KID ASA
ANNUAL
REPORT
2021
Financial statements for
DISCLAIMER: This report includes forward-looking statements which are based on our current expectations and projections about future events. All statements other than statements of historical
facts included in this report, including statements regarding our future financial position, risks and uncertainties related to our business, strategy, capital expenditures, projected costs and our plans
and objectives for future operations, including our plans for future costs savings and synergies may be deemed to be forward-looking statements. Words such as “believe”, “expect”, “anticipate”,
“may”, “assume”, “plan”, “intend”, “will”, “should”, “estimate”, “risk” and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. By their nature,
forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking
statements are not guarantees of future performance. You should not place undue reliance on these forward-looking statements. In addition any forward-looking statements are made only as of the
date of this notice, and we do not intend and do not assume any obligation to update any statements set forth in this notice.
© KID ASA
KID ASA
ANNUAL
REPORT
Financial highlights 2021 ......................................................4
About KID ............................................................................6
Historical milestones & company facts .................................. 8
Nordic presence ................................................................. 12
At a glance 2021 ................................................................13
Letter from the CEO ............................................................14
Group management ............................................................16
Corporate governance ........................................................18
Board of Directors’ report ...................................................23
Consolidated financial statement ........................................28
Notes to the consolidated financial statement .....................35
Parent company financial statement ...................................67
Notes to the parent company financial statement .................72
Responsibility statement .................................................... 80
Independent Auditor’s report ...............................................81
Financial calendar .............................................................86
Contents
FINANCIAL
STATEMENTS
KID ASA 2021
REPORTS
STATEMENTS
&
KID ASA Annual Report 20214
FINANCIAL HIGHLIGHTS 2021
2021
2020
Q4Q3Q2Q1
2020 2021
39.5
-7.7
102.2
104.6
147.5
138.9
301.4
299.3
2021
2020
Q4Q3Q2Q1
2020 2021
508
569.8
660.5
676.3
729
751
1,097
1,100
EBITDA
(MNOK)
* Excluding IFRS 16 effects
Revenues
(MNOK)
Financial hightlights
KID ASA Annual Report 2021 5
Group 2021
Q4Q3Q2Q1
9.3
0.2
0.1
2.9
Group 2021
Like-for-like growth
(%)
230
240
250
260
270
280
290
2021
2020
Q4Q3Q2Q1
2020 2021
277
279
281
286
275
275
273
278
Number of physical stores
(Period end)
Financial hightlights
KID ASA Annual Report 20216
Kid and Hemtex is the leading pure-play specialist within home
textile and interior market in Norway and Sweden, respectively.
Both brands are beneting from unbeatable brand recognition
and top-of-mind awareness. Hemtex is also present in Finland
and Estonia.
rough in-depth market analysis, monitoring and adapting
to underlying consumer trends and demands, supported by in-
house design and sourcing competence, we bring high quality,
yet value for money, products to our customers. Practically all
our products are Kid branded, while some premium products are
marketed as sub-brands such as Dekosol and Nordun.
e Kid spirit is based on commitment to our values of
entrepreneurial spirit, inspiration and dedication.
Kid is headquartered in Lier, Norway where the group head oce
and central warehouse for the Norwegian market is located,
while Hemtex’ oces and warehouse facilities are located in
Borås, Sweden.
ABOUT KID
Kid ASA (listed on the Oslo Stock Exchange under the ticker symbol KID) operates as a home
textile retailer through Kid Interior in Norway with 153 stores, and under the Hemtex brand in
Sweden, Finland and Estonia with 133 stores. The Kid Group offers a full range of home and interior
products, including textiles, curtains, bed linens, smaller furniture, accessories and other interior
products. We design, source, market and sell these products through our stores as well as through
our online sales platforms. At the end of 2021 the Kid Group had 2,121 employees.
About Kid
From the headquarter in Lier.
KID ASA Annual Report 2021 7
About Kid
Inspiration for
every home
OUR MISSION
KID ASA Annual Report 20218
1937
2015 2019
195319941997
2005 2009 2012
1970
s
Acquisition of Hemtex
Kid Interior was established
by Jul Andrew Gundersen
as JAG shoe factory
Hemtex was aquired May 2019
The company turns public as its shares
are listed on the Oslo Stock Exchange.
Kid registers a strong financial
performance and central warehouse
and administration functions are
relocated to new facilities in Lier
The first shop was opened in Drammen
in 1953, called “Fabrikkutsalget”
(Factory Outlet). At first, the store sold
just shoes, but moved into interior
products, including sale of the first
woollen versions of its duvet
The company changed its name to
Kid Interior and began using the
Kid brand for selected products
The third generation of the
Gundersen family takes over the
business, which has now grown
to 24 stores
The Gundersen family
relinquishes control
of Kid as its majority
shareholding is sold to
IK Capital Partners.
The Kid store network
has grown to 92
DNB Bank takes control of Kid
Interior following a long-term
debt default
Gjelsten Holding takes 100 percent
ownership of the company, which
now comprises 111 stores after a
successful turnaround
An increased focus on interior
textiles and the start of its own
production
COMPANY FACTS
Company facts
Oslo Stock Exchange
Successful turnaround
DNB Bank
Shares sold
Establishment
The first shop
Own production
Change of name
Growing
KID ASA Annual Report 2021 9
Company facts
10.2%
ONLINE
SHARE
13.8%
ONLINE SHARE
of total revenue
(Hemtex)
7.8%
ONLINE SHARE
of total revenue
(Kid)
3,097
MILL NOK
IN REVENUES
for 2021
2,121
EMPLOYEES
(Kid Interior + Hemtex)
9.46
EPS IN 2021
(8% increase from 2020)
2.3%
LIKEFORLIKE
GROWTH
9.8%
(Hemtex)
1.8%
(Kid)
KID ASA Annual Report 202110
Kid Storgata, Oslo
Hemtex, Marieberg
Kid Storgata, Oslo
KID ASA Annual Report 2021 11
Hemtex, Marieberg
Hemtex, Vaasa
Kid
Kid Storgata, Oslo
KID ASA Annual Report 202112
NORDIC PRESENCE 2021
NORWAY
SWEDEN
FINLAND
ESTONIA
286
NUMBER OF STORES
AT YEAR END
(KID 153 /
HEMTEX 133)
153
120
5
8
CHANGES DURING THE YEAR
10 NEW STORES
(Kid 6 / Hemtex 4)
20 REFURBISHED STORES
(Kid 11 / Hemtex 9)
7 RELOCATED STORES
(Kid 5 / Hemtex 2)
2 CLOSED STORES
(Kid 0 / Hemtex 2)
Nordic presence
KID ASA Annual Report 2021 13
AT A GLANCE 2021
2.579
(Norway: 1.1 million /
Sweden: 1.5 million)
PROPOSED DIVIDEND PER SHARE
PAID DIVIDEND IN NOVEMBER 2021
AGGREGATED YEARLY DIVIDEND OF
DIVIDEND % OF NET PROFIT
4.0
4.6
91%
8.6
62.6%
(62.3% in 2020)
590.6
EBITDA OF MNOK
At a glance
*Exclusive of IFRS 16 effects
(MNOK 535.1
in 2020)
MILLION CUSTOMER
CLUB MEMBERS
GROSS
MARGIN OF
KID ASA Annual Report 202114
DEAR SHAREHOLDERS,
We clearly acknowledge the importance
of having full control of the value chain
which is a prerequisite for maintaining
solid gross margins. Furthermore,
through stringent cost control we have
delivered increased year-on-year
Earnings Per Share for 7 consecutive
quarters – largely explained by
increased Hemtex earnings. In 2021,
Hemtex surpassed the original NOK
100 million EBITDA 2021 ambition
by 70%.
During 2021, Kid improved its digital
oering to supplement a safe and user-friendly
customer journey both online and in-stores.
Our new group ecommerce platform was launched in
all markets. e new online store provides increased focus on
inspiration, quicker response time, as well as reduced friction. As
part of the ecommerce project, we launched “Shop-in-Shop” in
Kid Interior, “Click & Collect” in Hemtex, and we launched an
online presence in Estonia which means we now have the same
online interface in all markets. When adding revenues from all
of our OMNI-channel shopping we reached NOK 470 million
equal to 15% of total revenues. e new platform enables us to
continue our digital development at a higher and more ecient
pace across markets.
As part of our marketing strategy, we have revised and renewed
our customer club functionality and oerings across the group
by focusing on the best elements from Kid Interior and Hemtex,
respectively. In combination with our new ecommerce platform,
we believe there is a potential for revenue growth through an
improved and more relevant customer communication based on
collected customer data.
Launching new products, expanding current product categories,
and piloting even more new products to ensure future growth
have been high on our agenda throughout the year.
Our physical store portfolio remains a key priority. In 2021, we
continued to develop and refurbish the store portfolio with 10
new openings, 7 relocations and 20 refurbishments. In general,
we see that both Kid Interior and Hemtex stores are increasingly
important for landlords to be represented at strategic shopping
malls and areas.
On 20 March, Kid ASA was included in the
OSEBX index on the Oslo Stock Exchange.
For us, this is an acknowledgement of
the successful development of Kid for a
number of years, and we take pride in
joining a strong group of companies
in this prestigious index.
To ensure further growth and secure
our deliveries and value chain, we
have entered into an agreement to
build a new headquarter and warehouse
for Hemtex in Borås, Sweden. We are
condent that the group will operate more
cost eciently, reduce operational risk and
better serve its customers by operating its own in-
house logistics organization. e new warehouse is expected
to be in operation during spring 2023.
2021 has been yet a challenging year for us all, but our team has
risen impressively to the challenge. In 2022, we are looking at
further expansion into new product categories and expansion of
our store portfolios in Finland and Estonia. Furthermore, we will
keep on refurbishing and expanding our physical stores, and we
will add new functionality to our ecommerce platform.
A huge ‘thank you’ to all Kid and Hemtex employees for all your
eorts and commitment in 2021, and of course to our customers,
suppliers, partners, and shareholders for supporting the Kid
Group to keep on growing.
Yours sincerely,
Anders Fjeld
CEO, Kid Interior AS
Letter from CEO
In 2021, the Kid Group reached new milestones by passing through the NOK 3 billion revenue mark and
by exceeding NOK 300 million in revenues from online sales – in a year that turned out to be another
challenging one with shifting governmental restrictions and temporary store closures following the
COVID-19 pandemic. Discrepancies in the global freight markets remain a challenge through increased
cost and delays.
KID ASA Annual Report 2021 15
Kid Interior and
Hemtex Ab are nationwide
companies for textiles, home &
living, oering a large variety of
curtains, bed linens and other
interior products, with presence in
Norway, Sweden, Finland
and Estonia
KID ASA Annual Report 202116
Anders Lorentzson was appointed Chief Executive Officer of
Hemtex in May 2018. He started his Hemtex career as Commercial
Director back in 2016 and, prior to joining the company, held senior
and executive positions at the ICA-Group in Sweden and Estonia.
Lorentzson has a solid background in the omnichannel retail
business, with more than 20 years of experience.
Anders Lorentzson
(MD Hemtex)
Anders Fjeld has been the Chief Executive Officer at Kid
since November 2018. Prior to joining Kid, he held senior and
executive positions in Elkjøp and XXL. His most recent position
was Chief Operating Officer and Concept Development Director
in XXL. Fjeld has a bachelor’s degree from BI Norwegian
Business School.
Anders Fjeld
(CEO)
Eystein Lund has been CFO and responsible for investor relation
since March 2020. He is a state authorized public accountant
and holds a master’s degree in Business & Administration, with
several years of experience as CFO. Lund was previously CFO
in Sector Alarm Group and Opplysningen AS. His experience
includes management of accounting and finance functions,
refinancing and M&A.
Eystein Lund
(CFO)
Group management
GROUP MANAGEMENT
KID ASA Annual Report 2021 17
KID ASA Annual Report 202118
1. IMPLEMENTATION AND REPORTING OF CORPORATE
GOVERNANCE PRINCIPLES
Kid ASA (Kid or the company) consider good corporate
governance key to create shareholder value through transparency,
fairness and trustworthiness. e company has developed these
principles in compliance with laws, regulations and ethical
standards. e Norwegian Corporate Governance Board has,
for companies listed on the Oslo Stock Exchange, issued the
Norwegian Code of Practice for Corporate Governance (the
“Code of Practice”). Kid complies with this Code of Practice and
it is detailed in this report with section numbers that refer to the
Code of Practice’s articles. e Code of Practise is available at
www.nues.no
2. BUSINESS
Kid’s objectives are dened in the company’s articles of
association and state that: “e business activities of the company
are commercial activities, mainly based on the purchase and sale
of interior textiles through import, wholesale, retail, franchise
and other related activities, including investments in other
enterprises and relevant real property”. (Articles of association
are made available at investor.kid.no)
e company’s strategy is to ensure growth while maintaining
cost control to ensure a continued strong cashow through:
a. Concept development and category expansion to ensure
like-for-like sales growth
b. Inspirational stores through continuous upgrading the store
portfolio
c. Opening of new stores
d. Digital footprint and e-commerce
e. Expanding the B2B customer base
e company’s risk prole is deemed to be low considering the
nature of the business and the geographical span. Kid has a risk
program which continuously identies and assesses current risks.
3. EQUITY AND DIVIDENDS
Kid considers its equity ratio sucient considering the group’s
strategy and risk prole. e dividend policy is to pay out 80-100
percent of adjusted net prot, where adjustments are made for
signicant one-o events.
e Annual General Meeting approved the proposed dividend of
NOK 4.40 per share in May 2021. e board of directors were also
given the authority to approve and distribute a half-year dividend
considering the third quarter results in 2021. A halfyear dividend
of NOK 4.60 was distributed in November 2021. A dividend of
NOK 4.0 has been proposed by the Board for 2021 year end. e
dividend is subject to approval at the annual general meeting in
May 2022.
e board of directors has a mandate to increase the company’s
share capital by up to NOK 4,877,419. e authority may only
be used to issue shares as consideration and to raise new equity
in order to strengthen the company’s nancing. e authority
remains in force until the annual general meeting in 2022, but in
no event later than 30 June 2022.
4. EQUAL TREATMENT OF SHAREHOLDERS AND
TRANSACTIONS WITH RELATED PARTIES
Kid has one class of shares.
Any purchase or sale by the company of its own shares will either
be carried out through the Oslo Stock Exchange or at prices
quoted on the Oslo Stock Exchange.
5. FREELY NEGOTIABLE SHARES
All shares in the company have equal rights and are freely
tradeable.
6. GENERAL MEETINGS
e general meeting is the arena in which all investors can exercise
their right to make fundamental decisions for the company.
e company‘s goal is to ensure that as many shareholders as
possible may exercise their rights by participating in general
meetings of the company, and that the meetings are an ecient
forum for shareholders and the board to express their views. e
policy is to facilitate shareholder participation through video
conference at the general meetings.
Notices of general meetings are made available at investor.kid.no
and a separate notice to the Oslo Stock Exchange no later than 21
days prior to the AGM. e date of the meeting is made available
in the nancial calendar. e notice clearly states deadlines
for shareholders to give notice of attendance and provides
information on the procedure for casting their votes by proxy.
All supporting documentation for the AGM is suciently
comprehensive and detailed to allow shareholders to form a view
on all matters to be considered at the meeting. e information
will be accessible on the company’s website. In accordance
with the Norwegian Public Act a shareholder can demand that
documents concerning matters that are to be dealt with at a
general meeting be sent to him or her by ordinary mail.
e board of directors and the person chairing the meeting
will make appropriate arrangements for the general meeting to
vote separately on each candidate nominated for election to the
company’s corporate bodies.
Members of the board, chairman of the nomination committee
and the auditor will attend the general meeting.
CORPORATE GOVERNANCE AT KID ASA
Corporate governance at Kid ASA
KID ASA Annual Report 2021 19
KID ASA Annual Report 202120
7. NOMINATION COMMITTEE
e general meeting has elected a nomination committee
and approved a set of guidelines for the committee’s work.
e nomination committee is also laid down in the articles of
association. e nomination committee’s main purpose is to
propose candidates for election to the board and their respective
remuneration. In order to achieve this, the committee has contact
with shareholders, the board of directors and the company’s
executive management.
e nomination committee consists of two members, who
are independent of the board and the company’s executive
management. e current members are Sten-Arthur Sælør and
Geir Moe.
8. CORPORATE ASSEMBLY AND BOARD OF DIRECTORS:
COMPOSITIONS AND INDEPENDENCE
In accordance with the articles of association, the board of
directors of Kid shall consist of a minimum of three and a
maximum of nine members, as decided by the general meeting.
Kid ASA does not have a corporate assembly, but instead has
three employee representatives on the board of Kid Interiør AS,
which is 100% owned by Kid ASA, and the ve board members of
Kid ASA are also members of the board of Kid Interiør AS. Board
meetings for both companies are held concurrently, at which the
board of directors of Kid Interiør AS is responsible for reporting
day-to-day operations, while the board of directors of Kid ASA,
as the listed parent company, is responsible for equity, long-term
debt and the incentive programme for executive management.
e board of directors at Hemtex AB consists of Group Executive
Management.
e composition of the board of directors ensures that the board
can attend to the common interests of all shareholders and meets
the company’s need for expertise, capacity and diversity. e
board members have a combined experience and competence
in the elds of retail and consumer goods, as well as nance,
property and experience from other listed companies.
60 percent of the board members are women, and no member
of the executive management team is a member of the board
of directors. e shareholder-elected members of the board of
directors have a term of one or two years, and the chairman is
elected by the general meeting.
9. WORK OF THE BOARD OF DIRECTORS
e board of directors produces an annual plan for its work, with
particular emphasis on objectives, strategy and implementation.
e chairman of the board of directors and CEO have regular
contact between the meetings to evaluate the business and they
keep the board updated on any matters that need to be addressed.
In an event where the chairman has been personally involved in
consideration of any material matter, another board member will
chair the board’s consideration of this particular matter. Board
meetings always include the CEO’s perspective on current events
and progress of business plans, while the CFO provides the board
with an overview of the company’s nancial development and
forecasted earnings and cashow.
e board evaluates its performance and expertise annually.
e board has established an audit committee consisting of two
board members.
Any transaction between the company and a related party will be
based on arm’s length terms. If relevant, the transaction will be
supported with a valuation obtained from an independent third
party. e company has guidelines to ensure that board members
and senior management disclose any material interest to the
board of directors in transactions where the company is a party.
10. RISK MANAGEMENT AND INTERNAL CONTROL
Kid is exposed to nancial risks related to foreign exchange
(FX) and interest rates. FX risks are managed by hedging nine
to eleven months forward. Interest rate risks are managed by a
MNOK 395 interest SWAP and a MNOK 115 cross currency
interest SWAP. Other operational risk areas are reported to the
board on a regular basis.
e company provides the board with monthly reports on the
group’s nancial performance and prepares quarterly reports that
are made public. e audit committee and the auditor together
review the quarterly and annual reports before they are approved
by the board.
e board of directors, with assistance from the audit committee,
carries out regular reviews of the company’s most signicant
areas of risk exposure and its internal control arrangements.
11. REMUNERATION OF THE BOARD OF DIRECTORS
e board of directors are presented separately in the annual
report.
e nomination committee proposes the remuneration of
the board of directors at the annual meeting. e proposition
takes into account the board’s responsibility, expertise, time
commitment and the complexity of the company’s activities. e
board has one sub-committee in the audit committee.
e remuneration of the board in 2021 is disclosed in the notes
to the consolidated accounts as well as the Remuneration report
for 2021.
Members of the board of directors and/or companies with which
they are associated do not, as a general rule, take on specic
assignments for the company in addition to those as members
of the board. If, however, they do take on such assignments
these will be disclosed immediately to the entire board and the
remuneration for such additional duties will be agreed by the
board.
Corporate governance at Kid ASA
KID ASA Annual Report 2021 21
12. REMUNERATION OF EXECUTIVE MANAGEMENT
e board of directors has a set of guidelines for the remuneration
of executive personnel. e board also directly determines the
remuneration for the CEO. e CEO is, in consultation with
the chairman of the board, responsible for determining the
remuneration of other members of the executive management.
e board of directors and AGM have approved an incentive
programme for executive management which aims to align
the nancial interests of Kid’s senior management and its
shareholders. e incentive programme is based on EBITDA
budget achievement with a capped maximum level. e program
includes no share options or rights, but a portion of the incentive
program is paid out over a period of three years and is dependent
on the share price development.
e board of directors prepare guidelines on the remuneration of
executive personnel and prepare a yearly remuneration report as
a separate appendix to the agenda for the AGM which is approved
by the GM. e remuneration for the executive management is
also disclosed in the notes to the consolidated accounts in the
annual report.
13. INFORMATION AND COMMUNICATIONS
Kid has established an investor relation policy (available at
investor.kid.no) that clearly states that any communication with
shareholders outside the company’s general meeting will take
place in accordance with applicable equal treatment requirements
and applicable legislation regarding inside information.
e company publishes a nancial calendar for the upcoming
year in the fourth quarter. e calendar includes an overview
of major events such as its AGM, publication of interim
reports, publication of revenue reports and any planned public
presentations.
All information distributed to shareholders is made available
simultaneously on the company’s web page. All information
which the company is required to disclose will be given in
English.
14. TAKEOVERS
Kid has guidelines for how it will act in the event of a takeover bid
in accordance with its code of conduct. ese guidelines clearly
state that the board will not take any obstructive action unless it
is agreed upon at the general meeting. In the event of a takeover
bid, the board will act in the best interests of the shareholders
and ensure that the company’s operations are aected as little as
possible.
e shareholders will be provided with timely and sucient
information in the case of a takeover bid, with the intention to
enable the investors to have an informed view of the situation.
e board of directors will also issue a statement making a
recommendation as to whether shareholders should or should
not accept the oer.
15. AUDITOR
e auditor annually submits to the audit committee the main
features of its plan for the audit of the company. e auditor
participates in meetings of the board of directors that deal with
the annual accounts. At these meetings the auditor reviews
any material changes in the company’s accounting principles,
comments on any material estimated accounting gures and
reports all material matters on which there has been disagreement
between the auditor and the executive management of the
company.
e auditor presents annually to the audit committee a review of
the company’s internal control procedures, including identied
weaknesses and proposals for improvement.
e CEO and CFO of Kid are present at all board meetings. Once
a year the board of directors has a meeting with the auditor at
which neither the chief executive nor any other member of the
executive management is present.
Kid has clear guidelines for the use of the auditor by the
company’s executive management for services other than the
audit. e board of directors reports the remuneration paid to
the auditor at the AGM, including details of the fee paid for audit
work and any fees paid for other specic assignments.
Corporate governance at Kid ASA
KID ASA Annual Report 202122
KID ASA Annual Report 2021 23
BOARD OF DIRECTORS’ REPORT
The Kid group consists of Kid ASA (the company), the parent company for Kid Interiør AS, Kid Logistikk AS,
Hemtex AB, Hemtex OY, Hemtex Logistikk AS and Hemtex International AB, together defined as “the group”.
e business activity of the company is mainly purchase and sale
of interior textiles through import, wholesale and retail, along
with other related activities, including investments in other
enterprises and relevant real estate.
Kid Interiør is the leading specialist home textile retailer in
Norway, with 153 directly owned stores across Norway. Hemtex
is the leading specialist home textile retailer in Sweden, with 120
directly owned stores and 12 franchise stores across Sweden.
Hemtex also have a presence in Finland and Estonia, with 8 and
5 directly owned stores respectively. All products sold by Kid
Interiør and Hemtex are also available through online platforms.
e product assortment ranges from curtains and bed linens
to home accessories, decorations, and smaller furniture.
Kid’s strategy is to provide an attractive value proposition to
customers through an inspirational assortment and quality Kid-
and Hemtex-branded products oered at aordable prices both
online and through stores located in major population centres.
e group’s head oce is located in the municipality of Lier,
Nor way.
SUMMARY OF THE YEAR
2021 was yet another successful year for the Kid Group, driven
by increased revenues in all markets, higher gross margin and
stringent cost control. Along with all-time-high prot, we also
passed the milestone of NOK 3 billion in revenues, we were
included in the OSEBX index on the Oslo Stock Exchange, and
we made strong progress in developing our business.
Hemtex was acquired in May 2019, and we continue to capitalize
on integrating our concepts, organizations, and market
approach. e gradual introduction of the Kid assortment in
Hemtex has successfully renewed and expanded our categories
across Sweden, Finland and Estonia. During 2021, we continued
to see these initiatives as an important driver for growth. e 32
Hemtex stores that have been upgraded according to the Kid
concept since the acquisition generated higher growth compared
to the rest of the store portfolio, especially stores that was
increased in size. e marketing function for Kid Interior and
Hemtex was reorganised and centralised during the year, and we
expect positive revenue eects as well as cost synergies from a
common marketing approach going forward.
Our priority is to oer our customers a seamless omnichannel
experience by connecting inspirational physical stores with
our online platform. During 2021, we launched a new group
ecommerce platform in all markets with increased focus on
inspiration and convenience. e new platform enables us
to continue our omnichannel development at a higher and
more ecient pace. We also continued the development and
refurbishing of the store portfolio with 10 new openings, 7
relocations, and 20 refurbishments.
Assortment renewal and expansion have been key growth drivers
for the group. During the past years we have strengthened the
organisational capacity within category management and
sourcing, which has enabled us to successfully continue to
introduce new products and categories.
As part of our marketing strategy, we have revised and renewed
our customer club functionality and oerings. With a common
digital customer platform in place, we see a potential for utilizing
data insights and create more personalized and relevant customer
communication.
In order to secure logistics capacity for further growth, Kid
has, together with Fabritius on a 50/50 basis, entered into an
agreement to build a new warehouse and headquarter facility in
Borås, Sweden. e new warehouse is expected to be in operation
during spring 2023. We are condent that Hemtex will operate
more cost eciently, reduce operational risk and better serve its
customers by operating its own in-house logistics organization in
the same way as Kid Interior does in Norway.
e business-to-business oering through Hemtex24H has
contributed positively to the growth in 2021. During the year, we
signed a distribution agreement with the Danish hypermarket
chain Bilka which will add to growth going forward.
Discrepancies in the global freight markets during the second
half of 2021 impacted our business negatively by causing delays
in the value chain and increased freight prices. Successfully
adjusting prices, campaigns and product mix contributed to
oset higher freight costs.
COVID-19 restrictions challenged our operations and aected
customer behaviour dierently across markets also during
2021. However, management has taken proactive measures to
limit negative impact from challenging situations caused by the
pandemic.
Board of Directors’ report
KID ASA Annual Report 202124
Rune Marsdal (1971) is currently CFO and member of the board
of directors of Gjelsten Holding AS. Marsdal has previously
worked as a financial analyst in Danske Securities and as an
analyst in Schøyen Finans Forvaltning and Norway Seafoods.
Marsdal holds a Master of Business and Economics degree from
BI Norwegian Business School, as well as a Certified Financial
Analyst degree from Norwegian School of Economics. Marsdal
is currently on the board of directors of various companies,
including Sport Holding AS, Sport 1 Gruppen AS and Bergans
Fritid AS. Marsdal has previously served on the board of directors
of Kid Interiør AS and Nordisk Tekstil Holding AS (later Kid ASA),
both as a director (2012-2015) and as special advisor to the
board of directors (2015-2019), and BEWiSynbra Group AB (publ).
Marsdal is a Norwegian citizen and resides in Norway.
Petter Schouw-Hansen is currently Director with Gjelsten
Holding AS, the majority shareholder in KID ASA. He was the
Chief Financial and Strategic Officer at Kid from 2011 to 2018.
Prior to this, he served as senior consultant at Bearing Point.
Schouw-Hansen is currently on the board of directors of various
companies and is the chairperson of the board in Sport Holding
AS and Bergans Fritid AS. Schouw-Hansen has experience from
operationalizing strategy, performance management, M&A and
management coaching within several industries, including retail.
Schouw-Hansen holds a M.SC from the Norwegian School of
economics, specialized in Finance. He is a Norwegian citizen, and
resides in Norway.
Rune Marsdal
Board Member
Appointed: May 2019,
re-elected May 2021
Petter
Schouw-Hansen
Chairman
Appointed: May 2019,
re-elected May 2021
1
Like-for-like revenue are revenue from stores that were in operation from the start of last fiscal year all through the end of the current reporting period.
2
Calculated in constant currency
FINANCIAL RESULTS
(Figures from last year are in brackets, unless otherwise specied)
INCOME STATEMENT FOR THE GROUP
Revenues for 2021 were MNOK 3 097.1 (MNOK 2 994.7). e
like-for-like sales growth
1
was -1.8 % and 9.8 % for Kid Interiør
and Hemtex, respectively. Online sales
2
grew by 21.7% in 2021,
accounting for 10.2 % of total revenues.
Gross margin was 62.6 % (62.3 %) for 2021. Other operating
expenses excluding IFRS16 and including employee benet
expenses, ended at 34.6 % of revenues down from 34.9 % in 2020.
Operating prot (EBIT) was MNOK 541.2 (MNOK 482.7),
driven by revenue growth and increased gross margins.
Net nancial expenses amounted to MNOK 56.0 (MNOK 28.4).
Net income for 2021 was MNOK 384.4 (MNOK 356.1).
BALANCE SHEET FOR THE GROUP
Total assets were MNOK 3,534.8, an increase of MNOK 70.0 from
2020. Fixed and intangible assets decreased by MNOK 46.1 as a
result of decreased right of use assets as well as currency eects,
partly oset by investments in stores and online platforms.
Inventories amounted to MNOK 646.8 at the end of the year, an
increase of MNOK 164.6 mainly because of increased goods in
transit, increased freight costs, increased number of stores and
delayed seasonal Christmas sales. Total receivables were MNOK
64.5, an increase of MNOK 13.4 from 2020 mainly driven by
increased value of derivative nancial instruments.
Net interest-bearing debt was MNOK 1 074.6 of which MNOK
767.3 is related to nancial leases. Net interest-bearing debt
excluding nancial leases as dened by IFRS 16 was MNOK
307.3 (MNOK 220.5). Long-term interest-bearing debt excluding
leases was MNOK 451.6 (MNOK 461.5) at the end of 2021,
short-term interest-bearing debt was MNOK 95.0 (MNOK 60.3)
and cash and bank deposits were MNOK 239.3 (MNOK 301.3).
e group has an additional overdra facility of MNOK 247 and
a revolving credit facility of MNOK 130, of which MNOK 65 was
drawn at year end.
During the year, Kid entered into a new lending agreement with
Nordea consisting of (1) an overdra facility of MNOK 247.0,
(2) a RCF of MNOK 130.0, and (3) a MNOK 611.7 term loan
with annual instalments of MNOK 30.0 of which MNOK 481.7
is outstanding at year end.
e equity ratio at the end of the year was 35.7 % compared to
34.2 % in 2020.
Board of Directors’ report
KID ASA Annual Report 2021 25
Karin Bing Orgland (1959) is currently a professional board
member in various companies including Eksfin, Storebrand
ASA and Entur AS . She has extensive experience from various
management and board member positions within the DNB Group
between 1985 and 2013. Bing Orgland resides in Oslo, Norway
and holds a Master of Business and Economics degree from the
Norwegian School of Economics.
Karin
Bing Orgland
Board Member
Appointed: August 2015,
re-elected May 2021
CASH FLOW FOR THE GROUP
Cash ow from operations was MNOK 673.7 (MNOK 749.2).
e inventory level increased by MNOK 180.3 (MNOK -22.8)
because of increased goods in transit increased number of stores
and delayed seasonal Christmas sales. Other signicant changes
from 2020 included increased paid taxes and increased trade
creditors following increased inventory.
Cash ow from investments was MNOK -92.6 (MNOK -65.4).
e investment level in 2021 reects opening, relocation and
refurbishment of stores as well as the investment in a new
ecommerce platform.
Cash ow from nancing was MNOK -643.7 (MNOK -725.4),
negatively aected by dividend payments of MNOK -365.8
(MNOK -284.5), lease payments of MNOK -264.9 (MNOK
-275.0) and positively aected by net drawdown of credit facility
of MNOK 65.0 (MNOK 0).
Net change in cash and cash equivalents was MNOK -62.6
(MNOK -41.5), mainly driven by increased prot and increased
debt, but oset by increased inventory, investments and dividend
payments. e board of directors nds that the group had a solid
liquidity position as of 31. December 2021.
ANNUAL RESULT ALLOCATION
Earnings per share was NOK 9.46 in 2021. e board of directors
proposes a dividend of NOK 4.0 per share to be paid in May 2022.
Including the prepayment of NOK 4.60 per share paid in November
2021, the total dividend of NOK 8.60 represents 7.6 % of the share
price as of 31.12.2021 and 91 % of Group net income for 2021.
KID ASA 2021 prot was distributed as follows:
Dividend pay-out TNOK 162,581
Dividend prepayment TNOK 186,968
Allocated to other equity TNOK -80,573
GOING CONCERN
e board of directors has made appropriate enquiries and
formed a judgement at the time of approving the nancial
statements that there is a reasonable expectation that Kid ASA
has adequate resources to continue in operational existence for
the foreseeable future. For this reason, the board of directors
continues to adopt the going concern basis in preparing
the nancial statements in accordance with the Norwegian
Accounting Act and the Norwegian Company Act. is is further
supported by the group’s budget and strategy.
As of the end of the accounting year 2021, the equity ratio of
the parent company was 40.0%. e board of directors believes
the equity and liquidity are sucient, given the company’s
operational commitments, future plans and achieved results.
is is further supported by the results of the Group as a whole.
Liv Berstad (1961) is currently the Retail Manager for the clothing
company KappAhl in Sweden, Norway, Finland, Poland and UK.
Berstad has extensive experience from the aviation industry
and retail trade in the Nordic region, mainly from construction
material, fashion and cosmetics. She is a Business Economist
from BI Norwegian School of Management. Berstad has had
several board appointments the last twenty years for companies
both in Norway and Scandinavia. She is a Norwegian citizen and
resides in Norway.
Liv Berstad
Board Member
Appointed: May 2020
Gyrid Skalleberg Ingerø (1967) is currently EVP & Group CFO in
Kongsberg Gruppen ASA. Her previous experience includes Bank
experience from Nordea, CFO / Investor Relation of Komplett
Group ASA, Financial restructuring and turnaround of Expert and
1881, SVP & CFO of Telenor Norge AS and CFO at Telenor Digital
Businesses AS. Prior to her CFO positions, Ingerø worked for 8
years in KPMG. She holds a Master in Accounting and Auditing
from Norwegian School of Economics. Skalleberg Ingerø is
currently on the board of Flytoget AS, Itera ASA, Patria Inc and
various companies within Kongsberg Gruppen. Skalleberg Ingerø
is a Norwegian citizen and resides in Norway.
Gyrid Skalleberg
Ingerø
Board Member
Appointed: May 2020
Board of Directors’ report
KID ASA Annual Report 202126
CORPORATE GOVERNANCE, ORGANISATION, WORKING
CONDITIONS AND ENVIRONMENT
e group had a total of 2121 employees, which corresponded to
930 full-time equivalents at the end of 2021. e parent company
had no employees.
e group keep records of total absence due to sickness, in
accordance with laws and regulations. Total sick leave was 6.42
% in 2021 (6.0 % in 2020). Sick leave is monitored on a monthly
basis at store and department level, and appropriate actions are
taken in relation to the sick leave that the company is able to
inuence. e working environment is monitored continuously
and is considered to be good.
During the year, no severe workplace accidents or other accidents
occurred or were reported that resulted in serious personal
injury or material losses. All divisions of the group operate with a
dedicated focus on occupational health, environment and safety.
Kid ASA has a Directors and Ocers liability insurance with
AIG Europe S.A. covering pure nancial loss claims against the
Board of Directors and Executive Management as a consequence
of compensatory acts and/or omissions in their respective duties,
with an adequate insurance limit.
For information on remuneration, please refer to Remuneration
report 2021 as approved by the Board of Directors. e
Remuneration report is subject to an advisory vote by the
General Meeting in 2022 and is available at the Company’s
website investor.kid.no.
For information on corporate governance policies, refer to
separate section in the annual report.
GENDER EQUALITY, DISCRIMINATION, AND HARASSMENT
e group encourages diversity and pursues a non-
discrimination policy, with full gender equality. Furthermore,
the group promotes ‘equal pay for equal work’, whereby the most
qualied candidate shall hold a position, regardless of gender,
religion or sexual orientation. e group promotes the objective
of laws against discrimination through recruitment, salary and
employment conditions, promotion, development possibilities
and protection against harassment.
e group prohibits harassment of any kind, including sexual
harassment, and will take appropriate and immediate action in
response to complaints or knowledge of violations of this policy.
Despite an average, acceptable gender equality balance, there are
still some traditional patterns of employment within the retail
division where more than 95 % of in-store employees are women.
At the warehouse, the gender equality balance has shied from
traditional patterns previous years, where most employees were
men. Per year-end 2021 approximately 46% of the employees in
the warehouse are women. Approximately 76 % of employees at
the head oce are women and the management team consists of
three men. e board of directors of the parent company consists
of three women and two men.
e group aims to be a workplace in which no discrimination
occurs based on disabilities. As far as possible, individual
adjustments are made to adapt the workplace and work tasks
for employees or job applicants with disabilities.
ENVIRONMENTAL REPORTING
Kid believes that environmental and nancial performance
oen go hand-in-hand and is constantly striving to identify and
implement measures that support this. e group is working on
several initiatives to reduce carbon dioxide emissions in the value
chain, increase sustainable materials and production, supporting
a more circular economy and more.
e group works actively to prevent adverse environmental-
and ethics-related issues, human rights and anti-corruption. It
works with suppliers to ensure that Kid’s products are produced
in clean and safe environments, that workers are treated with
respect, earn a reasonable wage and that suppliers work within
the relevant local laws and regulations. As a member of Ethical
Trade Norway, the group commits to working actively with
due diligence for responsible business conduct as described by
Guiding Principles on Business and Human Rights (UNGP) and
the OECD guidelines for responsible business conduct.
More information about organisation, working environment,
sustainability and the environment is provided in our separate
sustainability report and can be downloaded at investor.kid.no.
FINANCIAL RISKS
CURRENCY RISK
To reduce foreign currency risks, Kid hedges net foreign currency
cash ows by entering into futures contracts. is is done in
order to mitigate the currency risk of the approximately 90 % of
goods sourced, which are denominated in US Dollars.
In order to mitigate currency risk, future contracts must be
entered into at least nine months before payment of goods, as
prices and quantities are set with a long lead-time. e company
has a policy to hedge 100 % of USD currency goods purchases for
9-11 months forward. e policy has been formally approved by
the board of directors.
CREDIT AND LIQUIDITY RISK
Kid has limited exposure to credit risk. e clear majority of
revenue transactions are settled in cash or by debit card. Trade
receivables relate mainly to the B2B customers which are still
a relatively small part of total revenues and historically involve
limited losses.
Projected cash ow is updated regularly, and the group has
sucient cash and credit facilities available.
Board of Directors’ report
KID ASA Annual Report 2021 27
INTEREST RATE RISK
Kid has a oating interest rate for MNOK 546.7 of outstanding
long-term debt. Of this amount, MNOK 395 have been hedged
through a interest rate swap agreement of at a xed interest rate
of 1.876 % maturing August 2029. In relation to the renanced
lending arrangement, Kid entered into a cross-currency interest
swap agreement securing MNOK 115 of the term loan with a
xed interest rate of 1.460 % and the exposure to SEK maturing
November 2024. At year-end MNOK 30 of the term loan have
been repaid.
To the extent of the board of directors’ knowledge, the above-
mentioned risk factors represent the most material nancial
risk factors that may be of importance in order to evaluate the
company’s assets, liabilities, nancial position and prots.
OUTLOOK FOR 2022
Our combination of unique and continually renewed assortment,
inspirational stores and ecommerce platform, friendly and
knowledgeable customer service, and a responsible brand makes
customers return to Kid Interior and Hemtex as their preferred
home textile and furnishing retailer.
We continue to see growth opportunities within our existing
assortment categories. In addition, we will expand into new
and complementary categories, especially within the furniture
segment, going forward.
Kid will continue to optimise, refurbish and growing the store
portfolio. Expansion of store square meters in a large portion
of the Hemtex stores remains a high priority, as this enables the
stores to oer a wider assortment.
During 2021, we launched a new digital platform in all our
markets. Based on a common platform, we will launch further
ecommerce functionality and utilise customer insights in making
more relevant and personalized customer communication for
our club members.
In 2020, the board of directors approved a strategic decision to
increase the footprint of Hemtex in Finland and Estonia with an
ambition to reach twenty stores in Finland and eight in Estonia
within the next ve years, with a potential revenue of NOK 100
million. Aer launching the new ecommerce platform in these
markets during 2021, we will ramp up the implementation of our
store expansion strategy.
e integration of the Kid and Hemtex concepts has been
exceeding our prot expectations. We still see a potential to
increase earnings by further integrating the market approach,
organisations and the IT systems.
With more than two years of pandemic outbreak behind us and
with the ongoing discrepancies in the global freight market, we
believe we have gained valuable insights with regards to our
customers’ behaviour, and at the same time we have proved
our resilience and ability to adapt. Following the war outbreak
in Ukraine, increased energy prices and macroeconomical
turbulence might aect consumer behaviour negatively. e
board of directors will keep monitoring the situation closely
going forward.
e board of directors remains condent in Kid’s solid nancial
situation and liquidity.
e objectives for Kid ASA in the medium-term are:
• A continued, strong financial pe
rformance driven by like-
for-like growth of 3-4 % in a normalised market, stable
gross margins in line with the past 10 years, and operating
expenses relative to sales below 45 %.
• An optimized store portfolio of approximately 320 fully
owned stores. Capital expenditures related to maintenance
is expected to run at a normalised annual level of MNOK
100, with an additional MNOK 2.0 per new store opening.
• Additional capital expenditures in 2022 of up to
MNOK 100 related to establishment of centralised
warehouse in Sweden, financed by increased long-term
debt.
• To maintain moderate leverage and an efficient balance
sheet.
• A target dividend pay-out ratio of 80-100 % of adjusted net
profit with semi-annual payments. The distribution policy
is dynamic, and any excess capital will be returned to
shareholders.
Lier, 7 April 2022
e board of directors, KID ASA
Petter Schouw-Hansen
Chairperson
Rune Marsdal
Board member
Liv Berstad
Board member
Gyrid Skalleberg Ingerø
Board member
Karin Bing Orgland
Board member
Anders Fjeld
Chief Executive Ocer
Board of Directors’ report
KID ASA Annual Report 202128
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
(All amounts in NOK 1000 unless otherwise stated)
Year ended 31st December
Note 2021 2020
Revenue 4 3,097,096 2,994,658
Other operating income 10,010 1,693
Total revenue 3,107,106 2,996,351
Cost of goods sold 15 1,159,506 1,128,690
Employee benefits expense 6,21 617,303 607,119
Depreciation and amortisation expense 11,12 336,376 340,840
Other operating expenses 19 452,730 436,973
Total operating expenses 2,565,916 2,513,622
Operating profit 541,190 482,730
Financial income 7 7,361 32,299
Financial expense 7 63,384 60,735
Net financial income (+) / expense (-) -56,023 -28,435
Profit before tax 485,167 454,295
Income tax expense 9,20 100,741 98,196
Net profit 384,426 356,098
Consolidated statement of comprehensive income
Profit for the period 384,426 356,098
Items that may be reclassified to P&L
Cash flow hedges 23 54,662 -83,929
Realized cash flow hedges 23 36,737 1,156
Tax effect from cash flow hedges 23 -19,917 18,034
Currency translation differences -15,770 26,182
Tax effect from currency translation differences 3,729 -5,760
Total comprehensive income for the period 443,867 311,780
Attributable to equity holders of the parent 443,867 311,780
Basic and diluted Earnings per share (EPS): 10 9.46 8.76
Consolidated statement of prot and loss
The notes are an integral part of these financial statements.
KID ASA Annual Report 2021 29
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(All amounts in NOK 1000 unless otherwise stated)
Group
Note 31st December 2021 31st December 2020
ASSETS
Goodwill 12 70,286 72,280
Trademark 12 1,511,788 1,515,485
Other intangible assets 12 19,096 5,623
Deferred tax asset 20 22,968 15,810
Total intangible assets 1,624,140 1,609,197
Property, plant and equipment 11 960,099 1,021,195
Total fixed assets 960,099 1,021,195
Investments in joint ventures 8 30 -
Total financial fixed assets 30 -
TOTAL NON CURRENT ASSETS 2,584,268 2,630,392
Inventories 15 646,764 482,161
Trade receivables 13,14 21,999 18,381
Other receivables 14 25,023 32,725
Derivative financial instruments 3,13 17,439 -
Total receivables 64,461 51,106
Cash and cash equivalents 13,16,24 239,331 301,276
TOTAL CURRENT ASSETS 950,556 834,542
TOTAL ASSETS 3,534,824 3,464,935
Consolidated statement of nancial position
The notes are an integral part of these financial statements.
KID ASA Annual Report 202130
(All amounts in NOK 1000 unless otherwise stated)
Group
Note 31st December 2021 31st December 2020
EQUITY AND LIABILITIES
Share capital 17 48,774 48,774
Share premium 17 321,050 321,050
Other paid-in equity 64,617 64,617
Total paid-in-equity 434,440 434,440
Other reserves 23 4,975 -54,466
Retained earnings 823,248 804,614
TOTAL EQUITY 1,262,663 1,184,601
Deferred tax liability 20 332,280 315,336
Long term lease liabilities 25 517,550 585,131
Long term liabilities to financial institutions 3,13,18,24 451,628 461,480
Total long-term liabilities 1,301,458 1,361,948
Short term lease liabilities 25 249,737 234,113
Short term liabilities to financial institutions 3,13,18,24 95,000 60,297
Trade creditors 13 159,751 92,316
Taxes payable 9 90,335 87,011
Public duties payable 172,851 167,402
Derivatives 3,13 5,166 78,364
Other short-term liabilities 197,865 198,883
Total short-term liabilities 970,705 918,385
TOTAL LIABILITIES 2,272,162 2,280,335
TOTAL EQUITY AND LIABILITIES 3,534,824 3,464,935
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Consolidated statement of nancial position
Lier, 7 April 2022
e board of directors, KID ASA
Petter Schouw-Hansen
Chairperson
Rune Marsdal
Board member
Liv Berstad
Board member
Gyrid Skalleberg Ingerø
Board member
Karin Bing Orgland
Board member
Anders Fjeld
Chief Executive Ocer
The notes are an integral part of these financial statements.
KID ASA Annual Report 2021 31
KID ASA Annual Report 202132
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(All amounts in NOK 1000 unless otherwise stated)
Group
As at 31st December
Share
capital
Share
premium
Other
paid - in
equity
Other
reserves
Retained
earnings
Total
equity
Balance at 1 January 2020 48,774 321,050 64,617 -10,148 725,869 1,150,162
PPA adjustment 7,121 7,121
Adjusted balance at 1 January 2020 48,774 321,050 64,617 -10,148 732,990 1,157,283
Profit for the year - - - - 356,098 356,098
Other comprehensive income - - - -44,318 - -44,318
Total comprehensive income for the year - - - -44,318 356,098 311,780
Transactions with owners - Dividends - - - - -284,474 -284,474
Balance as at 31 December 2020 48,774 321,050 64,617 -54,466 804,614 1,184,601
Balance at 1 January 2021 48,774 321,050 64,617 -54,466 804,614 1,184,601
Profit for the year - - - - 384,426 384,426
Other comprehensive income - - - 59,440 - 59,440
Total comprehensive income for the year - - - 59,440 384,426 443,867
Transactions with owners - Dividends - - - - -365,807 -365,807
Balance as at 31 December 2021 48,774 321,050 64,617 4,975 823,234 1,262,663
The notes are an integral part of these financial statements.
Consolidated statement of changes in equity
KID ASA Annual Report 2021 33
CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts in NOK 1000 unless otherwise stated)
Group
Year ended 31st December
Note 2021 2020
Cash flow from operations
Profit before income taxes 485,167 454,295
Taxes paid in the period -105,964 -50,103
Depreciation & impairment 11,12 336,376 340,840
Effect of exchange fluctuations 16,861 -23,147
Change in working capital
Change in inventory 15 -180,317 22,777
Change in trade receivables 14 -4,448 8,685
Change in trade creditors 71,228 -61,333
Change in other short-term liabilities 54,798 57,193
Net cash flow from operations 673,701 749,207
Cash flow from investments
Purchase of fixed assets 11,12 -92,614 -65,398
Net cash flow from investments -92,614 -65,398
Cash flow from financing
Proceeds from long term borrowings 130,000 25,000
Repayment of revolving credit facility -65,000 -130,204
Repayment of Term loans 18,24 -38,678 -50,152
Net interest 7 -39,283 -10,569
Lease payments for the principal portion of lease liability -264,951 -274,956
Dividend payments to shareholders -365,807 -284,474
Net cash flow from financing -643,719 -725,354
Cash and cash equivalents at the beginning of the period 16 301,276 339,242
Net change in cash and cash equivalents -62,631 -41,545
Exchange gains / (losses) on cash and cash equivalents 683 3,576
Cash and cash equivalents at the end of the period 16 239,331 301,276
The notes are an integral part of these financial statements.
Consolidated statement of cash ows
KID ASA Annual Report 202134
NOTES KID GROUP
KID ASA Annual Report 2021 35
KID GROUP NOTES
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
NOTE 1 | GENERAL INFORMATION
stores in Norway under the brand name Kid. During 2019 the group acquired Hemtex AB domiciled in Sweden. Hemtex
has 120 stores in Sweden, 8 in Finland and 5 in Estonia. Out of the 133 Hemtex stores, 121 is owned by Hemtex and 12 is
operated through franchise. The group also have online stores, under both Kid and Hemtex. The domicile of the group is
Group’s head office is at Gilhusveien 1, 3426 Gullaug .
NOTE 2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.
These policies have been consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation
The consolidated financial statements of Kid ASA have been prepared in accordance with International Financial Reporting
Standards (IFRS) and IFRS Interpretations Committee (IFRS IC) interpretations as adopted by the European Union and the
Norwegian Accounting Act 1998 applicable to companies reporting under IFRS. The consolidated financial statements have
been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities
(including derivative instruments) at fair value through profit or loss.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It
also requires management to exercise its judgement in the process of applying the group’s accounting policies.
2.1.1 New and amended standards adopted by the Group
There are no new or amended standards adopted by the Group during the year with impact on the amounts recognised in
prior periods or that would significantly affect the current or future periods.
2.2 Consolidation and equity accounting
Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity
when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the group. They are deconsolidated from the date that control ceases.
The group applies the acquisition method to account for business combinations. The consideration transferred for the
acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the
acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or
liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The group
recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the
non-controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net assets.
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held
equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such
re-measurement are recognised in profit or loss.
Any contingent consideration to be transferred by the group is recognised at fair value at the acquisition date. Subsequent
changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance
with IFRS 9 either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified
as equity is not re-measured, and its subsequent settlement is accounted for within equity.
Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated.
Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform
with the group’s accounting policies.
KID ASA Annual Report 202136
NOTES KID GROUP
Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the
consolidated balance sheet. Under the equity method of accounting, the investments are initially recognised at cost and
adjusted thereafter to recognise the group’s share of the post-acquisition profits or losses of the investee in profit or loss,
and the group’s share of movements in other comprehensive income of the investee in other comprehensive income.
Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount
of the investment. Unrealised gains on transactions between the group and its associates and joint ventures are eliminated
to the extent of the group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred.
Accounting policies of equity-accounted investees have been changed where necessary to ensure consistency with the
policies adopted by the group. The carrying amount of equity-accounted investments is tested for impairment.
2.3 Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker which is the group’ Board of Directors (BoD).
The group sells home textiles in across Norway, Sweden, Finland and Estonia under the name KID Interiør and Hemtex,
where Kid represent Norwegian market and Hemtex represent the markets in Sweden, Finland and Estonia.
2.4 Foreign currency translation
(a) Functional and presentation currency
Each entity in the group determines its functional currency based on the economic environment in which it operates, and
items included in the financial statements of each entity are measured using that functional currency. When preparing the
financial statements of each individual group entity, transactions in currencies other than the entity’s functional currency
are recognised in the functional currency, using the transaction date’s currency rate.
KID ASA Annual Report 2021 37
KID GROUP NOTES
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
of the transactions or valuation where items are re-measured. 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 income statement, except when deferred in other comprehensive
income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate
to borrowings and cash and cash equivalents are presented in the income statement within `finance income or costs’.
2.5 Property, plant and equipment
Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is
directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains/losses on
qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be
measured reliably. Repairs and maintenance are charged to the income statement during the financial period in which
they are incurred.
Depreciation on assets is calculated using the straight-line method to allocate their cost or revalued amounts to their
residual values over their estimated useful lives, as follows:
Leased movables and shop fittings 5 years
Fixtures 3-5 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater
than its estimated recoverable amount (note 2.7).
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised
within `Other (losses)/gains – net’ in the income statement.
Property, plant and equipment classified as facilities under construction is held at cost less any recognised provision for
impairment. Depreciation is not initiated until the assets are brought into use on store opening.
2.6 Intangible assets
Goodwill
Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for
impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is
carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment
testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to
benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest
level at which goodwill is monitored for internal management purposes, being the operating segments KID and Hemtex.
Trademarks and licences
Separately acquired trademarks and licences are shown at historical cost. Trademarks and licences acquired in a business
combination are recognised at fair value at the acquisition date. Amortisation is calculated using the straight-line method
to allocate the cost of licences over their estimated useful lives of 9 to 10 years. Trademarks have an indefinite useful life.
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring into use the
specific software. These costs are amortised over their estimated useful lives of four to seven years.
2.7 Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to
amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed 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’s carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating
units). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting
date.
KID ASA Annual Report 202138
NOTES KID GROUP
2.8 Financial assets
2.8.1 Classification
The Group classifies its financial assets in the following categories: at fair value (either through OCI or profit or loss) or
amortised cost. The classification is based on the SPPI model (Solely payments of principal and interest) in IFRS 9.
(a) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are derivative instruments not designated as hedging instruments. The
Group currently does not have any financial assets at fair value through profit or loss.
(b) Financial assets at amortised cost
Trade receivables, based on the classification model SPPI are held at amortized cost. All trade receivables are classified
as current assets.
2.8.2 Recognition and measurement
Trade receivables are initially recognised at their fair value and subsequently measured at amortised cost. Trade receivables
are evaluated for possible impairment each reporting period using the simplified credit loss model. See section 2.11. Trade
receivables are derecognised when the right to receive cash flows has expired.
2.9 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the
liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in
the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.
2.10 Impairment of financial assets
Financial assets carried at amortised cost - trade receivables
The majority of the Group’s sales are “over the counter” in the KID and Hemtex stores to individuals, where payment is
received from the customer at the time of the sale. Therefore in the majority of sales transactions, a trade receivable is
not recognised. Sales to businesses or government institutions, for example schools or hospitals, a trade receivables is
recognised at delivery of the inventory to the customer. These receivables have low credit risk and all receivables over the
past several years have been collected in full and on time. The group applies the simplified approach permitted by IFRS 9,
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
KID ASA Annual Report 2021 39
KID GROUP NOTES
2.11 Derivative financial instruments and hedge accounting policies
The Group enters into certain derivative contracts to provide economic hedges for parts of the Group’s exposure to currency
rate risk and interest rate risk.
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. Derivatives that are designated as hedging instruments
for cash flow hedges are measured at fair value over Other comprehensive income as long as the hedge meets IFRS 9
hedge criteria. The Group does not designate any derivatives as fair value hedges.
At inception of the hedge relationship, the group documents the economic relationship between hedging instruments and
hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in
the cash flows of hedged items. The group documents its risk management objective and strategy for undertaking its hedge
transactions.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge
accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until
the forecast transaction occurs, resulting in the recognition of a non-financial asset such as inventory. When the forecast
transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in
equity are immediately reclassified to profit or loss.
2.12 Inventories, purchased goods and changes in inventory
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the
ordinary course of business, less applicable selling expenses. The cost of purchased goods sold comprises the direct costs
(purchase price), import duties and freight as well as the hedging reserve. A significant part of the inventory purchases
are denominated in USD and hedged to Norwegian and Swedish kroner with currency derivatives designated as cash flow
hedges. Cost of purchased goods sold is determined using a combination of specific identification and weighted-average
costing. Changes in inventory also includes a provision for obsolescence and lost goods.
2.13 Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits
held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months
or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in
value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. As of
year-end 2020 and 2021 the Group did not have any outstanding bank overdrafts.
Cash is initially recognised at fair value and subsequently measured at amortised cost.
2.14 Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction,
net of tax, from the proceeds.
2.15 Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal
operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method.
2.16 Liabilities from financial institutions
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at
amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in
the income statement over the period of the borrowings using the effective interest method.
Fees and commission costs paid on the establishment and maintenance of short-term bank borrowing facilities are
recognised as bank transaction costs in the accounting period when the costs are paid. These costs are not amortised and
deferred as the loans are usually re-paid within a few months.
2.17 Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, 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 balance
sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to
interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
KID ASA Annual Report 202140
NOTES KID GROUP
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. However, deferred tax liabilities are not recognised if they
arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of
an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither
accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted
or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is
realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available
against which the temporary differences can be utilised.
Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries,
associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary
difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable
future. Generally the group is unable to control the reversal of the temporary difference for associates. Only were there
is an agreement in place that gives the group the ability to control the reversal of the temporary difference not recognised.
Deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries,
associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future
and there is sufficient taxable profit available against which the temporary difference can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by 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.
2.18 Provisions
Provisions for legal claims, service warranties and make good obligations 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 measured at the present value of the expenditures
expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised
as interest expense.
2.19 Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for
goods supplied, stated net of discounts, returns and value added taxes. The group recognises revenue when control of a good
or service transfers to a customer. The group bases its estimate of return on historical results, taking into consideration the
type of customer, the type of transaction and the specifics of each arrangement.
(a) Sales of goods
The group operates a chain of retail outlets for selling interior products. Sales of goods are recognised when a group entity
sells a product to the customer. Retail sales are usually in cash or by debit/credit card.
It is the group’s policy to sell its products to the retail customer with a right to return within 14 days in Kid and 30 days in
Hemtex. Accumulated experience is used to estimate and provide for such returns at the time of sale. Revenue is adjusted
for the value of expected returns. Kid does not operate any loyalty programmes. Hemtex has a royalty program where
customers receive points based on the consideration paid. When 2 000 points is earned during half a year the customer
receive av bonus check of 50 kroner and revenue is adjusted accordingly.
(b) Internet revenue
Revenue from the sale of goods over the internet is recognised at the point that control of the inventory have passed to the
customer, which is the point of delivery to the carrier. Revenue is adjusted for the value of expected returns. The return
policy for products sold over the internet is the same as for products sold in the stores. Transactions are settled by credit
or payment card.
2.20 Interest income
Interest income arises primarily from interest received on short-term bank deposits, and is recognised as earned.
2.21 Dividend distribution
Dividend distributions to the shareholders is recognised as a liability in the Group financial statements in the period in which
the dividends are approved by the shareholders at the annual shareholder meeting.
2.22 Employee benefits
The company has various pension schemes. The pension schemes are financed through payments to insurance companies,
with the exception of the early retirement pension scheme (AFP). The company has both defined contribution plans and the
AFP scheme.
KID ASA Annual Report 2021 41
KID GROUP NOTES
(a) Pension obligations
For defined contribution plans, the group pays contributions to publicly or privately administered pension insurance plans
on a mandatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have
been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are
recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
The company also has an agreed early retirement scheme (AFP). The new AFP-scheme, in force from 1 January 2011, is a
defined benefit multi-employer scheme, but is recognised in the accounts as a defined contribution scheme until reliable
and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and
pension funds in the scheme. The company’s liabilities are therefore not recognised as debt in the balance sheet.
2.23 Lease contracts
The group leases various offices, warehouses, retail stores, equipment and vehicles. Rental contracts for the retail stores
represent a significant part of the number of contracts and values, and are typically made for fixed periods of 6 months to 8
years. The contracts may include extension options.
Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease
agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor.
Leased assets may not be used as security for borrowing purposes.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net
present value of the following lease payments:
• fixed payments, less any lease incentives receivable
• amounts expected to be payable by the group under residual value guarantees
• the exercise price of a purchase option if the group is reasonably certain to exercise that option
- and payments of penalties for terminating the lease, if the lease term reflects the group exercising that option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the group, the lessee’s incremental borrowing rate is used, being the rate that the
individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar terms, security and conditions.
The group is exposed to potential future increases in variable lease payments based on an index or rate, which are not
included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take
effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between
principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability
any lease payments made at or before the commencement date less any lease incentives received any initial direct costs,
and restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-
line basis.If the group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the
underlying asset’s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised
on a straight-line basis as an expense in profit or loss.Short-term leases are leases with a lease term of 12 months or less.
Low-value assets comprise IT equipment and small items of office furniture.
Some property leases contain variable payment terms that are linked to sales generated from a store. Variable lease
payments that depend on sales are recognised in profit or loss in the period in which the condition that triggers those
payments occurs.
Extension and termination options are included in a number of store leases across the group. These are used to maximise
operational flexibility in terms of managing the assets used in the group’s operations. The majority of extension and
termination options held are exercisable only by the group and not by the respective lessor.
KID ASA Annual Report 202142
NOTES KID GROUP
NOTE 3 | FINANCIAL RISK MANAGEMENT
3.1 Financial risk factors
The group’s activities expose it to a variety of financial risks: market risk (including currency risk and cash flow interest
rate risk), credit risk and liquidity risk. The group’s overall risk management programme focuses on the unpredictability of
financial markets and seeks to minimise potential adverse effects on the group’s financial performance. The group uses
derivative financial instruments to hedge certain risk exposures. The company applies hedge accounting in accordance
with IFRS 9.
The group’s risk management is predominantly controlled by a central finance department under policies approved by the
board of directors. Group Finance identifies, evaluates and hedges financial risks in close cooperation with the group’s
operating units in KID and Hemtex. The board provides written principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments
and non-derivative financial instruments, and investment of excess liquidity.
Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging
instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the
hedged floating rate loans and inventory at the fixed foreign currency rate for the hedged purchases.
Derivatives are only used for economic hedging purposes and not as speculative investments.
Hedge effectiveness
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument.
For hedges of foreign currency purchases, the group enters into hedge relationships where the critical terms of the hedging
instrument match exactly with the terms of the hedged item. The group therefore performs a qualitative assessment of
effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match
exactly with the critical terms of the hedging instrument, the group assess effectiveness relating to the hedge ratio.
In hedges of foreign currency purchases, ineffectiveness may arise if the timing of the forecast transaction changes from
what was originally estimated, or if there are changes in the credit risk of the group or the derivative counterparty.
The group enters into interest rate swaps that have similar critical terms as the hedged item, such as reference rate, reset
dates, payment dates, maturities and notional amount. The group does not hedge 100% of its loans, therefore the hedged
item is identified as a proportion of the outstanding loans up to the notional amount of the swaps. As all critical terms
matched during the year, there is an economic relationship.
Hedge ineffectiveness for interest rate swaps is assessed using the same principles as for hedges of foreign currency
purchases. It may occur due to: the credit value/debit value adjustment on the interest rate swaps which is not matched by
the loan, and differences in critical terms between the interest rate swaps and loans. TNOK 395 000 of the external loans
with floating interest rates are swapped to a fixed interest rate of 1,876% with maturity 16 August 2029. The effect on interest
expense in 2021 related to the interest rate swap was NOK -6 559 801 ( NOK -3 358 860).
There was no recognised ineffectiveness during 2021 (or in 2020) in relation to the interest rate swap.
The group treasury’s risk management policy is to hedge up to a 100% of forecast US dollar cash flows for inventory
purchases up to 9-11 months in advance, subject to a review of the cost of implementing each hedge.
For the year ended 31 December 2021, approximately 100% of inventory purchases were hedged in respect of foreign
currency risk. At 31 December 2021, approximately 100% of forecasted US dollar inventory purchases during the first
quarter of 2022 qualified as ‘highly probable’ forecast transactions for hedge accounting purposes (for 2020, approximately
100% of inventory purchases were hedged and approximately 100% of the purchases qualified as ‘highly probable’ as at 31
December 2020). The weighted average buy rate for SEK/USD currency hedges realized in 2021 was 8.75 compared to a
weighted average spot rate of 8.54. For NOK/USD currency hedges realized in 2021 the weighted average buy rate was 9.03
compared to a weighted average spot rate of 8.59. Please also refer to notes 3.3 and 23 for more information.
(a) Market risk
(i) Foreign exchange risk
Exposures to currency exchange rates arise from the group’s international purchases, which are primarily denominated in
USD. The group uses foreign currency derivative contracts to hedge foreign exchange risk which are recorded at fair value
over OCI.
At 31. December 2021, the group had future contracts for 100% of the anticipated USD cash flow for a period of 12 months.
The Group has adopted IFRS 9 and uses hedge accounting, see note 23 for further information.
KID ASA Annual Report 2021 43
KID GROUP NOTES
The following table illustrates the sensitivity on the company’s financial instruments of a 10% change in USD against the
Norwegian and Swedish kroner based on the year-end fair value of the instruments with all other variables (e.g. changes
of prices on products sold) held constant. Se note 23 for information about the effect on Other reserves.
At 31 December 2021 +10% change -10% change
Effect on OCI (FX derivatives NOK/USD) 29,136 -29,136
Effect on OCI (FX derivatives SEK/USD) 16,169 -16,169
At 31 December 2020 +10% change -10% change
Effect on OCI (FX derivatives NOK/USD) 35,973 -35,973
Effect on OCI (FX derivatives SEK/USD) 22,947 -22,947
(ii) Interest risk
The group’s interest rate risk arises from long-term borrowings and bank deposits. Borrowings issued at variable rates
expose the group to cash flow interest rate risk which is partially offset by cash held at variable rates and hedging contracts.
As NIBOR and STIBOR will not be replaced in the near future, we have considered that the Group is not effected by the IBOR-
reform as per 31 December 2021. The company is also subject to interest rate risk related to short term bank overdraft
drawn during the financial year. Borrowings at variable rates expose the Group to cash flow interest rate risk. Fixed-interest
contracts are used to reduce this risk.
The following table illustrates the sensitivity on the company’s financial instruments of a +/- 1% change in interest based
on the year-end fair value of the instruments with all other variables held constant. Se note 23 for information about the
effect on Other reserves.
SWAP
At 31 December 2021 +1% change -1% change
Effect on OCI 1,799 -1,799
At 31 December 2020 +1% change -1% change
Effect on OCI 7,643 -7,643
Long term loan
At 31 December 2021 +1% change -1% change
Effect on interest cost 2,170 -2,170
At 31 December 2020 +1% change -1% change
Effect on interest cost 1,250 -1,250
(b) Credit risk
The group’s turnover comes mainly from cash sales or debit/credit card based sales where settlement in cash takes place
within a few days of the sales transaction. As such, the group has limited exposure to credit risk relating to accounts
receivable balances. Credit risk also arises from derivative financial instruments and deposits with banks and financial
institutions. However, counterparts are limited to financial institutions with high creditworthiness. Historically, default and
losses related to credit risk have been low.
(c) Liquidity risk
Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group has capital-
intensive inventory in central warehouse and stores and has fluctuations related to working capital due to seasonality and
the timing of the deliveries and payments.
Cash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance
monitors rolling forecasts of the group’s liquidity requirements to ensure it has sufficient cash to meet operational needs
while maintaining sufficient headroom on its undrawn committed loan facilities (note 18) at all times so that the group
does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes
into consideration the group’s debt financing plans, covenant compliance and compliance with internal balance sheet ratio
targets.
Surplus cash is used to pay out dividends and reduce long term borrowings.
KID ASA Annual Report 202144
NOTES KID GROUP
The table below analyses the group’s non-derivative financial liabilities and net-settled derivative financial liabilities into
relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date.
The amounts disclosed in the table are the contractual undiscounted cash flows.
At 31 December 2021
Less than
1 year
Between
1 and 2
years
Between
2 and 3
years
Between
3 and 4
years
Over 4
years
Borrowings (ex finance lease liabilities) 104,365 38,192 37,630 37,067 365,023
Lease liabilities 259,278 206,871 149,997 96,301 138,602
Trade and other payables 357,615 - - - -
711,893 236,871 179,997 126,301 500,230
At 31 December 2020
Less than
1 year
Between 1
and 2 years
Between 2
and 3 years
Between 3
and 4 years
Over 4
years
Borrowings (ex finance lease liabilities) 60,297 453,333 8,333 - -
Lease liabilities 234,113 164,054 186,638 136,675 97,764
Trade and other payables 291,198 - - - -
585,609 617,388 194,971 136,675 97,764
Loans consist of one long term loan to Nordea refinanced during the year. Refer to note 18 for information on the external
loan.
3.2 Capital management
The group’s objectives when managing capital are to safeguard the group’s ability to continue as a going concern in order to
provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce
the cost of capital.
In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, reduce excess loan repayments, exploit available credit facilities or sell financial assets.
Kid’s dividend policy is a pay-out ratio of 80-100% of adjusted net profit, with semi-annual payments. The company will
deploy a dynamic distribution policy, and any excess capital will be returned to shareholders.
The group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest bearing debt divided
by EBITDA. Net interest bearing debt is calculated as total borrowings (including `current and non-current borrowings’
as shown in the consolidated balance sheet excluded financial derivatives) less cash and cash equivalents. EBITDA is
calculated as earnings before interest, tax, depreciation and amortisation.
The company has had a strategic focus to reduced long term borrowings and reach and maintain a sustainable quarterly
gearing ratio below 2,5. The gearing ratios at 31 December 2021 and 2020 were as follows:
2021 2020
Total external borrowings (note 18) 546,628 520,000
Less: cash and cash equivalents (note 16) (239,331) (301,276)
Net interest bearing debt 307,297 218,724
EBITDA incl IFRS 16 877,567 823,570
Gearing ratio 0.35 0.27
The Group has covenants limits related to gearing ratio and EBITDA. For more information about covenant-limits, refer
note 18.
EBITDA (earnings before interest, tax, depreciation and amortisation) is operating profit excluding depreciation and
amortization. Gearing ratio is net interest bearing debt divided on EBITDA.
3.3 Fair value estimation
The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been
defined as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is,
as prices) or indirectly (that is, derived from prices) (Level 2).
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).
KID ASA Annual Report 2021 45
KID GROUP NOTES
The following table presents the group’s financial assets and liabilities that are measured at fair value at 31 December 2021:
Assets Level 1 Level 2 Level 3 Total
Financial assets (cash flow hedge derivatives) at fair value over OCI"
Derivatives at fair value
– Interest rate swaps - 1,697 - 1,697
– Foreign currency derivative contracts - 15,742 - 15,742
Total assets - 17,439 - 17,439
Liabilities Level 1 Level 2 Level 3 Total
Financial liabilities (cash flow hedge derivatives) at fair value over OCI"
Derivatives at fair value
– Interest rate swaps - 2,528 - 2,528
– Foreign currency derivative contracts - 2,638 - 2,638
Total liabilities - 5,166 - 5,166
The following table presents the group’s financial assets and liabilities that are measured at fair value at 31 December 2020:
Assets Level 1 Level 2 Level 3 Total
Financial assets (cash flow hedge derivatives) at fair value over OCI"
Derivatives at fair value
– Interest rate swaps - - - -
– Foreign currency derivative contracts - - - -
Total assets - - - -
Liabilities Level 1 Level 2 Level 3 Total
Financial liabilities (cash flow hedge derivatives) at fair value over OCI"
Derivatives at fair value
– Interest rate swaps - 24,730 - 24,729.50
– Foreign currency derivative contracts - 53,634 - 53,634
Total liabilities - 78,364 - 78,364
There were no transfers between levels 1 and 2 during the year.
(a) Financial instruments in level 1
The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date.
The group has no such instruments at 31 December 2021 or 31 December 2020.
(b) Financial instruments in level 2
The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques.
These valuation techniques maximise the use of observable market data where it is available 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.
The group’s financial assets and liabilities measured at fair value consist of interest rate swaps and FX-outright deals and
are all included in level 2. Market values are calculated using mid-rates (excluding margin) as determined by Nordea based
on available market rates.
(c) Financial instruments in level 3
All other financial instruments measured at fair value are included in level 3. The group has no such instruments at
31 December 2021.
KID ASA Annual Report 202146
NOTES KID GROUP
NOTE 4 | SEGMENT INFORMATION
The operating segments are identified on the basis of the reports which Group management (the chief decision-maker)
uses to assess performance and profitability at a strategic level. The Group sells interior products mainly through wholly
owned stores. Within the Group, Kid Interior relates to Norway and Hemtex relates to Sweden, Estonia and Finland. The
Group also sells home interior products through the Group’s online websites which is considered part of the operating
segments Kid and Hemtex respectively. Over 99% of the products are sold under own brands.
Group management evaluates the results from the segments based on EBITDA. The method of measurement excludes the
effect of non-recurring costs, such as restructuring costs and legal costs on acquisition.
Group adjustments include transaction and integration costs.
Geographical information
Kid Group sells home interior products in 153 fully owned stores across Norway and 133 stores across EU, of which 120
were in Sweden, 8 in Finland and 5 in Estonia. Of the stores in EU, 121 are owned by Hemtex and 12 are franchises.
Revenue
2021 2020
Norway 1,883,498 1,862,845
Sweden 1,096,695 1,045,016
Finland 80,771 54,502
Estonia 36,132 32,295
Total 3,097,096 2,994,658
Information reported to Group management from the reporting segments.
2021
KID Interior Hemtex
Eliminations
and group
adjustments Total
Revenue 1,883,498 1,213,598 - 3,097,096
Cost of goods sold -702,266 -457,240 - -1,159,506
Gross profit 1,181,232 756,358 - 1,937,590
Other operating revenue 503 9,507 - 10,010
Operating expense (OPEX) -603,282 -466,751 - -1,070,033
EBITDA 578,453 299,114 - 877,567
Operating profit 391,442 149,749 - 541,190
- - - -
Gross margin (%) 62.71 % 62.32 % - 62.56 %
OPEX to sales margin (%) -32.03 % -38.46 % - -34.55 %
EBITDA margin (%) 30.71 % 24.65 % - 28.34 %
- - - -
Inventory 413,016 233,748 - 646,764
Total assets 2,632,304 902,520 - 3,534,824
KID ASA Annual Report 2021 47
KID GROUP NOTES
2020
KID Interior Hemtex
Eliminations
and group
adjustments Total
Revenue 1,862,845 1,131,814 - 2,994,658
Purchased goods and change in inventory -703,129 -420,742 -4,818 -1,128,690
Gross profit 1,159,716 711,072 -4,818 1,865,968
Other operating revenue 248 1,446 - 1,693
Operating expense (OPEX) -594,681 -448,227 -1,184 -1,044,091
EBITDA 565,283 264,291 -6,003 823,570
Operating profit 385,234 103,497 -6,003 482,730
- - - -
Gross margin (%) 62.3 % 62.8 % 62.31 %
OPEX to sales margin (%) -31.9 % -39.6 % -34.87 %
EBITDA margin (%) 30.3 % 23.4 % 27.50 %
- - - -
Inventory 253,300 228,861 - 482,161
Total assets 2,602,323 862,611 - 3,464,934
KID ASA Annual Report 202148
NOTES KID GROUP
NOTE 5 | CRITICAL ACCOUNTING ESTIMATES AND SIGNIFICANT JUDGEMENTS
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
5.1 Critical accounting estimates and assumptions
Group management makes estimates and assumptions concerning the future. 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 within the next financial year are addressed below.
5.1.1 Estimated value-in-use to support the value of trademark and goodwill
The Group tests annually whether the Group’s trademark and goodwill has suffered any impairment in accordance with IAS
36. The recoverable amounts of the defined cash-generating units, KID Interiør and Hemtex, have been determined based
on value-in-use calculations. These calculations require use of estimates. The impairment tests are especially sensitive for
negative changes in long-term growth and gross margin.
See note 12 – Intangible assets for more information.
5.1.2 Critical judgements in determining the lease term
In determining the lease term, management considers all facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination option.
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). Most extension options in store leases have not been included in the lease liability,
because the group has the market power to renegotiate rental terms rather than exercising options and also has the
financial power to replace the stores without significant cost or business disruption.
The lease term is reassessed if an option is actually exercised (or not exercised) or the group becomes obliged to exercise
(or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in
circumstances occurs, which affects this assessment, and that is within the control of the lessee.
5.2 Critical judgements in applying the entity’s accounting policies
There has not been identified any other critical judgements in applying the entity’s accounting policies.
KID ASA Annual Report 2021 49
KID GROUP NOTES
NOTE 6 | EMPLOYEE REMUNERATION AND AUDIT FEES
6a Employee benefit expense
2021 2020
Wages and salaries 497,468 484,073
Social security costs 99,191 94,939
Pension costs - defined contribution plans (note 21) 12,517 20,246
Other benefits 8,128 7,862
Total employee benefit expense 617,304 607,119
Average number of full-time employees 930 918
There has not been any loans to employees or guarantees granted to employees for either 2021 or 2020.
Accruals
2021 2020
Salary related accruals included in Other short-term liabilities 126,953 128,171
Total salary related accruals 126,953 128,171
6b Benefits key management personnel and board of directors
2021
Key Management Personnel Salary Pension
Accrued
bonus
Other
Benefits Total
CEO, CFO, VD Hemtex 8,315 657 5,925 331 15,229
Board of directors 1,948 1,948
2020
Key Management Personnel Salary Pension
Accrued
bonus
Other
Benefits Total
CEO, CFO, VD Hemtex 7,020 632 6,970 346 14,969
Board of directors 375 1,270 1,645
There has not been any loans or guarantees granted to key management personnel for either 2020 or 2021.
CEO and CFO have 6 months salary as termination benefit.
There are no share based payments.
For more information on remuneration, please refer to Remuneration report 2021 as approved by the Board of Directors.
The Remuneration report is subject to an advisory vote by the General Meeting in 2022, and published at investor.kid.no
6c Audit fees
2021 2020
Statutory audit 1,967 2,503
Other assurance services 68 58
Tax related services 44 82
Other assistance 7 45
Total fees 2,086 2,688
KID ASA Annual Report 202150
NOTES KID GROUP
NOTE 7 | FINANCE INCOME AND COSTS
2021 2020
Finance costs
Bank interest cost 15,690 20,601
Bank transaction costs 2,933 3,683
Other finance costs
*
17,853 5,793
Interest on lease liability 26,908 30,658
Total finance costs 63,384 60,735
Finance income
Interest income on short-term bank deposits 3 539
Other finance income
*
5,661 31,760
Change in fair value of cross currency interest swap 1,698 -
Total finance income 7,361 32,299
Net finance costs -56,023 -28,436
* Realized and unrealized currency gain/loss is included in other finance costs and other finance income.
NOTE 8 | INVESTMENTS IN JOINT VENTURES AND SUBSIDIARIES
The group had the following subsidiaries at 31 December 2021:
Name Place of business Nature of business
Proportion of
shares directly held
by parent (%)
Kid Interiør AS Norway Interior goods retailer 100
Kid Logistikk AS Norway Logistics 100
Hemtex Logistikk AS Norway Logistics 100
Hemtex AB Sweden Interior goods retailer 100
Hemtex OY Finland Interior goods retailer 100
Hemtex international AB Sweden Non operating company 100
All subsidiary undertakings are included in the consolidation.
The group had the following joint ventures at 31 December 2021:
Name
Place of
business
Nature of
relationship
Measurement
method
Ownership
share
Carrying
amount
Prognosgatan Holding AS Norway Joint venture Equity method 50 % 30
As per year-end the the joint venture is reflected in the statement of financial position. Per 31 December 2021, there are
no material transactions in the joint venture, hence the “share of result from joint ventures” is not reflected in the Income
Statement.
In November 2021 Kid ASA entered into a commercial cooperation through its Norwegian wholly owned subsidiary Hemtex
Logistikk AS with Fabritius Gruppen AS establishing a joint venture,””Prognosgatan Holding AS””, for the purpose of a plot
and for constructing a new warehouse facility in Sweden. The Joint Venture is controlled by Kid (through Hemtex Logistikk
AS) and Fabritius on a 50/50% basis. Fabritius is wholly owned by Gjelsten Holding AS, which currently also holds 10.24%
of the shares in Kid ASA.
KID ASA Annual Report 2021 51
KID GROUP NOTES
Commitments and contingent liabilities in respect of joint ventures
An agreement with the construction entrepreneur was signed in December 2021. Hemtex Logistikk AS has guaranteed 5%
of the total contracted amount MNOK 147.5.
A lease agreement will be signed between Prognosgatan Fastights AB (lessor) and Hemtex AB (lessee) for the use of the
planned central warehouse and offices in the warehouse. Kid ASA will place a customary parent company guarantee in
favour of the lessor for an amount equal to 12 months of rent inclusive VAT under the lease agreement.
NOTE 9 | INCOME TAX EXPENSE
2021 2020
Current tax
Current tax on profits for the year 90,955 84,633
Total current tax 90,955 84,633
Deferred tax (note 20)
Changes in deferred tax 9,786 13,563
Income tax expense 100,741 98,196
Reconciliation between tax expense and product of accounting profit, multiplied by the applicable tax rate:
2021 2020
Profit before tax 485,167 454,295
Tax calculated at domestic tax rate (22%) applicable to profits 106,737 99,945
Tax effects of:
Expenses not deductible for tax purposes/(Income not subject to tax) -530 -723
Effect of different tax rates -5,466 -1,025
Income tax expense 100,741 98,197
Tax charge in percent of profit before tax 21 % 22 %
NOTE 10 | EARNINGS PER SHARE
There exists only one class of shares.
2021 2020
Weighted average number of shares 40,645,162 40,645,162
Net profit for the year 384,426 356,098
Earnings per share (basic and diluted) (Expressed in NOK per share) 9.46 8.76
KID ASA Annual Report 202152
NOTES KID GROUP
NOTE 11 | PROPERTY, PLANT AND EQUIPMENT
Assets under
construction
Fixtures and
fittings Autostore
Right of
use asset Total
Year ended 31 December 2021
Opening net book amount 2,646 168,969 27,897 821,683 1,021,195
Additions - 74,541 - 221,459 296,000
Reclassifications - - - -
Depreciation charge - -62,091 -6,235 -266,273 -334,599
Currency translation differences - -2,569 0 -19,929 -22,498
Closing net book amount 2,646 178,850 21,661 756,940 960,098
At 31 December 2021
Cost or valuation 2,646 703,397 31,177 1,509,261 2,246,481
Accumulated depreciation - -514,985 -9,515 -761,325 -1,285,825
Currency translation differences - -9,561 - 9,004 -557
Net book amount 2,646 178,850 21,661 756,940 960,099
Year ended 31 December 2020
Opening net book amount 25,575 153,658 - 822,604 1,001,837
Additions 2,459 62,916 3,289 254,734 323,398
Reclassifications -25,388 27,888 - 2,500
Depreciation charge - -54,734 -3,280 (279,168) -337,182
Currency translation differences - 7,129 - 23,513 30,642
Closing net book amount 2,646 168,969 27,897 821,683 1,021,195
At 31 December 2020
Cost or valuation 2,646 628,855 31,177 1,287,802 1,950,480
Accumulated depreciation - -452,894 -3,280 (495,052) -951,226
Currency translation differences - -6,992 28,933 21,941
Net book amount 2,646 168,969 27,897 821,683 1,021,195
Assets under construction relates to fixed assets not ready for use. As such, these items are not depreciated until ready for use.
Indicators of impairment of property, plant and equipment including Right of use assets have been assessed. Management concluded
that there were no indicators as per 31 December 2021.
KID ASA Annual Report 2021 53
KID GROUP NOTES
NOTE 12 | INTANGIBLE ASSETS
Cost Software Trademark Goodwill Total
At 1 January 2020 29,483 1,510,165 65,402 1,605,049
Additions 956 - - 956
Reclassification -2,500 - - -2,500
Currency translation differences 471 5,319 6,879 12,669
As at 31 December 2020 28,409 1,515,484 72,281 1,616,174
Additions 16,223 - - 16,223
Reclassification - - - -
Currency translation differences -260 -3,696 -1,995 -5,951
As at 31 December 2021 44,372 1,511,788 70,286 1,626,446
Accumulated amortisation and impairment
At 1 January 2020 -19,396 - - -19,396
Amortisation charge -3,389 - - -3,389
As at 31 December 2020 -22,784 - - -22,784
At 1 January 2021 -22,784 - - -22,784
Amortisation charge -2,489 - - -2,489
As at 31 December 2021 -25,273 - - -25,273
Net book value
Cost 28,409 1,515,484 72,281 1,616,174
Accumulated amortisation and impairment -22,784 - - -22,784
As at 31 December 2020 5,625 1,515,484 72,281 1,593,390
Cost 44,372 1,511,788 70,286 1,626,446
Accumulated amortisation and impairment -25,275 - - -25,276
As at 31 December 2021 19,096 1,511,788 70,286 1,601,170
Useful life 4-7 years Indefinite Indefinite
Impairment tests for trademark and goodwill
The group tests whether trademark and goodwill has suffered any impairment on an annual basis. The recoverable amount
is determined based on value-in-use calculations which require the use of assumptions. The calculations use cash flow
projections based on financial budgets and assumptions approved by board covering a five-year period. Cash flows beyond
the five-year period are extrapolated using an estimated growth rate of 1%. These growth rates are consistent with forecasts
included in industry reports.
KID ASA Annual Report 202154
NOTES KID GROUP
Trademark Kid Interior
The trademark Kid was acquired in 2005 and is related to the original cost of the subsidiaries and the company brand Kid
Interiør. Kid Interiør was founded in 1937 and has long traditions within its business area. Kid Interiør is a well known brand
among the population in Norway and there is a clear intention to retain and further develop this brand. As a consequence,
the brand name is not amortised, but tested for impairment annually.
The following table sets out the key assumptions used in the impairment test: 2021 2020
Sales volume (% annual growth rate) 2.0 2.6
Gross margin (%) 60.8 61.0
Other operating costs (%) 44.1 42.8
Annual capital expenditure (%) 2.3 2.0
Discount rate after tax (%) / Discount rate before tax (%) 7,5 / 9,2 7,5 / 9,2
The recoverable amount of the trademark is estimated to be MNOK 3266 (2020 – MNOK 3559). This exceeds the carrying
amount of the trademark Kid Interiør at 31 December 2021 which is MNOK 1460 (2020 – MNOK 1460).
The recoverable amount of the trademark would equal the carrying amount if the key assumptions were to change as follows:
2021 2020
From To From To
Sales volume (% annual growth rate) 2.0 -1.5 2.6 -2.7
Budgeted gross margin (%) 60.8 51.3 61.0 50.3
Discount rate after tax (%) 7.5 15.4 7.5 20.8
The Directors and management have considered and assessed reasonably possible changes for other key assumptions and
have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount.
Trademark and goodwill Hemtex
The trademark Hemtex was acquired in May 2019 and relates to the Swedish interior goods retailer Hemtex International
and its subsidiaries in Finland and Estonia. Hemtex was founded in 1973 and has long traditions within its business area.
Hemtex is a well known brand among the population and there is a clear intention to retain and further develop this brand.
As a consequence, the brand name is not amortised, but will be tested for impairment annually.
The group has tested whether the trademark and goodwill for impairment at year end.
The following table sets out the key assumptions used in the impairment test: 2021 2020
Sales volume (% annual growth rate) 2.1 2.1
Gross margin (%) 60.8 60.9
Other operating costs (%) 46.8 50.4
Annual capital expenditure (%) 2.3 2.0
Discount rate after tax (%) / Discount rate before tax (%) 7,2 / 8,7 7,2 / 8,7
The recoverable amount of the trademark and goodwill is estimated to be MNOK 1786. This exceeds the carrying amount
of the trademark and goodwill in Hemtex at 31 December 2021 which is MNOK 122.
The recoverable amount of the trademark and goodwill would equal its carrying amount if the key assumptions were to
change as follows:
2021 2020
From To From To
Sales volume (% annual growth rate) 2.1 -2.2 2.1 -0.1
Budgeted gross margin (%) 60.8 51.9 60.9 55.4
Discount rate after tax (%) 7.2 34.0 7.2 24.6
The Directors and management have considered and assessed reasonably possible changes for other key assumptions and
have not identified any instances that could cause the carrying amount of the trademark to exceed its recoverable amount.
KID ASA Annual Report 2021 55
KID GROUP NOTES
NOTE 13 | FINANCIAL INSTRUMENTS
13.1 Financial instruments by category
31 December 2021
Financial assets
at amortised
cost
Financial assets
(cash flow hedge
derivatives) at fair
value over OCI Total
Assets as per balance sheet
Derivative financial instruments - 17,439 17,439
Trade receivables 21,999 - 21,999
Cash and bank deposits 239,331 - 239,331
Total 261,330 17,439 278,769
Other financial
liabilities at
amortised cost
Financial liabilities
(cash flow hedge
derivatives) at fair
value over OCI Total
Liabilities as per balance sheet
Liabilities to financial institutions (excluding lease liabilities) 451,628 451,628
Long term lease liability 517,550 517,550
Short term liabilities to financial institutions 95,000 95,000
Short term lease liability 249,737 249,737
Derivatives 5,166 5,166
Trade creditors 159,751 159,751
Total 1,473,665 5,166 1,478,832
31 December 2020
Financial assets
at amortised
cost
Financial assets
(cash flow hedge
derivatives) at fair
value over OCI Total
Assets as per balance sheet
Derivative financial instruments - - -
Trade receivables 18,381 - 18,381
Cash and bank deposits 301,276 - 301,276
Total 319,656 - 319,656
Other financial
liabilities at
amortised cost
Financial liabilities
(cash flow hedge
derivatives) at fair
value over OCI Total
Liabilities as per balance sheet
Liabilities to financial institutions (excluding lease liabilities) 461,480 461,480
Long term lease liability 585,131 585,131
Short term liabilities to financial institutions 60,297 60,297
Short term lease liability 234,113 234,113
Derivatives 78,364 78,364
Trade creditors 92,316 92,316
Total 1,433,338 78,364 1,511,701
KID ASA Annual Report 202156
NOTES KID GROUP
NOTE 14 | TRADE RECEIVABLES
Trade receivables
The carrying amounts of the Group’s trade and other receivables are entirely denominated in the currency in the country in
which the company operates, ie NOK, SEK and EUR.
The maximum exposure to credit risk at the reporting date is the carrying value of the trade receivables. The Group has not
pledged any of the trade receivables as collateral or security. Management has evaluated the trade receivables credit risk
to be insignificant and the trade receivables are recognised in the financial statements at full face value.
Other receivables
Other receivables consists mainly of prepayments for operating expenses and rental payments for retail locations.
NOTE 15 | INVENTORIES
2021 2020
Inventory at purchase cost 654,013 486,112
Inventory write-downs to net realizable value -7,248 -3,951
Inventories 646,764 482,161
Recognized loss on inventories
2021 2020
Lost and damaged goods 12,399 18,342
Change in provision for obsolescence 3,297 9,206
Recognized loss on inventories in cost of goods sold 15,696 27,548
KID ASA Annual Report 2021 57
KID GROUP NOTES
NOTE 16 | CASH AND CASH EQUIVALENTS
2021 2020
Cash in bank and in hand 230,169 291,605
Short-term bank overnight deposits 9,420 9,929
Cash and cash equivalents (excluding bank overdrafts) 239,331 301,276
The Group does not have any restricted cash bank accounts. See note 18 for further information on employee tax guarantee.
NOTE 17 | SHARE CAPITAL AND PREMIUM
Share capital (all amounts in NOK)
Number of
shares
Ordinary
shares Face value
Total
face value
At 31 December 2021 40,645,162 40,645,162 1.2 48,774,194
At 31 December 2020 40,645,162 40,645,162 1.2 48,774,194
The top 20 shareholders per 31.12 are the following:
31 December 2021
Company # Shares Ownership
Gjelsten Holding AS 4,161,291 10.24 %
Verdipapirfondet Alfred Berg Gamba 3,064,628 7.54 %
Pareto Aksje Norge Verdipapirfond 2,109,785 5.19 %
Société Générale 2,050,000 5.04 %
Folketrygdfondet 1,895,403 4.66 %
Stenshagen Invest AS 1,464,600 3.60 %
Salt Value AS 1,151,387 2.83 %
State Street Bank and Trust Comp 1,058,923 2.61 %
Verdipapirfondet Holberg Norge 950,000 2.34 %
VJ Invest AS 887,025 2.18 %
J.P. Morgan Bank Luxembourg S.A. 824,619 2.03 %
Verdipapirfondet KLP Akjenorge 742,769 1.83 %
Forsvarets Personellservice 682,300 1.68 %
Verdipapirfondet Nordea Kapital 663,988 1.63 %
Verdipapirfondet Eika Spar 630,752 1.55 %
Verdipapirfondet Nordea Avkastning 596,524 1.47 %
Varner Equities AS 538,877 1.33 %
Verdipapirfondet Pareto Investment 469,000 1.15 %
Verdipapirfondet Eika Norge 461,834 1.14 %
Goldman Sachs International 440,161 1.08 %
KID ASA Annual Report 202158
NOTES KID GROUP
31 December 2020
Company # Shares Ownership
Gjelsten Holding AS 10,161,291 25.00 %
Verdipapirfondet Alfred Berg Gamba 3,249,634 8.00 %
Pareto Aksje Norge Verdipapirfond 2,144,406 5.28 %
Stenshagen Invest AS 1,464,600 3.60 %
Verdipapirfondet Holberg Norge 1,050,000 2.58 %
VJ Invest AS 923,832 2.27 %
Verdipapirfondet Nordea Kapital 867,006 2.13 %
Salt Value AS 840,505 2.07 %
Forsvarets Personellservice 734,600 1.81 %
Goldman Sachs International 678,575 1.67 %
Verdipapirfondet Pareto Investment 652,000 1.60 %
Verdipapirfondet Nordea Avkastning 626,555 1.54 %
Verdipapirfondet Eika Spar 625,738 1.54 %
Verdipapirfondet KLP Aksjenorge 614,197 1.51 %
Verdipapirfondet Nordea Norge Plus 593,234 1.46 %
Verdipapirfondet Eika Norge 508,403 1.25 %
Pescara Invest AS 490,000 1.21 %
J.P. Morgan Bank Luxembourg S.A. 472,171 1.16 %
Varner Equities AS 462,190 1.14 %
Hausta Investor AS 430,000 1.06 %
Share premium Amount
At 31 December 2014 156,874
Equity issue November 2015 164,175
At 31 December 2021 321,049
Key Management Personnel Share holdings 31.12.2021 31.12.2020
Anders Fjeld 130,000 90,000
Eystein Lund 50,286 62,286
Anders Lorentzson na na
Board of Directors
Petter Schouw-Hansen 54,808 44,058
Liv Berstad 420 -
Gyrid Skalleberg Ingerø 3,007 1,007
Karin Bing Orgland 32,629 32,629
Rune Marsdal 20,427 9,677
KID ASA Annual Report 2021 59
KID GROUP NOTES
NOTE 18 | LIABILITIES TO FINANCIAL INSTITUTIONS
2021 2020
Long term
Bank loans 451,628 461,480
Total long term liabilities to financial institutions 451,628 461,480
Short term
Bank loans 95,000 60,297
Total short term liabilities to financial institutions 95,000 60,297
Total liabilities to financial institutions 546,628 521,777
(a) Bank loans
In April 2021, Kid ASA entered into a renewed agreement with Nordea securing a term loan structure of NOK 611.7 million.
In addition, the group also renewed the existing revolving credit facility, overdraft agreement and the NOK 115 million L/C-
and guarantee facility. The bank loan mature until May 2026. The interest rate of the total term loan is fixed through interest
rate swap agreements. For the revolving credit facility and overdraft, the average interest rate was 1,48%.
Total loans include secured liabilities (bank and collateralised loan) of TNOK 481 700 (2020: TNOK 520 000) and revolving
credit facility of TNOK 65 000 (2020: TNOK 0). The group has a bank overdraft of TNOK 247 000 which was used five times
during the year, but not at year end. The Bank loans are secured by 100% of the shares in Kid Interiør AS.
TNOK 395 000 (included in the 1-5 years in table below) of the external loan with floating interest rate is swapped to a fixed
interest rate of 1.876% by means of interest rate derivatives to maintain the desired split between fixed and floating interest
rates and is subject to hedge accounting.
TNOK 85 000 (included in the 1-5 years in table below) of the external loan with floating interest rate is swapped to fixed
interest rates of 1.460% and currency SEK by means of a cross currency interest rate derivative to maintain the desired split
between fixed and floating interest rates and currency exposure. The effect of change in the fair value of the derivative is
booked against financial income/expense.
The bank overdraft are secured by inventory, trade receivables, property, plant and equipment, 100% of the shares in Kid
Logistikk AS and the rental agreement related to the HQ in Drammen. Since the bank overdraft was not utilized at year end
2021 or 2020, none of the assets were pledged as collateral.
The exposure of the Group’s loans to interest rate changes and the contractual re-pricing dates at the end of the
reporting period are as follows:
2021 2020
6 months or less 10,000 60,297
6-12 months 85,000 -
1-5 years 451,628 461,667
Total liabilities to financial institutions 546,628 521,964
The carrying amounts and fair value of the loans are as follows:
2021 2020
Bank loans 546,628 521,964
Finance lease liabilities - -
Total carrying amount of liabilities to financial institutions 546,628 521,964
The fair value of current loans equals their carrying amount, as the loans bear a floating interest priced at market rate.
Included in the 1-5 years category in the table above is a TNOK 481 700 loan, where the group entered an interest swap
agreement in 2019 covering TNOK 395 000 as well as a cross-currency interest swap covering TSEK 85 000. See note 3.3
for fair value of the swap at year end.
KID ASA Annual Report 202160
NOTES KID GROUP
The carrying amounts of the Group’s loans are denominated in the following currencies:
2021 2020
NOK 461,628 521,964
SEK (through swap-agreement) 85,000 -
Total 546,628 521,964
The Group has the following granted loan facilities:
2021 2020
Unused bank overdraft 247,000 247,000
Employee tax guarantee 16,800 13,000
Letter of credit limit 115,000 115,000
Bank guarantee limit 13,000 13,000
Total 391,800 388,000
Following covenants is regulated by contract:
Interval Limit 2021 Limit 2020
Gearing ratio (NIBD/EBITDA) annually 2.25 2.5
CAPEX Year to date (in NOK millions) annually - 100
EBITDA Last twelve monthes (in NOK millions) quarterly 175 150
The Group has been compliant with covenants at all intervals.
NOTE 19 | OTHER OPERATING EXPENSES
2021 2020
Rental costs for shops and storage 64,908 58,779
Advertising and other marketing costs 129,262 128,019
Other expenses 258,561 250,175
Total other expenses 452,730 436,973
KID ASA Annual Report 2021 61
KID GROUP NOTES
NOTE 20 | DEFERRED INCOME TAX
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting
of balances within the same tax jurisdiction, is as follows:
Specification of temporary differences
Asset/liability (-) 2021 2020 Movement
Tangible and intangible assets -1,456,931 -1,458,433 1,502
Other temporary differences 8,524 -2,736 11,260
Inventories 11,271 8,704 2,567
Financial lease 41,215 36,055 5,160
Accumulated deficit - - -
Provisions 2,990 3,556 -566
Forward currency contracts -13,664 79,752 -93,416
Unrealized currency gain/loss long term 630 -28,546 29,177
Sum temporary differences -1,405,965 -1,361,649 -44,316
Basis for deferred tax -1,405,965 -1,361,649 -44,316
Deferred tax in the balance sheet 309,312 299,527
Deferred tax is measured at the tax rates expected to be applied to temporary differences when they reverse, based on
the laws that have been enacted or substantively enacted by the reporting date. Deferred tax is not recognized for goodwill
identified in business combinations. Deferred tax assets and liabilities are offset if there is a legally enforceable right to
offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority. Deferred tax assets
are recognized for unused tax losses, tax credits and deductible temporary differences. The deferred tax asset is only
recognized to the extent it is considered probable that future taxable profits will be available to utilize the credits.
The tax rate in Norway is 22%, the tax rate in Sweden is 21,4% for 2020 and 20,6% from 2021 and going forward. The tax
rate for Finland is 20%.
KID ASA Annual Report 202162
NOTES KID GROUP
NOTE 21 | POSTEMPLOYMENT BENEFITS
The table below outlines where the group’s post-employment amounts and activity are included in the financial statements.
Income statement charge included in operating profit for: 2021 2020
Pensions earned this year - the group pension scheme 12,259 19,571
Pensions earned this year - the agreed early retirement scheme (AFP) 258 674
Social security fees 2,356 4,289
Net pension expenses 14,872 24,534
21.1 AFP scheme
The subsidiary Kid Logistikk AS and 11 of our stores have an agreed early retirement scheme (AFP). The AFP-scheme, in
force from 1st of January 2011, is a defined benefit multi-enterprise scheme, but is recognised in the accounts as defined
contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of
pension cost, pension liability and pension funds in the scheme. The company’s liabilities are therefore not recognised as
debt in the balance sheet.
NOTE 22 | RELATED PARTIES
The Group’s related parties include its associates, joint ventures, key management and members of the board.
None of the Board members have been granted loans or guarantees in the current year. Furthermore, none of the Board
members are included in the Group’s pension or bonus plans.
The chairman of the board, Petter Schouw-Hansen, was employed by Kid Interiør AS to perform integration work related
to Hemtex AB. For the full year 2020 the payment of salary amounts to NOK 375 thousand. The work was approved by the
board as per Kid corporate governance policies. There have been no transactions with related parties during 2021.
KID ASA Annual Report 2021 63
KID GROUP NOTES
NOTE 23 | RECONCILIATION OF OTHER RESERVES
Cash flow hedge reserve
The company uses hedging instruments as part of its management of foreign currency risk associated with its highly
probable inventory purchases. These include foreign currency forward contracts which are designated in the cash flow hedge
relationships. To the extent these hedges are effective; the change in fair value of the hedging instrument is recognised in
the cash flow hedge reserve through Other comprehensive income. Please also refer to note 3.1-3.3 for more information.
The company’s interest exposure mainly arises from external funding in bank and debt capital markets. The company
uses interest rate swaps to achieve the desired fixed/floating ratio of the external debt. Hedge accounting is applied using
the cash flow model for interest rate swaps which means that gains and losses from floating to fixed interest rates as of
December 31, 2020 are recognized through Other Comprehensive Income and will be continuously released to the income
statement until the bank borrowings are repaid. This is done based on the periodic market-to-market revaluation of the
interest rate swaps whose fair value tends to reach zero upon maturity.
Cash flow hedge reserve
Opening balance 01.01.2020 -10,147
Add: Changes in fair value of currency cash flow hedges -56,488
Add: Changes in fair value of interest cash flow hedges -27,033
Add: Realized cash flow hedges 1,156
Less: Deferred tax on cash flow hedges in OCI 18,034
Closing balance 31.12.2020 cash flow hedge reserve -74,479
Currency translation differences foreign operations 20,422
Total other reserves 31.12.2020 -54,466
Opening balance 01.01.2021 -54,466
Add: Changes in fair value of currency cash flow hedges 32,461
Add: Changes in fair value of interest cash flow hedges 22,202
Add: Realized cash flow hedges 36,737
Less: Deferred tax on cash flow hedges in OCI -19,917
Closing balance 31.12.2021 cash flow hedge reserve 17,016
Currency translation differences foreign operations -12,041
Total other reserves 31.12.2021 4,975
KID ASA Annual Report 202164
NOTES KID GROUP
NOTE 24 | NET DEBT RECONCILIATION
The below table sets out an overview over net debt.
2021 2020
Cash and cash equivalents 239,331 301,276
Borrowings - repayable within one year (including overdraft) -95,000 -60,297
Borrowings - repayable after one year -451,628 -461,480
Lease liabilities - payed within one year -249,737 -234,113
Lease liabilities - payed after one year -517,550 -585,131
Net debt -1,074,584 -1,039,746
Cash and liquid investments 239,331 301,276
Gross debt - fixed interest rates -481,628 -395,000
Gross debt - variable interest rates -65,000 -126,777
Lease liabilities -767,287 -819,245
Net debt -1,074,584 -1,039,746
Finance
leases Borrowings
Total
debt
Cash/ bank
overdraft
Total
net debt
Opening balanse at 1 January 20 -802,275 -674,499 -1,476,774 339,242 -1,137,532
Cash flows - -2,634 -2,634 -41,545 -44,179
Proceeds from borrowings - -25,000 -25,000 - -25,000
Repayment of principals 274,956 180,356 455,312 - 455,312
Non Cashflow activities
New lease liabilities -254,734 - -254,734 - -254,734
Foreign exchange adjustments -37,192 - -37,192 3,576 -33,616
Closing balanse at 31 December 20 -819,245 -521,777 -1,341,022 301,273 -1,039,749
Opening balanse at 1 January 21 -819,245 -521,777 -1,341,022 301,273 -1,039,749
Cash flows - - - -62,631 -62,631
Proceeds from borrowings - -130,000 -130,000 - -130,000
Repayment of principals 264,951 103,678 368,629 - 368,629
-
Non Cashflow activities -
New lease liabilities -221,459 - -221,459 - -221,459
Foreign exchange adjustments 8,466 1,471 9,937 689 10,626
Closing balanse at 31 December 21 -767,287 -546,628 -1,313,915 239,331 -1,074,584
KID ASA Annual Report 2021 65
KID GROUP NOTES
NOTE 25 | LEASES
The balance sheet shows the following amounts relating to leases 2021 2020
Right of use assets 11 756,941 821,683
Lease liabilities 3 767,287 819,244
The statement of profit or loss shows the following amounts relating to leases 2021 2020
Depreciation charge of right-of-use assets 266,273 279,168
Interest expense (included in finance cost) 26,908 30,658
Expense relating to (included in other operating expenses):
Variable lease payments 12,272 6,959
Short term leases and leases of low value 751 867
In addition to turnover based lease payments, variable rental costs such as shared operating costs and marketing costs are
excluded from IFRS 16 leases. See note 19 for more information on total variable lease payments.
The total cash outflow for leases in 2021 was TNOK 264 951 (2020 –TNOK 274 956).
2021 2020
Number of lease contracts 305 305
Right to renewal of lease contract 70 69
Percentage of lease contracts with option to renewal 23 % 23 %
Number of lease contracts by geography 2021 2020
Norway 149 146
Sweden 140 143
Finland 10 10
Estonia 6 6
KID ASA Annual Report 202166
NOTES KID GROUP
NOTE 26 | SUBSEQUENT EVENTS
There have been no significant events after the end of the reporting period.
KID ASA Annual Report 2020 67
FINANCIAL STATEMENTS
Statement of income ..........................................68
Balance sheet - Assets .......................................69
Balance sheet - Equity and liabilities ...................70
Cash flow statement. .........................................71
Notes to the financial statements .......................72
Contents
KID ASA Annual Report 202168
KID ASA STATEMENT OF INCOME
(All amounts in NOK 1000 unless otherwise stated)
Note 2021 2020
Management fee 9 13,860 16,009
Total revenues 13,860 16,009
Personnel expenses 7 2,699 1,505
Other operating expenses 7 14,818 14,767
Total operating expenses 17,517 16,272
Operating profit -3,657 -263
Depreciation 3 954 515
Income from subsidiaries and associated companies 3 376,985 372,839
Interest income from group companies 3,740 5,891
Other interest income 8 5 -
Other financial income 8 22 27,698
Other interest expenses 8 15,659 15,936
Other financial expenses 15,231 8,756
Profit before tax 345,252 380,957
Tax on ordinary result 6 76,276 83,820
Net profit or loss for the year 268,975 297,137
Profit attributable to:
Allocated dividend 162,581 178,839
Dividend prepayment 2021 186,968 235,742
Allocated to other equity -80,573 -117,444
Total allocation 268,975 297,137
Note 1 to 13 are an integral part of
these financial statements
Kid ASA - Statement of Income
KID ASA Annual Report 2021 69
KID ASA BALANCE SHEET / ASSETS
(All amounts in NOK 1000 unless otherwise stated)
Note 2021 2020
NONCURRENT ASSETS
Financial fixed assets
Investments in subsidiaries 1.2 1,286,130 1,286,100
Loan to group companies 3 110,402 228,460
Total financial fixed assets 1,396,532 1,514,560
Software 11 17,313 2,634
Total intangible assets 17,313 2,634
Total non-current assets 1,413,845 1,517,194
CURRENT ASSETS
Other receivables 3 412,819 659,118
Cash and bank deposits 12 227,988 286,905
Total current assets 640,807 946,022
TOTAL ASSETS 2,054,651 2,463,216
Kid ASA - Balance sheet
KID ASA Annual Report 202170
KID ASA BALANCE SHEET / EQUITY & LIABILITIES
(All amounts in NOK 1000 unless otherwise stated)
Note 2021 2020
EQUITY AND LIABILITIES
Paid-up equity
Share capital 5 48,774 48,774
Share premium reserve 321,049 321,049
Other paid-up equity 64,617 64,617
Total paid-up equity 434,440 434,440
Retained earnings
Other equity 387,158 467,732
Total retained earnings 387,158 467,732
TOTAL EQUITY 4 821,598 902,172
Deferred tax 6 1,612 6,280
Other long-term liabilities
Liabilities to financial institutions 2 481,492 519,785
Total of other long term liabilities 481,492 519,785
CURRENT LIABILITIES
Trade creditors 1,304 745
Tax payable 6 81,223 78,907
Dividend 162,581 178,839
Other current debt 3, 12 504,841 776,488
Total short term liabilities 749,949 1,034,979
Total liabilities 1,233,053 1,561,045
TOTAL EQUITY AND LIABILITIES 2,054,651 2,463,216
Note 1 to 13 are an integral part of
these financial statements.
Lier, 7 April 2022
e board of directors, KID ASA
Petter Schouw-Hansen
Chairperson
Rune Marsdal
Board member
Liv Berstad
Board member
Gyrid Skalleberg Ingerø
Board member
Karin Bing Orgland
Board member
Anders Fjeld
Chief Executive Ocer
Kid ASA - Balance sheet
KID ASA Annual Report 2021 71
KID ASA CASH FLOW STATEMENT
(All amounts in NOK 1000 unless otherwise stated)
Note 2021 2020
CASH FLOW FROM OPERATIONS
Profit before income taxes 345,252 380,957
Depreciation 954 515
Taxes paid in the period -78,629 -51,469
Change in trade creditors 559 736
Change in other provisions and cash pool arrangement -76,857 359,511
Net cash flow from operations 191,279 690,250
CASH FLOW FROM INVESTMENTS
Increase in investments in subsidiaries -30 0
Investment in software -15,632 -2,634
Net cash flow from investments -15,663 -2,634
CASH FLOW FROM FINANCING
Proceeds from short/long term loans 130,000 0
Repayment of short/long term loans -95,000 -155,000
Change in borrowings to group companies 96,274 -22,136
Payment of dividends -365,807 -284,516
Net cash flow from financing -234,533 -461,652
Net change in cash and cash equivalents -58,917 225,964
Exchange gain /(losses) on cash and cash equivalents - -
Cash and cash equivalents at the beginning of the period 286,905 60,940
Cash and cash equivalents at the end of the period 227,988 286,905
Kid ASA - Cash ow statement
KID ASA Annual Report 202172
NOTES KID ASA
| ACCOUNTING PRINCIPLES
General
The annual accounts have been prepared in compliance with the Accounting Act and accounting principles generally
accepted in Norway.
Currency
The parent company accounts are reported in Norwegian kroner (NOK) which is also the Functional currency for the parent
company.
Use of estimates
The preparation of financial statements in compliance with the Accounting Act requires the use of estimates. The
application of the company’s accounting principles also requires management to apply assessments. In areas which either
to a great extent contain such assessments, a high degree of complexity, or areas in which assumptions and estimates
are significant for the financial statements, these are described in the notes.
Measurement of revenues and costs
Revenues are recognised as they are earned. Revenues consist of management fees for services rendered from the
Parent company to subsidiaries. Costs are recognised in the same reporting period as the corresponding revenues.
Investments in other companies
The cost method is applied to investments in other companies. The cost price is increased when funds are added through
capital increases or when group contributions are made to subsidiaries. Dividends received are initially taken to income.
Dividends exceeding the portion of retained equity after the purchase are reflected as a reduction in purchase cost. Dividend/
group contributions from subsidiaries are reflected in the same year as the subsidiary makes a provision for the amount.
Dividends from other companies are reflected as financial income when it has been approved.
Classification of balance sheet items
Assets intended for long-term ownership or use have been classified as fixed assets. Assets relating to the
trading cycle have been classified as current assets. Other receivables are classified as current assets if they are to be
repaid within one year after the transaction date. Similar criteria apply to liabilities. First year instalments on long-term
liabilities and long-term receivables are, however, not classified as short-term liabilities and current assets.
Purchase costs
The purchase costs of assets includes the cost price for the asset, adjusted for bonuses, discounts and other rebates
received, and purchase costs (freight, customs fees, public fees which are non-refundable and any other direct purchase
costs). Purchases in foreign currencies are reflected in the balance sheet at the exchange rate at the transaction date.
For fixed assets and intangible assets, purchase costs also include direct expenses to prepare the asset for use, such as
expenses for testing of the asset.
Interest expenses incurred in connection with the production of fixed assets are expensed.
Asset impairments
Impairment tests are carried out if there is an indication that the carrying amount of an asset exceeds the estimated
recoverable amount. The test is performed on the lowest level of fixed assets at which independent cashflows can be
identified. If the carrying amount is higher than both the fair value less cost to sell and recoverable amount (net present
value of future use/ownership), the asset is written down to the highest of fair value less cost to sell and the recoverable
amount.
Previous impairment charges, except write-down of goodwill, are reversed in later periods if the conditions causing the
write-down are no longer present.
Liabilities
Liabilities, with the exception of certain liability provisions, are recognised in the balance sheet at nominal amount.
Taxes
The tax charge in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax
is calculated at relevant tax rates on the basis of the temporary differences which exist between accounting and tax values,
and any carry-forward losses for tax purposes at year-end. Tax enhancing or tax reducing temporary differences, which
are reversed or may be reversed in the same period, have been eliminated. The disclosure of deferred tax benefits on net
tax reducing differences which have not been eliminated, and carryforward losses, is based on estimated future earnings.
Deferred tax and tax benefits which may be shown in the balance sheet are presented net.
KID ASA Annual Report 2021 73
KID ASA NOTES
The tax reduction on group contributions given and tax on group contribution received, booked as a reduction of cost price
or taken directly to equity, are booked directly against tax in the balance sheet (offset against payable taxes if the group
contribution has affected payable taxes, and offset against deferred taxes if the group contribution has affected deferred
taxes).
Currency
Monetary balance sheet items in foreign currency are recorded at year-end exchange rates. Realised currency exchange
gains or losses are recorded at the time of payment in other financial income or expenses.
Derivative instruments
Derivative instruments are entered into to provide economic hedges for parts of the exposure to currency rate risk. In the
Parent company, gains or losses on the derivative instruments are recognised when the instrument expires, is sold or
terminated.
At inception of the hedge relationship, the group documents the economic relationship between hedging instruments and
hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in
the cash flows of hedged items. The group documents its risk management objective and strategy for undertaking its hedge
transactions. Please refer to Note 3 in Kid ASA Group accounts for more information.
Cashflow statement
The cashflow statement has been prepared according to the indirect method. Cash and cash equivalents include cash,
bank deposits, and other short-term investments which immediately and with minimal exchange risk can be converted into
known cash amounts, with due date less than three months from purchase date.
KID ASA Annual Report 202174
NOTES KID ASA
NOTE 1 | SUBSIDIARIES, ASSOCIATED COMPANIES, AND JOINT VENTURES
Parent company
Investments in subsidiaries, associated companies and joint ventures are booked according to the cost method.
Subsidiaries Location
Ownership/
voting right
Equity last
year (100%)
Result last
year (100%)
Balance
sheet value
Kid Interiør AS Lier, Norway 100% 119,032 293,099 1,204,158
Hemtex AB Borås, Sweden 100% 414,867 119,567 81,942
Hemtex Logistikk AS Lier, Norway 100% 9 - 30
Balance sheet value 31.12.20 1,286,130
NOTE 2 | DEBTORS AND LIABILITIES
2021 2020
Liabilities secured by mortgage -546,700 -519,785
Balance sheet value of assets placed as security:
Shares 1,286,100 1,286,100
Total 1,286,100 1,286,100
NOTE 3 | BALANCE WITH GROUP COMPANIES, ETC.
Loan to group comapnies Other receivables
2021 2020 2021 2020
Group companies 110,402 228,460 410,863 657,468
Total 110,402 228,460 410,863 657,468
Other current debt
2021 2020
Debt to Group companies 437,683 765,243
Total 437,683 765,243
Please also refer to note 12 Cash and cash equivalents for information regarding the Company’s cash pool arrangement.
NOTE 4 | SHAREHOLDERS’ EQUITY
Equity changes in the year
Share
capital
Share
premium
Other
paid-in
equity
Other
equity Total
Equity 01.01.21 48,774 321,049 64,617 467,732 902,171
Profit for the year - - - 268,975 268,975
Dividend pre-payment 11 nov 21 - - - -186,968 -186,968
Proposed dividends 31.12.21 - - - -162,581 -162,581
Equity 31.12.21 48,774 321,049 64,617 387,158 821,597
KID ASA Annual Report 2021 75
KID ASA NOTES
NOTE 5 | SHARE CAPITAL AND SHAREHOLDER INFORMATION
The share capital of NOK 48 774 194 consist of 40 645 162 shares with a nominal value of NOK 1.2 each.
Kid ASA is listed on the Oslo Stock Exchange. Top 20 shareholders as of 31.12.21 was:
Shareholder Ownership
Gjelsten Holding AS 10.24 %
Verdipapirfondet Alfred Berg Gamba 7.54 %
Pareto Aksje Norge Verdipapirfond 5.19 %
Société Générale 5.04 %
Folketrygdfondet 4.66 %
Stenshagen Invest AS 3.60 %
Salt Value AS 2.83 %
State Street Bank and Trust Comp 2.61 %
Verdipapirfondet Holberg Norge 2.34 %
VJ Invest AS 2.18 %
J.P. Morgan Bank Luxembourg S.A. 2.03 %
Verdipapirfondet KLP Akjenorge 1.83 %
Forsvarets Personellservice 1.68 %
Verdipapirfondet Nordea Kapital 1.63 %
Verdipapirfondet Eika Spar 1.55 %
Verdipapirfondet Nordea Avkastning 1.47 %
Varner Equities AS 1.33 %
Verdipapirfondet Pareto Investment 1.15 %
Verdipapirfondet Eika Norge 1.14 %
Goldman Sachs International 1.08 %
NOTE 6 | TAXES
Basis for income tax expenses, changes in deferred tax and tax payable
2021 2020
Result before taxes 345,252 380,957
Permanent differences - 43
Basis for the tax expense for the year 345,252 381,000
Change in temporary differences 22,679 -22,136
Basis for payable taxes in the income statement 367,931 358,864
+/- Group contributions received/given - -
Taxable income (basis for payable taxes in the balance sheet) 367,931 358,864
KID ASA Annual Report 202176
NOTES KID ASA
Components of the income tax expenses
2021 2020
Tax rate 22% 22%
Payable tax on this year's result 80,945 78,950
Tax effect of differences between reported and booked tax last year 321 -
Total payable tax 81,266 78,950
Change in deferred tax based on original tax rate -4,989 4,870
Change in deferred tax due to change in tax rate - -
Tax expense 76,276 83,820
Tax expense as a percentage of profit before tax 22% 22.0%
Payable taxes in the balance sheet
Payable tax in the tax charge 80,945 78,950
Tax effect of group contribution - -
Payable tax in the balance sheet 80,945 78,950
Temporary differences included in the basis of deferred tax/tax asset
Unrealized currency gain/loss long term 6,762 28,546
Interest rate swap 565 -
Basis for deferred tax/tax asset 7,327 28,546
Deferred tax recognised 1,612 6,280
NOTE 7 | PAYROLL EXPENSES, NUMBER OF EMPLOYEES, REMUNERATIONS, LOANS TO EMPLOYEES, ETC.
Payroll expenses
2021 2020
Salaries/wages - -
Social security fees 275 179
Board remuneration 2,426 1,326
Total 2,701 1,505
There are no employees in Kid ASA.
The CEO of Kid ASA has not received salary in relation to his role in this company.
No loans/securities have been granted to the general manager, board chairman or other related parties.
Expensed audit fees
2021 2020
Statutory audit (incl. technical assistance with financial statements) 621 999
Other assurance services - -
Tax advisory fee (incl. technical assistance with tax return) - 20
Other assistance (IFRS conversion and quarterly reports)
Total audit fees 621 1,019
KID ASA Annual Report 2021 77
KID ASA NOTES
NOTE 8 | SPECIFICATION OF FINANCIAL INCOME AND EXPENSES
Financial income
2021 2020
Interest income from group entities 3,740 5891
Interest income 22 213
Other financial income (currency gain) 5 27,484
Total financial income 3,767 33,587
Financial expenses
2021 2020
Interest expenses 15,659 15,936
Other financial expenses (currency loss) 15,231 8,756
Total financial expenses 30,890 24,693
NOTE 9 | RELATEDPARTY TRANSACTIONS
The balance with group companies is disclosed in note 3.
Transactions with related parties
2021 2020
Transactions with Group companies 16,305 16,009
Interest income from Group companies 3,740 5,891
NOTE 10 | FINANCIAL MARKET RISK
Kid ASA is exposed to interest rate risk on long term debt and foreign exchange risk on long term receivable.
Interest risk
The company’s interest rate risk arises from long-term borrowings and bank deposits. Borrowings issued at variable
rates expose the group to cashflow interest rate risk which is partially offset by cash held at variable rates. Fixed-interest
contracts are used to reduce this risk. In addition to the MNOK 481.7 long term loan, Kid ASA also have a MNOK 274 flexible
credit facility and a MNOK 130 overdraft credit facility that are used during the year. At year-end MNOK 65 has been drawn
of the overdraft facility. Please also refer to note 12 Cash and cash equivalents for information regarding the cash pool.
At year end, the Company had one interest rate swap contract at a fair value of MNOK - 2.53 (MNOK -24.73). Gains or losses
on the derivative instrument is recognised when the instrument expires, is sold or terminated. In addition the Company
has entered into a cross-currency interest swap during the year of MNOK 115. The fair value at year end was MNOK 1.69
(MNOK 0). No contracts expired, was sold or terminated during the year, as such no gains or losses was recognised in 2021
or in 2020. Please refer to note 3 Financial risk management in Kid Group for further information on derivative contracts.
KID ASA Annual Report 202178
NOTES KID ASA
NOTE 11 | INTANGIBLE ASSETS
Software
At 1 January 2020
Additions 3,149
Depreciation -515
Net book value as at 31 December 2020 2,634
At 1 January 2021 2,634
Additions 15,632
Depreciation -954
Net book value as at 31 December 2021 17,313
Useful life 4-7 years
NOTE 12 | CASH AND CASH EQUIVALENTS
The company policy for the purpose of optimizing availability and flexibility of cash within the Group is to use a cash
pooling arrangement. The arrangement is organized with Nordea Sweden as a service provider and is a multi-currency
arrangement consisting of currencies NOK, SEK, USD, EUR and HKD. Kid ASA as an owner of the pool is financially viable
concerning repayment of any net deposits made by Kid Interiør AS, Kid Logistikk AS, Hemtex AB, Hemtex International AB
and Hemtex OY. The cash pool has a maximum credit of MNOK 274, which has not been used at year end.
The following balances relate to the cash pool arrangement:
2021 2020
Cash and bank deposits 228,026 286,905
Current debt to Group companies 432,624 765,243
There are no restricted funds. The Company has an employee tax guarantee limit of TNOK 1000
NOTE 13 | SUBSEQUENT EVENTS
There have been no significant events after the end of the reporting period.
KID ASA Annual Report 2021 79
KID ASA Annual Report 202180
RESPONSIBILITY STATEMENT
We conrm, to the best of our knowledge, that the nancial statements for the period 1 January to 31 December 2021 have been prepared
in accordance with current applicable accounting standards, and give a true and fair view of the assets, liabilities, nancial position and
prot or loss of the entity and the group taken as a whole. We also conrm that the Board of Directors’ Report includes a true and fair
review of the development and performance of the business and the position of the entity and the group, together with a description of
the principal risks and uncertainties facing the entity and the group.
Lier, 7 April 2022
e board of directors, KID ASA
Petter Schouw-Hansen
Chairperson
Rune Marsdal
Board member
Liv Berstad
Board member
Gyrid Skalleberg Ingerø
Board member
Karin Bing Orgland
Board member
Anders Fjeld
Chief Executive Ocer
Kid ASA - Responsibility statement
KID ASA Annual Report 2021 81
Kid ASA - Independent Auditor’s report
PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
To the General Meeting of KID ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of KID ASA, which comprise:
• The financial statements of the parent company KID ASA (the Company), which comprise the balance sheet
as at 31 December 2021, the statement of income and cash flow statement for the year then ended, and
notes to the financial statements, including a summary of significant accounting policies, and
• The consolidated financial statements of KID ASA and its subsidiaries (the Group), which comprise the
statement of financial position as at 31 December 2021, the statement of profit and loss, statement of
comprehensive income, statement of changes in equity and statement of cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies.
In our opinion:
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31
December 2021, and its financial performance and its cash flows for the year then ended in accordance with
the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and
• the financial statements give a true and fair view of the financial position of the Group as at 31 December
2021, and its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company and the Group as required by laws and regulations and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 17 years from the election by the general meeting of the shareholders
on 23 June 2005 for the accounting year 2005.
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Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters. The Groups business operations, who continue to evolve due to ongoing improvement projects, are largely
the same as last year. Valuation of the KID Trademark carries the same characteristics and risks this year and has
consequently been in our focus for the 2021 audit.
Key Audit Matter How our audit addressed the Key Audit Matter
Valuation of the KID trademark
The trademark amounts to a significant part of
the Group’s total fixed assets. Management
performed an impairment test to assess the
book value by estimating and discounting the
expected net future cash flows. The estimation
of the net future cash flows and discount rate
are dependent on management judgement. In
the event of a write-down of the trademark,
both operating profit and total equity would be
impacted. No impairment charge was
recognized in 2021.
We focused on valuation of the trademark due
to its significance to the financial statements
and the inherent risk that management
judgement could affect the valuation.
For more information see note 5 “Critical
accounting estimates” and note 12 “Intangible
assets” where management explains the origin
of the Trademark and the impairment test.
To challenge the judgement management used in the
estimation of the net future cash flows, we compared
management’s estimates of the future cash flows with the prior
year’s actual cash flows, approved budgets, and business plans.
We did not find any inconsistencies between the estimated net
discounted cash flows and the information used by
management to estimate these cash flows.
To evaluate management’s estimation accuracy, we compared
the 2021 estimated cash flows used in last year’s impairment
test with the actual cash flows in 2021. Only minor deviations
were noted.
To evaluate management’s assumptions related to future long-
term revenue growth, we compared management’s estimates
with the expectations in the marketplace. We found that
management’s estimates for long-term growth were in line
with both the markets and our expectations.
To evaluate management’s assumptions related to the discount
rate, we compared the different input factors used in the
determination of the discount rate with observable market
data, market expectations and discount rates used by
comparable companies. We found that managements discount
rate contains the elements required by IFRS, and that the
different elements were in line with what we observed in the
marketplace and comparative companies.
To challenge management’s sensitivity analysis, we simulated
changes in key parameters and found that the calculation of
value used was most sensitive to changes in sales, long-term
growth and discount rate. A reasonable variation in the key
parameters did not lead to a different conclusion on the
impairment test.
We have used checklists and judgement to consider whether
IFRS disclosure requirements related to the trademark and the
impairment test were appropriate. We found that the
disclosures, including the sensitivity analysis, were satisfactory
and provided meaningful information about the trademark and
the valuation performed.
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Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the Board
of Directors’ report and the other information accompanying the financial statements. The other information
comprises information in the annual report, but does not include the financial statements and our auditor’s report
thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report
nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report
and the other information accompanying the financial statements. The purpose is to consider if there is material
inconsistency between the Board of Directors’ report and the other information accompanying the financial
statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’
report and the other information accompanying the financial statements otherwise appears to be materially
misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the
other information accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable legal requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate Governance
and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance
with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for
the preparation and true and fair view of the consolidated financial statements of the Group in accordance with
International Financial Reporting Standards as adopted by the EU, and for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial
statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise
will cease operations. The consolidated financial statements of the Group use the going concern basis of accounting
unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but
to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
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As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company's or the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting, and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company and the Group's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
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Report on Other Legal and Regulatory Requirements
Report on compliance with Regulation on European Single Electronic Format (ESEF)
Opinion
We have performed an assurance engagement to obtain reasonable assurance that the financial statements with file
name “5967007LIEEXZXH53K17-2021-12-31-en.zip” have been prepared in accordance with Section 5-5 of the
Norwegian Securities Trading Act (Verdipapirhandelloven) and the accompanying Regulation on European Single
Electronic Format (ESEF).
In our opinion, the financial statements have been prepared, in all material respects, in accordance with the
requirements of ESEF.
Management’s Responsibilities
Management is responsible for preparing, tagging and publishing the financial statements in the single electronic
reporting format required in ESEF. This responsibility comprises an adequate process and the internal control
procedures which management determines is necessary for the preparation, tagging and publication of the financial
statements.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF reporting,
see: https://revisorforeningen.no/revisjonsberetninger
Oslo, 7 April 2022
PricewaterhouseCoopers AS
Geir Haglund
State Authorised Public Accountant
KID ASA Annual Report 202186
REVENUE UPDATES
INVESTOR SITE
Our financial calendar shows the dates on which we plan to
publish our financial reports and conduct our annual general
meeting. It also includes information about events that are
relevant to our shareholders.
The accounts and presentation material are available from
07:30 (CET) on the day of publication, and can be downloaded
from our website, http://investor.kid.no/
KID ASA will announce revenue updates on the following dates:
Q2-2022 revenue – 08.07.2022
Q3-2022 revenue – 10.10.2022
All dates are subject to change.
This information is published pursuant to the requirements set
out in the Continuing obligations.
http://investor.kid.no
Financial
calendar
12 May 2022
Annual
General
Meeting
19 May 2022
Q1
25 August 2022
Q2
10 November 2022
Q3
2022
KID ASA Annual Report 2021 87
KID ASA
Gilhusveien 1, N-3426 Gullaug
Box 505, N-3412 Lierstranda
Phone: +47 940 26 000
www.kid.no
#2020173