405": { "value": "
22. Provisions
EUR thousand
Environmental
provisions
Others
Total
1 Jan 2024
185
-
185
Increase
118
-
118
Used during the year
-65
-
-65
31 Dec 2024
239
-
239
Non-current
150
-
150
Current
89
-
89
Total
239
-
239
EUR thousand
Environmental
provisions
Others
Total
1 Jan 2023
100
20
120
Increase
132
-
132
Used during the year
-47
-20
-67
31 Dec 2023
185
-
185
Non-current
150
-
150
Current
35
-
35
Total
185
-
185
Koskisen has a provision to cover costs estimated still to incur from the cleaning of
groundwater. As a consequence of the 1976 fire at the sawmill, a significant amount of
chlorophenol ended up in groundwater around the factory. The Group has since
committed funds to clean the contaminated ground and groundwater. Currently the
chlorophenol content has been lowered to low levels, but Koskisen will continue the
cleaning and monitoring work for some years to come. The progress of the cleaning
and the necessary measures are evaluated annually in cooperation with the
environmental authorities and groundwater experts.
ACCOUNTING POLICY
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources
will be required to settle the obligation, and the amount can be reliably
estimated. Provisions are not recognised for future operating losses. Provisions
are measured at the present value of management\u2019s best estimate of the
expenditure required to settle the present obligation at the end of the reporting
period. Provisions are presented as current liabilities if amounts are expected to
be settled within 12 months from the end of the reporting period. Otherwise
provisions are presented as non-current liabilities.
Key estimates and judgements
Estimation of the amount and timing of the provision
An estimate of the financial impact of a past event requires judgement from the
management. Koskisen\u2019s management has estimated that the groundwater cleaning
will continue for another about five years. The expected costs have been estimated
based on the historical costs and knowledge of similar events. The provision amounts
are reviewed regularly and adjusted as necessary to reflect the best estimate at the end
of the reporting period. Actual expenses may differ from the estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-406": { "value": "
ACCOUNTING POLICY
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources
will be required to settle the obligation, and the amount can be reliably
estimated. Provisions are not recognised for future operating losses. Provisions
are measured at the present value of management\u2019s best estimate of the
expenditure required to settle the present obligation at the end of the reporting
period. Provisions are presented as current liabilities if amounts are expected to
be settled within 12 months from the end of the reporting period. Otherwise
provisions are presented as non-current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-411": { "value": "
23. Other payables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current liabilities
Accrued employee expenses
14
-
Total
14
-
Current liabilities
Accrued employee expenses
7,869
8,856
Payroll tax liabilities
2,210
1,840
Subcontractor accruals
1,675
2,721
Accruals related to materials and services
925
1,027
Other liabilities
485
471
Interest liabilities
475
106
Property tax liability
179
-
Other accrued liabilities
483
791
Total
14,300
15,811
Other liabilities total
14,314
15,811
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-410": { "value": "
23. Other payables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current liabilities
Accrued employee expenses
14
-
Total
14
-
Current liabilities
Accrued employee expenses
7,869
8,856
Payroll tax liabilities
2,210
1,840
Subcontractor accruals
1,675
2,721
Accruals related to materials and services
925
1,027
Other liabilities
485
471
Interest liabilities
475
106
Property tax liability
179
-
Other accrued liabilities
483
791
Total
14,300
15,811
Other liabilities total
14,314
15,811
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-409": { "value": "
23. Other payables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current liabilities
Accrued employee expenses
14
-
Total
14
-
Current liabilities
Accrued employee expenses
7,869
8,856
Payroll tax liabilities
2,210
1,840
Subcontractor accruals
1,675
2,721
Accruals related to materials and services
925
1,027
Other liabilities
485
471
Interest liabilities
475
106
Property tax liability
179
-
Other accrued liabilities
483
791
Total
14,300
15,811
Other liabilities total
14,314
15,811
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-408": { "value": "
23. Other payables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current liabilities
Accrued employee expenses
14
-
Total
14
-
Current liabilities
Accrued employee expenses
7,869
8,856
Payroll tax liabilities
2,210
1,840
Subcontractor accruals
1,675
2,721
Accruals related to materials and services
925
1,027
Other liabilities
485
471
Interest liabilities
475
106
Property tax liability
179
-
Other accrued liabilities
483
791
Total
14,300
15,811
Other liabilities total
14,314
15,811
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-407": { "value": "
23. Other payables
EUR thousand
31 Dec 2024
31 Dec 2023
Non-current liabilities
Accrued employee expenses
14
-
Total
14
-
Current liabilities
Accrued employee expenses
7,869
8,856
Payroll tax liabilities
2,210
1,840
Subcontractor accruals
1,675
2,721
Accruals related to materials and services
925
1,027
Other liabilities
485
471
Interest liabilities
475
106
Property tax liability
179
-
Other accrued liabilities
483
791
Total
14,300
15,811
Other liabilities total
14,314
15,811
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-412": { "value": "
24. Group structure
Subsidiaries belonging to the Group as at 31 December 2024 are presented in the
following table:
Subsidiary
Country of
incorporation
Group ownership
% 31 Dec 2024
Group ownership
% 31 Dec 2023
Kosava-Kiinteist\u00f6t Oy
Finland
100%
100%
Koskisen Sp z.o.o
Poland
100%
100%
ACCOUNTING POLICY
Subsidiaries are companies in which the Group has control. The Group has
controlling power in a company when, by being part of it, it is exposed to its
variable return or is entitled to variable return and it is able to influence this
return by using its power over the company to direct its operations. Subsidiaries
are combined in the consolidated financial statements in their entirety from the
day the Group acquires control over them. The merger is terminated when
control ceases.
Transactions between Group companies, including internal receivables and
payables, income and expenses and unrealised profits, are eliminated. Unrealised
losses are also eliminated, unless the transaction gives indications of a decrease
in the value of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "
ACCOUNTING POLICY
Subsidiaries are companies in which the Group has control. The Group has
controlling power in a company when, by being part of it, it is exposed to its
variable return or is entitled to variable return and it is able to influence this
return by using its power over the company to direct its operations. Subsidiaries
are combined in the consolidated financial statements in their entirety from the
day the Group acquires control over them. The merger is terminated when
control ceases.
Transactions between Group companies, including internal receivables and
payables, income and expenses and unrealised profits, are eliminated. Unrealised
losses are also eliminated, unless the transaction gives indications of a decrease
in the value of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "
ACCOUNTING POLICY
Subsidiaries are companies in which the Group has control. The Group has
controlling power in a company when, by being part of it, it is exposed to its
variable return or is entitled to variable return and it is able to influence this
return by using its power over the company to direct its operations. Subsidiaries
are combined in the consolidated financial statements in their entirety from the
day the Group acquires control over them. The merger is terminated when
control ceases.
Transactions between Group companies, including internal receivables and
payables, income and expenses and unrealised profits, are eliminated. Unrealised
losses are also eliminated, unless the transaction gives indications of a decrease
in the value of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-415": { "value": "
25. Related party transactions
Koskisen\u2019s related parties consists of the members of Board of Directors, the chief
executive officer (CEO), members of the Executive Board and shareholders with
significant influence over the company. The related parties also include the close family
members of these aforementioned individuals and entities in which these individuals
have either control or joint control.
COMPENSATION AND REMUNERATION TO THE MEMBERS OF THE EXECUTIVE
BOARD AND BOARD OF DIRECTORS
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
CEO
Wages and salaries and other short-term employee
benefits
447
613
Pension costs \u2013 defined contribution plans
133
161
Share-based payments
115
77
Total
694
851
Executive Board
Wages and salaries and other short-term employee
benefits
1,030
1,087
Pension costs \u2013 defined contribution plans
321
186
Share-based payments
57
39
Total
1,408
1,312
Board of Directors
Wages and salaries
267
268
Pension costs \u2013 defined contribution plans
1
6
Total
267
274
Total remuneration of the management and Board of
Directors
2,370
2,437
The CEO may receive a performance bonus amounting to a maximum of 48 per cent of
the annual salary. The amount of the performance bonus depends on the annual
targets. The CEO\u2019s period of notice is six months, and the severance pay equals six
months\u2019 salary. The fixed salary consists of a basic salary and fringe benefits. The CEO
has a defined contribution supplementary pension plan, the annual fee of which is an
amount equivalent to two months\u2019 fixed salary. Based on the supplementary pension
agreement, the CEO may retire at the age of 65. The members of the Executive Board
also have a supplementary defined contribution pension plan, the annual fee of which
is an amount equivalent to two months\u2019 fixed salary per member of the Executive
Board. The statutory pension expense of the CEO and Executive Board for the financial
year 2024 amounted to EUR 240 thousand (2023: EUR 278 thousand). The Board of
Directors\u2019 fees do not include statutory retirement obligation.
During the financial period 2022, Koskisen established share-based incentive plans for
its key employees and key management. In addition, some of the members of the
Executive Board who are related parties have participated in Koskisen\u2019s personnel
offering. More detailed information on the share-based incentive plans is presented in
note 7: Share-based incentive plans.
SHAREHOLDING OF THE KEY MANAGEMENT PERSONNEL
EUR thousand
31 Dec 2024
31 Dec 2023
Board of Directors, CEO and Executive Board
Shares (pcs)
6,449,204
6,785,781
Shareholding, %
28%
29%
Total number of shares outstanding (pcs)
23,024,073
23,010,573
Additional information about changes in shares in note 19: Equity.
On 31 December 2024, the members of the Board of Directors, CEO and Executive
Board held altogether 6,449,204 shares. The figures include the holdings of their own,
their close family members and control entities. During the financial year, no loans have
been granted to the Group\u2019s management. No pledges have been given or other
commitments made on behalf of the company\u2019s management and shareholders.
RELATED PARTY TRANSACTIONS
EUR thousand
1 Jan\u201331 Dec
2024
1 Jan\u201331 Dec
2023
Income from sale of property, plant and equipment
-
881
Purchases of materials and supplies
-88
-
Rent expense
-3
-4
Total
-90
877
During the financial period, the company purchased wood from a member of the
Board of Directors belonging to the company\u2019s related parties. During the comparative
financial year, the company sold a property with movables and two cars to a member of
the Board of Directors belonging to the company\u2019s related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "
Koskisen\u2019s related parties consists of the members of Board of Directors, the chief
executive officer (CEO), members of the Executive Board and shareholders with
significant influence over the company. The related parties also include the close family
members of these aforementioned individuals and entities in which these individuals
have either control or joint control.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-420": { "value": "
26. Contingent liabilities and commitments
EUR thousand
31 Dec 2024
31 Dec 2023
Liabilities for which collaterals have been given
Loans from financial institutions
15,500
20,500
Account and guarantee limits in use at the balance
sheet date
Account limit
-
-
Guarantee limit
83
83
Mortgages
Real estate mortgages
307,200
307,200
Company mortgages
181,551
181,551
Guarantees
Advance payment, delivery, etc. guarantees
83
83
Koskisen has committed to a total of EUR 9.5 million in payments related to
investments. The commitments are mainly related to the investment programme in
plywood production which was launched at the end of the year, and the new log yard
in J\u00e4rvel\u00e4.
Legal disputes
As at 31 December 2024, there were no significant on-going legal disputes (31
December 2023: no significant legal disputes).
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-419": { "value": "
26. Contingent liabilities and commitments
EUR thousand
31 Dec 2024
31 Dec 2023
Liabilities for which collaterals have been given
Loans from financial institutions
15,500
20,500
Account and guarantee limits in use at the balance
sheet date
Account limit
-
-
Guarantee limit
83
83
Mortgages
Real estate mortgages
307,200
307,200
Company mortgages
181,551
181,551
Guarantees
Advance payment, delivery, etc. guarantees
83
83
Koskisen has committed to a total of EUR 9.5 million in payments related to
investments. The commitments are mainly related to the investment programme in
plywood production which was launched at the end of the year, and the new log yard
in J\u00e4rvel\u00e4.
Legal disputes
As at 31 December 2024, there were no significant on-going legal disputes (31
December 2023: no significant legal disputes).
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-418": { "value": "
26. Contingent liabilities and commitments
EUR thousand
31 Dec 2024
31 Dec 2023
Liabilities for which collaterals have been given
Loans from financial institutions
15,500
20,500
Account and guarantee limits in use at the balance
sheet date
Account limit
-
-
Guarantee limit
83
83
Mortgages
Real estate mortgages
307,200
307,200
Company mortgages
181,551
181,551
Guarantees
Advance payment, delivery, etc. guarantees
83
83
Koskisen has committed to a total of EUR 9.5 million in payments related to
investments. The commitments are mainly related to the investment programme in
plywood production which was launched at the end of the year, and the new log yard
in J\u00e4rvel\u00e4.
Legal disputes
As at 31 December 2024, there were no significant on-going legal disputes (31
December 2023: no significant legal disputes).
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-417": { "value": "
26. Contingent liabilities and commitments
EUR thousand
31 Dec 2024
31 Dec 2023
Liabilities for which collaterals have been given
Loans from financial institutions
15,500
20,500
Account and guarantee limits in use at the balance
sheet date
Account limit
-
-
Guarantee limit
83
83
Mortgages
Real estate mortgages
307,200
307,200
Company mortgages
181,551
181,551
Guarantees
Advance payment, delivery, etc. guarantees
83
83
Koskisen has committed to a total of EUR 9.5 million in payments related to
investments. The commitments are mainly related to the investment programme in
plywood production which was launched at the end of the year, and the new log yard
in J\u00e4rvel\u00e4.
Legal disputes
As at 31 December 2024, there were no significant on-going legal disputes (31
December 2023: no significant legal disputes).
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-421": { "value": "
ACCOUNTING POLICY
Contingent liability is a possible obligation that arises from past events and
whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Group.
A present obligation is considered as contingent liability when it is not probable
that an outflow of resources is required to settle the obligation, or the amount of
the obligation cannot be measured with sufficient reliability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-422": { "value": "
27. Events after the financial period
Koskisen Corporation communicated on 10 March 2025 that it has agreed to acquire
the business operations of Iisveden Mets\u00e4 Oy. The transaction will be carried out as a
business acquisition, including, with certain limited exceptions, the entire business of
Iisveden Mets\u00e4, including the factory property located in Suonenjoki with machinery
and equipment, as well as inventories. The personnel of Iisveden Mets\u00e4, approximately
50 people, will be transferred to Koskisen as \u201cold employees\u201d.
The debt-free purchase price of the transaction is EUR 22.5 million and its cash part will
be adjusted at the time of the completion of the transaction by a net working capital
adjustment, which is not expected to be significant. In addition, Koskisen will pay the
seller a maximum earnout of EUR 4 million if the conditions specified for the payment
of the earnout, mainly related to sales price of sawn timber, are met during 2025\u20132027.
Iisveden Mets\u00e4\u2019s revenue (unaudited) in 2024 was EUR 52.7 million (EUR 52.5 million in
2023, audited) and EBITDA (unaudited) in 2024 was EUR 1.4 million (EUR 0.5 million in
2023, audited). The book value of the balance sheet items to be transferred was
approximately EUR 24.9 million (unaudited) at the end of 2024.
If completed, the transaction will increase Koskisen\u2019s revenue and EBITDA. The
transaction is expected to create synergies in raw material sourcing, especially for birch
logs, thus supporting the organic growth and profitability of the Panel Industry. The
transaction will also have positive effects on the production efficiency and the
optimisation of market-specific concepts of Sawn Timber Industry. The completion of
the transaction is currently not expected to have an impact on Koskisen\u2019s profit
guidance for 2025.
The completion of the transaction requires the approval of Finnish and Estonian
competition authorities, approval by a qualified majority at the Annual General Meeting
of Iisveden Mets\u00e4 and the fulfilment of certain other ordinary closing conditions.
Koskisen expects the transaction to be completed during the first half of 2025.
On 21 March 2025, Koskisen Corporation\u2019s Board of Directors decided on a free directed
share issue for the payment of share rewards under the company\u2019s long-term
performance-based incentive programme for 2022\u20132026 (earning period 2022\u20132024). A
total of 70,376 new shares were issued free of charge in a directed share issue to seven
persons covered by the incentive programme in accordance with the terms of the
programme. The rewards paid under the incentive programme to each participating
person were paid in shares and cash. The cash component covers the tax costs related
to the shares. The total number of shares in Koskisen Corporation after the registration
of new shares is 23 095 535 shares. The total of 70,376 shares issued in the free directed
share issue were registered in the Finnish Trade Register on 4 April 2025. Koskisen
Corporation\u2019s Board of Directors decided on the free directed share issue on the basis of
an authorisation granted by the Annual General Meeting on 16 May 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9845000D85046ECFFF27", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }