Notes to the financial statements

1. ACCOUNTING PRINCIPLES

1.1. VALUATION PRINCIPLES

Fixed assets are stated at historical cost less accumulated straight-line depreciation. Current assets are stated at historical cost or at lower fair value. Foreign currency items are translated using the exchange rate at the balance sheet date. The consolidated financial statements are presented in thousands of euros (1 000 EUR).

1.2. DEPRECIATION AND AMORTISATION

Depreciation is calculated from the historical cost, and is calculated on a straight-line basis over the estimated economic life on the asset. The basis of calculation are:

Buildings and constructions20-50
Machinery and equipment5-10
Other tangible assets10-20
Immaterial rights5-10
Other long-term expense items10
Consolidated goodwill5-10

1.3. CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements include the parent company Oy Forcit Ab and the subsidiary companies Forcit Sweden AB, Forcit Norway AS, Forcit International Oy Ab, Forcit Consulting Oy, Forcit Consulting AB, Forcit Consulting AS, O-Piblast S.A. and Forcit Ireland Ltd. The consolidated financial statements also include the associated company Vipnordic AB. Vipnordic AB’s financial statements are prepared per 31.08.2022. The consolidated financial statement is prepared according to the acquisition method. All intercompany transactions, balances, gains and losses are eliminated as part of the consolidation process. During the financial year, Suomen Tärinämittaus Oy was merged with Forcit Consulting Oy.

2. PROFIT AND LOSS ACCOUNT
2.1. NET SALES PER BUSINESS SECTOR
Consolidated20222021
Explosives211 010133 199
Consulting17 33217 268
Total228 342150 466
Parent Company20222021
Explosives112 67671 999
Total112 67671 999
2.2. SALARIES FOR THE REPORTING PERIOD AND THE AVERAGE NUMBER OF PERSONNEL
Consolidated20222021
Boards of Directors and CEO´s1 6311 695
Other personnel30 84127 424
Total32 47229 119
Parent Company20222021
Boards of Directors and CEO´s644667
Other personnel15 77814 593
Total16 42315 260
During the financial period the average number of personnel20222021
Consolidated533499
Parent Company265250
2.3. OTHER OPERATING INCOME
Consolidated20222021
Income from rents166161
Return80
Other items527274
Total701435
Parent Company20222021
Intra-group transactions2 8861 652
Income from rents166161
Return80
Other items164272
Total3 2232 085
2.4. AUDIT FEES
Consolidated20222021
Audit fees154131
Other fees071
Total154203
Parent Company20222021
Audit fees4248
Other fees071
Total42118
2.5. APPROPRIATIONS
Parent Company20222021
Group contribution1 3941 745
2.6. DIVIDEND INCOME FROM GROUP
UNDERTAKINGS
Parent Company20222021
Dividend income from group undertakings2 9083 812
2.7. INCOME TAX
Consolidated20222021
Income tax on ordinary items4 7071 808
Change in deferred tax liability-1393
Total4 6941 900
Parent Company20222021
Income tax on group contributions279349
Income tax on ordinary items2 555596
Total2 834945
3. BALANCE SHEET
3.1. INTANGIBLE AND TANGIBLE ASSETS
The notes include the purchase cost for the noncurrent assets that have not entirely been depreciated by plan.

The goodwill in the consolidated Financial Statements is depreciated over a period of 5–10 years from acquisition.
Consolidated20222021
Acquisition cost 1.1.142 543127 802
Increases11 60615 867
Decreases-162-2 244
Transfers between items01 117
Acquisition cost 31.12.153 987142 543
Accumulated depreciation 1.1.-87 230-78 546
Depreciation for the reporting period-8 811-8 683
Accumulated depreciation on reductions610
Accumulated depreciation 31.12.-95 979-87 230
Increases437437
Impairments00
Book value on 31.12.58 44555 751
Balance value of intangible and tangible assets in production13 58614 730
Parent Company20222021
Acquisition cost 1.1.76 77072 909
Increases5 8772 114
Decreases-250
Transfers between items01 748
Acquisition cost 31.12.82 62376 770
Accumulated depreciation 1.1.-48 324-45 175
Depreciation for the reporting period-3 344-3 148
Accumulated depreciation on reductions00
Accumulated depreciation 31.12.-51 668-48 324
Increases437437
Book value on 31.12.31 39228 884
Balance value of intangible and tangible assets in production6 3596 934
3.2. INVESTMENTS, PARENT COMPANY
SharesConsolidatedOthersTotal
Acquisition cost 1.1.24 69928724 986
Increases2410241
Decreases000
Acquisition cost 31.12.24 94028725 227
3.3. STOCKS
Consolidated20222021
Raw materials and consumables11 8296 792
Finished products4 7052 706
Purchased products9 7017 166
Advances paid1711 179
Total26 40717 843
Parent Company20222021
Raw materials and consumables10 1975 468
Finished products3 1492 445
Purchased products4 0052 662
Advances paid1711 179
Total17 52311 753
3.4. CONSOLIDATED COMPANIES
Participation-%ConsolidatedParent Company
Forcit International Oy Ab100100
Forcit Sweden AB100100
Forcit Norway AS100100
Forcit Consulting Oy100100
Forcit Consulting AB100100
Forcit Consulting AS100100
Forcit Ireland Ltd100100
O-Pitblast S.A.100100
Vipnordic AB3333
3.5. CONSOLIDATED RECEIVABLES AND PAYABLES
Parent Company20222021
Long-term loan receivables243238
Trade receivables6 0824 021
Loan receivables126125
Other receivables*8 7738 162
Total receivables15 22312 546
Trade payables3849
Accrued expenses00
Other debts*12 3254 824
Total payables12 3634 873
*Refers mainly to cash pool arrangements
3.6. CHANGES IN EQUITY
Consolidated20222021
Share Capital 1.13 1493 149
Share Capital 31.12.3 1493 149
Reserve for invested unrestricted equity 1.11 501398
Share issue01 024
Repurchase of shares0-98
Reserve for invested unrestricted equity 31.121 5011 324
Share issue0176
Disposition fund 1.133 18330 685
Profit last year6 0696 254
Dividend for last year-3 423-3 219
Change in disposition fund-1 768-537
Disposition fund 31.12.34 06033 183
Net profit for the period21 5296 069
Total equity60 23843 901
Parent Company20222021
Share Capital 1.13 1493 149
Share Capital 31.12.3 1493 149
Reserve for invested unrestricted equity 1.11 501398
Share issue01 024
Repurchase of shares0-98
Reserve for invested unrestricted equity 31.121 5011 324
Share issue0176
Disposition fund 1.124 51021 845
Profit last year7 4895 885
Dividend for last year-3 423-3 219
Disposition fund 31.12.28 57624 510
Net profit for the period14 0467 489
Total equity47 27136 649
Distributable free funds in total 31.12.44 12333 324
3.7. APPROPRIATIONS AND DEFERRED TAX LIABILITIES
Accumulated depreciation in excess on plan
Parent Company20222021
Intangible assets
Intangible rights751452
Tangible assets
Buildings and constructions4 2844 205
Machinery and equipment3 3133 377
Other tangible assets28
Total8 3498 041
Deferred tax liability
The deferred tax liability from the depreciation in excess on plan and accrual reserve have been separated in the consolidated financial statements
20222021
Consolidated3 2893 303
The remaining depreciation difference and accrual reserve have been booked as unrestricted shareholders’ equity.
20222021
Consolidated12 14310 159
3.8. CURRENT LIABILITIES
The balance sheet item “Loans from financial institutions” also includes use of current account with overdraft facility.
20222021
Consolidated2 6672 380
Parent Company2 6672 380
3.9. ACCRUED EXPENCES AND ADVANCES RECEIVED
Assets
Consolidated20222021
Uninvoiced purchases00
Periodic invoices541833
Tax refund0-10
Other6172
Total547995
Parent Company20222021
Uninvoiced purchases00
Periodic invoices88283
Tax refund00
Other00
Total88283
Equity and liabilities
Consolidated20222021
Accrued personnel costs5 4625 318
Other accruals3 2892 248
Interests36142
Taxes3 072736
Total11 8598 444
Parent Company20222021
Accrued personnel costs2 4323 105
Other accruals1 793162
Interests3636
Taxes1747342
Total6 0083 646
3.10. CONTINGENCIES AND COMMITMENTS
3.10.1. Leasing liabilities
Consolidated20222021
Due during the next reporting period3 7813 909
Due later7 2349 506
Parent Company20222021
Due during the next reporting period1 7611 681
Due later3 2814 422
3.10.2. Rental responsibility (for business premises)
ConsolidatedParent Company
Due for payment during the following accounting period1 010190
Due for payment later2 028285
Total3 038475
3.10.3 Contingent liability on behalf of group companies
20222021
Consolidated298300
Parent Company298300
3.10.4. Other contingent liabilities
Consolidated20222021
Contingencies on own behalf3 4602 774
Parent Company20222021
Contingencies on own behalf3 3272 624