Stock Exchange release – 2022 Oyj: Due to the Group structure, reports the parent company separately in accordance with Finnish Accounting Standards (FAS) – The Group is reported in accordance with IFRS

Due to the Group structure, reports the parent company separately in accordance with Finnish Accounting Standards (FAS) – The Group is reported in accordance with IFRS Oyj Stock Exchange Release    20 December 2022 at 8:30am EET

Due to the Group structure, will report the parent company separately, and in accordance with Finnish Accounting Standards (FAS). has formed a Group since completing an acquisition on 1 April 2022.

The change does not affect the Group’s reporting. The Group reports its year-end financial statements bulletin and financial statements for the financial period ending on 31 December 2022 in accordance with (IFRS), and for the first time, the parent company reports separately in accordance with FAS.

Attached to this release are the unaudited interim bridge calculations according to FAS from the parent company’s income statement and balance sheet for the full year of 2021. will publish its Financial Statements Bulletin for 2022 on 9 February 2023.

For more information, please contact:

Mikko Forsell
CFO, Oyj
Tel. +358 10 309 5555

Marja Mäkinen
Head of Investor Relations and Corporate Communications Oyj
Tel. +358 40 671 2999

The unaudited interim bridge calculations in accordance with FAS from the parent company of’s income statement and balance sheet for the full year of 2021.

 IFRS 31 December 2021 FAS adjustments requirementFAS 31 December 2021
Revenue574 513 965  574 513 965
Other operating income921 848  921 848
Materials and services-483 322 9533b)59 749-483 263 203
Employee benefit expenses-36 570 4781b)1 538 289-35 032 189
Depreciation and amortization-4 983 4392)3 649 630-1 333 809
Other operating expenses-30 263 0771b), 2)-6 572 454-36 835 531
Operating profit20 295 867 -1 324 78618 971 081
Finance income5 629  5 629
Finance costs-1 352 4472)1 197 715-154 732
Net financial costs-1 346 818 1 197 715-149 102
Profit before income taxes18 949 049 -127 07118 821 978
Taxes in the accounting period-3 795 968  -3 795 968
Taxes from current accounting periods261  261
Income taxes-60 2055)60 2050
Income taxes total-3 855 912 60 205-3 795 706
Profit for the period15 093 138 -66 86615 026 272

 IFRS balance on 31 December 2021 FAS adjustments requirementFAS balance on 31 December 2021
Intangible assets    
Property, plant and equipment1 363 597  1 363 597
Right-of-use assets5 214 014  5 214 014
Equity investments15 776 4592)-15 776 4590
Deferred tax assets266 4843a)-265266 219
Trade receivables1 289 1635)-1 289 1630
Loan receivables3 816 537  3 816 537
Receivables from companies of the same group, short-term   
Other non-current receivables424 764  424 764
Non-current assets, total28 151 019 -17 065 88711 085 132
Current assets    
Inventories87 802 9633b)509 34188 312 304
Trade receivables23 123 801  23 123 801
Receivables from companies of the same group, long-term   
Loans receivable    
Other receivables3 699 415  3 699 415
Income tax receivables    
Accrued income8 627 205  8 627 205
Cash and cash equivalents20 917 082  20 917 082
Current assets, total144 170 466 509 341144 679 807
Total assets172 321 485 -16 556 546155 764 939
Share capital100 000 0100 000
Treasury shares-1 610 6161c)11 173-1 599 443
Invested unrestricted equity fund25 937 990 025 937 990
Retained earnings-3 837 9361), 2), 3), 4), 5)3 114 194-723 742
Profit for the period15 093 1381), 2), 3), 4), 5)-66 86615 026 272
Total equity35 682 576 3 058 50138 741 077
Non-current liabilities    
Lease liabilities16 104 8492)-16 104 8490
Liabilities to credit institutions    
Deferred tax liabilities    
Liabilities to companies of the same group, long-term   
Provisions895 743  895 743
Non-current liabilities, total17 000 591 -16 104 849895 743
Current liabilities    
Lease liabilities4 034 4772)-4 034 4770
Liabilities to credit institutions    
Advance payments received5 760 991  5 760 991
Trade payables77 609 210  77 609 210
Liabilities to companies of the same group, short-term   
Other current liabilities10 717 9091a)-756 9679 960 942
Accrued liabilities19 777 7271a), 2), 4)1 281 24621 058 973
Income tax liabilities1 738 004 01 738 004
Current liabilities, total119 638 319 -3 510 198116 128 120
Total liabilities136 638 910 -19 615 047117 023 863
Total equity and liabilities172 321 485 -16 556 546155 764 939

FAS notes

Outlined below are the accounting policies that have had the most significant effects on the income statement, and statement of financial position statement of Oyj due to the adoption of FAS.

1. Changes in classification

a) Classification changes related to the balance sheet.

b) Voluntary personnel costs

The company has presented in the IFRS financial statements that all personnel expenses included in employee benefits are presented as part of personnel expenses.

In FAS, all voluntary personnel expenses are included in other business expenses.

c) Own shares

In previous years, the company has recorded transaction costs resulting from the acquisition cost of its own shares in equity as part of the IFRS acquisition cost of the shares.

In FAS, the acquisition costs of the company's own shares are treated as expenses in the income statement.

2. Leases

The company is, according to IFRS, the company must record in the balance sheet of all lease agreements the equivalent of the present value of the minimum rents at the beginning of the lease agreement asset and liability. The standard includes a practical aid for recording, according to which low-value and short-term (less than 12 months) leases may not be recorded. Corporation has decided to apply both means of assistance. Asset and liability based on leasehold the amount is calculated by discounting future minimum rents. With the processing according to IFRS The rental expense shown in the FAS is compensated by depreciation of the asset. In addition, it is recorded the interest expenses of the lease debt, which are presented in the financial expenses of the income statement. As far as lease agreement payments have been allocated to accrued liabilities, they have been transferred as part of the lease agreement debt.

In FAS, the income statement records the costs of leases according to the passage of time to other business expenses. At the end of the accounting period, the rental obligations are reported on the balance sheet as external items as part of liability commitments.

3. Financial instruments

a) Classification of equity investments at fair value through other comprehensive income

IFRS requires the classification of financial assets based on the business model. The company is IFRS evaluated the business model of equity investments and made an irrevocable decision classify the equity investments in question at fair value through other comprehensive income. In FAS, the company treats investments initially at acquisition cost.

According to IFRS, changes in the fair value of investments are recorded in other comprehensive income. Equity in connection with the transfer of conditional investments, related to accumulated other items of comprehensive income the included balance is transferred to retained earnings.

b) Annual credits for inventory

In accordance with IFRS, when determining the purchase costs of inventory, it is minus annual credits. In accordance with FAS, not all annual credits have been allocated to the acquisition cost of the inventory.

In this regard, the company must adjust the book value of the warehouse and the book adjusted deferred taxes. In the income statement, the effect is reflected in the materials and services item, in the change of current assets and as a change in deferred taxes.

4. Other adjustments

In 2021, had two share-based incentive plans for the CEO and members of the Management Team, the Matching Share Plan 2018–2020 and the Performance Matching Share Plan 2020–2022.

In 2021, handed over the rewards according to the first commitment period of the Additional Share Program 2018–2020 in a directed free share issue.

Share-based incentive plans has been classified in the IFRS reporting as an equity-settled transaction, because Oyj will deduct, on behalf of the employee, from the share award such number of shares which covers taxes and tax-like charges paid in cash.

This equity-settled shared-based payment was measured at grant date fair value and recognized as an expense and in retained earnings during its validity period.

In FAS, the share-based payment is recognized as an expense and accrued liabilities.

5. Deferred tax assets and liabilities

The company has recorded an IFRS deferred tax asset related to lease agreements and inventory for correction. The company will not record deferred taxes for these items in the FAS financial statements.

Nasdaq Helsinki
Main media empowers its customers to follow their passion by providing a wide product assortment of around 90,000 products. Oyj serves its retail and corporate customers through its webstore, megastores, kiosk and network of collection points as well as fast deliveries and various services. As Finland’s most popular and most visited domestic online retailer, its deliveries cover around 75 percent of the Finnish population within the next day. The Company has four megastores: in Oulu, Pirkkala, Raisio, and Helsinki, where its headquarters is also located. employs more than 750 people and its shares are listed on the Nasdaq Helsinki stock exchange with the ticker VERK.

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