Disclosure Of Material Accounting Policy Information [Text Block]

Exel Composites Oyj - Filing #4189933

Concept	2024-01-01 to 2024-12-31
Disclosure of material accounting policy information [text block]	—
Description of accounting policy for available-for-sale financial assets [text block]	NOTE 2 BASIS OF PREPARATION
Description of accounting policy for borrowing costs [text block]	NOTE 16 FINANCIAL EXPENSES
Description of accounting policy for borrowings [text block]	NOTE 25 INTEREST-BEARING LOANS AND
Description of accounting policy for business combinations [text block]	In major corporate mergers the Group has employed the services of an outside advisor in
Description of accounting policy for construction in progress [text block]	In addition, the recoverable amount is assessed annually for the following items
Description of accounting policy for deferred income tax [text block]
Description of accounting policy for determining components of cash and cash equivalents [text block]
Description of accounting policy for earnings per share [text block]	NOTE 13 EARNINGS PER SHARE
Description of accounting policy for employee benefits [text block]	ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities At initial recognition the Group measures a financial asset or liability at its fair value, which basically is the transaction price, and subsequently at amortized cost. A fair value can be measured to some financial liabilities which have been measured at amortized cost. Their fair values are based on the future cash flows that are discounted with market interest rates on the reporting date. Note 23 presents the impairments in respect of trade receivables. Other financial assets are not subject to material impairment.Net fair values and nominal values of financial assets and liabilities 2024 2024 2023 2023 Net fair value  Nominal value Net fair value  Nominal value Trade and other receivables 19,227 19,227 17,019 17,019 Cash and cash equivalents 10,904 10,904 10,952 10,952 Bank loans 23,967 23,864 41,412 41,400 Current credit facilities 1,069 1,069 731 731 Trade and other payables (excl. accrued liabilities) 18,637 18,637 16,631 16,631 Electricity derivatives (note 28) -113 0 189 0 Changes in the fair value of derivative financial instruments are recognized in the income statement in financial gains and losses.NOTE 31 PENSION AND OTHER POST-EMPLOYMENT OBLIGATIONS ACCOUNTING PRINCIPLE: Pensions and other post-employment benefits The Group’s pension schemes comply with each country’s local regulations and practices. Some of the pension schemes in the Group apply defined benefit pension schemes where the pension benefits, disability benefits and employment termination benefits are defined. Pension benefits are based generally on the period of employment and salary over a fixed period for each employee. Pension contributions are funded through payments to insurance companies. In addition, the Group has defined-contribution plans. In defined benefit pension plans, the present value of future pension payments on the closing date is presented less the fair value of the plan-related assets on the closing date. Pension liabilities are calculated by independent actuaries. The pension liability is determined according to the projected unit credit method: the pension liability is discounted to the present value of estimated future cash flows using the interest rate which is equal to the interest rate of government or corporate bonds with maturities corresponding to the maturity of the pension liability. Pension costs are recorded in the income statement as an expense with costs periodized over the employees’ time of service based on actuarial calculations carried out annually. Actuarial gains and losses are recognized in full as a component of other comprehensive income. In defined-contribution schemes, pension contributions are paid to insurance companies, after which the Group no longer has other payment obligations. The Group’s contributions to defined-contribution schemes are entered in the financial period to which the payments relate. The Group operates a number of defined benefit and contribution pension schemes throughout the world.
Description of accounting policy for fair value measurement [text block]	In major corporate mergers the Group has employed the services of an outside advisor in assessing the fair value of tangible assets. For tangible assets comparisons have been made with the market prices of similar assets and an estimate made about impairment caused by the acquired asset’s age, wear and other related factors. The determination of the fair value of tangible assets is based on estimates of cash flows related to the asset.ACCOUNTING PRINCIPLE: Valuation of financial assets and liabilities At initial recognition the Group measures a financial asset or liability at its fair value, which basically is the transaction price, and subsequently at amortized cost. A fair value can be measured to some financial liabilities which have been measured at amortized cost. Their fair values are based on the future cash flows that are discounted with market interest rates on the reporting date. Note 23 presents the impairments in respect of trade receivables. Other financial assets are not subject to material impairment.
Description of accounting policy for foreign currency translation [text block]
Description of accounting policy for functional currency [text block]	The consolidated financial statements are presented in euros and all values are rounded to
Description of accounting policy for goodwill [text block]	The Group assesses whether there are any indicators of impairment for all non-financial
Description of accounting policy for government grants [text block]
Description of accounting policy for hedging [text block]	NOTE 28 FINANCIAL RISK MANAGEMENT
Description of accounting policy for impairment of assets [text block]
Description of accounting policy for income tax [text block]
Description of accounting policy for issued capital [text block]	NOTE 32 SHARE CAPITAL
Description of accounting policy for leases [text block]
Description of accounting policy for loans and receivables [text block]	NOTE 23 TRADE AND OTHER RECEIVABLES
Description of accounting policy for measuring inventories [text block]
Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block]
Description of accounting policy for intangible assets and goodwill [text block]
Description of accounting policy for intangible assets other than goodwill [text block]
Description of accounting policy for property, plant and equipment [text block]
Description of accounting policy for provisions [text block]	NOTE 26 TRADE AND OTHER NON-INTEREST-
Description of accounting policy for recognition of revenue [text block]
Description of accounting policy for repairs and maintenance [text block]
Description of accounting policy for research and development expense [text block]	NOTE 10 RESEARCH AND DEVELOPMENT
Description of accounting policy for segment reporting [text block]	The Group has one operating segment, Exel Composites.
Description of accounting policy for share-based payment transactions [text block]	NOTE 33 LONG-TERM COMPENSATION
Description of accounting policy for subsidiaries [text block]	Exel Composites’ consolidated financial statements include the accounts of the parent
Description of accounting policy for taxes other than income tax [text block]	Revenues, expenses and assets are recognized net of the amount of sales tax except
Description of accounting policy for transactions with related parties [text block]	Exel Composites’ related parties include the controlling parent company, all companies