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"value": "Note 1 Accounting policies General information These consolidated \ufb01nancial statements for Elmera Group ASA for the year ended 31 December 2022, was approved by the Board of Directors on 28 March 2023. Elmera Group ASA and its subsidiaries (together \u2018the Group\u2019, \u201cElmera\u201d or \u201cthe Elmera Group\u201d) is a supplier of electrical power in Norway, Sweden and Finland. The company is listed on Oslo Stock Exchange. The Group\u2019s core business is the purchase, sale and portfo- lio management of electrical power to house- holds, private and public companies, and municipalities. The Group is also a provider of mobile phone services to private customers in Norway. Elmera Group ASA is incorporated and dom- iciled in Norway. The entity name was changed from Fjordkraft Holding ASA to Elmera Group ASA in 2022. The address of its registered o\ufb03ce is Folke Bernadottes Vei 38, 5147 Bergen, Norway. This note provides a list of the signi\ufb01cant accounting policies adopted in the presenta- tion of these consolidated \ufb01nancial statements to the extent they have not been disclosed in the other notes below. These policies have been consistently applied to all the years pre- sented, unless otherwise stated. Basis of preparation Compliance with IFRS These consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applica- ble to companies reporting under IFRS. The consolidated \ufb01nancial statements also com- ply with IFRS as issued by the International Accounting Standards Board (IASB). New and amended standards adopted by the group The Group has in 2022 adopted the amend- ments to IFRS that apply for the \ufb01rst time to \ufb01nancial reporting periods commencing on or after 1 January 2022. These amendments have not had a material impact on the Group\u2019s \ufb01nancials statements in the current reporting period. New standards and interpretations not yet adopted Certain new accounting standards and inter- pretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Basis of consolidation These consolidated \ufb01nancial statements include the accounts of Elmera Group ASA and its subsidiaries (note 26). Going concern The Group\u2019s consolidated \ufb01nancial statements is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This comprises information about net cash \ufb02ows from existing customer contracts and other service contracts, debt service and obligations. After making such assessments, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the fore- seeable future. Basis of measurement The consolidated \ufb01nancial statements have been prepared under the historical cost con- vention, except for \ufb01nancial assets recog- nised at fair value through pro\ufb01t or loss, fair value through other comprehensive income, derivative \ufb01nancial instruments and de\ufb01ned bene\ufb01t pension plans, which are measured at fair value. The preparation of consolidated \ufb01nancial statements in conformity with IFRS requires the use of certain critical account- ing estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving higher degree of judgement or complexity, or areas where the assumptions and estimates are signi\ufb01cant to the consol- idated \ufb01nancial statements are disclosed in note 2.\u00a0\u00a0Principles of consolidation Subsidiaries Subsidiaries are all entities (including struc- tured entities) over which the Group has con- trol. 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 a\ufb00ect those returns through its power to direct the activities of 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. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the trans- action provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where nec- essary to ensure consistency with the policies adopted by the Group. Joint ventures and associates The Group\u2019s investments in joint ventures and associates are accounted for by using the equity method of accounting. Under this method, the investment is initially recognized at cost. Goodwill relating the associate or joint venture is included in the carrying amount of the investment and not tested for impairment individually. The income statement re\ufb02ects the Group\u2019s share of the net result after tax of the associate or joint venture. Any depreciation or amortization of the Group\u2019s excess values are included in the net result from the joint ventures. Any change in other comprehen- sive income of the associate or joint venture is presented separately in the Group\u2019s other comprehensive income. The \ufb01nancial statements of the associate or joint venture are prepared for the same report- ing period as the Group. When necessary, adjustments are made to bring the accounting principles in line with those of the Group. The Group determines whether it is neces- sary to recognize an impairment loss on its investments in joint ventures or associates. At each reporting date, the Group determines whether there is objective evidence that the investments are impaired. If there is such evidence, the Group calculates the amount of impairment as the di\ufb00erence between the recoverable amount and the carrying amount of the investment. Any impairment loss is recognized as \u2018share of pro\ufb01t or loss from joint venture and associates\u2019. The recovera- ble amount is the higher of value in use and fair value less cost to sell. The entire carry- ing amount of the investments are tested for impairment as one single asset. Changes in ownership interests When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or signi\ufb01cant in\ufb02uence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in pro\ufb01t or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or \ufb01nancial asset. Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. Foreign currency translation\u00a0Functional and presentation currency Items included in the \ufb01nancial statements of each of the Group\u2019s entities are presented in the currency of the primary economic environ- ment in which the entity operates (\u2018the func- tional currency\u2019). The consolidated \ufb01nancial statements are presented in Norwegian kroner (NOK), which is Elmera Group ASA\u2019s func- tional and presentation currency. The func- tional currency in all Norwegian subsidiaries in the Group is NOK.\u00a0The functional currency in the subsidiary Switch Nordic Green AB is Swedish kroner (SEK) for its operations in Sweden, and Euro for its branch operating in Finland. Transactions and balances Transactions in currencies other than the enti- ty\u2019s functional currency (foreign currency) are translated into the functional currency using the exchange rates at the dates of the trans- actions. Foreign exchange gains and losses result- ing from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign curren- cies at year end exchange rates are generally recognised in pro\ufb01t or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of pro\ufb01t or loss, within \ufb01nance costs. All other foreign exchange gains and losses are presented in the statement of pro\ufb01t or loss on a net basis within other \ufb01nancial items. Non-monetary items that are measured at fair value in a foreign currency are con- verted to NOK using the exchange rates at the date when the fair value was determined. Translation di\ufb00erences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not subsequently revaluated. Group companies The results and \ufb01nancial position of foreign operations that have a functional currency di\ufb00erent from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each statement of \ufb01nancial position presented are translated at the closing rate at the date of that state- ment of \ufb01nancial position, \u2022 income and expenses for each statement of pro\ufb01t or loss and statement of compre- hensive income are translated at average exchange rates (unless this is not a rea- sonable approximation of the cumulative e\ufb00ect of the rates prevailing on the trans- action dates, in which case income and expenses are translated at the dates of the transactions), and \u2022 all resulting exchange di\ufb00erences are rec- ognised in other comprehensive income and accumulated in a foreign currency translation reserve. Goodwill and fair value adjustments aris- ing on the acquisition of a foreign operation are treated as assets and liabilities of the for- eign operation and translated at the closing rate. Revenue recognition The Group recognises revenue when a cus- tomer obtains control of promised goods or services in an amount that re\ufb02ects the con- sideration the Group expects to receive in exchange for those goods or services. The Group applies the following \ufb01ve step method outlined in IFRS15 Revenue from Contracts with Customers, to all revenue streams: 1. Identify the contract(s) with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to the per- formance obligations in the contract; and 5. Recognise revenue when (or as) the Group satis\ufb01es a performance obligation. The Group only applies the \ufb01ve-step model to contracts when it is probable that the Group will collect the consideration it is entitled to in exchange for the goods or services it trans- fers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, the Group assesses the goods or services promised within each contract and determines those that are per- formance obligations, and assesses whether each promised good or service is distinct. The Group then recognises as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satis\ufb01ed. For a complete discussion of accounting for revenue, see Note 5 - Revenue Recognition. A proportion of the \ufb01nal settlement of the Group\u2019s sale of electrical power is made after the Group has \ufb01nalised its annual \ufb01nancial statements. Revenues related to sale of elec- tricity are estimated based on the volumes that have been physically delivered during the period. The physically delivered volume is apportioned in accordance with consump- tion forecasts for each customer group and price plan. The model is rooted in historical information however there is a degree of esti- mation uncertainty attached to the volume apportioned to the various price segments that requires judgment by management when assessing. Please refer to note 4 - Segment informa- tion, for disclosures related to any estimate deviations recognised in the current report- ing period related to the previous reporting period. Income tax Income tax The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from net pro\ufb01t as reported in the income state- ment because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem- porary di\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax assets arising from deduct- ible temporary di\ufb00erences associated with such investments and interests are only rec- ognised to the extent that it is probable that there will be su\ufb03cient taxable pro\ufb01ts against which to utilise the bene\ufb01ts of the temporary di\ufb00erences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that would follow from the manner in which the Group expects, at the end of the report- ing period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in pro\ufb01t or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Cash and cash equivalents The cash \ufb02ow statement is prepared using the indirect method. For the purpose of pres- entation in the statement of cash \ufb02ows, cash and cash equivalents includes cash on hand, deposits held at call with \ufb01nancial 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 insigni\ufb01cant risk of changes in value. Trade receivables, loans and other receivables Trade receivables, loans and other receiva- bles are recognised initially at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method, less pro- vision for impairment. See note 7 and 9 for fur- ther information about the Group\u2019s accounting for trade receivables, loans, other receivables and credit risk. Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. El-certi\ufb01cate foward contracts The sale of electricity to end users in Norway and Sweden gives rise to an el-certi\ufb01cate can- cellation liability. The Group enters into for- ward contracts to purchase el-certi\ufb01cates to be remitted to the government as settlement for the el-certi\ufb01cate cancellation liability. As a result, the Group\u2019s contracts to purchase and sell electricity, and to purchase and remit el-certi\ufb01cates is delivered in quantities that will be used or sold in the Groups\u2019 normal course of business. Hence, the contracts has been accounted for under the \u201cown use\u201d exemp- tion, are considered executory contracts and are recognised in the consolidated \ufb01nancial statements when the underlying purchase or sale has occurred. Property, plant and equipment Property, plant and equipment is stated at his- torical cost less depreciation. Historical cost includes expenditure that is directly attribut- able to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. The carry- ing amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to pro\ufb01t or loss during the report- ing period in which they are incurred.\u00a0The depreciation methods and periods used by the Group are disclosed in note 15. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period with the e\ufb00ect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.\u00a0Gains and losses on disposals are deter- mined by comparing proceeds with carrying amount. These are included in the consoli- dated statement of pro\ufb01t or loss. Leases Right-of-use assets and lease liabilities aris- ing from a lease are initially measured on a present value basis. Lease liabilities Lease liabilities include the net present value of the following lease payments: \u2022 \ufb01xed payments (including in-substance \ufb01xed payments), less any lease incentives receivable \u2022 amounts expected to be payable by the group under residual value guarantees \u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the group exercising that option. Lease payments to be made under reasona- bly certain extension options are also included in the measurement of the liability. 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\u2019s 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. To determine the incremental borrowing rate, the Group: \u2022 where possible, uses recent third-party \ufb01nancing received by the individual les- see as a starting point, adjusted to re\ufb02ect changes in \ufb01nancing conditions since third party \ufb01nancing was received \u2022 uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third party \ufb01nancing, and \u2022 makes adjustments speci\ufb01c to the lease, eg term, country, currency and security. 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 e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right- of-use asset. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period in order to produce a con- stant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incen- tives received \u2022 any initial direct costs, and \u2022 restoration costs. Right-of-use assets are generally depreci- ated over the shorter of the asset\u2019s 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\u2019s useful life. The group has chosen not to revalue the right-of-use buildings held by the group. Short-term leases and leases of low value assets Payments associated with short-term leases and all leases of low-value assets are recog- nised on a straight-line basis as an expense in pro\ufb01t 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 o\ufb03ce furniture. Intangible assets 1) Intangible assets acquired separately 1. El-certificates and Guarantees of Origination (GoOs) Holdings of el-certi\ufb01cates and GoOs are rec- ognised as intangible assets in accordance with IAS 38 - Intangible Assets and measured using the cost model. The el-certi\ufb01cates have an in\ufb01nite life and are acquired to be used to settle the el-certi\ufb01cate cancellation liability by remitting the respective numbers of certif- icates to the government (refer to accounting policy \u2018Provision of El-certi\ufb01cate cancellation liability\u2019). 2. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. 3. Customer portfolios Customer portfolios are recognised at fair value in the consolidated statement of \ufb01nan- cial position at the time of acquisition. The customer portfolios have a limited useful economic life and are recognised at cost less deductions for accumulated deprecia- tion. Depreciation is calculated based on the expected customer churn rate. Fixed price elements of customer contracts are recorded as separate assets. 4. Fixed price customer contracts When customer portfolios are acquired the \ufb01xed price elements of the customer contracts in the customer portfolios acquired are rec- ognised as separate assets. Unless the \ufb01xed price element of customer contracts meets the de\ufb01nition of a derivative \ufb01nancial instru- ment (and recognised accordingly), they are recognised as intangible assets at fair value at the time of acquisition. The \ufb01xed price cus- tomer contracts have de\ufb01ned contract periods and are recognised at cost less deductions for accumulated depreciation. Depreciations follow a pattern that re\ufb02ects how the acquisi- tion value of the contracts are distributed over the remaining contract periods. 5. Tradenames Tradenames acquired in a business com- bination are recognised at fair value at the acquisition date. Tradenames that due to contractual agreements have a \ufb01nite useful life are subsequently carried at cost less accumulated amortisation and impairment losses. Tradenames that have an inde\ufb01nite useful life are not amortised but 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. Tradenames are included in Other intangible assets in note 16. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of \ufb01nancial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current lia- bilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and sub- sequently measured at amortised cost using the e\ufb00ective interest method. Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is proba- ble that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncer- tainties surrounding the obligation. Where a provision is measured using the cash \ufb02ows estimated to settle the present obligation, its carrying amount is the present value of those cash \ufb02ows (when the e\ufb00ect of the time value of money is material). When some or all of the economic bene\ufb01ts required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually cer- tain that reimbursement will be received and the amount of the receivable can be meas- ured reliably. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic bene\ufb01ts expected to be received under it. Onerous contract provisions are presented as non-current in the statement of \ufb01nancial position when the onerous con- tracts are not intended to be settled within 12 months of the reporting date. Provision for El-certi\ufb01cate cancellation liability The Group\u2019s electricity retailer operations in Norway and Sweden are subject to the Norwegian-Swedish El-certi\ufb01cate scheme, which requires the group to purchase and cancel a \ufb01xed annual quota of El-certi\ufb01cates for every MWh of power sold to end users in Norway and Sweden. The annual quotas are determined by the Norwegian and Swedish governments before the relevant year starts. All el-certi\ufb01cates nec- essary to meet the Group\u2019s certi\ufb01cate obliga- tion are either purchased in the spot market, or by entering into forward contracts. Provisions for the el-certi\ufb01cate cancella- tion liabilities are estimated based on actual delivered volume required to be covered by el-certi\ufb01cates. The Group accounts for these provisions using the net liability approach. There is no specific guidance on such schemes under IFRS; however, the net lia- bility approach is one of the commonly used approaches adopted. Hence, the part of the cancellation liability that is covered by the Group\u2019s holdings of el-certi\ufb01cates is meas- ured at the cost of acquired el-certi\ufb01cates, the part covered by forward contracts is meas- ured at contractual price of el-certi\ufb01cates, while any liability in excess of those amounts is recognised at fair value of the el-certi\ufb01cates that are required to be purchased\u00a0(applicable when level of el-certi\ufb01cates acquired directly or through forward contracts are not su\ufb03cient to o\ufb00set estimated number of certi\ufb01cates to be handed over to the government). The cancellation liability is presented within other current liabilities and any el-certi\ufb01cates on hand at year end are presented as part of Intangible assets. The corresponding cost is recorded as part of Direct cost of sales as it is considered an incremental cost of power purchased. Employee bene\ufb01ts Pension schemes and pension obligations The group operates various post-employment schemes, including both de\ufb01ned bene\ufb01t and de\ufb01ned contribution pension plans. De\ufb01ned bene\ufb01t pension plans De\ufb01ned bene\ufb01t schemes entitles employee members to de\ufb01ned future bene\ufb01ts. These bene\ufb01ts are normally dependent on the number of years of service, the salary level at retirement age and the portion of bene\ufb01ts that are paid by the national insurance. The de\ufb01ned bene\ufb01t pension obligations may be covered by plan assets invested through an insurance company (funded plan). The liability or asset recognised in the con- solidated statement of \ufb01nancial position in respect of de\ufb01ned bene\ufb01t pension plans is the present value of the de\ufb01ned bene\ufb01t obli- gation at the end of the reporting period less the fair value of any plan assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds that are denominated in the currency in which the ben- e\ufb01ts will be paid, and that have terms approx- imating to the terms of the related obligation. The net interest cost is calculated by apply- ing the discount rate to the net balance of the de\ufb01ned bene\ufb01t obligation and the fair value of plan assets. \u00a0This cost is included in Pension expenses which is part of Personnel expenses in the statement of pro\ufb01t or loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the consolidated state- ment of changes in equity and in the state- ment of \ufb01nancial position. Changes in the present value of the de\ufb01ned bene\ufb01t obligation resulting from plan amend- ments or curtailments are recognised imme- diately in pro\ufb01t or loss as past service costs. De\ufb01ned contribution plans De\ufb01ned contribution plans\u00a0are\u00a0post-employ- ment bene\ufb01t plans\u00a0under which an entity pays \ufb01xed de\ufb01ned contributions into a separate entity (a fund). The entity has no further payment obligations once the contributions have been paid. The contributions are recognised in Pension expenses which is part of Personnel expenses in the statement of pro\ufb01t or loss when they are due. Share-based compensation Employee share options at Elmera Group rep- resents rights for employees to buy shares in the company at a future date at a predeter- mined exercise price. To exercise the option, the employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The fair value of the employee services received in exchange for the allotment of options is recognised as an expense over the vesting period based on the fair value of the options. On each balance date, the Group revises its estimates of the number of options that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity over the remaining vesting period. The proceeds received net of any directly attribut- able transaction costs are credited to share capital and share premium when the options are exercised. Treasury shares Own equity instruments which are reacquired (treasury shares) are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or cancellation of the Company\u2019s own equity instruments. Dividends Provision is made for the amount of any divi- dend declared, appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Earnings per share 1. Basic earnings per share: Basic earnings per share is calculated by dividing: \u2022 the pro\ufb01t attributable to owners of the com- pany, excluding any costs of servicing equity other than ordinary shares \u2022 by the weighted average number of ordi- nary shares in issue during the \ufb01nancial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares (note 14) 2. Diluted earnings per share: Diluted earnings per share adjusts the \ufb01gures used in the determination of basic earnings per share to take into account: \u2022 the after income tax e\ufb00ect of interest and other \ufb01nancing costs associated with dilu- tive potential ordinary shares, and \u2022 the weighted average number of additional ordinary shares that would have been out- standing assuming the conversion of all dilutive potential ordinary shares. Government grants Companies within the Group may be entitled to claim refunds / grants for investments in quali- fying assets or in relation to qualifying expend- iture (e.g. the Research & Development tax incentive scheme \u201cSkatteFUNN\u201d). Government grants are not recognised until there is a reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in the consolidated statement of pro\ufb01t and loss on a systematic basis over the periods in which the Group recognises the corre- sponding expenses for which the grants are intended to compensate. Speci\ufb01cally, gov- ernment grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised by deducting the grant from the carrying amount of the asset. The grant is recognised in the Consolidated statement of pro\ufb01t or loss over the life of the depreciable asset as a reduced depreciation expense. Government grants that are receivable as compensation for expenses or losses already incurred with no future related costs to be incurred by the Group are recognised in the Consolidated statement of pro\ufb01t or loss in the period in which they become receivable. Rounding of amounts All amounts disclosed in the consolidated \ufb01nancial statements and notes have been rounded o\ufb00 to the nearest thousand currency units unless otherwise stated. Comparable \ufb01gures and reclassi\ufb01cations\u00a0The consolidated statements of pro\ufb01t or loss, comprehensive income, \ufb01nancial position, equity, cash \ufb02ow and notes provide compa- rable information in respect of the previous period. In addition to restatements of com- parable \ufb01gures which are described in detail in note 3, the following reclassi\ufb01cations to comparable \ufb01gures have been made for 2022: Presentation of interest compensation for extended credit days for electricity purchases The interest compensation for extended credit days related to electricity purchase from Statkraft Energi AS, the Group\u2019s main supplier of electrical power, has in previous reporting been recorded in Direct cost of sales. From 2022 and going forward the interest compen- sation will be reported in Interest expense. Comparable \ufb01gures for 2021 have been updated to re\ufb02ect these changes, with the reclassi\ufb01cation of interest compensation of NOKt 23 882. Presentation of onerous contract provisions in statement of \ufb01nancial position From 2021 Onerous contract provisions are presented as separate line items in the state- ment of \ufb01nancial position. When the oner- ous contracts are not intended to be settled within 12 months of the reporting date, the provisions are presented as non-current. The model used when determining the non-current part of onerous contract provisions have been updated in 2022. To align with the updated model comparative \ufb01gures for 31 December 2021 in the statement of \ufb01nancial position have been updated, with an increase of NOKt 222 169 for non-current onerous contract pro- visions and a corresponding decrease for cur- rent onerous contract provisions. Note 2 Significant accounting judgements, estimates and assumptions The preparation of financial statements requires the use of accounting estimates which, by de\ufb01nition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to esti- mates and assumptions turning out to be wrong. Estimates and judgements are con- tinually evaluated. They are based on histor- ical experience and other factors, including expectations of future events that may have a \ufb01nancial impact on the entity and that are believed to be reasonable under the circum- stances. The areas involving signi\ufb01cant estimates or judgements are: 1) Onerous contract provisions At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group\u2019s obligations under the contract exceed the economic bene\ufb01ts expected to be received in accordance with IAS 37. The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user custom- ers in the Nordic segment in which the vol- ume is not \ufb01xed. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. The price risk in these \ufb01xed price customer contracts are hedged with \ufb01nan- cial electricity derivatives which however are recognised as \ufb01nancial instruments. When hedging the price risk from these \ufb01xed price contracts, the electricity volume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in customer contracts without \ufb01xed volume the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. Please see note 9 for more information regarding the Group\u2019s dif- ferent product types and related market risks. Fixed price customer contracts are assessed as onerous contracts if the esti- mated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the custumers. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are however not taken into consideration when estimating the unavoidable costs as hedge accounting is not applied. Please see note 19 for details of the movement in provisions for onerous contracts. 2) Impairment of goodwill and intangible assets Goodwill and intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. The recoverable amounts of the cash-generating units are determined based on value in use calculations. The cash-gen- erating units equal the reportable segments. Value in use is calculated using the dis- counted cash-\ufb02ow model and based on a \ufb01ve- year forecast made by Group management. Management has projected cash \ufb02ows based on \ufb01nancial forecasts and strategy plans. The preparation of the forecast requires a number of key assumptions such as growth in net revenue and operating expenditure. The cash \ufb02ow for the \ufb01fth year is used as the base for the sixth year and onwards in perpetuity. The discount rates used are, amongst other things, based on risk-free 10-year govern- ment bond rate, observed market risk pre- mium, industry-speci\ufb01c risk premium and the Group\u2019s cost of debt. For the calculation of the in-perpetuity value, Gordon\u2019s growth model is used. According to Gordon\u2019s model, the termi- nal value of a growing cash \ufb02ow is calculated as the starting cash \ufb02ow divided by cost of capital less the growth rate. Please see note 16 for more details regarding impairment test- ing of goodwill at year end, including a sen- sitivity analysis for signi\ufb01cant assumptions. 3) Recognition of deferred tax asset for tax losses carried forward Deferred tax assets include an amount which relates to carried-forward tax losses of the subsidiary Switch Nordic Green AB. The sub- sidiary has incurred substantial accumulated tax losses in its operations in both Sweden and Finland in periods prior to when the Group acquired this entity in November 2020. The Group has concluded that a portion of the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The majority of tax losses carried forward are losses in Sweden which can be carried forward inde\ufb01nitely and have no expiry date. The tax losses in Finland expires after ten years. Please see note 13 for more details regarding deferred tax asset recognised in the Statement of \ufb01nancial position. 4) De\ufb01ned bene\ufb01t occupational pension scheme The Group has a de\ufb01ned bene\ufb01t pension scheme for employees born before 1963, and a de\ufb01ned contribution pension scheme for employees born from 1963. The cost of the de\ufb01ned bene\ufb01t pension scheme and the present value of the pen- sion obligation are determined using actuar- ial valuations. An actuarial valuation involves making various assumptions that may di\ufb00er from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complex- ities involved in the valuation and its long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at the reporting date. Please see note 18 for details of the assumptions used in the actuarial valuation of de\ufb01ned bene\ufb01t pension obligations, and a sensitivity analysis for signi\ufb01cant \ufb01nancial assumptions. 5) Gross vs. net presentation When evaluating the classi\ufb01cation and pres- entation of revenue transactions with custom- ers, management make judgement to what extent the Group in fact controls the speci\ufb01c goods and services before it is transferred to the customers. In making the judgement, management applies indicators set out in IFRS 15, of which key indicators are: \u2022 is the Group primarily responsible for ful- \ufb01lling the promise to provide the speci\ufb01ed goods or services, \u2022 does the Group have inventory risks before or after transferring goods or services to the customer, \u2022 does the Group have discretion in estab- lishing prices for the speci\ufb01c goods or services. Following the detailed evaluation of these cri- teria, management is satis\ufb01ed that the clas- si\ufb01cation and presentation of revenue from sale of our various products and services are appropriate. 6) Determining the amortisation rate of cost to obtain contracts with customers In determining which sales commissions represents incremental costs to obtain a contract, management evaluates the vari- ous type of sale commissions. A determin- ing factor is to what extent the costs have led to a new contract being signed by the customer. Management also make judgment in determining the amortisation rate that provides the best match for the economic bene\ufb01ts the Group derives from these new contracts. A detailed analysis have been carried out to identify how long the various customers remain with the signed contract before cancelling the contract. Following the detailed review and evaluation of the historical behavior of these customers, management is satis\ufb01ed that the amortisation method used provides the best allocation of these costs. 7) Hedge accounting The group applies hedge accounting when accounting for \ufb01nancial electricity derivatives which are designated to hedge the area price risk associated with forecast power purchase expenses in each of the \ufb01ve di\ufb00erent price areas in Norway (NO1, NO2, NO3, NO4, and NO5). The designated \ufb01nancial electricity derivatives are in general forward contracts with an underlying asset that is either i) the Nordic system price (system price for- ward contract), ii) an area price (area price forward contract), and / or iii) the di\ufb00erence between the Nordic system price and an area price (EPAD contract). Assessing whether the qualifying criterias for hedge accounting are met requires the use of judgment, in particular when a) assessing whether system price risk con- stitutes a risk component of area price risk in accordance with IFRS 9.6.3.7.a, and b) when assessing whether hedging of area price risk in price areas NO3 and NO4 will be su\ufb03ciently e\ufb00ective (IFRS 9.6.4.1.c) when system price forward contracts are the desig- nated hedging instruments. When assessing IFRS 9.6.3.7.a, the group\u2019s assessment is that when hedging area price risk in price areas where the di\ufb00erence between area price and system price is expected to be positive, system price forward contracts does qualify to be designated as a hedging instrument to hedge the area price risk in forecast cash \ufb02ows for power pur- chases, but only for variability due to change in system price. This assessment applies to the price areas NO1, NO2, and NO5 (in south- ern Norway). The assessment does however not apply when designating system price for- ward contracts to hedge the area prices in price areas NO3 and NO4 in northern Norway. When system price forward contracts are designated for hedging area price risks in forecast power purchases in NO3 and NO4, the hedged item is therefore de\ufb01ned to include all variability in the forecast cash \ufb02ow. In 2021 the Group\u2019s assessment was that there was a su\ufb03cient economic relationship between the hedging instrument and the hedged item (all variability in the area price) for the hedging relationship to qualify for the hedge e\ufb00ective- ness requirement in IFRS 9.6.4.1.c. Due to changes in market conditions the correlation between the Nordic system price and area prices in NO3 and NO4 has been signi\ufb01- cantly weakened. Thus from the beginning of 2022 the Group does no longer assess such hedging relationship to qualify for this hedge e\ufb00ectiveness requirement. The Group\u2019s strategy when hedging the future cash \ufb02ows related to power purchases in price areas NO1, NO2 and NO5 has in 2022 changed towards using area price forward contracts as hedging instruments, rather than Nordic system price forward contracts. Please see note 10 for details and further description regarding hedge accounting. Note 3 Restatement of prior periods Prior period comparative \ufb01gures have been restated in 2022. Description of restatements 1) A substantial proportion of the Group\u2019s power sales in 2021 was \ufb01nally settled after the Group had \ufb01nalised its annual \ufb01nan- cial statement. Revenues related to sale of power were thus recognised based on an estimate.\u00a0The Group\u2019s internal control pro- cedures have discovered that the estimate as per 31 December 2021 did not to an ade- quate degree re\ufb02ect all available information regarding power sales settled at the time of reporting. Revenue and Direct cost of sales have been restated as set out in the tables. 2) In prior period reporting the model for measuring fair value of derivative customer contracts did not adjust for the Group\u2019s price margins in such contracts. Thus the fair value of derivative \ufb01nancial instruments was over- stated, and the contracts\u2019 total margins were recognised in revenue at initial recognition of the contract. To align with the practice set out in IFRS 9, the model for measuring fair value of these contracts have been adjusted to exclude margins. The revenue from mar- gins are now recognised in the period the derivative contracts are delivered. Prior period Revenue (Unrealised gains and losses on derivative customer contracts), and fair value of Derivative \ufb01nancial instruments have been restated as set out in the tables. 3) At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group\u2019s obligations under the contract exceed the economic bene\ufb01ts expected to be received (onerous contracts) in accordance with IAS 37. Internal control procedures have in 2022 identi\ufb01ed that the assessment at year end 2021 failed to identify and recognise a portfo- lio of \ufb01xed price customer contracts as oner- ous contracts. Prior period Direct cost of sales (change in provisions for onerous contracts), and Onerous contract provisions have been restated as set out in the tables. Consolidated statement of pro\ufb01t or loss - Prior period corrections NOK in thousands 1) 2) 3) Total 2021 Revenue (73 132) (22 414) - (95 546) Direct cost of sales 8 963 - (22 740) (13 778) Operating pro\ufb01t (64 169) (22 414) (22 740) (109 324) Income tax (expense)/income 14 117 4 864 5 003 23 984 Pro\ufb01t/(loss) for the period (50 052) (17 550) (17 737) (85 340) Basic earnings per share (in NOK) (0,44) (0,15) (0,16) (0,75) Diluted earnings per share (in NOK) (0,43) (0,15) (0,15) (0,74) NOK in thousands 1) 2) 3) 31 December 2021 Assets Derivative \ufb01nancial instruments (non-current) - (16 866) - (16 866) Derivative \ufb01nancial instruments (current) - (27 203) - (27 203) Trade receivables (73 132) - - (73 132) Total assets (73 132) (44 069) - (117 201) Equity and liabilities Retained earnings (50 052) (38 424) (17 738) (106 213) Deferred tax liabilitites - (9 695) (5 003) (14 698) Derivative \ufb01nancial instruments (non-current) - 2 142 - 2 142 Derivative \ufb01nancial instruments (current) - 1 908 - 1 908 Onerous contract provisions (non-current) - - 15 321 15 321 Onerous contract provisions (current) - - 7 420 7 420 Current income tax liabilities (14 117) - - (14 117) Other current liabilities (8 963) - - (8 963) Total equity and liabilities (73 132) (44 069) - (117 201) Consolidated statement of \ufb01nancial position - Prior period corrections NOK in thousands 1) 2) 3) 1 January 2021 Assets Derivative \ufb01nancial instruments (non-current) - (13 709) - (13 709) Derivative \ufb01nancial instruments (current) - (11 995) - (11 995) Total assets - (25 705) - (25 705) Equity and liabilities Retained earnings - (20 873) - (20 873) Deferred tax liabilitites - (4 831) - (4 831) Total equity and liabilities - (25 705) - (25 705) Note 4 Segment information Disaggregation of revenue from contracts with customers Operating segments are reported in a man- ner consistent with the internal \ufb01nancial reporting provided to the chief operating decision-maker. The chief operating deci- sion maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board of Directors. The Board of Directors examines the Group\u2019s performance from a type of services perspective. Segment per- formance is evaluated based on pro\ufb01t or loss and is measured consistently with pro\ufb01t or loss in the consolidated \ufb01nancial statements. The Group\u2019s reportable segments under IFRS 8 - \u201cOperating Segments\u201d are therefore as follows: \u2022 Consumer segment - Sale of electrical power and related services to private con- sumers in Norway \u2022 Business segment - Sale of electrical power and related services to business consumers in Norway \u2022 Nordic segment - Sale of electrical power and related services to consumers in Finland and Sweden. Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment per- formance is focused on the category of cus- tomer for each type of activity. No operating segments have been aggregated in arriving at the reportable segments of the Group. The principal categories of customers are direct sales to private consumers, business consum- ers and alliance partners. The segment pro\ufb01t measure is adjusted operating pro\ufb01t which is de\ufb01ned as operat- ing pro\ufb01t earned by each segment without the allocation of: acquisition related costs and other one-o\ufb00 items, estimate deviations from previous periods, unallocated revised net revenue, unrealised gains and losses on derivatives, impairment of intangible assets, depreciation of acquisitions, and change in provisions for onerous contracts. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment perfor- mance. The accounting policies of the report- able segments are the same as the Group\u2019s accounting policies. All of the Group\u2019s revenue is from external parties and is from activities currently carried out in Norway, Sweden and Finland. There are no customers representing more than 10% of revenue. The tables below is an analysis of the Group\u2019s revenue and pro\ufb01t by reportable seg- ment. New growth initiatives comprise of other business activities (sale of mobile service to private customers and power sale, included related services, to Alliance Partners) which are not considered separate operating seg- ments. 2022 NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 13 122 968 11 095 287 2 228 015 26 446 270 360 006 26 806 277 Direct cost of sales adjusted (12 215 674) (10 535 045) (2 100 425) (24 851 144) (244 130) (25 095 275) Net revenue adjusted 907 294 560 242 127 590 1 595 126 115 876 1 711 002 Personnel and other operating expenses adjusted (565 940) (209 153) (114 243) (889 336) (103 979) (993 315) Depreciation and amortisation adjusted (175 347) (28 983) (47 712) (252 042) (5 591) (257 633) Total operating expenses adjusted (741 287) (238 136) (161 955) (1 141 378) (109 570) (1 250 948) Operating pro\ufb01t adjusted 166 007 322 106 (34 365) 453 748 6 306 460 054 Acquisition related costs - Other one- o\ufb00 items (2 660) Depreciation of acquisitions * (132 323) Estimate deviations (4 472) Unrealised gains and losses on derivatives (47 791) Change in provisions for onerous contracts 39 256 Impairment of intangible assets and cost to obtain contracts (39 282) Operating pro\ufb01t (EBIT) 272 781 *Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. NOK in thousands 2022 Tr\u00f8nderEnergi Marked acquisition (5 761) Oppdal Everk Kraftomsetning acquisition (1 702) Vester\u00e5lskraft Str\u00f8m acquisition (1 492) Innlandskraft acquisition (83 343) Troms Kraft Str\u00f8m acquisition (32 572) Other customer acquisitions (7 453) Depreciation of acquisitions (132 323) 2021 Restated NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 7 802 881 5 257 664 1 773 888 14 834 434 365 732 15 200 165 Direct cost of sales adjusted (6 691 380) (4 788 340) (1 710 899) (13 190 618) (285 170) (13 475 788) Net revenue adjusted 1 111 502 469 324 62 989 1 643 815 80 562 1 724 378 Personnel and other operating expenses adjusted (586 248) (159 441) (70 661) (816 349) (83 634) (899 993) Depreciation and amortisation adjusted (164 206) (27 213) (17 931) (209 350) (5 105) (214 455) Total operating expenses adjusted (750 454) (186 654) (88 592) (1 025 699) (88 740) (1 114 448) Operating pro\ufb01t adjusted 361 048 282 671 (25 603) 618 116 (8 177) 609 930 Acquisition related costs (1 034) Other one- o\ufb00 items 3 387 Unallocated revised net revenue (64 169) Depreciation of acquisitions * (188 629) Estimate deviations 11 515 Unrealised gains and losses on derivatives 1 066 055 Change in provisions for onerous contracts (1 019 479) Impairment of intangible assets (9 762) Operating pro\ufb01t (EBIT) 407 814 NOK in thousands 2021 Tr\u00f8nderEnergi Marked acquisition (10 434) Oppdal Everk Kraftomsetning acquisition (2 289) Vester\u00e5lskraft Str\u00f8m acquisition (1 936) Innlandskraft acquisition (128 650) Troms Kraft Str\u00f8m acquisition (42 031) Other customer acquisitions (3 289) Depreciation of acquisitions (188 629) * Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. Note 5 Revenue recognition The following table summarises revenue from contracts with customers: Timing of revenue recognition Over time: NOK in thousands 2022 2021 Restated Revenue - Consumer segment 13 025 916 7 697 878 Revenue - Business segment 11 041 944 5 219 008 Revenue - Nordic segment 2 228 015 1 773 888 Revenue - New growth initiatives 340 764 360 175 Total revenue recognised over time 26 636 639 15 050 949 At a point in time: Revenue - Consumer segment 97 053 105 003 Revenue - Business segment 53 343 38 657 Revenue - Nordic segment - - Revenue - New growth initiatives 19 242 5 557 Total revenue recognised at a point in time 169 638 149 217 Total revenue from contracts with customers (Revenue adjusted) 26 806 276 15 200 165 Other revenue: Estimate deviations - 8 422 Unallocated revised revenue - (73 132) Unrealised gains and losses on derivative customer contracts (1 284 761) (60 010) Total revenue 25 521 514 15 075 445 Sale of electricity The Group supplies electricity to both private and corporate end-user customers pursuant to agreed upon rates. Services are billed on a rate/kWh for the total volume consumed per month. Pursuant to the terms of the agree- ment, the Group has the right to invoice the customer in an amount that directly corre- sponds with the value to the customer of the Group\u2019s performance to date, accordingly the Company recognises revenue based on the amount billable to the customer. Electricity Procurement Services The Group has contracts with \u2018alliance part- ner\u2019 customers to jointly procure electricity from Statkraft AS in Norway. Services are billed on a rate per kWh of electricity procured on behalf of the alliance partner. The rate stip- ulated in the contract with alliance partners is based on the market price for electricity in the Norway electricity wholesale market plus a \ufb01xed markup. The Group is the agent in this transaction as it does not have control over the electricity being procured on behalf of the \u2018alliance\u2018 customers and accordingly recog- nises revenue, over time, equal to the amount of the markup billed to the alliance partners. In addition, the Group provides certain additional services, namely procurement of el-certi\ufb01cates, electricity purchase contracts and derivative forward contracts and options contracts on behalf of the alliance partner, all related to the electricity management strategy of the alliance partners. Services related to procurement of electricity and related instru- ments are billed on a rate per kWh of volume of electricity under contract. The rate stipu- lated in the contract with alliance partners is based on the market price for electricity and respective instruments in the Norway elec- tricity wholesale market plus a \ufb01xed markup. Similar to procurement above, the Group is the agent in these transactions as it does not have control over the electricity being purchased and instruments being purchased on behalf of the \u2018alliance \u2018customers. Accordingly the Group recognises revenue, over time as these services are delivered, equal to the amount of the markup billed to the alliance partners. The Group also provides invoicing, reve- nue reporting, collection and closely related services for some of the alliance partners. The fees depend on the type of service and can be \ufb01xed monthly, \ufb01xed annually and / or \ufb01xed fees per transactions. With respect to these deliveries the Group is not an agent and revenue is recognised, over time or at a point in time corresponding to the Group\u2019s perfor- mance obligations for respective services. Subscription \u2013 mobile phone services The Group o\ufb00ers mobile phone subscriptions to private consumers, and charges a \ufb01xed price per month for use of text messaging, call and data services. The customers pay a monthly \ufb01xed amount on each subscription and any unused data can be rolled over to the next month. The data that is rolled over can not exceed the total data amount indi- cated in the customers subscriptions. The customer is invoiced monthly in advance for the \ufb01xed amount, while any consumption not included in the \ufb01xed monthly price is invoiced in arrears. Data usage is accounted for as a separate performance obligation and \ufb01xed monthly fee is allocated to data services based on estimated expected cost plus mar- gin. Customers that have a contract for delivery of electricity with the Group, are also provided with a discount on their mobile phone sub- scription. In accordance with IFRS 15.82, the monthly discount is allocated exclusively to mobile phone services on a stand-alone sell- ing price basis, as the same discount is also o\ufb00ered to other customers on a regular basis. Revenue from messaging and call services are recognised in the month they are billed, re\ufb02ecting the consumer\u2019s consummation of the services as the customer receives a \ufb01xed amount to use each month and cannot transfer unused amounts to the next period. Revenue from data is recognised over time re\ufb02ecting the actual use of data by the cus- tomer. To the extent the customer do not use all of the data in a given period, the Group recognises a liability, unearned revenue, which is released to revenue as and when the customer consummate this data. Other Services Other services revenue consist primarily of revenues from: \u2022 Insurance sales; \u2022 Subscription revenue - tools; and \u2022 Other miscellaneous products and ser- vices. As it relates to insurance sales, the most sig- ni\ufb01cant judgment is determining whether the Group is the principal or agent for insurance sales made by the Group. The reported rev- enues from these transactions are made on a net basis because the performance obliga- tion is to facilitate a transaction between the third party insurance company and end users, for which the Group earns a commission for connecting the customer with the insurance company and a markup for the invoicing and collection on behalf to the insurance com- pany. Consequently, the portion of the gross amount billed to end users for premium that is remitted to the insurance company is not re\ufb02ected as revenues. The Group charges a \ufb01xed fee for access to tools and these contracts are typically on a month-to-month basis (with no speci\ufb01ed minimum term). Accordingly the Group recog- nizes revenue for the monthly amount billable to the customer. Contracts with Multiple Performance Obligations The Group periodically enters into contracts, or multiple contracts at or near the same time, with its customers in which a customer may purchase a combination of Electricity services and other services, such as procure- ment solutions or professional services. These contracts include multiple promises that the Group evaluates to determine if the promises are separate performance obligations. Once the Group determines the performance obli- gations, the Group determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Group then allocates the transaction price to each per- formance obligation in the contract based on a relative stand-alone selling price method or using the variable consideration allocation exception if the required criteria are met. The corresponding revenues are recognised as the related performance obligations are sat- is\ufb01ed as discussed in the revenue categories above. The following table summarises assets recognised from the cost to obtain a contract: NOK in thousands 2022 2021 Balance as at 1 January 287 728 172 656 Additions 237 550 264 152 Amortisation during the year (185 893) (146 773) Impairment* (39 282) - Currency translation di\ufb00erences (4 122) (2 307) Balance as at 31 December 295 980 287 728 *See note 19 for more details regarding impairment of cost to obtain contracts. Contract Balances The Group receives payments from its cus- tomers based on billing schedules estab- lished in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Group performs its obliga- tions under these arrangements. Amounts are recorded as accounts receivable when the Group\u2019s right to consideration is unconditional (when the customer obtains control of prom- ised goods or services). Cost to obtain Contracts The Group capitalises commission expenses paid to external sales personnel that are incre- mental to obtaining customer contracts. The judgments made in determining the amount of costs incurred include whether the commis- sions are in fact incremental and would not have occurred absent the customer contract. Costs to obtain a contract are amortised over the expected period of bene\ufb01t that has been determined to be approximately 36 months, presented as part of Depreciation and amor- tisation.These costs are periodically reviewed for impairment. The Group does not assess whether a con- tract has a signi\ufb01cant \ufb01nancing component if the expectation at contract inception is such that the period between payment by the cus- tomer and the transfer of the promised goods or services to the customer will be one year or less. The following tables present changes in the Group\u2019s contract assets and liabilities during the year ended 31 December, 2021 and 2022: Contract assets NOK in thousands 2022 2021 Restated Balance as at 1 January 3 831 626 787 514 Revenue recognised from\u00a0performance obligations\u00a0satis\ufb01ed in previous periods - 8 422 New contract assets during the period less transfer to receivables 2 007 670 3 046 977 Currency and other e\ufb00ects (10 024) (11 287) Balance as at 31 December 5 829 272 3 831 626 Contract liabilities NOK in thousands 2022 2021 Balance as at 1 January 47 280 124 043 Revenue recognised that was included in opening balance (47 280) (124 043) New contract liabilities less transfer to revenue 31 978 47 280 Currency and other e\ufb00ects - - Balance as at 31 December 31 978 47 280 Transaction Price Allocated to Future Performance Obligations IFRS 15 requires that the Group disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satis\ufb01ed as 31 December 2022 and 31 December 2021. The guidance provides certain practical expedients that limit this requirement. Majority of the Groups contracts meet either of the following prac- tical expedients provided by IFRS 15 and accordingly the Group has applied this prac- tical expedient. 1. The performance obligation is part of a contract that has an original expected duration of one year or less. 2. The entity recognises revenue from its sat- isfaction of the performance obligations in the amount billable to the customer in accordance with paragraph B16 of IFRS 15. Concentrations of Credit Risk The Group do not have any customers that comprised more than 10% of the Group\u2019s rev- enue for year ended 31 December 2022 and 31 December 2021. \u00a0As of 31 December 2022 and 31 December 2021 the Group do not have signi\ufb01cant cus- tomers that comprises more than 10% of accounts receivable. Note 6 Direct cost of sales NOK in thousands 2022 2021 Restated Purchase of electrical power and el certi\ufb01cates 24 804 557 13 165 847 Other direct cost of sales 295 188 297 885 Change in provisions for onerous contracts (39 256) 1 019 479 Unrealised gains and losses on derivative hedge contracts (1 236 970) (1 126 064) Total direct cost of sales 23 823 519 13 357 147 Note 7 Financial assets and financial liabilities The Group holds the following \ufb01nancial instruments: Financial assets NOK in thousands Notes 2022 2021 Restated Financial assets at amortised cost Trade receivables * 7(a) 1 722 161 1 351 502 Other non-current \ufb01nancial assets 7(a) 48 285 54 784 Cash and cash equivalents 7(d) 70 548 306 627 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 4 231 590 1 982 766 Total \ufb01nancial assets 6 074 662 3 695 679 * excludes contract assets Financial liabilities NOK in thousands Notes 2022 2021 Restated Liabilities at amortised cost Trade and other payables 7(b) 5 828 373 4 516 589 Overdraft facilities 7(c) 534 112 - Interest-bearing short term debt 7(c) 275 000 - Interest-bearing long term debt 7(c) 722 869 813 709 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 3 112 556 883 514 Total \ufb01nancial liabilities 10 545 680 6 292 774 Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. The following table presents the recognised \ufb01nancial instruments that are o\ufb00set. 2022 Financial assets NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 7 273 986 (3 040 318) 4 233 668 Other derivatives - - - Total derivative \ufb01nancial assets 7 273 986 (3 040 318) 4 233 668 Financial liabilities NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 6 225 317 (3 040 318) 3 184 999 Other derivatives 328 - 328 Total derivative \ufb01nancial liabilities 6 225 645 (3 040 318) 3 185 327 7(a) Trade receivables and Other non-current financial assets Trade receivables are amounts due from cus- tomers for goods sold or services performed in the ordinary course of business. If collec- tion of the amounts is expected in one year or less they are classi\ufb01ed as current assets. Trade receivables are generally due for set- tlement within 30 days. No interest is charged on outstanding trade receivables, unless it is past due date. The Group always measures the loss allow- ance for trade receivables at an amount equal to lifetime expected credit loss (ECL). For cus- tomers in the business segment, the expected credit losses on trade receivables are esti- mated using a provision matrix by grouping trade receivables based on reference to past default experience for the group of customers. For customers in the consumer segment, the expected credit losses on trade receivables are estimated by an individual assessment of each speci\ufb01c customer performed by the Group\u2019s Debt Collection Service provider. The customer\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the customers\u2019, general economic conditions of the industry in which the customers operate and an assess- ment of both the current as well as the forecast direction of conditions at the reporting date, are all factors that are taken into account when measuring ECL. There has been no changes in the estima- tion techniques or signi\ufb01cant assumptions made during the year. The Group writes o\ufb00 a trade receivable when there is information indicating that the debtor is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over one years past due, whichever occurs earlier. The trade receivables that have been written o\ufb00 are still subject to collection processes. The following table details the risk pro\ufb01le of trade receivables based on the Group\u2019s provision matrix. 2022 Loss allowance provision - Days past due NOK in thousands Current 31-60 days 61-90 days 91-120 days 121-180 days More than 180 days Total Gross nominal amount Trade receivables - Power sales - Consumer customers 3 956 849 436 1 404 545 17 170 24 360 428 187 Trade receivables - Power sales - Business customers 2 089 257 3 990 3 366 2 244 12 762 24 706 1 341 488 Trade receivables - Mobile sales - Consumer customers 14 0 38 33 57 201 342 1 894 Total Loss allowance provision 6 058 1 105 4 463 4 803 2 845 30 133 49 408 1 771 569 2021 Loss allowance provision - Days past due NOK in thousands Current 31-60 days 61-90 days 91-120 days 121-180 days More than 180 days Total Gross nominal amount Trade receivables - Power sales - Consumer customers 6 223 710 395 531 282 20 104 28 244 894 503 Trade receivables - Power sales - Business customers 1 414 445 102 768 1 155 12 638 16 522 500 113 Trade receivables - Mobile sales - Consumer customers 2 1 66 63 111 204 447 2 099 Total Loss allowance provision 7 639 1 156 562 1 362 1 548 32 946 45 213 1 396 715 The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simpli\ufb01ed approach set out in IFRS: NOK in thousands 2022 2021 Opening balance, 1 January 45 213 105 080 Loss allowance recognised in pro\ufb01t or loss for the period 4 403 (59 543) Currency translation di\ufb00erence (208) (324) At 31 December 49 408 45 213 During the year, the following gains/(losses) were recognised in pro\ufb01t or loss in other expenses in relation to impaired receivables: NOK in thousands 2022 2021 Receivables written o\ufb00 39 518 53 846 Movement in provision for impairment 4 403 (59 543) Received payment on previously written o\ufb00 receiavbles (3 663) (16 651) Net impairment expense recognised on trade receivables 40 258 (22 348) Other non-current \ufb01nancial assets The other non-current \ufb01nancial assets in the consolidated statement of \ufb01nancial position comprise of the following: NOK in thousands 2022 2021 Loans to employees* 14 076 16 251 Other long term receivables from customers** 21 686 21 711 Capitalised transaction costs*** 6 190 11 240 Other 6 333 5 582 Total 48 285 54 784 7(a) Trade receivables and Other non-current \ufb01nancial assets * Loans to employees include next year\u2019s installments. Instalments in 2023 amount to NOKt 2 351. ** Customers who purchase home chargers for electrical vehicles can settle through a 36 month repayment plan. The Group has a lien in the home charger until it is repaid. *** Transaction costs related to establishing the RCF, the guarantee facility and the overdraft facility, see more details in note 7(c). 7(c) Credit facilities 7(b) Trade and other payables Current liabilities NOK in thousands 2022 2021 Trade and other payables 5 828 373 4 516 589 Trade and other payables are unsecured and are usually paid within 30 days of recognition. The payment terms of the Group\u2019s power purchase agreement with Statkraft Energi AS are 30-days in Norway and 45-days in Sweden and Finland. In addition, this agreement in Norway includes a right for the Group to postpone these payments for additional 30 days if current cash in hand does not cover the liability. The power purchases under this agreement are invoiced monthly in arrear and are interest bearing. Fair value of trade and other payables The carrying amount of trade and other payables are considered to be the same as their fair values due to their short-term nature. NOK in thousands Effective interest rate 2022 2021 Term loan NIBOR 3 months + 1,30 % 726 175 819 875 Revolving credit facility NIBOR 3 months + 1,30 % 275 000 Total principal amounts 1 001 175 819 875 Credit facilities agreement Elmera Group\u2019s facilities agreement with DNB includes the following credit facilities; - a NOKt 1 000 000 term loan - the acquisition facility - a NOKt 500 000 revolving credit facility - a NOKt 2 250 000 guarantee facility - a NOKt 1 300 000 overdraft facility The termination date of the term loan facility, the revolving credit facility, and the guarantee facility is in September 2024. In Q4 2022 the interest rate margin on the term loan facility and the revolving credit facility was decreased from 1,75% to 1,30%. The term loan - NOKt 1 000 000 - The acquisition facility Each term loan drawn upon the facility is to be repaid in quarterly repayments of 2,5 % of the original amount of the term loan, with the remainder being repaid in full on the termination date. The reference interest rate is NIBOR. NOKt 460 000 was drawn upon this facility in September 2020, in order to repay a former term loan, and to partly \ufb01nance the aquisition of Innlandskraft AS. In November 2020 additional NOKt 477 000 was drawn upon the facility in order to partly \ufb01nance the aquisition of Troms Kraft Str\u00f8m AS. The term loan principals are being repaid in quarterly instalments of total NOKt 23 425. The \ufb01rst quarterly instalment was repaid in December 2020. At 31 December 2022 the remaining term loan principal balance is NOKt 726 175. The loan instalments of NOKt 93 700 that are due the next twelve months have been reclassi\ufb01ed from interest-bearing long term debt to interest-bearing short term debt, which is included in other current liabilities in the statement of \ufb01nancial position. The revolving credit facility - NOKt 500 000 - The RCF The revolving credit facility is available up until one month before the termination date. Any drawings for the purpose of \ufb01nancing permitted acquisitions shall be converted into term loan drawings with the same repayment pro\ufb01le as the acquisition facility, and amounts so converted shall not be available for re-drawing. The Group drew NOKt 150 000 on this facility in Q1 2022, and another NOKt 125 000 in Q2 2022. The revolving credit facility is classi\ufb01ed as interest-bearing short term debt in the statement of \ufb01nancial position. The guarantee facility - NOKt 2 250 000 The purpose of the guarantee facility is the issuance of guarantees and letters of credit for the general corporate and working capital purpose of the group, here- under gurantees related to re-invoicing agreements with grid owners, property rental agreements and so on. At 31 December 2022 guarantees of total NOKt 2 040 442 are issued under the guarantee facility. The overdraft facility - NOKt 1 300 000 The overdraft facility has been renewed and is available one year from September 2022. The overdraft facility was increased from NOKt 1 000 000 to NOKt 1 300 000 in Q3 2022. At 31 December 2022 the Group has drawn NOKt 534 112 on the overdraft facility. Security The Group\u2019s trade receivables has been pledged as security for all credit facilities under the facilities agreement. See note 24. Financial covenant Under the credit facility, there is a leverage covenant that applies at all times, and which shall be calculated quarterly based on consolidated numbers. A leverage ratio is to be calculated as total long term interest bearing debt (term loan) deducted free cash to rolling 12 month EBITDA adjusted. The leverage ratio shall not exceed: - more than 2,5 in respect of more than one quarter-end during any \ufb01nancial year, and - more than 2,0 in respect of the remaining three quarter-ends during any such \ufb01nancial year. The Group is in compliance with the covenant at the end of this reporting period. Liabilities from \ufb01nancing activities NOK in thousands Interest-bearing long term debt* Interest-bearing short term debt* Lease liability Overdraft facilities Total Balance at 1 January 2021 906 508 - 84 808 29 400 1 020 716 Cash \ufb02ows (93 700) - (19 095) (29 400) (142 195) New leases - - 20 769 - 20 769 Foreign exchange adjustments - - (167) - (167) Other changes 901 - - - 901 Balance at 31 December 2021 813 709 - 86 314 - 900 023 Balance at 1 January 2022 813 709 - 86 314 - 900 023 Cash \ufb02ows (93 700) 275 000 (20 245) 534 112 695 167 New leases - - 3 638 - 3 638 Foreign exchange adjustments - - 54 - 54 Other changes 2 860 - - - 2 860 Balance at 31 December 2021 722 869 275 000 69 761 534 112 1 601 741 * Includes instalments on term loans due within 12 months (NOKt 93 700), which are presented as part of Other current liabilities in the statement of \ufb01nancial posi- tion, see note 19. 7(d) Cash and cash equivalents Current assets NOK in thousands 2022 2021 Cash at bank and in hand 70 548 306 627 Total 70 548 306 627 The above \ufb01gures equals the amount of cash shown in the statement of cash \ufb02ows at the end of the \ufb01nancial year. Classi\ufb01cation as cash equivalents Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition and are repayable with 24 hours notice with no loss of interest. Restricted cash Please refer to note 24 for information about restricted cash. Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. Note 9 Financial risk management objectives The Group classi\ufb01es the following categories of \ufb01nancial risks: \u2022 Market risk \u2022 Credit risk \u2022 Liquidity risk Market risk Market risk is the risk of losses arising from movements in market prices. The Group is pri- marily exposed to the market risks of changes in commodity prices, climate risk, interest rates, security prices and foreign currency exchange rates. Market risk \u2013 commodity prices The commodity price risks related to sales of electricity to end-users are primarily related to market prices for electricity, but also to mar- ket prices of el-certi\ufb01cates and guarantees of origination (GoOs). The market price for electricity (spot price) is the hourly price from the Nordic power exchange Nord Pool Spot. Norway, Sweden, and Finland are geographically divided into di\ufb00erent electricity price areas. The spot price is determined by Nord Pool Spot within each of these price areas by the balance between demand and supply. The electricity prices are a\ufb00ected by the war in Ukraine and the transition to a low-emis- sion society. The EU\u2019s climate targets and the phasing-out of fossil energy production, as well as a focus on renewable energy with a signi\ufb01cant wind power element, have made the European power market increas- ingly dependent on prevailing weather con- ditions. In a transition phase, and for as long as the war continues, higher power prices and greater \ufb02uctuations than normal are expected. The Group\u2019s ESG-report contains more information about climate risk and how these are managed. When selling electricity to end users the Group o\ufb00ers a large scale of di\ufb00erent product types with di\ufb00erent pricing structures. The product types vary from spot-priced products, where the sales prices are connected to the spot price the Group pays when purchasing the electricity in the spot market, to variable price and \ufb01xed price contracts where the sales price is a \ufb01xed price for a \ufb01xed period. The di\ufb00erent product types expose the Group to di\ufb00erent risks, including price risk, pro\ufb01le risk, and volume risk. Pro\ufb01le risk arises when using standardized electricity deriva- tives, where the contractual price is \ufb01xed for all hours during the contractual period, to hedge power sales in the retail market where power prices vary from hour to hour through- out the day and week. The majority of end-user-sales in Norway are from spot-priced product types, where there is no price-, pro\ufb01le- or volume risk. Variable price contracts o\ufb00er the customers the pre- dictability of a \ufb01xed price without a \ufb01xed vol- ume. The price in the variable price products in the consumer segment can be changed with a 30 days\u2019 notice period (increased from 14 days in 2022). In the business segment the notice period is seven days. Volume sold on variable price products in the consumer segment decreased towards the end of 2022 as signi\ufb01cant numbers of customers migrated from variable to spot-priced products. The Group initiated sales stop of these contracts in the consumer segment and year-end 2022 this contract type represents less than 11% of the customers in the segment. A substantial portion of end-user sales in the Nordic segment are at \ufb01xed price contracts. The volume of \ufb01xed price power contracts has decreased during the year due to a movement towards spot based products for new custom- ers. At the beginning of the year the majority of the \ufb01xed price contracts were contracts without \ufb01xed volume, exposing the Group to both price-, pro\ufb01le-, and volume risks. The Group ended new sales of this type of \ufb01xed price contracts in the Nordic segment during the \ufb01rst quarter of 2022. Since then, new sales of \ufb01xed price contracts are contracts where the customer carries the price-, pro\ufb01le-, and volume risks. Thus the Group\u2019s exposure to these risks have been signi\ufb01cantly decreased in 2022, and will continue to decrease in 2023 and going forward as old \ufb01xed price contracts expire. Whenever Elmera enters into customer contracts where the electricity sales price is \ufb01xed or partially \ufb01xed, the related price risk is managed by purchasing \ufb01nancial electric- ity derivatives for hedging purposes. When hedging the price risk from \ufb01xed price con- tracts without \ufb01xed volume, the electricity vol- ume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in these customer contracts the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. The Group o\ufb00ers large business customers and Alliance partners to enter into \ufb01nancial power contracts, enabling them to utilize the market for \ufb01nancial trading of electricity to hedge the price risks in (parts of) their elec- tricity purchases and/or sales. Any \ufb01nancial derivative sold to a business customer is hedged back-to-back by purchasing a cor- responding \ufb01nancial derivative from a third party, thus any price or volume risk on these \ufb01nancial customer contracts is eliminated. The Group\u2019s \ufb01nancial electricity trade is mainly conducted through agreed bilateral frame- works with Statkraft as the main trade counter party. When selling electricity to end users in Norway and Sweden, the Group is required to purchase and cancel el-certi\ufb01cates. Further, when selling electricity on products includ- ing guarantees of origination, the Group is required to purchase and cancel GoOs. To manage risk exposure towards \ufb02uctuations in el-certi\ufb01cate and GoO market prices, the Group purchases el-certi\ufb01cates and GoOs, either in the spot market, or by purchasing forward contracts. The forward contracts are contracts with physical delivery, accounted for as own-use contracts, hence they are not recognised in the statement of \ufb01nancial position. Market risk \u2013 interest rates The Group\u2019s exposure to interest rate risk arises from variable rate credit facilities. The long term loans, the revolving credit facility, the guarantee facility and the overdraft facil- ity described in note 7(c), are all variable rate facilities. In addition, interest rate risk is related to short-term trade payables towards Statkraft related to purchase of electricity, and short-term receivables for customers who choose to extend their payment terms. Variable rate credit facilities, trade payables, and trade receivables expose the Group to cash \ufb02ow interest rate risks. The Group has set out parameters to actively monitor this risk going forward. Market risk \u2013 security prices The Group is indirectly exposed to security price risk through its de\ufb01ned employee bene\ufb01t obligations where parts of the pension plan assets are invested in securities. This risk is managed through investment in diversi\ufb01ed portfolios managed by external insurance companies. For further disclosure on fair value of plan assets and risk exposure related to employee bene\ufb01t obligations, please refer to note 18. Market risk \u2013 foreign exchange rates Following the acquisition of Troms Kraft Str\u00f8m AS and its subsidiaries\u2019 operations in Sweden and Finland, the Group increased its expo- sure to foreign exchange risk (primarily the Swedish Krone and the Euro). The acquisition was \ufb01nanced by a term loan denominated in NOK, and cash in hand. The Group\u2019s operations however still have limited exposure to foreign exchange cur- rency \ufb02uctuations, as the vast majority of local revenues, operating expenses and \ufb01nancial expenses are denominated in local currency. Through its agreement with Statkraft, the Group has the opportunity to conduct all of its physical and \ufb01nancial purchase of electricity in local currency. Derivatives All \ufb01nancial electricity derivatives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. The Group\u2019s accounting policy for cash \ufb02ow hedges are set out in note 10. The group has the following derivative \ufb01nancial instruments: NOK in thousands 2022 2021 Restated Derivative \ufb01nancial assets Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 2 745 315 1 451 547 Electricity derivatives - Customer contracts 1 486 276 531 220 Other derivatives - - Total derivative \ufb01nancial assets 4 233 668 1 982 766 Derivative \ufb01nancial liabilities Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 129 552 320 611 Electricity derivatives - Customer contracts 2 982 676 561 659 Other derivatives 328 1 245 Total derivative \ufb01nancial liabilities 3 185 327 962 477 Credit risk Credit risk refers to the risk that a counter- party will default on its contractual obligations resulting in \ufb01nancial loss to the Group. As of 31 December 2022, the Group\u2019s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, equals the carrying amount of the respective recognised \ufb01nancial assets as stated in the consolidated statement of \ufb01nancial position, see note 7. Trade receivables consists of a large num- ber of receivables on end-user customers, mainly households and business customers spread across diverse industries in Norway, Sweden and Finland.\u00a0The Group uses an external credit scoring system to assess the potential customer\u2019s credit quality before accepting any new customer. The Group uses publicly available \ufb01nancial information and its own trading records to rate its busi- ness customers. Refer to note 7 for details of concentration of credit risk related to trade receivables. In addition to invoicing electricity sales and other services provided to customers, the Group provides re-invoicing to customers in Norway related to grid rent on behalf of the grid owners (\u201cgjennomfakturering\u201d). This contributes to an increase in credit risk as the amount of trade receivables increases\u00a0\u00a0with the re-invoiced grid rent. However, in 2022 the Norwegian power support scheme (\u201cstr\u00f8m- st\u00f8tteordningen\u201d) has signi\ufb01cantly reduced the amounts which are re-invoiced, and thus the related credit risk. The power support scheme has been revised by the Norwegian government and extended to include the year 2024. The Group is required to provide letters of credit to the grid owners, guaranteeing their settlement of re-invoiced grid rent. However, the grid owners are not required to reimburse the Group for any re-invoiced grid rent not settled by the customer. The credit risk on bank deposits is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. Derivative \ufb01nancial contracts are traded either bilaterally with third party counterparties (mainly Statkraft), or customers (mainly large business customers and Alliance partners). Credit risk associated with derivative \ufb01nan- cial contracts with Statkraft (and other third parties) is considered to be limited as these counterparties are highly rated state-owned enterprises. The credit risk related to deriv- ative \ufb01nancial contracts with customers is managed by only o\ufb00ering \ufb01nancial contracts to customers with a su\ufb03cient credit rating, or by requiring security from the customer in the form of a deposit or a letter of credit. Liquidity risk The Group manages liquidity risk by maintain- ing adequate cash reserves, bank overdraft facilities and reserve credit facilities, by con- tinuously monitoring forecasts and actual cash \ufb02ows, and by matching the maturity pro\ufb01les of \ufb01nancial assets and liabilities. Electricity purchased under the Group\u2019s electricity pur- chase agreement with Statkraft, which is the Group\u2019s most signi\ufb01cant purchase agreement, are invoiced monthly in arrear, with a 30-day payment term in Norway and 45-day payment term in Sweden and Finland. In addition, this agreement in Norway includes a right for the Group to postpone these payments for addi- tional 30 days if current cash in hand does not cover the liability. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk are set out in note 7(c), Credit facilities. Liquidity risk tables The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative- and derivative \ufb01nancial liabilities. The tables have been drawn based on the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group can be required to pay. All electricity derivatives are settled monthly in arrear. Contractual maturities of non-derivative \ufb01nancial liabilities 31 December 2022 NOK in thousands Less than 1 month 1-3 months 3 months to 1 year 1-5 years 5+ years Total Carrying amount Trade and other payables* 5 828 373 - - - - 5 828 373 5 828 373 Overdraft facilities - - - 534 112 - 534 112 534 112 Interest-bearing short term debt - - - 275 000 - 275 000 275 000 Interest-bearing long term debt - 23 425 70 275 632 475 - 726 175 722 869 Total 5 828 373 23 425 70 275 1 441 587 - 7 363 659 7 360 353 * Ordinary trade and other payables are not interest bearing, however included in Trade and other payables are interest bearing trade payables related to the Group\u2019s electricity purchase agreement with Statkraft, the Group\u2019s main supplier of electrical power. This agreement allows for payment terms of 30 days, of which the oustanding balance is interest-bearing from day 1. The Group also has the right to postpone the payments by an additional 30 days if their current cash in hand does not cover the liability. The agreement expires in April 2024. At 31 December 2022, the interest bearing balance with Statkraft was NOKt 5 249 292 (31 December 2021 was NOKt 3 851 298). Contractual maturities of derivative \ufb01nancial liabilities 31 December 2022 NOK in thousands Less than 1 month 1-3 months 3 months to 1 year 1-5 years 5+ years Total Carrying amount Electricity derivatives - Hedge contracts - 35 118 40 377 137 684 2 479 215 658 202 324 Electricity derivatives - Customer contracts - 530 303 1 112 370 1 426 042 54 140 3 122 855 2 982 676 Other derivatives 23 48 262 - - 333 328 Total 23 565 469 1 153 009 1 563 727 56 619 3 338 847 3 185 327 Note 10 Hedge accounting Cash \ufb02ow hedges of forecast power purchase transactions The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of highly probable forecast power purchase transactions (cash \ufb02ow hedges). Elmera Group sells retail electricity-con- tracts with di\ufb00erent pricing structures. All electricity purchases are however made in the spot market. The majority of the custom- ers have contracts where the price is based on spot market prices. The Group also o\ufb00ers \ufb01xed price contracts for a de\ufb01ned period, and variable price contracts with or without price ceiling. In Norway, the price in the variable price products in the consumer segment can be changed with a 30 days\u2019 notice period (increased from 14 days in 2022). In the busi- ness segment the notice period is seven days. The group revised its risk management strat- egy and policy for power purchases in the Norwegian group entities in July 2021. In the revised strategy Elmera will seek to reduce price variability for a higher percentage of the future power purchases in Norway. This will support the commercial goal to reduce the number of price changes for the variable price products, at the same time acknowledg- ing the risk that the Group might not be fully able to follow the price curve in a market with reduced prices. Because of the increased volume of hedging activity for future power purchases, the group implement hedge accounting in 2021. Hedge accounting only applies to contracts entered into after the revised risk management policy. Elmera uses di\ufb00erent derivatives to reduce variability in future power purchases, depend- ing on availability in the market. The Group has prepared formal hedge documentation for area price forward contracts, Nordic sys- tem price forward contracts, EPAD (Electricity Price Area Di\ufb00erence) forward contracts, and for combinations of system price forward con- tracts and EPAD forward contracts, that are all part of the same risk management strategy. The Norwegian group entities purchase elec- tricity in all \ufb01ve Norwegian price areas. When a Nordic system price forward contract is des- ignated as a hedge instrument, the contract is designated to the di\ufb00erent price areas at the inception of the hedge. The Nordic system price is the main refer- ence price in the Nordic electricity market, with area prices to a varying degree correlat- ing to the system price. The three southern price areas in Norway (NO1, NO2 and NO5) are highly correlated with both the system price and each other. The correlation for the area prices in the two northern areas (NO3 and NO4) and the system price is signi\ufb01cantly weaker than for the southernmost areas. When implementing hedge accouting in 2021, management considered the market structure and concluded that the system price can be characterized as an identi\ufb01able and measurable component of the power price. In general, a change in the system price will cause a change in the price in all price areas and will also impact the pricing of long-term contracts in all areas. In addition, most mar- ket participants develop expectation of future prices estimating future system price and area di\ufb00erentials individually. This implies that the system price is an identi\ufb01able risk component in the future purchase of electricity. When des- ignating system price forward contracts as hedging instruments for power purchases in price areas where the forward area price is expected to be higher than the forward sys- tem price (NO1, NO2 and NO5), the hedged item is de\ufb01ned as the cash \ufb02ows related to future purchase of electricity in the relevant areas, but only for those changes that are attributable to changes in the system price. From the beginning of 2022 the Group does not designate system price forward contracts as hedging instruments for power purchases in price areas NO3 and NO4, unless they are part of a hedge where the hedging instrument is a combination of a system price forward contract and an EPAD forward contract. The Group\u2019s strategy when hedging the future cash \ufb02ows related to power purchases in price areas NO1, NO2 and NO5 has in 2022 changed towards using area price forward contracts as hedging instruments, rather than Nordic system price forward contracts. For all price areas the hedged item is de\ufb01ned as the \ufb01rst units of electricity pur- chased every hour, not already designated as a hedged item in another hedge. Since only a limited portion of the total purchase volume is hedged, actual purchase volume will be signi\ufb01cantly higher than the hourly volume of the derivatives. Because of this there will not be any timing di\ufb00erences causing inef- fectiveness. The accounting implications of hedge accounting for the period are summarised in the table below. Fair value of hedging instruments where hedge accounting is applied 31 December 2022 Fair value hedge instru- ment* Effective por- tion in OCI* Ineffectiveness in P&L* Hedged vol- ume Q1 2023** Hedged volume beyond Q1 2023** Cash \ufb02ow hedge of highly probable power purchase in price areas: South Norway (NO1, NO2, NO5) (71 809) (71 809) - 61 0 Trondheim (NO3) 2 099 2 103 (3) 29 1 Troms\u00f8 (NO4) (984) (983) (2) 8 1 Total derivatives - Cash \ufb02ow hedges (70 694) (70 689) (5) 98 2 31 December 2021 Fair value hedge instru- ment* Effective por- tion in OCI* Ineffectiveness in P&L* Hedged vol- ume Q1 2022** Hedged volume beyond Q1 2022** Cash \ufb02ow hedge of highly probable power purchase in price areas: South Norway (NO1, NO2, NO5) (88 291) (88 291) - 451 22 Trondheim (NO3) 5 831 (2 744) 8 575 42 6 Troms\u00f8 (NO4) 3 498 (435) 3 933 16 2 Total derivatives - Cash \ufb02ow hedges (78 962) (91 470) 12 508 509 30 * NOK in thousands ** GWh in thousands Change in fair value of hedging instruments where hedge accounting is applied NOK in thousands 2022 2021 Cash \ufb02ow hedge of highly probable power purchase: Ine\ufb00ective portion, recognised in P&L, total (12 513) 12 508 E\ufb00ective portion, recognised in OCI, total 20 781 (91 470) Change in fair value, total 8 268 (78 962) E\ufb00ective portion, recognised in OCI, net of tax (22 %) 16 209 (71 347) Ine\ufb00ective portion of changes in fair value of designated hedging instruments are recognised to Direct cost of sales in the statement of pro\ufb01t and loss. E\ufb00ective portion of realised gains and losses on hedging instruments are reclassi\ufb01ed from OCI and recognised to Direct cost of sales in the period they are realised. Hedging reserves The table below shows a reconciliation of the hedging reserve in other comprehensive income related to cash \ufb02ow hedges of forecast power purchase transactions. NOK in thousands 2022 2021 Opening balance 1 January (71 347) - E\ufb00ective portion of unrealised change in fair value of hedging instruments (381 080) 51 765 Realised (gains) and losses reclassi\ufb01ed to pro\ufb01t or loss 401 862 (143 235) Deferred tax (4 572) 20 123 Closing balance 31 December (55 137) (71 347) Note 11 Personnel expenses NOK in thousands 2022 2021 Salaries 322 878 313 959 Social security 44 091 44 338 Pension expenses 40 298 41 678 Other bene\ufb01ts 14 870 11 084 Gross personnel expenses 422 137 411 060 - Capitalised R&D costs (1 109) (1 937) Total personnel expenses 421 029 409 123 Number of full-time equivalents (FTEs) as of 31 December 412 475 For information regarding pension schemes please refer to note 18. For information regarding management option program please refer to note 27. For information regarding remuneration to executive management and Board of Directors please refer to note 23. Note 12 Other operating expenses and other financial items 12(a) Other operating expenses Other operating expenses NOK in thousands 2022 2021 Sales and marketing costs 135 526 129 938 IT cost 134 331 103 307 Purchase of third- party services and external personnel 107 011 104 448 Net impairment expense on trade receivables and other losses 35 317 (21 113) Professional fees * 93 184 113 995 Other operating costs 69 577 57 941 Total other operating expenses 574 946 488 517 * Includes legal fees, auditor, consultants Auditor\u2019s remuneration NOK in thousands 2022 2021 Statutory audit - Deloitte 3 884 4 149 Other assurance services - Deloitte 618 623 Other non-assurance services - Deloitte 235 - Total 4 736 4 773 12(b) Other \ufb01nancial items, net NOK in thousands 2022 2021 Foreign exchange gain/(losses) (3 351) (9 561) Other \ufb01nancial expenses (9 311) (9 657) Total other \ufb01nancial items, net (12 660) (19 219) Note 13 Income tax Speci\ufb01cation of tax expense recognised in statement of pro\ufb01t or loss NOK in thousands 2022 2021 Restated Tax payable on pro\ufb01t for the year 64 831 87 570 Adjustments to prior years tax payable (208) 3 188 Adjustments to prior years deferred tax expense (income) 208 (6 712) Change in deferred tax/(tax asset) from origination and reversal of temporary di\ufb00erences (9 986) (5 880) Tax expense recognised in statement of pro\ufb01t or loss 54 846 78 166 Speci\ufb01cation of current income tax liabilities NOK in thousands 2022 2021 Restated Tax payable on pro\ufb01t for the year 64 831 87 570 Adjustments prior years tax payable (14 325) 6 713 Current income tax liabilities recognised in balance sheet 50 506 94 283 Reconciliation of statutory tax rate to effective tax rate: NOK in thousands 2022 2021 Restated Pro\ufb01t before tax 128 692 335 195 Income tax at statutory tax rate (22%) 28 312 73 743 Tax expense recognised in statement of pro\ufb01t or loss 54 846 78 166 Difference (26 533) (4 423) Permanent di\ufb00erences 3 107 1 945 Change in deferred tax/(tax asset) from change in valuation allowance for deferred tax assets 23 442 7 446 Adjustments prior years tax payable (15) (4 968) Difference 26 533 4 423 Speci\ufb01cation of basis for deferred tax NOK in thousands 2022 Norway 2022 Sweden & Finland 2022 Total 2021 Total Restated Fixed assets/intangible assets 286 815 149 205 436 020 530 557 Receivables (33 617) - (33 617) (23 860) Pension liabilities (62 185) - (62 185) (93 837) Cost to obtain contracts 192 420 - 192 420 198 668 Provisions for onerous contracts (48 956) (1 020 619) (1 069 575) (1 083 854) Other current liabilities (5 115) - (5 115) (5 358) Derivative \ufb01nancial instruments 34 359 1 013 844 1 048 203 1 020 246 Leasing liabilities (3 530) (36) (3 566) (3 509) Other 6 322 - 6 322 17 449 Losses carried forward (42) (2 005 443) (2 005 484) (2 018 659) Temporary differences 366 471 (1 863 049) (1 496 578) (1 462 156) Tax rate 22% 20,6% / 20% Deferred tax/(tax asset) 80 624 (383 889) (303 265) (295 873) Valuation allowance for deferred tax assets* - 368 555 368 555 364 401 Deferred tax asset recognised in statement of \ufb01nancial position - 34 990 34 990 35 092 Deferred tax recognised in statement of \ufb01nancial position 80 624 19 656 100 280 103 620 Net position (80 624) 15 334 (65 290) (68 528) * Valuation allowance for deferred tax asset There are signi\ufb01cant tax losses carried forward in the entities in Sweden and Finland which were acquired as part of the Troms Kraft Str\u00f8m AS acquisition in 2020. A deferred tax asset related to the portion of these tax losses carried forward which are expected to be utilised by net taxable pro\ufb01t in the acquired businesses in Sweden (NOKt 22 870) and Finland (NOKt 12 121), was recognised as part of the purchase price allocation when accounting for the business combination. The deferred tax asset related to the remaining tax losses carried forward are not recognised in the statement of \ufb01nancial position at year end 2022. Of the unrecognised deferred tax assets, NOKt 374 307relates to losses carried forward in Sweden and NOKt 3 360 relates to losses carried forward in Finland. Tax losses in Finland may be carried forward for ten subsequent years. The tax losses carried forward in Finland are from the period between 2013 and 2022. Utilisation of the tax losses in Sweden is without time limitation. Changes in deferred tax balances Changes recognised in statement of pro\ufb01t or loss Changes recognised in other comprehen- sive income Changes from business combinations 2022 NOK in thousands 1 January 2022 31 December 2022 Fixed assets/intangible assets 102 056 (20 356) 1 056 - 82 756 Receivables (5 249) (2 147) - - (7 396) Pension liabilities (20 644) 5 945 1 018 - (13 681) Cost to obtain contracts 43 707 (1 375) - - 42 332 Provisions for onerous contracts (8 541) (2 230) - - (10 770) Other current liabilities (1 179) 53 - - (1 125) Derivative \ufb01nancial instruments (9 563) 12 550 4 572 - 7 559 Leasing liabilities (763) (14) - - (777) Other assets 3 839 (2 448) - - 1 391 Losses carried forward (35 136) 35 101 - (35 000) Total 68 528 (9 986) 6 747 - 65 290 Changes recognised in statement of pro\ufb01t or loss Changes recognised in other comprehen- sive income Changes from business combinations 2021 Restated NOK in thousands 1 January 2021 31 December 2021 Fixed assets/intangible assets 142 043 (38 985) (1 002) - 102 056 Receivables (7 635) 2 386 - - (5 249) Pension liabilities (24 382) (1 220) 4 958 - (20 644) Cost to obtain contracts 29 655 14 052 - - 43 707 Provisions for onerous contracts - (8 541) - - (8 541) Other current liabilities (10 538) 9 360 - - (1 179) Derivative \ufb01nancial instruments (794) 11 355 (20 123) - (9 563) Leasing liabilities (676) (87) - - (763) Other assets 4 725 (886) - - 3 839 Losses carried forward (44 045) 6 685 2 224 - (35 136) Total 88 351 (5 880) (13 943) - 68 528 Note 14 Earnings per share Earnings per share is calculated as pro\ufb01t/loss allocated to shareholders for the year divided by the weighted average number of outstanding shares. Basic earnings per share 2022 2021 Restated Pro\ufb01t/(loss) attributable to equity holders of the company (NOK in thousands) 73 847 257 029 Total comprehensive income attributable to equity holders of the company (NOK in thousands) 92 911 146 686 Weighted average number of ordinary shares outstanding 110 833 229 114 291 767 Earnings per share in NOK 0,67 2,25 Total comprehensive income per share in NOK 0,84 1,28 Share options (see note 27) 1 710 000 1 500 000 Diluted earnings per share in NOK 0,66 2,22 Dividend per share in NOK 3,50 3,50 2022 NOK in thousands Fixtures and equipment Computer equipment Construction in progress Total Accumulated cost 1 January 2022 18 653 27 260 33 45 946 Additions 675 2 593 57 3 325 Currency translation di\ufb00erence (15) (40) - (55) Accumulated cost 31 December 2022 19 313 29 813 90 49 216 Accumulated depreciation 1 January 2022 (11 996) (25 852) - (37 848) Depreciation for the year (2 240) (954) - (3 194) Currency translation di\ufb00erence 10 15 - 25 Accumulated depreciation 31 December 2022 (14 226) (26 790) - (41 017) Carrying amount 31 December 2022 5 087 3 023 90 8 198 2021 NOK in thousands Fixtures and equipment Computer equipment Construction in progress Total Accumulated cost 1 January 2021 16 830 26 613 - 43 443 Additions 70 738 1 917 2 725 Transferred from construction in progress 1 885 - (1 885) - Currency translation di\ufb00erence (131) (91) - (222) Accumulated cost 31 December 2021 18 653 27 260 33 45 946 Accumulated depreciation 1 January 2021 (9 846) (25 187) - (35 034) Depreciation for the year (2 164) (678) - (2 842) Currency translation di\ufb00erence 15 13 - 28 Accumulated depreciation 31 December 2021 (11 996) (25 852) - (37 848) Carrying amount 31 December 2021 6 658 1 408 33 8 098 Useful life 8 years (or lease term if shorter) 3 years Depreciation method Straight line Straight line The Group has no stranded assets. Note 15 Property, plant and equipment Note 16 Intangible assets Non-current intangible assets 2022 NOK in thousands Software and development projects Construction in progress Customer portfolios Fixed price customer contracts** Other intangible assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-current intangible assets Accumulated cost 1 January 2022 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Additions - Purchase 8 910 32 439 4 - - 41 353 - 41 353 Additions - Internally generated 858 105 - - - 963 - 963 Transferred from construction in progress 28 294 (28 294) - - - - - - Government grants (1 308) - - - - (1 308) - (1 308) Currency translation di\ufb00erences 136 (143) 3 446 3 901 281 7 621 (675) 6 946 Accumulated cost 31 December 2022 382 472 9 446 799 668 233 569 145 888 1 571 044 1 418 775 2 989 819 Accumulated depreciation 1 January 2022 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Depreciation for the year (47 861) - (123 977) - (8 726) (180 565) - (180 565) Currency translation di\ufb00erences (131) - (337) (847) - (1 315) - (1 315) Accumulated depreciation 31 December 2022 (269 527) - (445 660) (50 688) (41 240) (807 116) - (807 117) Accumulated impairment 1 January 2022 (22 724) - - (179 826) - (202 550) - (202 550) Impairment for the year - - - - - - - - Currency translation di\ufb00erences - - - (3 054) - (3 054) - (3 054) Accumulated impairment 31 December 2022 (22 724) - - (182 881) - (205 604) - (205 604) Carrying amount 31 December 2022 90 221 9 446 354 007 - 104 648 558 324 1 418 775 1 977 100 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. 2021 NOK in thousands Software and development projects Construction in progress Customer portfolios**** Fixed price customer contracts** Other intangi- ble assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-cur- rent intangible assets Accumulated cost 1 January 2021 297 473 9 063 770 256 243 640 147 531 1 467 963 1 442 849 2 910 813 Additions - Purchase 889 41 655 38 784 - - 81 328 - 81 328 Additions - Internally generated 1 811 86 - - - 1 897 - 1 897 Additions from business combinations*** - - - - - - (4 802) (4 802) Transferred from construction in progress 45 456 (45 456) - - - - - - Currency translation di\ufb00erences (47) (8) (12 823) (13 972) (1 924) (28 773) (18 596) (47 369) Accumulated cost 31 December 2021 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Accumulated depreciation 1 January 2021 (176 096) - (149 408) (52 761) (17 383) (395 648) - (395 648) Depreciation for the year (45 401) - (173 251) - (15 131) (233 783) - (233 783) Currency translation di\ufb00erences (37) - 1 312 2 919 - 4 195 - 4 195 Accumulated depreciation 31 December 2021 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Accumulated impairment 1 January 2021 (22 724) - - (180 026) - (202 750) - (202 750) Impairment for the year - - - (9 762) - (9 762) (9 762) Currency translation di\ufb00erences - - - 9 961 - 9 961 9 961 Accumulated impairment 31 December 2021 (22 724) - - (179 826) - (202 550) - (202 550) Carrying amount 31 December 2021 101 324 5 339 474 873 0 113 093 694 630 1 419 451 2 114 081 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. *** The changes to Goodwill included in Additions from business combinations are adjustments to the goodwill recognised when the group acquired Innlandskraft AS and Troms Kraft Str\u00f8m AS in 2020. These changes are mainly caused by adjustments to the \ufb01nal purchase consideration. **** Of total additions of customer portfolios, NOKt 37 348 relates to the acquisition of Skymobil AS\u2019 portfolio of mobile customers. The amount comprises the purchase price for the portfolio and directly attributable costs. Impairment of Goodwill and intangible assets with inde\ufb01nite useful life The Group has performed an impairment test of Goodwill and intangible assets with inde\ufb01nite useful life as of 31 December 2022 in accordance with IAS 36, using the methods outlined in note 2. Goodwill as at 31 December 2022, has a total carrying value of NOKt 1 418 775 and intangible assets with inde\ufb01nite useful life has a total carrying value of NOKt 84 772. The allocation, for impairment-testing purposes, on cash-generating units of the signi\ufb01cant amounts is shown in the table below: NOK in thousands Goodwill Intangible assets with inde\ufb01nite useful life Consumer segment 771 012 42 017 Business segment 353 235 19 250 Nordic segment 294 528 23 505 Total 1 418 775 84 772 Intangible assets with inde\ufb01nite useful life are tradenames acquired as part of business combinations, which are included in Other intangible assets in the tables above. The key assumptions on which management has based its determination of the recoverable amount\u00a0are Weighted Average Cost of Capital (WACC), net revenue growth and operating expenditure growth. Key assumptions \u2013 Consumer and Business segments When calculating value in use for both Consumer and Business segments the weighted average cost of capital used was 10,2 % and estimated growth rate in the terminal year was set at nominal 0,5 %. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Consumer and Business segments, the calculated recoverable amount signi\ufb01cantly exceeds the carrying amount, and reasonably possible changes in key assumptions would not lead to impairment of the assets. Key assumptions \u2013 Nordic segment For the Nordic segment, country speci\ufb01c weighted average cost of capital used was 12,0 % for Sweden and 12,1 % for Finland. Estimated growth rate in the terminal year was set at nominal 1,0 %. Compound annual growth rate for net revenue was set at 12,0 % and compound annual growth rate for operating expenditure was set at 4,7 % in the period 2024- 2027. Growth rates are calculated from 2024 as net revenue in 2023 is estimated to be signi\ufb01cantly a\ufb00ected by unpro\ufb01table \ufb01xed price customer contracts where a substantial proportion expires in 2023. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Nordic segment, the calculated recoverable amount exceeds the carrying amount by NOKt 41 543. An increase in WACC by 0,64 percentage points, a reduction in compound annual growth rate for net revenue of 1,1 percentage points or an increase compound annual growth rate for operating expenditure of 2,4 percentage points would decrease the recoverable amount below the carrying amount. The key assumptions used in the estimates are associated with uncertainty, as the electricity markets in Sweden and Finland are transitioning towards spot based products following the increased price volatility and peak/o\ufb00-peak price di\ufb00erences. Current intangible assets 2022 NOK in thousands El-certi\ufb01cates Guarantees of origination Carbon credits Total current intangible assets Accumulated cost 1 January 2022 417 6 786 314 7 518 Additions - Purchase 9 032 29 494 3 516 42 041 Disposals* (9 394) (35 979) (3 422) (48 795) Accumulated cost 31 December 2022 54 301 408 763 Carrying amount 31 December 2022 54 301 408 763 2021 NOK in thousands El-certi\ufb01cates Guarantees of origination Total current intangible assets Total current intangible assets Accumulated cost 1 January 2021 272 2 608 - 2 880 Additions - Purchase 86 044 11 206 498 97 748 Disposals* (85 898) (7 028) (184) (93 110) Accumulated cost 31 December 2021 417 6 786 314 7 518 Carrying amount 31 December 2021 417 6 786 314 7 518 * Disposals of El-certi\ufb01cates refers to amount of certi\ufb01cates being handed over to the government to o\ufb00set el-certi\ufb01cate cancellation liability. Disposals of Guarantees of origination (GoO) refers to amount of certi\ufb01cates redeemed as evidence of the origin of electricity generated from renewable energy sources. Research and development Development projects focus on preparing the company for future changes in the framework conditions, streamlining processes and future growth. The work mainly concerns customer-related system projects. Of total R&D expenditure of NOKt 60 128, NOKt 19 124 has been expensed as other operating expenses and NOKt 41 004 has been recognized as R&D assets. It is expected that future earnings of ongoing R&D will correspond to expenses incurred. Government grants The Group has been awarded two government grants (SkatteFUNN and ENOVA) in 2022. One of the grants relates to a project regarding development of a plattform for local power production, storage and distribution. The other grant relates to a project regarding development of an app that gives consumers an overview of their power consumption. The total grants of NOK 1 308 thousand has been booked as a reduction of the cost price of the related assets. Note 17 Share capital Shareholders at 31 December 2022 Number of shares Nominal Nominal value Voting rights Ownership Folketrygdfondet 10 182 840 0,30 3 054 852 9,37 % 8,90 % Gudbrandsdal Energi Holding AS 7 682 161 0,30 2 304 648 7,07 % 6,72 % Verdipapirfondet Nordea Norge Verd 4 596 744 0,30 1 379 023 4,23 % 4,02 % Rieber & S\u00f8n AS 3 946 969 0,30 1 184 091 3,63 % 3,45 % Vpf Dnb Am Norske Aksjer 3 238 318 0,30 971 495 2,98 % 2,83 % Verdipapirfondet Holberg Norge 3 000 000 0,30 900 000 2,76 % 2,62 % Landkreditt Utbytte 3 000 000 0,30 900 000 2,76 % 2,62 % Verdipapirfondet Dnb Norge 2 547 863 0,30 764 359 2,35 % 2,23 % Perestroika AS 2 501 394 0,30 750 418 2,30 % 2,19 % Hsbc Bank Plc 2 129 093 0,30 638 728 1,96 % 1,86 % Geveran Trading Co Ltd 2 044 000 0,30 613 200 1,88 % 1,79 % The Bank Of New York Mellon Sa/Nv 1 942 516 0,30 582 755 1,79 % 1,70 % Verdipapirfondet Dnb Smb 1 867 442 0,30 560 233 1,72 % 1,63 % Nordnet Bank AB 1 592 812 0,30 477 844 1,47 % 1,39 % Verdipapirfondet Nordea Avkastning 1 509 527 0,30 452 858 1,39 % 1,32 % J.P. Morgan Se 1 385 968 0,30 415 790 1,28 % 1,21 % Clearstream Banking S.A. 1 338 344 0,30 401 503 1,23 % 1,17 % Melesio Invest AS 1 064 840 0,30 319 452 0,98 % 0,93 % Varde Norge AS 1 050 000 0,30 315 000 0,97 % 0,92 % Catilina Invest AS 1 023 720 0,30 307 116 0,94 % 0,90 % Others 50 989 659 0,30 15 296 898 46,94 % 44,59 % Total outstanding shares 108 634 210 32 590 263 100 % 95 % Treasury shares 5 717 590 0,30 1 715 277 0,00 % 5,00 % Total shares in issue 114 351 800 34 305 540 100 % 100 % Share capital and share premium NOK in thousands Share capital Share premium Total 31 December 2021 32 590 993 294 1 025 884 31 December 2020 34 291 992 094 1 026 385 Fully paid ordinary shares which have a par value of NOK 0.30 carry one vote per share and carry a right to dividends (except for treasury shares). All outstanding shares have equal voting rights and the right to receive dividend. For computation of earning per share and diluted earning per share see Note 14. Treasury shares In the second quarter of 2022 the Group initiated a share buyback program where a total of 5 717 590 shares were purchased, corresponding to 5 % of the share capital, for a total amount of NOKt 132 827. The program\u2019s purpose is to: (i) ful\ufb01l obligations arising as a result of the Group\u2019s share option program, and (ii) to redeem (i.e. cancel) shares by way of a share capital decrease in the Company, subject to approval from the general meeting. Shares and options owned/controlled by members of the Board of Directors, CEO and other members of the Executive Management (including related parties): 31 December 2022 Number of shares Number of options Rolf Barmen (Chief Executive O\ufb03cer) 59 052 240 000 Henning Nordgulen (Chief Financial O\ufb03cer)1 50 000 - Roger Finnanger (Head of Business) 3 378 120 000 Arnstein Flaskerud (Head of Strategy and M&A) 40 760 120 000 Solfrid K. Aase (Head of Service Companies) 11 156 120 000 Solfrid Fluge Andersen (Head of Operations) 5 171 120 000 Per Heiberg-Andersen (Head of Nordic and other end-user companies) 5 000 80 000 Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS)2 500 10 000 Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS)3 44 600 20 000 Birte Strander (Chief Financial O\ufb03cer)4 35 894 120 000 Jeanne K. Tjomsland (Head of HR, Communications and Sustainability)5 26 028 80 000 Christian Kalvenes (Head of Consumer)6 931 60 000 Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer)5 8 833 50 000 Steinar S\u00f8nsteby (Chairman of the Board) 16 129 - Live Bertha Haukvik (Boardmember) 5 000 - Heidi Theresa Ose (Boardmember) 1 500 - Tone Wille (Boardmember) - - Per Oluf Solbraa (Boardmember) - - Marianne Unhjem (Boardmember, Employee representative) - - Elisabeth M. Norberg (Boardmember, Employee representative) 3 325 - Frank \u00d8kland (Boardmember, Employee representative) 645 - Total 317 902 1 140 000 Terms and details for the management option program are outlined in note 27. 1) From 1 October 2022. 2) From 1 August 2022 3) From 8 August 2022 4) Until 31 May 2022. 5) Until 31 July 2022 6) Until 16 May 2022 Note 18 Pension liabilities Liabilities in de\ufb01ned bene\ufb01t plans that are funded are covered through an insurance company. The liability or asset recognised in the con- solidated statement of \ufb01nancial position in respect of a de\ufb01ned bene\ufb01t pension plan is the present value of the de\ufb01ned bene\ufb01t obligation at the end of the reporting period, less the fair value of plan assets if the plan is funded. The de\ufb01ned bene\ufb01t obligation is cal- culated annually by independent actuaries. De\ufb01ned contribution plans De\ufb01ned contribution plans\u00a0are\u00a0post-employ- ment bene\ufb01t plans\u00a0under which an entity pays \ufb01xed de\ufb01ned contributions into a separate entity (a fund). Pension schemes in the Norwegian group entities Until the end of 2019 the Norwegian group entities had a single de\ufb01ned bene\ufb01t pension scheme in BKK Pensjonskasse covering all employees. As of 1.1.2020 all employees born in 1963 and later was transferred to a de\ufb01ned contribution pension scheme. Employees born before 1963 maintained their mem- bership in de\ufb01ned bene\ufb01t pension scheme, which at the same time was closed for new members. Members who were enrolled in the de\ufb01ned contribution pension plan received a paid-up policy for earned entitlements for the time they have earned rights in the de\ufb01ned bene\ufb01t pension scheme if they had at least three years of service. When the group acquired the Innlandskraft-group in 2020, the group also took over the pension schemes for the employees in the companies Eidsiva Marked AS and Gudbrandsdal Energi AS. Eidsiva Marked AS was merged into Fjordkraft AS in 2021. De\ufb01ned contribution plan covering empoyees in Elmera Group ASA, Fjordkraft AS and Allrate AS At the end of 2022 the group companies Elmera Group ASA, Fjordkraft AS and AllRate AS have a de\ufb01ned contribution pension scheme covering a total of 333 active mem- bers. The contribution rates for the de\ufb01ned contribution plan are set to 5 per cent of sal- aries between 0 and 7,1 times G (where G is the National Insurance scheme basic amount, NOKt 111 in 2022), and 15 per cent of salaries between 7,1 and 12 times G. The de\ufb01ned-contribution pension scheme also includes disability pension, spouse\u2019s pension and children\u2019s pension. In addition, Elmera has chosen to introduce the contrac- tual pension agreement (CPA) scheme for private sector for those members who are enrolled in the de\ufb01ned contribution pension scheme. The agreement entitles members to bene\ufb01ts from the age of 62 until they are eligible for a national insurance pension when reaching the age of 67. In addition to the above mentioned de\ufb01ned contribution plan (and if applicable the defined benefit pension plan described below), Senior Management are members of a de\ufb01ned contribution plan, entiteling them to additional annual contribution for salary exceeding 12 G. Description of the pension schemes Elmera Group\u2019s pension schemes have been established in accordance with local laws, and include both de\ufb01ned contribution plans and de\ufb01ned bene\ufb01t plans. The pension schemes o\ufb00ered in the Norwegian compa- nies in the group are in line with the Act on Mandatory Occupational Pensions (Lov om obligatorisk tjenestepensjon). De\ufb01ned bene\ufb01t plans De\ufb01ned bene\ufb01t plans entitles members to de\ufb01ned future bene\ufb01ts. These are mainly dependent on the number of years of service, the salary level at retirement age and the size of bene\ufb01ts paid by the national insurance. De\ufb01ned contribution plan covering empoyees in Gudbrandsdal Energi AS The subsidiary Gudbrandsdal Energi AS have de\ufb01ned contribution pension schemes which at the end of 2022 are covering 24 active members. The contribution rates for the de\ufb01ned contribution plans are 6 per cent of salaries between 0 and 7,1 times G (where G is the National Insurance scheme basic amount, NOKt 111 in 2021), and 25,1 per cent of salaries between 7,1 and 12 times G. The pension schemes includes retirement pension, disability pension, spouse\u2019s pension and children\u2019s pension. De\ufb01ned bene\ufb01t plans in BKK Pensjonskasse At the end of 2022 the de\ufb01ned bene\ufb01t pen- sion scheme in BKK Pensjonskasse covers 13 active members, 97 pensioners and 539 deferred vested members.These numbers include employees previously employed by Eidsiva Marked AS (which were merged into Fjordkraft AS in 2021), whom have been transferred from KLP to BKK Pensjonskasse in 2022. This defined benefit pension scheme includes retirement pension, con- tractual pension agreement (CPA), disability pension, spouse\u2019s pension and children\u2019s pension. The scheme complies largely with the regulations enshrined in the Act on the Government Pension Fund. The liabilities are covered through the insurance company BKK Pensjonskasse. The contractual pension agreement (CPA) for members of the de\ufb01ned bene\ufb01t scheme covers a total of 21 active members and 3 pensioners. The agreement entitles sta\ufb00 to bene\ufb01ts from the age of 62 until they are eligible for a national insurance pension when reaching the age of 67. The CPA is an unfunded pension plan. For those members who were transferred from the de\ufb01ned bene\ufb01t scheme to the new de\ufb01ned contribution pension scheme at the beginning of 2020, an additional de\ufb01ned bene\ufb01t plan was established to provide sup- plementary retirement pension to employees with a long employment time and a high age whom had their expected retirement pension reduced when being transferred out of the de\ufb01ned bene\ufb01t scheme. This plan aims to counteract some of the e\ufb00ects that the intro- duction of life expectancy adjustment has had for public occupational pension schemes. The scheme applies to a closed group of employ- ees. The supplementary allowance was set with \ufb01nal e\ufb00ect at the end of 2019, and the supplement constitutes a \ufb01xed percentage of the individual\u2019s pension basis up to the age of 66 years. This scheme will only provide bene\ufb01ts if the employees are at least 67 years old at retirement. The scheme covers a total of 29 active members and 0 pensioners at the end of 2022. De\ufb01ned bene\ufb01t plans in KLP The de\ufb01ned bene\ufb01t plans in KLP is cover- ing employees in Gudbrandsdal Energi AS. These de\ufb01ned bene\ufb01t plans were closed to new members from July 2016. These funded schemes are public occupational pension schemes that ensures the pensioner 66% of \ufb01nal salary upon 30 years of service. Retirement age is 67 years. At the end of 2022 the de\ufb01ned bene\ufb01t pension schemes still covers 1 active member, 2 pensioners and 9 deferred vested members. The pension schemes includes retirement pension, disabil- ity pension, spouse\u2019s pension and children\u2019s pension. The liabilities are covered through the insurance company KLP. The de\ufb01ned bene\ufb01t plan covering employees previously employed by Eidsiva Marked AS (which were merged into Fjordkraft AS in 2021), have been transferred from KLP to BKK Pensjonskasse in 2022. Pension schemes in Switch Nordic Green AB The following pension schemes are appli- cable for the employees in SNG, who are either employed in Sweden or at the branch in Finland. De\ufb01ned contribution plans Employees at SNG in Sweden are members of a de\ufb01ned contribution plan which at the end of 2022 are covering a total of 8 active members. The contribution rates for the de\ufb01ned contri- bution plan are set to 5 per cent of salaries up until 7,5 times the Swedish Inkomstbasbelopp (IBB = The Swedish National Insurance scheme basic amount, where one IBB equals NOKt 67 in 2022), and 30 per cent of salaries between 7,5 and 30 times the IBB. The pen- sion scheme includes retirement pension and disability pension. Employees at SNGs branch in Finland are members of a statutory pension plan (TyEL) which includes retirement pension and dis- ability pension and at the end of 2022 are covering a total of 61 active members. The bene\ufb01ts are insured with an insurance com- pany and determined to be de\ufb01ned contri- bution plans. The contribution rates for the de\ufb01ned contribution plan are set to 25,85 per cent of salaries, which includes the employ- ee\u2019s share of the contribution that was 7,15 per cent at the end of 2022. Senior manage- ment in SNG Finland are entitled to additional de\ufb01ned contributions. Risk exposure Through its de\ufb01ned bene\ufb01t occupational pen- sion plans, the Group is exposed to a num- ber of risks, the most signi\ufb01cant are detailed below. Asset volatility; The plan liabilities are calculated using a discount rate set with reference to covered bonds (\u201cObligasjoner med fortrinnsrett\u201d); if plan assets underperform this yield, this will create a de\ufb01cit. All plans hold a signi\ufb01cant portion of investments in equity instruments, which are expected to outperform corporate bonds in the long-term while providing vola- tility and risk in the short-term. As the plans mature, the Group intends to reduce the level of investment risk by invest- ing more in assets that better match the lia- bilities. Changes in bond yields; A decrease in corporate bond yields will increase plan liabilities, although this will be partially o\ufb00set by an increase in the value of the plan\u2019s bond holdings. In\ufb02ation risk; Some of the Group\u2019s pension obligations are linked to salary in\ufb02ation, and higher in\ufb02a- tion will lead to higher liabilities (although in most cases, caps on the level of in\ufb02ationary increases are in place to protect the plan against extreme in\ufb02ation). The majority of the plan\u2019s assets are either una\ufb00ected by or loosely correlated with in\ufb02ation, meaning that an increase in in\ufb02ation will also increase the de\ufb01cit. Life expectancy; The majority of the plan\u2019s obligations are to provide bene\ufb01ts for the life of the member, so increases in life expectancy will result in an increase in the plan\u2019s liabilities. At the end of this note, a table showing sensitivity analysis of the most signi\ufb01cant assumptions is enclosed. Amounts recognised in statement of \ufb01nancial position: NOK in thousands 31 December 2022 31 December 2021 Present value of funded obligations 361 631 361 192 Fair value of plan assets 355 132 345 243 De\ufb01cit for funded plans 6 499 15 949 Present value of unfunded obligations 64 211 73 785 Total de\ufb01cit of de\ufb01ned bene\ufb01t pension plans 70 709 89 734 Other employee bene\ufb01t obligations 4 893 4 103 Employee bene\ufb01t obligations recognised in Statement of \ufb01nancial position 75 602 93 837 Presentation in statement of \ufb01nancial position: Net plan assets of de\ufb01ned bene\ufb01t pension plans 4 178 - Net employee de\ufb01ned bene\ufb01t plan liabilities 79 780 93 837 Employee bene\ufb01t obligations recognised in Statement of \ufb01nancial position, net 75 602 93 837 Amounts recognised in statement of pro\ufb01t or loss: 2022 NOK in thousands Funded obligations Non-funded obligations Total Accrued pension entitlement for the year 1 404 3 769 5 173 Payroll tax (PT) 197 531 728 Net interest expense / (income) 4 554 1 215 5 769 Expected return on plan assets (4 355) - (4 355) Expenses paid 31 - 31 Members' contribution (168) - (168) Total amount recognised in pro\ufb01t or loss 1 664 5 515 7 179 2021 NOK in thousands Funded obligations Non-funded obligations Total Accrued pension entitlement for the year 3 626 3 577 7 203 Payroll tax (PT) 568 509 1 077 Net interest expense / (income) 5 175 960 6 135 Expected return on plan assets (4 605) - (4 605) Expenses paid 187 - 187 Members' contribution (200) - (200) Total amount recognised in pro\ufb01t or loss 4 751 5 046 9 797 Change in de\ufb01ned bene\ufb01t obligation: NOK in thousands Present value of funded obligation Fair value of plan assets Total, funded obligations, net of plan assets Present value of non-funded obligation Total, net At 1 January 2022 361 192 345 243 15 949 73 785 89 734 Accrued pension entitlement for the year 1 404 - 1 404 3 769 5 173 Payroll tax (PT) 197 - 197 531 728 Interest expense (income) 4 554 - 4 554 1 215 5 769 Return on plan assets - 4 355 (4 355) - (4 355) Actuarial gains and losses 3 364 (5 998) 9 362 (13 990) (4 628) Bene\ufb01ts paid (6 640) (6 640) - (964) (964) Contribution - 20 423 (20 423) - (20 423) Members' contribution - 168 (168) - (168) Expenses paid (2 387) (2 418) 31 (136) (105) Payroll tax of contribution (53) - (53) - (53) At 31 December 2022 361 631 355 132 6 499 64 211 70 709 NOK in thousands Present value of obligation Fair value of plan assets Total, funded obligations, net of plan assets Present value of non-funded obligation Total, net At 1 January 2021 349 079 304 808 44 271 64 165 108 436 Accrued pension entitlement for the year 3 626 - 3 626 3 577 7 203 Payroll tax (PT) 568 - 568 509 1 077 Interest expense (income) 5 175 - 5 175 960 6 135 Return on plan assets - 4 605 (4 605) - (4 605) Past service cost - - - - - Actuarial gains and losses 10 364 37 475 (27 110) 4 575 (22 536) Bene\ufb01ts paid (6 902) (6 902) - - - Contribution - 5 245 (5 245) - (5 245) Members' contribution - 200 (200) - (200) Expenses paid - (187) 187 - 187 Payroll tax of contribution (719) - (719) - (719) At 31 December 2021 361 192 345 243 15 949 73 785 89 734 Actuarial gains and losses recognised directly in Other comprehensive income (OCI) NOK in thousands 2022 2021 Net actuarial gains/(losses) recognised in OCI during the year 3 610 17 577 Tax e\ufb00ects of actuarial gains/(losses) recognised in OCI 1 018 4 958 Signi\ufb01cant actuarial assumptions 2022 2021 Discount rate 3,60 % 1,70 % Salary growth rate 3,75 % 2,50 % Expected growth in base social security amount (G) 3,50 % 2,25 % Estimated return on plan assets 3,60 % 1,70 % Pension growth rate 2,75 % 1,50 % CPA withdrawal 25% when 62 yrs 25% when 62 yrs Demographic assumptions K2013BE K2013BE Voluntary retirement Before 45 yrs - 4,5% Before 45 yrs - 4,5 % 45 yrs - 60 yrs - 2,0% 45 yr - 60 yr - 2,0 % Afte 60 yrs - 0% After 60 yrs - 0 % * K2013BE is the insurance companies present best estimate based on The Financial Supervisory Authority of Norway\u2019s mortality table K2013 and Statistics Norway\u2019s present population projection. Sensitivity of pension liabilities to changes in signi\ufb01cant \ufb01nancial assumptions Change in pension cost Change in employee de\ufb01ned bene\ufb01t obligations NOK in thousands 1.00 % -1.00 % 1.00 % -1.00 % Discount rate (746) 955 (76 650) 102 473 Salary growth rate 301 (274) 6 185 (5 597) Expected growth in base social security amount (G) 625 (519) 95 634 (73 039) Pension assets Pension assets are invested in bonds and money-market placements issued by the Norwegian government, Norwegian municipalities, \ufb01nancial institutions and enterprises. Foreign currency bonds are hedged. Investments are made in both Norwegian and foreign shares. Any estimate deviation is distributed pro-rata between the individual asset categories. At the end of 2022 the plan assets were invested as follows: Level 1 Level 2 Level 3 NOK in thousands Exchange listed prices Observable prices Non-observable prices Total %-share Equity instruments 48 977 84 630 44 680 178 287 50% Interest bearing instruments 12 457 160 594 1 078 174 129 49% Real estate - - 2 715 2 715 1% Total investments 61 434 245 224 48 473 355 132 100% The total contribution to de\ufb01ned bene\ufb01t plans for next annual reporting period is expected to be NOKt 19 050. Note 19 Onerous contract provisions Fixed price customer contracts The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user customers where the volume is not \ufb01xed, mainly in the Nordic segment. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. Portfolios of Fixed price customer contracts acquired as part of business combi- nations are however recognised as intangible assets (refer note 16), and depreciated systematically over the contract lengths using a pattern that re\ufb02ect how the acquisition value of the contracts are distributed over the remaining length of the contracts (up to \ufb01ve years) (cost model in IAS 38). Fixed price customer contracts, not acquired through a business combination, are not recognised in the statement of \ufb01nancial position, unless the contracts are identi\ufb01ed as onerous contracts. Fixed price customer contracts are assessed as onerous contracts if the estimated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the costumers. The price risk related to \ufb01xed price customer contracts are hedged with portfolios of electricity derivatives which are recognised as derivative \ufb01nancial instru- ments and measured at fair value through pro\ufb01t and loss. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are not taken into consideration when estimating the contracts\u2019 unavoidable costs as hedge accounting is not applied. The Group has recognised the following provisions for onerous contracts: NOK in thousands 31 December 2022 31 December 2021 Restated Onerous contract provisions - Non-current 784 239 337 135 Onerous contract provisions - Current 285 336 751 893 Onerous contract provisions - Total 1 069 575 1 089 027 When the onerous contracts are intended to be settled within 12 months of the reporting date, the provisions are presented as current. The di\ufb00erence between the change in onerous contracts provisions in the statement of \ufb01nancial position and the corresponding amount recognised in the state- ment of pro\ufb01t or loss (see table below) is due to currency translation di\ufb00erences. The following table shows the movement in provisions for onerous contracts: NOK in thousands 2022 2021 Restated Opening balance 1 January 1 089 027 78 515 Release of provisions (1 018 751) (74 778) New and changed provisions 1 019 102 1 088 790 Currency translation di\ufb00erence (19 804) (3 500) Closing balance 31 December 1 069 575 1 089 027 Financial statement impact of unrealised gains/losses: The Group\u2019s portfolios of \ufb01xed price customer contracts and the corresponding portfolios of derivative hedge contracts resulted in the following unrealised e\ufb00ects recognised in the statement of pro\ufb01t or loss: NOK in thousands Note 2022 2021 Restated Impairment and provisions for onerous contracts: Change in provisions for onerous contracts 39 256 (1 019 479) Depreciation of intangible assets - Fixed price customer contracts 16 - - Impairment of intangible assets - Fixed price customer contracts 16 - (9 762) Impairment of cost to obtain contracts (39 282) - Total depreciation, impairment and provisions for onerous contracts: (26) (1 029 241) Unrealised gains and losses on derivatives related to \ufb01xed price customer contracts (6 439) 1 029 510 Net unrealised gain/loss recognised in statement of pro\ufb01t or loss (6 465) 269 As a result of increased forward market prices of electrical power in 2020 and 2021, indicators of impairment was identi\ufb01ed, and impairment charges were rec- ognised to the \ufb01xed price customer contracts recognised as intangible assets in the statement of \ufb01nancial position. As these intangible assets were fully impaired in 2021, there has been no further depreciation or impairment charges in 2022. Change in provisions for onerous contracts includes both release of provisions for (parts of) contracts which have been delivered in the period, and change in provisions for new and remaining contracts. Forward market prices has increased signi\ufb01cantly in 2022. The volume of \ufb01xed price power contracts have decreased however, due to a movement towards spot based products for new customers and existing \ufb01xed price customer contracts being delivered. In total, these e\ufb00ects has lead to a slight decrease in provisions for onerous contracts and the unrealised gains on the corresponding portfolios of derivative hedge contracts. Market conditions in 2022, with high and volatile power prices, has lead to high pro\ufb01le costs. Expectations of high pro\ufb01le costs going forward causes negative estimated margins on some \ufb01xed price customer contracts in the Nordic segment, leading to a corresponding impairment of the cost to obtain these contracts. The net impact in the statement of pro\ufb01t or loss, which is an unrealised net loss in 2022 of NOKt 6 465 (2021: NOKt 269 net gain) is mainly caused by (negative) margins in the customer contracts and imbalance between the portfolios of customer contracts, and the corresponding portfolios of derivative hedge contracts. Change in provision for onerous contracts and unrealised gains and losses on derivatives related to \ufb01xed price customer contracts are both presented as Direct cost of sales in the statement of pro\ufb01t or loss, while impairment of cost to obtain contracts is presented on a separate line. Note 20 Other current liabilities NOK in thousands Note 2022 2021 Restated El-certi\ufb01cate cancellation liabilities 9 641 16 628 Accrued power purchase 731 799 407 428 Prepayments from customers 46 656 56 948 Instalments on long term loan due within 12 months 7 93 700 93 700 Payroll liabilities 58 537 57 727 Other 26 594 11 436 Total Other current liabilities 966 927 643 868 Note 21 Other current assets Other current assets consists of the following: NOK in thousands 2022 2021 VAT receivable 5 901 - Other prepaid costs 58 128 37 419 Prepaid taxes 1 996 1 427 Total other current assets 66 025 38 847 Note 22 Related party transactions As at 31 December 2022, the Group\u2019s related parties include Board of Directors and key management. Transactions related to these groups are disclosed in note 23. The Board of Directors previously included a representative from former major shareholder Eviny AS (previous BKK AS). In the general meeting held in the second quarter of 2021, this board member was not re-elected. Eviny AS and subsidiaries were therefore considered to be related parties in the \ufb01rst two quarters of 2021, but not as of 30 June 2021. Pricing of services and transactions between related parties are set on an arm\u2019s length basis in a manner similar to transactions with unrelated third parties. The following transactions were carried out with related parties (NOK in thousands): Income from related parties (NOK in thousands) Related party Relation Purpose of transactions 2022 2021 Eviny AS and subsidiaries Major shareholder Sale of electrical power - 31 131 Sale of electrial power includes in some cases reinvoiced grid rent. Expenses to related parties (NOK in thousands) Related party Relation Purpose of transactions 2022 2021 Eviny AS and subsidiaries Major shareholder Purchase of electrical power - 6 588 Eviny AS and subsidiaries Major shareholder Purchase of other services - 12 726 Metzum AS Associated company Purchase of other services 38 500 38 743 Atea AS Other* Purchase of products and other services 9 922 8 853 Other services consists of payroll expenses, IT, o\ufb03ce expenses and customer service. Purchase of assets (NOK in thousands) Related party Relation Purpose of transactions 2022 2021 Eviny AS and subsidiaries Major shareholder Purchase of customer portfolio - 181 Metzum AS Associated company Research and development 2 666 8 284 Atea AS Other* Products and development 481 4 077 Current liabilities to related parties (NOK in thousands) Related party Relation 31 December 2022 31 December 2021 Metzum AS Associated company Research and development 959 1 411 Atea AS Other* Products and development 138 1 956 * The chairman of the Board of Directors in Elmera Group ASA is the CEO of Atea ASA. Payables to related parties are unsecured and are expected to be settled in cash. Note 23 Remuneration to the Executive management and Board of Directors Executive management 2022: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 311 500* 150 846 4 807 294 Henning Nordgulen (Chief Financial O\ufb03cer)1 660 - 38 86 784 - Roger Finnanger (Head of Business) 1 692 54 100 219 2 065 - Arnstein Flaskerud (Head of Strategy and M&A) 1 934 67 120 430 2 551 - Solfrid K. Aase (Head of Service Companies) 1 612 67 100 354 2 133 - Solfrid Fluge Andersen (Head of Operations) 1 667 67 100 219 2 053 - Per Heiberg-Andersen (Head of Nordic and other end-user companies) 1 662 67 100 173 2 002 - Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS)2 467 50 - 53 570 - Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS)3 995 - 60 127 1 182 - Birte Strander (Chief Financial O\ufb03cer)4 792 54 50 183 1 079 - Jeanne K. Tjomsland (Head of HR, Communications and Sustainability)5 1 021 67 70 237 1 395 - Christian Kalvenes (Head of Consumer)6 592 54 37 68 751 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer)5 1 016 54 70 199 1 339 290 Total remuneration executive management 2022 17 421 1 101 995 3 194 22 711 584 *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. In 2022 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 375 based on the Group\u2019s performance, paid in 2023. Executive management 2021: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 231 1266* 150 724 5 371 354 Birte Strander (Chief Financial O\ufb03cer) 1 743 261 120 392 2 516 - Jeanne K. Tjomsland (Head of HR & Communications) 1 721 261 120 374 2 475 - Arnstein Flaskerud (Head of Strategy and M&A) 1 878 261 120 326 2 585 - Solfrid K. Aase (Head of Service Companies) 1 565 261 100 285 2 210 - Christian Kalvenes (Head of Consumer) 1 565 209 100 170 2 043 - Ole Johan Langenes (Acting Chief Financial O\ufb03cer) 7 644 209 42 71 965 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 1 721 209 120 314 2 363 365 Roger Finnanger (Head of Business) 1 565 261 100 173 2 098 - Solfrid Fluge Andersen (Head of Operations) 1 565 209 100 173 2 046 - Per Heiberg-Andersen (Head of Nordics and other end-user companies) 1 565 170 100 169 2 003 - Total remuneration executive management 2021 18 759 3573 1172 3171 26 674 719 *In 2021 the CEO received a discretionary bonus of NOKt 1 266 based on the Group\u2019s performances in 2020. In 2021 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 500 based on the Group\u2019s performance, paid in 2022. 1) From 1 October 2022 2) From 1 August 2022 3) From 8 August 2022 4) Until 31 May 2022 5) Until 31 July 2022 6) Until 16 May 2022 7) Acting CFO from 1 January 2021 until 31 May 2021 due to maternity leave Remuneration included in the tables is valid for the period from/to the dates stated above. The members of the Board of Directors have received the following remuneration during the year ended 31 December 2022 and 2021: NOK in thousands 2022 2021 Steinar S\u00f8nsteby (Chairman)1 545 461 Per Axel Koch (Chairman)2 - 161 Live Bertha Haukvik (Boardmember) 401 383 Heidi Theresa Ose (Boardmember) 360 396 Tone Wille (Boardmember)1 312 212 Per Oluf Solbraa (Boardmember)1 312 212 Marianne Unhjem (Boardmember, Employee representative)1 108 73 Lindi Bucher Vinsand (Boardmember, Employee representative)2 - 32 Elisabeth M. Norberg (Boardmember, Employee representative) 108 104 Frank \u00d8kland (Boardmember, Employee representative) 108 104 Lisbet N\u00e6r\u00f8 (Chairman of the Nomination committee) 53 52 Atle Kvamme (Member, Nomination committee) 32 31 Jannicke Hilland (Member, Nomination committe)3 - 9 Ragnhild Stolt-Nielsen (Member, Nomination committee) 32 22 Total remuneration Board of directors 2 371 2 252 1) From 21 April 2021. 2) Until 21 April 2021. 3) The remuneration is paid as a fee to BKK AS, and was for the period until 21 April 2021. There are no additional bonus agreements or agreement of similar pro\ufb01t sharing with the CEO or Chairman of the board. The rest of the executive management is also included in the Group\u2019s performance bonus scheme. If the company chooses to terminate the employment, the CEO is entitled to 12 months severance pay after the expiry of the ordinary notice peri- od, which is 6 months. The Group\u2019s executive management has the right to apply for loans on the same grounds as all the employees in the company. Maximum duration for loans to employees are 15 years. The interest rate for loans to employees is approximately equal to the current limit regarding taxation of bene\ufb01ts for such loans, plus up to 1 per- centage point. Current limit for taxation of bene\ufb01ts is 2,3 %. The CEO and Group management is included in the current pension plan for the Group - see note 18. The Board of Director\u2019s guidelines for remuneration to directors in accordance with Section 6-16a of the Norwegian Public Limited Liability Companies Act These guidelines have been prepared by the Board of Directors of Elmera Group ASA (\u201cElmera\u201d or the \u201cCompany\u201d) in accordance with the Norwegian Public Limited Liability Companies Act Section 6-16a and related regulations. The guidelines was approved by the Company\u2019s annual general meeting in 2021 and shall apply until the Company\u2019s annual general meeting in 2025, unless amended or replaced earlier. The guidelines apply for the following (jointly referred to as \u201cdirectors\u201d): the executive management, (ii) employee elected board members, (iii) the CEO and (iv) other leading employees de\ufb01ned as key employees. Remuneration to persons mentioned in (ii) are regulated by \u201cRemuneration to employee elected board members\u201d. Purpose and general principles for remuneration The main principle of the Company`s guide- lines for remuneration, is that the directors shall receive a competitive salary, including a result-based salary tied to the business results and shareholder value to ensure the desired competence and director incentives. Remuneration is an important instrument in order to harmonize the interests of the Company and its directors. The Company\u2019s remuneration principles are designed to ensure that the Company is able to attract and keep quali\ufb01ed directors, without being a wage leader in the relevant business sector, and without the variable wage element con- stituting such a large proportion of the total wage compensation that it can give unfortu- nate incentives and short-termism. The remuneration shall generally stimulate to goal achievements and good risk man- agement, counteract excessive risk-taking, and contribute to avoid con\ufb02ict of interests. The remuneration shall be in line with the Company`s long term interests and eco- nomic \ufb01nancial sustainability. In general, the remuneration shall be equal for male and female employees for equal work or work of equal value. The Company conducts annual reviews of the practice of the remuneration principles, and the Company`s written report (the \u201cRemuneration Report\u201d) is reviewed by independent control functions. Elements of remuneration Remuneration includes all bene\ufb01ts a per- son receives by virtue of his/her position as a leading person in the Company. This includes base salary, bonuses, allotment of shares, warrants, options and other forms of remuneration related to shares or the devel- opment of the share price in the company, pension schemes, early retirement schemes, and all forms of other variable elements in the remuneration, or special bene\ufb01ts that are in addition to the basic salary. Principles for \ufb01xed salary Fixed cash salary allows the Company to attract and recruit directors that are necessary for the long term pro\ufb01tability and sustainability of the Company. It is the Company\u2019s policy that base salaries shall re\ufb02ect the individual\u2019s position and degree of responsibility. The size of the \ufb01xed cash salary shall be in line with market conditions, be competitive with com- parable businesses within the industry, and shall take into account inter alia the scope and responsibility associated with the posi- tion, as well as the skills, experience, and performance of each director. The \ufb01xed cash salaries have no maximum levels. For directors, the base salary constitutes the most signi\ufb01cant part of the remuneration. Principles for variable cash salary Variable cash salary (i.e. cash bonuses) shall be based on a set of predetermined and measurable performance criteria that re\ufb02ect the key drivers for pursuing the Company\u2019s business strategy, longterm interests, and sustainable business practices. Principles for pension bene\ufb01ts Directors` pension arrangements shall gen- erally follow the arrangements established for the employees in Elmera Group ASA and Fjordkraft AS. Pension bene\ufb01ts shall be based on local practices and applicable law. More information concerning pension is included in note 18 of the annual account. Principles for non-\ufb01nancial bene\ufb01ts Non-\ufb01nancial bene\ufb01ts shall be based on mar- ket terms and shall facilitate the duties of the executive management. The Company aims to have su\ufb03ciently competitive salary and incentive programs to minimize additional non-\ufb01nancial bene\ufb01ts, and such shall gener- ally be o\ufb00ered only to the extent they are in line with generally accepted customs locally. The executive management may receive certain limited bene\ufb01ts in kind, including company car/car arrangement, telephone, internet access, and magazine/newspaper subscriptions. Purchase of shares The management may participate in any Company employee share purchase plans or similar plans on substantially on the same terms as all employees. \u00a0Share-based incentive programs Share-based payments, settled in shares or cash, are used as part of the Company\u2019s incentive schemes. In the view of the Board of Directors, attractive share-based long-term incentive programs is an important part of the total compensation for the executive manage- ment, and which may be necessary to allow the Company to retain and hire the talent it needs for further growth. The executive management and key per- sonnel shall be concerned with the value development for the Company`s sharehold- ers. A share option program may bind the key employees to the Company and may also contribute to a more cautious wage growth in the years to come. The following speci\ufb01c limitations apply for granting of share options in the Company: (i) as a main rule, share options may not be redeemed before three years have elapsed, (ii) the maximum amount of share options signed in a given year shall not exceed 0.6 percent of the Company`s outstanding shares, (iii) the exercise price for share options shall be set at market price at the time of allot- ment, (iv), the exercise price shall be adjusted for dividend paid before redemption, (v) the share options have a cap on gains of three times the exercise price (before adjustments for dividend payments). The options can be settled by the Company in cash if the share price exceeds the cap set out in (v), and if so, based on the gain of such cap, which con- stitutes the limit of maximum potential gain. Employment agreements The CEO and executive management have six month notice periods. The CEO is entitled to a severance pay in case of termination of employment by the Company for a period of 12 months after expiry of the ordinary notice period. During employment and for 12 months after expiry of the notice period (or from the time of dismissal), the CEO is bound by the provi- sions on non-competition and recruiting the Company\u2019s customers and employees in accordance with the provisions in chapter 14A of the Working Environment Act of 2005. Remuneration to employee elected board members The level of remuneration to employee elected board members for their role as board mem- bers is proposed by the Remuneration Committee and is handled further by the Nomination Committee which propose a remuneration to the general meeting. The determination of the remuneration takes into consideration the work load, comparable companies and the general wages in the Company. Deviations from these guidelines The Board of Directors may, on recommen- dation from the Remuneration Committee, in the circumstances described below resolve to deviate from any sections of these remu- neration guidelines: \u2022 upon change of the CEO; \u2022 upon material changes in Company\u2019s organization, ownership and/or business \u2022 upon material change in the Company\u2019s strategy; \u2022 upon changes in or amendments to the relevant laws, rules, or regulations; \u2022 upon other exceptional circumstances where the deviation may be required to serve the long-term interests and sustainability of the Company as a whole or to assure its via- bility. Any deviation from these guidelines shall be reported in the Remuneration Report for the relevant year. \u00a0The Board\u2019s declaration on determining directors pay will be sent out or made availa- ble to the shareholders on the Company\u2019s web site, together with notice of the annual general meeting of the Company and the Company\u2019s annual report and accounts. Note 24 Collateral and restricted assets NOK in thousands Item in Statement of \ufb01nancial position Note 31 December 2022 31 December 2021 Collateral Security over trade receivables 1) Trade receivables 7 7 138 260 4 842 012 Total collateral 7 138 260 4 842 012 Restricted assets Restricted cash - Payroll tax deductions Cash and cash equivalents 21 320 Total restricted assets 21 320 1) Trade receivables held by the Norwegian entities in the group are pledged as collateral for credit facilities - see note 7. Note 25 IFRS 16 Leases The Group\u2019s leasing activities The Group\u2019s lease agreements mainly consists of various o\ufb03ce leases, car-leases and o\ufb03ce machine-leases used in the operating activities. Cars usually have a lease term of 3 years, while several of the o\ufb03ce leases have longer lease terms. The o\ufb03ce machines are leased on 3-5 year contracts. Some of the o\ufb03ce leases have extension options and these have been included in the calculation if the group is reasonably certain that they will be exercised. NOK in thousands 2022 2021 Non-current assets Right of use assets Property 64 769 80 253 Equipment 643 976 Cars 782 1 576 Total 66 195 82 806 Non-current liabilities Lease liability long term 49 477 65 259 Current liabilities Lease liability short term 20 284 21 055 Total 69 761 86 314 Additions to the right-of-use assets in 2022 were NOKt 3 692 Amounts recognised in the statement of pro\ufb01t or loss The statement of pro\ufb01t or loss shows the following amounts relating to leases: NOK in thousands 2022 2021 Depreciation right-of-use assets Property 19 250 18 596 Equipment 333 333 Cars 720 757 Total 20 303 19 687 Interest expense lease liability 1 934 2 374 Expenses relating to short-term leases 1 400 1 678 Expenses relating to leases of low-value 1 320 136 The total cash out\ufb02ow for leases in 2022 was NOKt 24 824 Year ended 31 December 2022 NOK in thousands Within 1 year Between 1 and 5 years More than 5 years Total Property 21 698 57 841 - 79 539 Equipment 355 330 - 685 Cars 736 92 - 828 Total 22 789 58 263 - 81 052 Variable lease payments The Group has variable lease payments in its property lease agreements. Variable lease payments consists of annual adjustements to lease payments based on the Consumer Price Index. Extention and termination options Extension and termination options are included in a number of property and equip- ment leases across the Group. These are used to maximise operational\u00a0\ufb02exibility in terms of managing the assets used in the Group\u2019s operations. Maturity analysis The following table details the Group\u2019s remain- ing contractual maturity for its leasing liabil- ities. The tables have been drawn based on the undiscounted cash \ufb02ows of instalments on leasing liabilities. Note 26 List of subsidiaries The following subsidiaries are fully consolidated in the \ufb01nancial statements as per 31 December 2022. Name of entity Place of business Ownership interest held by the Group Principal activities Fjordkraft AS Bergen, Norway 100 % Purchase, sales and portfolio management of electrical power Tr\u00f8ndelagKraft AS Trondheim, Norway 100 % Purchase, sales and portfolio management of electrical power Gudbrandsdal Energi AS Nord-Fron, Norway 100 % Purchase, sales and portfolio management of electrical power Energismart Norge AS Hamar, Norway 100 % Management, research and development of product and services related to electrical power Elmera Industrial Ownership AS Bergen, Norway 100 % Portfolio management of electrical power and related products AllRate AS Bergen, Norway 100 % Management and services related to electrical power Steddi Payments AS Bergen, Norway 100 % Management and services related to electrical power Elmera Nordic AS Bergen, Norway 100 % Portfolio management of electrical power and related products Switch Nordic Green AB Stockholm, Sweden 100 % Purchase, sales and portfolio management of electrical power Fjordkraft AB Stockholm, Sweden/ Vaasa, Finland 100 % Portfolio management of electrical power and related products Note 27 Option program Type Options Options Grant Date 9 February 2022 8 August 2022 Vesting conditions The options vest in one tranche with vesting 14 February 2025. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The options vest in one tranche with vesting 14 February 2026. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. Expiry date 14 February 2028 14 February 2029 Exercise price (NOK) 37,00 21,50 Total number outstanding 370 000 20 000 Type Options Options Grant Date 9 February 2022 8 August 2022 Measurement date 9 February 2022 8 August 2022 Share price (NOK) 37,28 21,50 Lifetime* (years) 3,02 3,52 Volatility 30,00 % 37,47 % Risk-free interest rate* 1,92 % 2,73 % Fair Value* (NOK) 9,4212 5,8469 Elmera Group ASA established a management option program 10 December 2018. The option program was established to align management\u2019s and shareholders\u2019 incentives and to reduce turnover for key employees.\u00a0In total 390 000 share options were issued to employees during 2022. *volume weighted average for options The fair value of the options was calculated using the Black-Scholes model. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be out- standing until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance ful\ufb01llment and takes this into account in the valuation. The expected volatility for options issued in 2022 is estimated at average of 30% where historical volatility is not available. Where historical volatility is available this is calculated using the Elmera Group ASA share price. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total carrying amount per 31 December 2022 is NOKt 14 946, not including social security 01.01.2022 - 31.12.2022 01.01.2021 - 31.12.2021 Shares Weighted Average Exercise Price (NOK) Shares Weighted Average Exercise Price (NOK) Outstanding at the beginning of period 1 500 000 44,57 1 190 000 39,43 Granted 390 000 36,09 330 000 78,00 Exercised -50 000 24,30 (20 000) 24,30 Forfeited -130 000 52,58 - - Outstanding at the end of period 1 710 000 38,92 1 500 000 44,57 Vested outstanding 790 000 22,41 510 000 24,61 Vested and expected to vest 1 710 000 38,92 1 500 000 44,57 Intrinsic value of in-the-money outstanding at the end of the period - - 820 000 18 918 200 Intrinsic value vested outstanding at the end of the period - - 510 000 11 755 600 Outstanding instruments Vested outstanding Exercise price Outstanding per 31 December 2022 Weighted average re- maining Contractual Life Vested options per 31 December 2022 Weighted Average Exercise Price (NOK) 0,00 - 25,00 20 000 6,13 - - 25,00 - 30,00 - - - - 30,00 - 35,00 740 000 1,83 740 000 33 35,00 - 40,00 350 000 4,87 30 000 38 40,00 - 45,00 - - - - 45,00 - 50,00 - - - - 50,00 - 55,00 - - - - 55,00 - 60,00 - - - - 60,00 - 65,00 - - - - 65,00 - 70,00 270 000 4,13 - - 70,00 - 330 000 4,76 20 000 79,7 Total 1 710 000 3,43 790 000 34,48 At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows\u00a0: The following table shows the changes in outstanding options in 2021 and 2022: Period activity: Note 28 Investments in associates and joint ventures On 6 January 2020 Elmera Group and Rieber & S\u00f8n AS bought shares in Metzum AS. Each company bought 40% of the shares, the remaining 20% is owned by employees in Metzum. The purchase price for Elmera Group\u2019s shares was NOKt 10 000, which corresponded to the book value of the acquired equity. As such, no excess value or Goodwill was identi\ufb01ed from the acquisition. The share of pro\ufb01t and loss and \ufb01nancial position from investments in associates and joint ventures are recognised based on the equity method in the \ufb01nancial statements. The table below presents the Group\u2019s share of equity and pro\ufb01t from associated companies: NOK in thousands Location Ownership/ voting right Equity 2022 (40%) Pro\ufb01t 2022 (40%) Book value Metzum AS Dale, Norway 40 % 14 234 429 14 234 Note 29 Events after the reporting period The Board of Directors has in the Board Meeting on 15 February 2023 proposed a dividend to the shareholders of NOK 1.50 per share. The proposed dividend is subject to approval by the general meeting. The mobile business in Fjordkraft AS, a wholly owned subsidiary of Elmera Group ASA, will be demerged to a new entity Fjordkraft Mobil AS in Q1 2023. Elmera has entered into a share purchase agreement with Telia Company AB to sell 39 % of the shares in Fjordkraft Mobil AS, and the transaction is expected to be completed in Q1 2023. The purchase price which will be settled in cash, will be based on the number of successfully migrated mobile customer subscriptions, and is estimated to NOKt 120 000.\u00a0There are no other significant events after the reporting period that has not been re\ufb02ected in the consolidated \ufb01nancial state- ments. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Note 1 Accounting policies General information These consolidated \ufb01nancial statements for Elmera Group ASA for the year ended 31 December 2022, was approved by the Board of Directors on 28 March 2023. Elmera Group ASA and its subsidiaries (together \u2018the Group\u2019, \u201cElmera\u201d or \u201cthe Elmera Group\u201d) is a supplier of electrical power in Norway, Sweden and Finland. The company is listed on Oslo Stock Exchange. The Group\u2019s core business is the purchase, sale and portfo- lio management of electrical power to house- holds, private and public companies, and municipalities. The Group is also a provider of mobile phone services to private customers in Norway. Elmera Group ASA is incorporated and dom- iciled in Norway. The entity name was changed from Fjordkraft Holding ASA to Elmera Group ASA in 2022. The address of its registered o\ufb03ce is Folke Bernadottes Vei 38, 5147 Bergen, Norway. This note provides a list of the signi\ufb01cant accounting policies adopted in the presenta- tion of these consolidated \ufb01nancial statements to the extent they have not been disclosed in the other notes below. These policies have been consistently applied to all the years pre- sented, unless otherwise stated. Basis of preparation Compliance with IFRS These consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applica- ble to companies reporting under IFRS. The consolidated \ufb01nancial statements also com- ply with IFRS as issued by the International Accounting Standards Board (IASB). New and amended standards adopted by the group The Group has in 2022 adopted the amend- ments to IFRS that apply for the \ufb01rst time to \ufb01nancial reporting periods commencing on or after 1 January 2022. These amendments have not had a material impact on the Group\u2019s \ufb01nancials statements in the current reporting period. New standards and interpretations not yet adopted Certain new accounting standards and inter- pretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Basis of consolidation These consolidated \ufb01nancial statements include the accounts of Elmera Group ASA and its subsidiaries (note 26). Going concern The Group\u2019s consolidated \ufb01nancial statements is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This comprises information about net cash \ufb02ows from existing customer contracts and other service contracts, debt service and obligations. After making such assessments, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the fore- seeable future. Basis of measurement The consolidated \ufb01nancial statements have been prepared under the historical cost con- vention, except for \ufb01nancial assets recog- nised at fair value through pro\ufb01t or loss, fair value through other comprehensive income, derivative \ufb01nancial instruments and de\ufb01ned bene\ufb01t pension plans, which are measured at fair value. The preparation of consolidated \ufb01nancial statements in conformity with IFRS requires the use of certain critical account- ing estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving higher degree of judgement or complexity, or areas where the assumptions and estimates are signi\ufb01cant to the consol- idated \ufb01nancial statements are disclosed in note 2.\u00a0\u00a0Principles of consolidation Subsidiaries Subsidiaries are all entities (including struc- tured entities) over which the Group has con- trol. 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 a\ufb00ect those returns through its power to direct the activities of 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. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the trans- action provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where nec- essary to ensure consistency with the policies adopted by the Group. Joint ventures and associates The Group\u2019s investments in joint ventures and associates are accounted for by using the equity method of accounting. Under this method, the investment is initially recognized at cost. Goodwill relating the associate or joint venture is included in the carrying amount of the investment and not tested for impairment individually. The income statement re\ufb02ects the Group\u2019s share of the net result after tax of the associate or joint venture. Any depreciation or amortization of the Group\u2019s excess values are included in the net result from the joint ventures. Any change in other comprehen- sive income of the associate or joint venture is presented separately in the Group\u2019s other comprehensive income. The \ufb01nancial statements of the associate or joint venture are prepared for the same report- ing period as the Group. When necessary, adjustments are made to bring the accounting principles in line with those of the Group. The Group determines whether it is neces- sary to recognize an impairment loss on its investments in joint ventures or associates. At each reporting date, the Group determines whether there is objective evidence that the investments are impaired. If there is such evidence, the Group calculates the amount of impairment as the di\ufb00erence between the recoverable amount and the carrying amount of the investment. Any impairment loss is recognized as \u2018share of pro\ufb01t or loss from joint venture and associates\u2019. The recovera- ble amount is the higher of value in use and fair value less cost to sell. The entire carry- ing amount of the investments are tested for impairment as one single asset. Changes in ownership interests When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or signi\ufb01cant in\ufb02uence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in pro\ufb01t or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or \ufb01nancial asset. Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. Foreign currency translation\u00a0Functional and presentation currency Items included in the \ufb01nancial statements of each of the Group\u2019s entities are presented in the currency of the primary economic environ- ment in which the entity operates (\u2018the func- tional currency\u2019). The consolidated \ufb01nancial statements are presented in Norwegian kroner (NOK), which is Elmera Group ASA\u2019s func- tional and presentation currency. The func- tional currency in all Norwegian subsidiaries in the Group is NOK.\u00a0The functional currency in the subsidiary Switch Nordic Green AB is Swedish kroner (SEK) for its operations in Sweden, and Euro for its branch operating in Finland. Transactions and balances Transactions in currencies other than the enti- ty\u2019s functional currency (foreign currency) are translated into the functional currency using the exchange rates at the dates of the trans- actions. Foreign exchange gains and losses result- ing from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign curren- cies at year end exchange rates are generally recognised in pro\ufb01t or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of pro\ufb01t or loss, within \ufb01nance costs. All other foreign exchange gains and losses are presented in the statement of pro\ufb01t or loss on a net basis within other \ufb01nancial items. Non-monetary items that are measured at fair value in a foreign currency are con- verted to NOK using the exchange rates at the date when the fair value was determined. Translation di\ufb00erences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not subsequently revaluated. Group companies The results and \ufb01nancial position of foreign operations that have a functional currency di\ufb00erent from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each statement of \ufb01nancial position presented are translated at the closing rate at the date of that state- ment of \ufb01nancial position, \u2022 income and expenses for each statement of pro\ufb01t or loss and statement of compre- hensive income are translated at average exchange rates (unless this is not a rea- sonable approximation of the cumulative e\ufb00ect of the rates prevailing on the trans- action dates, in which case income and expenses are translated at the dates of the transactions), and \u2022 all resulting exchange di\ufb00erences are rec- ognised in other comprehensive income and accumulated in a foreign currency translation reserve. Goodwill and fair value adjustments aris- ing on the acquisition of a foreign operation are treated as assets and liabilities of the for- eign operation and translated at the closing rate. Revenue recognition The Group recognises revenue when a cus- tomer obtains control of promised goods or services in an amount that re\ufb02ects the con- sideration the Group expects to receive in exchange for those goods or services. The Group applies the following \ufb01ve step method outlined in IFRS15 Revenue from Contracts with Customers, to all revenue streams: 1. Identify the contract(s) with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to the per- formance obligations in the contract; and 5. Recognise revenue when (or as) the Group satis\ufb01es a performance obligation. The Group only applies the \ufb01ve-step model to contracts when it is probable that the Group will collect the consideration it is entitled to in exchange for the goods or services it trans- fers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, the Group assesses the goods or services promised within each contract and determines those that are per- formance obligations, and assesses whether each promised good or service is distinct. The Group then recognises as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satis\ufb01ed. For a complete discussion of accounting for revenue, see Note 5 - Revenue Recognition. A proportion of the \ufb01nal settlement of the Group\u2019s sale of electrical power is made after the Group has \ufb01nalised its annual \ufb01nancial statements. Revenues related to sale of elec- tricity are estimated based on the volumes that have been physically delivered during the period. The physically delivered volume is apportioned in accordance with consump- tion forecasts for each customer group and price plan. The model is rooted in historical information however there is a degree of esti- mation uncertainty attached to the volume apportioned to the various price segments that requires judgment by management when assessing. Please refer to note 4 - Segment informa- tion, for disclosures related to any estimate deviations recognised in the current report- ing period related to the previous reporting period. Income tax Income tax The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from net pro\ufb01t as reported in the income state- ment because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem- porary di\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax assets arising from deduct- ible temporary di\ufb00erences associated with such investments and interests are only rec- ognised to the extent that it is probable that there will be su\ufb03cient taxable pro\ufb01ts against which to utilise the bene\ufb01ts of the temporary di\ufb00erences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that would follow from the manner in which the Group expects, at the end of the report- ing period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in pro\ufb01t or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Cash and cash equivalents The cash \ufb02ow statement is prepared using the indirect method. For the purpose of pres- entation in the statement of cash \ufb02ows, cash and cash equivalents includes cash on hand, deposits held at call with \ufb01nancial 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 insigni\ufb01cant risk of changes in value. Trade receivables, loans and other receivables Trade receivables, loans and other receiva- bles are recognised initially at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method, less pro- vision for impairment. See note 7 and 9 for fur- ther information about the Group\u2019s accounting for trade receivables, loans, other receivables and credit risk. Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. El-certi\ufb01cate foward contracts The sale of electricity to end users in Norway and Sweden gives rise to an el-certi\ufb01cate can- cellation liability. The Group enters into for- ward contracts to purchase el-certi\ufb01cates to be remitted to the government as settlement for the el-certi\ufb01cate cancellation liability. As a result, the Group\u2019s contracts to purchase and sell electricity, and to purchase and remit el-certi\ufb01cates is delivered in quantities that will be used or sold in the Groups\u2019 normal course of business. Hence, the contracts has been accounted for under the \u201cown use\u201d exemp- tion, are considered executory contracts and are recognised in the consolidated \ufb01nancial statements when the underlying purchase or sale has occurred. Property, plant and equipment Property, plant and equipment is stated at his- torical cost less depreciation. Historical cost includes expenditure that is directly attribut- able to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. The carry- ing amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to pro\ufb01t or loss during the report- ing period in which they are incurred.\u00a0The depreciation methods and periods used by the Group are disclosed in note 15. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period with the e\ufb00ect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.\u00a0Gains and losses on disposals are deter- mined by comparing proceeds with carrying amount. These are included in the consoli- dated statement of pro\ufb01t or loss. Leases Right-of-use assets and lease liabilities aris- ing from a lease are initially measured on a present value basis. Lease liabilities Lease liabilities include the net present value of the following lease payments: \u2022 \ufb01xed payments (including in-substance \ufb01xed payments), less any lease incentives receivable \u2022 amounts expected to be payable by the group under residual value guarantees \u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the group exercising that option. Lease payments to be made under reasona- bly certain extension options are also included in the measurement of the liability. 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\u2019s 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. To determine the incremental borrowing rate, the Group: \u2022 where possible, uses recent third-party \ufb01nancing received by the individual les- see as a starting point, adjusted to re\ufb02ect changes in \ufb01nancing conditions since third party \ufb01nancing was received \u2022 uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third party \ufb01nancing, and \u2022 makes adjustments speci\ufb01c to the lease, eg term, country, currency and security. 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 e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right- of-use asset. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period in order to produce a con- stant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incen- tives received \u2022 any initial direct costs, and \u2022 restoration costs. Right-of-use assets are generally depreci- ated over the shorter of the asset\u2019s 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\u2019s useful life. The group has chosen not to revalue the right-of-use buildings held by the group. Short-term leases and leases of low value assets Payments associated with short-term leases and all leases of low-value assets are recog- nised on a straight-line basis as an expense in pro\ufb01t 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 o\ufb03ce furniture. Intangible assets 1) Intangible assets acquired separately 1. El-certificates and Guarantees of Origination (GoOs) Holdings of el-certi\ufb01cates and GoOs are rec- ognised as intangible assets in accordance with IAS 38 - Intangible Assets and measured using the cost model. The el-certi\ufb01cates have an in\ufb01nite life and are acquired to be used to settle the el-certi\ufb01cate cancellation liability by remitting the respective numbers of certif- icates to the government (refer to accounting policy \u2018Provision of El-certi\ufb01cate cancellation liability\u2019). 2. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. 3. Customer portfolios Customer portfolios are recognised at fair value in the consolidated statement of \ufb01nan- cial position at the time of acquisition. The customer portfolios have a limited useful economic life and are recognised at cost less deductions for accumulated deprecia- tion. Depreciation is calculated based on the expected customer churn rate. Fixed price elements of customer contracts are recorded as separate assets. 4. Fixed price customer contracts When customer portfolios are acquired the \ufb01xed price elements of the customer contracts in the customer portfolios acquired are rec- ognised as separate assets. Unless the \ufb01xed price element of customer contracts meets the de\ufb01nition of a derivative \ufb01nancial instru- ment (and recognised accordingly), they are recognised as intangible assets at fair value at the time of acquisition. The \ufb01xed price cus- tomer contracts have de\ufb01ned contract periods and are recognised at cost less deductions for accumulated depreciation. Depreciations follow a pattern that re\ufb02ects how the acquisi- tion value of the contracts are distributed over the remaining contract periods. 5. Tradenames Tradenames acquired in a business com- bination are recognised at fair value at the acquisition date. Tradenames that due to contractual agreements have a \ufb01nite useful life are subsequently carried at cost less accumulated amortisation and impairment losses. Tradenames that have an inde\ufb01nite useful life are not amortised but 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. Tradenames are included in Other intangible assets in note 16. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of \ufb01nancial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current lia- bilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and sub- sequently measured at amortised cost using the e\ufb00ective interest method. Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is proba- ble that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncer- tainties surrounding the obligation. Where a provision is measured using the cash \ufb02ows estimated to settle the present obligation, its carrying amount is the present value of those cash \ufb02ows (when the e\ufb00ect of the time value of money is material). When some or all of the economic bene\ufb01ts required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually cer- tain that reimbursement will be received and the amount of the receivable can be meas- ured reliably. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic bene\ufb01ts expected to be received under it. Onerous contract provisions are presented as non-current in the statement of \ufb01nancial position when the onerous con- tracts are not intended to be settled within 12 months of the reporting date. Provision for El-certi\ufb01cate cancellation liability The Group\u2019s electricity retailer operations in Norway and Sweden are subject to the Norwegian-Swedish El-certi\ufb01cate scheme, which requires the group to purchase and cancel a \ufb01xed annual quota of El-certi\ufb01cates for every MWh of power sold to end users in Norway and Sweden. The annual quotas are determined by the Norwegian and Swedish governments before the relevant year starts. All el-certi\ufb01cates nec- essary to meet the Group\u2019s certi\ufb01cate obliga- tion are either purchased in the spot market, or by entering into forward contracts. Provisions for the el-certi\ufb01cate cancella- tion liabilities are estimated based on actual delivered volume required to be covered by el-certi\ufb01cates. The Group accounts for these provisions using the net liability approach. There is no specific guidance on such schemes under IFRS; however, the net lia- bility approach is one of the commonly used approaches adopted. Hence, the part of the cancellation liability that is covered by the Group\u2019s holdings of el-certi\ufb01cates is meas- ured at the cost of acquired el-certi\ufb01cates, the part covered by forward contracts is meas- ured at contractual price of el-certi\ufb01cates, while any liability in excess of those amounts is recognised at fair value of the el-certi\ufb01cates that are required to be purchased\u00a0(applicable when level of el-certi\ufb01cates acquired directly or through forward contracts are not su\ufb03cient to o\ufb00set estimated number of certi\ufb01cates to be handed over to the government). The cancellation liability is presented within other current liabilities and any el-certi\ufb01cates on hand at year end are presented as part of Intangible assets. The corresponding cost is recorded as part of Direct cost of sales as it is considered an incremental cost of power purchased. Employee bene\ufb01ts Pension schemes and pension obligations The group operates various post-employment schemes, including both de\ufb01ned bene\ufb01t and de\ufb01ned contribution pension plans. De\ufb01ned bene\ufb01t pension plans De\ufb01ned bene\ufb01t schemes entitles employee members to de\ufb01ned future bene\ufb01ts. These bene\ufb01ts are normally dependent on the number of years of service, the salary level at retirement age and the portion of bene\ufb01ts that are paid by the national insurance. The de\ufb01ned bene\ufb01t pension obligations may be covered by plan assets invested through an insurance company (funded plan). The liability or asset recognised in the con- solidated statement of \ufb01nancial position in respect of de\ufb01ned bene\ufb01t pension plans is the present value of the de\ufb01ned bene\ufb01t obli- gation at the end of the reporting period less the fair value of any plan assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds that are denominated in the currency in which the ben- e\ufb01ts will be paid, and that have terms approx- imating to the terms of the related obligation. The net interest cost is calculated by apply- ing the discount rate to the net balance of the de\ufb01ned bene\ufb01t obligation and the fair value of plan assets. \u00a0This cost is included in Pension expenses which is part of Personnel expenses in the statement of pro\ufb01t or loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the consolidated state- ment of changes in equity and in the state- ment of \ufb01nancial position. Changes in the present value of the de\ufb01ned bene\ufb01t obligation resulting from plan amend- ments or curtailments are recognised imme- diately in pro\ufb01t or loss as past service costs. De\ufb01ned contribution plans De\ufb01ned contribution plans\u00a0are\u00a0post-employ- ment bene\ufb01t plans\u00a0under which an entity pays \ufb01xed de\ufb01ned contributions into a separate entity (a fund). The entity has no further payment obligations once the contributions have been paid. The contributions are recognised in Pension expenses which is part of Personnel expenses in the statement of pro\ufb01t or loss when they are due. Share-based compensation Employee share options at Elmera Group rep- resents rights for employees to buy shares in the company at a future date at a predeter- mined exercise price. To exercise the option, the employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The fair value of the employee services received in exchange for the allotment of options is recognised as an expense over the vesting period based on the fair value of the options. On each balance date, the Group revises its estimates of the number of options that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity over the remaining vesting period. The proceeds received net of any directly attribut- able transaction costs are credited to share capital and share premium when the options are exercised. Treasury shares Own equity instruments which are reacquired (treasury shares) are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or cancellation of the Company\u2019s own equity instruments. Dividends Provision is made for the amount of any divi- dend declared, appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Earnings per share 1. Basic earnings per share: Basic earnings per share is calculated by dividing: \u2022 the pro\ufb01t attributable to owners of the com- pany, excluding any costs of servicing equity other than ordinary shares \u2022 by the weighted average number of ordi- nary shares in issue during the \ufb01nancial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares (note 14) 2. Diluted earnings per share: Diluted earnings per share adjusts the \ufb01gures used in the determination of basic earnings per share to take into account: \u2022 the after income tax e\ufb00ect of interest and other \ufb01nancing costs associated with dilu- tive potential ordinary shares, and \u2022 the weighted average number of additional ordinary shares that would have been out- standing assuming the conversion of all dilutive potential ordinary shares. Government grants Companies within the Group may be entitled to claim refunds / grants for investments in quali- fying assets or in relation to qualifying expend- iture (e.g. the Research & Development tax incentive scheme \u201cSkatteFUNN\u201d). Government grants are not recognised until there is a reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in the consolidated statement of pro\ufb01t and loss on a systematic basis over the periods in which the Group recognises the corre- sponding expenses for which the grants are intended to compensate. Speci\ufb01cally, gov- ernment grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised by deducting the grant from the carrying amount of the asset. The grant is recognised in the Consolidated statement of pro\ufb01t or loss over the life of the depreciable asset as a reduced depreciation expense. Government grants that are receivable as compensation for expenses or losses already incurred with no future related costs to be incurred by the Group are recognised in the Consolidated statement of pro\ufb01t or loss in the period in which they become receivable. Rounding of amounts All amounts disclosed in the consolidated \ufb01nancial statements and notes have been rounded o\ufb00 to the nearest thousand currency units unless otherwise stated. Comparable \ufb01gures and reclassi\ufb01cations\u00a0The consolidated statements of pro\ufb01t or loss, comprehensive income, \ufb01nancial position, equity, cash \ufb02ow and notes provide compa- rable information in respect of the previous period. In addition to restatements of com- parable \ufb01gures which are described in detail in note 3, the following reclassi\ufb01cations to comparable \ufb01gures have been made for 2022: Presentation of interest compensation for extended credit days for electricity purchases The interest compensation for extended credit days related to electricity purchase from Statkraft Energi AS, the Group\u2019s main supplier of electrical power, has in previous reporting been recorded in Direct cost of sales. From 2022 and going forward the interest compen- sation will be reported in Interest expense. Comparable \ufb01gures for 2021 have been updated to re\ufb02ect these changes, with the reclassi\ufb01cation of interest compensation of NOKt 23 882. Presentation of onerous contract provisions in statement of \ufb01nancial position From 2021 Onerous contract provisions are presented as separate line items in the state- ment of \ufb01nancial position. When the oner- ous contracts are not intended to be settled within 12 months of the reporting date, the provisions are presented as non-current. The model used when determining the non-current part of onerous contract provisions have been updated in 2022. To align with the updated model comparative \ufb01gures for 31 December 2021 in the statement of \ufb01nancial position have been updated, with an increase of NOKt 222 169 for non-current onerous contract pro- visions and a corresponding decrease for cur- rent onerous contract provisions. Note 4 Segment information Disaggregation of revenue from contracts with customers Operating segments are reported in a man- ner consistent with the internal \ufb01nancial reporting provided to the chief operating decision-maker. The chief operating deci- sion maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board of Directors. The Board of Directors examines the Group\u2019s performance from a type of services perspective. Segment per- formance is evaluated based on pro\ufb01t or loss and is measured consistently with pro\ufb01t or loss in the consolidated \ufb01nancial statements. The Group\u2019s reportable segments under IFRS 8 - \u201cOperating Segments\u201d are therefore as follows: \u2022 Consumer segment - Sale of electrical power and related services to private con- sumers in Norway \u2022 Business segment - Sale of electrical power and related services to business consumers in Norway \u2022 Nordic segment - Sale of electrical power and related services to consumers in Finland and Sweden. Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment per- formance is focused on the category of cus- tomer for each type of activity. No operating segments have been aggregated in arriving at the reportable segments of the Group. The principal categories of customers are direct sales to private consumers, business consum- ers and alliance partners. The segment pro\ufb01t measure is adjusted operating pro\ufb01t which is de\ufb01ned as operat- ing pro\ufb01t earned by each segment without the allocation of: acquisition related costs and other one-o\ufb00 items, estimate deviations from previous periods, unallocated revised net revenue, unrealised gains and losses on derivatives, impairment of intangible assets, depreciation of acquisitions, and change in provisions for onerous contracts. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment perfor- mance. The accounting policies of the report- able segments are the same as the Group\u2019s accounting policies. All of the Group\u2019s revenue is from external parties and is from activities currently carried out in Norway, Sweden and Finland. There are no customers representing more than 10% of revenue. The tables below is an analysis of the Group\u2019s revenue and pro\ufb01t by reportable seg- ment. New growth initiatives comprise of other business activities (sale of mobile service to private customers and power sale, included related services, to Alliance Partners) which are not considered separate operating seg- ments. Note 5 Revenue recognition Customers that have a contract for delivery of electricity with the Group, are also provided with a discount on their mobile phone sub- scription. In accordance with IFRS 15.82, the monthly discount is allocated exclusively to mobile phone services on a stand-alone sell- ing price basis, as the same discount is also o\ufb00ered to other customers on a regular basis. Note 7 Financial assets and financial liabilities Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. Note 22 Related party transactions As at 31 December 2022, the Group\u2019s related parties include Board of Directors and key management. Transactions related to these groups are disclosed in note 23. The Board of Directors previously included a representative from former major shareholder Eviny AS (previous BKK AS). In the general meeting held in the second quarter of 2021, this board member was not re-elected. Eviny AS and subsidiaries were therefore considered to be related parties in the \ufb01rst two quarters of 2021, but not as of 30 June 2021. Pricing of services and transactions between related parties are set on an arm\u2019s length basis in a manner similar to transactions with unrelated third parties. ",
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"f9232": {
"value": "Note 1 Accounting policies General information These consolidated \ufb01nancial statements for Elmera Group ASA for the year ended 31 December 2022, was approved by the Board of Directors on 28 March 2023. Elmera Group ASA and its subsidiaries (together \u2018the Group\u2019, \u201cElmera\u201d or \u201cthe Elmera Group\u201d) is a supplier of electrical power in Norway, Sweden and Finland. The company is listed on Oslo Stock Exchange. The Group\u2019s core business is the purchase, sale and portfo- lio management of electrical power to house- holds, private and public companies, and municipalities. The Group is also a provider of mobile phone services to private customers in Norway. Elmera Group ASA is incorporated and dom- iciled in Norway. The entity name was changed from Fjordkraft Holding ASA to Elmera Group ASA in 2022. The address of its registered o\ufb03ce is Folke Bernadottes Vei 38, 5147 Bergen, Norway. This note provides a list of the signi\ufb01cant accounting policies adopted in the presenta- tion of these consolidated \ufb01nancial statements to the extent they have not been disclosed in the other notes below. These policies have been consistently applied to all the years pre- sented, unless otherwise stated. Basis of preparation Compliance with IFRS These consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applica- ble to companies reporting under IFRS. The consolidated \ufb01nancial statements also com- ply with IFRS as issued by the International Accounting Standards Board (IASB). New and amended standards adopted by the group The Group has in 2022 adopted the amend- ments to IFRS that apply for the \ufb01rst time to \ufb01nancial reporting periods commencing on or after 1 January 2022. These amendments have not had a material impact on the Group\u2019s \ufb01nancials statements in the current reporting period. New standards and interpretations not yet adopted Certain new accounting standards and inter- pretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Basis of consolidation These consolidated \ufb01nancial statements include the accounts of Elmera Group ASA and its subsidiaries (note 26). Going concern The Group\u2019s consolidated \ufb01nancial statements is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This comprises information about net cash \ufb02ows from existing customer contracts and other service contracts, debt service and obligations. After making such assessments, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the fore- seeable future. Comparable \ufb01gures and reclassi\ufb01cations\u00a0The consolidated statements of pro\ufb01t or loss, comprehensive income, \ufb01nancial position, equity, cash \ufb02ow and notes provide compa- rable information in respect of the previous period. In addition to restatements of com- parable \ufb01gures which are described in detail in note 3, the following reclassi\ufb01cations to comparable \ufb01gures have been made for 2022: Presentation of interest compensation for extended credit days for electricity purchases The interest compensation for extended credit days related to electricity purchase from Statkraft Energi AS, the Group\u2019s main supplier of electrical power, has in previous reporting been recorded in Direct cost of sales. From 2022 and going forward the interest compen- sation will be reported in Interest expense. Comparable \ufb01gures for 2021 have been updated to re\ufb02ect these changes, with the reclassi\ufb01cation of interest compensation of NOKt 23 882. Presentation of onerous contract provisions in statement of \ufb01nancial position From 2021 Onerous contract provisions are presented as separate line items in the state- ment of \ufb01nancial position. When the oner- ous contracts are not intended to be settled within 12 months of the reporting date, the provisions are presented as non-current. The model used when determining the non-current part of onerous contract provisions have been updated in 2022. To align with the updated model comparative \ufb01gures for 31 December 2021 in the statement of \ufb01nancial position have been updated, with an increase of NOKt 222 169 for non-current onerous contract pro- visions and a corresponding decrease for cur- rent onerous contract provisions. Note 2 Significant accounting judgements, estimates and assumptions The preparation of financial statements requires the use of accounting estimates which, by de\ufb01nition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to esti- mates and assumptions turning out to be wrong. Estimates and judgements are con- tinually evaluated. They are based on histor- ical experience and other factors, including expectations of future events that may have a \ufb01nancial impact on the entity and that are believed to be reasonable under the circum- stances. The areas involving signi\ufb01cant estimates or judgements are: 1) Onerous contract provisions At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group\u2019s obligations under the contract exceed the economic bene\ufb01ts expected to be received in accordance with IAS 37. The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user custom- ers in the Nordic segment in which the vol- ume is not \ufb01xed. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. The price risk in these \ufb01xed price customer contracts are hedged with \ufb01nan- cial electricity derivatives which however are recognised as \ufb01nancial instruments. When hedging the price risk from these \ufb01xed price contracts, the electricity volume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in customer contracts without \ufb01xed volume the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. Please see note 9 for more information regarding the Group\u2019s dif- ferent product types and related market risks. Fixed price customer contracts are assessed as onerous contracts if the esti- mated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the custumers. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are however not taken into consideration when estimating the unavoidable costs as hedge accounting is not applied. Please see note 19 for details of the movement in provisions for onerous contracts. 2) Impairment of goodwill and intangible assets Goodwill and intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. The recoverable amounts of the cash-generating units are determined based on value in use calculations. The cash-gen- erating units equal the reportable segments. Value in use is calculated using the dis- counted cash-\ufb02ow model and based on a \ufb01ve- year forecast made by Group management. Management has projected cash \ufb02ows based on \ufb01nancial forecasts and strategy plans. The preparation of the forecast requires a number of key assumptions such as growth in net revenue and operating expenditure. The cash \ufb02ow for the \ufb01fth year is used as the base for the sixth year and onwards in perpetuity. The discount rates used are, amongst other things, based on risk-free 10-year govern- ment bond rate, observed market risk pre- mium, industry-speci\ufb01c risk premium and the Group\u2019s cost of debt. For the calculation of the in-perpetuity value, Gordon\u2019s growth model is used. According to Gordon\u2019s model, the termi- nal value of a growing cash \ufb02ow is calculated as the starting cash \ufb02ow divided by cost of capital less the growth rate. Please see note 16 for more details regarding impairment test- ing of goodwill at year end, including a sen- sitivity analysis for signi\ufb01cant assumptions. 3) Recognition of deferred tax asset for tax losses carried forward Deferred tax assets include an amount which relates to carried-forward tax losses of the subsidiary Switch Nordic Green AB. The sub- sidiary has incurred substantial accumulated tax losses in its operations in both Sweden and Finland in periods prior to when the Group acquired this entity in November 2020. The Group has concluded that a portion of the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The majority of tax losses carried forward are losses in Sweden which can be carried forward inde\ufb01nitely and have no expiry date. The tax losses in Finland expires after ten years. Please see note 13 for more details regarding deferred tax asset recognised in the Statement of \ufb01nancial position. 4) De\ufb01ned bene\ufb01t occupational pension scheme The Group has a de\ufb01ned bene\ufb01t pension scheme for employees born before 1963, and a de\ufb01ned contribution pension scheme for employees born from 1963. The cost of the de\ufb01ned bene\ufb01t pension scheme and the present value of the pen- sion obligation are determined using actuar- ial valuations. An actuarial valuation involves making various assumptions that may di\ufb00er from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complex- ities involved in the valuation and its long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at the reporting date. Please see note 18 for details of the assumptions used in the actuarial valuation of de\ufb01ned bene\ufb01t pension obligations, and a sensitivity analysis for signi\ufb01cant \ufb01nancial assumptions. 5) Gross vs. net presentation When evaluating the classi\ufb01cation and pres- entation of revenue transactions with custom- ers, management make judgement to what extent the Group in fact controls the speci\ufb01c goods and services before it is transferred to the customers. In making the judgement, management applies indicators set out in IFRS 15, of which key indicators are: \u2022 is the Group primarily responsible for ful- \ufb01lling the promise to provide the speci\ufb01ed goods or services, \u2022 does the Group have inventory risks before or after transferring goods or services to the customer, \u2022 does the Group have discretion in estab- lishing prices for the speci\ufb01c goods or services. Following the detailed evaluation of these cri- teria, management is satis\ufb01ed that the clas- si\ufb01cation and presentation of revenue from sale of our various products and services are appropriate. 6) Determining the amortisation rate of cost to obtain contracts with customers In determining which sales commissions represents incremental costs to obtain a contract, management evaluates the vari- ous type of sale commissions. A determin- ing factor is to what extent the costs have led to a new contract being signed by the customer. Management also make judgment in determining the amortisation rate that provides the best match for the economic bene\ufb01ts the Group derives from these new contracts. A detailed analysis have been carried out to identify how long the various customers remain with the signed contract before cancelling the contract. Following the detailed review and evaluation of the historical behavior of these customers, management is satis\ufb01ed that the amortisation method used provides the best allocation of these costs. 7) Hedge accounting The group applies hedge accounting when accounting for \ufb01nancial electricity derivatives which are designated to hedge the area price risk associated with forecast power purchase expenses in each of the \ufb01ve di\ufb00erent price areas in Norway (NO1, NO2, NO3, NO4, and NO5). The designated \ufb01nancial electricity derivatives are in general forward contracts with an underlying asset that is either i) the Nordic system price (system price for- ward contract), ii) an area price (area price forward contract), and / or iii) the di\ufb00erence between the Nordic system price and an area price (EPAD contract). Assessing whether the qualifying criterias for hedge accounting are met requires the use of judgment, in particular when a) assessing whether system price risk con- stitutes a risk component of area price risk in accordance with IFRS 9.6.3.7.a, and b) when assessing whether hedging of area price risk in price areas NO3 and NO4 will be su\ufb03ciently e\ufb00ective (IFRS 9.6.4.1.c) when system price forward contracts are the desig- nated hedging instruments. When assessing IFRS 9.6.3.7.a, the group\u2019s assessment is that when hedging area price risk in price areas where the di\ufb00erence between area price and system price is expected to be positive, system price forward contracts does qualify to be designated as a hedging instrument to hedge the area price risk in forecast cash \ufb02ows for power pur- chases, but only for variability due to change in system price. This assessment applies to the price areas NO1, NO2, and NO5 (in south- ern Norway). The assessment does however not apply when designating system price for- ward contracts to hedge the area prices in price areas NO3 and NO4 in northern Norway. When system price forward contracts are designated for hedging area price risks in forecast power purchases in NO3 and NO4, the hedged item is therefore de\ufb01ned to include all variability in the forecast cash \ufb02ow. In 2021 the Group\u2019s assessment was that there was a su\ufb03cient economic relationship between the hedging instrument and the hedged item (all variability in the area price) for the hedging relationship to qualify for the hedge e\ufb00ective- ness requirement in IFRS 9.6.4.1.c. Due to changes in market conditions the correlation between the Nordic system price and area prices in NO3 and NO4 has been signi\ufb01- cantly weakened. Thus from the beginning of 2022 the Group does no longer assess such hedging relationship to qualify for this hedge e\ufb00ectiveness requirement. The Group\u2019s strategy when hedging the future cash \ufb02ows related to power purchases in price areas NO1, NO2 and NO5 has in 2022 changed towards using area price forward contracts as hedging instruments, rather than Nordic system price forward contracts. Please see note 10 for details and further description regarding hedge accounting. Note 3 Restatement of prior periods Prior period comparative \ufb01gures have been restated in 2022. Description of restatements 1) A substantial proportion of the Group\u2019s power sales in 2021 was \ufb01nally settled after the Group had \ufb01nalised its annual \ufb01nan- cial statement. Revenues related to sale of power were thus recognised based on an estimate.\u00a0The Group\u2019s internal control pro- cedures have discovered that the estimate as per 31 December 2021 did not to an ade- quate degree re\ufb02ect all available information regarding power sales settled at the time of reporting. Revenue and Direct cost of sales have been restated as set out in the tables. 2) In prior period reporting the model for measuring fair value of derivative customer contracts did not adjust for the Group\u2019s price margins in such contracts. Thus the fair value of derivative \ufb01nancial instruments was over- stated, and the contracts\u2019 total margins were recognised in revenue at initial recognition of the contract. To align with the practice set out in IFRS 9, the model for measuring fair value of these contracts have been adjusted to exclude margins. The revenue from mar- gins are now recognised in the period the derivative contracts are delivered. Prior period Revenue (Unrealised gains and losses on derivative customer contracts), and fair value of Derivative \ufb01nancial instruments have been restated as set out in the tables. 3) At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group\u2019s obligations under the contract exceed the economic bene\ufb01ts expected to be received (onerous contracts) in accordance with IAS 37. Internal control procedures have in 2022 identi\ufb01ed that the assessment at year end 2021 failed to identify and recognise a portfo- lio of \ufb01xed price customer contracts as oner- ous contracts. Prior period Direct cost of sales (change in provisions for onerous contracts), and Onerous contract provisions have been restated as set out in the tables. Consolidated statement of pro\ufb01t or loss - Prior period corrections NOK in thousands 1) 2) 3) Total 2021 Revenue (73 132) (22 414) - (95 546) Direct cost of sales 8 963 - (22 740) (13 778) Operating pro\ufb01t (64 169) (22 414) (22 740) (109 324) Income tax (expense)/income 14 117 4 864 5 003 23 984 Pro\ufb01t/(loss) for the period (50 052) (17 550) (17 737) (85 340) Basic earnings per share (in NOK) (0,44) (0,15) (0,16) (0,75) Diluted earnings per share (in NOK) (0,43) (0,15) (0,15) (0,74) NOK in thousands 1) 2) 3) 31 December 2021 Assets Derivative \ufb01nancial instruments (non-current) - (16 866) - (16 866) Derivative \ufb01nancial instruments (current) - (27 203) - (27 203) Trade receivables (73 132) - - (73 132) Total assets (73 132) (44 069) - (117 201) Equity and liabilities Retained earnings (50 052) (38 424) (17 738) (106 213) Deferred tax liabilitites - (9 695) (5 003) (14 698) Derivative \ufb01nancial instruments (non-current) - 2 142 - 2 142 Derivative \ufb01nancial instruments (current) - 1 908 - 1 908 Onerous contract provisions (non-current) - - 15 321 15 321 Onerous contract provisions (current) - - 7 420 7 420 Current income tax liabilities (14 117) - - (14 117) Other current liabilities (8 963) - - (8 963) Total equity and liabilities (73 132) (44 069) - (117 201) Consolidated statement of \ufb01nancial position - Prior period corrections NOK in thousands 1) 2) 3) 1 January 2021 Assets Derivative \ufb01nancial instruments (non-current) - (13 709) - (13 709) Derivative \ufb01nancial instruments (current) - (11 995) - (11 995) Total assets - (25 705) - (25 705) Equity and liabilities Retained earnings - (20 873) - (20 873) Deferred tax liabilitites - (4 831) - (4 831) Total equity and liabilities - (25 705) - (25 705) ",
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"f9234": {
"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. El-certi\ufb01cate foward contracts The sale of electricity to end users in Norway and Sweden gives rise to an el-certi\ufb01cate can- cellation liability. The Group enters into for- ward contracts to purchase el-certi\ufb01cates to be remitted to the government as settlement for the el-certi\ufb01cate cancellation liability. As a result, the Group\u2019s contracts to purchase and sell electricity, and to purchase and remit el-certi\ufb01cates is delivered in quantities that will be used or sold in the Groups\u2019 normal course of business. Hence, the contracts has been accounted for under the \u201cown use\u201d exemp- tion, are considered executory contracts and are recognised in the consolidated \ufb01nancial statements when the underlying purchase or sale has occurred. Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. Note 7 Financial assets and financial liabilities Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9235": {
"value": "Note 1 Accounting policies Government grants Companies within the Group may be entitled to claim refunds / grants for investments in quali- fying assets or in relation to qualifying expend- iture (e.g. the Research & Development tax incentive scheme \u201cSkatteFUNN\u201d). Government grants are not recognised until there is a reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in the consolidated statement of pro\ufb01t and loss on a systematic basis over the periods in which the Group recognises the corre- sponding expenses for which the grants are intended to compensate. Speci\ufb01cally, gov- ernment grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised by deducting the grant from the carrying amount of the asset. The grant is recognised in the Consolidated statement of pro\ufb01t or loss over the life of the depreciable asset as a reduced depreciation expense. Government grants that are receivable as compensation for expenses or losses already incurred with no future related costs to be incurred by the Group are recognised in the Consolidated statement of pro\ufb01t or loss in the period in which they become receivable. Note 16 Intangible assets Government grants The Group has been awarded two government grants (SkatteFUNN and ENOVA) in 2022. One of the grants relates to a project regarding development of a plattform for local power production, storage and distribution. The other grant relates to a project regarding development of an app that gives consumers an overview of their power consumption. The total grants of NOK 1 308 thousand has been booked as a reduction of the cost price of the related assets. ",
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"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f9236": {
"value": "Note 1 Accounting policies Government grants Companies within the Group may be entitled to claim refunds / grants for investments in quali- fying assets or in relation to qualifying expend- iture (e.g. the Research & Development tax incentive scheme \u201cSkatteFUNN\u201d). Government grants are not recognised until there is a reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received. Government grants are recognised in the consolidated statement of pro\ufb01t and loss on a systematic basis over the periods in which the Group recognises the corre- sponding expenses for which the grants are intended to compensate. Speci\ufb01cally, gov- ernment grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised by deducting the grant from the carrying amount of the asset. The grant is recognised in the Consolidated statement of pro\ufb01t or loss over the life of the depreciable asset as a reduced depreciation expense. Government grants that are receivable as compensation for expenses or losses already incurred with no future related costs to be incurred by the Group are recognised in the Consolidated statement of pro\ufb01t or loss in the period in which they become receivable. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f9237": {
"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. El-certi\ufb01cate foward contracts The sale of electricity to end users in Norway and Sweden gives rise to an el-certi\ufb01cate can- cellation liability. The Group enters into for- ward contracts to purchase el-certi\ufb01cates to be remitted to the government as settlement for the el-certi\ufb01cate cancellation liability. As a result, the Group\u2019s contracts to purchase and sell electricity, and to purchase and remit el-certi\ufb01cates is delivered in quantities that will be used or sold in the Groups\u2019 normal course of business. Hence, the contracts has been accounted for under the \u201cown use\u201d exemp- tion, are considered executory contracts and are recognised in the consolidated \ufb01nancial statements when the underlying purchase or sale has occurred. Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. ",
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"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f9238": {
"value": "Note 1 Accounting policies Employee bene\ufb01ts Pension schemes and pension obligations The group operates various post-employment schemes, including both de\ufb01ned bene\ufb01t and de\ufb01ned contribution pension plans. De\ufb01ned bene\ufb01t pension plans De\ufb01ned bene\ufb01t schemes entitles employee members to de\ufb01ned future bene\ufb01ts. These bene\ufb01ts are normally dependent on the number of years of service, the salary level at retirement age and the portion of bene\ufb01ts that are paid by the national insurance. The de\ufb01ned bene\ufb01t pension obligations may be covered by plan assets invested through an insurance company (funded plan). The liability or asset recognised in the con- solidated statement of \ufb01nancial position in respect of de\ufb01ned bene\ufb01t pension plans is the present value of the de\ufb01ned bene\ufb01t obli- gation at the end of the reporting period less the fair value of any plan assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds that are denominated in the currency in which the ben- e\ufb01ts will be paid, and that have terms approx- imating to the terms of the related obligation. The net interest cost is calculated by apply- ing the discount rate to the net balance of the de\ufb01ned bene\ufb01t obligation and the fair value of plan assets. \u00a0This cost is included in Pension expenses which is part of Personnel expenses in the statement of pro\ufb01t or loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the consolidated state- ment of changes in equity and in the state- ment of \ufb01nancial position. Changes in the present value of the de\ufb01ned bene\ufb01t obligation resulting from plan amend- ments or curtailments are recognised imme- diately in pro\ufb01t or loss as past service costs. De\ufb01ned contribution plans De\ufb01ned contribution plans\u00a0are\u00a0post-employ- ment bene\ufb01t plans\u00a0under which an entity pays \ufb01xed de\ufb01ned contributions into a separate entity (a fund). The entity has no further payment obligations once the contributions have been paid. The contributions are recognised in Pension expenses which is part of Personnel expenses in the statement of pro\ufb01t or loss when they are due. Share-based compensation Employee share options at Elmera Group rep- resents rights for employees to buy shares in the company at a future date at a predeter- mined exercise price. To exercise the option, the employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The fair value of the employee services received in exchange for the allotment of options is recognised as an expense over the vesting period based on the fair value of the options. On each balance date, the Group revises its estimates of the number of options that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity over the remaining vesting period. The proceeds received net of any directly attribut- able transaction costs are credited to share capital and share premium when the options are exercised. Note 11 Personnel expenses NOK in thousands 2022 2021 Salaries 322 878 313 959 Social security 44 091 44 338 Pension expenses 40 298 41 678 Other bene\ufb01ts 14 870 11 084 Gross personnel expenses 422 137 411 060 - Capitalised R&D costs (1 109) (1 937) Total personnel expenses 421 029 409 123 Number of full-time equivalents (FTEs) as of 31 December 412 475 For information regarding pension schemes please refer to note 18. For information regarding management option program please refer to note 27. For information regarding remuneration to executive management and Board of Directors please refer to note 23. Note 18 Pension liabilities Liabilities in de\ufb01ned bene\ufb01t plans that are funded are covered through an insurance company. The liability or asset recognised in the con- solidated statement of \ufb01nancial position in respect of a de\ufb01ned bene\ufb01t pension plan is the present value of the de\ufb01ned bene\ufb01t obligation at the end of the reporting period, less the fair value of plan assets if the plan is funded. The de\ufb01ned bene\ufb01t obligation is cal- culated annually by independent actuaries. De\ufb01ned contribution plans De\ufb01ned contribution plans\u00a0are\u00a0post-employ- ment bene\ufb01t plans\u00a0under which an entity pays \ufb01xed de\ufb01ned contributions into a separate entity (a fund). Pension schemes in the Norwegian group entities Until the end of 2019 the Norwegian group entities had a single de\ufb01ned bene\ufb01t pension scheme in BKK Pensjonskasse covering all employees. As of 1.1.2020 all employees born in 1963 and later was transferred to a de\ufb01ned contribution pension scheme. Employees born before 1963 maintained their mem- bership in de\ufb01ned bene\ufb01t pension scheme, which at the same time was closed for new members. Members who were enrolled in the de\ufb01ned contribution pension plan received a paid-up policy for earned entitlements for the time they have earned rights in the de\ufb01ned bene\ufb01t pension scheme if they had at least three years of service. When the group acquired the Innlandskraft-group in 2020, the group also took over the pension schemes for the employees in the companies Eidsiva Marked AS and Gudbrandsdal Energi AS. Eidsiva Marked AS was merged into Fjordkraft AS in 2021. De\ufb01ned contribution plan covering empoyees in Elmera Group ASA, Fjordkraft AS and Allrate AS At the end of 2022 the group companies Elmera Group ASA, Fjordkraft AS and AllRate AS have a de\ufb01ned contribution pension scheme covering a total of 333 active mem- bers. The contribution rates for the de\ufb01ned contribution plan are set to 5 per cent of sal- aries between 0 and 7,1 times G (where G is the National Insurance scheme basic amount, NOKt 111 in 2022), and 15 per cent of salaries between 7,1 and 12 times G. The de\ufb01ned-contribution pension scheme also includes disability pension, spouse\u2019s pension and children\u2019s pension. In addition, Elmera has chosen to introduce the contrac- tual pension agreement (CPA) scheme for private sector for those members who are enrolled in the de\ufb01ned contribution pension scheme. The agreement entitles members to bene\ufb01ts from the age of 62 until they are eligible for a national insurance pension when reaching the age of 67. In addition to the above mentioned de\ufb01ned contribution plan (and if applicable the defined benefit pension plan described below), Senior Management are members of a de\ufb01ned contribution plan, entiteling them to additional annual contribution for salary exceeding 12 G. Description of the pension schemes Elmera Group\u2019s pension schemes have been established in accordance with local laws, and include both de\ufb01ned contribution plans and de\ufb01ned bene\ufb01t plans. The pension schemes o\ufb00ered in the Norwegian compa- nies in the group are in line with the Act on Mandatory Occupational Pensions (Lov om obligatorisk tjenestepensjon). De\ufb01ned bene\ufb01t plans De\ufb01ned bene\ufb01t plans entitles members to de\ufb01ned future bene\ufb01ts. These are mainly dependent on the number of years of service, the salary level at retirement age and the size of bene\ufb01ts paid by the national insurance. De\ufb01ned contribution plan covering empoyees in Gudbrandsdal Energi AS The subsidiary Gudbrandsdal Energi AS have de\ufb01ned contribution pension schemes which at the end of 2022 are covering 24 active members. The contribution rates for the de\ufb01ned contribution plans are 6 per cent of salaries between 0 and 7,1 times G (where G is the National Insurance scheme basic amount, NOKt 111 in 2021), and 25,1 per cent of salaries between 7,1 and 12 times G. The pension schemes includes retirement pension, disability pension, spouse\u2019s pension and children\u2019s pension. De\ufb01ned bene\ufb01t plans in BKK Pensjonskasse At the end of 2022 the de\ufb01ned bene\ufb01t pen- sion scheme in BKK Pensjonskasse covers 13 active members, 97 pensioners and 539 deferred vested members.These numbers include employees previously employed by Eidsiva Marked AS (which were merged into Fjordkraft AS in 2021), whom have been transferred from KLP to BKK Pensjonskasse in 2022. This defined benefit pension scheme includes retirement pension, con- tractual pension agreement (CPA), disability pension, spouse\u2019s pension and children\u2019s pension. The scheme complies largely with the regulations enshrined in the Act on the Government Pension Fund. The liabilities are covered through the insurance company BKK Pensjonskasse. The contractual pension agreement (CPA) for members of the de\ufb01ned bene\ufb01t scheme covers a total of 21 active members and 3 pensioners. The agreement entitles sta\ufb00 to bene\ufb01ts from the age of 62 until they are eligible for a national insurance pension when reaching the age of 67. The CPA is an unfunded pension plan. For those members who were transferred from the de\ufb01ned bene\ufb01t scheme to the new de\ufb01ned contribution pension scheme at the beginning of 2020, an additional de\ufb01ned bene\ufb01t plan was established to provide sup- plementary retirement pension to employees with a long employment time and a high age whom had their expected retirement pension reduced when being transferred out of the de\ufb01ned bene\ufb01t scheme. This plan aims to counteract some of the e\ufb00ects that the intro- duction of life expectancy adjustment has had for public occupational pension schemes. The scheme applies to a closed group of employ- ees. The supplementary allowance was set with \ufb01nal e\ufb00ect at the end of 2019, and the supplement constitutes a \ufb01xed percentage of the individual\u2019s pension basis up to the age of 66 years. This scheme will only provide bene\ufb01ts if the employees are at least 67 years old at retirement. The scheme covers a total of 29 active members and 0 pensioners at the end of 2022. De\ufb01ned bene\ufb01t plans in KLP The de\ufb01ned bene\ufb01t plans in KLP is cover- ing employees in Gudbrandsdal Energi AS. These de\ufb01ned bene\ufb01t plans were closed to new members from July 2016. These funded schemes are public occupational pension schemes that ensures the pensioner 66% of \ufb01nal salary upon 30 years of service. Retirement age is 67 years. At the end of 2022 the de\ufb01ned bene\ufb01t pension schemes still covers 1 active member, 2 pensioners and 9 deferred vested members. The pension schemes includes retirement pension, disabil- ity pension, spouse\u2019s pension and children\u2019s pension. The liabilities are covered through the insurance company KLP. The de\ufb01ned bene\ufb01t plan covering employees previously employed by Eidsiva Marked AS (which were merged into Fjordkraft AS in 2021), have been transferred from KLP to BKK Pensjonskasse in 2022. Pension schemes in Switch Nordic Green AB The following pension schemes are appli- cable for the employees in SNG, who are either employed in Sweden or at the branch in Finland. De\ufb01ned contribution plans Employees at SNG in Sweden are members of a de\ufb01ned contribution plan which at the end of 2022 are covering a total of 8 active members. The contribution rates for the de\ufb01ned contri- bution plan are set to 5 per cent of salaries up until 7,5 times the Swedish Inkomstbasbelopp (IBB = The Swedish National Insurance scheme basic amount, where one IBB equals NOKt 67 in 2022), and 30 per cent of salaries between 7,5 and 30 times the IBB. The pen- sion scheme includes retirement pension and disability pension. Employees at SNGs branch in Finland are members of a statutory pension plan (TyEL) which includes retirement pension and dis- ability pension and at the end of 2022 are covering a total of 61 active members. The bene\ufb01ts are insured with an insurance com- pany and determined to be de\ufb01ned contri- bution plans. The contribution rates for the de\ufb01ned contribution plan are set to 25,85 per cent of salaries, which includes the employ- ee\u2019s share of the contribution that was 7,15 per cent at the end of 2022. Senior manage- ment in SNG Finland are entitled to additional de\ufb01ned contributions. Risk exposure Through its de\ufb01ned bene\ufb01t occupational pen- sion plans, the Group is exposed to a num- ber of risks, the most signi\ufb01cant are detailed below. Asset volatility; The plan liabilities are calculated using a discount rate set with reference to covered bonds (\u201cObligasjoner med fortrinnsrett\u201d); if plan assets underperform this yield, this will create a de\ufb01cit. All plans hold a signi\ufb01cant portion of investments in equity instruments, which are expected to outperform corporate bonds in the long-term while providing vola- tility and risk in the short-term. As the plans mature, the Group intends to reduce the level of investment risk by invest- ing more in assets that better match the lia- bilities. Changes in bond yields; A decrease in corporate bond yields will increase plan liabilities, although this will be partially o\ufb00set by an increase in the value of the plan\u2019s bond holdings. In\ufb02ation risk; Some of the Group\u2019s pension obligations are linked to salary in\ufb02ation, and higher in\ufb02a- tion will lead to higher liabilities (although in most cases, caps on the level of in\ufb02ationary increases are in place to protect the plan against extreme in\ufb02ation). The majority of the plan\u2019s assets are either una\ufb00ected by or loosely correlated with in\ufb02ation, meaning that an increase in in\ufb02ation will also increase the de\ufb01cit. Life expectancy; The majority of the plan\u2019s obligations are to provide bene\ufb01ts for the life of the member, so increases in life expectancy will result in an increase in the plan\u2019s liabilities. At the end of this note, a table showing sensitivity analysis of the most signi\ufb01cant assumptions is enclosed. Amounts recognised in statement of \ufb01nancial position: NOK in thousands 31 December 2022 31 December 2021 Present value of funded obligations 361 631 361 192 Fair value of plan assets 355 132 345 243 De\ufb01cit for funded plans 6 499 15 949 Present value of unfunded obligations 64 211 73 785 Total de\ufb01cit of de\ufb01ned bene\ufb01t pension plans 70 709 89 734 Other employee bene\ufb01t obligations 4 893 4 103 Employee bene\ufb01t obligations recognised in Statement of \ufb01nancial position 75 602 93 837 Presentation in statement of \ufb01nancial position: Net plan assets of de\ufb01ned bene\ufb01t pension plans 4 178 - Net employee de\ufb01ned bene\ufb01t plan liabilities 79 780 93 837 Employee bene\ufb01t obligations recognised in Statement of \ufb01nancial position, net 75 602 93 837 Amounts recognised in statement of pro\ufb01t or loss: 2022 NOK in thousands Funded obligations Non-funded obligations Total Accrued pension entitlement for the year 1 404 3 769 5 173 Payroll tax (PT) 197 531 728 Net interest expense / (income) 4 554 1 215 5 769 Expected return on plan assets (4 355) - (4 355) Expenses paid 31 - 31 Members' contribution (168) - (168) Total amount recognised in pro\ufb01t or loss 1 664 5 515 7 179 2021 NOK in thousands Funded obligations Non-funded obligations Total Accrued pension entitlement for the year 3 626 3 577 7 203 Payroll tax (PT) 568 509 1 077 Net interest expense / (income) 5 175 960 6 135 Expected return on plan assets (4 605) - (4 605) Expenses paid 187 - 187 Members' contribution (200) - (200) Total amount recognised in pro\ufb01t or loss 4 751 5 046 9 797 Change in de\ufb01ned bene\ufb01t obligation: NOK in thousands Present value of funded obligation Fair value of plan assets Total, funded obligations, net of plan assets Present value of non-funded obligation Total, net At 1 January 2022 361 192 345 243 15 949 73 785 89 734 Accrued pension entitlement for the year 1 404 - 1 404 3 769 5 173 Payroll tax (PT) 197 - 197 531 728 Interest expense (income) 4 554 - 4 554 1 215 5 769 Return on plan assets - 4 355 (4 355) - (4 355) Actuarial gains and losses 3 364 (5 998) 9 362 (13 990) (4 628) Bene\ufb01ts paid (6 640) (6 640) - (964) (964) Contribution - 20 423 (20 423) - (20 423) Members' contribution - 168 (168) - (168) Expenses paid (2 387) (2 418) 31 (136) (105) Payroll tax of contribution (53) - (53) - (53) At 31 December 2022 361 631 355 132 6 499 64 211 70 709 NOK in thousands Present value of obligation Fair value of plan assets Total, funded obligations, net of plan assets Present value of non-funded obligation Total, net At 1 January 2021 349 079 304 808 44 271 64 165 108 436 Accrued pension entitlement for the year 3 626 - 3 626 3 577 7 203 Payroll tax (PT) 568 - 568 509 1 077 Interest expense (income) 5 175 - 5 175 960 6 135 Return on plan assets - 4 605 (4 605) - (4 605) Past service cost - - - - - Actuarial gains and losses 10 364 37 475 (27 110) 4 575 (22 536) Bene\ufb01ts paid (6 902) (6 902) - - - Contribution - 5 245 (5 245) - (5 245) Members' contribution - 200 (200) - (200) Expenses paid - (187) 187 - 187 Payroll tax of contribution (719) - (719) - (719) At 31 December 2021 361 192 345 243 15 949 73 785 89 734 Actuarial gains and losses recognised directly in Other comprehensive income (OCI) NOK in thousands 2022 2021 Net actuarial gains/(losses) recognised in OCI during the year 3 610 17 577 Tax e\ufb00ects of actuarial gains/(losses) recognised in OCI 1 018 4 958 Signi\ufb01cant actuarial assumptions 2022 2021 Discount rate 3,60 % 1,70 % Salary growth rate 3,75 % 2,50 % Expected growth in base social security amount (G) 3,50 % 2,25 % Estimated return on plan assets 3,60 % 1,70 % Pension growth rate 2,75 % 1,50 % CPA withdrawal 25% when 62 yrs 25% when 62 yrs Demographic assumptions K2013BE K2013BE Voluntary retirement Before 45 yrs - 4,5% Before 45 yrs - 4,5 % 45 yrs - 60 yrs - 2,0% 45 yr - 60 yr - 2,0 % Afte 60 yrs - 0% After 60 yrs - 0 % * K2013BE is the insurance companies present best estimate based on The Financial Supervisory Authority of Norway\u2019s mortality table K2013 and Statistics Norway\u2019s present population projection. Sensitivity of pension liabilities to changes in signi\ufb01cant \ufb01nancial assumptions Change in pension cost Change in employee de\ufb01ned bene\ufb01t obligations NOK in thousands 1.00 % -1.00 % 1.00 % -1.00 % Discount rate (746) 955 (76 650) 102 473 Salary growth rate 301 (274) 6 185 (5 597) Expected growth in base social security amount (G) 625 (519) 95 634 (73 039) Pension assets Pension assets are invested in bonds and money-market placements issued by the Norwegian government, Norwegian municipalities, \ufb01nancial institutions and enterprises. Foreign currency bonds are hedged. Investments are made in both Norwegian and foreign shares. Any estimate deviation is distributed pro-rata between the individual asset categories. At the end of 2022 the plan assets were invested as follows: Level 1 Level 2 Level 3 NOK in thousands Exchange listed prices Observable prices Non-observable prices Total %-share Equity instruments 48 977 84 630 44 680 178 287 50% Interest bearing instruments 12 457 160 594 1 078 174 129 49% Real estate - - 2 715 2 715 1% Total investments 61 434 245 224 48 473 355 132 100% The total contribution to de\ufb01ned bene\ufb01t plans for next annual reporting period is expected to be NOKt 19 050. Note 23 Remuneration to the Executive management and Board of Directors Executive management 2022: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 311 500* 150 846 4 807 294 Henning Nordgulen (Chief Financial O\ufb03cer)1 660 - 38 86 784 - Roger Finnanger (Head of Business) 1 692 54 100 219 2 065 - Arnstein Flaskerud (Head of Strategy and M&A) 1 934 67 120 430 2 551 - Solfrid K. Aase (Head of Service Companies) 1 612 67 100 354 2 133 - Solfrid Fluge Andersen (Head of Operations) 1 667 67 100 219 2 053 - Per Heiberg-Andersen (Head of Nordic and other end-user companies) 1 662 67 100 173 2 002 - Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS)2 467 50 - 53 570 - Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS)3 995 - 60 127 1 182 - Birte Strander (Chief Financial O\ufb03cer)4 792 54 50 183 1 079 - Jeanne K. Tjomsland (Head of HR, Communications and Sustainability)5 1 021 67 70 237 1 395 - Christian Kalvenes (Head of Consumer)6 592 54 37 68 751 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer)5 1 016 54 70 199 1 339 290 Total remuneration executive management 2022 17 421 1 101 995 3 194 22 711 584 *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. In 2022 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 375 based on the Group\u2019s performance, paid in 2023. Executive management 2021: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 231 1266* 150 724 5 371 354 Birte Strander (Chief Financial O\ufb03cer) 1 743 261 120 392 2 516 - Jeanne K. Tjomsland (Head of HR & Communications) 1 721 261 120 374 2 475 - Arnstein Flaskerud (Head of Strategy and M&A) 1 878 261 120 326 2 585 - Solfrid K. Aase (Head of Service Companies) 1 565 261 100 285 2 210 - Christian Kalvenes (Head of Consumer) 1 565 209 100 170 2 043 - Ole Johan Langenes (Acting Chief Financial O\ufb03cer) 7 644 209 42 71 965 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 1 721 209 120 314 2 363 365 Roger Finnanger (Head of Business) 1 565 261 100 173 2 098 - Solfrid Fluge Andersen (Head of Operations) 1 565 209 100 173 2 046 - Per Heiberg-Andersen (Head of Nordics and other end-user companies) 1 565 170 100 169 2 003 - Total remuneration executive management 2021 18 759 3573 1172 3171 26 674 719 *In 2021 the CEO received a discretionary bonus of NOKt 1 266 based on the Group\u2019s performances in 2020. In 2021 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 500 based on the Group\u2019s performance, paid in 2022. 1) From 1 October 2022 2) From 1 August 2022 3) From 8 August 2022 4) Until 31 May 2022 5) Until 31 July 2022 6) Until 16 May 2022 7) Acting CFO from 1 January 2021 until 31 May 2021 due to maternity leave Remuneration included in the tables is valid for the period from/to the dates stated above. The members of the Board of Directors have received the following remuneration during the year ended 31 December 2022 and 2021: NOK in thousands 2022 2021 Steinar S\u00f8nsteby (Chairman)1 545 461 Per Axel Koch (Chairman)2 - 161 Live Bertha Haukvik (Boardmember) 401 383 Heidi Theresa Ose (Boardmember) 360 396 Tone Wille (Boardmember)1 312 212 Per Oluf Solbraa (Boardmember)1 312 212 Marianne Unhjem (Boardmember, Employee representative)1 108 73 Lindi Bucher Vinsand (Boardmember, Employee representative)2 - 32 Elisabeth M. Norberg (Boardmember, Employee representative) 108 104 Frank \u00d8kland (Boardmember, Employee representative) 108 104 Lisbet N\u00e6r\u00f8 (Chairman of the Nomination committee) 53 52 Atle Kvamme (Member, Nomination committee) 32 31 Jannicke Hilland (Member, Nomination committe)3 - 9 Ragnhild Stolt-Nielsen (Member, Nomination committee) 32 22 Total remuneration Board of directors 2 371 2 252 1) From 21 April 2021. 2) Until 21 April 2021. 3) The remuneration is paid as a fee to BKK AS, and was for the period until 21 April 2021. There are no additional bonus agreements or agreement of similar pro\ufb01t sharing with the CEO or Chairman of the board. The rest of the executive management is also included in the Group\u2019s performance bonus scheme. If the company chooses to terminate the employment, the CEO is entitled to 12 months severance pay after the expiry of the ordinary notice peri- od, which is 6 months. The Group\u2019s executive management has the right to apply for loans on the same grounds as all the employees in the company. Maximum duration for loans to employees are 15 years. The interest rate for loans to employees is approximately equal to the current limit regarding taxation of bene\ufb01ts for such loans, plus up to 1 per- centage point. Current limit for taxation of bene\ufb01ts is 2,3 %. The CEO and Group management is included in the current pension plan for the Group - see note 18. Note 27 Option program Type Options Options Grant Date 9 February 2022 8 August 2022 Vesting conditions The options vest in one tranche with vesting 14 February 2025. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The options vest in one tranche with vesting 14 February 2026. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. Expiry date 14 February 2028 14 February 2029 Exercise price (NOK) 37,00 21,50 Total number outstanding 370 000 20 000 Type Options Options Grant Date 9 February 2022 8 August 2022 Measurement date 9 February 2022 8 August 2022 Share price (NOK) 37,28 21,50 Lifetime* (years) 3,02 3,52 Volatility 30,00 % 37,47 % Risk-free interest rate* 1,92 % 2,73 % Fair Value* (NOK) 9,4212 5,8469 Elmera Group ASA established a management option program 10 December 2018. The option program was established to align management\u2019s and shareholders\u2019 incentives and to reduce turnover for key employees.\u00a0In total 390 000 share options were issued to employees during 2022. *volume weighted average for options The fair value of the options was calculated using the Black-Scholes model. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be out- standing until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance ful\ufb01llment and takes this into account in the valuation. The expected volatility for options issued in 2022 is estimated at average of 30% where historical volatility is not available. Where historical volatility is available this is calculated using the Elmera Group ASA share price. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total carrying amount per 31 December 2022 is NOKt 14 946, not including social security 01.01.2022 - 31.12.2022 01.01.2021 - 31.12.2021 Shares Weighted Average Exercise Price (NOK) Shares Weighted Average Exercise Price (NOK) Outstanding at the beginning of period 1 500 000 44,57 1 190 000 39,43 Granted 390 000 36,09 330 000 78,00 Exercised -50 000 24,30 (20 000) 24,30 Forfeited -130 000 52,58 - - Outstanding at the end of period 1 710 000 38,92 1 500 000 44,57 Vested outstanding 790 000 22,41 510 000 24,61 Vested and expected to vest 1 710 000 38,92 1 500 000 44,57 Intrinsic value of in-the-money outstanding at the end of the period - - 820 000 18 918 200 Intrinsic value vested outstanding at the end of the period - - 510 000 11 755 600 Outstanding instruments Vested outstanding Exercise price Outstanding per 31 December 2022 Weighted average re- maining Contractual Life Vested options per 31 December 2022 Weighted Average Exercise Price (NOK) 0,00 - 25,00 20 000 6,13 - - 25,00 - 30,00 - - - - 30,00 - 35,00 740 000 1,83 740 000 33 35,00 - 40,00 350 000 4,87 30 000 38 40,00 - 45,00 - - - - 45,00 - 50,00 - - - - 50,00 - 55,00 - - - - 55,00 - 60,00 - - - - 60,00 - 65,00 - - - - 65,00 - 70,00 270 000 4,13 - - 70,00 - 330 000 4,76 20 000 79,7 Total 1 710 000 3,43 790 000 34,48 At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows\u00a0: The following table shows the changes in outstanding options in 2021 and 2022: Period activity: ",
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"f9239": {
"value": "Note 1 Accounting policies Share-based compensation Employee share options at Elmera Group rep- resents rights for employees to buy shares in the company at a future date at a predeter- mined exercise price. To exercise the option, the employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The fair value of the employee services received in exchange for the allotment of options is recognised as an expense over the vesting period based on the fair value of the options. On each balance date, the Group revises its estimates of the number of options that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity over the remaining vesting period. The proceeds received net of any directly attribut- able transaction costs are credited to share capital and share premium when the options are exercised. Note 27 Option program Type Options Options Grant Date 9 February 2022 8 August 2022 Vesting conditions The options vest in one tranche with vesting 14 February 2025. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The options vest in one tranche with vesting 14 February 2026. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. Expiry date 14 February 2028 14 February 2029 Exercise price (NOK) 37,00 21,50 Total number outstanding 370 000 20 000 Type Options Options Grant Date 9 February 2022 8 August 2022 Measurement date 9 February 2022 8 August 2022 Share price (NOK) 37,28 21,50 Lifetime* (years) 3,02 3,52 Volatility 30,00 % 37,47 % Risk-free interest rate* 1,92 % 2,73 % Fair Value* (NOK) 9,4212 5,8469 Elmera Group ASA established a management option program 10 December 2018. The option program was established to align management\u2019s and shareholders\u2019 incentives and to reduce turnover for key employees.\u00a0In total 390 000 share options were issued to employees during 2022. *volume weighted average for options The fair value of the options was calculated using the Black-Scholes model. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be out- standing until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance ful\ufb01llment and takes this into account in the valuation. The expected volatility for options issued in 2022 is estimated at average of 30% where historical volatility is not available. Where historical volatility is available this is calculated using the Elmera Group ASA share price. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total carrying amount per 31 December 2022 is NOKt 14 946, not including social security 01.01.2022 - 31.12.2022 01.01.2021 - 31.12.2021 Shares Weighted Average Exercise Price (NOK) Shares Weighted Average Exercise Price (NOK) Outstanding at the beginning of period 1 500 000 44,57 1 190 000 39,43 Granted 390 000 36,09 330 000 78,00 Exercised -50 000 24,30 (20 000) 24,30 Forfeited -130 000 52,58 - - Outstanding at the end of period 1 710 000 38,92 1 500 000 44,57 Vested outstanding 790 000 22,41 510 000 24,61 Vested and expected to vest 1 710 000 38,92 1 500 000 44,57 Intrinsic value of in-the-money outstanding at the end of the period - - 820 000 18 918 200 Intrinsic value vested outstanding at the end of the period - - 510 000 11 755 600 Outstanding instruments Vested outstanding Exercise price Outstanding per 31 December 2022 Weighted average re- maining Contractual Life Vested options per 31 December 2022 Weighted Average Exercise Price (NOK) 0,00 - 25,00 20 000 6,13 - - 25,00 - 30,00 - - - - 30,00 - 35,00 740 000 1,83 740 000 33 35,00 - 40,00 350 000 4,87 30 000 38 40,00 - 45,00 - - - - 45,00 - 50,00 - - - - 50,00 - 55,00 - - - - 55,00 - 60,00 - - - - 60,00 - 65,00 - - - - 65,00 - 70,00 270 000 4,13 - - 70,00 - 330 000 4,76 20 000 79,7 Total 1 710 000 3,43 790 000 34,48 At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows\u00a0: The following table shows the changes in outstanding options in 2021 and 2022: Period activity: ",
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"f9241": {
"value": "Note 1 Accounting policies Share-based compensation Employee share options at Elmera Group rep- resents rights for employees to buy shares in the company at a future date at a predeter- mined exercise price. To exercise the option, the employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The fair value of the employee services received in exchange for the allotment of options is recognised as an expense over the vesting period based on the fair value of the options. On each balance date, the Group revises its estimates of the number of options that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity over the remaining vesting period. The proceeds received net of any directly attribut- able transaction costs are credited to share capital and share premium when the options are exercised. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f9242": {
"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. ",
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"f9243": {
"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. ",
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},
"f9244": {
"value": "Note 1 Accounting policies 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9245": {
"value": "Note 1 Accounting policies Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9247": {
"value": "Note 1 Accounting policies 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0Note 7 Financial assets and financial liabilities 7(a) Trade receivables and Other non-current financial assets Trade receivables are amounts due from cus- tomers for goods sold or services performed in the ordinary course of business. If collec- tion of the amounts is expected in one year or less they are classi\ufb01ed as current assets. Trade receivables are generally due for set- tlement within 30 days. No interest is charged on outstanding trade receivables, unless it is past due date. The Group always measures the loss allow- ance for trade receivables at an amount equal to lifetime expected credit loss (ECL). For cus- tomers in the business segment, the expected credit losses on trade receivables are esti- mated using a provision matrix by grouping trade receivables based on reference to past default experience for the group of customers. For customers in the consumer segment, the expected credit losses on trade receivables are estimated by an individual assessment of each speci\ufb01c customer performed by the Group\u2019s Debt Collection Service provider. The customer\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the customers\u2019, general economic conditions of the industry in which the customers operate and an assess- ment of both the current as well as the forecast direction of conditions at the reporting date, are all factors that are taken into account when measuring ECL. There has been no changes in the estima- tion techniques or signi\ufb01cant assumptions made during the year. The Group writes o\ufb00 a trade receivable when there is information indicating that the debtor is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over one years past due, whichever occurs earlier. The trade receivables that have been written o\ufb00 are still subject to collection processes. The following table details the risk pro\ufb01le of trade receivables based on the Group\u2019s provision matrix. 2022 Loss allowance provision - Days past due NOK in thousands Current 31-60 days 61-90 days 91-120 days 121-180 days More than 180 days Total Gross nominal amount Trade receivables - Power sales - Consumer customers 3 956 849 436 1 404 545 17 170 24 360 428 187 Trade receivables - Power sales - Business customers 2 089 257 3 990 3 366 2 244 12 762 24 706 1 341 488 Trade receivables - Mobile sales - Consumer customers 14 0 38 33 57 201 342 1 894 Total Loss allowance provision 6 058 1 105 4 463 4 803 2 845 30 133 49 408 1 771 569 2021 Loss allowance provision - Days past due NOK in thousands Current 31-60 days 61-90 days 91-120 days 121-180 days More than 180 days Total Gross nominal amount Trade receivables - Power sales - Consumer customers 6 223 710 395 531 282 20 104 28 244 894 503 Trade receivables - Power sales - Business customers 1 414 445 102 768 1 155 12 638 16 522 500 113 Trade receivables - Mobile sales - Consumer customers 2 1 66 63 111 204 447 2 099 Total Loss allowance provision 7 639 1 156 562 1 362 1 548 32 946 45 213 1 396 715 The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simpli\ufb01ed approach set out in IFRS: NOK in thousands 2022 2021 Opening balance, 1 January 45 213 105 080 Loss allowance recognised in pro\ufb01t or loss for the period 4 403 (59 543) Currency translation di\ufb00erence (208) (324) At 31 December 49 408 45 213 During the year, the following gains/(losses) were recognised in pro\ufb01t or loss in other expenses in relation to impaired receivables: NOK in thousands 2022 2021 Receivables written o\ufb00 39 518 53 846 Movement in provision for impairment 4 403 (59 543) Received payment on previously written o\ufb00 receiavbles (3 663) (16 651) Net impairment expense recognised on trade receivables 40 258 (22 348) Note 9 Financial risk management objectives Credit risk Credit risk refers to the risk that a counter- party will default on its contractual obligations resulting in \ufb01nancial loss to the Group. As of 31 December 2022, the Group\u2019s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, equals the carrying amount of the respective recognised \ufb01nancial assets as stated in the consolidated statement of \ufb01nancial position, see note 7. Trade receivables consists of a large num- ber of receivables on end-user customers, mainly households and business customers spread across diverse industries in Norway, Sweden and Finland.\u00a0The Group uses an external credit scoring system to assess the potential customer\u2019s credit quality before accepting any new customer. The Group uses publicly available \ufb01nancial information and its own trading records to rate its busi- ness customers. Refer to note 7 for details of concentration of credit risk related to trade receivables. In addition to invoicing electricity sales and other services provided to customers, the Group provides re-invoicing to customers in Norway related to grid rent on behalf of the grid owners (\u201cgjennomfakturering\u201d). This contributes to an increase in credit risk as the amount of trade receivables increases\u00a0\u00a0with the re-invoiced grid rent. However, in 2022 the Norwegian power support scheme (\u201cstr\u00f8m- st\u00f8tteordningen\u201d) has signi\ufb01cantly reduced the amounts which are re-invoiced, and thus the related credit risk. The power support scheme has been revised by the Norwegian government and extended to include the year 2024. The Group is required to provide letters of credit to the grid owners, guaranteeing their settlement of re-invoiced grid rent. However, the grid owners are not required to reimburse the Group for any re-invoiced grid rent not settled by the customer. The credit risk on bank deposits is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. Derivative \ufb01nancial contracts are traded either bilaterally with third party counterparties (mainly Statkraft), or customers (mainly large business customers and Alliance partners). Credit risk associated with derivative \ufb01nan- cial contracts with Statkraft (and other third parties) is considered to be limited as these counterparties are highly rated state-owned enterprises. The credit risk related to deriv- ative \ufb01nancial contracts with customers is managed by only o\ufb00ering \ufb01nancial contracts to customers with a su\ufb03cient credit rating, or by requiring security from the customer in the form of a deposit or a letter of credit. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9248": {
"value": "Note 1 Accounting policies 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0Note 7 Financial assets and financial liabilities 7(a) Trade receivables and Other non-current financial assets Trade receivables are amounts due from cus- tomers for goods sold or services performed in the ordinary course of business. If collec- tion of the amounts is expected in one year or less they are classi\ufb01ed as current assets. Trade receivables are generally due for set- tlement within 30 days. No interest is charged on outstanding trade receivables, unless it is past due date. The Group always measures the loss allow- ance for trade receivables at an amount equal to lifetime expected credit loss (ECL). For cus- tomers in the business segment, the expected credit losses on trade receivables are esti- mated using a provision matrix by grouping trade receivables based on reference to past default experience for the group of customers. For customers in the consumer segment, the expected credit losses on trade receivables are estimated by an individual assessment of each speci\ufb01c customer performed by the Group\u2019s Debt Collection Service provider. The customer\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the customers\u2019, general economic conditions of the industry in which the customers operate and an assess- ment of both the current as well as the forecast direction of conditions at the reporting date, are all factors that are taken into account when measuring ECL. There has been no changes in the estima- tion techniques or signi\ufb01cant assumptions made during the year. The Group writes o\ufb00 a trade receivable when there is information indicating that the debtor is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over one years past due, whichever occurs earlier. The trade receivables that have been written o\ufb00 are still subject to collection processes. The following table details the risk pro\ufb01le of trade receivables based on the Group\u2019s provision matrix. 2022 Loss allowance provision - Days past due NOK in thousands Current 31-60 days 61-90 days 91-120 days 121-180 days More than 180 days Total Gross nominal amount Trade receivables - Power sales - Consumer customers 3 956 849 436 1 404 545 17 170 24 360 428 187 Trade receivables - Power sales - Business customers 2 089 257 3 990 3 366 2 244 12 762 24 706 1 341 488 Trade receivables - Mobile sales - Consumer customers 14 0 38 33 57 201 342 1 894 Total Loss allowance provision 6 058 1 105 4 463 4 803 2 845 30 133 49 408 1 771 569 2021 Loss allowance provision - Days past due NOK in thousands Current 31-60 days 61-90 days 91-120 days 121-180 days More than 180 days Total Gross nominal amount Trade receivables - Power sales - Consumer customers 6 223 710 395 531 282 20 104 28 244 894 503 Trade receivables - Power sales - Business customers 1 414 445 102 768 1 155 12 638 16 522 500 113 Trade receivables - Mobile sales - Consumer customers 2 1 66 63 111 204 447 2 099 Total Loss allowance provision 7 639 1 156 562 1 362 1 548 32 946 45 213 1 396 715 The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simpli\ufb01ed approach set out in IFRS: NOK in thousands 2022 2021 Opening balance, 1 January 45 213 105 080 Loss allowance recognised in pro\ufb01t or loss for the period 4 403 (59 543) Currency translation di\ufb00erence (208) (324) At 31 December 49 408 45 213 During the year, the following gains/(losses) were recognised in pro\ufb01t or loss in other expenses in relation to impaired receivables: NOK in thousands 2022 2021 Receivables written o\ufb00 39 518 53 846 Movement in provision for impairment 4 403 (59 543) Received payment on previously written o\ufb00 receiavbles (3 663) (16 651) Net impairment expense recognised on trade receivables 40 258 (22 348) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9249": {
"value": "Note 1 Accounting policies 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9250": {
"value": "Note 1 Accounting policies 4. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9251": {
"value": "Note 1 Accounting policies Revenue recognition The Group recognises revenue when a cus- tomer obtains control of promised goods or services in an amount that re\ufb02ects the con- sideration the Group expects to receive in exchange for those goods or services. The Group applies the following \ufb01ve step method outlined in IFRS15 Revenue from Contracts with Customers, to all revenue streams: 1. Identify the contract(s) with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to the per- formance obligations in the contract; and 5. Recognise revenue when (or as) the Group satis\ufb01es a performance obligation. The Group only applies the \ufb01ve-step model to contracts when it is probable that the Group will collect the consideration it is entitled to in exchange for the goods or services it trans- fers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, the Group assesses the goods or services promised within each contract and determines those that are per- formance obligations, and assesses whether each promised good or service is distinct. The Group then recognises as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satis\ufb01ed. For a complete discussion of accounting for revenue, see Note 5 - Revenue Recognition. A proportion of the \ufb01nal settlement of the Group\u2019s sale of electrical power is made after the Group has \ufb01nalised its annual \ufb01nancial statements. Revenues related to sale of elec- tricity are estimated based on the volumes that have been physically delivered during the period. The physically delivered volume is apportioned in accordance with consump- tion forecasts for each customer group and price plan. The model is rooted in historical information however there is a degree of esti- mation uncertainty attached to the volume apportioned to the various price segments that requires judgment by management when assessing. Please refer to note 4 - Segment informa- tion, for disclosures related to any estimate deviations recognised in the current report- ing period related to the previous reporting period. Note 4 Segment information Disaggregation of revenue from contracts with customers Operating segments are reported in a man- ner consistent with the internal \ufb01nancial reporting provided to the chief operating decision-maker. The chief operating deci- sion maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board of Directors. The Board of Directors examines the Group\u2019s performance from a type of services perspective. Segment per- formance is evaluated based on pro\ufb01t or loss and is measured consistently with pro\ufb01t or loss in the consolidated \ufb01nancial statements. The Group\u2019s reportable segments under IFRS 8 - \u201cOperating Segments\u201d are therefore as follows: \u2022 Consumer segment - Sale of electrical power and related services to private con- sumers in Norway \u2022 Business segment - Sale of electrical power and related services to business consumers in Norway \u2022 Nordic segment - Sale of electrical power and related services to consumers in Finland and Sweden. Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment per- formance is focused on the category of cus- tomer for each type of activity. No operating segments have been aggregated in arriving at the reportable segments of the Group. The principal categories of customers are direct sales to private consumers, business consum- ers and alliance partners. The segment pro\ufb01t measure is adjusted operating pro\ufb01t which is de\ufb01ned as operat- ing pro\ufb01t earned by each segment without the allocation of: acquisition related costs and other one-o\ufb00 items, estimate deviations from previous periods, unallocated revised net revenue, unrealised gains and losses on derivatives, impairment of intangible assets, depreciation of acquisitions, and change in provisions for onerous contracts. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment perfor- mance. The accounting policies of the report- able segments are the same as the Group\u2019s accounting policies. All of the Group\u2019s revenue is from external parties and is from activities currently carried out in Norway, Sweden and Finland. There are no customers representing more than 10% of revenue. The tables below is an analysis of the Group\u2019s revenue and pro\ufb01t by reportable seg- ment. New growth initiatives comprise of other business activities (sale of mobile service to private customers and power sale, included related services, to Alliance Partners) which are not considered separate operating seg- ments. 2022 NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 13 122 968 11 095 287 2 228 015 26 446 270 360 006 26 806 277 Direct cost of sales adjusted (12 215 674) (10 535 045) (2 100 425) (24 851 144) (244 130) (25 095 275) Net revenue adjusted 907 294 560 242 127 590 1 595 126 115 876 1 711 002 Personnel and other operating expenses adjusted (565 940) (209 153) (114 243) (889 336) (103 979) (993 315) Depreciation and amortisation adjusted (175 347) (28 983) (47 712) (252 042) (5 591) (257 633) Total operating expenses adjusted (741 287) (238 136) (161 955) (1 141 378) (109 570) (1 250 948) Operating pro\ufb01t adjusted 166 007 322 106 (34 365) 453 748 6 306 460 054 Acquisition related costs - Other one- o\ufb00 items (2 660) Depreciation of acquisitions * (132 323) Estimate deviations (4 472) Unrealised gains and losses on derivatives (47 791) Change in provisions for onerous contracts 39 256 Impairment of intangible assets and cost to obtain contracts (39 282) Operating pro\ufb01t (EBIT) 272 781 *Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. NOK in thousands 2022 Tr\u00f8nderEnergi Marked acquisition (5 761) Oppdal Everk Kraftomsetning acquisition (1 702) Vester\u00e5lskraft Str\u00f8m acquisition (1 492) Innlandskraft acquisition (83 343) Troms Kraft Str\u00f8m acquisition (32 572) Other customer acquisitions (7 453) Depreciation of acquisitions (132 323) 2021 Restated NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 7 802 881 5 257 664 1 773 888 14 834 434 365 732 15 200 165 Direct cost of sales adjusted (6 691 380) (4 788 340) (1 710 899) (13 190 618) (285 170) (13 475 788) Net revenue adjusted 1 111 502 469 324 62 989 1 643 815 80 562 1 724 378 Personnel and other operating expenses adjusted (586 248) (159 441) (70 661) (816 349) (83 634) (899 993) Depreciation and amortisation adjusted (164 206) (27 213) (17 931) (209 350) (5 105) (214 455) Total operating expenses adjusted (750 454) (186 654) (88 592) (1 025 699) (88 740) (1 114 448) Operating pro\ufb01t adjusted 361 048 282 671 (25 603) 618 116 (8 177) 609 930 Acquisition related costs (1 034) Other one- o\ufb00 items 3 387 Unallocated revised net revenue (64 169) Depreciation of acquisitions * (188 629) Estimate deviations 11 515 Unrealised gains and losses on derivatives 1 066 055 Change in provisions for onerous contracts (1 019 479) Impairment of intangible assets (9 762) Operating pro\ufb01t (EBIT) 407 814 NOK in thousands 2021 Tr\u00f8nderEnergi Marked acquisition (10 434) Oppdal Everk Kraftomsetning acquisition (2 289) Vester\u00e5lskraft Str\u00f8m acquisition (1 936) Innlandskraft acquisition (128 650) Troms Kraft Str\u00f8m acquisition (42 031) Other customer acquisitions (3 289) Depreciation of acquisitions (188 629) * Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. Note 5 Revenue recognition The following table summarises revenue from contracts with customers: Timing of revenue recognition Over time: NOK in thousands 2022 2021 Restated Revenue - Consumer segment 13 025 916 7 697 878 Revenue - Business segment 11 041 944 5 219 008 Revenue - Nordic segment 2 228 015 1 773 888 Revenue - New growth initiatives 340 764 360 175 Total revenue recognised over time 26 636 639 15 050 949 At a point in time: Revenue - Consumer segment 97 053 105 003 Revenue - Business segment 53 343 38 657 Revenue - Nordic segment - - Revenue - New growth initiatives 19 242 5 557 Total revenue recognised at a point in time 169 638 149 217 Total revenue from contracts with customers (Revenue adjusted) 26 806 276 15 200 165 Other revenue: Estimate deviations - 8 422 Unallocated revised revenue - (73 132) Unrealised gains and losses on derivative customer contracts (1 284 761) (60 010) Total revenue 25 521 514 15 075 445 Sale of electricity The Group supplies electricity to both private and corporate end-user customers pursuant to agreed upon rates. Services are billed on a rate/kWh for the total volume consumed per month. Pursuant to the terms of the agree- ment, the Group has the right to invoice the customer in an amount that directly corre- sponds with the value to the customer of the Group\u2019s performance to date, accordingly the Company recognises revenue based on the amount billable to the customer. Electricity Procurement Services The Group has contracts with \u2018alliance part- ner\u2019 customers to jointly procure electricity from Statkraft AS in Norway. Services are billed on a rate per kWh of electricity procured on behalf of the alliance partner. The rate stip- ulated in the contract with alliance partners is based on the market price for electricity in the Norway electricity wholesale market plus a \ufb01xed markup. The Group is the agent in this transaction as it does not have control over the electricity being procured on behalf of the \u2018alliance\u2018 customers and accordingly recog- nises revenue, over time, equal to the amount of the markup billed to the alliance partners. In addition, the Group provides certain additional services, namely procurement of el-certi\ufb01cates, electricity purchase contracts and derivative forward contracts and options contracts on behalf of the alliance partner, all related to the electricity management strategy of the alliance partners. Services related to procurement of electricity and related instru- ments are billed on a rate per kWh of volume of electricity under contract. The rate stipu- lated in the contract with alliance partners is based on the market price for electricity and respective instruments in the Norway elec- tricity wholesale market plus a \ufb01xed markup. Similar to procurement above, the Group is the agent in these transactions as it does not have control over the electricity being purchased and instruments being purchased on behalf of the \u2018alliance \u2018customers. Accordingly the Group recognises revenue, over time as these services are delivered, equal to the amount of the markup billed to the alliance partners. The Group also provides invoicing, reve- nue reporting, collection and closely related services for some of the alliance partners. The fees depend on the type of service and can be \ufb01xed monthly, \ufb01xed annually and / or \ufb01xed fees per transactions. With respect to these deliveries the Group is not an agent and revenue is recognised, over time or at a point in time corresponding to the Group\u2019s perfor- mance obligations for respective services. Subscription \u2013 mobile phone services The Group o\ufb00ers mobile phone subscriptions to private consumers, and charges a \ufb01xed price per month for use of text messaging, call and data services. The customers pay a monthly \ufb01xed amount on each subscription and any unused data can be rolled over to the next month. The data that is rolled over can not exceed the total data amount indi- cated in the customers subscriptions. The customer is invoiced monthly in advance for the \ufb01xed amount, while any consumption not included in the \ufb01xed monthly price is invoiced in arrears. Data usage is accounted for as a separate performance obligation and \ufb01xed monthly fee is allocated to data services based on estimated expected cost plus mar- gin. Customers that have a contract for delivery of electricity with the Group, are also provided with a discount on their mobile phone sub- scription. In accordance with IFRS 15.82, the monthly discount is allocated exclusively to mobile phone services on a stand-alone sell- ing price basis, as the same discount is also o\ufb00ered to other customers on a regular basis. Revenue from messaging and call services are recognised in the month they are billed, re\ufb02ecting the consumer\u2019s consummation of the services as the customer receives a \ufb01xed amount to use each month and cannot transfer unused amounts to the next period. Revenue from data is recognised over time re\ufb02ecting the actual use of data by the cus- tomer. To the extent the customer do not use all of the data in a given period, the Group recognises a liability, unearned revenue, which is released to revenue as and when the customer consummate this data. Other Services Other services revenue consist primarily of revenues from: \u2022 Insurance sales; \u2022 Subscription revenue - tools; and \u2022 Other miscellaneous products and ser- vices. As it relates to insurance sales, the most sig- ni\ufb01cant judgment is determining whether the Group is the principal or agent for insurance sales made by the Group. The reported rev- enues from these transactions are made on a net basis because the performance obliga- tion is to facilitate a transaction between the third party insurance company and end users, for which the Group earns a commission for connecting the customer with the insurance company and a markup for the invoicing and collection on behalf to the insurance com- pany. Consequently, the portion of the gross amount billed to end users for premium that is remitted to the insurance company is not re\ufb02ected as revenues. The Group charges a \ufb01xed fee for access to tools and these contracts are typically on a month-to-month basis (with no speci\ufb01ed minimum term). Accordingly the Group recog- nizes revenue for the monthly amount billable to the customer. Contracts with Multiple Performance Obligations The Group periodically enters into contracts, or multiple contracts at or near the same time, with its customers in which a customer may purchase a combination of Electricity services and other services, such as procure- ment solutions or professional services. These contracts include multiple promises that the Group evaluates to determine if the promises are separate performance obligations. Once the Group determines the performance obli- gations, the Group determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Group then allocates the transaction price to each per- formance obligation in the contract based on a relative stand-alone selling price method or using the variable consideration allocation exception if the required criteria are met. The corresponding revenues are recognised as the related performance obligations are sat- is\ufb01ed as discussed in the revenue categories above. The following table summarises assets recognised from the cost to obtain a contract: NOK in thousands 2022 2021 Balance as at 1 January 287 728 172 656 Additions 237 550 264 152 Amortisation during the year (185 893) (146 773) Impairment* (39 282) - Currency translation di\ufb00erences (4 122) (2 307) Balance as at 31 December 295 980 287 728 *See note 19 for more details regarding impairment of cost to obtain contracts. Contract Balances The Group receives payments from its cus- tomers based on billing schedules estab- lished in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Group performs its obliga- tions under these arrangements. Amounts are recorded as accounts receivable when the Group\u2019s right to consideration is unconditional (when the customer obtains control of prom- ised goods or services). Cost to obtain Contracts The Group capitalises commission expenses paid to external sales personnel that are incre- mental to obtaining customer contracts. The judgments made in determining the amount of costs incurred include whether the commis- sions are in fact incremental and would not have occurred absent the customer contract. Costs to obtain a contract are amortised over the expected period of bene\ufb01t that has been determined to be approximately 36 months, presented as part of Depreciation and amor- tisation.These costs are periodically reviewed for impairment. The Group does not assess whether a con- tract has a signi\ufb01cant \ufb01nancing component if the expectation at contract inception is such that the period between payment by the cus- tomer and the transfer of the promised goods or services to the customer will be one year or less. The following tables present changes in the Group\u2019s contract assets and liabilities during the year ended 31 December, 2021 and 2022: Contract assets NOK in thousands 2022 2021 Restated Balance as at 1 January 3 831 626 787 514 Revenue recognised from\u00a0performance obligations\u00a0satis\ufb01ed in previous periods - 8 422 New contract assets during the period less transfer to receivables 2 007 670 3 046 977 Currency and other e\ufb00ects (10 024) (11 287) Balance as at 31 December 5 829 272 3 831 626 Contract liabilities NOK in thousands 2022 2021 Balance as at 1 January 47 280 124 043 Revenue recognised that was included in opening balance (47 280) (124 043) New contract liabilities less transfer to revenue 31 978 47 280 Currency and other e\ufb00ects - - Balance as at 31 December 31 978 47 280 Transaction Price Allocated to Future Performance Obligations IFRS 15 requires that the Group disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satis\ufb01ed as 31 December 2022 and 31 December 2021. The guidance provides certain practical expedients that limit this requirement. Majority of the Groups contracts meet either of the following prac- tical expedients provided by IFRS 15 and accordingly the Group has applied this prac- tical expedient. 1. The performance obligation is part of a contract that has an original expected duration of one year or less. 2. The entity recognises revenue from its sat- isfaction of the performance obligations in the amount billable to the customer in accordance with paragraph B16 of IFRS 15. Concentrations of Credit Risk The Group do not have any customers that comprised more than 10% of the Group\u2019s rev- enue for year ended 31 December 2022 and 31 December 2021. \u00a0As of 31 December 2022 and 31 December 2021 the Group do not have signi\ufb01cant cus- tomers that comprises more than 10% of accounts receivable. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f9252": {
"value": "Note 1 Accounting policies Revenue recognition The Group recognises revenue when a cus- tomer obtains control of promised goods or services in an amount that re\ufb02ects the con- sideration the Group expects to receive in exchange for those goods or services. The Group applies the following \ufb01ve step method outlined in IFRS15 Revenue from Contracts with Customers, to all revenue streams: 1. Identify the contract(s) with a customer; 2. Identify the performance obligations in the contract; 3. Determine the transaction price; 4. Allocate the transaction price to the per- formance obligations in the contract; and 5. Recognise revenue when (or as) the Group satis\ufb01es a performance obligation. The Group only applies the \ufb01ve-step model to contracts when it is probable that the Group will collect the consideration it is entitled to in exchange for the goods or services it trans- fers to the customer. At contract inception, once the contract is determined to be within the scope of IFRS 15, the Group assesses the goods or services promised within each contract and determines those that are per- formance obligations, and assesses whether each promised good or service is distinct. The Group then recognises as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satis\ufb01ed. For a complete discussion of accounting for revenue, see Note 5 - Revenue Recognition. A proportion of the \ufb01nal settlement of the Group\u2019s sale of electrical power is made after the Group has \ufb01nalised its annual \ufb01nancial statements. Revenues related to sale of elec- tricity are estimated based on the volumes that have been physically delivered during the period. The physically delivered volume is apportioned in accordance with consump- tion forecasts for each customer group and price plan. The model is rooted in historical information however there is a degree of esti- mation uncertainty attached to the volume apportioned to the various price segments that requires judgment by management when assessing. Please refer to note 4 - Segment informa- tion, for disclosures related to any estimate deviations recognised in the current report- ing period related to the previous reporting period. Note 5 Revenue recognition Customers that have a contract for delivery of electricity with the Group, are also provided with a discount on their mobile phone sub- scription. In accordance with IFRS 15.82, the monthly discount is allocated exclusively to mobile phone services on a stand-alone sell- ing price basis, as the same discount is also o\ufb00ered to other customers on a regular basis. ",
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"f9253": {
"value": "Note 1 Accounting policies Comparable \ufb01gures and reclassi\ufb01cations\u00a0The consolidated statements of pro\ufb01t or loss, comprehensive income, \ufb01nancial position, equity, cash \ufb02ow and notes provide compa- rable information in respect of the previous period. In addition to restatements of com- parable \ufb01gures which are described in detail in note 3, the following reclassi\ufb01cations to comparable \ufb01gures have been made for 2022: Presentation of interest compensation for extended credit days for electricity purchases The interest compensation for extended credit days related to electricity purchase from Statkraft Energi AS, the Group\u2019s main supplier of electrical power, has in previous reporting been recorded in Direct cost of sales. From 2022 and going forward the interest compen- sation will be reported in Interest expense. Comparable \ufb01gures for 2021 have been updated to re\ufb02ect these changes, with the reclassi\ufb01cation of interest compensation of NOKt 23 882. Presentation of onerous contract provisions in statement of \ufb01nancial position From 2021 Onerous contract provisions are presented as separate line items in the state- ment of \ufb01nancial position. When the oner- ous contracts are not intended to be settled within 12 months of the reporting date, the provisions are presented as non-current. The model used when determining the non-current part of onerous contract provisions have been updated in 2022. To align with the updated model comparative \ufb01gures for 31 December 2021 in the statement of \ufb01nancial position have been updated, with an increase of NOKt 222 169 for non-current onerous contract pro- visions and a corresponding decrease for cur- rent onerous contract provisions. ",
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"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
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"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f9254": {
"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. Note 7 Financial assets and financial liabilities The Group holds the following \ufb01nancial instruments: Financial assets NOK in thousands Notes 2022 2021 Restated Financial assets at amortised cost Trade receivables * 7(a) 1 722 161 1 351 502 Other non-current \ufb01nancial assets 7(a) 48 285 54 784 Cash and cash equivalents 7(d) 70 548 306 627 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 4 231 590 1 982 766 Total \ufb01nancial assets 6 074 662 3 695 679 * excludes contract assets Financial liabilities NOK in thousands Notes 2022 2021 Restated Liabilities at amortised cost Trade and other payables 7(b) 5 828 373 4 516 589 Overdraft facilities 7(c) 534 112 - Interest-bearing short term debt 7(c) 275 000 - Interest-bearing long term debt 7(c) 722 869 813 709 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 3 112 556 883 514 Total \ufb01nancial liabilities 10 545 680 6 292 774 Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. The following table presents the recognised \ufb01nancial instruments that are o\ufb00set. 2022 Financial assets NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 7 273 986 (3 040 318) 4 233 668 Other derivatives - - - Total derivative \ufb01nancial assets 7 273 986 (3 040 318) 4 233 668 Financial liabilities NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 6 225 317 (3 040 318) 3 184 999 Other derivatives 328 - 328 Total derivative \ufb01nancial liabilities 6 225 645 (3 040 318) 3 185 327 Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. Note 9 Financial risk management objectives Derivatives All \ufb01nancial electricity derivatives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. The Group\u2019s accounting policy for cash \ufb02ow hedges are set out in note 10. The group has the following derivative \ufb01nancial instruments: NOK in thousands 2022 2021 Restated Derivative \ufb01nancial assets Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 2 745 315 1 451 547 Electricity derivatives - Customer contracts 1 486 276 531 220 Other derivatives - - Total derivative \ufb01nancial assets 4 233 668 1 982 766 Derivative \ufb01nancial liabilities Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 129 552 320 611 Electricity derivatives - Customer contracts 2 982 676 561 659 Other derivatives 328 1 245 Total derivative \ufb01nancial liabilities 3 185 327 962 477 Note 10 Hedge accounting Cash \ufb02ow hedges of forecast power purchase transactions The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of highly probable forecast power purchase transactions (cash \ufb02ow hedges). Elmera Group sells retail electricity-con- tracts with di\ufb00erent pricing structures. All electricity purchases are however made in the spot market. The majority of the custom- ers have contracts where the price is based on spot market prices. The Group also o\ufb00ers \ufb01xed price contracts for a de\ufb01ned period, and variable price contracts with or without price ceiling. In Norway, the price in the variable price products in the consumer segment can be changed with a 30 days\u2019 notice period (increased from 14 days in 2022). In the busi- ness segment the notice period is seven days. The group revised its risk management strat- egy and policy for power purchases in the Norwegian group entities in July 2021. In the revised strategy Elmera will seek to reduce price variability for a higher percentage of the future power purchases in Norway. This will support the commercial goal to reduce the number of price changes for the variable price products, at the same time acknowledg- ing the risk that the Group might not be fully able to follow the price curve in a market with reduced prices. Because of the increased volume of hedging activity for future power purchases, the group implement hedge accounting in 2021. Hedge accounting only applies to contracts entered into after the revised risk management policy. Elmera uses di\ufb00erent derivatives to reduce variability in future power purchases, depend- ing on availability in the market. The Group has prepared formal hedge documentation for area price forward contracts, Nordic sys- tem price forward contracts, EPAD (Electricity Price Area Di\ufb00erence) forward contracts, and for combinations of system price forward con- tracts and EPAD forward contracts, that are all part of the same risk management strategy. The Norwegian group entities purchase elec- tricity in all \ufb01ve Norwegian price areas. When a Nordic system price forward contract is des- ignated as a hedge instrument, the contract is designated to the di\ufb00erent price areas at the inception of the hedge. The Nordic system price is the main refer- ence price in the Nordic electricity market, with area prices to a varying degree correlat- ing to the system price. The three southern price areas in Norway (NO1, NO2 and NO5) are highly correlated with both the system price and each other. The correlation for the area prices in the two northern areas (NO3 and NO4) and the system price is signi\ufb01cantly weaker than for the southernmost areas. When implementing hedge accouting in 2021, management considered the market structure and concluded that the system price can be characterized as an identi\ufb01able and measurable component of the power price. In general, a change in the system price will cause a change in the price in all price areas and will also impact the pricing of long-term contracts in all areas. In addition, most mar- ket participants develop expectation of future prices estimating future system price and area di\ufb00erentials individually. This implies that the system price is an identi\ufb01able risk component in the future purchase of electricity. When des- ignating system price forward contracts as hedging instruments for power purchases in price areas where the forward area price is expected to be higher than the forward sys- tem price (NO1, NO2 and NO5), the hedged item is de\ufb01ned as the cash \ufb02ows related to future purchase of electricity in the relevant areas, but only for those changes that are attributable to changes in the system price. From the beginning of 2022 the Group does not designate system price forward contracts as hedging instruments for power purchases in price areas NO3 and NO4, unless they are part of a hedge where the hedging instrument is a combination of a system price forward contract and an EPAD forward contract. The Group\u2019s strategy when hedging the future cash \ufb02ows related to power purchases in price areas NO1, NO2 and NO5 has in 2022 changed towards using area price forward contracts as hedging instruments, rather than Nordic system price forward contracts. For all price areas the hedged item is de\ufb01ned as the \ufb01rst units of electricity pur- chased every hour, not already designated as a hedged item in another hedge. Since only a limited portion of the total purchase volume is hedged, actual purchase volume will be signi\ufb01cantly higher than the hourly volume of the derivatives. Because of this there will not be any timing di\ufb00erences causing inef- fectiveness. The accounting implications of hedge accounting for the period are summarised in the table below. Fair value of hedging instruments where hedge accounting is applied 31 December 2022 Fair value hedge instru- ment* Effective por- tion in OCI* Ineffectiveness in P&L* Hedged vol- ume Q1 2023** Hedged volume beyond Q1 2023** Cash \ufb02ow hedge of highly probable power purchase in price areas: South Norway (NO1, NO2, NO5) (71 809) (71 809) - 61 0 Trondheim (NO3) 2 099 2 103 (3) 29 1 Troms\u00f8 (NO4) (984) (983) (2) 8 1 Total derivatives - Cash \ufb02ow hedges (70 694) (70 689) (5) 98 2 31 December 2021 Fair value hedge instru- ment* Effective por- tion in OCI* Ineffectiveness in P&L* Hedged vol- ume Q1 2022** Hedged volume beyond Q1 2022** Cash \ufb02ow hedge of highly probable power purchase in price areas: South Norway (NO1, NO2, NO5) (88 291) (88 291) - 451 22 Trondheim (NO3) 5 831 (2 744) 8 575 42 6 Troms\u00f8 (NO4) 3 498 (435) 3 933 16 2 Total derivatives - Cash \ufb02ow hedges (78 962) (91 470) 12 508 509 30 * NOK in thousands ** GWh in thousands Change in fair value of hedging instruments where hedge accounting is applied NOK in thousands 2022 2021 Cash \ufb02ow hedge of highly probable power purchase: Ine\ufb00ective portion, recognised in P&L, total (12 513) 12 508 E\ufb00ective portion, recognised in OCI, total 20 781 (91 470) Change in fair value, total 8 268 (78 962) E\ufb00ective portion, recognised in OCI, net of tax (22 %) 16 209 (71 347) Ine\ufb00ective portion of changes in fair value of designated hedging instruments are recognised to Direct cost of sales in the statement of pro\ufb01t and loss. E\ufb00ective portion of realised gains and losses on hedging instruments are reclassi\ufb01ed from OCI and recognised to Direct cost of sales in the period they are realised. Hedging reserves The table below shows a reconciliation of the hedging reserve in other comprehensive income related to cash \ufb02ow hedges of forecast power purchase transactions. NOK in thousands 2022 2021 Opening balance 1 January (71 347) - E\ufb00ective portion of unrealised change in fair value of hedging instruments (381 080) 51 765 Realised (gains) and losses reclassi\ufb01ed to pro\ufb01t or loss 401 862 (143 235) Deferred tax (4 572) 20 123 Closing balance 31 December (55 137) (71 347) ",
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"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. ",
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"value": "Note 1 Accounting policies Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. ",
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"value": "Note 1 Accounting policies Property, plant and equipment Property, plant and equipment is stated at his- torical cost less depreciation. Historical cost includes expenditure that is directly attribut- able to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. The carry- ing amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to pro\ufb01t or loss during the report- ing period in which they are incurred.\u00a0The depreciation methods and periods used by the Group are disclosed in note 15. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period with the e\ufb00ect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.\u00a0Gains and losses on disposals are deter- mined by comparing proceeds with carrying amount. These are included in the consoli- dated statement of pro\ufb01t or loss. Intangible assets 1) Intangible assets acquired separately 1. El-certificates and Guarantees of Origination (GoOs) Holdings of el-certi\ufb01cates and GoOs are rec- ognised as intangible assets in accordance with IAS 38 - Intangible Assets and measured using the cost model. The el-certi\ufb01cates have an in\ufb01nite life and are acquired to be used to settle the el-certi\ufb01cate cancellation liability by remitting the respective numbers of certif- icates to the government (refer to accounting policy \u2018Provision of El-certi\ufb01cate cancellation liability\u2019). 2. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. 3. Customer portfolios Customer portfolios are recognised at fair value in the consolidated statement of \ufb01nan- cial position at the time of acquisition. The customer portfolios have a limited useful economic life and are recognised at cost less deductions for accumulated deprecia- tion. Depreciation is calculated based on the expected customer churn rate. Fixed price elements of customer contracts are recorded as separate assets. 4. Fixed price customer contracts When customer portfolios are acquired the \ufb01xed price elements of the customer contracts in the customer portfolios acquired are rec- ognised as separate assets. Unless the \ufb01xed price element of customer contracts meets the de\ufb01nition of a derivative \ufb01nancial instru- ment (and recognised accordingly), they are recognised as intangible assets at fair value at the time of acquisition. The \ufb01xed price cus- tomer contracts have de\ufb01ned contract periods and are recognised at cost less deductions for accumulated depreciation. Depreciations follow a pattern that re\ufb02ects how the acquisi- tion value of the contracts are distributed over the remaining contract periods. 5. Tradenames Tradenames acquired in a business com- bination are recognised at fair value at the acquisition date. Tradenames that due to contractual agreements have a \ufb01nite useful life are subsequently carried at cost less accumulated amortisation and impairment losses. Tradenames that have an inde\ufb01nite useful life are not amortised but 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. Tradenames are included in Other intangible assets in note 16. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. Note 5 Revenue recognition The following table summarises assets recognised from the cost to obtain a contract: NOK in thousands 2022 2021 Balance as at 1 January 287 728 172 656 Additions 237 550 264 152 Amortisation during the year (185 893) (146 773) Impairment* (39 282) - Currency translation di\ufb00erences (4 122) (2 307) Balance as at 31 December 295 980 287 728 *See note 19 for more details regarding impairment of cost to obtain contracts. Cost to obtain Contracts The Group capitalises commission expenses paid to external sales personnel that are incre- mental to obtaining customer contracts. The judgments made in determining the amount of costs incurred include whether the commis- sions are in fact incremental and would not have occurred absent the customer contract. Costs to obtain a contract are amortised over the expected period of bene\ufb01t that has been determined to be approximately 36 months, presented as part of Depreciation and amor- tisation.These costs are periodically reviewed for impairment. 2022 NOK in thousands Fixtures and equipment Computer equipment Construction in progress Total Accumulated cost 1 January 2022 18 653 27 260 33 45 946 Additions 675 2 593 57 3 325 Currency translation di\ufb00erence (15) (40) - (55) Accumulated cost 31 December 2022 19 313 29 813 90 49 216 Accumulated depreciation 1 January 2022 (11 996) (25 852) - (37 848) Depreciation for the year (2 240) (954) - (3 194) Currency translation di\ufb00erence 10 15 - 25 Accumulated depreciation 31 December 2022 (14 226) (26 790) - (41 017) Carrying amount 31 December 2022 5 087 3 023 90 8 198 2021 NOK in thousands Fixtures and equipment Computer equipment Construction in progress Total Accumulated cost 1 January 2021 16 830 26 613 - 43 443 Additions 70 738 1 917 2 725 Transferred from construction in progress 1 885 - (1 885) - Currency translation di\ufb00erence (131) (91) - (222) Accumulated cost 31 December 2021 18 653 27 260 33 45 946 Accumulated depreciation 1 January 2021 (9 846) (25 187) - (35 034) Depreciation for the year (2 164) (678) - (2 842) Currency translation di\ufb00erence 15 13 - 28 Accumulated depreciation 31 December 2021 (11 996) (25 852) - (37 848) Carrying amount 31 December 2021 6 658 1 408 33 8 098 Useful life 8 years (or lease term if shorter) 3 years Depreciation method Straight line Straight line The Group has no stranded assets. Note 15 Property, plant and equipment Note 16 Intangible assets Non-current intangible assets 2022 NOK in thousands Software and development projects Construction in progress Customer portfolios Fixed price customer contracts** Other intangible assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-current intangible assets Accumulated cost 1 January 2022 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Additions - Purchase 8 910 32 439 4 - - 41 353 - 41 353 Additions - Internally generated 858 105 - - - 963 - 963 Transferred from construction in progress 28 294 (28 294) - - - - - - Government grants (1 308) - - - - (1 308) - (1 308) Currency translation di\ufb00erences 136 (143) 3 446 3 901 281 7 621 (675) 6 946 Accumulated cost 31 December 2022 382 472 9 446 799 668 233 569 145 888 1 571 044 1 418 775 2 989 819 Accumulated depreciation 1 January 2022 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Depreciation for the year (47 861) - (123 977) - (8 726) (180 565) - (180 565) Currency translation di\ufb00erences (131) - (337) (847) - (1 315) - (1 315) Accumulated depreciation 31 December 2022 (269 527) - (445 660) (50 688) (41 240) (807 116) - (807 117) Accumulated impairment 1 January 2022 (22 724) - - (179 826) - (202 550) - (202 550) Impairment for the year - - - - - - - - Currency translation di\ufb00erences - - - (3 054) - (3 054) - (3 054) Accumulated impairment 31 December 2022 (22 724) - - (182 881) - (205 604) - (205 604) Carrying amount 31 December 2022 90 221 9 446 354 007 - 104 648 558 324 1 418 775 1 977 100 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. 2021 NOK in thousands Software and development projects Construction in progress Customer portfolios**** Fixed price customer contracts** Other intangi- ble assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-cur- rent intangible assets Accumulated cost 1 January 2021 297 473 9 063 770 256 243 640 147 531 1 467 963 1 442 849 2 910 813 Additions - Purchase 889 41 655 38 784 - - 81 328 - 81 328 Additions - Internally generated 1 811 86 - - - 1 897 - 1 897 Additions from business combinations*** - - - - - - (4 802) (4 802) Transferred from construction in progress 45 456 (45 456) - - - - - - Currency translation di\ufb00erences (47) (8) (12 823) (13 972) (1 924) (28 773) (18 596) (47 369) Accumulated cost 31 December 2021 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Accumulated depreciation 1 January 2021 (176 096) - (149 408) (52 761) (17 383) (395 648) - (395 648) Depreciation for the year (45 401) - (173 251) - (15 131) (233 783) - (233 783) Currency translation di\ufb00erences (37) - 1 312 2 919 - 4 195 - 4 195 Accumulated depreciation 31 December 2021 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Accumulated impairment 1 January 2021 (22 724) - - (180 026) - (202 750) - (202 750) Impairment for the year - - - (9 762) - (9 762) (9 762) Currency translation di\ufb00erences - - - 9 961 - 9 961 9 961 Accumulated impairment 31 December 2021 (22 724) - - (179 826) - (202 550) - (202 550) Carrying amount 31 December 2021 101 324 5 339 474 873 0 113 093 694 630 1 419 451 2 114 081 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. *** The changes to Goodwill included in Additions from business combinations are adjustments to the goodwill recognised when the group acquired Innlandskraft AS and Troms Kraft Str\u00f8m AS in 2020. These changes are mainly caused by adjustments to the \ufb01nal purchase consideration. **** Of total additions of customer portfolios, NOKt 37 348 relates to the acquisition of Skymobil AS\u2019 portfolio of mobile customers. The amount comprises the purchase price for the portfolio and directly attributable costs. ",
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},
"f9258": {
"value": "Note 1 Accounting policies Property, plant and equipment Property, plant and equipment is stated at his- torical cost less depreciation. Historical cost includes expenditure that is directly attribut- able to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. The carry- ing amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to pro\ufb01t or loss during the report- ing period in which they are incurred.\u00a0The depreciation methods and periods used by the Group are disclosed in note 15. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period with the e\ufb00ect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.\u00a0Gains and losses on disposals are deter- mined by comparing proceeds with carrying amount. These are included in the consoli- dated statement of pro\ufb01t or loss. Intangible assets 1) Intangible assets acquired separately 1. El-certificates and Guarantees of Origination (GoOs) Holdings of el-certi\ufb01cates and GoOs are rec- ognised as intangible assets in accordance with IAS 38 - Intangible Assets and measured using the cost model. The el-certi\ufb01cates have an in\ufb01nite life and are acquired to be used to settle the el-certi\ufb01cate cancellation liability by remitting the respective numbers of certif- icates to the government (refer to accounting policy \u2018Provision of El-certi\ufb01cate cancellation liability\u2019). 2. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. 3. Customer portfolios Customer portfolios are recognised at fair value in the consolidated statement of \ufb01nan- cial position at the time of acquisition. The customer portfolios have a limited useful economic life and are recognised at cost less deductions for accumulated deprecia- tion. Depreciation is calculated based on the expected customer churn rate. Fixed price elements of customer contracts are recorded as separate assets. 4. Fixed price customer contracts When customer portfolios are acquired the \ufb01xed price elements of the customer contracts in the customer portfolios acquired are rec- ognised as separate assets. Unless the \ufb01xed price element of customer contracts meets the de\ufb01nition of a derivative \ufb01nancial instru- ment (and recognised accordingly), they are recognised as intangible assets at fair value at the time of acquisition. The \ufb01xed price cus- tomer contracts have de\ufb01ned contract periods and are recognised at cost less deductions for accumulated depreciation. Depreciations follow a pattern that re\ufb02ects how the acquisi- tion value of the contracts are distributed over the remaining contract periods. 5. Tradenames Tradenames acquired in a business com- bination are recognised at fair value at the acquisition date. Tradenames that due to contractual agreements have a \ufb01nite useful life are subsequently carried at cost less accumulated amortisation and impairment losses. Tradenames that have an inde\ufb01nite useful life are not amortised but 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. Tradenames are included in Other intangible assets in note 16. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9259": {
"value": "Note 1 Accounting policies Property, plant and equipment Property, plant and equipment is stated at his- torical cost less depreciation. Historical cost includes expenditure that is directly attribut- able to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. The carry- ing amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to pro\ufb01t or loss during the report- ing period in which they are incurred.\u00a0The depreciation methods and periods used by the Group are disclosed in note 15. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period with the e\ufb00ect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.\u00a0Gains and losses on disposals are deter- mined by comparing proceeds with carrying amount. These are included in the consoli- dated statement of pro\ufb01t or loss. 2022 NOK in thousands Fixtures and equipment Computer equipment Construction in progress Total Accumulated cost 1 January 2022 18 653 27 260 33 45 946 Additions 675 2 593 57 3 325 Currency translation di\ufb00erence (15) (40) - (55) Accumulated cost 31 December 2022 19 313 29 813 90 49 216 Accumulated depreciation 1 January 2022 (11 996) (25 852) - (37 848) Depreciation for the year (2 240) (954) - (3 194) Currency translation di\ufb00erence 10 15 - 25 Accumulated depreciation 31 December 2022 (14 226) (26 790) - (41 017) Carrying amount 31 December 2022 5 087 3 023 90 8 198 2021 NOK in thousands Fixtures and equipment Computer equipment Construction in progress Total Accumulated cost 1 January 2021 16 830 26 613 - 43 443 Additions 70 738 1 917 2 725 Transferred from construction in progress 1 885 - (1 885) - Currency translation di\ufb00erence (131) (91) - (222) Accumulated cost 31 December 2021 18 653 27 260 33 45 946 Accumulated depreciation 1 January 2021 (9 846) (25 187) - (35 034) Depreciation for the year (2 164) (678) - (2 842) Currency translation di\ufb00erence 15 13 - 28 Accumulated depreciation 31 December 2021 (11 996) (25 852) - (37 848) Carrying amount 31 December 2021 6 658 1 408 33 8 098 Useful life 8 years (or lease term if shorter) 3 years Depreciation method Straight line Straight line The Group has no stranded assets. Note 15 Property, plant and equipment ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9260": {
"value": "Note 1 Accounting policies Property, plant and equipment Property, plant and equipment is stated at his- torical cost less depreciation. Historical cost includes expenditure that is directly attribut- able to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic bene\ufb01ts associated with the item will \ufb02ow to the Group and the cost of the item can be measured reliably. The carry- ing amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to pro\ufb01t or loss during the report- ing period in which they are incurred.\u00a0The depreciation methods and periods used by the Group are disclosed in note 15. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period with the e\ufb00ect of any changes in estimate accounted for on a prospective basis. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.\u00a0Gains and losses on disposals are deter- mined by comparing proceeds with carrying amount. These are included in the consoli- dated statement of pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9261": {
"value": "Note 1 Accounting policies New and amended standards adopted by the group The Group has in 2022 adopted the amend- ments to IFRS that apply for the \ufb01rst time to \ufb01nancial reporting periods commencing on or after 1 January 2022. These amendments have not had a material impact on the Group\u2019s \ufb01nancials statements in the current reporting period. New standards and interpretations not yet adopted Certain new accounting standards and inter- pretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. Note 3 Restatement of prior periods Prior period comparative \ufb01gures have been restated in 2022. Description of restatements 1) A substantial proportion of the Group\u2019s power sales in 2021 was \ufb01nally settled after the Group had \ufb01nalised its annual \ufb01nan- cial statement. Revenues related to sale of power were thus recognised based on an estimate.\u00a0The Group\u2019s internal control pro- cedures have discovered that the estimate as per 31 December 2021 did not to an ade- quate degree re\ufb02ect all available information regarding power sales settled at the time of reporting. Revenue and Direct cost of sales have been restated as set out in the tables. 2) In prior period reporting the model for measuring fair value of derivative customer contracts did not adjust for the Group\u2019s price margins in such contracts. Thus the fair value of derivative \ufb01nancial instruments was over- stated, and the contracts\u2019 total margins were recognised in revenue at initial recognition of the contract. To align with the practice set out in IFRS 9, the model for measuring fair value of these contracts have been adjusted to exclude margins. The revenue from mar- gins are now recognised in the period the derivative contracts are delivered. Prior period Revenue (Unrealised gains and losses on derivative customer contracts), and fair value of Derivative \ufb01nancial instruments have been restated as set out in the tables. 3) At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group\u2019s obligations under the contract exceed the economic bene\ufb01ts expected to be received (onerous contracts) in accordance with IAS 37. Internal control procedures have in 2022 identi\ufb01ed that the assessment at year end 2021 failed to identify and recognise a portfo- lio of \ufb01xed price customer contracts as oner- ous contracts. Prior period Direct cost of sales (change in provisions for onerous contracts), and Onerous contract provisions have been restated as set out in the tables. Consolidated statement of pro\ufb01t or loss - Prior period corrections NOK in thousands 1) 2) 3) Total 2021 Revenue (73 132) (22 414) - (95 546) Direct cost of sales 8 963 - (22 740) (13 778) Operating pro\ufb01t (64 169) (22 414) (22 740) (109 324) Income tax (expense)/income 14 117 4 864 5 003 23 984 Pro\ufb01t/(loss) for the period (50 052) (17 550) (17 737) (85 340) Basic earnings per share (in NOK) (0,44) (0,15) (0,16) (0,75) Diluted earnings per share (in NOK) (0,43) (0,15) (0,15) (0,74) NOK in thousands 1) 2) 3) 31 December 2021 Assets Derivative \ufb01nancial instruments (non-current) - (16 866) - (16 866) Derivative \ufb01nancial instruments (current) - (27 203) - (27 203) Trade receivables (73 132) - - (73 132) Total assets (73 132) (44 069) - (117 201) Equity and liabilities Retained earnings (50 052) (38 424) (17 738) (106 213) Deferred tax liabilitites - (9 695) (5 003) (14 698) Derivative \ufb01nancial instruments (non-current) - 2 142 - 2 142 Derivative \ufb01nancial instruments (current) - 1 908 - 1 908 Onerous contract provisions (non-current) - - 15 321 15 321 Onerous contract provisions (current) - - 7 420 7 420 Current income tax liabilities (14 117) - - (14 117) Other current liabilities (8 963) - - (8 963) Total equity and liabilities (73 132) (44 069) - (117 201) Consolidated statement of \ufb01nancial position - Prior period corrections NOK in thousands 1) 2) 3) 1 January 2021 Assets Derivative \ufb01nancial instruments (non-current) - (13 709) - (13 709) Derivative \ufb01nancial instruments (current) - (11 995) - (11 995) Total assets - (25 705) - (25 705) Equity and liabilities Retained earnings - (20 873) - (20 873) Deferred tax liabilitites - (4 831) - (4 831) Total equity and liabilities - (25 705) - (25 705) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9262": {
"value": "Note 1 Accounting policies New and amended standards adopted by the group The Group has in 2022 adopted the amend- ments to IFRS that apply for the \ufb01rst time to \ufb01nancial reporting periods commencing on or after 1 January 2022. These amendments have not had a material impact on the Group\u2019s \ufb01nancials statements in the current reporting period. New standards and interpretations not yet adopted Certain new accounting standards and inter- pretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9266": {
"value": "Note 1 Accounting policies Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9267": {
"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Note 7 Financial assets and financial liabilities The Group holds the following \ufb01nancial instruments: Financial assets NOK in thousands Notes 2022 2021 Restated Financial assets at amortised cost Trade receivables * 7(a) 1 722 161 1 351 502 Other non-current \ufb01nancial assets 7(a) 48 285 54 784 Cash and cash equivalents 7(d) 70 548 306 627 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 4 231 590 1 982 766 Total \ufb01nancial assets 6 074 662 3 695 679 * excludes contract assets Financial liabilities NOK in thousands Notes 2022 2021 Restated Liabilities at amortised cost Trade and other payables 7(b) 5 828 373 4 516 589 Overdraft facilities 7(c) 534 112 - Interest-bearing short term debt 7(c) 275 000 - Interest-bearing long term debt 7(c) 722 869 813 709 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 3 112 556 883 514 Total \ufb01nancial liabilities 10 545 680 6 292 774 Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. The following table presents the recognised \ufb01nancial instruments that are o\ufb00set. 2022 Financial assets NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 7 273 986 (3 040 318) 4 233 668 Other derivatives - - - Total derivative \ufb01nancial assets 7 273 986 (3 040 318) 4 233 668 Financial liabilities NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 6 225 317 (3 040 318) 3 184 999 Other derivatives 328 - 328 Total derivative \ufb01nancial liabilities 6 225 645 (3 040 318) 3 185 327 Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9268": {
"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9269": {
"value": "Note 1 Accounting policies Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. Note 7 Financial assets and financial liabilities Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9270": {
"value": "Note 1 Accounting policies Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9271": {
"value": "Note 1 Accounting policies Cash and cash equivalents The cash \ufb02ow statement is prepared using the indirect method. For the purpose of pres- entation in the statement of cash \ufb02ows, cash and cash equivalents includes cash on hand, deposits held at call with \ufb01nancial 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 insigni\ufb01cant risk of changes in value. Note 7 Financial assets and financial liabilities 7(d) Cash and cash equivalents Current assets NOK in thousands 2022 2021 Cash at bank and in hand 70 548 306 627 Total 70 548 306 627 The above \ufb01gures equals the amount of cash shown in the statement of cash \ufb02ows at the end of the \ufb01nancial year. Classi\ufb01cation as cash equivalents Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition and are repayable with 24 hours notice with no loss of interest. Restricted cash Please refer to note 24 for information about restricted cash. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9272": {
"value": "Note 1 Accounting policies Cash and cash equivalents The cash \ufb02ow statement is prepared using the indirect method. For the purpose of pres- entation in the statement of cash \ufb02ows, cash and cash equivalents includes cash on hand, deposits held at call with \ufb01nancial 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 insigni\ufb01cant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9273": {
"value": "Note 1 Accounting policies Foreign currency translation\u00a0Functional and presentation currency Items included in the \ufb01nancial statements of each of the Group\u2019s entities are presented in the currency of the primary economic environ- ment in which the entity operates (\u2018the func- tional currency\u2019). The consolidated \ufb01nancial statements are presented in Norwegian kroner (NOK), which is Elmera Group ASA\u2019s func- tional and presentation currency. The func- tional currency in all Norwegian subsidiaries in the Group is NOK.\u00a0The functional currency in the subsidiary Switch Nordic Green AB is Swedish kroner (SEK) for its operations in Sweden, and Euro for its branch operating in Finland. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9274": {
"value": "Note 1 Accounting policies Earnings per share 1. Basic earnings per share: Basic earnings per share is calculated by dividing: \u2022 the pro\ufb01t attributable to owners of the com- pany, excluding any costs of servicing equity other than ordinary shares \u2022 by the weighted average number of ordi- nary shares in issue during the \ufb01nancial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares (note 14) 2. Diluted earnings per share: Diluted earnings per share adjusts the \ufb01gures used in the determination of basic earnings per share to take into account: \u2022 the after income tax e\ufb00ect of interest and other \ufb01nancing costs associated with dilu- tive potential ordinary shares, and \u2022 the weighted average number of additional ordinary shares that would have been out- standing assuming the conversion of all dilutive potential ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9275": {
"value": "Note 1 Accounting policies Earnings per share 1. Basic earnings per share: Basic earnings per share is calculated by dividing: \u2022 the pro\ufb01t attributable to owners of the com- pany, excluding any costs of servicing equity other than ordinary shares \u2022 by the weighted average number of ordi- nary shares in issue during the \ufb01nancial year, adjusted for bonus elements in ordinary shares issued during the year and excluding treasury shares (note 14) 2. Diluted earnings per share: Diluted earnings per share adjusts the \ufb01gures used in the determination of basic earnings per share to take into account: \u2022 the after income tax e\ufb00ect of interest and other \ufb01nancing costs associated with dilu- tive potential ordinary shares, and \u2022 the weighted average number of additional ordinary shares that would have been out- standing assuming the conversion of all dilutive potential ordinary shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9276": {
"value": "Note 1 Accounting policies Going concern The Group\u2019s consolidated \ufb01nancial statements is prepared on a going concern basis. When assessing this assumption, management has assessed all available information about the future. This comprises information about net cash \ufb02ows from existing customer contracts and other service contracts, debt service and obligations. After making such assessments, management has a reasonable expectation that the Group has adequate resources to continue its operational existence for the fore- seeable future. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9277": {
"value": "Note 1 Accounting policies Treasury shares Own equity instruments which are reacquired (treasury shares) are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or cancellation of the Company\u2019s own equity instruments. Note 17 Share capital Shareholders at 31 December 2022 Number of shares Nominal Nominal value Voting rights Ownership Folketrygdfondet 10 182 840 0,30 3 054 852 9,37 % 8,90 % Gudbrandsdal Energi Holding AS 7 682 161 0,30 2 304 648 7,07 % 6,72 % Verdipapirfondet Nordea Norge Verd 4 596 744 0,30 1 379 023 4,23 % 4,02 % Rieber & S\u00f8n AS 3 946 969 0,30 1 184 091 3,63 % 3,45 % Vpf Dnb Am Norske Aksjer 3 238 318 0,30 971 495 2,98 % 2,83 % Verdipapirfondet Holberg Norge 3 000 000 0,30 900 000 2,76 % 2,62 % Landkreditt Utbytte 3 000 000 0,30 900 000 2,76 % 2,62 % Verdipapirfondet Dnb Norge 2 547 863 0,30 764 359 2,35 % 2,23 % Perestroika AS 2 501 394 0,30 750 418 2,30 % 2,19 % Hsbc Bank Plc 2 129 093 0,30 638 728 1,96 % 1,86 % Geveran Trading Co Ltd 2 044 000 0,30 613 200 1,88 % 1,79 % The Bank Of New York Mellon Sa/Nv 1 942 516 0,30 582 755 1,79 % 1,70 % Verdipapirfondet Dnb Smb 1 867 442 0,30 560 233 1,72 % 1,63 % Nordnet Bank AB 1 592 812 0,30 477 844 1,47 % 1,39 % Verdipapirfondet Nordea Avkastning 1 509 527 0,30 452 858 1,39 % 1,32 % J.P. Morgan Se 1 385 968 0,30 415 790 1,28 % 1,21 % Clearstream Banking S.A. 1 338 344 0,30 401 503 1,23 % 1,17 % Melesio Invest AS 1 064 840 0,30 319 452 0,98 % 0,93 % Varde Norge AS 1 050 000 0,30 315 000 0,97 % 0,92 % Catilina Invest AS 1 023 720 0,30 307 116 0,94 % 0,90 % Others 50 989 659 0,30 15 296 898 46,94 % 44,59 % Total outstanding shares 108 634 210 32 590 263 100 % 95 % Treasury shares 5 717 590 0,30 1 715 277 0,00 % 5,00 % Total shares in issue 114 351 800 34 305 540 100 % 100 % Share capital and share premium NOK in thousands Share capital Share premium Total 31 December 2021 32 590 993 294 1 025 884 31 December 2020 34 291 992 094 1 026 385 Fully paid ordinary shares which have a par value of NOK 0.30 carry one vote per share and carry a right to dividends (except for treasury shares). All outstanding shares have equal voting rights and the right to receive dividend. For computation of earning per share and diluted earning per share see Note 14. Treasury shares In the second quarter of 2022 the Group initiated a share buyback program where a total of 5 717 590 shares were purchased, corresponding to 5 % of the share capital, for a total amount of NOKt 132 827. The program\u2019s purpose is to: (i) ful\ufb01l obligations arising as a result of the Group\u2019s share option program, and (ii) to redeem (i.e. cancel) shares by way of a share capital decrease in the Company, subject to approval from the general meeting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9278": {
"value": "Note 1 Accounting policies Treasury shares Own equity instruments which are reacquired (treasury shares) are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue, or cancellation of the Company\u2019s own equity instruments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9279": {
"value": "Note 1 Accounting policies Principles of consolidation Subsidiaries Subsidiaries are all entities (including struc- tured entities) over which the Group has con- trol. 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 a\ufb00ect those returns through its power to direct the activities of 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. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the trans- action provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where nec- essary to ensure consistency with the policies adopted by the Group. Joint ventures and associates The Group\u2019s investments in joint ventures and associates are accounted for by using the equity method of accounting. Under this method, the investment is initially recognized at cost. Goodwill relating the associate or joint venture is included in the carrying amount of the investment and not tested for impairment individually. The income statement re\ufb02ects the Group\u2019s share of the net result after tax of the associate or joint venture. Any depreciation or amortization of the Group\u2019s excess values are included in the net result from the joint ventures. Any change in other comprehen- sive income of the associate or joint venture is presented separately in the Group\u2019s other comprehensive income. The \ufb01nancial statements of the associate or joint venture are prepared for the same report- ing period as the Group. When necessary, adjustments are made to bring the accounting principles in line with those of the Group. The Group determines whether it is neces- sary to recognize an impairment loss on its investments in joint ventures or associates. At each reporting date, the Group determines whether there is objective evidence that the investments are impaired. If there is such evidence, the Group calculates the amount of impairment as the di\ufb00erence between the recoverable amount and the carrying amount of the investment. Any impairment loss is recognized as \u2018share of pro\ufb01t or loss from joint venture and associates\u2019. The recovera- ble amount is the higher of value in use and fair value less cost to sell. The entire carry- ing amount of the investments are tested for impairment as one single asset. Note 26 List of subsidiaries The following subsidiaries are fully consolidated in the \ufb01nancial statements as per 31 December 2022. Name of entity Place of business Ownership interest held by the Group Principal activities Fjordkraft AS Bergen, Norway 100 % Purchase, sales and portfolio management of electrical power Tr\u00f8ndelagKraft AS Trondheim, Norway 100 % Purchase, sales and portfolio management of electrical power Gudbrandsdal Energi AS Nord-Fron, Norway 100 % Purchase, sales and portfolio management of electrical power Energismart Norge AS Hamar, Norway 100 % Management, research and development of product and services related to electrical power Elmera Industrial Ownership AS Bergen, Norway 100 % Portfolio management of electrical power and related products AllRate AS Bergen, Norway 100 % Management and services related to electrical power Steddi Payments AS Bergen, Norway 100 % Management and services related to electrical power Elmera Nordic AS Bergen, Norway 100 % Portfolio management of electrical power and related products Switch Nordic Green AB Stockholm, Sweden 100 % Purchase, sales and portfolio management of electrical power Fjordkraft AB Stockholm, Sweden/ Vaasa, Finland 100 % Portfolio management of electrical power and related products Note 28 Investments in associates and joint ventures On 6 January 2020 Elmera Group and Rieber & S\u00f8n AS bought shares in Metzum AS. Each company bought 40% of the shares, the remaining 20% is owned by employees in Metzum. The purchase price for Elmera Group\u2019s shares was NOKt 10 000, which corresponded to the book value of the acquired equity. As such, no excess value or Goodwill was identi\ufb01ed from the acquisition. The share of pro\ufb01t and loss and \ufb01nancial position from investments in associates and joint ventures are recognised based on the equity method in the \ufb01nancial statements. The table below presents the Group\u2019s share of equity and pro\ufb01t from associated companies: NOK in thousands Location Ownership/ voting right Equity 2022 (40%) Pro\ufb01t 2022 (40%) Book value Metzum AS Dale, Norway 40 % 14 234 429 14 234 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9280": {
"value": "Note 1 Accounting policies Joint ventures and associates The Group\u2019s investments in joint ventures and associates are accounted for by using the equity method of accounting. Under this method, the investment is initially recognized at cost. Goodwill relating the associate or joint venture is included in the carrying amount of the investment and not tested for impairment individually. The income statement re\ufb02ects the Group\u2019s share of the net result after tax of the associate or joint venture. Any depreciation or amortization of the Group\u2019s excess values are included in the net result from the joint ventures. Any change in other comprehen- sive income of the associate or joint venture is presented separately in the Group\u2019s other comprehensive income. The \ufb01nancial statements of the associate or joint venture are prepared for the same report- ing period as the Group. When necessary, adjustments are made to bring the accounting principles in line with those of the Group. The Group determines whether it is neces- sary to recognize an impairment loss on its investments in joint ventures or associates. At each reporting date, the Group determines whether there is objective evidence that the investments are impaired. If there is such evidence, the Group calculates the amount of impairment as the di\ufb00erence between the recoverable amount and the carrying amount of the investment. Any impairment loss is recognized as \u2018share of pro\ufb01t or loss from joint venture and associates\u2019. The recovera- ble amount is the higher of value in use and fair value less cost to sell. The entire carry- ing amount of the investments are tested for impairment as one single asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9281": {
"value": "Note 1 Accounting policies Trade receivables, loans and other receivables Trade receivables, loans and other receiva- bles are recognised initially at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method, less pro- vision for impairment. See note 7 and 9 for fur- ther information about the Group\u2019s accounting for trade receivables, loans, other receivables and credit risk. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9282": {
"value": "Note 1 Accounting policies Trade receivables, loans and other receivables Trade receivables, loans and other receiva- bles are recognised initially at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method, less pro- vision for impairment. See note 7 and 9 for fur- ther information about the Group\u2019s accounting for trade receivables, loans, other receivables and credit risk. Note 7 Financial assets and financial liabilities 7(a) Trade receivables and Other non-current financial assets The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simpli\ufb01ed approach set out in IFRS: NOK in thousands 2022 2021 Opening balance, 1 January 45 213 105 080 Loss allowance recognised in pro\ufb01t or loss for the period 4 403 (59 543) Currency translation di\ufb00erence (208) (324) At 31 December 49 408 45 213 During the year, the following gains/(losses) were recognised in pro\ufb01t or loss in other expenses in relation to impaired receivables: NOK in thousands 2022 2021 Receivables written o\ufb00 39 518 53 846 Movement in provision for impairment 4 403 (59 543) Received payment on previously written o\ufb00 receiavbles (3 663) (16 651) Net impairment expense recognised on trade receivables 40 258 (22 348) Other non-current \ufb01nancial assets The other non-current \ufb01nancial assets in the consolidated statement of \ufb01nancial position comprise of the following: NOK in thousands 2022 2021 Loans to employees* 14 076 16 251 Other long term receivables from customers** 21 686 21 711 Capitalised transaction costs*** 6 190 11 240 Other 6 333 5 582 Total 48 285 54 784 * Loans to employees include next year\u2019s installments. Instalments in 2023 amount to NOKt 2 351. ** Customers who purchase home chargers for electrical vehicles can settle through a 36 month repayment plan. The Group has a lien in the home charger until it is repaid. *** Transaction costs related to establishing the RCF, the guarantee facility and the overdraft facility, see more details in note 7(c). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9283": {
"value": "Note 1 Accounting policies Trade receivables, loans and other receivables Trade receivables, loans and other receiva- bles are recognised initially at fair value and subsequently measured at amortised cost using the e\ufb00ective interest method, less pro- vision for impairment. See note 7 and 9 for fur- ther information about the Group\u2019s accounting for trade receivables, loans, other receivables and credit risk. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9284": {
"value": "Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9285": {
"value": "Note 1 Accounting policies Income tax Income tax The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from net pro\ufb01t as reported in the income state- ment because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem- porary di\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax assets arising from deduct- ible temporary di\ufb00erences associated with such investments and interests are only rec- ognised to the extent that it is probable that there will be su\ufb03cient taxable pro\ufb01ts against which to utilise the bene\ufb01ts of the temporary di\ufb00erences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that would follow from the manner in which the Group expects, at the end of the report- ing period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in pro\ufb01t or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Note 13 Income tax Speci\ufb01cation of tax expense recognised in statement of pro\ufb01t or loss NOK in thousands 2022 2021 Restated Tax payable on pro\ufb01t for the year 64 831 87 570 Adjustments to prior years tax payable (208) 3 188 Adjustments to prior years deferred tax expense (income) 208 (6 712) Change in deferred tax/(tax asset) from origination and reversal of temporary di\ufb00erences (9 986) (5 880) Tax expense recognised in statement of pro\ufb01t or loss 54 846 78 166 Speci\ufb01cation of current income tax liabilities NOK in thousands 2022 2021 Restated Tax payable on pro\ufb01t for the year 64 831 87 570 Adjustments prior years tax payable (14 325) 6 713 Current income tax liabilities recognised in balance sheet 50 506 94 283 Reconciliation of statutory tax rate to effective tax rate: NOK in thousands 2022 2021 Restated Pro\ufb01t before tax 128 692 335 195 Income tax at statutory tax rate (22%) 28 312 73 743 Tax expense recognised in statement of pro\ufb01t or loss 54 846 78 166 Difference (26 533) (4 423) Permanent di\ufb00erences 3 107 1 945 Change in deferred tax/(tax asset) from change in valuation allowance for deferred tax assets 23 442 7 446 Adjustments prior years tax payable (15) (4 968) Difference 26 533 4 423 Speci\ufb01cation of basis for deferred tax NOK in thousands 2022 Norway 2022 Sweden & Finland 2022 Total 2021 Total Restated Fixed assets/intangible assets 286 815 149 205 436 020 530 557 Receivables (33 617) - (33 617) (23 860) Pension liabilities (62 185) - (62 185) (93 837) Cost to obtain contracts 192 420 - 192 420 198 668 Provisions for onerous contracts (48 956) (1 020 619) (1 069 575) (1 083 854) Other current liabilities (5 115) - (5 115) (5 358) Derivative \ufb01nancial instruments 34 359 1 013 844 1 048 203 1 020 246 Leasing liabilities (3 530) (36) (3 566) (3 509) Other 6 322 - 6 322 17 449 Losses carried forward (42) (2 005 443) (2 005 484) (2 018 659) Temporary differences 366 471 (1 863 049) (1 496 578) (1 462 156) Tax rate 22% 20,6% / 20% Deferred tax/(tax asset) 80 624 (383 889) (303 265) (295 873) Valuation allowance for deferred tax assets* - 368 555 368 555 364 401 Deferred tax asset recognised in statement of \ufb01nancial position - 34 990 34 990 35 092 Deferred tax recognised in statement of \ufb01nancial position 80 624 19 656 100 280 103 620 Net position (80 624) 15 334 (65 290) (68 528) * Valuation allowance for deferred tax asset There are signi\ufb01cant tax losses carried forward in the entities in Sweden and Finland which were acquired as part of the Troms Kraft Str\u00f8m AS acquisition in 2020. A deferred tax asset related to the portion of these tax losses carried forward which are expected to be utilised by net taxable pro\ufb01t in the acquired businesses in Sweden (NOKt 22 870) and Finland (NOKt 12 121), was recognised as part of the purchase price allocation when accounting for the business combination. The deferred tax asset related to the remaining tax losses carried forward are not recognised in the statement of \ufb01nancial position at year end 2022. Of the unrecognised deferred tax assets, NOKt 374 307relates to losses carried forward in Sweden and NOKt 3 360 relates to losses carried forward in Finland. Tax losses in Finland may be carried forward for ten subsequent years. The tax losses carried forward in Finland are from the period between 2013 and 2022. Utilisation of the tax losses in Sweden is without time limitation. Changes in deferred tax balances Changes recognised in statement of pro\ufb01t or loss Changes recognised in other comprehen- sive income Changes from business combinations 2022 NOK in thousands 1 January 2022 31 December 2022 Fixed assets/intangible assets 102 056 (20 356) 1 056 - 82 756 Receivables (5 249) (2 147) - - (7 396) Pension liabilities (20 644) 5 945 1 018 - (13 681) Cost to obtain contracts 43 707 (1 375) - - 42 332 Provisions for onerous contracts (8 541) (2 230) - - (10 770) Other current liabilities (1 179) 53 - - (1 125) Derivative \ufb01nancial instruments (9 563) 12 550 4 572 - 7 559 Leasing liabilities (763) (14) - - (777) Other assets 3 839 (2 448) - - 1 391 Losses carried forward (35 136) 35 101 - (35 000) Total 68 528 (9 986) 6 747 - 65 290 Changes recognised in statement of pro\ufb01t or loss Changes recognised in other comprehen- sive income Changes from business combinations 2021 Restated NOK in thousands 1 January 2021 31 December 2021 Fixed assets/intangible assets 142 043 (38 985) (1 002) - 102 056 Receivables (7 635) 2 386 - - (5 249) Pension liabilities (24 382) (1 220) 4 958 - (20 644) Cost to obtain contracts 29 655 14 052 - - 43 707 Provisions for onerous contracts - (8 541) - - (8 541) Other current liabilities (10 538) 9 360 - - (1 179) Derivative \ufb01nancial instruments (794) 11 355 (20 123) - (9 563) Leasing liabilities (676) (87) - - (763) Other assets 4 725 (886) - - 3 839 Losses carried forward (44 045) 6 685 2 224 - (35 136) Total 88 351 (5 880) (13 943) - 68 528 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9286": {
"value": "Note 1 Accounting policies Income tax Income tax The tax expense represents the sum of the tax currently payable and deferred tax. Current tax The tax currently payable is based on taxable pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from net pro\ufb01t as reported in the income state- ment because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem- porary di\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax assets arising from deduct- ible temporary di\ufb00erences associated with such investments and interests are only rec- ognised to the extent that it is probable that there will be su\ufb03cient taxable pro\ufb01ts against which to utilise the bene\ufb01ts of the temporary di\ufb00erences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that would follow from the manner in which the Group expects, at the end of the report- ing period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current tax and deferred tax for the year Current and deferred tax are recognised in pro\ufb01t or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9287": {
"value": "Note 1 Accounting policies Leases Right-of-use assets and lease liabilities aris- ing from a lease are initially measured on a present value basis. Lease liabilities Lease liabilities include the net present value of the following lease payments: \u2022 \ufb01xed payments (including in-substance \ufb01xed payments), less any lease incentives receivable \u2022 amounts expected to be payable by the group under residual value guarantees \u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the group exercising that option. Lease payments to be made under reasona- bly certain extension options are also included in the measurement of the liability. 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\u2019s 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. To determine the incremental borrowing rate, the Group: \u2022 where possible, uses recent third-party \ufb01nancing received by the individual les- see as a starting point, adjusted to re\ufb02ect changes in \ufb01nancing conditions since third party \ufb01nancing was received \u2022 uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third party \ufb01nancing, and \u2022 makes adjustments speci\ufb01c to the lease, eg term, country, currency and security. 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 e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right- of-use asset. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period in order to produce a con- stant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incen- tives received \u2022 any initial direct costs, and \u2022 restoration costs. Right-of-use assets are generally depreci- ated over the shorter of the asset\u2019s 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\u2019s useful life. The group has chosen not to revalue the right-of-use buildings held by the group. Short-term leases and leases of low value assets Payments associated with short-term leases and all leases of low-value assets are recog- nised on a straight-line basis as an expense in pro\ufb01t 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 o\ufb03ce furniture. Note 25 IFRS 16 Leases The Group\u2019s leasing activities The Group\u2019s lease agreements mainly consists of various o\ufb03ce leases, car-leases and o\ufb03ce machine-leases used in the operating activities. Cars usually have a lease term of 3 years, while several of the o\ufb03ce leases have longer lease terms. The o\ufb03ce machines are leased on 3-5 year contracts. Some of the o\ufb03ce leases have extension options and these have been included in the calculation if the group is reasonably certain that they will be exercised. NOK in thousands 2022 2021 Non-current assets Right of use assets Property 64 769 80 253 Equipment 643 976 Cars 782 1 576 Total 66 195 82 806 Non-current liabilities Lease liability long term 49 477 65 259 Current liabilities Lease liability short term 20 284 21 055 Total 69 761 86 314 Additions to the right-of-use assets in 2022 were NOKt 3 692 Amounts recognised in the statement of pro\ufb01t or loss The statement of pro\ufb01t or loss shows the following amounts relating to leases: NOK in thousands 2022 2021 Depreciation right-of-use assets Property 19 250 18 596 Equipment 333 333 Cars 720 757 Total 20 303 19 687 Interest expense lease liability 1 934 2 374 Expenses relating to short-term leases 1 400 1 678 Expenses relating to leases of low-value 1 320 136 The total cash out\ufb02ow for leases in 2022 was NOKt 24 824 Year ended 31 December 2022 NOK in thousands Within 1 year Between 1 and 5 years More than 5 years Total Property 21 698 57 841 - 79 539 Equipment 355 330 - 685 Cars 736 92 - 828 Total 22 789 58 263 - 81 052 Variable lease payments The Group has variable lease payments in its property lease agreements. Variable lease payments consists of annual adjustements to lease payments based on the Consumer Price Index. Extention and termination options Extension and termination options are included in a number of property and equip- ment leases across the Group. These are used to maximise operational\u00a0\ufb02exibility in terms of managing the assets used in the Group\u2019s operations. Maturity analysis The following table details the Group\u2019s remain- ing contractual maturity for its leasing liabil- ities. The tables have been drawn based on the undiscounted cash \ufb02ows of instalments on leasing liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9288": {
"value": "Note 1 Accounting policies Leases Right-of-use assets and lease liabilities aris- ing from a lease are initially measured on a present value basis. Lease liabilities Lease liabilities include the net present value of the following lease payments: \u2022 \ufb01xed payments (including in-substance \ufb01xed payments), less any lease incentives receivable \u2022 amounts expected to be payable by the group under residual value guarantees \u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term re\ufb02ects the group exercising that option. Lease payments to be made under reasona- bly certain extension options are also included in the measurement of the liability. 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\u2019s 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. To determine the incremental borrowing rate, the Group: \u2022 where possible, uses recent third-party \ufb01nancing received by the individual les- see as a starting point, adjusted to re\ufb02ect changes in \ufb01nancing conditions since third party \ufb01nancing was received \u2022 uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third party \ufb01nancing, and \u2022 makes adjustments speci\ufb01c to the lease, eg term, country, currency and security. 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 e\ufb00ect. When adjustments to lease payments based on an index or rate take e\ufb00ect, the lease liability is reassessed and adjusted against the right- of-use asset. Lease payments are allocated between principal and \ufb01nance cost. The \ufb01nance cost is charged to pro\ufb01t or loss over the lease period in order to produce a con- stant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incen- tives received \u2022 any initial direct costs, and \u2022 restoration costs. Right-of-use assets are generally depreci- ated over the shorter of the asset\u2019s 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\u2019s useful life. The group has chosen not to revalue the right-of-use buildings held by the group. Short-term leases and leases of low value assets Payments associated with short-term leases and all leases of low-value assets are recog- nised on a straight-line basis as an expense in pro\ufb01t 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 o\ufb03ce furniture. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9289": {
"value": "Note 1 Accounting policies Intangible assets 1) Intangible assets acquired separately 1. El-certificates and Guarantees of Origination (GoOs) Holdings of el-certi\ufb01cates and GoOs are rec- ognised as intangible assets in accordance with IAS 38 - Intangible Assets and measured using the cost model. The el-certi\ufb01cates have an in\ufb01nite life and are acquired to be used to settle the el-certi\ufb01cate cancellation liability by remitting the respective numbers of certif- icates to the government (refer to accounting policy \u2018Provision of El-certi\ufb01cate cancellation liability\u2019). 2. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. 3. Customer portfolios Customer portfolios are recognised at fair value in the consolidated statement of \ufb01nan- cial position at the time of acquisition. The customer portfolios have a limited useful economic life and are recognised at cost less deductions for accumulated deprecia- tion. Depreciation is calculated based on the expected customer churn rate. Fixed price elements of customer contracts are recorded as separate assets. 4. Fixed price customer contracts When customer portfolios are acquired the \ufb01xed price elements of the customer contracts in the customer portfolios acquired are rec- ognised as separate assets. Unless the \ufb01xed price element of customer contracts meets the de\ufb01nition of a derivative \ufb01nancial instru- ment (and recognised accordingly), they are recognised as intangible assets at fair value at the time of acquisition. The \ufb01xed price cus- tomer contracts have de\ufb01ned contract periods and are recognised at cost less deductions for accumulated depreciation. Depreciations follow a pattern that re\ufb02ects how the acquisi- tion value of the contracts are distributed over the remaining contract periods. 5. Tradenames Tradenames acquired in a business com- bination are recognised at fair value at the acquisition date. Tradenames that due to contractual agreements have a \ufb01nite useful life are subsequently carried at cost less accumulated amortisation and impairment losses. Tradenames that have an inde\ufb01nite useful life are not amortised but 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. Tradenames are included in Other intangible assets in note 16. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. Note 16 Intangible assets Non-current intangible assets 2022 NOK in thousands Software and development projects Construction in progress Customer portfolios Fixed price customer contracts** Other intangible assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-current intangible assets Accumulated cost 1 January 2022 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Additions - Purchase 8 910 32 439 4 - - 41 353 - 41 353 Additions - Internally generated 858 105 - - - 963 - 963 Transferred from construction in progress 28 294 (28 294) - - - - - - Government grants (1 308) - - - - (1 308) - (1 308) Currency translation di\ufb00erences 136 (143) 3 446 3 901 281 7 621 (675) 6 946 Accumulated cost 31 December 2022 382 472 9 446 799 668 233 569 145 888 1 571 044 1 418 775 2 989 819 Accumulated depreciation 1 January 2022 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Depreciation for the year (47 861) - (123 977) - (8 726) (180 565) - (180 565) Currency translation di\ufb00erences (131) - (337) (847) - (1 315) - (1 315) Accumulated depreciation 31 December 2022 (269 527) - (445 660) (50 688) (41 240) (807 116) - (807 117) Accumulated impairment 1 January 2022 (22 724) - - (179 826) - (202 550) - (202 550) Impairment for the year - - - - - - - - Currency translation di\ufb00erences - - - (3 054) - (3 054) - (3 054) Accumulated impairment 31 December 2022 (22 724) - - (182 881) - (205 604) - (205 604) Carrying amount 31 December 2022 90 221 9 446 354 007 - 104 648 558 324 1 418 775 1 977 100 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. 2021 NOK in thousands Software and development projects Construction in progress Customer portfolios**** Fixed price customer contracts** Other intangi- ble assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-cur- rent intangible assets Accumulated cost 1 January 2021 297 473 9 063 770 256 243 640 147 531 1 467 963 1 442 849 2 910 813 Additions - Purchase 889 41 655 38 784 - - 81 328 - 81 328 Additions - Internally generated 1 811 86 - - - 1 897 - 1 897 Additions from business combinations*** - - - - - - (4 802) (4 802) Transferred from construction in progress 45 456 (45 456) - - - - - - Currency translation di\ufb00erences (47) (8) (12 823) (13 972) (1 924) (28 773) (18 596) (47 369) Accumulated cost 31 December 2021 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Accumulated depreciation 1 January 2021 (176 096) - (149 408) (52 761) (17 383) (395 648) - (395 648) Depreciation for the year (45 401) - (173 251) - (15 131) (233 783) - (233 783) Currency translation di\ufb00erences (37) - 1 312 2 919 - 4 195 - 4 195 Accumulated depreciation 31 December 2021 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Accumulated impairment 1 January 2021 (22 724) - - (180 026) - (202 750) - (202 750) Impairment for the year - - - (9 762) - (9 762) (9 762) Currency translation di\ufb00erences - - - 9 961 - 9 961 9 961 Accumulated impairment 31 December 2021 (22 724) - - (179 826) - (202 550) - (202 550) Carrying amount 31 December 2021 101 324 5 339 474 873 0 113 093 694 630 1 419 451 2 114 081 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. *** The changes to Goodwill included in Additions from business combinations are adjustments to the goodwill recognised when the group acquired Innlandskraft AS and Troms Kraft Str\u00f8m AS in 2020. These changes are mainly caused by adjustments to the \ufb01nal purchase consideration. **** Of total additions of customer portfolios, NOKt 37 348 relates to the acquisition of Skymobil AS\u2019 portfolio of mobile customers. The amount comprises the purchase price for the portfolio and directly attributable costs. Impairment of Goodwill and intangible assets with inde\ufb01nite useful life The Group has performed an impairment test of Goodwill and intangible assets with inde\ufb01nite useful life as of 31 December 2022 in accordance with IAS 36, using the methods outlined in note 2. Goodwill as at 31 December 2022, has a total carrying value of NOKt 1 418 775 and intangible assets with inde\ufb01nite useful life has a total carrying value of NOKt 84 772. The allocation, for impairment-testing purposes, on cash-generating units of the signi\ufb01cant amounts is shown in the table below: NOK in thousands Goodwill Intangible assets with inde\ufb01nite useful life Consumer segment 771 012 42 017 Business segment 353 235 19 250 Nordic segment 294 528 23 505 Total 1 418 775 84 772 Intangible assets with inde\ufb01nite useful life are tradenames acquired as part of business combinations, which are included in Other intangible assets in the tables above. The key assumptions on which management has based its determination of the recoverable amount\u00a0are Weighted Average Cost of Capital (WACC), net revenue growth and operating expenditure growth. Key assumptions \u2013 Consumer and Business segments When calculating value in use for both Consumer and Business segments the weighted average cost of capital used was 10,2 % and estimated growth rate in the terminal year was set at nominal 0,5 %. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Consumer and Business segments, the calculated recoverable amount signi\ufb01cantly exceeds the carrying amount, and reasonably possible changes in key assumptions would not lead to impairment of the assets. Key assumptions \u2013 Nordic segment For the Nordic segment, country speci\ufb01c weighted average cost of capital used was 12,0 % for Sweden and 12,1 % for Finland. Estimated growth rate in the terminal year was set at nominal 1,0 %. Compound annual growth rate for net revenue was set at 12,0 % and compound annual growth rate for operating expenditure was set at 4,7 % in the period 2024- 2027. Growth rates are calculated from 2024 as net revenue in 2023 is estimated to be signi\ufb01cantly a\ufb00ected by unpro\ufb01table \ufb01xed price customer contracts where a substantial proportion expires in 2023. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Nordic segment, the calculated recoverable amount exceeds the carrying amount by NOKt 41 543. An increase in WACC by 0,64 percentage points, a reduction in compound annual growth rate for net revenue of 1,1 percentage points or an increase compound annual growth rate for operating expenditure of 2,4 percentage points would decrease the recoverable amount below the carrying amount. The key assumptions used in the estimates are associated with uncertainty, as the electricity markets in Sweden and Finland are transitioning towards spot based products following the increased price volatility and peak/o\ufb00-peak price di\ufb00erences. Current intangible assets 2022 NOK in thousands El-certi\ufb01cates Guarantees of origination Carbon credits Total current intangible assets Accumulated cost 1 January 2022 417 6 786 314 7 518 Additions - Purchase 9 032 29 494 3 516 42 041 Disposals* (9 394) (35 979) (3 422) (48 795) Accumulated cost 31 December 2022 54 301 408 763 Carrying amount 31 December 2022 54 301 408 763 2021 NOK in thousands El-certi\ufb01cates Guarantees of origination Total current intangible assets Total current intangible assets Accumulated cost 1 January 2021 272 2 608 - 2 880 Additions - Purchase 86 044 11 206 498 97 748 Disposals* (85 898) (7 028) (184) (93 110) Accumulated cost 31 December 2021 417 6 786 314 7 518 Carrying amount 31 December 2021 417 6 786 314 7 518 * Disposals of El-certi\ufb01cates refers to amount of certi\ufb01cates being handed over to the government to o\ufb00set el-certi\ufb01cate cancellation liability. Disposals of Guarantees of origination (GoO) refers to amount of certi\ufb01cates redeemed as evidence of the origin of electricity generated from renewable energy sources. Research and development Development projects focus on preparing the company for future changes in the framework conditions, streamlining processes and future growth. The work mainly concerns customer-related system projects. Of total R&D expenditure of NOKt 60 128, NOKt 19 124 has been expensed as other operating expenses and NOKt 41 004 has been recognized as R&D assets. It is expected that future earnings of ongoing R&D will correspond to expenses incurred. Government grants The Group has been awarded two government grants (SkatteFUNN and ENOVA) in 2022. One of the grants relates to a project regarding development of a plattform for local power production, storage and distribution. The other grant relates to a project regarding development of an app that gives consumers an overview of their power consumption. The total grants of NOK 1 308 thousand has been booked as a reduction of the cost price of the related assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9290": {
"value": "Note 1 Accounting policies Intangible assets 1) Intangible assets acquired separately 1. El-certificates and Guarantees of Origination (GoOs) Holdings of el-certi\ufb01cates and GoOs are rec- ognised as intangible assets in accordance with IAS 38 - Intangible Assets and measured using the cost model. The el-certi\ufb01cates have an in\ufb01nite life and are acquired to be used to settle the el-certi\ufb01cate cancellation liability by remitting the respective numbers of certif- icates to the government (refer to accounting policy \u2018Provision of El-certi\ufb01cate cancellation liability\u2019). 2. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. 3. Customer portfolios Customer portfolios are recognised at fair value in the consolidated statement of \ufb01nan- cial position at the time of acquisition. The customer portfolios have a limited useful economic life and are recognised at cost less deductions for accumulated deprecia- tion. Depreciation is calculated based on the expected customer churn rate. Fixed price elements of customer contracts are recorded as separate assets. 4. Fixed price customer contracts When customer portfolios are acquired the \ufb01xed price elements of the customer contracts in the customer portfolios acquired are rec- ognised as separate assets. Unless the \ufb01xed price element of customer contracts meets the de\ufb01nition of a derivative \ufb01nancial instru- ment (and recognised accordingly), they are recognised as intangible assets at fair value at the time of acquisition. The \ufb01xed price cus- tomer contracts have de\ufb01ned contract periods and are recognised at cost less deductions for accumulated depreciation. Depreciations follow a pattern that re\ufb02ects how the acquisi- tion value of the contracts are distributed over the remaining contract periods. 5. Tradenames Tradenames acquired in a business com- bination are recognised at fair value at the acquisition date. Tradenames that due to contractual agreements have a \ufb01nite useful life are subsequently carried at cost less accumulated amortisation and impairment losses. Tradenames that have an inde\ufb01nite useful life are not amortised but 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. Tradenames are included in Other intangible assets in note 16. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9291": {
"value": "Note 1 Accounting policies 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. Note 16 Intangible assets Research and development Development projects focus on preparing the company for future changes in the framework conditions, streamlining processes and future growth. The work mainly concerns customer-related system projects. Of total R&D expenditure of NOKt 60 128, NOKt 19 124 has been expensed as other operating expenses and NOKt 41 004 has been recognized as R&D assets. It is expected that future earnings of ongoing R&D will correspond to expenses incurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9292": {
"value": "Note 1 Accounting policies 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9293": {
"value": "Note 1 Accounting policies Cash and cash equivalents The cash \ufb02ow statement is prepared using the indirect method. For the purpose of pres- entation in the statement of cash \ufb02ows, cash and cash equivalents includes cash on hand, deposits held at call with \ufb01nancial 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 insigni\ufb01cant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9294": {
"value": "Note 1 Accounting policies Cash and cash equivalents The cash \ufb02ow statement is prepared using the indirect method. For the purpose of pres- entation in the statement of cash \ufb02ows, cash and cash equivalents includes cash on hand, deposits held at call with \ufb01nancial 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 insigni\ufb01cant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9295": {
"value": "Note 1 Accounting policies Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. Note 2 Significant accounting judgements, estimates and assumptions 2) Impairment of goodwill and intangible assets Goodwill and intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. The recoverable amounts of the cash-generating units are determined based on value in use calculations. The cash-gen- erating units equal the reportable segments. Value in use is calculated using the dis- counted cash-\ufb02ow model and based on a \ufb01ve- year forecast made by Group management. Management has projected cash \ufb02ows based on \ufb01nancial forecasts and strategy plans. The preparation of the forecast requires a number of key assumptions such as growth in net revenue and operating expenditure. The cash \ufb02ow for the \ufb01fth year is used as the base for the sixth year and onwards in perpetuity. The discount rates used are, amongst other things, based on risk-free 10-year govern- ment bond rate, observed market risk pre- mium, industry-speci\ufb01c risk premium and the Group\u2019s cost of debt. For the calculation of the in-perpetuity value, Gordon\u2019s growth model is used. According to Gordon\u2019s model, the termi- nal value of a growing cash \ufb02ow is calculated as the starting cash \ufb02ow divided by cost of capital less the growth rate. Please see note 16 for more details regarding impairment test- ing of goodwill at year end, including a sen- sitivity analysis for signi\ufb01cant assumptions. Note 5 Revenue recognition The following table summarises assets recognised from the cost to obtain a contract: NOK in thousands 2022 2021 Balance as at 1 January 287 728 172 656 Additions 237 550 264 152 Amortisation during the year (185 893) (146 773) Impairment* (39 282) - Currency translation di\ufb00erences (4 122) (2 307) Balance as at 31 December 295 980 287 728 *See note 19 for more details regarding impairment of cost to obtain contracts. Cost to obtain Contracts The Group capitalises commission expenses paid to external sales personnel that are incre- mental to obtaining customer contracts. The judgments made in determining the amount of costs incurred include whether the commis- sions are in fact incremental and would not have occurred absent the customer contract. Costs to obtain a contract are amortised over the expected period of bene\ufb01t that has been determined to be approximately 36 months, presented as part of Depreciation and amor- tisation.These costs are periodically reviewed for impairment. Note 16 Intangible assets 2022 NOK in thousands Software and development projects Construction in progress Customer portfolios Fixed price customer contracts** Other intangible assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-current intangible assets Accumulated cost 1 January 2022 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Additions - Purchase 8 910 32 439 4 - - 41 353 - 41 353 Additions - Internally generated 858 105 - - - 963 - 963 Transferred from construction in progress 28 294 (28 294) - - - - - - Government grants (1 308) - - - - (1 308) - (1 308) Currency translation di\ufb00erences 136 (143) 3 446 3 901 281 7 621 (675) 6 946 Accumulated cost 31 December 2022 382 472 9 446 799 668 233 569 145 888 1 571 044 1 418 775 2 989 819 Accumulated depreciation 1 January 2022 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Depreciation for the year (47 861) - (123 977) - (8 726) (180 565) - (180 565) Currency translation di\ufb00erences (131) - (337) (847) - (1 315) - (1 315) Accumulated depreciation 31 December 2022 (269 527) - (445 660) (50 688) (41 240) (807 116) - (807 117) Accumulated impairment 1 January 2022 (22 724) - - (179 826) - (202 550) - (202 550) Impairment for the year - - - - - - - - Currency translation di\ufb00erences - - - (3 054) - (3 054) - (3 054) Accumulated impairment 31 December 2022 (22 724) - - (182 881) - (205 604) - (205 604) Carrying amount 31 December 2022 90 221 9 446 354 007 - 104 648 558 324 1 418 775 1 977 100 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. 2021 NOK in thousands Software and development projects Construction in progress Customer portfolios**** Fixed price customer contracts** Other intangi- ble assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-cur- rent intangible assets Accumulated cost 1 January 2021 297 473 9 063 770 256 243 640 147 531 1 467 963 1 442 849 2 910 813 Additions - Purchase 889 41 655 38 784 - - 81 328 - 81 328 Additions - Internally generated 1 811 86 - - - 1 897 - 1 897 Additions from business combinations*** - - - - - - (4 802) (4 802) Transferred from construction in progress 45 456 (45 456) - - - - - - Currency translation di\ufb00erences (47) (8) (12 823) (13 972) (1 924) (28 773) (18 596) (47 369) Accumulated cost 31 December 2021 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Accumulated depreciation 1 January 2021 (176 096) - (149 408) (52 761) (17 383) (395 648) - (395 648) Depreciation for the year (45 401) - (173 251) - (15 131) (233 783) - (233 783) Currency translation di\ufb00erences (37) - 1 312 2 919 - 4 195 - 4 195 Accumulated depreciation 31 December 2021 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Accumulated impairment 1 January 2021 (22 724) - - (180 026) - (202 750) - (202 750) Impairment for the year - - - (9 762) - (9 762) (9 762) Currency translation di\ufb00erences - - - 9 961 - 9 961 9 961 Accumulated impairment 31 December 2021 (22 724) - - (179 826) - (202 550) - (202 550) Carrying amount 31 December 2021 101 324 5 339 474 873 0 113 093 694 630 1 419 451 2 114 081 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. *** The changes to Goodwill included in Additions from business combinations are adjustments to the goodwill recognised when the group acquired Innlandskraft AS and Troms Kraft Str\u00f8m AS in 2020. These changes are mainly caused by adjustments to the \ufb01nal purchase consideration. **** Of total additions of customer portfolios, NOKt 37 348 relates to the acquisition of Skymobil AS\u2019 portfolio of mobile customers. The amount comprises the purchase price for the portfolio and directly attributable costs. Impairment of Goodwill and intangible assets with inde\ufb01nite useful life The Group has performed an impairment test of Goodwill and intangible assets with inde\ufb01nite useful life as of 31 December 2022 in accordance with IAS 36, using the methods outlined in note 2. Goodwill as at 31 December 2022, has a total carrying value of NOKt 1 418 775 and intangible assets with inde\ufb01nite useful life has a total carrying value of NOKt 84 772. The allocation, for impairment-testing purposes, on cash-generating units of the signi\ufb01cant amounts is shown in the table below: NOK in thousands Goodwill Intangible assets with inde\ufb01nite useful life Consumer segment 771 012 42 017 Business segment 353 235 19 250 Nordic segment 294 528 23 505 Total 1 418 775 84 772 Intangible assets with inde\ufb01nite useful life are tradenames acquired as part of business combinations, which are included in Other intangible assets in the tables above. The key assumptions on which management has based its determination of the recoverable amount\u00a0are Weighted Average Cost of Capital (WACC), net revenue growth and operating expenditure growth. Key assumptions \u2013 Consumer and Business segments When calculating value in use for both Consumer and Business segments the weighted average cost of capital used was 10,2 % and estimated growth rate in the terminal year was set at nominal 0,5 %. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Consumer and Business segments, the calculated recoverable amount signi\ufb01cantly exceeds the carrying amount, and reasonably possible changes in key assumptions would not lead to impairment of the assets. Key assumptions \u2013 Nordic segment For the Nordic segment, country speci\ufb01c weighted average cost of capital used was 12,0 % for Sweden and 12,1 % for Finland. Estimated growth rate in the terminal year was set at nominal 1,0 %. Compound annual growth rate for net revenue was set at 12,0 % and compound annual growth rate for operating expenditure was set at 4,7 % in the period 2024- 2027. Growth rates are calculated from 2024 as net revenue in 2023 is estimated to be signi\ufb01cantly a\ufb00ected by unpro\ufb01table \ufb01xed price customer contracts where a substantial proportion expires in 2023. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Nordic segment, the calculated recoverable amount exceeds the carrying amount by NOKt 41 543. An increase in WACC by 0,64 percentage points, a reduction in compound annual growth rate for net revenue of 1,1 percentage points or an increase compound annual growth rate for operating expenditure of 2,4 percentage points would decrease the recoverable amount below the carrying amount. The key assumptions used in the estimates are associated with uncertainty, as the electricity markets in Sweden and Finland are transitioning towards spot based products following the increased price volatility and peak/o\ufb00-peak price di\ufb00erences. Note 19 Onerous contract provisions Financial statement impact of unrealised gains/losses: The Group\u2019s portfolios of \ufb01xed price customer contracts and the corresponding portfolios of derivative hedge contracts resulted in the following unrealised e\ufb00ects recognised in the statement of pro\ufb01t or loss: NOK in thousands Note 2022 2021 Restated Impairment and provisions for onerous contracts: Change in provisions for onerous contracts 39 256 (1 019 479) Depreciation of intangible assets - Fixed price customer contracts 16 - - Impairment of intangible assets - Fixed price customer contracts 16 - (9 762) Impairment of cost to obtain contracts (39 282) - Total depreciation, impairment and provisions for onerous contracts: (26) (1 029 241) Unrealised gains and losses on derivatives related to \ufb01xed price customer contracts (6 439) 1 029 510 Net unrealised gain/loss recognised in statement of pro\ufb01t or loss (6 465) 269 As a result of increased forward market prices of electrical power in 2020 and 2021, indicators of impairment was identi\ufb01ed, and impairment charges were rec- ognised to the \ufb01xed price customer contracts recognised as intangible assets in the statement of \ufb01nancial position. As these intangible assets were fully impaired in 2021, there has been no further depreciation or impairment charges in 2022. Change in provisions for onerous contracts includes both release of provisions for (parts of) contracts which have been delivered in the period, and change in provisions for new and remaining contracts. Forward market prices has increased signi\ufb01cantly in 2022. The volume of \ufb01xed price power contracts have decreased however, due to a movement towards spot based products for new customers and existing \ufb01xed price customer contracts being delivered. In total, these e\ufb00ects has lead to a slight decrease in provisions for onerous contracts and the unrealised gains on the corresponding portfolios of derivative hedge contracts. Market conditions in 2022, with high and volatile power prices, has lead to high pro\ufb01le costs. Expectations of high pro\ufb01le costs going forward causes negative estimated margins on some \ufb01xed price customer contracts in the Nordic segment, leading to a corresponding impairment of the cost to obtain these contracts. The net impact in the statement of pro\ufb01t or loss, which is an unrealised net loss in 2022 of NOKt 6 465 (2021: NOKt 269 net gain) is mainly caused by (negative) margins in the customer contracts and imbalance between the portfolios of customer contracts, and the corresponding portfolios of derivative hedge contracts. Change in provision for onerous contracts and unrealised gains and losses on derivatives related to \ufb01xed price customer contracts are both presented as Direct cost of sales in the statement of pro\ufb01t or loss, while impairment of cost to obtain contracts is presented on a separate line. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9296": {
"value": "Note 1 Accounting policies Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9297": {
"value": "Note 1 Accounting policies Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of \ufb01nancial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current lia- bilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and sub- sequently measured at amortised cost using the e\ufb00ective interest method. Note 7 Financial assets and financial liabilities 7(b) Trade and other payables Current liabilities NOK in thousands 2022 2021 Trade and other payables 5 828 373 4 516 589 Trade and other payables are unsecured and are usually paid within 30 days of recognition. The payment terms of the Group\u2019s power purchase agreement with Statkraft Energi AS are 30-days in Norway and 45-days in Sweden and Finland. In addition, this agreement in Norway includes a right for the Group to postpone these payments for additional 30 days if current cash in hand does not cover the liability. The power purchases under this agreement are invoiced monthly in arrear and are interest bearing. Fair value of trade and other payables The carrying amount of trade and other payables are considered to be the same as their fair values due to their short-term nature. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9298": {
"value": "Note 1 Accounting policies Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of \ufb01nancial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current lia- bilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and sub- sequently measured at amortised cost using the e\ufb00ective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9299": {
"value": "Note 1 Accounting policies Principles of consolidation Subsidiaries Subsidiaries are all entities (including struc- tured entities) over which the Group has con- trol. 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 a\ufb00ect those returns through its power to direct the activities of 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. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the trans- action provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where nec- essary to ensure consistency with the policies adopted by the Group. Note 26 List of subsidiaries The following subsidiaries are fully consolidated in the \ufb01nancial statements as per 31 December 2022. Name of entity Place of business Ownership interest held by the Group Principal activities Fjordkraft AS Bergen, Norway 100 % Purchase, sales and portfolio management of electrical power Tr\u00f8ndelagKraft AS Trondheim, Norway 100 % Purchase, sales and portfolio management of electrical power Gudbrandsdal Energi AS Nord-Fron, Norway 100 % Purchase, sales and portfolio management of electrical power Energismart Norge AS Hamar, Norway 100 % Management, research and development of product and services related to electrical power Elmera Industrial Ownership AS Bergen, Norway 100 % Portfolio management of electrical power and related products AllRate AS Bergen, Norway 100 % Management and services related to electrical power Steddi Payments AS Bergen, Norway 100 % Management and services related to electrical power Elmera Nordic AS Bergen, Norway 100 % Portfolio management of electrical power and related products Switch Nordic Green AB Stockholm, Sweden 100 % Purchase, sales and portfolio management of electrical power Fjordkraft AB Stockholm, Sweden/ Vaasa, Finland 100 % Portfolio management of electrical power and related products ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9300": {
"value": "Note 1 Accounting policies Principles of consolidation Subsidiaries Subsidiaries are all entities (including struc- tured entities) over which the Group has con- trol. 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 a\ufb00ect those returns through its power to direct the activities of 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. Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the trans- action provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where nec- essary to ensure consistency with the policies adopted by the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9301": {
"value": "Note 1 Accounting policies Deferred tax Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem- porary di\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax assets arising from deduct- ible temporary di\ufb00erences associated with such investments and interests are only rec- ognised to the extent that it is probable that there will be su\ufb03cient taxable pro\ufb01ts against which to utilise the bene\ufb01ts of the temporary di\ufb00erences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that would follow from the manner in which the Group expects, at the end of the report- ing period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Note 13 Income tax Speci\ufb01cation of tax expense recognised in statement of pro\ufb01t or loss NOK in thousands 2022 2021 Restated Tax payable on pro\ufb01t for the year 64 831 87 570 Adjustments to prior years tax payable (208) 3 188 Adjustments to prior years deferred tax expense (income) 208 (6 712) Change in deferred tax/(tax asset) from origination and reversal of temporary di\ufb00erences (9 986) (5 880) Tax expense recognised in statement of pro\ufb01t or loss 54 846 78 166 Speci\ufb01cation of current income tax liabilities NOK in thousands 2022 2021 Restated Tax payable on pro\ufb01t for the year 64 831 87 570 Adjustments prior years tax payable (14 325) 6 713 Current income tax liabilities recognised in balance sheet 50 506 94 283 Reconciliation of statutory tax rate to effective tax rate: NOK in thousands 2022 2021 Restated Pro\ufb01t before tax 128 692 335 195 Income tax at statutory tax rate (22%) 28 312 73 743 Tax expense recognised in statement of pro\ufb01t or loss 54 846 78 166 Difference (26 533) (4 423) Permanent di\ufb00erences 3 107 1 945 Change in deferred tax/(tax asset) from change in valuation allowance for deferred tax assets 23 442 7 446 Adjustments prior years tax payable (15) (4 968) Difference 26 533 4 423 Speci\ufb01cation of basis for deferred tax NOK in thousands 2022 Norway 2022 Sweden & Finland 2022 Total 2021 Total Restated Fixed assets/intangible assets 286 815 149 205 436 020 530 557 Receivables (33 617) - (33 617) (23 860) Pension liabilities (62 185) - (62 185) (93 837) Cost to obtain contracts 192 420 - 192 420 198 668 Provisions for onerous contracts (48 956) (1 020 619) (1 069 575) (1 083 854) Other current liabilities (5 115) - (5 115) (5 358) Derivative \ufb01nancial instruments 34 359 1 013 844 1 048 203 1 020 246 Leasing liabilities (3 530) (36) (3 566) (3 509) Other 6 322 - 6 322 17 449 Losses carried forward (42) (2 005 443) (2 005 484) (2 018 659) Temporary differences 366 471 (1 863 049) (1 496 578) (1 462 156) Tax rate 22% 20,6% / 20% Deferred tax/(tax asset) 80 624 (383 889) (303 265) (295 873) Valuation allowance for deferred tax assets* - 368 555 368 555 364 401 Deferred tax asset recognised in statement of \ufb01nancial position - 34 990 34 990 35 092 Deferred tax recognised in statement of \ufb01nancial position 80 624 19 656 100 280 103 620 Net position (80 624) 15 334 (65 290) (68 528) * Valuation allowance for deferred tax asset There are signi\ufb01cant tax losses carried forward in the entities in Sweden and Finland which were acquired as part of the Troms Kraft Str\u00f8m AS acquisition in 2020. A deferred tax asset related to the portion of these tax losses carried forward which are expected to be utilised by net taxable pro\ufb01t in the acquired businesses in Sweden (NOKt 22 870) and Finland (NOKt 12 121), was recognised as part of the purchase price allocation when accounting for the business combination. The deferred tax asset related to the remaining tax losses carried forward are not recognised in the statement of \ufb01nancial position at year end 2022. Of the unrecognised deferred tax assets, NOKt 374 307relates to losses carried forward in Sweden and NOKt 3 360 relates to losses carried forward in Finland. Tax losses in Finland may be carried forward for ten subsequent years. The tax losses carried forward in Finland are from the period between 2013 and 2022. Utilisation of the tax losses in Sweden is without time limitation. Changes in deferred tax balances Changes recognised in statement of pro\ufb01t or loss Changes recognised in other comprehen- sive income Changes from business combinations 2022 NOK in thousands 1 January 2022 31 December 2022 Fixed assets/intangible assets 102 056 (20 356) 1 056 - 82 756 Receivables (5 249) (2 147) - - (7 396) Pension liabilities (20 644) 5 945 1 018 - (13 681) Cost to obtain contracts 43 707 (1 375) - - 42 332 Provisions for onerous contracts (8 541) (2 230) - - (10 770) Other current liabilities (1 179) 53 - - (1 125) Derivative \ufb01nancial instruments (9 563) 12 550 4 572 - 7 559 Leasing liabilities (763) (14) - - (777) Other assets 3 839 (2 448) - - 1 391 Losses carried forward (35 136) 35 101 - (35 000) Total 68 528 (9 986) 6 747 - 65 290 Changes recognised in statement of pro\ufb01t or loss Changes recognised in other comprehen- sive income Changes from business combinations 2021 Restated NOK in thousands 1 January 2021 31 December 2021 Fixed assets/intangible assets 142 043 (38 985) (1 002) - 102 056 Receivables (7 635) 2 386 - - (5 249) Pension liabilities (24 382) (1 220) 4 958 - (20 644) Cost to obtain contracts 29 655 14 052 - - 43 707 Provisions for onerous contracts - (8 541) - - (8 541) Other current liabilities (10 538) 9 360 - - (1 179) Derivative \ufb01nancial instruments (794) 11 355 (20 123) - (9 563) Leasing liabilities (676) (87) - - (763) Other assets 4 725 (886) - - 3 839 Losses carried forward (44 045) 6 685 2 224 - (35 136) Total 88 351 (5 880) (13 943) - 68 528 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"f9302": {
"value": "Note 1 Accounting policies Deferred tax Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and liabilities in the \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable tem- porary di\ufb00erences and deferred tax assets are recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can be utilised. Such assets and liabilities are not recognised if the temporary di\ufb00erence arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that a\ufb00ects neither the taxable pro\ufb01t nor the accounting pro\ufb01t. Deferred tax liabilities are recognised for taxable temporary di\ufb00erences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the group is able to control the reversal of the temporary di\ufb00erence and it is probable that the temporary di\ufb00erence will not reverse in the foreseeable future. Deferred tax assets arising from deduct- ible temporary di\ufb00erences associated with such investments and interests are only rec- ognised to the extent that it is probable that there will be su\ufb03cient taxable pro\ufb01ts against which to utilise the bene\ufb01ts of the temporary di\ufb00erences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that su\ufb03cient taxable pro\ufb01ts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. The measurement of deferred tax liabilities and assets re\ufb02ects the tax consequences that would follow from the manner in which the Group expects, at the end of the report- ing period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are o\ufb00set when there is a legally enforceable right to set o\ufb00 current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9303": {
"value": "Note 1 Accounting policies Foreign currency translation\u00a0Functional and presentation currency Items included in the \ufb01nancial statements of each of the Group\u2019s entities are presented in the currency of the primary economic environ- ment in which the entity operates (\u2018the func- tional currency\u2019). The consolidated \ufb01nancial statements are presented in Norwegian kroner (NOK), which is Elmera Group ASA\u2019s func- tional and presentation currency. The func- tional currency in all Norwegian subsidiaries in the Group is NOK.\u00a0The functional currency in the subsidiary Switch Nordic Green AB is Swedish kroner (SEK) for its operations in Sweden, and Euro for its branch operating in Finland. Transactions and balances Transactions in currencies other than the enti- ty\u2019s functional currency (foreign currency) are translated into the functional currency using the exchange rates at the dates of the trans- actions. Foreign exchange gains and losses result- ing from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign curren- cies at year end exchange rates are generally recognised in pro\ufb01t or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of pro\ufb01t or loss, within \ufb01nance costs. All other foreign exchange gains and losses are presented in the statement of pro\ufb01t or loss on a net basis within other \ufb01nancial items. Non-monetary items that are measured at fair value in a foreign currency are con- verted to NOK using the exchange rates at the date when the fair value was determined. Translation di\ufb00erences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not subsequently revaluated. Group companies The results and \ufb01nancial position of foreign operations that have a functional currency di\ufb00erent from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each statement of \ufb01nancial position presented are translated at the closing rate at the date of that state- ment of \ufb01nancial position, \u2022 income and expenses for each statement of pro\ufb01t or loss and statement of compre- hensive income are translated at average exchange rates (unless this is not a rea- sonable approximation of the cumulative e\ufb00ect of the rates prevailing on the trans- action dates, in which case income and expenses are translated at the dates of the transactions), and \u2022 all resulting exchange di\ufb00erences are rec- ognised in other comprehensive income and accumulated in a foreign currency translation reserve. Goodwill and fair value adjustments aris- ing on the acquisition of a foreign operation are treated as assets and liabilities of the for- eign operation and translated at the closing rate. Note 12 Other operating expenses and other financial items 12(b) Other \ufb01nancial items, net NOK in thousands 2022 2021 Foreign exchange gain/(losses) (3 351) (9 561) Other \ufb01nancial expenses (9 311) (9 657) Total other \ufb01nancial items, net (12 660) (19 219) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9304": {
"value": "Note 1 Accounting policies Foreign currency translation\u00a0Functional and presentation currency Items included in the \ufb01nancial statements of each of the Group\u2019s entities are presented in the currency of the primary economic environ- ment in which the entity operates (\u2018the func- tional currency\u2019). The consolidated \ufb01nancial statements are presented in Norwegian kroner (NOK), which is Elmera Group ASA\u2019s func- tional and presentation currency. The func- tional currency in all Norwegian subsidiaries in the Group is NOK.\u00a0The functional currency in the subsidiary Switch Nordic Green AB is Swedish kroner (SEK) for its operations in Sweden, and Euro for its branch operating in Finland. Transactions and balances Transactions in currencies other than the enti- ty\u2019s functional currency (foreign currency) are translated into the functional currency using the exchange rates at the dates of the trans- actions. Foreign exchange gains and losses result- ing from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign curren- cies at year end exchange rates are generally recognised in pro\ufb01t or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of pro\ufb01t or loss, within \ufb01nance costs. All other foreign exchange gains and losses are presented in the statement of pro\ufb01t or loss on a net basis within other \ufb01nancial items. Non-monetary items that are measured at fair value in a foreign currency are con- verted to NOK using the exchange rates at the date when the fair value was determined. Translation di\ufb00erences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not subsequently revaluated. Group companies The results and \ufb01nancial position of foreign operations that have a functional currency di\ufb00erent from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each statement of \ufb01nancial position presented are translated at the closing rate at the date of that state- ment of \ufb01nancial position, \u2022 income and expenses for each statement of pro\ufb01t or loss and statement of compre- hensive income are translated at average exchange rates (unless this is not a rea- sonable approximation of the cumulative e\ufb00ect of the rates prevailing on the trans- action dates, in which case income and expenses are translated at the dates of the transactions), and \u2022 all resulting exchange di\ufb00erences are rec- ognised in other comprehensive income and accumulated in a foreign currency translation reserve. Goodwill and fair value adjustments aris- ing on the acquisition of a foreign operation are treated as assets and liabilities of the for- eign operation and translated at the closing rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9305": {
"value": "Note 1 Accounting policies Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. Note 7 Financial assets and financial liabilities 7(c) Credit facilities NOK in thousands Effective interest rate 2022 2021 Term loan NIBOR 3 months + 1,30 % 726 175 819 875 Revolving credit facility NIBOR 3 months + 1,30 % 275 000 Total principal amounts 1 001 175 819 875 Credit facilities agreement Elmera Group\u2019s facilities agreement with DNB includes the following credit facilities; - a NOKt 1 000 000 term loan - the acquisition facility - a NOKt 500 000 revolving credit facility - a NOKt 2 250 000 guarantee facility - a NOKt 1 300 000 overdraft facility The termination date of the term loan facility, the revolving credit facility, and the guarantee facility is in September 2024. In Q4 2022 the interest rate margin on the term loan facility and the revolving credit facility was decreased from 1,75% to 1,30%. The term loan - NOKt 1 000 000 - The acquisition facility Each term loan drawn upon the facility is to be repaid in quarterly repayments of 2,5 % of the original amount of the term loan, with the remainder being repaid in full on the termination date. The reference interest rate is NIBOR. NOKt 460 000 was drawn upon this facility in September 2020, in order to repay a former term loan, and to partly \ufb01nance the aquisition of Innlandskraft AS. In November 2020 additional NOKt 477 000 was drawn upon the facility in order to partly \ufb01nance the aquisition of Troms Kraft Str\u00f8m AS. The term loan principals are being repaid in quarterly instalments of total NOKt 23 425. The \ufb01rst quarterly instalment was repaid in December 2020. At 31 December 2022 the remaining term loan principal balance is NOKt 726 175. The loan instalments of NOKt 93 700 that are due the next twelve months have been reclassi\ufb01ed from interest-bearing long term debt to interest-bearing short term debt, which is included in other current liabilities in the statement of \ufb01nancial position. The revolving credit facility - NOKt 500 000 - The RCF The revolving credit facility is available up until one month before the termination date. Any drawings for the purpose of \ufb01nancing permitted acquisitions shall be converted into term loan drawings with the same repayment pro\ufb01le as the acquisition facility, and amounts so converted shall not be available for re-drawing. The Group drew NOKt 150 000 on this facility in Q1 2022, and another NOKt 125 000 in Q2 2022. The revolving credit facility is classi\ufb01ed as interest-bearing short term debt in the statement of \ufb01nancial position. The guarantee facility - NOKt 2 250 000 The purpose of the guarantee facility is the issuance of guarantees and letters of credit for the general corporate and working capital purpose of the group, here- under gurantees related to re-invoicing agreements with grid owners, property rental agreements and so on. At 31 December 2022 guarantees of total NOKt 2 040 442 are issued under the guarantee facility. The overdraft facility - NOKt 1 300 000 The overdraft facility has been renewed and is available one year from September 2022. The overdraft facility was increased from NOKt 1 000 000 to NOKt 1 300 000 in Q3 2022. At 31 December 2022 the Group has drawn NOKt 534 112 on the overdraft facility. Security The Group\u2019s trade receivables has been pledged as security for all credit facilities under the facilities agreement. See note 24. Financial covenant Under the credit facility, there is a leverage covenant that applies at all times, and which shall be calculated quarterly based on consolidated numbers. A leverage ratio is to be calculated as total long term interest bearing debt (term loan) deducted free cash to rolling 12 month EBITDA adjusted. The leverage ratio shall not exceed: - more than 2,5 in respect of more than one quarter-end during any \ufb01nancial year, and - more than 2,0 in respect of the remaining three quarter-ends during any such \ufb01nancial year. The Group is in compliance with the covenant at the end of this reporting period. Liabilities from \ufb01nancing activities NOK in thousands Interest-bearing long term debt* Interest-bearing short term debt* Lease liability Overdraft facilities Total Balance at 1 January 2021 906 508 - 84 808 29 400 1 020 716 Cash \ufb02ows (93 700) - (19 095) (29 400) (142 195) New leases - - 20 769 - 20 769 Foreign exchange adjustments - - (167) - (167) Other changes 901 - - - 901 Balance at 31 December 2021 813 709 - 86 314 - 900 023 Balance at 1 January 2022 813 709 - 86 314 - 900 023 Cash \ufb02ows (93 700) 275 000 (20 245) 534 112 695 167 New leases - - 3 638 - 3 638 Foreign exchange adjustments - - 54 - 54 Other changes 2 860 - - - 2 860 Balance at 31 December 2021 722 869 275 000 69 761 534 112 1 601 741 * Includes instalments on term loans due within 12 months (NOKt 93 700), which are presented as part of Other current liabilities in the statement of \ufb01nancial posi- tion, see note 19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f9306": {
"value": "Note 1 Accounting policies Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9307": {
"value": "Note 1 Accounting policies Basis of measurement The consolidated \ufb01nancial statements have been prepared under the historical cost con- vention, except for \ufb01nancial assets recog- nised at fair value through pro\ufb01t or loss, fair value through other comprehensive income, derivative \ufb01nancial instruments and de\ufb01ned bene\ufb01t pension plans, which are measured at fair value. The preparation of consolidated \ufb01nancial statements in conformity with IFRS requires the use of certain critical account- ing estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving higher degree of judgement or complexity, or areas where the assumptions and estimates are signi\ufb01cant to the consol- idated \ufb01nancial statements are disclosed in note 2.\u00a0Note 4 Segment information 2022 NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 13 122 968 11 095 287 2 228 015 26 446 270 360 006 26 806 277 Direct cost of sales adjusted (12 215 674) (10 535 045) (2 100 425) (24 851 144) (244 130) (25 095 275) Net revenue adjusted 907 294 560 242 127 590 1 595 126 115 876 1 711 002 Personnel and other operating expenses adjusted (565 940) (209 153) (114 243) (889 336) (103 979) (993 315) Depreciation and amortisation adjusted (175 347) (28 983) (47 712) (252 042) (5 591) (257 633) Total operating expenses adjusted (741 287) (238 136) (161 955) (1 141 378) (109 570) (1 250 948) Operating pro\ufb01t adjusted 166 007 322 106 (34 365) 453 748 6 306 460 054 Acquisition related costs - Other one- o\ufb00 items (2 660) Depreciation of acquisitions * (132 323) Estimate deviations (4 472) Unrealised gains and losses on derivatives (47 791) Change in provisions for onerous contracts 39 256 Impairment of intangible assets and cost to obtain contracts (39 282) Operating pro\ufb01t (EBIT) 272 781 *Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. NOK in thousands 2022 Tr\u00f8nderEnergi Marked acquisition (5 761) Oppdal Everk Kraftomsetning acquisition (1 702) Vester\u00e5lskraft Str\u00f8m acquisition (1 492) Innlandskraft acquisition (83 343) Troms Kraft Str\u00f8m acquisition (32 572) Other customer acquisitions (7 453) Depreciation of acquisitions (132 323) 2021 Restated NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 7 802 881 5 257 664 1 773 888 14 834 434 365 732 15 200 165 Direct cost of sales adjusted (6 691 380) (4 788 340) (1 710 899) (13 190 618) (285 170) (13 475 788) Net revenue adjusted 1 111 502 469 324 62 989 1 643 815 80 562 1 724 378 Personnel and other operating expenses adjusted (586 248) (159 441) (70 661) (816 349) (83 634) (899 993) Depreciation and amortisation adjusted (164 206) (27 213) (17 931) (209 350) (5 105) (214 455) Total operating expenses adjusted (750 454) (186 654) (88 592) (1 025 699) (88 740) (1 114 448) Operating pro\ufb01t adjusted 361 048 282 671 (25 603) 618 116 (8 177) 609 930 Acquisition related costs (1 034) Other one- o\ufb00 items 3 387 Unallocated revised net revenue (64 169) Depreciation of acquisitions * (188 629) Estimate deviations 11 515 Unrealised gains and losses on derivatives 1 066 055 Change in provisions for onerous contracts (1 019 479) Impairment of intangible assets (9 762) Operating pro\ufb01t (EBIT) 407 814 NOK in thousands 2021 Tr\u00f8nderEnergi Marked acquisition (10 434) Oppdal Everk Kraftomsetning acquisition (2 289) Vester\u00e5lskraft Str\u00f8m acquisition (1 936) Innlandskraft acquisition (128 650) Troms Kraft Str\u00f8m acquisition (42 031) Other customer acquisitions (3 289) Depreciation of acquisitions (188 629) * Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. Note 6 Direct cost of sales NOK in thousands 2022 2021 Restated Purchase of electrical power and el certi\ufb01cates 24 804 557 13 165 847 Other direct cost of sales 295 188 297 885 Change in provisions for onerous contracts (39 256) 1 019 479 Unrealised gains and losses on derivative hedge contracts (1 236 970) (1 126 064) Total direct cost of sales 23 823 519 13 357 147 Note 7 Financial assets and financial liabilities Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). 7(a) Trade receivables and Other non-current financial assets During the year, the following gains/(losses) were recognised in pro\ufb01t or loss in other expenses in relation to impaired receivables: NOK in thousands 2022 2021 Receivables written o\ufb00 39 518 53 846 Movement in provision for impairment 4 403 (59 543) Received payment on previously written o\ufb00 receiavbles (3 663) (16 651) Net impairment expense recognised on trade receivables 40 258 (22 348) Note 11 Personnel expenses NOK in thousands 2022 2021 Salaries 322 878 313 959 Social security 44 091 44 338 Pension expenses 40 298 41 678 Other bene\ufb01ts 14 870 11 084 Gross personnel expenses 422 137 411 060 - Capitalised R&D costs (1 109) (1 937) Total personnel expenses 421 029 409 123 Number of full-time equivalents (FTEs) as of 31 December 412 475 For information regarding pension schemes please refer to note 18. For information regarding management option program please refer to note 27. For information regarding remuneration to executive management and Board of Directors please refer to note 23. Note 12 Other operating expenses and other financial items 12(a) Other operating expenses Other operating expenses NOK in thousands 2022 2021 Sales and marketing costs 135 526 129 938 IT cost 134 331 103 307 Purchase of third- party services and external personnel 107 011 104 448 Net impairment expense on trade receivables and other losses 35 317 (21 113) Professional fees * 93 184 113 995 Other operating costs 69 577 57 941 Total other operating expenses 574 946 488 517 * Includes legal fees, auditor, consultants Auditor\u2019s remuneration NOK in thousands 2022 2021 Statutory audit - Deloitte 3 884 4 149 Other assurance services - Deloitte 618 623 Other non-assurance services - Deloitte 235 - Total 4 736 4 773 12(b) Other \ufb01nancial items, net NOK in thousands 2022 2021 Foreign exchange gain/(losses) (3 351) (9 561) Other \ufb01nancial expenses (9 311) (9 657) Total other \ufb01nancial items, net (12 660) (19 219) 2022 NOK in thousands Fixtures and equipment Computer equipment Construction in progress Total Accumulated cost 1 January 2022 18 653 27 260 33 45 946 Additions 675 2 593 57 3 325 Currency translation di\ufb00erence (15) (40) - (55) Accumulated cost 31 December 2022 19 313 29 813 90 49 216 Accumulated depreciation 1 January 2022 (11 996) (25 852) - (37 848) Depreciation for the year (2 240) (954) - (3 194) Currency translation di\ufb00erence 10 15 - 25 Accumulated depreciation 31 December 2022 (14 226) (26 790) - (41 017) Carrying amount 31 December 2022 5 087 3 023 90 8 198 2021 NOK in thousands Fixtures and equipment Computer equipment Construction in progress Total Accumulated cost 1 January 2021 16 830 26 613 - 43 443 Additions 70 738 1 917 2 725 Transferred from construction in progress 1 885 - (1 885) - Currency translation di\ufb00erence (131) (91) - (222) Accumulated cost 31 December 2021 18 653 27 260 33 45 946 Accumulated depreciation 1 January 2021 (9 846) (25 187) - (35 034) Depreciation for the year (2 164) (678) - (2 842) Currency translation di\ufb00erence 15 13 - 28 Accumulated depreciation 31 December 2021 (11 996) (25 852) - (37 848) Carrying amount 31 December 2021 6 658 1 408 33 8 098 Useful life 8 years (or lease term if shorter) 3 years Depreciation method Straight line Straight line The Group has no stranded assets. Note 15 Property, plant and equipment Note 16 Intangible assets Non-current intangible assets 2022 NOK in thousands Software and development projects Construction in progress Customer portfolios Fixed price customer contracts** Other intangible assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-current intangible assets Accumulated cost 1 January 2022 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Additions - Purchase 8 910 32 439 4 - - 41 353 - 41 353 Additions - Internally generated 858 105 - - - 963 - 963 Transferred from construction in progress 28 294 (28 294) - - - - - - Government grants (1 308) - - - - (1 308) - (1 308) Currency translation di\ufb00erences 136 (143) 3 446 3 901 281 7 621 (675) 6 946 Accumulated cost 31 December 2022 382 472 9 446 799 668 233 569 145 888 1 571 044 1 418 775 2 989 819 Accumulated depreciation 1 January 2022 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Depreciation for the year (47 861) - (123 977) - (8 726) (180 565) - (180 565) Currency translation di\ufb00erences (131) - (337) (847) - (1 315) - (1 315) Accumulated depreciation 31 December 2022 (269 527) - (445 660) (50 688) (41 240) (807 116) - (807 117) Accumulated impairment 1 January 2022 (22 724) - - (179 826) - (202 550) - (202 550) Impairment for the year - - - - - - - - Currency translation di\ufb00erences - - - (3 054) - (3 054) - (3 054) Accumulated impairment 31 December 2022 (22 724) - - (182 881) - (205 604) - (205 604) Carrying amount 31 December 2022 90 221 9 446 354 007 - 104 648 558 324 1 418 775 1 977 100 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. 2021 NOK in thousands Software and development projects Construction in progress Customer portfolios**** Fixed price customer contracts** Other intangi- ble assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-cur- rent intangible assets Accumulated cost 1 January 2021 297 473 9 063 770 256 243 640 147 531 1 467 963 1 442 849 2 910 813 Additions - Purchase 889 41 655 38 784 - - 81 328 - 81 328 Additions - Internally generated 1 811 86 - - - 1 897 - 1 897 Additions from business combinations*** - - - - - - (4 802) (4 802) Transferred from construction in progress 45 456 (45 456) - - - - - - Currency translation di\ufb00erences (47) (8) (12 823) (13 972) (1 924) (28 773) (18 596) (47 369) Accumulated cost 31 December 2021 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Accumulated depreciation 1 January 2021 (176 096) - (149 408) (52 761) (17 383) (395 648) - (395 648) Depreciation for the year (45 401) - (173 251) - (15 131) (233 783) - (233 783) Currency translation di\ufb00erences (37) - 1 312 2 919 - 4 195 - 4 195 Accumulated depreciation 31 December 2021 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Accumulated impairment 1 January 2021 (22 724) - - (180 026) - (202 750) - (202 750) Impairment for the year - - - (9 762) - (9 762) (9 762) Currency translation di\ufb00erences - - - 9 961 - 9 961 9 961 Accumulated impairment 31 December 2021 (22 724) - - (179 826) - (202 550) - (202 550) Carrying amount 31 December 2021 101 324 5 339 474 873 0 113 093 694 630 1 419 451 2 114 081 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. *** The changes to Goodwill included in Additions from business combinations are adjustments to the goodwill recognised when the group acquired Innlandskraft AS and Troms Kraft Str\u00f8m AS in 2020. These changes are mainly caused by adjustments to the \ufb01nal purchase consideration. **** Of total additions of customer portfolios, NOKt 37 348 relates to the acquisition of Skymobil AS\u2019 portfolio of mobile customers. The amount comprises the purchase price for the portfolio and directly attributable costs. Research and development Development projects focus on preparing the company for future changes in the framework conditions, streamlining processes and future growth. The work mainly concerns customer-related system projects. Of total R&D expenditure of NOKt 60 128, NOKt 19 124 has been expensed as other operating expenses and NOKt 41 004 has been recognized as R&D assets. It is expected that future earnings of ongoing R&D will correspond to expenses incurred. Note 18 Pension liabilities Amounts recognised in statement of pro\ufb01t or loss: 2022 NOK in thousands Funded obligations Non-funded obligations Total Accrued pension entitlement for the year 1 404 3 769 5 173 Payroll tax (PT) 197 531 728 Net interest expense / (income) 4 554 1 215 5 769 Expected return on plan assets (4 355) - (4 355) Expenses paid 31 - 31 Members' contribution (168) - (168) Total amount recognised in pro\ufb01t or loss 1 664 5 515 7 179 2021 NOK in thousands Funded obligations Non-funded obligations Total Accrued pension entitlement for the year 3 626 3 577 7 203 Payroll tax (PT) 568 509 1 077 Net interest expense / (income) 5 175 960 6 135 Expected return on plan assets (4 605) - (4 605) Expenses paid 187 - 187 Members' contribution (200) - (200) Total amount recognised in pro\ufb01t or loss 4 751 5 046 9 797 Note 19 Onerous contract provisions Financial statement impact of unrealised gains/losses: The Group\u2019s portfolios of \ufb01xed price customer contracts and the corresponding portfolios of derivative hedge contracts resulted in the following unrealised e\ufb00ects recognised in the statement of pro\ufb01t or loss: NOK in thousands Note 2022 2021 Restated Impairment and provisions for onerous contracts: Change in provisions for onerous contracts 39 256 (1 019 479) Depreciation of intangible assets - Fixed price customer contracts 16 - - Impairment of intangible assets - Fixed price customer contracts 16 - (9 762) Impairment of cost to obtain contracts (39 282) - Total depreciation, impairment and provisions for onerous contracts: (26) (1 029 241) Unrealised gains and losses on derivatives related to \ufb01xed price customer contracts (6 439) 1 029 510 Net unrealised gain/loss recognised in statement of pro\ufb01t or loss (6 465) 269 As a result of increased forward market prices of electrical power in 2020 and 2021, indicators of impairment was identi\ufb01ed, and impairment charges were rec- ognised to the \ufb01xed price customer contracts recognised as intangible assets in the statement of \ufb01nancial position. As these intangible assets were fully impaired in 2021, there has been no further depreciation or impairment charges in 2022. Change in provisions for onerous contracts includes both release of provisions for (parts of) contracts which have been delivered in the period, and change in provisions for new and remaining contracts. Forward market prices has increased signi\ufb01cantly in 2022. The volume of \ufb01xed price power contracts have decreased however, due to a movement towards spot based products for new customers and existing \ufb01xed price customer contracts being delivered. In total, these e\ufb00ects has lead to a slight decrease in provisions for onerous contracts and the unrealised gains on the corresponding portfolios of derivative hedge contracts. Market conditions in 2022, with high and volatile power prices, has lead to high pro\ufb01le costs. Expectations of high pro\ufb01le costs going forward causes negative estimated margins on some \ufb01xed price customer contracts in the Nordic segment, leading to a corresponding impairment of the cost to obtain these contracts. The net impact in the statement of pro\ufb01t or loss, which is an unrealised net loss in 2022 of NOKt 6 465 (2021: NOKt 269 net gain) is mainly caused by (negative) margins in the customer contracts and imbalance between the portfolios of customer contracts, and the corresponding portfolios of derivative hedge contracts. Change in provision for onerous contracts and unrealised gains and losses on derivatives related to \ufb01xed price customer contracts are both presented as Direct cost of sales in the statement of pro\ufb01t or loss, while impairment of cost to obtain contracts is presented on a separate line. Note 22 Related party transactions Expenses to related parties (NOK in thousands) Related party Relation Purpose of transactions 2022 2021 Eviny AS and subsidiaries Major shareholder Purchase of electrical power - 6 588 Eviny AS and subsidiaries Major shareholder Purchase of other services - 12 726 Metzum AS Associated company Purchase of other services 38 500 38 743 Atea AS Other* Purchase of products and other services 9 922 8 853 Other services consists of payroll expenses, IT, o\ufb03ce expenses and customer service. Purchase of assets (NOK in thousands) Related party Relation Purpose of transactions 2022 2021 Eviny AS and subsidiaries Major shareholder Purchase of customer portfolio - 181 Metzum AS Associated company Research and development 2 666 8 284 Atea AS Other* Products and development 481 4 077 Current liabilities to related parties (NOK in thousands) Related party Relation 31 December 2022 31 December 2021 Metzum AS Associated company Research and development 959 1 411 Atea AS Other* Products and development 138 1 956 * The chairman of the Board of Directors in Elmera Group ASA is the CEO of Atea ASA. Note 25 IFRS 16 Leases Amounts recognised in the statement of pro\ufb01t or loss The statement of pro\ufb01t or loss shows the following amounts relating to leases: NOK in thousands 2022 2021 Depreciation right-of-use assets Property 19 250 18 596 Equipment 333 333 Cars 720 757 Total 20 303 19 687 Interest expense lease liability 1 934 2 374 Expenses relating to short-term leases 1 400 1 678 Expenses relating to leases of low-value 1 320 136 The total cash out\ufb02ow for leases in 2022 was NOKt 24 824 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9308": {
"value": "Note 1 Accounting policies Basis of measurement The consolidated \ufb01nancial statements have been prepared under the historical cost con- vention, except for \ufb01nancial assets recog- nised at fair value through pro\ufb01t or loss, fair value through other comprehensive income, derivative \ufb01nancial instruments and de\ufb01ned bene\ufb01t pension plans, which are measured at fair value. The preparation of consolidated \ufb01nancial statements in conformity with IFRS requires the use of certain critical account- ing estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving higher degree of judgement or complexity, or areas where the assumptions and estimates are signi\ufb01cant to the consol- idated \ufb01nancial statements are disclosed in note 2.\u00a0",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9309": {
"value": "Note 1 Accounting policies Dividends Provision is made for the amount of any divi- dend declared, appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. Note 14 Earnings per share Earnings per share is calculated as pro\ufb01t/loss allocated to shareholders for the year divided by the weighted average number of outstanding shares. Basic earnings per share 2022 2021 Restated Pro\ufb01t/(loss) attributable to equity holders of the company (NOK in thousands) 73 847 257 029 Total comprehensive income attributable to equity holders of the company (NOK in thousands) 92 911 146 686 Weighted average number of ordinary shares outstanding 110 833 229 114 291 767 Earnings per share in NOK 0,67 2,25 Total comprehensive income per share in NOK 0,84 1,28 Share options (see note 27) 1 710 000 1 500 000 Diluted earnings per share in NOK 0,66 2,22 Dividend per share in NOK 3,50 3,50 Note 29 Events after the reporting period The Board of Directors has in the Board Meeting on 15 February 2023 proposed a dividend to the shareholders of NOK 1.50 per share. The proposed dividend is subject to approval by the general meeting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9310": {
"value": "Note 1 Accounting policies Dividends Provision is made for the amount of any divi- dend declared, appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9311": {
"value": "Note 1 Accounting policies Joint ventures and associates The Group\u2019s investments in joint ventures and associates are accounted for by using the equity method of accounting. Under this method, the investment is initially recognized at cost. Goodwill relating the associate or joint venture is included in the carrying amount of the investment and not tested for impairment individually. The income statement re\ufb02ects the Group\u2019s share of the net result after tax of the associate or joint venture. Any depreciation or amortization of the Group\u2019s excess values are included in the net result from the joint ventures. Any change in other comprehen- sive income of the associate or joint venture is presented separately in the Group\u2019s other comprehensive income. The \ufb01nancial statements of the associate or joint venture are prepared for the same report- ing period as the Group. When necessary, adjustments are made to bring the accounting principles in line with those of the Group. The Group determines whether it is neces- sary to recognize an impairment loss on its investments in joint ventures or associates. At each reporting date, the Group determines whether there is objective evidence that the investments are impaired. If there is such evidence, the Group calculates the amount of impairment as the di\ufb00erence between the recoverable amount and the carrying amount of the investment. Any impairment loss is recognized as \u2018share of pro\ufb01t or loss from joint venture and associates\u2019. The recovera- ble amount is the higher of value in use and fair value less cost to sell. The entire carry- ing amount of the investments are tested for impairment as one single asset. Note 28 Investments in associates and joint ventures On 6 January 2020 Elmera Group and Rieber & S\u00f8n AS bought shares in Metzum AS. Each company bought 40% of the shares, the remaining 20% is owned by employees in Metzum. The purchase price for Elmera Group\u2019s shares was NOKt 10 000, which corresponded to the book value of the acquired equity. As such, no excess value or Goodwill was identi\ufb01ed from the acquisition. The share of pro\ufb01t and loss and \ufb01nancial position from investments in associates and joint ventures are recognised based on the equity method in the \ufb01nancial statements. The table below presents the Group\u2019s share of equity and pro\ufb01t from associated companies: NOK in thousands Location Ownership/ voting right Equity 2022 (40%) Pro\ufb01t 2022 (40%) Book value Metzum AS Dale, Norway 40 % 14 234 429 14 234 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9312": {
"value": "Note 1 Accounting policies Joint ventures and associates The Group\u2019s investments in joint ventures and associates are accounted for by using the equity method of accounting. Under this method, the investment is initially recognized at cost. Goodwill relating the associate or joint venture is included in the carrying amount of the investment and not tested for impairment individually. The income statement re\ufb02ects the Group\u2019s share of the net result after tax of the associate or joint venture. Any depreciation or amortization of the Group\u2019s excess values are included in the net result from the joint ventures. Any change in other comprehen- sive income of the associate or joint venture is presented separately in the Group\u2019s other comprehensive income. The \ufb01nancial statements of the associate or joint venture are prepared for the same report- ing period as the Group. When necessary, adjustments are made to bring the accounting principles in line with those of the Group. The Group determines whether it is neces- sary to recognize an impairment loss on its investments in joint ventures or associates. At each reporting date, the Group determines whether there is objective evidence that the investments are impaired. If there is such evidence, the Group calculates the amount of impairment as the di\ufb00erence between the recoverable amount and the carrying amount of the investment. Any impairment loss is recognized as \u2018share of pro\ufb01t or loss from joint venture and associates\u2019. The recovera- ble amount is the higher of value in use and fair value less cost to sell. The entire carry- ing amount of the investments are tested for impairment as one single asset. Note 28 Investments in associates and joint ventures On 6 January 2020 Elmera Group and Rieber & S\u00f8n AS bought shares in Metzum AS. Each company bought 40% of the shares, the remaining 20% is owned by employees in Metzum. The purchase price for Elmera Group\u2019s shares was NOKt 10 000, which corresponded to the book value of the acquired equity. As such, no excess value or Goodwill was identi\ufb01ed from the acquisition. The share of pro\ufb01t and loss and \ufb01nancial position from investments in associates and joint ventures are recognised based on the equity method in the \ufb01nancial statements. The table below presents the Group\u2019s share of equity and pro\ufb01t from associated companies: NOK in thousands Location Ownership/ voting right Equity 2022 (40%) Pro\ufb01t 2022 (40%) Book value Metzum AS Dale, Norway 40 % 14 234 429 14 234 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9313": {
"value": "Note 1 Accounting policies Joint ventures and associates The Group\u2019s investments in joint ventures and associates are accounted for by using the equity method of accounting. Under this method, the investment is initially recognized at cost. Goodwill relating the associate or joint venture is included in the carrying amount of the investment and not tested for impairment individually. The income statement re\ufb02ects the Group\u2019s share of the net result after tax of the associate or joint venture. Any depreciation or amortization of the Group\u2019s excess values are included in the net result from the joint ventures. Any change in other comprehen- sive income of the associate or joint venture is presented separately in the Group\u2019s other comprehensive income. The \ufb01nancial statements of the associate or joint venture are prepared for the same report- ing period as the Group. When necessary, adjustments are made to bring the accounting principles in line with those of the Group. The Group determines whether it is neces- sary to recognize an impairment loss on its investments in joint ventures or associates. At each reporting date, the Group determines whether there is objective evidence that the investments are impaired. If there is such evidence, the Group calculates the amount of impairment as the di\ufb00erence between the recoverable amount and the carrying amount of the investment. Any impairment loss is recognized as \u2018share of pro\ufb01t or loss from joint venture and associates\u2019. The recovera- ble amount is the higher of value in use and fair value less cost to sell. The entire carry- ing amount of the investments are tested for impairment as one single asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9314": {
"value": "Note 1 Accounting policies Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is proba- ble that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncer- tainties surrounding the obligation. Where a provision is measured using the cash \ufb02ows estimated to settle the present obligation, its carrying amount is the present value of those cash \ufb02ows (when the e\ufb00ect of the time value of money is material). When some or all of the economic bene\ufb01ts required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually cer- tain that reimbursement will be received and the amount of the receivable can be meas- ured reliably. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic bene\ufb01ts expected to be received under it. Onerous contract provisions are presented as non-current in the statement of \ufb01nancial position when the onerous con- tracts are not intended to be settled within 12 months of the reporting date. Provision for El-certi\ufb01cate cancellation liability The Group\u2019s electricity retailer operations in Norway and Sweden are subject to the Norwegian-Swedish El-certi\ufb01cate scheme, which requires the group to purchase and cancel a \ufb01xed annual quota of El-certi\ufb01cates for every MWh of power sold to end users in Norway and Sweden. The annual quotas are determined by the Norwegian and Swedish governments before the relevant year starts. All el-certi\ufb01cates nec- essary to meet the Group\u2019s certi\ufb01cate obliga- tion are either purchased in the spot market, or by entering into forward contracts. Provisions for the el-certi\ufb01cate cancella- tion liabilities are estimated based on actual delivered volume required to be covered by el-certi\ufb01cates. The Group accounts for these provisions using the net liability approach. There is no specific guidance on such schemes under IFRS; however, the net lia- bility approach is one of the commonly used approaches adopted. Hence, the part of the cancellation liability that is covered by the Group\u2019s holdings of el-certi\ufb01cates is meas- ured at the cost of acquired el-certi\ufb01cates, the part covered by forward contracts is meas- ured at contractual price of el-certi\ufb01cates, while any liability in excess of those amounts is recognised at fair value of the el-certi\ufb01cates that are required to be purchased\u00a0(applicable when level of el-certi\ufb01cates acquired directly or through forward contracts are not su\ufb03cient to o\ufb00set estimated number of certi\ufb01cates to be handed over to the government). The cancellation liability is presented within other current liabilities and any el-certi\ufb01cates on hand at year end are presented as part of Intangible assets. The corresponding cost is recorded as part of Direct cost of sales as it is considered an incremental cost of power purchased. Note 19 Onerous contract provisions Fixed price customer contracts The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user customers where the volume is not \ufb01xed, mainly in the Nordic segment. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. Portfolios of Fixed price customer contracts acquired as part of business combi- nations are however recognised as intangible assets (refer note 16), and depreciated systematically over the contract lengths using a pattern that re\ufb02ect how the acquisition value of the contracts are distributed over the remaining length of the contracts (up to \ufb01ve years) (cost model in IAS 38). Fixed price customer contracts, not acquired through a business combination, are not recognised in the statement of \ufb01nancial position, unless the contracts are identi\ufb01ed as onerous contracts. Fixed price customer contracts are assessed as onerous contracts if the estimated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the costumers. The price risk related to \ufb01xed price customer contracts are hedged with portfolios of electricity derivatives which are recognised as derivative \ufb01nancial instru- ments and measured at fair value through pro\ufb01t and loss. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are not taken into consideration when estimating the contracts\u2019 unavoidable costs as hedge accounting is not applied. The Group has recognised the following provisions for onerous contracts: NOK in thousands 31 December 2022 31 December 2021 Restated Onerous contract provisions - Non-current 784 239 337 135 Onerous contract provisions - Current 285 336 751 893 Onerous contract provisions - Total 1 069 575 1 089 027 When the onerous contracts are intended to be settled within 12 months of the reporting date, the provisions are presented as current. The di\ufb00erence between the change in onerous contracts provisions in the statement of \ufb01nancial position and the corresponding amount recognised in the state- ment of pro\ufb01t or loss (see table below) is due to currency translation di\ufb00erences. The following table shows the movement in provisions for onerous contracts: NOK in thousands 2022 2021 Restated Opening balance 1 January 1 089 027 78 515 Release of provisions (1 018 751) (74 778) New and changed provisions 1 019 102 1 088 790 Currency translation di\ufb00erence (19 804) (3 500) Closing balance 31 December 1 069 575 1 089 027 Financial statement impact of unrealised gains/losses: The Group\u2019s portfolios of \ufb01xed price customer contracts and the corresponding portfolios of derivative hedge contracts resulted in the following unrealised e\ufb00ects recognised in the statement of pro\ufb01t or loss: NOK in thousands Note 2022 2021 Restated Impairment and provisions for onerous contracts: Change in provisions for onerous contracts 39 256 (1 019 479) Depreciation of intangible assets - Fixed price customer contracts 16 - - Impairment of intangible assets - Fixed price customer contracts 16 - (9 762) Impairment of cost to obtain contracts (39 282) - Total depreciation, impairment and provisions for onerous contracts: (26) (1 029 241) Unrealised gains and losses on derivatives related to \ufb01xed price customer contracts (6 439) 1 029 510 Net unrealised gain/loss recognised in statement of pro\ufb01t or loss (6 465) 269 As a result of increased forward market prices of electrical power in 2020 and 2021, indicators of impairment was identi\ufb01ed, and impairment charges were rec- ognised to the \ufb01xed price customer contracts recognised as intangible assets in the statement of \ufb01nancial position. As these intangible assets were fully impaired in 2021, there has been no further depreciation or impairment charges in 2022. Change in provisions for onerous contracts includes both release of provisions for (parts of) contracts which have been delivered in the period, and change in provisions for new and remaining contracts. Forward market prices has increased signi\ufb01cantly in 2022. The volume of \ufb01xed price power contracts have decreased however, due to a movement towards spot based products for new customers and existing \ufb01xed price customer contracts being delivered. In total, these e\ufb00ects has lead to a slight decrease in provisions for onerous contracts and the unrealised gains on the corresponding portfolios of derivative hedge contracts. Market conditions in 2022, with high and volatile power prices, has lead to high pro\ufb01le costs. Expectations of high pro\ufb01le costs going forward causes negative estimated margins on some \ufb01xed price customer contracts in the Nordic segment, leading to a corresponding impairment of the cost to obtain these contracts. The net impact in the statement of pro\ufb01t or loss, which is an unrealised net loss in 2022 of NOKt 6 465 (2021: NOKt 269 net gain) is mainly caused by (negative) margins in the customer contracts and imbalance between the portfolios of customer contracts, and the corresponding portfolios of derivative hedge contracts. Change in provision for onerous contracts and unrealised gains and losses on derivatives related to \ufb01xed price customer contracts are both presented as Direct cost of sales in the statement of pro\ufb01t or loss, while impairment of cost to obtain contracts is presented on a separate line. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9315": {
"value": "Note 1 Accounting policies Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is proba- ble that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncer- tainties surrounding the obligation. Where a provision is measured using the cash \ufb02ows estimated to settle the present obligation, its carrying amount is the present value of those cash \ufb02ows (when the e\ufb00ect of the time value of money is material). When some or all of the economic bene\ufb01ts required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually cer- tain that reimbursement will be received and the amount of the receivable can be meas- ured reliably. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as provisions. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic bene\ufb01ts expected to be received under it. Onerous contract provisions are presented as non-current in the statement of \ufb01nancial position when the onerous con- tracts are not intended to be settled within 12 months of the reporting date. Provision for El-certi\ufb01cate cancellation liability The Group\u2019s electricity retailer operations in Norway and Sweden are subject to the Norwegian-Swedish El-certi\ufb01cate scheme, which requires the group to purchase and cancel a \ufb01xed annual quota of El-certi\ufb01cates for every MWh of power sold to end users in Norway and Sweden. The annual quotas are determined by the Norwegian and Swedish governments before the relevant year starts. All el-certi\ufb01cates nec- essary to meet the Group\u2019s certi\ufb01cate obliga- tion are either purchased in the spot market, or by entering into forward contracts. Provisions for the el-certi\ufb01cate cancella- tion liabilities are estimated based on actual delivered volume required to be covered by el-certi\ufb01cates. The Group accounts for these provisions using the net liability approach. There is no specific guidance on such schemes under IFRS; however, the net lia- bility approach is one of the commonly used approaches adopted. Hence, the part of the cancellation liability that is covered by the Group\u2019s holdings of el-certi\ufb01cates is meas- ured at the cost of acquired el-certi\ufb01cates, the part covered by forward contracts is meas- ured at contractual price of el-certi\ufb01cates, while any liability in excess of those amounts is recognised at fair value of the el-certi\ufb01cates that are required to be purchased\u00a0(applicable when level of el-certi\ufb01cates acquired directly or through forward contracts are not su\ufb03cient to o\ufb00set estimated number of certi\ufb01cates to be handed over to the government). The cancellation liability is presented within other current liabilities and any el-certi\ufb01cates on hand at year end are presented as part of Intangible assets. The corresponding cost is recorded as part of Direct cost of sales as it is considered an incremental cost of power purchased. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9316": {
"value": "Note 1 Accounting policies Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9317": {
"value": "Note 1 Accounting policies Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9322": {
"value": "These consolidated \ufb01nancial statements for Elmera Group ASA for the year ended 31 December 2022, was approved by the Board of Directors on 28 March 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9325": {
"value": "Elmera Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9326": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9330": {
"value": "Elmera Group ASANote 22 Related party transactions As at 31 December 2022, the Group\u2019s related parties include Board of Directors and key management. Transactions related to these groups are disclosed in note 23. The Board of Directors previously included a representative from former major shareholder Eviny AS (previous BKK AS). In the general meeting held in the second quarter of 2021, this board member was not re-elected. Eviny AS and subsidiaries were therefore considered to be related parties in the \ufb01rst two quarters of 2021, but not as of 30 June 2021. Pricing of services and transactions between related parties are set on an arm\u2019s length basis in a manner similar to transactions with unrelated third parties. The following transactions were carried out with related parties (NOK in thousands): Income from related parties (NOK in thousands) Related party Relation Purpose of transactions 2022 2021 Eviny AS and subsidiaries Major shareholder Sale of electrical power - 31 131 Sale of electrial power includes in some cases reinvoiced grid rent. Expenses to related parties (NOK in thousands) Related party Relation Purpose of transactions 2022 2021 Eviny AS and subsidiaries Major shareholder Purchase of electrical power - 6 588 Eviny AS and subsidiaries Major shareholder Purchase of other services - 12 726 Metzum AS Associated company Purchase of other services 38 500 38 743 Atea AS Other* Purchase of products and other services 9 922 8 853 Other services consists of payroll expenses, IT, o\ufb03ce expenses and customer service. Purchase of assets (NOK in thousands) Related party Relation Purpose of transactions 2022 2021 Eviny AS and subsidiaries Major shareholder Purchase of customer portfolio - 181 Metzum AS Associated company Research and development 2 666 8 284 Atea AS Other* Products and development 481 4 077 Current liabilities to related parties (NOK in thousands) Related party Relation 31 December 2022 31 December 2021 Metzum AS Associated company Research and development 959 1 411 Atea AS Other* Products and development 138 1 956 * The chairman of the Board of Directors in Elmera Group ASA is the CEO of Atea ASA. Payables to related parties are unsecured and are expected to be settled in cash. Note 23 Remuneration to the Executive management and Board of Directors Executive management 2022: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 311 500* 150 846 4 807 294 Henning Nordgulen (Chief Financial O\ufb03cer)1 660 - 38 86 784 - Roger Finnanger (Head of Business) 1 692 54 100 219 2 065 - Arnstein Flaskerud (Head of Strategy and M&A) 1 934 67 120 430 2 551 - Solfrid K. Aase (Head of Service Companies) 1 612 67 100 354 2 133 - Solfrid Fluge Andersen (Head of Operations) 1 667 67 100 219 2 053 - Per Heiberg-Andersen (Head of Nordic and other end-user companies) 1 662 67 100 173 2 002 - Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS)2 467 50 - 53 570 - Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS)3 995 - 60 127 1 182 - Birte Strander (Chief Financial O\ufb03cer)4 792 54 50 183 1 079 - Jeanne K. Tjomsland (Head of HR, Communications and Sustainability)5 1 021 67 70 237 1 395 - Christian Kalvenes (Head of Consumer)6 592 54 37 68 751 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer)5 1 016 54 70 199 1 339 290 Total remuneration executive management 2022 17 421 1 101 995 3 194 22 711 584 *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. In 2022 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 375 based on the Group\u2019s performance, paid in 2023. Executive management 2021: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 231 1266* 150 724 5 371 354 Birte Strander (Chief Financial O\ufb03cer) 1 743 261 120 392 2 516 - Jeanne K. Tjomsland (Head of HR & Communications) 1 721 261 120 374 2 475 - Arnstein Flaskerud (Head of Strategy and M&A) 1 878 261 120 326 2 585 - Solfrid K. Aase (Head of Service Companies) 1 565 261 100 285 2 210 - Christian Kalvenes (Head of Consumer) 1 565 209 100 170 2 043 - Ole Johan Langenes (Acting Chief Financial O\ufb03cer) 7 644 209 42 71 965 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 1 721 209 120 314 2 363 365 Roger Finnanger (Head of Business) 1 565 261 100 173 2 098 - Solfrid Fluge Andersen (Head of Operations) 1 565 209 100 173 2 046 - Per Heiberg-Andersen (Head of Nordics and other end-user companies) 1 565 170 100 169 2 003 - Total remuneration executive management 2021 18 759 3573 1172 3171 26 674 719 *In 2021 the CEO received a discretionary bonus of NOKt 1 266 based on the Group\u2019s performances in 2020. In 2021 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 500 based on the Group\u2019s performance, paid in 2022. 1) From 1 October 2022 2) From 1 August 2022 3) From 8 August 2022 4) Until 31 May 2022 5) Until 31 July 2022 6) Until 16 May 2022 7) Acting CFO from 1 January 2021 until 31 May 2021 due to maternity leave Remuneration included in the tables is valid for the period from/to the dates stated above. The members of the Board of Directors have received the following remuneration during the year ended 31 December 2022 and 2021: NOK in thousands 2022 2021 Steinar S\u00f8nsteby (Chairman)1 545 461 Per Axel Koch (Chairman)2 - 161 Live Bertha Haukvik (Boardmember) 401 383 Heidi Theresa Ose (Boardmember) 360 396 Tone Wille (Boardmember)1 312 212 Per Oluf Solbraa (Boardmember)1 312 212 Marianne Unhjem (Boardmember, Employee representative)1 108 73 Lindi Bucher Vinsand (Boardmember, Employee representative)2 - 32 Elisabeth M. Norberg (Boardmember, Employee representative) 108 104 Frank \u00d8kland (Boardmember, Employee representative) 108 104 Lisbet N\u00e6r\u00f8 (Chairman of the Nomination committee) 53 52 Atle Kvamme (Member, Nomination committee) 32 31 Jannicke Hilland (Member, Nomination committe)3 - 9 Ragnhild Stolt-Nielsen (Member, Nomination committee) 32 22 Total remuneration Board of directors 2 371 2 252 1) From 21 April 2021. 2) Until 21 April 2021. 3) The remuneration is paid as a fee to BKK AS, and was for the period until 21 April 2021. There are no additional bonus agreements or agreement of similar pro\ufb01t sharing with the CEO or Chairman of the board. The rest of the executive management is also included in the Group\u2019s performance bonus scheme. If the company chooses to terminate the employment, the CEO is entitled to 12 months severance pay after the expiry of the ordinary notice peri- od, which is 6 months. The Group\u2019s executive management has the right to apply for loans on the same grounds as all the employees in the company. Maximum duration for loans to employees are 15 years. The interest rate for loans to employees is approximately equal to the current limit regarding taxation of bene\ufb01ts for such loans, plus up to 1 per- centage point. Current limit for taxation of bene\ufb01ts is 2,3 %. The CEO and Group management is included in the current pension plan for the Group - see note 18. The Board of Director\u2019s guidelines for remuneration to directors in accordance with Section 6-16a of the Norwegian Public Limited Liability Companies Act These guidelines have been prepared by the Board of Directors of Elmera Group ASA (\u201cElmera\u201d or the \u201cCompany\u201d) in accordance with the Norwegian Public Limited Liability Companies Act Section 6-16a and related regulations. The guidelines was approved by the Company\u2019s annual general meeting in 2021 and shall apply until the Company\u2019s annual general meeting in 2025, unless amended or replaced earlier. The guidelines apply for the following (jointly referred to as \u201cdirectors\u201d): the executive management, (ii) employee elected board members, (iii) the CEO and (iv) other leading employees de\ufb01ned as key employees. Remuneration to persons mentioned in (ii) are regulated by \u201cRemuneration to employee elected board members\u201d. Purpose and general principles for remuneration The main principle of the Company`s guide- lines for remuneration, is that the directors shall receive a competitive salary, including a result-based salary tied to the business results and shareholder value to ensure the desired competence and director incentives. Remuneration is an important instrument in order to harmonize the interests of the Company and its directors. The Company\u2019s remuneration principles are designed to ensure that the Company is able to attract and keep quali\ufb01ed directors, without being a wage leader in the relevant business sector, and without the variable wage element con- stituting such a large proportion of the total wage compensation that it can give unfortu- nate incentives and short-termism. The remuneration shall generally stimulate to goal achievements and good risk man- agement, counteract excessive risk-taking, and contribute to avoid con\ufb02ict of interests. The remuneration shall be in line with the Company`s long term interests and eco- nomic \ufb01nancial sustainability. In general, the remuneration shall be equal for male and female employees for equal work or work of equal value. The Company conducts annual reviews of the practice of the remuneration principles, and the Company`s written report (the \u201cRemuneration Report\u201d) is reviewed by independent control functions. Elements of remuneration Remuneration includes all bene\ufb01ts a per- son receives by virtue of his/her position as a leading person in the Company. This includes base salary, bonuses, allotment of shares, warrants, options and other forms of remuneration related to shares or the devel- opment of the share price in the company, pension schemes, early retirement schemes, and all forms of other variable elements in the remuneration, or special bene\ufb01ts that are in addition to the basic salary. Principles for \ufb01xed salary Fixed cash salary allows the Company to attract and recruit directors that are necessary for the long term pro\ufb01tability and sustainability of the Company. It is the Company\u2019s policy that base salaries shall re\ufb02ect the individual\u2019s position and degree of responsibility. The size of the \ufb01xed cash salary shall be in line with market conditions, be competitive with com- parable businesses within the industry, and shall take into account inter alia the scope and responsibility associated with the posi- tion, as well as the skills, experience, and performance of each director. The \ufb01xed cash salaries have no maximum levels. For directors, the base salary constitutes the most signi\ufb01cant part of the remuneration. Principles for variable cash salary Variable cash salary (i.e. cash bonuses) shall be based on a set of predetermined and measurable performance criteria that re\ufb02ect the key drivers for pursuing the Company\u2019s business strategy, longterm interests, and sustainable business practices. Principles for pension bene\ufb01ts Directors` pension arrangements shall gen- erally follow the arrangements established for the employees in Elmera Group ASA and Fjordkraft AS. Pension bene\ufb01ts shall be based on local practices and applicable law. More information concerning pension is included in note 18 of the annual account. Principles for non-\ufb01nancial bene\ufb01ts Non-\ufb01nancial bene\ufb01ts shall be based on mar- ket terms and shall facilitate the duties of the executive management. The Company aims to have su\ufb03ciently competitive salary and incentive programs to minimize additional non-\ufb01nancial bene\ufb01ts, and such shall gener- ally be o\ufb00ered only to the extent they are in line with generally accepted customs locally. The executive management may receive certain limited bene\ufb01ts in kind, including company car/car arrangement, telephone, internet access, and magazine/newspaper subscriptions. Purchase of shares The management may participate in any Company employee share purchase plans or similar plans on substantially on the same terms as all employees. \u00a0Share-based incentive programs Share-based payments, settled in shares or cash, are used as part of the Company\u2019s incentive schemes. In the view of the Board of Directors, attractive share-based long-term incentive programs is an important part of the total compensation for the executive manage- ment, and which may be necessary to allow the Company to retain and hire the talent it needs for further growth. The executive management and key per- sonnel shall be concerned with the value development for the Company`s sharehold- ers. A share option program may bind the key employees to the Company and may also contribute to a more cautious wage growth in the years to come. The following speci\ufb01c limitations apply for granting of share options in the Company: (i) as a main rule, share options may not be redeemed before three years have elapsed, (ii) the maximum amount of share options signed in a given year shall not exceed 0.6 percent of the Company`s outstanding shares, (iii) the exercise price for share options shall be set at market price at the time of allot- ment, (iv), the exercise price shall be adjusted for dividend paid before redemption, (v) the share options have a cap on gains of three times the exercise price (before adjustments for dividend payments). The options can be settled by the Company in cash if the share price exceeds the cap set out in (v), and if so, based on the gain of such cap, which con- stitutes the limit of maximum potential gain. Employment agreements The CEO and executive management have six month notice periods. The CEO is entitled to a severance pay in case of termination of employment by the Company for a period of 12 months after expiry of the ordinary notice period. During employment and for 12 months after expiry of the notice period (or from the time of dismissal), the CEO is bound by the provi- sions on non-competition and recruiting the Company\u2019s customers and employees in accordance with the provisions in chapter 14A of the Working Environment Act of 2005. Remuneration to employee elected board members The level of remuneration to employee elected board members for their role as board mem- bers is proposed by the Remuneration Committee and is handled further by the Nomination Committee which propose a remuneration to the general meeting. The determination of the remuneration takes into consideration the work load, comparable companies and the general wages in the Company. Deviations from these guidelines The Board of Directors may, on recommen- dation from the Remuneration Committee, in the circumstances described below resolve to deviate from any sections of these remu- neration guidelines: \u2022 upon change of the CEO; \u2022 upon material changes in Company\u2019s organization, ownership and/or business \u2022 upon material change in the Company\u2019s strategy; \u2022 upon changes in or amendments to the relevant laws, rules, or regulations; \u2022 upon other exceptional circumstances where the deviation may be required to serve the long-term interests and sustainability of the Company as a whole or to assure its via- bility. Any deviation from these guidelines shall be reported in the Remuneration Report for the relevant year. \u00a0The Board\u2019s declaration on determining directors pay will be sent out or made availa- ble to the shareholders on the Company\u2019s web site, together with notice of the annual general meeting of the Company and the Company\u2019s annual report and accounts. Note 27 Option program Type Options Options Grant Date 9 February 2022 8 August 2022 Vesting conditions The options vest in one tranche with vesting 14 February 2025. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The options vest in one tranche with vesting 14 February 2026. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. Expiry date 14 February 2028 14 February 2029 Exercise price (NOK) 37,00 21,50 Total number outstanding 370 000 20 000 Type Options Options Grant Date 9 February 2022 8 August 2022 Measurement date 9 February 2022 8 August 2022 Share price (NOK) 37,28 21,50 Lifetime* (years) 3,02 3,52 Volatility 30,00 % 37,47 % Risk-free interest rate* 1,92 % 2,73 % Fair Value* (NOK) 9,4212 5,8469 Elmera Group ASA established a management option program 10 December 2018. The option program was established to align management\u2019s and shareholders\u2019 incentives and to reduce turnover for key employees.\u00a0In total 390 000 share options were issued to employees during 2022. *volume weighted average for options The fair value of the options was calculated using the Black-Scholes model. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be out- standing until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance ful\ufb01llment and takes this into account in the valuation. The expected volatility for options issued in 2022 is estimated at average of 30% where historical volatility is not available. Where historical volatility is available this is calculated using the Elmera Group ASA share price. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total carrying amount per 31 December 2022 is NOKt 14 946, not including social security 01.01.2022 - 31.12.2022 01.01.2021 - 31.12.2021 Shares Weighted Average Exercise Price (NOK) Shares Weighted Average Exercise Price (NOK) Outstanding at the beginning of period 1 500 000 44,57 1 190 000 39,43 Granted 390 000 36,09 330 000 78,00 Exercised -50 000 24,30 (20 000) 24,30 Forfeited -130 000 52,58 - - Outstanding at the end of period 1 710 000 38,92 1 500 000 44,57 Vested outstanding 790 000 22,41 510 000 24,61 Vested and expected to vest 1 710 000 38,92 1 500 000 44,57 Intrinsic value of in-the-money outstanding at the end of the period - - 820 000 18 918 200 Intrinsic value vested outstanding at the end of the period - - 510 000 11 755 600 Outstanding instruments Vested outstanding Exercise price Outstanding per 31 December 2022 Weighted average re- maining Contractual Life Vested options per 31 December 2022 Weighted Average Exercise Price (NOK) 0,00 - 25,00 20 000 6,13 - - 25,00 - 30,00 - - - - 30,00 - 35,00 740 000 1,83 740 000 33 35,00 - 40,00 350 000 4,87 30 000 38 40,00 - 45,00 - - - - 45,00 - 50,00 - - - - 50,00 - 55,00 - - - - 55,00 - 60,00 - - - - 60,00 - 65,00 - - - - 65,00 - 70,00 270 000 4,13 - - 70,00 - 330 000 4,76 20 000 79,7 Total 1 710 000 3,43 790 000 34,48 At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows\u00a0: The following table shows the changes in outstanding options in 2021 and 2022: Period activity: ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9331": {
"value": "Elmera Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9332": {
"value": "Elmera Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9336": {
"value": "Norway, Sweden and Finland",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9338": {
"value": "The Group\u2019s core business is the purchase, sale and portfo- lio management of electrical power to house- holds, private and public companies, and municipalities. The Group is also a provider of mobile phone services to private customers in Norway. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9348": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9349": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9350": {
"value": "The entity name was changed from Fjordkraft Holding ASA to Elmera Group ASA in 2022.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9355": {
"value": "The address of its registered o\ufb03ce is Folke Bernadottes Vei 38, 5147 Bergen, Norway. ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9367": {
"value": "Basis of preparation Compliance with IFRS These consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applica- ble to companies reporting under IFRS. The consolidated \ufb01nancial statements also com- ply with IFRS as issued by the International Accounting Standards Board (IASB). New and amended standards adopted by the group The Group has in 2022 adopted the amend- ments to IFRS that apply for the \ufb01rst time to \ufb01nancial reporting periods commencing on or after 1 January 2022. These amendments have not had a material impact on the Group\u2019s \ufb01nancials statements in the current reporting period. New standards and interpretations not yet adopted Certain new accounting standards and inter- pretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9370": {
"value": "These consolidated \ufb01nancial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applica- ble to companies reporting under IFRS. The consolidated \ufb01nancial statements also com- ply with IFRS as issued by the International Accounting Standards Board (IASB). ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9403": {
"value": "Basis of consolidation These consolidated \ufb01nancial statements include the accounts of Elmera Group ASA and its subsidiaries (note 26). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9912": {
"value": "Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are Note 1 Accounting policies recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. El-certi\ufb01cate foward contracts The sale of electricity to end users in Norway and Sweden gives rise to an el-certi\ufb01cate can- cellation liability. The Group enters into for- ward contracts to purchase el-certi\ufb01cates to be remitted to the government as settlement for the el-certi\ufb01cate cancellation liability. As a result, the Group\u2019s contracts to purchase and sell electricity, and to purchase and remit el-certi\ufb01cates is delivered in quantities that will be used or sold in the Groups\u2019 normal course of business. Hence, the contracts has been accounted for under the \u201cown use\u201d exemp- tion, are considered executory contracts and are recognised in the consolidated \ufb01nancial statements when the underlying purchase or sale has occurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10353": {
"value": "Intangible assets 1) Intangible assets acquired separately 1. El-certificates and Guarantees of Origination (GoOs) Holdings of el-certi\ufb01cates and GoOs are rec- ognised as intangible assets in accordance with IAS 38 - Intangible Assets and measured using the cost model. The el-certi\ufb01cates have an in\ufb01nite life and are acquired to be used to settle the el-certi\ufb01cate cancellation liability by remitting the respective numbers of certif- icates to the government (refer to accounting policy \u2018Provision of El-certi\ufb01cate cancellation liability\u2019). 2. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. 3. Customer portfolios Customer portfolios are recognised at fair value in the consolidated statement of \ufb01nan- cial position at the time of acquisition. The customer portfolios have a limited useful economic life and are recognised at cost less deductions for accumulated deprecia- tion. Depreciation is calculated based on the expected customer churn rate. Fixed price elements of customer contracts are recorded as separate assets. 4. Fixed price customer contracts When customer portfolios are acquired the \ufb01xed price elements of the customer contracts in the customer portfolios acquired are rec- ognised as separate assets. Unless the \ufb01xed price element of customer contracts meets the de\ufb01nition of a derivative \ufb01nancial instru- ment (and recognised accordingly), they are recognised as intangible assets at fair value at the time of acquisition. The \ufb01xed price cus- tomer contracts have de\ufb01ned contract periods and are recognised at cost less deductions for accumulated depreciation. Depreciations follow a pattern that re\ufb02ects how the acquisi- tion value of the contracts are distributed over the remaining contract periods. 5. Tradenames Tradenames acquired in a business com- bination are recognised at fair value at the acquisition date. Tradenames that due to contractual agreements have a \ufb01nite useful life are subsequently carried at cost less accumulated amortisation and impairment losses. Tradenames that have an inde\ufb01nite useful life are not amortised but 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. Tradenames are included in Other intangible assets in note 16. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- Note 1 Accounting policies Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10730": {
"value": "Employee bene\ufb01ts Pension schemes and pension obligations The group operates various post-employment schemes, including both de\ufb01ned bene\ufb01t and de\ufb01ned contribution pension plans. De\ufb01ned bene\ufb01t pension plans De\ufb01ned bene\ufb01t schemes entitles employee members to de\ufb01ned future bene\ufb01ts. These bene\ufb01ts are normally dependent on the number of years of service, the salary level at retirement age and the portion of bene\ufb01ts that are paid by the national insurance. The de\ufb01ned bene\ufb01t pension obligations may be covered by plan assets invested through an insurance company (funded plan). The liability or asset recognised in the con- solidated statement of \ufb01nancial position in respect of de\ufb01ned bene\ufb01t pension plans is the present value of the de\ufb01ned bene\ufb01t obli- gation at the end of the reporting period less the fair value of any plan assets. The de\ufb01ned bene\ufb01t obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the de\ufb01ned bene\ufb01t obligation is determined by discounting the estimated future cash out\ufb02ows using interest rates of high-quality corporate bonds that are denominated in the currency in which the ben- e\ufb01ts will be paid, and that have terms approx- imating to the terms of the related obligation. The net interest cost is calculated by apply- ing the discount rate to the net balance of the de\ufb01ned bene\ufb01t obligation and the fair value of plan assets. \u00a0This cost is included in Pension expenses which is part of Personnel expenses in the statement of pro\ufb01t or loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the consolidated state- ment of changes in equity and in the state- ment of \ufb01nancial position. Changes in the present value of the de\ufb01ned bene\ufb01t obligation resulting from plan amend- ments or curtailments are recognised imme- diately in pro\ufb01t or loss as past service costs. De\ufb01ned contribution plans De\ufb01ned contribution plans\u00a0are\u00a0post-employ- ment bene\ufb01t plans\u00a0under which an entity pays \ufb01xed de\ufb01ned contributions into a separate entity (a fund). The entity has no further payment obligations once the contributions have been paid. The contributions are recognised in Pension expenses which is part of Personnel expenses in the statement of pro\ufb01t or loss when they are due. Share-based compensation Employee share options at Elmera Group rep- resents rights for employees to buy shares in the company at a future date at a predeter- mined exercise price. To exercise the option, the employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The fair value of the employee services received in exchange for the allotment of options is recognised as an expense over the vesting period based on the fair value of the options. On each balance date, the Group revises its estimates of the number of options that are expected to be exercisable. Any adjustments will be recognised in the income statement and corresponding adjustment to equity over the remaining vesting period. The Note 1 Accounting policies proceeds received net of any directly attribut- able transaction costs are credited to share capital and share premium when the options are exercised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10978": {
"value": "Note 2 Significant accounting judgements, estimates and assumptions The preparation of financial statements requires the use of accounting estimates which, by de\ufb01nition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to esti- mates and assumptions turning out to be wrong. Estimates and judgements are con- tinually evaluated. They are based on histor- ical experience and other factors, including expectations of future events that may have a \ufb01nancial impact on the entity and that are believed to be reasonable under the circum- stances. The areas involving signi\ufb01cant estimates or judgements are: 1) Onerous contract provisions At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group\u2019s obligations under the contract exceed the economic bene\ufb01ts expected to be received in accordance with IAS 37. The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user custom- ers in the Nordic segment in which the vol- ume is not \ufb01xed. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. The price risk in these \ufb01xed price customer contracts are hedged with \ufb01nan- cial electricity derivatives which however are recognised as \ufb01nancial instruments. When hedging the price risk from these \ufb01xed price contracts, the electricity volume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in customer contracts without \ufb01xed volume the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. Please see note 9 for more information regarding the Group\u2019s dif- ferent product types and related market risks. Fixed price customer contracts are assessed as onerous contracts if the esti- mated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the custumers. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are however not taken into consideration when estimating the unavoidable costs as hedge accounting is not applied. Please see note 19 for details of the movement in provisions for onerous contracts. 2) Impairment of goodwill and intangible assets Goodwill and intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. The recoverable amounts of the cash-generating units are determined based on value in use calculations. The cash-gen- erating units equal the reportable segments. Value in use is calculated using the dis- counted cash-\ufb02ow model and based on a \ufb01ve- year forecast made by Group management. Management has projected cash \ufb02ows based on \ufb01nancial forecasts and strategy plans. The preparation of the forecast requires a number of key assumptions such as growth in net revenue and operating expenditure. The cash \ufb02ow for the \ufb01fth year is used as the base for the sixth year and onwards in perpetuity. The discount rates used are, amongst other things, based on risk-free 10-year govern- ment bond rate, observed market risk pre- mium, industry-speci\ufb01c risk premium and the Group\u2019s cost of debt. For the calculation of the in-perpetuity value, Gordon\u2019s growth model is used. According to Gordon\u2019s model, the termi- nal value of a growing cash \ufb02ow is calculated as the starting cash \ufb02ow divided by cost of capital less the growth rate. Please see note 16 for more details regarding impairment test- ing of goodwill at year end, including a sen- sitivity analysis for signi\ufb01cant assumptions. 3) Recognition of deferred tax asset for tax losses carried forward Deferred tax assets include an amount which relates to carried-forward tax losses of the subsidiary Switch Nordic Green AB. The sub- sidiary has incurred substantial accumulated tax losses in its operations in both Sweden and Finland in periods prior to when the Group acquired this entity in November 2020. The Group has concluded that a portion of the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The majority of tax losses carried forward are losses in Sweden which can be carried forward inde\ufb01nitely and have no expiry date. The tax losses in Finland expires after ten years. Please see note 13 for more details regarding deferred tax asset recognised in the Statement of \ufb01nancial position. 4) De\ufb01ned bene\ufb01t occupational pension scheme The Group has a de\ufb01ned bene\ufb01t pension scheme for employees born before 1963, and a de\ufb01ned contribution pension scheme for employees born from 1963. The cost of the de\ufb01ned bene\ufb01t pension scheme and the present value of the pen- sion obligation are determined using actuar- ial valuations. An actuarial valuation involves making various assumptions that may di\ufb00er from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complex- ities involved in the valuation and its long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at the reporting date. Please see note 18 for details of the assumptions used in the actuarial valuation of de\ufb01ned bene\ufb01t pension obligations, and a sensitivity analysis for signi\ufb01cant \ufb01nancial assumptions. 5) Gross vs. net presentation When evaluating the classi\ufb01cation and pres- entation of revenue transactions with custom- ers, management make judgement to what extent the Group in fact controls the speci\ufb01c goods and services before it is transferred to the customers. In making the judgement, management applies indicators set out in IFRS 15, of which key indicators are: \u2022 is the Group primarily responsible for ful- \ufb01lling the promise to provide the speci\ufb01ed goods or services, \u2022 does the Group have inventory risks before or after transferring goods or services to the customer, \u2022 does the Group have discretion in estab- lishing prices for the speci\ufb01c goods or services. Following the detailed evaluation of these cri- teria, management is satis\ufb01ed that the clas- si\ufb01cation and presentation of revenue from sale of our various products and services are appropriate. 6) Determining the amortisation rate of cost to obtain contracts with customers In determining which sales commissions represents incremental costs to obtain a contract, management evaluates the vari- ous type of sale commissions. A determin- ing factor is to what extent the costs have led to a new contract being signed by the customer. Management also make judgment in determining the amortisation rate that provides the best match for the economic bene\ufb01ts the Group derives from these new contracts. A detailed analysis have been carried out to identify how long the various customers remain with the signed contract before cancelling the contract. Following the detailed review and evaluation of the historical behavior of these customers, management is satis\ufb01ed that the amortisation method used provides the best allocation of these costs. 7) Hedge accounting The group applies hedge accounting when accounting for \ufb01nancial electricity derivatives which are designated to hedge the area price risk associated with forecast power purchase expenses in each of the \ufb01ve di\ufb00erent price areas in Norway (NO1, NO2, NO3, NO4, and NO5). The designated \ufb01nancial electricity derivatives are in general forward contracts with an underlying asset that is either i) the Nordic system price (system price for- ward contract), ii) an area price (area price forward contract), and / or iii) the di\ufb00erence between the Nordic system price and an area price (EPAD contract). Assessing whether the qualifying criterias for hedge accounting are met requires the use of judgment, in particular when a) assessing whether system price risk con- stitutes a risk component of area price risk in accordance with IFRS 9.6.3.7.a, and b) when assessing whether hedging of area price risk in price areas NO3 and NO4 will be su\ufb03ciently e\ufb00ective (IFRS 9.6.4.1.c) when system price forward contracts are the desig- nated hedging instruments. When assessing IFRS 9.6.3.7.a, the group\u2019s assessment is that when hedging area price risk in price areas where the di\ufb00erence between area price and system price is expected to be positive, system price forward contracts does qualify to be designated as a hedging instrument to hedge the area price risk in forecast cash \ufb02ows for power pur- chases, but only for variability due to change in system price. This assessment applies to the price areas NO1, NO2, and NO5 (in south- ern Norway). The assessment does however not apply when designating system price for- ward contracts to hedge the area prices in price areas NO3 and NO4 in northern Norway. When system price forward contracts are designated for hedging area price risks in forecast power purchases in NO3 and NO4, the hedged item is therefore de\ufb01ned to include all variability in the forecast cash \ufb02ow. In 2021 the Group\u2019s assessment was that there was a su\ufb03cient economic relationship between the hedging instrument and the hedged item (all variability in the area price) for the hedging relationship to qualify for the hedge e\ufb00ective- ness requirement in IFRS 9.6.4.1.c. Due to changes in market conditions the correlation between the Nordic system price and area prices in NO3 and NO4 has been signi\ufb01- cantly weakened. Thus from the beginning of 2022 the Group does no longer assess such hedging relationship to qualify for this hedge e\ufb00ectiveness requirement. The Group\u2019s strategy when hedging the future cash \ufb02ows related to power purchases in price areas NO1, NO2 and NO5 has in 2022 changed towards using area price forward contracts as hedging instruments, rather than Nordic system price forward contracts. Please see note 10 for details and further description regarding hedge accounting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10979": {
"value": "Note 2 Significant accounting judgements, estimates and assumptions The preparation of financial statements requires the use of accounting estimates which, by de\ufb01nition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to esti- mates and assumptions turning out to be wrong. Estimates and judgements are con- tinually evaluated. They are based on histor- ical experience and other factors, including expectations of future events that may have a \ufb01nancial impact on the entity and that are believed to be reasonable under the circum- stances. The areas involving signi\ufb01cant estimates or judgements are: 1) Onerous contract provisions At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group\u2019s obligations under the contract exceed the economic bene\ufb01ts expected to be received in accordance with IAS 37. The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user custom- ers in the Nordic segment in which the vol- ume is not \ufb01xed. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. The price risk in these \ufb01xed price customer contracts are hedged with \ufb01nan- cial electricity derivatives which however are recognised as \ufb01nancial instruments. When hedging the price risk from these \ufb01xed price contracts, the electricity volume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in customer contracts without \ufb01xed volume the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. Please see note 9 for more information regarding the Group\u2019s dif- ferent product types and related market risks. Fixed price customer contracts are assessed as onerous contracts if the esti- mated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the custumers. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are however not taken into consideration when estimating the unavoidable costs as hedge accounting is not applied. Please see note 19 for details of the movement in provisions for onerous contracts. 2) Impairment of goodwill and intangible assets Goodwill and intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. The recoverable amounts of the cash-generating units are determined based on value in use calculations. The cash-gen- erating units equal the reportable segments. Value in use is calculated using the dis- counted cash-\ufb02ow model and based on a \ufb01ve- year forecast made by Group management. Management has projected cash \ufb02ows based on \ufb01nancial forecasts and strategy plans. The preparation of the forecast requires a number of key assumptions such as growth in net revenue and operating expenditure. The cash \ufb02ow for the \ufb01fth year is used as the base for the sixth year and onwards in perpetuity. The discount rates used are, amongst other things, based on risk-free 10-year govern- ment bond rate, observed market risk pre- mium, industry-speci\ufb01c risk premium and the Group\u2019s cost of debt. For the calculation of the in-perpetuity value, Gordon\u2019s growth model is used. According to Gordon\u2019s model, the termi- nal value of a growing cash \ufb02ow is calculated as the starting cash \ufb02ow divided by cost of capital less the growth rate. Please see note 16 for more details regarding impairment test- ing of goodwill at year end, including a sen- sitivity analysis for signi\ufb01cant assumptions. 3) Recognition of deferred tax asset for tax losses carried forward Deferred tax assets include an amount which relates to carried-forward tax losses of the subsidiary Switch Nordic Green AB. The sub- sidiary has incurred substantial accumulated tax losses in its operations in both Sweden and Finland in periods prior to when the Group acquired this entity in November 2020. The Group has concluded that a portion of the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The majority of tax losses carried forward are losses in Sweden which can be carried forward inde\ufb01nitely and have no expiry date. The tax losses in Finland expires after ten years. Please see note 13 for more details regarding deferred tax asset recognised in the Statement of \ufb01nancial position. 4) De\ufb01ned bene\ufb01t occupational pension scheme The Group has a de\ufb01ned bene\ufb01t pension scheme for employees born before 1963, and a de\ufb01ned contribution pension scheme for employees born from 1963. The cost of the de\ufb01ned bene\ufb01t pension scheme and the present value of the pen- sion obligation are determined using actuar- ial valuations. An actuarial valuation involves making various assumptions that may di\ufb00er from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complex- ities involved in the valuation and its long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at the reporting date. Please see note 18 for details of the assumptions used in the actuarial valuation of de\ufb01ned bene\ufb01t pension obligations, and a sensitivity analysis for signi\ufb01cant \ufb01nancial assumptions. 5) Gross vs. net presentation When evaluating the classi\ufb01cation and pres- entation of revenue transactions with custom- ers, management make judgement to what extent the Group in fact controls the speci\ufb01c goods and services before it is transferred to the customers. In making the judgement, management applies indicators set out in IFRS 15, of which key indicators are: \u2022 is the Group primarily responsible for ful- \ufb01lling the promise to provide the speci\ufb01ed goods or services, \u2022 does the Group have inventory risks before or after transferring goods or services to the customer, \u2022 does the Group have discretion in estab- lishing prices for the speci\ufb01c goods or services. Following the detailed evaluation of these cri- teria, management is satis\ufb01ed that the clas- si\ufb01cation and presentation of revenue from sale of our various products and services are appropriate. 6) Determining the amortisation rate of cost to obtain contracts with customers In determining which sales commissions represents incremental costs to obtain a contract, management evaluates the vari- ous type of sale commissions. A determin- ing factor is to what extent the costs have led to a new contract being signed by the customer. Management also make judgment in determining the amortisation rate that provides the best match for the economic bene\ufb01ts the Group derives from these new contracts. A detailed analysis have been carried out to identify how long the various customers remain with the signed contract before cancelling the contract. Following the detailed review and evaluation of the historical behavior of these customers, management is satis\ufb01ed that the amortisation method used provides the best allocation of these costs. 7) Hedge accounting The group applies hedge accounting when accounting for \ufb01nancial electricity derivatives which are designated to hedge the area price risk associated with forecast power purchase expenses in each of the \ufb01ve di\ufb00erent price areas in Norway (NO1, NO2, NO3, NO4, and NO5). The designated \ufb01nancial electricity derivatives are in general forward contracts with an underlying asset that is either i) the Nordic system price (system price for- ward contract), ii) an area price (area price forward contract), and / or iii) the di\ufb00erence between the Nordic system price and an area price (EPAD contract). Assessing whether the qualifying criterias for hedge accounting are met requires the use of judgment, in particular when a) assessing whether system price risk con- stitutes a risk component of area price risk in accordance with IFRS 9.6.3.7.a, and b) when assessing whether hedging of area price risk in price areas NO3 and NO4 will be su\ufb03ciently e\ufb00ective (IFRS 9.6.4.1.c) when system price forward contracts are the desig- nated hedging instruments. When assessing IFRS 9.6.3.7.a, the group\u2019s assessment is that when hedging area price risk in price areas where the di\ufb00erence between area price and system price is expected to be positive, system price forward contracts does qualify to be designated as a hedging instrument to hedge the area price risk in forecast cash \ufb02ows for power pur- chases, but only for variability due to change in system price. This assessment applies to the price areas NO1, NO2, and NO5 (in south- ern Norway). The assessment does however not apply when designating system price for- ward contracts to hedge the area prices in price areas NO3 and NO4 in northern Norway. When system price forward contracts are designated for hedging area price risks in forecast power purchases in NO3 and NO4, the hedged item is therefore de\ufb01ned to include all variability in the forecast cash \ufb02ow. In 2021 the Group\u2019s assessment was that there was a su\ufb03cient economic relationship between the hedging instrument and the hedged item (all variability in the area price) for the hedging relationship to qualify for the hedge e\ufb00ective- ness requirement in IFRS 9.6.4.1.c. Due to changes in market conditions the correlation between the Nordic system price and area prices in NO3 and NO4 has been signi\ufb01- cantly weakened. Thus from the beginning of 2022 the Group does no longer assess such hedging relationship to qualify for this hedge e\ufb00ectiveness requirement. The Group\u2019s strategy when hedging the future cash \ufb02ows related to power purchases in price areas NO1, NO2 and NO5 has in 2022 changed towards using area price forward contracts as hedging instruments, rather than Nordic system price forward contracts. Please see note 10 for details and further description regarding hedge accounting. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10980": {
"value": "Note 2 Significant accounting judgements, estimates and assumptions The preparation of financial statements requires the use of accounting estimates which, by de\ufb01nition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to esti- mates and assumptions turning out to be wrong. Estimates and judgements are con- tinually evaluated. They are based on histor- ical experience and other factors, including expectations of future events that may have a \ufb01nancial impact on the entity and that are believed to be reasonable under the circum- stances. The areas involving signi\ufb01cant estimates or judgements are: 1) Onerous contract provisions At each reporting date, management assesses if there are contracts in which the unavoidable costs of meeting the Group\u2019s obligations under the contract exceed the economic bene\ufb01ts expected to be received in accordance with IAS 37. The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user custom- ers in the Nordic segment in which the vol- ume is not \ufb01xed. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. The price risk in these \ufb01xed price customer contracts are hedged with \ufb01nan- cial electricity derivatives which however are recognised as \ufb01nancial instruments. When hedging the price risk from these \ufb01xed price contracts, the electricity volume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in customer contracts without \ufb01xed volume the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. Please see note 9 for more information regarding the Group\u2019s dif- ferent product types and related market risks. Fixed price customer contracts are assessed as onerous contracts if the esti- mated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the custumers. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are however not taken into consideration when estimating the unavoidable costs as hedge accounting is not applied. Please see note 19 for details of the movement in provisions for onerous contracts. 2) Impairment of goodwill and intangible assets Goodwill and intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. The recoverable amounts of the cash-generating units are determined based on value in use calculations. The cash-gen- erating units equal the reportable segments. Value in use is calculated using the dis- counted cash-\ufb02ow model and based on a \ufb01ve- year forecast made by Group management. Management has projected cash \ufb02ows based on \ufb01nancial forecasts and strategy plans. The preparation of the forecast requires a number of key assumptions such as growth in net revenue and operating expenditure. The cash \ufb02ow for the \ufb01fth year is used as the base for the sixth year and onwards in perpetuity. The discount rates used are, amongst other things, based on risk-free 10-year govern- ment bond rate, observed market risk pre- mium, industry-speci\ufb01c risk premium and the Group\u2019s cost of debt. For the calculation of the in-perpetuity value, Gordon\u2019s growth model is used. According to Gordon\u2019s model, the termi- nal value of a growing cash \ufb02ow is calculated as the starting cash \ufb02ow divided by cost of capital less the growth rate. Please see note 16 for more details regarding impairment test- ing of goodwill at year end, including a sen- sitivity analysis for signi\ufb01cant assumptions. 3) Recognition of deferred tax asset for tax losses carried forward Deferred tax assets include an amount which relates to carried-forward tax losses of the subsidiary Switch Nordic Green AB. The sub- sidiary has incurred substantial accumulated tax losses in its operations in both Sweden and Finland in periods prior to when the Group acquired this entity in November 2020. The Group has concluded that a portion of the deferred assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The majority of tax losses carried forward are losses in Sweden which can be carried forward inde\ufb01nitely and have no expiry date. The tax losses in Finland expires after ten years. Please see note 13 for more details regarding deferred tax asset recognised in the Statement of \ufb01nancial position. 4) De\ufb01ned bene\ufb01t occupational pension scheme The Group has a de\ufb01ned bene\ufb01t pension scheme for employees born before 1963, and a de\ufb01ned contribution pension scheme for employees born from 1963. The cost of the de\ufb01ned bene\ufb01t pension scheme and the present value of the pen- sion obligation are determined using actuar- ial valuations. An actuarial valuation involves making various assumptions that may di\ufb00er from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complex- ities involved in the valuation and its long-term nature, a de\ufb01ned bene\ufb01t obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at the reporting date. Please see note 18 for details of the assumptions used in the actuarial valuation of de\ufb01ned bene\ufb01t pension obligations, and a sensitivity analysis for signi\ufb01cant \ufb01nancial assumptions. 5) Gross vs. net presentation When evaluating the classi\ufb01cation and pres- entation of revenue transactions with custom- ers, management make judgement to what extent the Group in fact controls the speci\ufb01c goods and services before it is transferred to the customers. In making the judgement, management applies indicators set out in IFRS 15, of which key indicators are: \u2022 is the Group primarily responsible for ful- \ufb01lling the promise to provide the speci\ufb01ed goods or services, \u2022 does the Group have inventory risks before or after transferring goods or services to the customer, \u2022 does the Group have discretion in estab- lishing prices for the speci\ufb01c goods or services. Following the detailed evaluation of these cri- teria, management is satis\ufb01ed that the clas- si\ufb01cation and presentation of revenue from sale of our various products and services are appropriate. 6) Determining the amortisation rate of cost to obtain contracts with customers In determining which sales commissions represents incremental costs to obtain a contract, management evaluates the vari- ous type of sale commissions. A determin- ing factor is to what extent the costs have led to a new contract being signed by the customer. Management also make judgment in determining the amortisation rate that provides the best match for the economic bene\ufb01ts the Group derives from these new contracts. A detailed analysis have been carried out to identify how long the various customers remain with the signed contract before cancelling the contract. Following the detailed review and evaluation of the historical behavior of these customers, management is satis\ufb01ed that the amortisation method used provides the best allocation of these costs. 7) Hedge accounting The group applies hedge accounting when accounting for \ufb01nancial electricity derivatives which are designated to hedge the area price risk associated with forecast power purchase expenses in each of the \ufb01ve di\ufb00erent price areas in Norway (NO1, NO2, NO3, NO4, and NO5). The designated \ufb01nancial electricity derivatives are in general forward contracts with an underlying asset that is either i) the Nordic system price (system price for- ward contract), ii) an area price (area price forward contract), and / or iii) the di\ufb00erence between the Nordic system price and an area price (EPAD contract). Assessing whether the qualifying criterias for hedge accounting are met requires the use of judgment, in particular when a) assessing whether system price risk con- stitutes a risk component of area price risk in accordance with IFRS 9.6.3.7.a, and b) when assessing whether hedging of area price risk in price areas NO3 and NO4 will be su\ufb03ciently e\ufb00ective (IFRS 9.6.4.1.c) when system price forward contracts are the desig- nated hedging instruments. When assessing IFRS 9.6.3.7.a, the group\u2019s assessment is that when hedging area price risk in price areas where the di\ufb00erence between area price and system price is expected to be positive, system price forward contracts does qualify to be designated as a hedging instrument to hedge the area price risk in forecast cash \ufb02ows for power pur- chases, but only for variability due to change in system price. This assessment applies to the price areas NO1, NO2, and NO5 (in south- ern Norway). The assessment does however not apply when designating system price for- ward contracts to hedge the area prices in price areas NO3 and NO4 in northern Norway. When system price forward contracts are designated for hedging area price risks in forecast power purchases in NO3 and NO4, the hedged item is therefore de\ufb01ned to include all variability in the forecast cash \ufb02ow. In 2021 the Group\u2019s assessment was that there was a su\ufb03cient economic relationship between the hedging instrument and the hedged item (all variability in the area price) for the hedging relationship to qualify for the hedge e\ufb00ective- ness requirement in IFRS 9.6.4.1.c. Due to changes in market conditions the correlation between the Nordic system price and area prices in NO3 and NO4 has been signi\ufb01- cantly weakened. Thus from the beginning of 2022 the Group does no longer assess such hedging relationship to qualify for this hedge e\ufb00ectiveness requirement. The Group\u2019s strategy when hedging the future cash \ufb02ows related to power purchases in price areas NO1, NO2 and NO5 has in 2022 changed towards using area price forward contracts as hedging instruments, rather than Nordic system price forward contracts. Please see note 10 for details and further description regarding hedge accounting. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f10983": {
"value": "Note 2 Significant accounting judgements, estimates and assumptions Note 1 Accounting policies Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. 2) Impairment of goodwill and intangible assets Goodwill and intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. The recoverable amounts of the cash-generating units are determined based on value in use calculations. The cash-gen- erating units equal the reportable segments. Value in use is calculated using the dis- counted cash-\ufb02ow model and based on a \ufb01ve- year forecast made by Group management. Management has projected cash \ufb02ows based on \ufb01nancial forecasts and strategy plans. The preparation of the forecast requires a number of key assumptions such as growth in net revenue and operating expenditure. The cash \ufb02ow for the \ufb01fth year is used as the base for the sixth year and onwards in perpetuity. The discount rates used are, amongst other things, based on risk-free 10-year govern- ment bond rate, observed market risk pre- mium, industry-speci\ufb01c risk premium and the Group\u2019s cost of debt. For the calculation of the in-perpetuity value, Gordon\u2019s growth model is used. According to Gordon\u2019s model, the termi- nal value of a growing cash \ufb02ow is calculated as the starting cash \ufb02ow divided by cost of capital less the growth rate. Please see note 16 for more details regarding impairment test- ing of goodwill at year end, including a sen- sitivity analysis for signi\ufb01cant assumptions. Note 16 Intangible assets Non-current intangible assets 2022 NOK in thousands Software and development projects Construction in progress Customer portfolios Fixed price customer contracts** Other intangible assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-current intangible assets Accumulated cost 1 January 2022 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Additions - Purchase 8 910 32 439 4 - - 41 353 - 41 353 Additions - Internally generated 858 105 - - - 963 - 963 Transferred from construction in progress 28 294 (28 294) - - - - - - Government grants (1 308) - - - - (1 308) - (1 308) Currency translation di\ufb00erences 136 (143) 3 446 3 901 281 7 621 (675) 6 946 Accumulated cost 31 December 2022 382 472 9 446 799 668 233 569 145 888 1 571 044 1 418 775 2 989 819 Accumulated depreciation 1 January 2022 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Depreciation for the year (47 861) - (123 977) - (8 726) (180 565) - (180 565) Currency translation di\ufb00erences (131) - (337) (847) - (1 315) - (1 315) Accumulated depreciation 31 December 2022 (269 527) - (445 660) (50 688) (41 240) (807 116) - (807 117) Accumulated impairment 1 January 2022 (22 724) - - (179 826) - (202 550) - (202 550) Impairment for the year - - - - - - - - Currency translation di\ufb00erences - - - (3 054) - (3 054) - (3 054) Accumulated impairment 31 December 2022 (22 724) - - (182 881) - (205 604) - (205 604) Carrying amount 31 December 2022 90 221 9 446 354 007 - 104 648 558 324 1 418 775 1 977 100 2021 NOK in thousands Software and development projects Construction in progress Customer portfolios**** Fixed price customer contracts** Other intangi- ble assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-cur- rent intangible assets Accumulated cost 1 January 2021 297 473 9 063 770 256 243 640 147 531 1 467 963 1 442 849 2 910 813 Additions - Purchase 889 41 655 38 784 - - 81 328 - 81 328 Additions - Internally generated 1 811 86 - - - 1 897 - 1 897 Additions from business combinations*** - - - - - - (4 802) (4 802) Transferred from construction in progress 45 456 (45 456) - - - - - - Currency translation di\ufb00erences (47) (8) (12 823) (13 972) (1 924) (28 773) (18 596) (47 369) Accumulated cost 31 December 2021 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Accumulated depreciation 1 January 2021 (176 096) - (149 408) (52 761) (17 383) (395 648) - (395 648) Depreciation for the year (45 401) - (173 251) - (15 131) (233 783) - (233 783) Currency translation di\ufb00erences (37) - 1 312 2 919 - 4 195 - 4 195 Accumulated depreciation 31 December 2021 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Accumulated impairment 1 January 2021 (22 724) - - (180 026) - (202 750) - (202 750) Impairment for the year - - - (9 762) - (9 762) (9 762) Currency translation di\ufb00erences - - - 9 961 - 9 961 9 961 Accumulated impairment 31 December 2021 (22 724) - - (179 826) - (202 550) - (202 550) Carrying amount 31 December 2021 101 324 5 339 474 873 0 113 093 694 630 1 419 451 2 114 081 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. *** The changes to Goodwill included in Additions from business combinations are adjustments to the goodwill recognised when the group acquired Innlandskraft AS and Troms Kraft Str\u00f8m AS in 2020. These changes are mainly caused by adjustments to the \ufb01nal purchase consideration. **** Of total additions of customer portfolios, NOKt 37 348 relates to the acquisition of Skymobil AS\u2019 portfolio of mobile customers. The amount comprises the purchase price for the portfolio and directly attributable costs. Impairment of Goodwill and intangible assets with inde\ufb01nite useful life The Group has performed an impairment test of Goodwill and intangible assets with inde\ufb01nite useful life as of 31 December 2022 in accordance with IAS 36, using the methods outlined in note 2. Goodwill as at 31 December 2022, has a total carrying value of NOKt 1 418 775 and intangible assets with inde\ufb01nite useful life has a total carrying value of NOKt 84 772. The allocation, for impairment-testing purposes, on cash-generating units of the signi\ufb01cant amounts is shown in the table below: NOK in thousands Goodwill Intangible assets with inde\ufb01nite useful life Consumer segment 771 012 42 017 Business segment 353 235 19 250 Nordic segment 294 528 23 505 Total 1 418 775 84 772 Intangible assets with inde\ufb01nite useful life are tradenames acquired as part of business combinations, which are included in Other intangible assets in the tables above. The key assumptions on which management has based its determination of the recoverable amount\u00a0are Weighted Average Cost of Capital (WACC), net revenue growth and operating expenditure growth. Key assumptions \u2013 Consumer and Business segments When calculating value in use for both Consumer and Business segments the weighted average cost of capital used was 10,2 % and estimated growth rate in the terminal year was set at nominal 0,5 %. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Consumer and Business segments, the calculated recoverable amount signi\ufb01cantly exceeds the carrying amount, and reasonably possible changes in key assumptions would not lead to impairment of the assets. Key assumptions \u2013 Nordic segment For the Nordic segment, country speci\ufb01c weighted average cost of capital used was 12,0 % for Sweden and 12,1 % for Finland. Estimated growth rate in the terminal year was set at nominal 1,0 %. Compound annual growth rate for net revenue was set at 12,0 % and compound annual growth rate for operating expenditure was set at 4,7 % in the period 2024- 2027. Growth rates are calculated from 2024 as net revenue in 2023 is estimated to be signi\ufb01cantly a\ufb00ected by unpro\ufb01table \ufb01xed price customer contracts where a substantial proportion expires in 2023. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Nordic segment, the calculated recoverable amount exceeds the carrying amount by NOKt 41 543. An increase in WACC by 0,64 percentage points, a reduction in compound annual growth rate for net revenue of 1,1 percentage points or an increase compound annual growth rate for operating expenditure of 2,4 percentage points would decrease the recoverable amount below the carrying amount. The key assumptions used in the estimates are associated with uncertainty, as the electricity markets in Sweden and Finland are transitioning towards spot based products following the increased price volatility and peak/o\ufb00-peak price di\ufb00erences. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f11523": {
"value": "Note 4 Segment information Disaggregation of revenue from contracts with customers Operating segments are reported in a man- ner consistent with the internal \ufb01nancial reporting provided to the chief operating decision-maker. The chief operating deci- sion maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board of Directors. The Board of Directors examines the Group\u2019s performance from a type of services perspective. Segment per- formance is evaluated based on pro\ufb01t or loss and is measured consistently with pro\ufb01t or loss in the consolidated \ufb01nancial statements. The Group\u2019s reportable segments under IFRS 8 - \u201cOperating Segments\u201d are therefore as follows: \u2022 Consumer segment - Sale of electrical power and related services to private con- sumers in Norway \u2022 Business segment - Sale of electrical power and related services to business consumers in Norway \u2022 Nordic segment - Sale of electrical power and related services to consumers in Finland and Sweden. Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment per- formance is focused on the category of cus- tomer for each type of activity. No operating segments have been aggregated in arriving at the reportable segments of the Group. The principal categories of customers are direct sales to private consumers, business consum- ers and alliance partners. The segment pro\ufb01t measure is adjusted operating pro\ufb01t which is de\ufb01ned as operat- ing pro\ufb01t earned by each segment without the allocation of: acquisition related costs and other one-o\ufb00 items, estimate deviations from previous periods, unallocated revised net revenue, unrealised gains and losses on derivatives, impairment of intangible assets, depreciation of acquisitions, and change in provisions for onerous contracts. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment perfor- mance. The accounting policies of the report- able segments are the same as the Group\u2019s accounting policies. All of the Group\u2019s revenue is from external parties and is from activities currently carried out in Norway, Sweden and Finland. There are no customers representing more than 10% of revenue. The tables below is an analysis of the Group\u2019s revenue and pro\ufb01t by reportable seg- ment. New growth initiatives comprise of other business activities (sale of mobile service to private customers and power sale, included related services, to Alliance Partners) which are not considered separate operating seg- ments. 2022 NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 13 122 968 11 095 287 2 228 015 26 446 270 360 006 26 806 277 Direct cost of sales adjusted (12 215 674) (10 535 045) (2 100 425) (24 851 144) (244 130) (25 095 275) Net revenue adjusted 907 294 560 242 127 590 1 595 126 115 876 1 711 002 Personnel and other operating expenses adjusted (565 940) (209 153) (114 243) (889 336) (103 979) (993 315) Depreciation and amortisation adjusted (175 347) (28 983) (47 712) (252 042) (5 591) (257 633) Total operating expenses adjusted (741 287) (238 136) (161 955) (1 141 378) (109 570) (1 250 948) Operating pro\ufb01t adjusted 166 007 322 106 (34 365) 453 748 6 306 460 054 Acquisition related costs - Other one- o\ufb00 items (2 660) Depreciation of acquisitions * (132 323) Estimate deviations (4 472) Unrealised gains and losses on derivatives (47 791) Change in provisions for onerous contracts 39 256 Impairment of intangible assets and cost to obtain contracts (39 282) Operating pro\ufb01t (EBIT) 272 781 *Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. NOK in thousands 2022 Tr\u00f8nderEnergi Marked acquisition (5 761) Oppdal Everk Kraftomsetning acquisition (1 702) Vester\u00e5lskraft Str\u00f8m acquisition (1 492) Innlandskraft acquisition (83 343) Troms Kraft Str\u00f8m acquisition (32 572) Other customer acquisitions (7 453) Depreciation of acquisitions (132 323) 2021 Restated NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 7 802 881 5 257 664 1 773 888 14 834 434 365 732 15 200 165 Direct cost of sales adjusted (6 691 380) (4 788 340) (1 710 899) (13 190 618) (285 170) (13 475 788) Net revenue adjusted 1 111 502 469 324 62 989 1 643 815 80 562 1 724 378 Personnel and other operating expenses adjusted (586 248) (159 441) (70 661) (816 349) (83 634) (899 993) Depreciation and amortisation adjusted (164 206) (27 213) (17 931) (209 350) (5 105) (214 455) Total operating expenses adjusted (750 454) (186 654) (88 592) (1 025 699) (88 740) (1 114 448) Operating pro\ufb01t adjusted 361 048 282 671 (25 603) 618 116 (8 177) 609 930 Acquisition related costs (1 034) Other one- o\ufb00 items 3 387 Unallocated revised net revenue (64 169) Depreciation of acquisitions * (188 629) Estimate deviations 11 515 Unrealised gains and losses on derivatives 1 066 055 Change in provisions for onerous contracts (1 019 479) Impairment of intangible assets (9 762) Operating pro\ufb01t (EBIT) 407 814 * Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. NOK in thousands 2021 Tr\u00f8nderEnergi Marked acquisition (10 434) Oppdal Everk Kraftomsetning acquisition (2 289) Vester\u00e5lskraft Str\u00f8m acquisition (1 936) Innlandskraft acquisition (128 650) Troms Kraft Str\u00f8m acquisition (42 031) Other customer acquisitions (3 289) Depreciation of acquisitions (188 629) ",
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"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f11526": {
"value": "Note 4 Segment information Disaggregation of revenue from contracts with customers Operating segments are reported in a man- ner consistent with the internal \ufb01nancial reporting provided to the chief operating decision-maker. The chief operating deci- sion maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board of Directors. The Board of Directors examines the Group\u2019s performance from a type of services perspective. Segment per- formance is evaluated based on pro\ufb01t or loss and is measured consistently with pro\ufb01t or loss in the consolidated \ufb01nancial statements. The Group\u2019s reportable segments under IFRS 8 - \u201cOperating Segments\u201d are therefore as follows: \u2022 Consumer segment - Sale of electrical power and related services to private con- sumers in Norway \u2022 Business segment - Sale of electrical power and related services to business consumers in Norway \u2022 Nordic segment - Sale of electrical power and related services to consumers in Finland and Sweden. Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment per- formance is focused on the category of cus- tomer for each type of activity. No operating segments have been aggregated in arriving at the reportable segments of the Group. The principal categories of customers are direct sales to private consumers, business consum- ers and alliance partners. The segment pro\ufb01t measure is adjusted operating pro\ufb01t which is de\ufb01ned as operat- ing pro\ufb01t earned by each segment without the allocation of: acquisition related costs and other one-o\ufb00 items, estimate deviations from previous periods, unallocated revised net revenue, unrealised gains and losses on derivatives, impairment of intangible assets, depreciation of acquisitions, and change in provisions for onerous contracts. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment perfor- mance. The accounting policies of the report- able segments are the same as the Group\u2019s accounting policies. All of the Group\u2019s revenue is from external parties and is from activities currently carried out in Norway, Sweden and Finland. There are no customers representing more than 10% of revenue. The tables below is an analysis of the Group\u2019s revenue and pro\ufb01t by reportable seg- ment. New growth initiatives comprise of other business activities (sale of mobile service to private customers and power sale, included related services, to Alliance Partners) which are not considered separate operating seg- ments. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f11612": {
"value": "2022 NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 13 122 968 11 095 287 2 228 015 26 446 270 360 006 26 806 277 Direct cost of sales adjusted (12 215 674) (10 535 045) (2 100 425) (24 851 144) (244 130) (25 095 275) Net revenue adjusted 907 294 560 242 127 590 1 595 126 115 876 1 711 002 Personnel and other operating expenses adjusted (565 940) (209 153) (114 243) (889 336) (103 979) (993 315) Depreciation and amortisation adjusted (175 347) (28 983) (47 712) (252 042) (5 591) (257 633) Total operating expenses adjusted (741 287) (238 136) (161 955) (1 141 378) (109 570) (1 250 948) Operating pro\ufb01t adjusted 166 007 322 106 (34 365) 453 748 6 306 460 054 Acquisition related costs - Other one- o\ufb00 items (2 660) Depreciation of acquisitions * (132 323) Estimate deviations (4 472) Unrealised gains and losses on derivatives (47 791) Change in provisions for onerous contracts 39 256 Impairment of intangible assets and cost to obtain contracts (39 282) Operating pro\ufb01t (EBIT) 272 781 Note 4 Segment information Disaggregation of revenue from contracts with customers Operating segments are reported in a man- ner consistent with the internal \ufb01nancial reporting provided to the chief operating decision-maker. The chief operating deci- sion maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identi\ufb01ed as the Board of Directors. The Board of Directors examines the Group\u2019s performance from a type of services perspective. Segment per- formance is evaluated based on pro\ufb01t or loss and is measured consistently with pro\ufb01t or loss in the consolidated \ufb01nancial statements. The Group\u2019s reportable segments under IFRS 8 - \u201cOperating Segments\u201d are therefore as follows: \u2022 Consumer segment - Sale of electrical power and related services to private con- sumers in Norway \u2022 Business segment - Sale of electrical power and related services to business consumers in Norway \u2022 Nordic segment - Sale of electrical power and related services to consumers in Finland and Sweden. Information reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment per- formance is focused on the category of cus- tomer for each type of activity. No operating segments have been aggregated in arriving at the reportable segments of the Group. The principal categories of customers are direct sales to private consumers, business consum- ers and alliance partners. The segment pro\ufb01t measure is adjusted operating pro\ufb01t which is de\ufb01ned as operat- ing pro\ufb01t earned by each segment without the allocation of: acquisition related costs and other one-o\ufb00 items, estimate deviations from previous periods, unallocated revised net revenue, unrealised gains and losses on derivatives, impairment of intangible assets, depreciation of acquisitions, and change in provisions for onerous contracts. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment perfor- mance. The accounting policies of the report- able segments are the same as the Group\u2019s accounting policies. All of the Group\u2019s revenue is from external parties and is from activities currently carried out in Norway, Sweden and Finland. There are no customers representing more than 10% of revenue. The tables below is an analysis of the Group\u2019s revenue and pro\ufb01t by reportable seg- ment. New growth initiatives comprise of other business activities (sale of mobile service to private customers and power sale, included related services, to Alliance Partners) which are not considered separate operating seg- ments. *Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. NOK in thousands 2022 Tr\u00f8nderEnergi Marked acquisition (5 761) Oppdal Everk Kraftomsetning acquisition (1 702) Vester\u00e5lskraft Str\u00f8m acquisition (1 492) Innlandskraft acquisition (83 343) Troms Kraft Str\u00f8m acquisition (32 572) Other customer acquisitions (7 453) Depreciation of acquisitions (132 323) 2021 Restated NOK in thousands Consumer Business Nordic Total reportable segments New growth initiatives Total Revenue adjusted 7 802 881 5 257 664 1 773 888 14 834 434 365 732 15 200 165 Direct cost of sales adjusted (6 691 380) (4 788 340) (1 710 899) (13 190 618) (285 170) (13 475 788) Net revenue adjusted 1 111 502 469 324 62 989 1 643 815 80 562 1 724 378 Personnel and other operating expenses adjusted (586 248) (159 441) (70 661) (816 349) (83 634) (899 993) Depreciation and amortisation adjusted (164 206) (27 213) (17 931) (209 350) (5 105) (214 455) Total operating expenses adjusted (750 454) (186 654) (88 592) (1 025 699) (88 740) (1 114 448) Operating pro\ufb01t adjusted 361 048 282 671 (25 603) 618 116 (8 177) 609 930 Acquisition related costs (1 034) Other one- o\ufb00 items 3 387 Unallocated revised net revenue (64 169) Depreciation of acquisitions * (188 629) Estimate deviations 11 515 Unrealised gains and losses on derivatives 1 066 055 Change in provisions for onerous contracts (1 019 479) Impairment of intangible assets (9 762) Operating pro\ufb01t (EBIT) 407 814 NOK in thousands 2021 Tr\u00f8nderEnergi Marked acquisition (10 434) Oppdal Everk Kraftomsetning acquisition (2 289) Vester\u00e5lskraft Str\u00f8m acquisition (1 936) Innlandskraft acquisition (128 650) Troms Kraft Str\u00f8m acquisition (42 031) Other customer acquisitions (3 289) Depreciation of acquisitions (188 629) * Depreciation of acquisitions consists of depreciations of customer portfolios acquired seperately and recognised as intangible assets, and depreciations of customer portfolios and other intangible assets recognised as part of a business combination. ",
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"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f11844": {
"value": "Note 5 Revenue recognition The following table summarises revenue from contracts with customers: Timing of revenue recognition Over time: NOK in thousands 2022 2021 Restated Revenue - Consumer segment 13 025 916 7 697 878 Revenue - Business segment 11 041 944 5 219 008 Revenue - Nordic segment 2 228 015 1 773 888 Revenue - New growth initiatives 340 764 360 175 Total revenue recognised over time 26 636 639 15 050 949 At a point in time: Revenue - Consumer segment 97 053 105 003 Revenue - Business segment 53 343 38 657 Revenue - Nordic segment - - Revenue - New growth initiatives 19 242 5 557 Total revenue recognised at a point in time 169 638 149 217 Total revenue from contracts with customers (Revenue adjusted) 26 806 276 15 200 165 Other revenue: Estimate deviations - 8 422 Unallocated revised revenue - (73 132) Unrealised gains and losses on derivative customer contracts (1 284 761) (60 010) Total revenue 25 521 514 15 075 445 Sale of electricity The Group supplies electricity to both private and corporate end-user customers pursuant to agreed upon rates. Services are billed on a rate/kWh for the total volume consumed per month. Pursuant to the terms of the agree- ment, the Group has the right to invoice the customer in an amount that directly corre- sponds with the value to the customer of the Group\u2019s performance to date, accordingly the Company recognises revenue based on the amount billable to the customer. Electricity Procurement Services The Group has contracts with \u2018alliance part- ner\u2019 customers to jointly procure electricity from Statkraft AS in Norway. Services are billed on a rate per kWh of electricity procured on behalf of the alliance partner. The rate stip- ulated in the contract with alliance partners is based on the market price for electricity in the Norway electricity wholesale market plus a \ufb01xed markup. The Group is the agent in this transaction as it does not have control over the electricity being procured on behalf of the \u2018alliance\u2018 customers and accordingly recog- nises revenue, over time, equal to the amount of the markup billed to the alliance partners. In addition, the Group provides certain additional services, namely procurement of el-certi\ufb01cates, electricity purchase contracts and derivative forward contracts and options contracts on behalf of the alliance partner, all related to the electricity management strategy of the alliance partners. Services related to procurement of electricity and related instru- ments are billed on a rate per kWh of volume of electricity under contract. The rate stipu- lated in the contract with alliance partners is based on the market price for electricity and respective instruments in the Norway elec- tricity wholesale market plus a \ufb01xed markup. Similar to procurement above, the Group is the agent in these transactions as it does not have control over the electricity being purchased and instruments being purchased on behalf of the \u2018alliance \u2018customers. Accordingly the Group recognises revenue, over time as these services are delivered, equal to the amount of the markup billed to the alliance partners. The Group also provides invoicing, reve- nue reporting, collection and closely related services for some of the alliance partners. The fees depend on the type of service and can be \ufb01xed monthly, \ufb01xed annually and / or \ufb01xed fees per transactions. With respect to these deliveries the Group is not an agent and revenue is recognised, over time or at a point in time corresponding to the Group\u2019s perfor- mance obligations for respective services. Subscription \u2013 mobile phone services The Group o\ufb00ers mobile phone subscriptions to private consumers, and charges a \ufb01xed price per month for use of text messaging, call and data services. The customers pay a monthly \ufb01xed amount on each subscription and any unused data can be rolled over to the next month. The data that is rolled over can not exceed the total data amount indi- cated in the customers subscriptions. The customer is invoiced monthly in advance for the \ufb01xed amount, while any consumption not included in the \ufb01xed monthly price is invoiced in arrears. Data usage is accounted for as a separate performance obligation and \ufb01xed monthly fee is allocated to data services based on estimated expected cost plus mar- gin. Customers that have a contract for delivery of electricity with the Group, are also provided with a discount on their mobile phone sub- scription. In accordance with IFRS 15.82, the monthly discount is allocated exclusively to mobile phone services on a stand-alone sell- ing price basis, as the same discount is also o\ufb00ered to other customers on a regular basis. Revenue from messaging and call services are recognised in the month they are billed, re\ufb02ecting the consumer\u2019s consummation of the services as the customer receives a \ufb01xed amount to use each month and cannot transfer unused amounts to the next period. Revenue from data is recognised over time re\ufb02ecting the actual use of data by the cus- tomer. To the extent the customer do not use all of the data in a given period, the Group recognises a liability, unearned revenue, which is released to revenue as and when the customer consummate this data. Other Services Other services revenue consist primarily of revenues from: \u2022 Insurance sales; \u2022 Subscription revenue - tools; and \u2022 Other miscellaneous products and ser- vices. As it relates to insurance sales, the most sig- ni\ufb01cant judgment is determining whether the Group is the principal or agent for insurance sales made by the Group. The reported rev- enues from these transactions are made on a net basis because the performance obliga- tion is to facilitate a transaction between the third party insurance company and end users, for which the Group earns a commission for connecting the customer with the insurance company and a markup for the invoicing and collection on behalf to the insurance com- pany. Consequently, the portion of the gross amount billed to end users for premium that is remitted to the insurance company is not re\ufb02ected as revenues. Cost to obtain Contracts The Group capitalises commission expenses paid to external sales personnel that are incre- mental to obtaining customer contracts. The judgments made in determining the amount of costs incurred include whether the commis- sions are in fact incremental and would not have occurred absent the customer contract. Costs to obtain a contract are amortised over the expected period of bene\ufb01t that has been determined to be approximately 36 months, presented as part of Depreciation and amor- tisation.These costs are periodically reviewed for impairment. The following table summarises assets recognised from the cost to obtain a contract: NOK in thousands 2022 2021 Balance as at 1 January 287 728 172 656 Additions 237 550 264 152 Amortisation during the year (185 893) (146 773) Impairment* (39 282) - Currency translation di\ufb00erences (4 122) (2 307) Balance as at 31 December 295 980 287 728 *See note 19 for more details regarding impairment of cost to obtain contracts. The Group charges a \ufb01xed fee for access to tools and these contracts are typically on a month-to-month basis (with no speci\ufb01ed minimum term). Accordingly the Group recog- nizes revenue for the monthly amount billable to the customer. Contracts with Multiple Performance Obligations The Group periodically enters into contracts, or multiple contracts at or near the same time, with its customers in which a customer may purchase a combination of Electricity services and other services, such as procure- ment solutions or professional services. These contracts include multiple promises that the Group evaluates to determine if the promises are separate performance obligations. Once the Group determines the performance obli- gations, the Group determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Group then allocates the transaction price to each per- formance obligation in the contract based on a relative stand-alone selling price method or using the variable consideration allocation exception if the required criteria are met. The corresponding revenues are recognised as the related performance obligations are sat- is\ufb01ed as discussed in the revenue categories above. Contract Balances The Group receives payments from its cus- tomers based on billing schedules estab- lished in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Group performs its obliga- tions under these arrangements. Amounts are recorded as accounts receivable when the Group\u2019s right to consideration is unconditional (when the customer obtains control of prom- ised goods or services). The Group does not assess whether a con- tract has a signi\ufb01cant \ufb01nancing component if the expectation at contract inception is such that the period between payment by the cus- tomer and the transfer of the promised goods or services to the customer will be one year or less. The following tables present changes in the Group\u2019s contract assets and liabilities during the year ended 31 December, 2021 and 2022: Contract assets NOK in thousands 2022 2021 Restated Balance as at 1 January 3 831 626 787 514 Revenue recognised from\u00a0performance obligations\u00a0satis\ufb01ed in previous periods - 8 422 New contract assets during the period less transfer to receivables 2 007 670 3 046 977 Currency and other e\ufb00ects (10 024) (11 287) Balance as at 31 December 5 829 272 3 831 626 Contract liabilities NOK in thousands 2022 2021 Balance as at 1 January 47 280 124 043 Revenue recognised that was included in opening balance (47 280) (124 043) New contract liabilities less transfer to revenue 31 978 47 280 Currency and other e\ufb00ects - - Balance as at 31 December 31 978 47 280 Transaction Price Allocated to Future Performance Obligations IFRS 15 requires that the Group disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satis\ufb01ed as 31 December 2022 and 31 December 2021. The guidance provides certain practical expedients that limit this requirement. Majority of the Groups contracts meet either of the following prac- tical expedients provided by IFRS 15 and accordingly the Group has applied this prac- tical expedient. 1. The performance obligation is part of a contract that has an original expected duration of one year or less. 2. The entity recognises revenue from its sat- isfaction of the performance obligations in the amount billable to the customer in accordance with paragraph B16 of IFRS 15. Concentrations of Credit Risk The Group do not have any customers that comprised more than 10% of the Group\u2019s rev- enue for year ended 31 December 2022 and 31 December 2021. \u00a0As of 31 December 2022 and 31 December 2021 the Group do not have signi\ufb01cant cus- tomers that comprises more than 10% of accounts receivable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11848": {
"value": "Note 5 Revenue recognition Customers that have a contract for delivery of electricity with the Group, are also provided with a discount on their mobile phone sub- scription. In accordance with IFRS 15.82, the monthly discount is allocated exclusively to mobile phone services on a stand-alone sell- ing price basis, as the same discount is also o\ufb00ered to other customers on a regular basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12121": {
"value": "Contract Balances The Group receives payments from its cus- tomers based on billing schedules estab- lished in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Group performs its obliga- tions under these arrangements. Amounts are recorded as accounts receivable when the Group\u2019s right to consideration is unconditional (when the customer obtains control of prom- ised goods or services). The Group does not assess whether a con- tract has a signi\ufb01cant \ufb01nancing component if the expectation at contract inception is such that the period between payment by the cus- tomer and the transfer of the promised goods or services to the customer will be one year or less. The following tables present changes in the Group\u2019s contract assets and liabilities during the year ended 31 December, 2021 and 2022: Contract assets NOK in thousands 2022 2021 Restated Balance as at 1 January 3 831 626 787 514 Revenue recognised from\u00a0performance obligations\u00a0satis\ufb01ed in previous periods - 8 422 New contract assets during the period less transfer to receivables 2 007 670 3 046 977 Currency and other e\ufb00ects (10 024) (11 287) Balance as at 31 December 5 829 272 3 831 626 Contract liabilities NOK in thousands 2022 2021 Balance as at 1 January 47 280 124 043 Revenue recognised that was included in opening balance (47 280) (124 043) New contract liabilities less transfer to revenue 31 978 47 280 Currency and other e\ufb00ects - - Balance as at 31 December 31 978 47 280 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12266": {
"value": "Note 6 Direct cost of sales NOK in thousands 2022 2021 Restated Purchase of electrical power and el certi\ufb01cates 24 804 557 13 165 847 Other direct cost of sales 295 188 297 885 Change in provisions for onerous contracts (39 256) 1 019 479 Unrealised gains and losses on derivative hedge contracts (1 236 970) (1 126 064) Total direct cost of sales 23 823 519 13 357 147 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12289": {
"value": "Note 7 Financial assets and financial liabilities Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Note 12 Other operating expenses and other financial items 12(b) Other \ufb01nancial items, net NOK in thousands 2022 2021 Foreign exchange gain/(losses) (3 351) (9 561) Other \ufb01nancial expenses (9 311) (9 657) Total other \ufb01nancial items, net (12 660) (19 219) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12290": {
"value": "Note 7 Financial assets and financial liabilities Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Note 12 Other operating expenses and other financial items 12(b) Other \ufb01nancial items, net NOK in thousands 2022 2021 Foreign exchange gain/(losses) (3 351) (9 561) Other \ufb01nancial expenses (9 311) (9 657) Total other \ufb01nancial items, net (12 660) (19 219) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12291": {
"value": "Note 7 Financial assets and financial liabilities Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12293": {
"value": "Note 7 Financial assets and financial liabilities Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12301": {
"value": "Note 7 Financial assets and financial liabilities Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12304": {
"value": "Note 7 Financial assets and financial liabilities 7(a) Trade receivables and Other non-current financial assets Other non-current \ufb01nancial assets The other non-current \ufb01nancial assets in the consolidated statement of \ufb01nancial position comprise of the following: NOK in thousands 2022 2021 Loans to employees* 14 076 16 251 Other long term receivables from customers** 21 686 21 711 Capitalised transaction costs*** 6 190 11 240 Other 6 333 5 582 Total 48 285 54 784 7(a) Trade receivables and Other non-current \ufb01nancial assets * Loans to employees include next year\u2019s installments. Instalments in 2023 amount to NOKt 2 351. ** Customers who purchase home chargers for electrical vehicles can settle through a 36 month repayment plan. The Group has a lien in the home charger until it is repaid. *** Transaction costs related to establishing the RCF, the guarantee facility and the overdraft facility, see more details in note 7(c). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12309": {
"value": "Note 7 Financial assets and financial liabilities The Group holds the following \ufb01nancial instruments: Financial assets NOK in thousands Notes 2022 2021 Restated Financial assets at amortised cost Trade receivables * 7(a) 1 722 161 1 351 502 Other non-current \ufb01nancial assets 7(a) 48 285 54 784 Cash and cash equivalents 7(d) 70 548 306 627 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 4 231 590 1 982 766 Total \ufb01nancial assets 6 074 662 3 695 679 * excludes contract assets Financial liabilities NOK in thousands Notes 2022 2021 Restated Liabilities at amortised cost Trade and other payables 7(b) 5 828 373 4 516 589 Overdraft facilities 7(c) 534 112 - Interest-bearing short term debt 7(c) 275 000 - Interest-bearing long term debt 7(c) 722 869 813 709 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 3 112 556 883 514 Total \ufb01nancial liabilities 10 545 680 6 292 774 Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. The following table presents the recognised \ufb01nancial instruments that are o\ufb00set. 2022 Financial assets NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 7 273 986 (3 040 318) 4 233 668 Other derivatives - - - Total derivative \ufb01nancial assets 7 273 986 (3 040 318) 4 233 668 Financial liabilities NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 6 225 317 (3 040 318) 3 184 999 Other derivatives 328 - 328 Total derivative \ufb01nancial liabilities 6 225 645 (3 040 318) 3 185 327 Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. Note 9 Financial risk management objectives The group has the following derivative \ufb01nancial instruments: NOK in thousands 2022 2021 Restated Derivative \ufb01nancial assets Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 2 745 315 1 451 547 Electricity derivatives - Customer contracts 1 486 276 531 220 Other derivatives - - Total derivative \ufb01nancial assets 4 233 668 1 982 766 Derivative \ufb01nancial liabilities Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 129 552 320 611 Electricity derivatives - Customer contracts 2 982 676 561 659 Other derivatives 328 1 245 Total derivative \ufb01nancial liabilities 3 185 327 962 477 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12311": {
"value": "Note 7 Financial assets and financial liabilities The Group holds the following \ufb01nancial instruments: Financial assets NOK in thousands Notes 2022 2021 Restated Financial assets at amortised cost Trade receivables * 7(a) 1 722 161 1 351 502 Other non-current \ufb01nancial assets 7(a) 48 285 54 784 Cash and cash equivalents 7(d) 70 548 306 627 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 4 231 590 1 982 766 Total \ufb01nancial assets 6 074 662 3 695 679 * excludes contract assets Financial liabilities NOK in thousands Notes 2022 2021 Restated Liabilities at amortised cost Trade and other payables 7(b) 5 828 373 4 516 589 Overdraft facilities 7(c) 534 112 - Interest-bearing short term debt 7(c) 275 000 - Interest-bearing long term debt 7(c) 722 869 813 709 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 3 112 556 883 514 Total \ufb01nancial liabilities 10 545 680 6 292 774 Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. The following table presents the recognised \ufb01nancial instruments that are o\ufb00set. 2022 Financial assets NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 7 273 986 (3 040 318) 4 233 668 Other derivatives - - - Total derivative \ufb01nancial assets 7 273 986 (3 040 318) 4 233 668 Financial liabilities NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 6 225 317 (3 040 318) 3 184 999 Other derivatives 328 - 328 Total derivative \ufb01nancial liabilities 6 225 645 (3 040 318) 3 185 327 Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. ",
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"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12312": {
"value": "Note 7 Financial assets and financial liabilities The Group holds the following \ufb01nancial instruments: Financial assets NOK in thousands Notes 2022 2021 Restated Financial assets at amortised cost Trade receivables * 7(a) 1 722 161 1 351 502 Other non-current \ufb01nancial assets 7(a) 48 285 54 784 Cash and cash equivalents 7(d) 70 548 306 627 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 4 231 590 1 982 766 Total \ufb01nancial assets 6 074 662 3 695 679 * excludes contract assets Financial liabilities NOK in thousands Notes 2022 2021 Restated Liabilities at amortised cost Trade and other payables 7(b) 5 828 373 4 516 589 Overdraft facilities 7(c) 534 112 - Interest-bearing short term debt 7(c) 275 000 - Interest-bearing long term debt 7(c) 722 869 813 709 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 3 112 556 883 514 Total \ufb01nancial liabilities 10 545 680 6 292 774 Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. The following table presents the recognised \ufb01nancial instruments that are o\ufb00set. 2022 Financial assets NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 7 273 986 (3 040 318) 4 233 668 Other derivatives - - - Total derivative \ufb01nancial assets 7 273 986 (3 040 318) 4 233 668 Financial liabilities NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 6 225 317 (3 040 318) 3 184 999 Other derivatives 328 - 328 Total derivative \ufb01nancial liabilities 6 225 645 (3 040 318) 3 185 327 Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12313": {
"value": "Note 7 Financial assets and financial liabilities Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12416": {
"value": "Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Note 7 Financial assets and financial liabilities The Group holds the following \ufb01nancial instruments: Financial assets NOK in thousands Notes 2022 2021 Restated Financial assets at amortised cost Trade receivables * 7(a) 1 722 161 1 351 502 Other non-current \ufb01nancial assets 7(a) 48 285 54 784 Cash and cash equivalents 7(d) 70 548 306 627 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 4 231 590 1 982 766 Total \ufb01nancial assets 6 074 662 3 695 679 * excludes contract assets Financial liabilities NOK in thousands Notes 2022 2021 Restated Liabilities at amortised cost Trade and other payables 7(b) 5 828 373 4 516 589 Overdraft facilities 7(c) 534 112 - Interest-bearing short term debt 7(c) 275 000 - Interest-bearing long term debt 7(c) 722 869 813 709 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 3 112 556 883 514 Total \ufb01nancial liabilities 10 545 680 6 292 774 Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. The following table presents the recognised \ufb01nancial instruments that are o\ufb00set. 2022 Financial assets NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 7 273 986 (3 040 318) 4 233 668 Other derivatives - - - Total derivative \ufb01nancial assets 7 273 986 (3 040 318) 4 233 668 Financial liabilities NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 6 225 317 (3 040 318) 3 184 999 Other derivatives 328 - 328 Total derivative \ufb01nancial liabilities 6 225 645 (3 040 318) 3 185 327 Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. Note 9 Financial risk management objectives The group has the following derivative \ufb01nancial instruments: NOK in thousands 2022 2021 Restated Derivative \ufb01nancial assets Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 2 745 315 1 451 547 Electricity derivatives - Customer contracts 1 486 276 531 220 Other derivatives - - Total derivative \ufb01nancial assets 4 233 668 1 982 766 Derivative \ufb01nancial liabilities Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 129 552 320 611 Electricity derivatives - Customer contracts 2 982 676 561 659 Other derivatives 328 1 245 Total derivative \ufb01nancial liabilities 3 185 327 962 477 ",
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"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f12692": {
"value": "The following table shows the movement in lifetime ECL that has been recognised for trade receivables in accordance with the simpli\ufb01ed approach set out in IFRS: NOK in thousands 2022 2021 Opening balance, 1 January 45 213 105 080 Loss allowance recognised in pro\ufb01t or loss for the period 4 403 (59 543) Currency translation di\ufb00erence (208) (324) At 31 December 49 408 45 213 During the year, the following gains/(losses) were recognised in pro\ufb01t or loss in other expenses in relation to impaired receivables: NOK in thousands 2022 2021 Receivables written o\ufb00 39 518 53 846 Movement in provision for impairment 4 403 (59 543) Received payment on previously written o\ufb00 receiavbles (3 663) (16 651) Net impairment expense recognised on trade receivables 40 258 (22 348) Other non-current \ufb01nancial assets The other non-current \ufb01nancial assets in the consolidated statement of \ufb01nancial position comprise of the following: NOK in thousands 2022 2021 Loans to employees* 14 076 16 251 Other long term receivables from customers** 21 686 21 711 Capitalised transaction costs*** 6 190 11 240 Other 6 333 5 582 Total 48 285 54 784 Note 1 Accounting policies Financial assets 1. Classi\ufb01cation The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through other comprehensive income, or through pro\ufb01t or loss), and \u2022 those to be measured at amortised cost. The classi\ufb01cation depends on the entity\u2019s business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or other comprehensive income. For invest- ments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevoca- ble election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when deter- mining whether their cash \ufb02ows are solely payment of principal and interest.\u00a0See note 7 and 9 for details about each type of \ufb01nancial asset. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets change. 2. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at fair value through pro\ufb01t or loss are recognised in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow char- acteristics of the asset. There are three meas- urement categories in IFRS 9. The Group only applies the following measurement category for debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost is recognised in pro\ufb01t or loss when the asset is derecognised or impaired. Interest income from these \ufb01nan- cial assets is included in \ufb01nance income using the e\ufb00ective interest rate method. 3. Impairment The Group assesses on a forward looking basis the expected credit losses associ- ated with its debt instruments at amortised cost. The impairment methodology applied depends on whether there has been a sig- ni\ufb01cant increase in credit risk. Note 7 and 9 details how the Group determines whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.\u00a0\u00a04. Derecognition The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the asset expire, or when it transfers the \ufb01nancial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Group retains substan- tially all the risks and rewards of the owner- ship of a transferred \ufb01nancial asset, the Group continues to recognise the \ufb01nancial asset and also recognises a collateralised borrowing for the proceeds received. At derecognition the di\ufb00erence between the asset\u2019s carrying amount (including any cumu- lative gain or loss that previously has been recognised in other comprehensive income and accumulated in equity) and the sum of the consideration received is recognised in pro\ufb01t or loss. Energy contracts and hedging activities Energy contracts that are entered into and continue to be held for the purpose of the receipt or delivery of the power in accordance with the Group\u2019s expected purchase or sale are accounted for as \u201cown use\u201d contracts. These contracts do not qualify for recogni- tion in the statement of \ufb01nancial position in accordance with IFRS 9 but are accounted for as revenue from contracts with customers in accordance with IFRS 15 or as cost of sales. Energy contracts that are electricity deriv- atives and qualify for recognition in the state- ment of \ufb01nancial position in accordance with IFRS 9, are measured at fair value through pro\ufb01t and loss (unless they are designated as hedging instruments - see below). This includes the following types of energy con- tracts: \u2022 Physical power sales contracts which are considered as readily convertible to cash and are not entered into for own use. \u2022 Financial contracts to purchase and sell energy-related products classified as derivatives. \u2022 Embedded derivatives are separated and treated as derivatives when the risks and characteristics of the derivative are not closely related to the host contract, and the host contract is not measured at fair value. Electricity derivatives All of the Group\u2019s \ufb01nancial electricity deriva- tives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence electricity derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge account- ing criterias, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. Changes in the fair value of any derivative instrument that does not qualify for hedge accounting are recognised imme- diately in pro\ufb01t or loss and are included in \u2022 Revenue - when the derivative instrument is a \ufb01nancial custumer contract, or \u2022 Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts. See note 7, 8 and 9 for details about each type of derivatives. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-meas- ured to their fair value at the end of each reporting period. The accounting for sub- sequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of recog- nised assets and liabilities and highly prob- able forecast power purchase transactions (cash \ufb02ow hedges). Cash \ufb02ow hedges that qualify for hedge accounting The group use forward contracts to hedge forecast power purchase transactions. The e\ufb00ective portion of changes in the fair value of derivatives that are designated and qualify as cash \ufb02ow hedges is recognised in the cash \ufb02ow hedge reserve within equity. The gain or loss relating to the ine\ufb00ective portion is rec- ognised immediately in pro\ufb01t or loss, within Direct cost of sales. Hedge e\ufb00ectiveness is determined at the inception of the hedge relationship, and through periodic prospective e\ufb00ectiveness assessments, to ensure that an economic relationship exists between the hedged item and hedging instrument. The gains or losses relating to the e\ufb00ective portion of the change in fair value of the entire forward contract are recognised in the cash \ufb02ow hedge reserve within equity. Amounts accumulated in equity are reclassi\ufb01ed in the periods when the hedged item a\ufb00ects pro\ufb01t or loss. When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets the criteria for hedge account- ing, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transac- tion occurs. 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 reclassi\ufb01ed to pro\ufb01t or loss. The fair values of derivative \ufb01nancial instru- ments designated in hedge relationships, and movements in the hedging reserve in share- holders\u2019 equity are shown in note 10. El-certi\ufb01cate foward contracts The sale of electricity to end users in Norway and Sweden gives rise to an el-certi\ufb01cate can- cellation liability. The Group enters into for- ward contracts to purchase el-certi\ufb01cates to be remitted to the government as settlement for the el-certi\ufb01cate cancellation liability. As a result, the Group\u2019s contracts to purchase and sell electricity, and to purchase and remit el-certi\ufb01cates is delivered in quantities that will be used or sold in the Groups\u2019 normal course of business. Hence, the contracts has been accounted for under the \u201cown use\u201d exemp- tion, are considered executory contracts and are recognised in the consolidated \ufb01nancial statements when the underlying purchase or sale has occurred. Borrowings and credit facilities Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any di\ufb00erence between the proceeds (net of transaction costs) and the redemption amount is recognised in pro\ufb01t or loss over the period of the borrowings using the e\ufb00ective interest method. Borrowings are derecognised when the obli- gation speci\ufb01ed in the contract is discharged, cancelled or expired. The di\ufb00erence between the carrying amount of a \ufb01nancial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in consoli- dated statement of pro\ufb01t or loss within the line Other \ufb01nancial items, net. Borrowings are classi\ufb01ed as current liabil- ities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Transactions costs incurred when estab- lishing bank overdraft facilities, revolving credit facilities, and guarantee facilities are capitalised and amortised on a straight line basis over the period from establishing the facilities to the termination date. These capi- talised transaction costs are included in Other non-current \ufb01nancial assets in the Statement of \ufb01nancial position. Note 7 Financial assets and financial liabilities The Group holds the following \ufb01nancial instruments: Financial assets NOK in thousands Notes 2022 2021 Restated Financial assets at amortised cost Trade receivables * 7(a) 1 722 161 1 351 502 Other non-current \ufb01nancial assets 7(a) 48 285 54 784 Cash and cash equivalents 7(d) 70 548 306 627 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 4 231 590 1 982 766 Total \ufb01nancial assets 6 074 662 3 695 679 * excludes contract assets Financial liabilities NOK in thousands Notes 2022 2021 Restated Liabilities at amortised cost Trade and other payables 7(b) 5 828 373 4 516 589 Overdraft facilities 7(c) 534 112 - Interest-bearing short term debt 7(c) 275 000 - Interest-bearing long term debt 7(c) 722 869 813 709 Derivative \ufb01nancial instruments Derivative \ufb01nancial instruments at fair value through OCI 8,9,10 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss 8,9 3 112 556 883 514 Total \ufb01nancial liabilities 10 545 680 6 292 774 Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). Offsetting \ufb01nancial assets and \ufb01nancial liabilities: Financial assets and liabilities are o\ufb00set and the net amount is reported in the statement of \ufb01nancial position where the Group currently has a legally enforceable right to o\ufb00set the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. When o\ufb00setting \ufb01nancial assets and liabilities, the unit of account applied is the individual identi\ufb01able cash \ufb02ows of the \ufb01nancial instruments. The unit of account for o\ufb00setting Electricity derivatives is thus monthly settlements of such derivatives. The following table presents the recognised \ufb01nancial instruments that are o\ufb00set. 2022 Financial assets NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 7 273 986 (3 040 318) 4 233 668 Other derivatives - - - Total derivative \ufb01nancial assets 7 273 986 (3 040 318) 4 233 668 Financial liabilities NOK in thousands Gross amount Gross amount set off Net amount Derivative \ufb01nancial instruments Electricity derivatives 6 225 317 (3 040 318) 3 184 999 Other derivatives 328 - 328 Total derivative \ufb01nancial liabilities 6 225 645 (3 040 318) 3 185 327 7(a) Trade receivables and Other non-current financial assets Trade receivables are amounts due from cus- tomers for goods sold or services performed in the ordinary course of business. If collec- tion of the amounts is expected in one year or less they are classi\ufb01ed as current assets. Trade receivables are generally due for set- tlement within 30 days. No interest is charged on outstanding trade receivables, unless it is past due date. The Group always measures the loss allow- ance for trade receivables at an amount equal to lifetime expected credit loss (ECL). For cus- tomers in the business segment, the expected credit losses on trade receivables are esti- mated using a provision matrix by grouping trade receivables based on reference to past default experience for the group of customers. For customers in the consumer segment, the expected credit losses on trade receivables are estimated by an individual assessment of each speci\ufb01c customer performed by the Group\u2019s Debt Collection Service provider. The customer\u2019s current \ufb01nancial position, adjusted for factors that are speci\ufb01c to the customers\u2019, general economic conditions of the industry in which the customers operate and an assess- ment of both the current as well as the forecast direction of conditions at the reporting date, are all factors that are taken into account when measuring ECL. There has been no changes in the estima- tion techniques or signi\ufb01cant assumptions made during the year. The Group writes o\ufb00 a trade receivable when there is information indicating that the debtor is in severe \ufb01nancial di\ufb03culty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade receivables are over one years past due, whichever occurs earlier. The trade receivables that have been written o\ufb00 are still subject to collection processes. The following table details the risk pro\ufb01le of trade receivables based on the Group\u2019s provision matrix. 2022 Loss allowance provision - Days past due NOK in thousands Current 31-60 days 61-90 days 91-120 days 121-180 days More than 180 days Total Gross nominal amount Trade receivables - Power sales - Consumer customers 3 956 849 436 1 404 545 17 170 24 360 428 187 Trade receivables - Power sales - Business customers 2 089 257 3 990 3 366 2 244 12 762 24 706 1 341 488 Trade receivables - Mobile sales - Consumer customers 14 0 38 33 57 201 342 1 894 Total Loss allowance provision 6 058 1 105 4 463 4 803 2 845 30 133 49 408 1 771 569 2021 Loss allowance provision - Days past due NOK in thousands Current 31-60 days 61-90 days 91-120 days 121-180 days More than 180 days Total Gross nominal amount Trade receivables - Power sales - Consumer customers 6 223 710 395 531 282 20 104 28 244 894 503 Trade receivables - Power sales - Business customers 1 414 445 102 768 1 155 12 638 16 522 500 113 Trade receivables - Mobile sales - Consumer customers 2 1 66 63 111 204 447 2 099 Total Loss allowance provision 7 639 1 156 562 1 362 1 548 32 946 45 213 1 396 715 * Loans to employees include next year\u2019s installments. Instalments in 2023 amount to NOKt 2 351. ** Customers who purchase home chargers for electrical vehicles can settle through a 36 month repayment plan. The Group has a lien in the home charger until it is repaid. *** Transaction costs related to establishing the RCF, the guarantee facility and the overdraft facility, see more details in note 7(c). 7(c) Credit facilities NOK in thousands Effective interest rate 2022 2021 Term loan NIBOR 3 months + 1,30 % 726 175 819 875 Revolving credit facility NIBOR 3 months + 1,30 % 275 000 Total principal amounts 1 001 175 819 875 Credit facilities agreement Elmera Group\u2019s facilities agreement with DNB includes the following credit facilities; - a NOKt 1 000 000 term loan - the acquisition facility - a NOKt 500 000 revolving credit facility - a NOKt 2 250 000 guarantee facility - a NOKt 1 300 000 overdraft facility The termination date of the term loan facility, the revolving credit facility, and the guarantee facility is in September 2024. In Q4 2022 the interest rate margin on the term loan facility and the revolving credit facility was decreased from 1,75% to 1,30%. The term loan - NOKt 1 000 000 - The acquisition facility Each term loan drawn upon the facility is to be repaid in quarterly repayments of 2,5 % of the original amount of the term loan, with the remainder being repaid in full on the termination date. The reference interest rate is NIBOR. NOKt 460 000 was drawn upon this facility in September 2020, in order to repay a former term loan, and to partly \ufb01nance the aquisition of Innlandskraft AS. In November 2020 additional NOKt 477 000 was drawn upon the facility in order to partly \ufb01nance the aquisition of Troms Kraft Str\u00f8m AS. The term loan principals are being repaid in quarterly instalments of total NOKt 23 425. The \ufb01rst quarterly instalment was repaid in December 2020. At 31 December 2022 the remaining term loan principal balance is NOKt 726 175. The loan instalments of NOKt 93 700 that are due the next twelve months have been reclassi\ufb01ed from interest-bearing long term debt to interest-bearing short term debt, which is included in other current liabilities in the statement of \ufb01nancial position. The revolving credit facility - NOKt 500 000 - The RCF The revolving credit facility is available up until one month before the termination date. Any drawings for the purpose of \ufb01nancing permitted acquisitions shall be converted into term loan drawings with the same repayment pro\ufb01le as the acquisition facility, and amounts so converted shall not be available for re-drawing. The Group drew NOKt 150 000 on this facility in Q1 2022, and another NOKt 125 000 in Q2 2022. The revolving credit facility is classi\ufb01ed as interest-bearing short term debt in the statement of \ufb01nancial position. The guarantee facility - NOKt 2 250 000 The purpose of the guarantee facility is the issuance of guarantees and letters of credit for the general corporate and working capital purpose of the group, here- under gurantees related to re-invoicing agreements with grid owners, property rental agreements and so on. At 31 December 2022 guarantees of total NOKt 2 040 442 are issued under the guarantee facility. The overdraft facility - NOKt 1 300 000 The overdraft facility has been renewed and is available one year from September 2022. The overdraft facility was increased from NOKt 1 000 000 to NOKt 1 300 000 in Q3 2022. At 31 December 2022 the Group has drawn NOKt 534 112 on the overdraft facility. Security The Group\u2019s trade receivables has been pledged as security for all credit facilities under the facilities agreement. See note 24. Financial covenant Under the credit facility, there is a leverage covenant that applies at all times, and which shall be calculated quarterly based on consolidated numbers. A leverage ratio is to be calculated as total long term interest bearing debt (term loan) deducted free cash to rolling 12 month EBITDA adjusted. The leverage ratio shall not exceed: - more than 2,5 in respect of more than one quarter-end during any \ufb01nancial year, and - more than 2,0 in respect of the remaining three quarter-ends during any such \ufb01nancial year. The Group is in compliance with the covenant at the end of this reporting period. Liabilities from \ufb01nancing activities NOK in thousands Interest-bearing long term debt* Interest-bearing short term debt* Lease liability Overdraft facilities Total Balance at 1 January 2021 906 508 - 84 808 29 400 1 020 716 Cash \ufb02ows (93 700) - (19 095) (29 400) (142 195) New leases - - 20 769 - 20 769 Foreign exchange adjustments - - (167) - (167) Other changes 901 - - - 901 Balance at 31 December 2021 813 709 - 86 314 - 900 023 Balance at 1 January 2022 813 709 - 86 314 - 900 023 Cash \ufb02ows (93 700) 275 000 (20 245) 534 112 695 167 New leases - - 3 638 - 3 638 Foreign exchange adjustments - - 54 - 54 Other changes 2 860 - - - 2 860 Balance at 31 December 2021 722 869 275 000 69 761 534 112 1 601 741 * Includes instalments on term loans due within 12 months (NOKt 93 700), which are presented as part of Other current liabilities in the statement of \ufb01nancial posi- tion, see note 19. 7(d) Cash and cash equivalents Current assets NOK in thousands 2022 2021 Cash at bank and in hand 70 548 306 627 Total 70 548 306 627 The above \ufb01gures equals the amount of cash shown in the statement of cash \ufb02ows at the end of the \ufb01nancial year. Classi\ufb01cation as cash equivalents Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition and are repayable with 24 hours notice with no loss of interest. Restricted cash Please refer to note 24 for information about restricted cash. Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. Note 9 Financial risk management objectives Market risk Market risk is the risk of losses arising from movements in market prices. The Group is pri- marily exposed to the market risks of changes in commodity prices, climate risk, interest rates, security prices and foreign currency exchange rates. Market risk \u2013 commodity prices The commodity price risks related to sales of electricity to end-users are primarily related to market prices for electricity, but also to mar- ket prices of el-certi\ufb01cates and guarantees of origination (GoOs). The market price for electricity (spot price) is the hourly price from the Nordic power exchange Nord Pool Spot. Norway, Sweden, and Finland are geographically divided into di\ufb00erent electricity price areas. The spot price is determined by Nord Pool Spot within each of these price areas by the balance between demand and supply. The electricity prices are a\ufb00ected by the war in Ukraine and the transition to a low-emis- sion society. The EU\u2019s climate targets and the phasing-out of fossil energy production, as well as a focus on renewable energy with a signi\ufb01cant wind power element, have made the European power market increas- ingly dependent on prevailing weather con- ditions. In a transition phase, and for as long as the war continues, higher power prices and greater \ufb02uctuations than normal are expected. The Group\u2019s ESG-report contains more information about climate risk and how these are managed. When selling electricity to end users the Group o\ufb00ers a large scale of di\ufb00erent product types with di\ufb00erent pricing structures. The product types vary from spot-priced products, where the sales prices are connected to the spot price the Group pays when purchasing the electricity in the spot market, to variable price and \ufb01xed price contracts where the sales price is a \ufb01xed price for a \ufb01xed period. The di\ufb00erent product types expose the Group to di\ufb00erent risks, including price risk, pro\ufb01le risk, and volume risk. Pro\ufb01le risk arises when using standardized electricity deriva- tives, where the contractual price is \ufb01xed for all hours during the contractual period, to hedge power sales in the retail market where power prices vary from hour to hour through- out the day and week. The majority of end-user-sales in Norway are from spot-priced product types, where there is no price-, pro\ufb01le- or volume risk. Variable price contracts o\ufb00er the customers the pre- dictability of a \ufb01xed price without a \ufb01xed vol- ume. The price in the variable price products in the consumer segment can be changed with a 30 days\u2019 notice period (increased from 14 days in 2022). In the business segment the notice period is seven days. Volume sold on variable price products in the consumer segment decreased towards the end of 2022 as signi\ufb01cant numbers of customers migrated from variable to spot-priced products. The Group initiated sales stop of these contracts in the consumer segment and year-end 2022 this contract type represents less than 11% of the customers in the segment. A substantial portion of end-user sales in the Nordic segment are at \ufb01xed price contracts. The volume of \ufb01xed price power contracts has decreased during the year due to a movement towards spot based products for new custom- ers. At the beginning of the year the majority of the \ufb01xed price contracts were contracts without \ufb01xed volume, exposing the Group to both price-, pro\ufb01le-, and volume risks. The Group ended new sales of this type of \ufb01xed price contracts in the Nordic segment during the \ufb01rst quarter of 2022. Since then, new sales of \ufb01xed price contracts are contracts where the customer carries the price-, pro\ufb01le-, and volume risks. Thus the Group\u2019s exposure to these risks have been signi\ufb01cantly decreased in 2022, and will continue to decrease in 2023 and going forward as old \ufb01xed price contracts expire. Whenever Elmera enters into customer contracts where the electricity sales price is \ufb01xed or partially \ufb01xed, the related price risk is managed by purchasing \ufb01nancial electric- ity derivatives for hedging purposes. When hedging the price risk from \ufb01xed price con- tracts without \ufb01xed volume, the electricity vol- ume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in these customer contracts the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. The Group o\ufb00ers large business customers and Alliance partners to enter into \ufb01nancial power contracts, enabling them to utilize the market for \ufb01nancial trading of electricity to hedge the price risks in (parts of) their elec- tricity purchases and/or sales. Any \ufb01nancial derivative sold to a business customer is hedged back-to-back by purchasing a cor- responding \ufb01nancial derivative from a third party, thus any price or volume risk on these \ufb01nancial customer contracts is eliminated. The Group\u2019s \ufb01nancial electricity trade is mainly conducted through agreed bilateral frame- works with Statkraft as the main trade counter party. When selling electricity to end users in Norway and Sweden, the Group is required to purchase and cancel el-certi\ufb01cates. Further, when selling electricity on products includ- ing guarantees of origination, the Group is required to purchase and cancel GoOs. To manage risk exposure towards \ufb02uctuations in el-certi\ufb01cate and GoO market prices, the Group purchases el-certi\ufb01cates and GoOs, either in the spot market, or by purchasing forward contracts. The forward contracts are contracts with physical delivery, accounted for as own-use contracts, hence they are not recognised in the statement of \ufb01nancial position. Market risk \u2013 interest rates The Group\u2019s exposure to interest rate risk arises from variable rate credit facilities. The long term loans, the revolving credit facility, the guarantee facility and the overdraft facil- ity described in note 7(c), are all variable rate facilities. In addition, interest rate risk is related to short-term trade payables towards Statkraft related to purchase of electricity, and short-term receivables for customers who choose to extend their payment terms. Variable rate credit facilities, trade payables, and trade receivables expose the Group to cash \ufb02ow interest rate risks. The Group has set out parameters to actively monitor this risk going forward. Market risk \u2013 security prices The Group is indirectly exposed to security price risk through its de\ufb01ned employee bene\ufb01t obligations where parts of the pension plan assets are invested in securities. This risk is managed through investment in diversi\ufb01ed portfolios managed by external insurance companies. For further disclosure on fair value of plan assets and risk exposure related to employee bene\ufb01t obligations, please refer to note 18. Market risk \u2013 foreign exchange rates Following the acquisition of Troms Kraft Str\u00f8m AS and its subsidiaries\u2019 operations in Sweden and Finland, the Group increased its expo- sure to foreign exchange risk (primarily the Swedish Krone and the Euro). The acquisition was \ufb01nanced by a term loan denominated in NOK, and cash in hand. The Group\u2019s operations however still have limited exposure to foreign exchange cur- rency \ufb02uctuations, as the vast majority of local revenues, operating expenses and \ufb01nancial expenses are denominated in local currency. Through its agreement with Statkraft, the Group has the opportunity to conduct all of its physical and \ufb01nancial purchase of electricity in local currency. Derivatives All \ufb01nancial electricity derivatives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. The Group\u2019s accounting policy for cash \ufb02ow hedges are set out in note 10. The group has the following derivative \ufb01nancial instruments: NOK in thousands 2022 2021 Restated Derivative \ufb01nancial assets Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 2 745 315 1 451 547 Electricity derivatives - Customer contracts 1 486 276 531 220 Other derivatives - - Total derivative \ufb01nancial assets 4 233 668 1 982 766 Derivative \ufb01nancial liabilities Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 129 552 320 611 Electricity derivatives - Customer contracts 2 982 676 561 659 Other derivatives 328 1 245 Total derivative \ufb01nancial liabilities 3 185 327 962 477 Credit risk Credit risk refers to the risk that a counter- party will default on its contractual obligations resulting in \ufb01nancial loss to the Group. As of 31 December 2022, the Group\u2019s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, equals the carrying amount of the respective recognised \ufb01nancial assets as stated in the consolidated statement of \ufb01nancial position, see note 7. Trade receivables consists of a large num- ber of receivables on end-user customers, mainly households and business customers spread across diverse industries in Norway, Sweden and Finland.\u00a0The Group uses an external credit scoring system to assess the potential customer\u2019s credit quality before accepting any new customer. The Group uses publicly available \ufb01nancial information and its own trading records to rate its busi- ness customers. Refer to note 7 for details of concentration of credit risk related to trade receivables. In addition to invoicing electricity sales and other services provided to customers, the Group provides re-invoicing to customers in Norway related to grid rent on behalf of the grid owners (\u201cgjennomfakturering\u201d). This contributes to an increase in credit risk as the amount of trade receivables increases\u00a0\u00a0with the re-invoiced grid rent. However, in 2022 the Norwegian power support scheme (\u201cstr\u00f8m- st\u00f8tteordningen\u201d) has signi\ufb01cantly reduced the amounts which are re-invoiced, and thus the related credit risk. The power support scheme has been revised by the Norwegian government and extended to include the year 2024. The Group is required to provide letters of credit to the grid owners, guaranteeing their settlement of re-invoiced grid rent. However, the grid owners are not required to reimburse the Group for any re-invoiced grid rent not settled by the customer. The credit risk on bank deposits is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. Derivative \ufb01nancial contracts are traded either bilaterally with third party counterparties (mainly Statkraft), or customers (mainly large business customers and Alliance partners). Credit risk associated with derivative \ufb01nan- cial contracts with Statkraft (and other third parties) is considered to be limited as these counterparties are highly rated state-owned enterprises. The credit risk related to deriv- ative \ufb01nancial contracts with customers is managed by only o\ufb00ering \ufb01nancial contracts to customers with a su\ufb03cient credit rating, or by requiring security from the customer in the form of a deposit or a letter of credit. Liquidity risk The Group manages liquidity risk by maintain- ing adequate cash reserves, bank overdraft facilities and reserve credit facilities, by con- tinuously monitoring forecasts and actual cash \ufb02ows, and by matching the maturity pro\ufb01les of \ufb01nancial assets and liabilities. Electricity purchased under the Group\u2019s electricity pur- chase agreement with Statkraft, which is the Group\u2019s most signi\ufb01cant purchase agreement, are invoiced monthly in arrear, with a 30-day payment term in Norway and 45-day payment term in Sweden and Finland. In addition, this agreement in Norway includes a right for the Group to postpone these payments for addi- tional 30 days if current cash in hand does not cover the liability. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk are set out in note 7(c), Credit facilities. Liquidity risk tables The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative- and derivative \ufb01nancial liabilities. The tables have been drawn based on the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group can be required to pay. All electricity derivatives are settled monthly in arrear. Contractual maturities of non-derivative \ufb01nancial liabilities 31 December 2022 NOK in thousands Less than 1 month 1-3 months 3 months to 1 year 1-5 years 5+ years Total Carrying amount Trade and other payables* 5 828 373 - - - - 5 828 373 5 828 373 Overdraft facilities - - - 534 112 - 534 112 534 112 Interest-bearing short term debt - - - 275 000 - 275 000 275 000 Interest-bearing long term debt - 23 425 70 275 632 475 - 726 175 722 869 Total 5 828 373 23 425 70 275 1 441 587 - 7 363 659 7 360 353 * Ordinary trade and other payables are not interest bearing, however included in Trade and other payables are interest bearing trade payables related to the Group\u2019s electricity purchase agreement with Statkraft, the Group\u2019s main supplier of electrical power. This agreement allows for payment terms of 30 days, of which the oustanding balance is interest-bearing from day 1. The Group also has the right to postpone the payments by an additional 30 days if their current cash in hand does not cover the liability. The agreement expires in April 2024. At 31 December 2022, the interest bearing balance with Statkraft was NOKt 5 249 292 (31 December 2021 was NOKt 3 851 298). Contractual maturities of derivative \ufb01nancial liabilities 31 December 2022 NOK in thousands Less than 1 month 1-3 months 3 months to 1 year 1-5 years 5+ years Total Carrying amount Electricity derivatives - Hedge contracts - 35 118 40 377 137 684 2 479 215 658 202 324 Electricity derivatives - Customer contracts - 530 303 1 112 370 1 426 042 54 140 3 122 855 2 982 676 Other derivatives 23 48 262 - - 333 328 Total 23 565 469 1 153 009 1 563 727 56 619 3 338 847 3 185 327 Note 10 Hedge accounting Cash \ufb02ow hedges of forecast power purchase transactions The group designates certain derivatives as hedges of a particular risk associated with the cash \ufb02ows of highly probable forecast power purchase transactions (cash \ufb02ow hedges). Elmera Group sells retail electricity-con- tracts with di\ufb00erent pricing structures. All electricity purchases are however made in the spot market. The majority of the custom- ers have contracts where the price is based on spot market prices. The Group also o\ufb00ers \ufb01xed price contracts for a de\ufb01ned period, and variable price contracts with or without price ceiling. In Norway, the price in the variable price products in the consumer segment can be changed with a 30 days\u2019 notice period (increased from 14 days in 2022). In the busi- ness segment the notice period is seven days. The group revised its risk management strat- egy and policy for power purchases in the Norwegian group entities in July 2021. In the revised strategy Elmera will seek to reduce price variability for a higher percentage of the future power purchases in Norway. This will support the commercial goal to reduce the number of price changes for the variable price products, at the same time acknowledg- ing the risk that the Group might not be fully able to follow the price curve in a market with reduced prices. Because of the increased volume of hedging activity for future power purchases, the group implement hedge accounting in 2021. Hedge accounting only applies to contracts entered into after the revised risk management policy. Elmera uses di\ufb00erent derivatives to reduce variability in future power purchases, depend- ing on availability in the market. The Group has prepared formal hedge documentation for area price forward contracts, Nordic sys- tem price forward contracts, EPAD (Electricity Price Area Di\ufb00erence) forward contracts, and for combinations of system price forward con- tracts and EPAD forward contracts, that are all part of the same risk management strategy. The Norwegian group entities purchase elec- tricity in all \ufb01ve Norwegian price areas. When a Nordic system price forward contract is des- ignated as a hedge instrument, the contract is designated to the di\ufb00erent price areas at the inception of the hedge. The Nordic system price is the main refer- ence price in the Nordic electricity market, with area prices to a varying degree correlat- ing to the system price. The three southern price areas in Norway (NO1, NO2 and NO5) are highly correlated with both the system price and each other. The correlation for the area prices in the two northern areas (NO3 and NO4) and the system price is signi\ufb01cantly weaker than for the southernmost areas. When implementing hedge accouting in 2021, management considered the market structure and concluded that the system price can be characterized as an identi\ufb01able and measurable component of the power price. In general, a change in the system price will cause a change in the price in all price areas and will also impact the pricing of long-term contracts in all areas. In addition, most mar- ket participants develop expectation of future prices estimating future system price and area di\ufb00erentials individually. This implies that the system price is an identi\ufb01able risk component in the future purchase of electricity. When des- ignating system price forward contracts as hedging instruments for power purchases in price areas where the forward area price is expected to be higher than the forward sys- tem price (NO1, NO2 and NO5), the hedged item is de\ufb01ned as the cash \ufb02ows related to future purchase of electricity in the relevant areas, but only for those changes that are attributable to changes in the system price. From the beginning of 2022 the Group does not designate system price forward contracts as hedging instruments for power purchases in price areas NO3 and NO4, unless they are part of a hedge where the hedging instrument is a combination of a system price forward contract and an EPAD forward contract. The Group\u2019s strategy when hedging the future cash \ufb02ows related to power purchases in price areas NO1, NO2 and NO5 has in 2022 changed towards using area price forward contracts as hedging instruments, rather than Nordic system price forward contracts. For all price areas the hedged item is de\ufb01ned as the \ufb01rst units of electricity pur- chased every hour, not already designated as a hedged item in another hedge. Since only a limited portion of the total purchase volume is hedged, actual purchase volume will be signi\ufb01cantly higher than the hourly volume of the derivatives. Because of this there will not be any timing di\ufb00erences causing inef- fectiveness. The accounting implications of hedge accounting for the period are summarised in the table below. Fair value of hedging instruments where hedge accounting is applied 31 December 2022 Fair value hedge instru- ment* Effective por- tion in OCI* Ineffectiveness in P&L* Hedged vol- ume Q1 2023** Hedged volume beyond Q1 2023** Cash \ufb02ow hedge of highly probable power purchase in price areas: South Norway (NO1, NO2, NO5) (71 809) (71 809) - 61 0 Trondheim (NO3) 2 099 2 103 (3) 29 1 Troms\u00f8 (NO4) (984) (983) (2) 8 1 Total derivatives - Cash \ufb02ow hedges (70 694) (70 689) (5) 98 2 31 December 2021 Fair value hedge instru- ment* Effective por- tion in OCI* Ineffectiveness in P&L* Hedged vol- ume Q1 2022** Hedged volume beyond Q1 2022** Cash \ufb02ow hedge of highly probable power purchase in price areas: South Norway (NO1, NO2, NO5) (88 291) (88 291) - 451 22 Trondheim (NO3) 5 831 (2 744) 8 575 42 6 Troms\u00f8 (NO4) 3 498 (435) 3 933 16 2 Total derivatives - Cash \ufb02ow hedges (78 962) (91 470) 12 508 509 30 * NOK in thousands ** GWh in thousands Change in fair value of hedging instruments where hedge accounting is applied NOK in thousands 2022 2021 Cash \ufb02ow hedge of highly probable power purchase: Ine\ufb00ective portion, recognised in P&L, total (12 513) 12 508 E\ufb00ective portion, recognised in OCI, total 20 781 (91 470) Change in fair value, total 8 268 (78 962) E\ufb00ective portion, recognised in OCI, net of tax (22 %) 16 209 (71 347) Ine\ufb00ective portion of changes in fair value of designated hedging instruments are recognised to Direct cost of sales in the statement of pro\ufb01t and loss. E\ufb00ective portion of realised gains and losses on hedging instruments are reclassi\ufb01ed from OCI and recognised to Direct cost of sales in the period they are realised. Hedging reserves The table below shows a reconciliation of the hedging reserve in other comprehensive income related to cash \ufb02ow hedges of forecast power purchase transactions. NOK in thousands 2022 2021 Opening balance 1 January (71 347) - E\ufb00ective portion of unrealised change in fair value of hedging instruments (381 080) 51 765 Realised (gains) and losses reclassi\ufb01ed to pro\ufb01t or loss 401 862 (143 235) Deferred tax (4 572) 20 123 Closing balance 31 December (55 137) (71 347) ",
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"value": "Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. ",
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"f12986": {
"value": "Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. Recurring fair value measurements At 31 December 2022 NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 4 073 672 159 996 4 233 668 Total \ufb01nancial assets at fair value - 4 073 672 159 996 4 233 668 Financial liabilities Derivative \ufb01nancial instruments - 3 032 664 152 663 3 185 327 Total \ufb01nancial liabilities at fair value - 3 032 664 152 663 3 185 327 Recurring fair value measurements At 31 December 2021 Restated NOK in thousands Level 1 Level 2 Level 3 Total Financial assets Derivative \ufb01nancial instruments - 1 970 399 12 368 1 982 766 Total \ufb01nancial assets at fair value - 1 970 399 12 368 1 982 766 Financial liabilities Derivative \ufb01nancial instruments - 950 510 11 967 962 477 Total \ufb01nancial liabilities at fair value - 950 510 11 967 962 477 There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Assets and liabilities measured at fair value based on level 3 At 31 December 2022 NOK in thousands Assets Liabilities Total, net Opening balance 1 January 2022 12 368 11 968 400 Transferred to level 2 (465) (570) 105 Additions or derecognitions - - - Unrealised changes in value recognised in pro\ufb01t or loss 148 093 141 265 6 828 Closing balance 31 December 2022 159 996 152 663 7 333 Net realised gain (+) / loss (-) recognised in pro\ufb01t and loss 2022 - Sensitivity analysis of factors classi\ufb01ed to level 3 NOK in thousands 10 % reduction 10 % increase Net e\ufb00ect from power prices (1 798) 1 798 Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. ",
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"f12994": {
"value": "Note 8 Fair value measurement of financial instruments This note explains the judgements and estimates made in determining the fair values of the \ufb01nancial instruments that are recognised and measured at fair value in the \ufb01nancial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classi\ufb01ed its \ufb01nancial instru- ments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table. There were no transfers between level 1 and 2 for recurring fair value measurements during the period. The Group\u2019s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period. Level 1: The fair value of \ufb01nancial instruments traded in active markets (such as publicly traded derivatives, and trading and avail- able-for-sale securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for \ufb01nancial assets held by the Group is the current bid price. These instruments are included in level 1. Level 2: The fair value of \ufb01nancial instru- ments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and relies as little as possible on entity-speci\ufb01c estimates. If all signi\ufb01cant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the signi\ufb01cant inputs to a fair value valuation are not based on observable market data, the instrument is included in level 3. Valuation techniques used to determine fair values Speci\ufb01c valuation techniques used to value derivative \ufb01nancial instruments, in majority electricity derivatives, include present value of future cash \ufb02ows based on forward power prices from Nasdaq Commodities at the bal- ance sheet date. In the case of material long- term contracts, the cash \ufb02ows are discounted at a discount rate calculated by using interest rates on Government bonds with matching maturities, added a risk premium of 0,2 per- centage points. Valuation method is used for bilateral forward contracts and option contracts associated with purchase and sale of electricity. Key inputs to the valuation are expected power prices (Nordic system price and area prices in the power price areas in Norway, Sweden and Finland), contract prices and discount rates. Level 3 inputs consists of expected power prices for delivery periods which there is no observable market price: \u2022 Nordic system price for delivery periods beyond the next 10 calendar years, \u2022 Area prices for price areas in Norway for delivery periods beyond the next 3 calendar years, \u2022 Area prices for price areas in Sweden and Finland for delivery periods beyond the next 4 calendar years. The Group does not hold electricity deriva- tives with maturities beyond the next 10 cal- endar years at 31 December 2022, hence all level 3 derivatives are long term area price and EPAD forward contracts. Fair value of other \ufb01nancial instruments The Group also has \ufb01nancial instruments which are not measured at fair value in the statement of \ufb01nancial position. For the majority of these instruments, the fair values are not materially di\ufb00erent to their carrying amounts, since the interest receivable/payable is either close to current market rates or the instruments are short-term in nature. There has not been identi\ufb01ed any signi\ufb01cant di\ufb00erence between fair value and carrying amout at 31 December 2022. ",
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"f13225": {
"value": "Note 9 Financial risk management objectives The Group classi\ufb01es the following categories of \ufb01nancial risks: \u2022 Market risk \u2022 Credit risk \u2022 Liquidity risk Market risk Market risk is the risk of losses arising from movements in market prices. The Group is pri- marily exposed to the market risks of changes in commodity prices, climate risk, interest rates, security prices and foreign currency exchange rates. Market risk \u2013 commodity prices The commodity price risks related to sales of electricity to end-users are primarily related to market prices for electricity, but also to mar- ket prices of el-certi\ufb01cates and guarantees of origination (GoOs). The market price for electricity (spot price) is the hourly price from the Nordic power exchange Nord Pool Spot. Norway, Sweden, and Finland are geographically divided into di\ufb00erent electricity price areas. The spot price is determined by Nord Pool Spot within each of these price areas by the balance between demand and supply. The electricity prices are a\ufb00ected by the war in Ukraine and the transition to a low-emis- sion society. The EU\u2019s climate targets and the phasing-out of fossil energy production, as well as a focus on renewable energy with a signi\ufb01cant wind power element, have made the European power market increas- ingly dependent on prevailing weather con- ditions. In a transition phase, and for as long as the war continues, higher power prices and greater \ufb02uctuations than normal are expected. The Group\u2019s ESG-report contains more information about climate risk and how these are managed. When selling electricity to end users the Group o\ufb00ers a large scale of di\ufb00erent product types with di\ufb00erent pricing structures. The product types vary from spot-priced products, where the sales prices are connected to the spot price the Group pays when purchasing the electricity in the spot market, to variable price and \ufb01xed price contracts where the sales price is a \ufb01xed price for a \ufb01xed period. The di\ufb00erent product types expose the Group to di\ufb00erent risks, including price risk, pro\ufb01le risk, and volume risk. Pro\ufb01le risk arises when using standardized electricity deriva- tives, where the contractual price is \ufb01xed for all hours during the contractual period, to hedge power sales in the retail market where power prices vary from hour to hour through- out the day and week. The majority of end-user-sales in Norway are from spot-priced product types, where there is no price-, pro\ufb01le- or volume risk. Variable price contracts o\ufb00er the customers the pre- dictability of a \ufb01xed price without a \ufb01xed vol- ume. The price in the variable price products in the consumer segment can be changed with a 30 days\u2019 notice period (increased from 14 days in 2022). In the business segment the notice period is seven days. Volume sold on variable price products in the consumer segment decreased towards the end of 2022 as signi\ufb01cant numbers of customers migrated from variable to spot-priced products. The Group initiated sales stop of these contracts in the consumer segment and year-end 2022 this contract type represents less than 11% of the customers in the segment. A substantial portion of end-user sales in the Nordic segment are at \ufb01xed price contracts. The volume of \ufb01xed price power contracts has decreased during the year due to a movement towards spot based products for new custom- ers. At the beginning of the year the majority of the \ufb01xed price contracts were contracts without \ufb01xed volume, exposing the Group to both price-, pro\ufb01le-, and volume risks. The Group ended new sales of this type of \ufb01xed price contracts in the Nordic segment during the \ufb01rst quarter of 2022. Since then, new sales of \ufb01xed price contracts are contracts where the customer carries the price-, pro\ufb01le-, and volume risks. Thus the Group\u2019s exposure to these risks have been signi\ufb01cantly decreased in 2022, and will continue to decrease in 2023 and going forward as old \ufb01xed price contracts expire. Whenever Elmera enters into customer contracts where the electricity sales price is \ufb01xed or partially \ufb01xed, the related price risk is managed by purchasing \ufb01nancial electric- ity derivatives for hedging purposes. When hedging the price risk from \ufb01xed price con- tracts without \ufb01xed volume, the electricity vol- ume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in these customer contracts the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. The Group o\ufb00ers large business customers and Alliance partners to enter into \ufb01nancial power contracts, enabling them to utilize the market for \ufb01nancial trading of electricity to hedge the price risks in (parts of) their elec- tricity purchases and/or sales. Any \ufb01nancial derivative sold to a business customer is hedged back-to-back by purchasing a cor- responding \ufb01nancial derivative from a third party, thus any price or volume risk on these \ufb01nancial customer contracts is eliminated. The Group\u2019s \ufb01nancial electricity trade is mainly conducted through agreed bilateral frame- works with Statkraft as the main trade counter party. When selling electricity to end users in Norway and Sweden, the Group is required to purchase and cancel el-certi\ufb01cates. Further, when selling electricity on products includ- ing guarantees of origination, the Group is required to purchase and cancel GoOs. To manage risk exposure towards \ufb02uctuations in el-certi\ufb01cate and GoO market prices, the Group purchases el-certi\ufb01cates and GoOs, either in the spot market, or by purchasing forward contracts. The forward contracts are contracts with physical delivery, accounted for as own-use contracts, hence they are not recognised in the statement of \ufb01nancial position. Market risk \u2013 interest rates The Group\u2019s exposure to interest rate risk arises from variable rate credit facilities. The long term loans, the revolving credit facility, the guarantee facility and the overdraft facil- ity described in note 7(c), are all variable rate facilities. In addition, interest rate risk is related to short-term trade payables towards Statkraft related to purchase of electricity, and short-term receivables for customers who choose to extend their payment terms. Variable rate credit facilities, trade payables, and trade receivables expose the Group to cash \ufb02ow interest rate risks. The Group has set out parameters to actively monitor this risk going forward. Market risk \u2013 security prices The Group is indirectly exposed to security price risk through its de\ufb01ned employee bene\ufb01t obligations where parts of the pension plan assets are invested in securities. This risk is managed through investment in diversi\ufb01ed portfolios managed by external insurance companies. For further disclosure on fair value of plan assets and risk exposure related to employee bene\ufb01t obligations, please refer to note 18. Market risk \u2013 foreign exchange rates Following the acquisition of Troms Kraft Str\u00f8m AS and its subsidiaries\u2019 operations in Sweden and Finland, the Group increased its expo- sure to foreign exchange risk (primarily the Swedish Krone and the Euro). The acquisition was \ufb01nanced by a term loan denominated in NOK, and cash in hand. The Group\u2019s operations however still have limited exposure to foreign exchange cur- rency \ufb02uctuations, as the vast majority of local revenues, operating expenses and \ufb01nancial expenses are denominated in local currency. Through its agreement with Statkraft, the Group has the opportunity to conduct all of its physical and \ufb01nancial purchase of electricity in local currency. Derivatives All \ufb01nancial electricity derivatives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. The Group\u2019s accounting policy for cash \ufb02ow hedges are set out in note 10. Credit risk Credit risk refers to the risk that a counter- party will default on its contractual obligations resulting in \ufb01nancial loss to the Group. As of 31 December 2022, the Group\u2019s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, equals the carrying amount of the respective recognised \ufb01nancial assets as stated in the consolidated statement of \ufb01nancial position, see note 7. Trade receivables consists of a large num- ber of receivables on end-user customers, mainly households and business customers spread across diverse industries in Norway, Sweden and Finland.\u00a0The Group uses an external credit scoring system to assess the potential customer\u2019s credit quality before accepting any new customer. The Group uses publicly available \ufb01nancial information and its own trading records to rate its busi- ness customers. Refer to note 7 for details of concentration of credit risk related to trade receivables. In addition to invoicing electricity sales and other services provided to customers, the Group provides re-invoicing to customers in Norway related to grid rent on behalf of the grid owners (\u201cgjennomfakturering\u201d). This contributes to an increase in credit risk as the amount of trade receivables increases\u00a0\u00a0with the re-invoiced grid rent. However, in 2022 the Norwegian power support scheme (\u201cstr\u00f8m- st\u00f8tteordningen\u201d) has signi\ufb01cantly reduced the amounts which are re-invoiced, and thus the related credit risk. The power support scheme has been revised by the Norwegian government and extended to include the year 2024. The Group is required to provide letters of credit to the grid owners, guaranteeing their settlement of re-invoiced grid rent. However, the grid owners are not required to reimburse the Group for any re-invoiced grid rent not settled by the customer. The credit risk on bank deposits is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. Derivative \ufb01nancial contracts are traded either bilaterally with third party counterparties (mainly Statkraft), or customers (mainly large business customers and Alliance partners). Credit risk associated with derivative \ufb01nan- cial contracts with Statkraft (and other third parties) is considered to be limited as these counterparties are highly rated state-owned enterprises. The credit risk related to deriv- ative \ufb01nancial contracts with customers is managed by only o\ufb00ering \ufb01nancial contracts to customers with a su\ufb03cient credit rating, or by requiring security from the customer in the form of a deposit or a letter of credit. Liquidity risk The Group manages liquidity risk by maintain- ing adequate cash reserves, bank overdraft facilities and reserve credit facilities, by con- tinuously monitoring forecasts and actual cash \ufb02ows, and by matching the maturity pro\ufb01les of \ufb01nancial assets and liabilities. Electricity purchased under the Group\u2019s electricity pur- chase agreement with Statkraft, which is the Group\u2019s most signi\ufb01cant purchase agreement, are invoiced monthly in arrear, with a 30-day payment term in Norway and 45-day payment term in Sweden and Finland. In addition, this agreement in Norway includes a right for the Group to postpone these payments for addi- tional 30 days if current cash in hand does not cover the liability. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk are set out in note 7(c), Credit facilities. ",
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"f13228": {
"value": "Note 9 Financial risk management objectives Liquidity risk The Group manages liquidity risk by maintain- ing adequate cash reserves, bank overdraft facilities and reserve credit facilities, by con- tinuously monitoring forecasts and actual cash \ufb02ows, and by matching the maturity pro\ufb01les of \ufb01nancial assets and liabilities. Electricity purchased under the Group\u2019s electricity pur- chase agreement with Statkraft, which is the Group\u2019s most signi\ufb01cant purchase agreement, are invoiced monthly in arrear, with a 30-day payment term in Norway and 45-day payment term in Sweden and Finland. In addition, this agreement in Norway includes a right for the Group to postpone these payments for addi- tional 30 days if current cash in hand does not cover the liability. Details of additional undrawn facilities that the Group has at its disposal to further reduce liquidity risk are set out in note 7(c), Credit facilities. Liquidity risk tables The following tables detail the Group\u2019s remaining contractual maturity for its non-derivative- and derivative \ufb01nancial liabilities. The tables have been drawn based on the undiscounted cash \ufb02ows of \ufb01nancial liabilities based on the earliest date on which the Group can be required to pay. All electricity derivatives are settled monthly in arrear. Contractual maturities of non-derivative \ufb01nancial liabilities 31 December 2022 NOK in thousands Less than 1 month 1-3 months 3 months to 1 year 1-5 years 5+ years Total Carrying amount Trade and other payables* 5 828 373 - - - - 5 828 373 5 828 373 Overdraft facilities - - - 534 112 - 534 112 534 112 Interest-bearing short term debt - - - 275 000 - 275 000 275 000 Interest-bearing long term debt - 23 425 70 275 632 475 - 726 175 722 869 Total 5 828 373 23 425 70 275 1 441 587 - 7 363 659 7 360 353 * Ordinary trade and other payables are not interest bearing, however included in Trade and other payables are interest bearing trade payables related to the Group\u2019s electricity purchase agreement with Statkraft, the Group\u2019s main supplier of electrical power. This agreement allows for payment terms of 30 days, of which the oustanding balance is interest-bearing from day 1. The Group also has the right to postpone the payments by an additional 30 days if their current cash in hand does not cover the liability. The agreement expires in April 2024. At 31 December 2022, the interest bearing balance with Statkraft was NOKt 5 249 292 (31 December 2021 was NOKt 3 851 298). Contractual maturities of derivative \ufb01nancial liabilities 31 December 2022 NOK in thousands Less than 1 month 1-3 months 3 months to 1 year 1-5 years 5+ years Total Carrying amount Electricity derivatives - Hedge contracts - 35 118 40 377 137 684 2 479 215 658 202 324 Electricity derivatives - Customer contracts - 530 303 1 112 370 1 426 042 54 140 3 122 855 2 982 676 Other derivatives 23 48 262 - - 333 328 Total 23 565 469 1 153 009 1 563 727 56 619 3 338 847 3 185 327 ",
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"f13229": {
"value": "Note 9 Financial risk management objectives Market risk Market risk is the risk of losses arising from movements in market prices. The Group is pri- marily exposed to the market risks of changes in commodity prices, climate risk, interest rates, security prices and foreign currency exchange rates. Market risk \u2013 commodity prices The commodity price risks related to sales of electricity to end-users are primarily related to market prices for electricity, but also to mar- ket prices of el-certi\ufb01cates and guarantees of origination (GoOs). The market price for electricity (spot price) is the hourly price from the Nordic power exchange Nord Pool Spot. Norway, Sweden, and Finland are geographically divided into di\ufb00erent electricity price areas. The spot price is determined by Nord Pool Spot within each of these price areas by the balance between demand and supply. The electricity prices are a\ufb00ected by the war in Ukraine and the transition to a low-emis- sion society. The EU\u2019s climate targets and the phasing-out of fossil energy production, as well as a focus on renewable energy with a signi\ufb01cant wind power element, have made the European power market increas- ingly dependent on prevailing weather con- ditions. In a transition phase, and for as long as the war continues, higher power prices and greater \ufb02uctuations than normal are expected. The Group\u2019s ESG-report contains more information about climate risk and how these are managed. When selling electricity to end users the Group o\ufb00ers a large scale of di\ufb00erent product types with di\ufb00erent pricing structures. The product types vary from spot-priced products, where the sales prices are connected to the spot price the Group pays when purchasing the electricity in the spot market, to variable price and \ufb01xed price contracts where the sales price is a \ufb01xed price for a \ufb01xed period. The di\ufb00erent product types expose the Group to di\ufb00erent risks, including price risk, pro\ufb01le risk, and volume risk. Pro\ufb01le risk arises when using standardized electricity deriva- tives, where the contractual price is \ufb01xed for all hours during the contractual period, to hedge power sales in the retail market where power prices vary from hour to hour through- out the day and week. The majority of end-user-sales in Norway are from spot-priced product types, where there is no price-, pro\ufb01le- or volume risk. Variable price contracts o\ufb00er the customers the pre- dictability of a \ufb01xed price without a \ufb01xed vol- ume. The price in the variable price products in the consumer segment can be changed with a 30 days\u2019 notice period (increased from 14 days in 2022). In the business segment the notice period is seven days. Volume sold on variable price products in the consumer segment decreased towards the end of 2022 as signi\ufb01cant numbers of customers migrated from variable to spot-priced products. The Group initiated sales stop of these contracts in the consumer segment and year-end 2022 this contract type represents less than 11% of the customers in the segment. A substantial portion of end-user sales in the Nordic segment are at \ufb01xed price contracts. The volume of \ufb01xed price power contracts has decreased during the year due to a movement towards spot based products for new custom- ers. At the beginning of the year the majority of the \ufb01xed price contracts were contracts without \ufb01xed volume, exposing the Group to both price-, pro\ufb01le-, and volume risks. The Group ended new sales of this type of \ufb01xed price contracts in the Nordic segment during the \ufb01rst quarter of 2022. Since then, new sales of \ufb01xed price contracts are contracts where the customer carries the price-, pro\ufb01le-, and volume risks. Thus the Group\u2019s exposure to these risks have been signi\ufb01cantly decreased in 2022, and will continue to decrease in 2023 and going forward as old \ufb01xed price contracts expire. Whenever Elmera enters into customer contracts where the electricity sales price is \ufb01xed or partially \ufb01xed, the related price risk is managed by purchasing \ufb01nancial electric- ity derivatives for hedging purposes. When hedging the price risk from \ufb01xed price con- tracts without \ufb01xed volume, the electricity vol- ume expected to be delivered on the \ufb01xed price contracts is estimated. To manage the volume risk in these customer contracts the volume estimates are periodically updated, and the portfolios of hedging derivatives are rebalanced accordingly.\u00a0The remaining risk exposure is taken into account when pricing these customer contracts. The Group o\ufb00ers large business customers and Alliance partners to enter into \ufb01nancial power contracts, enabling them to utilize the market for \ufb01nancial trading of electricity to hedge the price risks in (parts of) their elec- tricity purchases and/or sales. Any \ufb01nancial derivative sold to a business customer is hedged back-to-back by purchasing a cor- responding \ufb01nancial derivative from a third party, thus any price or volume risk on these \ufb01nancial customer contracts is eliminated. The Group\u2019s \ufb01nancial electricity trade is mainly conducted through agreed bilateral frame- works with Statkraft as the main trade counter party. When selling electricity to end users in Norway and Sweden, the Group is required to purchase and cancel el-certi\ufb01cates. Further, when selling electricity on products includ- ing guarantees of origination, the Group is required to purchase and cancel GoOs. To manage risk exposure towards \ufb02uctuations in el-certi\ufb01cate and GoO market prices, the Group purchases el-certi\ufb01cates and GoOs, either in the spot market, or by purchasing forward contracts. The forward contracts are contracts with physical delivery, accounted for as own-use contracts, hence they are not recognised in the statement of \ufb01nancial position. Market risk \u2013 interest rates The Group\u2019s exposure to interest rate risk arises from variable rate credit facilities. The long term loans, the revolving credit facility, the guarantee facility and the overdraft facil- ity described in note 7(c), are all variable rate facilities. In addition, interest rate risk is related to short-term trade payables towards Statkraft related to purchase of electricity, and short-term receivables for customers who choose to extend their payment terms. Variable rate credit facilities, trade payables, and trade receivables expose the Group to cash \ufb02ow interest rate risks. The Group has set out parameters to actively monitor this risk going forward. Market risk \u2013 security prices The Group is indirectly exposed to security price risk through its de\ufb01ned employee bene\ufb01t obligations where parts of the pension plan assets are invested in securities. This risk is managed through investment in diversi\ufb01ed portfolios managed by external insurance companies. For further disclosure on fair value of plan assets and risk exposure related to employee bene\ufb01t obligations, please refer to note 18. Market risk \u2013 foreign exchange rates Following the acquisition of Troms Kraft Str\u00f8m AS and its subsidiaries\u2019 operations in Sweden and Finland, the Group increased its expo- sure to foreign exchange risk (primarily the Swedish Krone and the Euro). The acquisition was \ufb01nanced by a term loan denominated in NOK, and cash in hand. The Group\u2019s operations however still have limited exposure to foreign exchange cur- rency \ufb02uctuations, as the vast majority of local revenues, operating expenses and \ufb01nancial expenses are denominated in local currency. Through its agreement with Statkraft, the Group has the opportunity to conduct all of its physical and \ufb01nancial purchase of electricity in local currency. Derivatives All \ufb01nancial electricity derivatives are either \ufb01nancial customer contracts, or purchased for the purpose of hedging physical or \ufb01nancial customer contracts. Hence derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedge accounting criteria, they are classi\ufb01ed as \u2018held for trading\u2019 for accounting purposes and are accounted for at fair value through pro\ufb01t or loss. Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period. The Group\u2019s accounting policy for cash \ufb02ow hedges are set out in note 10. The group has the following derivative \ufb01nancial instruments: NOK in thousands 2022 2021 Restated Derivative \ufb01nancial assets Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 2 077 - Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 2 745 315 1 451 547 Electricity derivatives - Customer contracts 1 486 276 531 220 Other derivatives - - Total derivative \ufb01nancial assets 4 233 668 1 982 766 Derivative \ufb01nancial liabilities Derivative \ufb01nancial instruments at fair value through OCI Electricity derivatives - Hedge contracts 72 772 78 962 Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss Electricity derivatives - Hedge contracts 129 552 320 611 Electricity derivatives - Customer contracts 2 982 676 561 659 Other derivatives 328 1 245 Total derivative \ufb01nancial liabilities 3 185 327 962 477 ",
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"f14015": {
"value": "Note 11 Personnel expenses NOK in thousands 2022 2021 Salaries 322 878 313 959 Social security 44 091 44 338 Pension expenses 40 298 41 678 Other bene\ufb01ts 14 870 11 084 Gross personnel expenses 422 137 411 060 - Capitalised R&D costs (1 109) (1 937) Total personnel expenses 421 029 409 123 Number of full-time equivalents (FTEs) as of 31 December 412 475 For information regarding pension schemes please refer to note 18. For information regarding management option program please refer to note 27. For information regarding remuneration to executive management and Board of Directors please refer to note 23. Description of the pension schemes Elmera Group\u2019s pension schemes have been established in accordance with local laws, and include both de\ufb01ned contribution plans and de\ufb01ned bene\ufb01t plans. The pension schemes o\ufb00ered in the Norwegian compa- nies in the group are in line with the Act on Mandatory Occupational Pensions (Lov om obligatorisk tjenestepensjon). De\ufb01ned bene\ufb01t plans De\ufb01ned bene\ufb01t plans entitles members to de\ufb01ned future bene\ufb01ts. These are mainly dependent on the number of years of service, the salary level at retirement age and the size of bene\ufb01ts paid by the national insurance. Liabilities in de\ufb01ned bene\ufb01t plans that are funded are covered through an insurance company. The liability or asset recognised in the con- solidated statement of \ufb01nancial position in respect of a de\ufb01ned bene\ufb01t pension plan is the present value of the de\ufb01ned bene\ufb01t obligation at the end of the reporting period, less the fair value of plan assets if the plan is funded. The de\ufb01ned bene\ufb01t obligation is cal- culated annually by independent actuaries. De\ufb01ned contribution plans De\ufb01ned contribution plans\u00a0are\u00a0post-employ- ment bene\ufb01t plans\u00a0under which an entity pays \ufb01xed de\ufb01ned contributions into a separate entity (a fund). Pension schemes in the Norwegian group entities Until the end of 2019 the Norwegian group entities had a single de\ufb01ned bene\ufb01t pension scheme in BKK Pensjonskasse covering all employees. As of 1.1.2020 all employees born in 1963 and later was transferred to a de\ufb01ned contribution pension scheme. Employees born before 1963 maintained their mem- bership in de\ufb01ned bene\ufb01t pension scheme, which at the same time was closed for new members. Members who were enrolled in the de\ufb01ned contribution pension plan received a paid-up policy for earned entitlements for the time they have earned rights in the de\ufb01ned bene\ufb01t pension scheme if they had at least three years of service. When the group acquired the Innlandskraft-group in 2020, the group also took over the pension schemes for the employees in the companies Eidsiva Marked AS and Gudbrandsdal Energi AS. Eidsiva Marked AS was merged into Fjordkraft AS in 2021. De\ufb01ned contribution plan covering empoyees in Elmera Group ASA, Fjordkraft AS and Allrate AS At the end of 2022 the group companies Elmera Group ASA, Fjordkraft AS and AllRate AS have a de\ufb01ned contribution pension scheme covering a total of 333 active mem- bers. The contribution rates for the de\ufb01ned contribution plan are set to 5 per cent of sal- aries between 0 and 7,1 times G (where G is the National Insurance scheme basic amount, NOKt 111 in 2022), and 15 per cent of salaries between 7,1 and 12 times G. The de\ufb01ned-contribution pension scheme also includes disability pension, spouse\u2019s pension and children\u2019s pension. In addition, Elmera has chosen to introduce the contrac- tual pension agreement (CPA) scheme for private sector for those members who are enrolled in the de\ufb01ned contribution pension scheme. The agreement entitles members to bene\ufb01ts from the age of 62 until they are eligible for a national insurance pension when reaching the age of 67. In addition to the above mentioned de\ufb01ned contribution plan (and if applicable the defined benefit pension plan described below), Senior Management are members of a de\ufb01ned contribution plan, entiteling them to additional annual contribution for salary exceeding 12 G. De\ufb01ned contribution plan covering empoyees in Gudbrandsdal Energi AS The subsidiary Gudbrandsdal Energi AS have de\ufb01ned contribution pension schemes which at the end of 2022 are covering 24 active members. The contribution rates for the de\ufb01ned contribution plans are 6 per cent of salaries between 0 and 7,1 times G (where G is the National Insurance scheme basic amount, NOKt 111 in 2021), and 25,1 per cent of salaries between 7,1 and 12 times G. The pension schemes includes retirement pension, disability pension, spouse\u2019s pension and children\u2019s pension. De\ufb01ned bene\ufb01t plans in BKK Pensjonskasse At the end of 2022 the de\ufb01ned bene\ufb01t pen- sion scheme in BKK Pensjonskasse covers 13 active members, 97 pensioners and 539 deferred vested members.These numbers include employees previously employed by Eidsiva Marked AS (which were merged into Fjordkraft AS in 2021), whom have been transferred from KLP to BKK Pensjonskasse in 2022. This defined benefit pension scheme includes retirement pension, con- tractual pension agreement (CPA), disability pension, spouse\u2019s pension and children\u2019s pension. The scheme complies largely with the regulations enshrined in the Act on the Government Pension Fund. The liabilities are covered through the insurance company BKK Pensjonskasse. The contractual pension agreement (CPA) for members of the de\ufb01ned bene\ufb01t scheme covers a total of 21 active members and 3 pensioners. The agreement entitles sta\ufb00 to bene\ufb01ts from the age of 62 until they are eligible for a national insurance pension when reaching the age of 67. The CPA is an unfunded pension plan. For those members who were transferred from the de\ufb01ned bene\ufb01t scheme to the new de\ufb01ned contribution pension scheme at the beginning of 2020, an additional de\ufb01ned bene\ufb01t plan was established to provide sup- plementary retirement pension to employees with a long employment time and a high age whom had their expected retirement pension reduced when being transferred out of the de\ufb01ned bene\ufb01t scheme. This plan aims to counteract some of the e\ufb00ects that the intro- duction of life expectancy adjustment has had for public occupational pension schemes. The scheme applies to a closed group of employ- ees. The supplementary allowance was set with \ufb01nal e\ufb00ect at the end of 2019, and the supplement constitutes a \ufb01xed percentage of the individual\u2019s pension basis up to the age of 66 years. This scheme will only provide bene\ufb01ts if the employees are at least 67 years old at retirement. The scheme covers a total of 29 active members and 0 pensioners at the end of 2022. De\ufb01ned bene\ufb01t plans in KLP The de\ufb01ned bene\ufb01t plans in KLP is cover- ing employees in Gudbrandsdal Energi AS. These de\ufb01ned bene\ufb01t plans were closed to new members from July 2016. These funded schemes are public occupational pension schemes that ensures the pensioner 66% of \ufb01nal salary upon 30 years of service. Retirement age is 67 years. At the end of 2022 the de\ufb01ned bene\ufb01t pension schemes still covers 1 active member, 2 pensioners and 9 deferred vested members. The pension schemes includes retirement pension, disabil- ity pension, spouse\u2019s pension and children\u2019s pension. The liabilities are covered through the insurance company KLP. The de\ufb01ned bene\ufb01t plan covering employees previously employed by Eidsiva Marked AS (which were merged into Fjordkraft AS in 2021), have been transferred from KLP to BKK Pensjonskasse in 2022. Pension schemes in Switch Nordic Green AB The following pension schemes are appli- cable for the employees in SNG, who are either employed in Sweden or at the branch in Finland. De\ufb01ned contribution plans Employees at SNG in Sweden are members of a de\ufb01ned contribution plan which at the end of 2022 are covering a total of 8 active members. The contribution rates for the de\ufb01ned contri- bution plan are set to 5 per cent of salaries up until 7,5 times the Swedish Inkomstbasbelopp (IBB = The Swedish National Insurance scheme basic amount, where one IBB equals NOKt 67 in 2022), and 30 per cent of salaries between 7,5 and 30 times the IBB. The pen- sion scheme includes retirement pension and disability pension. Employees at SNGs branch in Finland are members of a statutory pension plan (TyEL) which includes retirement pension and dis- ability pension and at the end of 2022 are covering a total of 61 active members. The bene\ufb01ts are insured with an insurance com- pany and determined to be de\ufb01ned contri- bution plans. The contribution rates for the de\ufb01ned contribution plan are set to 25,85 per cent of salaries, which includes the employ- ee\u2019s share of the contribution that was 7,15 per cent at the end of 2022. Senior manage- ment in SNG Finland are entitled to additional de\ufb01ned contributions. Risk exposure Through its de\ufb01ned bene\ufb01t occupational pen- sion plans, the Group is exposed to a num- ber of risks, the most signi\ufb01cant are detailed below. Asset volatility; The plan liabilities are calculated using a discount rate set with reference to covered bonds (\u201cObligasjoner med fortrinnsrett\u201d); if plan assets underperform this yield, this will create a de\ufb01cit. All plans hold a signi\ufb01cant portion of investments in equity instruments, which are expected to outperform corporate bonds in the long-term while providing vola- tility and risk in the short-term. As the plans mature, the Group intends to reduce the level of investment risk by invest- ing more in assets that better match the lia- bilities. Changes in bond yields; A decrease in corporate bond yields will increase plan liabilities, although this will be partially o\ufb00set by an increase in the value of the plan\u2019s bond holdings. In\ufb02ation risk; Some of the Group\u2019s pension obligations are linked to salary in\ufb02ation, and higher in\ufb02a- tion will lead to higher liabilities (although in most cases, caps on the level of in\ufb02ationary increases are in place to protect the plan against extreme in\ufb02ation). The majority of the plan\u2019s assets are either una\ufb00ected by or loosely correlated with in\ufb02ation, meaning that an increase in in\ufb02ation will also increase the de\ufb01cit. Life expectancy; The majority of the plan\u2019s obligations are to provide bene\ufb01ts for the life of the member, so increases in life expectancy will result in an increase in the plan\u2019s liabilities. At the end of this note, a table showing sensitivity analysis of the most signi\ufb01cant assumptions is enclosed. Amounts recognised in statement of \ufb01nancial position: NOK in thousands 31 December 2022 31 December 2021 Present value of funded obligations 361 631 361 192 Fair value of plan assets 355 132 345 243 De\ufb01cit for funded plans 6 499 15 949 Present value of unfunded obligations 64 211 73 785 Total de\ufb01cit of de\ufb01ned bene\ufb01t pension plans 70 709 89 734 Other employee bene\ufb01t obligations 4 893 4 103 Employee bene\ufb01t obligations recognised in Statement of \ufb01nancial position 75 602 93 837 Presentation in statement of \ufb01nancial position: Net plan assets of de\ufb01ned bene\ufb01t pension plans 4 178 - Net employee de\ufb01ned bene\ufb01t plan liabilities 79 780 93 837 Employee bene\ufb01t obligations recognised in Statement of \ufb01nancial position, net 75 602 93 837 Amounts recognised in statement of pro\ufb01t or loss: 2022 NOK in thousands Funded obligations Non-funded obligations Total Accrued pension entitlement for the year 1 404 3 769 5 173 Payroll tax (PT) 197 531 728 Net interest expense / (income) 4 554 1 215 5 769 Expected return on plan assets (4 355) - (4 355) Expenses paid 31 - 31 Members' contribution (168) - (168) Total amount recognised in pro\ufb01t or loss 1 664 5 515 7 179 2021 NOK in thousands Funded obligations Non-funded obligations Total Accrued pension entitlement for the year 3 626 3 577 7 203 Payroll tax (PT) 568 509 1 077 Net interest expense / (income) 5 175 960 6 135 Expected return on plan assets (4 605) - (4 605) Expenses paid 187 - 187 Members' contribution (200) - (200) Total amount recognised in pro\ufb01t or loss 4 751 5 046 9 797 Change in de\ufb01ned bene\ufb01t obligation: NOK in thousands Present value of funded obligation Fair value of plan assets Total, funded obligations, net of plan assets Present value of non-funded obligation Total, net At 1 January 2022 361 192 345 243 15 949 73 785 89 734 Accrued pension entitlement for the year 1 404 - 1 404 3 769 5 173 Payroll tax (PT) 197 - 197 531 728 Interest expense (income) 4 554 - 4 554 1 215 5 769 Return on plan assets - 4 355 (4 355) - (4 355) Actuarial gains and losses 3 364 (5 998) 9 362 (13 990) (4 628) Bene\ufb01ts paid (6 640) (6 640) - (964) (964) Contribution - 20 423 (20 423) - (20 423) Members' contribution - 168 (168) - (168) Expenses paid (2 387) (2 418) 31 (136) (105) Payroll tax of contribution (53) - (53) - (53) At 31 December 2022 361 631 355 132 6 499 64 211 70 709 NOK in thousands Present value of obligation Fair value of plan assets Total, funded obligations, net of plan assets Present value of non-funded obligation Total, net At 1 January 2021 349 079 304 808 44 271 64 165 108 436 Accrued pension entitlement for the year 3 626 - 3 626 3 577 7 203 Payroll tax (PT) 568 - 568 509 1 077 Interest expense (income) 5 175 - 5 175 960 6 135 Return on plan assets - 4 605 (4 605) - (4 605) Past service cost - - - - - Actuarial gains and losses 10 364 37 475 (27 110) 4 575 (22 536) Bene\ufb01ts paid (6 902) (6 902) - - - Contribution - 5 245 (5 245) - (5 245) Members' contribution - 200 (200) - (200) Expenses paid - (187) 187 - 187 Payroll tax of contribution (719) - (719) - (719) At 31 December 2021 361 192 345 243 15 949 73 785 89 734 Actuarial gains and losses recognised directly in Other comprehensive income (OCI) NOK in thousands 2022 2021 Net actuarial gains/(losses) recognised in OCI during the year 3 610 17 577 Tax e\ufb00ects of actuarial gains/(losses) recognised in OCI 1 018 4 958 Signi\ufb01cant actuarial assumptions 2022 2021 Discount rate 3,60 % 1,70 % Salary growth rate 3,75 % 2,50 % Expected growth in base social security amount (G) 3,50 % 2,25 % Estimated return on plan assets 3,60 % 1,70 % Pension growth rate 2,75 % 1,50 % CPA withdrawal 25% when 62 yrs 25% when 62 yrs Demographic assumptions K2013BE K2013BE Voluntary retirement Before 45 yrs - 4,5% Before 45 yrs - 4,5 % 45 yrs - 60 yrs - 2,0% 45 yr - 60 yr - 2,0 % Afte 60 yrs - 0% After 60 yrs - 0 % * K2013BE is the insurance companies present best estimate based on The Financial Supervisory Authority of Norway\u2019s mortality table K2013 and Statistics Norway\u2019s present population projection. Sensitivity of pension liabilities to changes in signi\ufb01cant \ufb01nancial assumptions Change in pension cost Change in employee de\ufb01ned bene\ufb01t obligations NOK in thousands 1.00 % -1.00 % 1.00 % -1.00 % Discount rate (746) 955 (76 650) 102 473 Salary growth rate 301 (274) 6 185 (5 597) Expected growth in base social security amount (G) 625 (519) 95 634 (73 039) Pension assets Pension assets are invested in bonds and money-market placements issued by the Norwegian government, Norwegian municipalities, \ufb01nancial institutions and enterprises. Foreign currency bonds are hedged. Investments are made in both Norwegian and foreign shares. Any estimate deviation is distributed pro-rata between the individual asset categories. At the end of 2022 the plan assets were invested as follows: Level 1 Level 2 Level 3 NOK in thousands Exchange listed prices Observable prices Non-observable prices Total %-share Equity instruments 48 977 84 630 44 680 178 287 50% Interest bearing instruments 12 457 160 594 1 078 174 129 49% Real estate - - 2 715 2 715 1% Total investments 61 434 245 224 48 473 355 132 100% The total contribution to de\ufb01ned bene\ufb01t plans for next annual reporting period is expected to be NOKt 19 050. Note 23 Remuneration to the Executive management and Board of Directors Executive management 2022: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 311 500* 150 846 4 807 294 Henning Nordgulen (Chief Financial O\ufb03cer)1 660 - 38 86 784 - Roger Finnanger (Head of Business) 1 692 54 100 219 2 065 - Arnstein Flaskerud (Head of Strategy and M&A) 1 934 67 120 430 2 551 - Solfrid K. Aase (Head of Service Companies) 1 612 67 100 354 2 133 - Solfrid Fluge Andersen (Head of Operations) 1 667 67 100 219 2 053 - Per Heiberg-Andersen (Head of Nordic and other end-user companies) 1 662 67 100 173 2 002 - Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS)2 467 50 - 53 570 - Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS)3 995 - 60 127 1 182 - Birte Strander (Chief Financial O\ufb03cer)4 792 54 50 183 1 079 - Jeanne K. Tjomsland (Head of HR, Communications and Sustainability)5 1 021 67 70 237 1 395 - Christian Kalvenes (Head of Consumer)6 592 54 37 68 751 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer)5 1 016 54 70 199 1 339 290 Total remuneration executive management 2022 17 421 1 101 995 3 194 22 711 584 *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. In 2022 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 375 based on the Group\u2019s performance, paid in 2023. Executive management 2021: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 231 1266* 150 724 5 371 354 Birte Strander (Chief Financial O\ufb03cer) 1 743 261 120 392 2 516 - Jeanne K. Tjomsland (Head of HR & Communications) 1 721 261 120 374 2 475 - Arnstein Flaskerud (Head of Strategy and M&A) 1 878 261 120 326 2 585 - Solfrid K. Aase (Head of Service Companies) 1 565 261 100 285 2 210 - Christian Kalvenes (Head of Consumer) 1 565 209 100 170 2 043 - Ole Johan Langenes (Acting Chief Financial O\ufb03cer) 7 644 209 42 71 965 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 1 721 209 120 314 2 363 365 Roger Finnanger (Head of Business) 1 565 261 100 173 2 098 - Solfrid Fluge Andersen (Head of Operations) 1 565 209 100 173 2 046 - Per Heiberg-Andersen (Head of Nordics and other end-user companies) 1 565 170 100 169 2 003 - Total remuneration executive management 2021 18 759 3573 1172 3171 26 674 719 *In 2021 the CEO received a discretionary bonus of NOKt 1 266 based on the Group\u2019s performances in 2020. In 2021 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 500 based on the Group\u2019s performance, paid in 2022. 1) From 1 October 2022 2) From 1 August 2022 3) From 8 August 2022 4) Until 31 May 2022 5) Until 31 July 2022 6) Until 16 May 2022 7) Acting CFO from 1 January 2021 until 31 May 2021 due to maternity leave Remuneration included in the tables is valid for the period from/to the dates stated above. There are no additional bonus agreements or agreement of similar pro\ufb01t sharing with the CEO or Chairman of the board. The rest of the executive management is also included in the Group\u2019s performance bonus scheme. If the company chooses to terminate the employment, the CEO is entitled to 12 months severance pay after the expiry of the ordinary notice peri- od, which is 6 months. The Group\u2019s executive management has the right to apply for loans on the same grounds as all the employees in the company. Maximum duration for loans to employees are 15 years. The interest rate for loans to employees is approximately equal to the current limit regarding taxation of bene\ufb01ts for such loans, plus up to 1 per- centage point. Current limit for taxation of bene\ufb01ts is 2,3 %. The CEO and Group management is included in the current pension plan for the Group - see note 18. The Board of Director\u2019s guidelines for remuneration to directors in accordance with Section 6-16a of the Norwegian Public Limited Liability Companies Act These guidelines have been prepared by the Board of Directors of Elmera Group ASA (\u201cElmera\u201d or the \u201cCompany\u201d) in accordance with the Norwegian Public Limited Liability Companies Act Section 6-16a and related regulations. The guidelines was approved by the Company\u2019s annual general meeting in 2021 and shall apply until the Company\u2019s annual general meeting in 2025, unless amended or replaced earlier. The guidelines apply for the following (jointly referred to as \u201cdirectors\u201d): the executive management, (ii) employee elected board members, (iii) the CEO and (iv) other leading employees de\ufb01ned as key employees. Remuneration to persons mentioned in (ii) are regulated by \u201cRemuneration to employee elected board members\u201d. Purpose and general principles for remuneration The main principle of the Company`s guide- lines for remuneration, is that the directors shall receive a competitive salary, including a result-based salary tied to the business results and shareholder value to ensure the desired competence and director incentives. Remuneration is an important instrument in order to harmonize the interests of the Company and its directors. The Company\u2019s remuneration principles are designed to ensure that the Company is able to attract and keep quali\ufb01ed directors, without being a wage leader in the relevant business sector, and without the variable wage element con- stituting such a large proportion of the total wage compensation that it can give unfortu- nate incentives and short-termism. The remuneration shall generally stimulate to goal achievements and good risk man- agement, counteract excessive risk-taking, and contribute to avoid con\ufb02ict of interests. The remuneration shall be in line with the Company`s long term interests and eco- nomic \ufb01nancial sustainability. In general, the remuneration shall be equal for male and female employees for equal work or work of equal value. The Company conducts annual reviews of the practice of the remuneration principles, and the Company`s written report (the \u201cRemuneration Report\u201d) is reviewed by independent control functions. Elements of remuneration Remuneration includes all bene\ufb01ts a per- son receives by virtue of his/her position as a leading person in the Company. This includes base salary, bonuses, allotment of shares, warrants, options and other forms of remuneration related to shares or the devel- opment of the share price in the company, pension schemes, early retirement schemes, and all forms of other variable elements in the remuneration, or special bene\ufb01ts that are in addition to the basic salary. Principles for \ufb01xed salary Fixed cash salary allows the Company to attract and recruit directors that are necessary for the long term pro\ufb01tability and sustainability of the Company. It is the Company\u2019s policy that base salaries shall re\ufb02ect the individual\u2019s position and degree of responsibility. The size of the \ufb01xed cash salary shall be in line with market conditions, be competitive with com- parable businesses within the industry, and shall take into account inter alia the scope and responsibility associated with the posi- tion, as well as the skills, experience, and performance of each director. The \ufb01xed cash salaries have no maximum levels. For directors, the base salary constitutes the most signi\ufb01cant part of the remuneration. Principles for variable cash salary Variable cash salary (i.e. cash bonuses) shall be based on a set of predetermined and measurable performance criteria that re\ufb02ect the key drivers for pursuing the Company\u2019s business strategy, longterm interests, and sustainable business practices. Principles for pension bene\ufb01ts Directors` pension arrangements shall gen- erally follow the arrangements established for the employees in Elmera Group ASA and Fjordkraft AS. Pension bene\ufb01ts shall be based on local practices and applicable law. More information concerning pension is included in note 18 of the annual account. Principles for non-\ufb01nancial bene\ufb01ts Non-\ufb01nancial bene\ufb01ts shall be based on mar- ket terms and shall facilitate the duties of the executive management. The Company aims to have su\ufb03ciently competitive salary and incentive programs to minimize additional non-\ufb01nancial bene\ufb01ts, and such shall gener- ally be o\ufb00ered only to the extent they are in line with generally accepted customs locally. The executive management may receive certain limited bene\ufb01ts in kind, including company car/car arrangement, telephone, internet access, and magazine/newspaper subscriptions. Purchase of shares The management may participate in any Company employee share purchase plans or similar plans on substantially on the same terms as all employees. \u00a0Share-based incentive programs Share-based payments, settled in shares or cash, are used as part of the Company\u2019s incentive schemes. In the view of the Board of Directors, attractive share-based long-term incentive programs is an important part of the total compensation for the executive manage- ment, and which may be necessary to allow the Company to retain and hire the talent it needs for further growth. The executive management and key per- sonnel shall be concerned with the value development for the Company`s sharehold- ers. A share option program may bind the key employees to the Company and may also contribute to a more cautious wage growth in the years to come. The following speci\ufb01c limitations apply for granting of share options in the Company: (i) as a main rule, share options may not be redeemed before three years have elapsed, (ii) the maximum amount of share options signed in a given year shall not exceed 0.6 percent of the Company`s outstanding shares, (iii) the exercise price for share options shall be set at market price at the time of allot- ment, (iv), the exercise price shall be adjusted for dividend paid before redemption, (v) the share options have a cap on gains of three times the exercise price (before adjustments for dividend payments). The options can be settled by the Company in cash if the share price exceeds the cap set out in (v), and if so, based on the gain of such cap, which con- stitutes the limit of maximum potential gain. Employment agreements The CEO and executive management have six month notice periods. The CEO is entitled to a severance pay in case of termination of employment by the Company for a period of 12 months after expiry of the ordinary notice period. During employment and for 12 months after expiry of the notice period (or from the time of dismissal), the CEO is bound by the provi- sions on non-competition and recruiting the Company\u2019s customers and employees in accordance with the provisions in chapter 14A of the Working Environment Act of 2005. Remuneration to employee elected board members The level of remuneration to employee elected board members for their role as board mem- bers is proposed by the Remuneration Committee and is handled further by the Nomination Committee which propose a remuneration to the general meeting. The determination of the remuneration takes into consideration the work load, comparable companies and the general wages in the Company. Deviations from these guidelines The Board of Directors may, on recommen- dation from the Remuneration Committee, in the circumstances described below resolve to deviate from any sections of these remu- neration guidelines: \u2022 upon change of the CEO; \u2022 upon material changes in Company\u2019s organization, ownership and/or business \u2022 upon material change in the Company\u2019s strategy; \u2022 upon changes in or amendments to the relevant laws, rules, or regulations; \u2022 upon other exceptional circumstances where the deviation may be required to serve the long-term interests and sustainability of the Company as a whole or to assure its via- bility. Any deviation from these guidelines shall be reported in the Remuneration Report for the relevant year. \u00a0The Board\u2019s declaration on determining directors pay will be sent out or made availa- ble to the shareholders on the Company\u2019s web site, together with notice of the annual general meeting of the Company and the Company\u2019s annual report and accounts. Note 27 Option program Elmera Group ASA established a management option program 10 December 2018. The option program was established to align management\u2019s and shareholders\u2019 incentives and to reduce turnover for key employees.\u00a0In total 390 000 share options were issued to employees during 2022. Type Options Options Grant Date 9 February 2022 8 August 2022 Vesting conditions The options vest in one tranche with vesting 14 February 2025. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The options vest in one tranche with vesting 14 February 2026. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. Expiry date 14 February 2028 14 February 2029 Exercise price (NOK) 37,00 21,50 Total number outstanding 370 000 20 000 Type Options Options Grant Date 9 February 2022 8 August 2022 Measurement date 9 February 2022 8 August 2022 Share price (NOK) 37,28 21,50 Lifetime* (years) 3,02 3,52 Volatility 30,00 % 37,47 % Risk-free interest rate* 1,92 % 2,73 % Fair Value* (NOK) 9,4212 5,8469 *volume weighted average for options The fair value of the options was calculated using the Black-Scholes model. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be out- standing until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance ful\ufb01llment and takes this into account in the valuation. The expected volatility for options issued in 2022 is estimated at average of 30% where historical volatility is not available. Where historical volatility is available this is calculated using the Elmera Group ASA share price. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total carrying amount per 31 December 2022 is NOKt 14 946, not including social security The following table shows the changes in outstanding options in 2021 and 2022: Period activity: 01.01.2022 - 31.12.2022 01.01.2021 - 31.12.2021 Shares Weighted Average Exercise Price (NOK) Shares Weighted Average Exercise Price (NOK) Outstanding at the beginning of period 1 500 000 44,57 1 190 000 39,43 Granted 390 000 36,09 330 000 78,00 Exercised -50 000 24,30 (20 000) 24,30 Forfeited -130 000 52,58 - - Outstanding at the end of period 1 710 000 38,92 1 500 000 44,57 Vested outstanding 790 000 22,41 510 000 24,61 Vested and expected to vest 1 710 000 38,92 1 500 000 44,57 Intrinsic value of in-the-money outstanding at the end of the period - - 820 000 18 918 200 Intrinsic value vested outstanding at the end of the period - - 510 000 11 755 600 At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows\u00a0: Outstanding instruments Vested outstanding Exercise price Outstanding per 31 December 2022 Weighted average re- maining Contractual Life Vested options per 31 December 2022 Weighted Average Exercise Price (NOK) 0,00 - 25,00 20 000 6,13 - - 25,00 - 30,00 - - - - 30,00 - 35,00 740 000 1,83 740 000 33 35,00 - 40,00 350 000 4,87 30 000 38 40,00 - 45,00 - - - - 45,00 - 50,00 - - - - 50,00 - 55,00 - - - - 55,00 - 60,00 - - - - 60,00 - 65,00 - - - - 65,00 - 70,00 270 000 4,13 - - 70,00 - 330 000 4,76 20 000 79,7 Total 1 710 000 3,43 790 000 34,48 ",
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"value": "Note 12 Other operating expenses and other financial items 12(a) Other operating expenses Other operating expenses NOK in thousands 2022 2021 Sales and marketing costs 135 526 129 938 IT cost 134 331 103 307 Purchase of third- party services and external personnel 107 011 104 448 Net impairment expense on trade receivables and other losses 35 317 (21 113) Professional fees * 93 184 113 995 Other operating costs 69 577 57 941 Total other operating expenses 574 946 488 517 * Includes legal fees, auditor, consultants Auditor\u2019s remuneration NOK in thousands 2022 2021 Statutory audit - Deloitte 3 884 4 149 Other assurance services - Deloitte 618 623 Other non-assurance services - Deloitte 235 - Total 4 736 4 773 12(b) Other \ufb01nancial items, net NOK in thousands 2022 2021 Foreign exchange gain/(losses) (3 351) (9 561) Other \ufb01nancial expenses (9 311) (9 657) Total other \ufb01nancial items, net (12 660) (19 219) ",
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"value": "Note 12 Other operating expenses and other financial items 12(a) Other operating expenses Other operating expenses NOK in thousands 2022 2021 Sales and marketing costs 135 526 129 938 IT cost 134 331 103 307 Purchase of third- party services and external personnel 107 011 104 448 Net impairment expense on trade receivables and other losses 35 317 (21 113) Professional fees * 93 184 113 995 Other operating costs 69 577 57 941 Total other operating expenses 574 946 488 517 * Includes legal fees, auditor, consultants Auditor\u2019s remuneration NOK in thousands 2022 2021 Statutory audit - Deloitte 3 884 4 149 Other assurance services - Deloitte 618 623 Other non-assurance services - Deloitte 235 - Total 4 736 4 773 ",
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"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14063": {
"value": "Note 12 Other operating expenses and other financial items 12(a) Other operating expenses Other operating expenses NOK in thousands 2022 2021 Sales and marketing costs 135 526 129 938 IT cost 134 331 103 307 Purchase of third- party services and external personnel 107 011 104 448 Net impairment expense on trade receivables and other losses 35 317 (21 113) Professional fees * 93 184 113 995 Other operating costs 69 577 57 941 Total other operating expenses 574 946 488 517 * Includes legal fees, auditor, consultants Auditor\u2019s remuneration NOK in thousands 2022 2021 Statutory audit - Deloitte 3 884 4 149 Other assurance services - Deloitte 618 623 Other non-assurance services - Deloitte 235 - Total 4 736 4 773 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14064": {
"value": "Note 12 Other operating expenses and other financial items 12(a) Other operating expenses Other operating expenses NOK in thousands 2022 2021 Sales and marketing costs 135 526 129 938 IT cost 134 331 103 307 Purchase of third- party services and external personnel 107 011 104 448 Net impairment expense on trade receivables and other losses 35 317 (21 113) Professional fees * 93 184 113 995 Other operating costs 69 577 57 941 Total other operating expenses 574 946 488 517 * Includes legal fees, auditor, consultants Auditor\u2019s remuneration NOK in thousands 2022 2021 Statutory audit - Deloitte 3 884 4 149 Other assurance services - Deloitte 618 623 Other non-assurance services - Deloitte 235 - Total 4 736 4 773 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14067": {
"value": "Note 12 Other operating expenses and other financial items Note 7 Financial assets and financial liabilities Financial Statement Impact: The Group\u2019s \ufb01nancial instruments resulted in the following income, expenses and gains and losses recognised in the statement of pro\ufb01t or loss: NOK in thousands Notes 2022 2021 Restated Interest from assets held at amortised cost 26 952 12 801 Interest expense from liabilites at amortised cost (156 876) (66 464) Net impairment expense recognised on trade receivables* 7(a) 40 258 (22 348) Unrealised gains and losses on derivative \ufb01nancial instruments** 5,6 (47 791) 1 066 056 Total net foreign exchange gains(losses) recognised in other \ufb01nancial items 12(b) (3 351) (7 648) Total \ufb01nancial income and expense (140 809) 982 397 * Impairment expense on trade receivables is recognised as \u201cOther operating expenses\u201d in the Consolidated statement of pro\ufb01t or loss ** Unrealised gains and losses on derivative \ufb01nancial instruments are recognised in a) Revenue - when the derivative instrument is a \ufb01nancial custumer contract (see note 5), or b) Direct cost of sales - when the derivative instrument is purchased for the purpose of hedging physical or \ufb01nancial customer contracts (see note 6). 12(b) Other \ufb01nancial items, net NOK in thousands 2022 2021 Foreign exchange gain/(losses) (3 351) (9 561) Other \ufb01nancial expenses (9 311) (9 657) Total other \ufb01nancial items, net (12 660) (19 219) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14069": {
"value": "Note 12 Other operating expenses and other financial items Auditor\u2019s remuneration NOK in thousands 2022 2021 Statutory audit - Deloitte 3 884 4 149 Other assurance services - Deloitte 618 623 Other non-assurance services - Deloitte 235 - Total 4 736 4 773 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14148": {
"value": "Note 13 Income tax Speci\ufb01cation of tax expense recognised in statement of pro\ufb01t or loss NOK in thousands 2022 2021 Restated Tax payable on pro\ufb01t for the year 64 831 87 570 Adjustments to prior years tax payable (208) 3 188 Adjustments to prior years deferred tax expense (income) 208 (6 712) Change in deferred tax/(tax asset) from origination and reversal of temporary di\ufb00erences (9 986) (5 880) Tax expense recognised in statement of pro\ufb01t or loss 54 846 78 166 Speci\ufb01cation of current income tax liabilities NOK in thousands 2022 2021 Restated Tax payable on pro\ufb01t for the year 64 831 87 570 Adjustments prior years tax payable (14 325) 6 713 Current income tax liabilities recognised in balance sheet 50 506 94 283 Reconciliation of statutory tax rate to effective tax rate: NOK in thousands 2022 2021 Restated Pro\ufb01t before tax 128 692 335 195 Income tax at statutory tax rate (22%) 28 312 73 743 Tax expense recognised in statement of pro\ufb01t or loss 54 846 78 166 Difference (26 533) (4 423) Permanent di\ufb00erences 3 107 1 945 Change in deferred tax/(tax asset) from change in valuation allowance for deferred tax assets 23 442 7 446 Adjustments prior years tax payable (15) (4 968) Difference 26 533 4 423 Speci\ufb01cation of basis for deferred tax NOK in thousands 2022 Norway 2022 Sweden & Finland 2022 Total 2021 Total Restated Fixed assets/intangible assets 286 815 149 205 436 020 530 557 Receivables (33 617) - (33 617) (23 860) Pension liabilities (62 185) - (62 185) (93 837) Cost to obtain contracts 192 420 - 192 420 198 668 Provisions for onerous contracts (48 956) (1 020 619) (1 069 575) (1 083 854) Other current liabilities (5 115) - (5 115) (5 358) Derivative \ufb01nancial instruments 34 359 1 013 844 1 048 203 1 020 246 Leasing liabilities (3 530) (36) (3 566) (3 509) Other 6 322 - 6 322 17 449 Losses carried forward (42) (2 005 443) (2 005 484) (2 018 659) Temporary differences 366 471 (1 863 049) (1 496 578) (1 462 156) Tax rate 22% 20,6% / 20% Deferred tax/(tax asset) 80 624 (383 889) (303 265) (295 873) Valuation allowance for deferred tax assets* - 368 555 368 555 364 401 Deferred tax asset recognised in statement of \ufb01nancial position - 34 990 34 990 35 092 Deferred tax recognised in statement of \ufb01nancial position 80 624 19 656 100 280 103 620 Net position (80 624) 15 334 (65 290) (68 528) * Valuation allowance for deferred tax asset There are signi\ufb01cant tax losses carried forward in the entities in Sweden and Finland which were acquired as part of the Troms Kraft Str\u00f8m AS acquisition in 2020. A deferred tax asset related to the portion of these tax losses carried forward which are expected to be utilised by net taxable pro\ufb01t in the acquired businesses in Sweden (NOKt 22 870) and Finland (NOKt 12 121), was recognised as part of the purchase price allocation when accounting for the business combination. The deferred tax asset related to the remaining tax losses carried forward are not recognised in the statement of \ufb01nancial position at year end 2022. Of the unrecognised deferred tax assets, NOKt 374 307relates to losses carried forward in Sweden and NOKt 3 360 relates to losses carried forward in Finland. Tax losses in Finland may be carried forward for ten subsequent years. The tax losses carried forward in Finland are from the period between 2013 and 2022. Utilisation of the tax losses in Sweden is without time limitation. Changes in deferred tax balances Changes recognised in statement of pro\ufb01t or loss Changes recognised in other comprehen- sive income Changes from business combinations 2022 NOK in thousands 1 January 2022 31 December 2022 Fixed assets/intangible assets 102 056 (20 356) 1 056 - 82 756 Receivables (5 249) (2 147) - - (7 396) Pension liabilities (20 644) 5 945 1 018 - (13 681) Cost to obtain contracts 43 707 (1 375) - - 42 332 Provisions for onerous contracts (8 541) (2 230) - - (10 770) Other current liabilities (1 179) 53 - - (1 125) Derivative \ufb01nancial instruments (9 563) 12 550 4 572 - 7 559 Leasing liabilities (763) (14) - - (777) Other assets 3 839 (2 448) - - 1 391 Losses carried forward (35 136) 35 101 - (35 000) Total 68 528 (9 986) 6 747 - 65 290 Changes recognised in statement of pro\ufb01t or loss Changes recognised in other comprehen- sive income Changes from business combinations 2021 Restated NOK in thousands 1 January 2021 31 December 2021 Fixed assets/intangible assets 142 043 (38 985) (1 002) - 102 056 Receivables (7 635) 2 386 - - (5 249) Pension liabilities (24 382) (1 220) 4 958 - (20 644) Cost to obtain contracts 29 655 14 052 - - 43 707 Provisions for onerous contracts - (8 541) - - (8 541) Other current liabilities (10 538) 9 360 - - (1 179) Derivative \ufb01nancial instruments (794) 11 355 (20 123) - (9 563) Leasing liabilities (676) (87) - - (763) Other assets 4 725 (886) - - 3 839 Losses carried forward (44 045) 6 685 2 224 - (35 136) Total 88 351 (5 880) (13 943) - 68 528 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14517": {
"value": "Note 14 Earnings per share Earnings per share is calculated as pro\ufb01t/loss allocated to shareholders for the year divided by the weighted average number of outstanding shares. Basic earnings per share 2022 2021 Restated Pro\ufb01t/(loss) attributable to equity holders of the company (NOK in thousands) 73 847 257 029 Total comprehensive income attributable to equity holders of the company (NOK in thousands) 92 911 146 686 Weighted average number of ordinary shares outstanding 110 833 229 114 291 767 Earnings per share in NOK 0,67 2,25 Total comprehensive income per share in NOK 0,84 1,28 Share options (see note 27) 1 710 000 1 500 000 Diluted earnings per share in NOK 0,66 2,22 Dividend per share in NOK 3,50 3,50 ",
"dimensions": {
"concept": "ifrs-full:EarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f14551": {
"value": "3.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f14704": {
"value": "Note 16 Intangible assets Non-current intangible assets 2022 NOK in thousands Software and development projects Construction in progress Customer portfolios Fixed price customer contracts** Other intangible assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-current intangible assets Accumulated cost 1 January 2022 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Additions - Purchase 8 910 32 439 4 - - 41 353 - 41 353 Additions - Internally generated 858 105 - - - 963 - 963 Transferred from construction in progress 28 294 (28 294) - - - - - - Government grants (1 308) - - - - (1 308) - (1 308) Currency translation di\ufb00erences 136 (143) 3 446 3 901 281 7 621 (675) 6 946 Accumulated cost 31 December 2022 382 472 9 446 799 668 233 569 145 888 1 571 044 1 418 775 2 989 819 Accumulated depreciation 1 January 2022 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Depreciation for the year (47 861) - (123 977) - (8 726) (180 565) - (180 565) Currency translation di\ufb00erences (131) - (337) (847) - (1 315) - (1 315) Accumulated depreciation 31 December 2022 (269 527) - (445 660) (50 688) (41 240) (807 116) - (807 117) Accumulated impairment 1 January 2022 (22 724) - - (179 826) - (202 550) - (202 550) Impairment for the year - - - - - - - - Currency translation di\ufb00erences - - - (3 054) - (3 054) - (3 054) Accumulated impairment 31 December 2022 (22 724) - - (182 881) - (205 604) - (205 604) Carrying amount 31 December 2022 90 221 9 446 354 007 - 104 648 558 324 1 418 775 1 977 100 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. Note 1 Accounting policies Business combinations and goodwill In order to consider an acquisition as a busi- ness combination, the acquired asset or groups of assets must constitute a business (an integrated set of operations and assets conducted and managed for the purpose of providing a return to the investors). The combination consists of inputs and processes applied to these inputs that have the ability to create output. Acquired businesses are included in the \ufb01nancial statements from the acquisition date. The acquisition date is de\ufb01ned as the date on which the company obtains control of the acquiree, which is generally the date on which the acquirer legally transfers the considera- tion, acquires the assets and assumes the liabilities of the acquiree. For convenience, the group may designate the acquisition date to the date at the end or the beginning of the month, rather than the actual acquisition date, unless events between this \u201cconvenience date\u201d and the actual acquisition date result in material changes in amounts recognised. Comparative \ufb01gures are not adjusted for acquired, sold or liquidated businesses. For accounting purposes, the acquisition method is used in connection with the purchase of businesses. Acquisition cost equals the fair value of the assets used as consideration, including contingent consideration, equity instruments issued and liabilities assumed in connec- tion with the transfer of control. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identi\ufb01able intangible assets are included in connection with acquisitions if they can be separated from other assets or meet the legal contrac- tual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets (when the acquiring entity achieves control of the transferring entity), goodwill arises. If the fair value of the net identi\ufb01able assets acquired exceeds the acquisition cost on the acquisition date, the excess amount is recog- nised in pro\ufb01t or loss immediately. Goodwill is not depreciated, but is tested at least annually for impairment. In connec- tion with this, goodwill is allocated to the cash-generating units (CGUs) or groups of CGUs that are expected to bene\ufb01t from syn- ergy e\ufb00ects of the acquisition. The allocation of goodwill may vary depending on the basis for its initial recognition. The estimation of fair value and goodwill may be adjusted up to 12 months after the takeover date if new information has emerged about facts and circumstances that existed at the time of the takeover and which, had they been known, would have a\ufb00ected the calculation of the amounts that were included from that date. \u00a0Acquisition-related costs, except costs to issue debt or equity securities, are expensed as incurred. Intangible assets 1) Intangible assets acquired separately 1. El-certificates and Guarantees of Origination (GoOs) Holdings of el-certi\ufb01cates and GoOs are rec- ognised as intangible assets in accordance with IAS 38 - Intangible Assets and measured using the cost model. The el-certi\ufb01cates have an in\ufb01nite life and are acquired to be used to settle the el-certi\ufb01cate cancellation liability by remitting the respective numbers of certif- icates to the government (refer to accounting policy \u2018Provision of El-certi\ufb01cate cancellation liability\u2019). 2. Software Costs associated with maintaining software programs are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. 3. Customer portfolios Customer portfolios are recognised at fair value in the consolidated statement of \ufb01nan- cial position at the time of acquisition. The customer portfolios have a limited useful economic life and are recognised at cost less deductions for accumulated deprecia- tion. Depreciation is calculated based on the expected customer churn rate. Fixed price elements of customer contracts are recorded as separate assets. 4. Fixed price customer contracts When customer portfolios are acquired the \ufb01xed price elements of the customer contracts in the customer portfolios acquired are rec- ognised as separate assets. Unless the \ufb01xed price element of customer contracts meets the de\ufb01nition of a derivative \ufb01nancial instru- ment (and recognised accordingly), they are recognised as intangible assets at fair value at the time of acquisition. The \ufb01xed price cus- tomer contracts have de\ufb01ned contract periods and are recognised at cost less deductions for accumulated depreciation. Depreciations follow a pattern that re\ufb02ects how the acquisi- tion value of the contracts are distributed over the remaining contract periods. 5. Tradenames Tradenames acquired in a business com- bination are recognised at fair value at the acquisition date. Tradenames that due to contractual agreements have a \ufb01nite useful life are subsequently carried at cost less accumulated amortisation and impairment losses. Tradenames that have an inde\ufb01nite useful life are not amortised but 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. Tradenames are included in Other intangible assets in note 16. 6. Goodwill Goodwill is reported as an inde\ufb01nite life intangible asset at cost less accumulated impairment losses. Cost of Goodwill acquired through business combinations is measured as residual amount after allocation of pur- chase price to identi\ufb01able assets at fair value. All intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. 2) Internally generated intangible assets 1. Software Internal development costs that are directly attributable to the design and testing of identi\ufb01able and unique software products controlled by the Group are recognised as intangible assets if, and only if all of the fol- lowing conditions have been demonstrated: \u2022 it is technically feasible to complete the software so that it will be available for use \u2022 management intends to complete the soft- ware and use or sell it \u2022 there is an ability to use or sell the software \u2022 it can be demonstrated how the software will generate probable future economic bene\ufb01ts \u2022 adequate technical, \ufb01nancial and other resources to complete the development and to use or sell the software are avail- able, and \u2022 the expenditure attributable to the software during its development can be reliably measured. Directly attributable costs that are capitalised as part of software includes directly related employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use. Research expenditures as well as devel- opment expenditures that do not meet the criterias above are recognised as expenses within other operating expenses in the consol- idated statement of pro\ufb01t or loss, as incurred. Development costs previously recognised as expenses are not recognised as an asset in a subsequent period. Refer to note 16 for details about amortisa- tion methods and periods used by the Group for intangible assets. Impairment of tangible and intangible assets At each balance sheet date, the Group reviews whether there are indication that the carrying amount of the Group\u2019s tangible and intangible assets have su\ufb00ered an impairment loss. Tangible and intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impair- ment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use (the net present value of a cash \ufb02ow or other bene\ufb01ts that the asset is expected to contribute to the generation of, through its use by the Group). For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identi\ufb01able cash \ufb02ows which are largely independent of the cash in\ufb02ows from other assets or groups of assets (cash-generating units). Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impair- ment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immedi- ately in pro\ufb01t or loss. Note 2 Significant accounting judgements, estimates and assumptions 2) Impairment of goodwill and intangible assets Goodwill and intangible assets with inde\ufb01nite useful lives are tested for impairment at least once every year. Single assets can be tested more often in case there are indications of impairment. The recoverable amounts of the cash-generating units are determined based on value in use calculations. The cash-gen- erating units equal the reportable segments. Value in use is calculated using the dis- counted cash-\ufb02ow model and based on a \ufb01ve- year forecast made by Group management. Management has projected cash \ufb02ows based on \ufb01nancial forecasts and strategy plans. The preparation of the forecast requires a number of key assumptions such as growth in net revenue and operating expenditure. The cash \ufb02ow for the \ufb01fth year is used as the base for the sixth year and onwards in perpetuity. The discount rates used are, amongst other things, based on risk-free 10-year govern- ment bond rate, observed market risk pre- mium, industry-speci\ufb01c risk premium and the Group\u2019s cost of debt. For the calculation of the in-perpetuity value, Gordon\u2019s growth model is used. According to Gordon\u2019s model, the termi- nal value of a growing cash \ufb02ow is calculated as the starting cash \ufb02ow divided by cost of capital less the growth rate. Please see note 16 for more details regarding impairment test- ing of goodwill at year end, including a sen- sitivity analysis for signi\ufb01cant assumptions. 2021 NOK in thousands Software and development projects Construction in progress Customer portfolios**** Fixed price customer contracts** Other intangi- ble assets Totalt non-cur- rent intangible assets excl. Goodwill Goodwill Total non-cur- rent intangible assets Accumulated cost 1 January 2021 297 473 9 063 770 256 243 640 147 531 1 467 963 1 442 849 2 910 813 Additions - Purchase 889 41 655 38 784 - - 81 328 - 81 328 Additions - Internally generated 1 811 86 - - - 1 897 - 1 897 Additions from business combinations*** - - - - - - (4 802) (4 802) Transferred from construction in progress 45 456 (45 456) - - - - - - Currency translation di\ufb00erences (47) (8) (12 823) (13 972) (1 924) (28 773) (18 596) (47 369) Accumulated cost 31 December 2021 345 582 5 339 796 218 229 668 145 607 1 522 414 1 419 451 2 941 866 Accumulated depreciation 1 January 2021 (176 096) - (149 408) (52 761) (17 383) (395 648) - (395 648) Depreciation for the year (45 401) - (173 251) - (15 131) (233 783) - (233 783) Currency translation di\ufb00erences (37) - 1 312 2 919 - 4 195 - 4 195 Accumulated depreciation 31 December 2021 (221 534) - (321 346) (49 842) (32 514) (625 236) - (625 237) Accumulated impairment 1 January 2021 (22 724) - - (180 026) - (202 750) - (202 750) Impairment for the year - - - (9 762) - (9 762) (9 762) Currency translation di\ufb00erences - - - 9 961 - 9 961 9 961 Accumulated impairment 31 December 2021 (22 724) - - (179 826) - (202 550) - (202 550) Carrying amount 31 December 2021 101 324 5 339 474 873 0 113 093 694 630 1 419 451 2 114 081 Useful life 3 years 2-12 years Up to 5 years 3 years Depreciation method Straight line Other*/ straight line Other** Straight line * Depreciations for the majority of customer portfolios is calculated on basis of expected churn-pro\ufb01le of the customer portfolio ** Refer note 19 for more information regarding depreciation and impairment of \ufb01xed price customer contracts. *** The changes to Goodwill included in Additions from business combinations are adjustments to the goodwill recognised when the group acquired Innlandskraft AS and Troms Kraft Str\u00f8m AS in 2020. These changes are mainly caused by adjustments to the \ufb01nal purchase consideration. **** Of total additions of customer portfolios, NOKt 37 348 relates to the acquisition of Skymobil AS\u2019 portfolio of mobile customers. The amount comprises the purchase price for the portfolio and directly attributable costs. Impairment of Goodwill and intangible assets with inde\ufb01nite useful life The Group has performed an impairment test of Goodwill and intangible assets with inde\ufb01nite useful life as of 31 December 2022 in accordance with IAS 36, using the methods outlined in note 2. Goodwill as at 31 December 2022, has a total carrying value of NOKt 1 418 775 and intangible assets with inde\ufb01nite useful life has a total carrying value of NOKt 84 772. The allocation, for impairment-testing purposes, on cash-generating units of the signi\ufb01cant amounts is shown in the table below: NOK in thousands Goodwill Intangible assets with inde\ufb01nite useful life Consumer segment 771 012 42 017 Business segment 353 235 19 250 Nordic segment 294 528 23 505 Total 1 418 775 84 772 Intangible assets with inde\ufb01nite useful life are tradenames acquired as part of business combinations, which are included in Other intangible assets in the tables above. The key assumptions on which management has based its determination of the recoverable amount\u00a0are Weighted Average Cost of Capital (WACC), net revenue growth and operating expenditure growth. Key assumptions \u2013 Consumer and Business segments When calculating value in use for both Consumer and Business segments the weighted average cost of capital used was 10,2 % and estimated growth rate in the terminal year was set at nominal 0,5 %. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Consumer and Business segments, the calculated recoverable amount signi\ufb01cantly exceeds the carrying amount, and reasonably possible changes in key assumptions would not lead to impairment of the assets. Key assumptions \u2013 Nordic segment For the Nordic segment, country speci\ufb01c weighted average cost of capital used was 12,0 % for Sweden and 12,1 % for Finland. Estimated growth rate in the terminal year was set at nominal 1,0 %. Compound annual growth rate for net revenue was set at 12,0 % and compound annual growth rate for operating expenditure was set at 4,7 % in the period 2024- 2027. Growth rates are calculated from 2024 as net revenue in 2023 is estimated to be signi\ufb01cantly a\ufb00ected by unpro\ufb01table \ufb01xed price customer contracts where a substantial proportion expires in 2023. For goodwill and intangible assets with inde\ufb01nite useful life allocated to the Nordic segment, the calculated recoverable amount exceeds the carrying amount by NOKt 41 543. An increase in WACC by 0,64 percentage points, a reduction in compound annual growth rate for net revenue of 1,1 percentage points or an increase compound annual growth rate for operating expenditure of 2,4 percentage points would decrease the recoverable amount below the carrying amount. The key assumptions used in the estimates are associated with uncertainty, as the electricity markets in Sweden and Finland are transitioning towards spot based products following the increased price volatility and peak/o\ufb00-peak price di\ufb00erences. Current intangible assets 2022 NOK in thousands El-certi\ufb01cates Guarantees of origination Carbon credits Total current intangible assets Accumulated cost 1 January 2022 417 6 786 314 7 518 Additions - Purchase 9 032 29 494 3 516 42 041 Disposals* (9 394) (35 979) (3 422) (48 795) Accumulated cost 31 December 2022 54 301 408 763 Carrying amount 31 December 2022 54 301 408 763 2021 NOK in thousands El-certi\ufb01cates Guarantees of origination Total current intangible assets Total current intangible assets Accumulated cost 1 January 2021 272 2 608 - 2 880 Additions - Purchase 86 044 11 206 498 97 748 Disposals* (85 898) (7 028) (184) (93 110) Accumulated cost 31 December 2021 417 6 786 314 7 518 Carrying amount 31 December 2021 417 6 786 314 7 518 * Disposals of El-certi\ufb01cates refers to amount of certi\ufb01cates being handed over to the government to o\ufb00set el-certi\ufb01cate cancellation liability. Disposals of Guarantees of origination (GoO) refers to amount of certi\ufb01cates redeemed as evidence of the origin of electricity generated from renewable energy sources. Research and development Development projects focus on preparing the company for future changes in the framework conditions, streamlining processes and future growth. The work mainly concerns customer-related system projects. Of total R&D expenditure of NOKt 60 128, NOKt 19 124 has been expensed as other operating expenses and NOKt 41 004 has been recognized as R&D assets. It is expected that future earnings of ongoing R&D will correspond to expenses incurred. Government grants The Group has been awarded two government grants (SkatteFUNN and ENOVA) in 2022. One of the grants relates to a project regarding development of a plattform for local power production, storage and distribution. The other grant relates to a project regarding development of an app that gives consumers an overview of their power consumption. The total grants of NOK 1 308 thousand has been booked as a reduction of the cost price of the related assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15266": {
"value": "Note 17 Share capital Shareholders at 31 December 2022 Number of shares Nominal Nominal value Voting rights Ownership Folketrygdfondet 10 182 840 0,30 3 054 852 9,37 % 8,90 % Gudbrandsdal Energi Holding AS 7 682 161 0,30 2 304 648 7,07 % 6,72 % Verdipapirfondet Nordea Norge Verd 4 596 744 0,30 1 379 023 4,23 % 4,02 % Rieber & S\u00f8n AS 3 946 969 0,30 1 184 091 3,63 % 3,45 % Vpf Dnb Am Norske Aksjer 3 238 318 0,30 971 495 2,98 % 2,83 % Verdipapirfondet Holberg Norge 3 000 000 0,30 900 000 2,76 % 2,62 % Landkreditt Utbytte 3 000 000 0,30 900 000 2,76 % 2,62 % Verdipapirfondet Dnb Norge 2 547 863 0,30 764 359 2,35 % 2,23 % Perestroika AS 2 501 394 0,30 750 418 2,30 % 2,19 % Hsbc Bank Plc 2 129 093 0,30 638 728 1,96 % 1,86 % Geveran Trading Co Ltd 2 044 000 0,30 613 200 1,88 % 1,79 % The Bank Of New York Mellon Sa/Nv 1 942 516 0,30 582 755 1,79 % 1,70 % Verdipapirfondet Dnb Smb 1 867 442 0,30 560 233 1,72 % 1,63 % Nordnet Bank AB 1 592 812 0,30 477 844 1,47 % 1,39 % Verdipapirfondet Nordea Avkastning 1 509 527 0,30 452 858 1,39 % 1,32 % J.P. Morgan Se 1 385 968 0,30 415 790 1,28 % 1,21 % Clearstream Banking S.A. 1 338 344 0,30 401 503 1,23 % 1,17 % Melesio Invest AS 1 064 840 0,30 319 452 0,98 % 0,93 % Varde Norge AS 1 050 000 0,30 315 000 0,97 % 0,92 % Catilina Invest AS 1 023 720 0,30 307 116 0,94 % 0,90 % Others 50 989 659 0,30 15 296 898 46,94 % 44,59 % Total outstanding shares 108 634 210 32 590 263 100 % 95 % Treasury shares 5 717 590 0,30 1 715 277 0,00 % 5,00 % Total shares in issue 114 351 800 34 305 540 100 % 100 % Share capital and share premium NOK in thousands Share capital Share premium Total 31 December 2021 32 590 993 294 1 025 884 31 December 2020 34 291 992 094 1 026 385 Fully paid ordinary shares which have a par value of NOK 0.30 carry one vote per share and carry a right to dividends (except for treasury shares). All outstanding shares have equal voting rights and the right to receive dividend. For computation of earning per share and diluted earning per share see Note 14. Treasury shares In the second quarter of 2022 the Group initiated a share buyback program where a total of 5 717 590 shares were purchased, corresponding to 5 % of the share capital, for a total amount of NOKt 132 827. The program\u2019s purpose is to: (i) ful\ufb01l obligations arising as a result of the Group\u2019s share option program, and (ii) to redeem (i.e. cancel) shares by way of a share capital decrease in the Company, subject to approval from the general meeting. Shares and options owned/controlled by members of the Board of Directors, CEO and other members of the Executive Management (including related parties): 31 December 2022 Number of shares Number of options Rolf Barmen (Chief Executive O\ufb03cer) 59 052 240 000 Henning Nordgulen (Chief Financial O\ufb03cer)1 50 000 - Roger Finnanger (Head of Business) 3 378 120 000 Arnstein Flaskerud (Head of Strategy and M&A) 40 760 120 000 Solfrid K. Aase (Head of Service Companies) 11 156 120 000 Solfrid Fluge Andersen (Head of Operations) 5 171 120 000 Per Heiberg-Andersen (Head of Nordic and other end-user companies) 5 000 80 000 Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS)2 500 10 000 Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS)3 44 600 20 000 Birte Strander (Chief Financial O\ufb03cer)4 35 894 120 000 Jeanne K. Tjomsland (Head of HR, Communications and Sustainability)5 26 028 80 000 Christian Kalvenes (Head of Consumer)6 931 60 000 Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer)5 8 833 50 000 Steinar S\u00f8nsteby (Chairman of the Board) 16 129 - Live Bertha Haukvik (Boardmember) 5 000 - Heidi Theresa Ose (Boardmember) 1 500 - Tone Wille (Boardmember) - - Per Oluf Solbraa (Boardmember) - - Marianne Unhjem (Boardmember, Employee representative) - - Elisabeth M. Norberg (Boardmember, Employee representative) 3 325 - Frank \u00d8kland (Boardmember, Employee representative) 645 - Total 317 902 1 140 000 Terms and details for the management option program are outlined in note 27. 1) From 1 October 2022. 2) From 1 August 2022 3) From 8 August 2022 4) Until 31 May 2022. 5) Until 31 July 2022 6) Until 16 May 2022 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15267": {
"value": "Note 17 Share capital Shareholders at 31 December 2022 Number of shares Nominal Nominal value Voting rights Ownership Folketrygdfondet 10 182 840 0,30 3 054 852 9,37 % 8,90 % Gudbrandsdal Energi Holding AS 7 682 161 0,30 2 304 648 7,07 % 6,72 % Verdipapirfondet Nordea Norge Verd 4 596 744 0,30 1 379 023 4,23 % 4,02 % Rieber & S\u00f8n AS 3 946 969 0,30 1 184 091 3,63 % 3,45 % Vpf Dnb Am Norske Aksjer 3 238 318 0,30 971 495 2,98 % 2,83 % Verdipapirfondet Holberg Norge 3 000 000 0,30 900 000 2,76 % 2,62 % Landkreditt Utbytte 3 000 000 0,30 900 000 2,76 % 2,62 % Verdipapirfondet Dnb Norge 2 547 863 0,30 764 359 2,35 % 2,23 % Perestroika AS 2 501 394 0,30 750 418 2,30 % 2,19 % Hsbc Bank Plc 2 129 093 0,30 638 728 1,96 % 1,86 % Geveran Trading Co Ltd 2 044 000 0,30 613 200 1,88 % 1,79 % The Bank Of New York Mellon Sa/Nv 1 942 516 0,30 582 755 1,79 % 1,70 % Verdipapirfondet Dnb Smb 1 867 442 0,30 560 233 1,72 % 1,63 % Nordnet Bank AB 1 592 812 0,30 477 844 1,47 % 1,39 % Verdipapirfondet Nordea Avkastning 1 509 527 0,30 452 858 1,39 % 1,32 % J.P. Morgan Se 1 385 968 0,30 415 790 1,28 % 1,21 % Clearstream Banking S.A. 1 338 344 0,30 401 503 1,23 % 1,17 % Melesio Invest AS 1 064 840 0,30 319 452 0,98 % 0,93 % Varde Norge AS 1 050 000 0,30 315 000 0,97 % 0,92 % Catilina Invest AS 1 023 720 0,30 307 116 0,94 % 0,90 % Others 50 989 659 0,30 15 296 898 46,94 % 44,59 % Total outstanding shares 108 634 210 32 590 263 100 % 95 % Treasury shares 5 717 590 0,30 1 715 277 0,00 % 5,00 % Total shares in issue 114 351 800 34 305 540 100 % 100 % Share capital and share premium NOK in thousands Share capital Share premium Total 31 December 2021 32 590 993 294 1 025 884 31 December 2020 34 291 992 094 1 026 385 Fully paid ordinary shares which have a par value of NOK 0.30 carry one vote per share and carry a right to dividends (except for treasury shares). All outstanding shares have equal voting rights and the right to receive dividend. For computation of earning per share and diluted earning per share see Note 14. Treasury shares In the second quarter of 2022 the Group initiated a share buyback program where a total of 5 717 590 shares were purchased, corresponding to 5 % of the share capital, for a total amount of NOKt 132 827. The program\u2019s purpose is to: (i) ful\ufb01l obligations arising as a result of the Group\u2019s share option program, and (ii) to redeem (i.e. cancel) shares by way of a share capital decrease in the Company, subject to approval from the general meeting. Shares and options owned/controlled by members of the Board of Directors, CEO and other members of the Executive Management (including related parties): 31 December 2022 Number of shares Number of options Rolf Barmen (Chief Executive O\ufb03cer) 59 052 240 000 Henning Nordgulen (Chief Financial O\ufb03cer)1 50 000 - Roger Finnanger (Head of Business) 3 378 120 000 Arnstein Flaskerud (Head of Strategy and M&A) 40 760 120 000 Solfrid K. Aase (Head of Service Companies) 11 156 120 000 Solfrid Fluge Andersen (Head of Operations) 5 171 120 000 Per Heiberg-Andersen (Head of Nordic and other end-user companies) 5 000 80 000 Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS)2 500 10 000 Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS)3 44 600 20 000 Birte Strander (Chief Financial O\ufb03cer)4 35 894 120 000 Jeanne K. Tjomsland (Head of HR, Communications and Sustainability)5 26 028 80 000 Christian Kalvenes (Head of Consumer)6 931 60 000 Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer)5 8 833 50 000 Steinar S\u00f8nsteby (Chairman of the Board) 16 129 - Live Bertha Haukvik (Boardmember) 5 000 - Heidi Theresa Ose (Boardmember) 1 500 - Tone Wille (Boardmember) - - Per Oluf Solbraa (Boardmember) - - Marianne Unhjem (Boardmember, Employee representative) - - Elisabeth M. Norberg (Boardmember, Employee representative) 3 325 - Frank \u00d8kland (Boardmember, Employee representative) 645 - Total 317 902 1 140 000 Terms and details for the management option program are outlined in note 27. 1) From 1 October 2022. 2) From 1 August 2022 3) From 8 August 2022 4) Until 31 May 2022. 5) Until 31 July 2022 6) Until 16 May 2022 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16291": {
"value": "Note 19 Onerous contract provisions Fixed price customer contracts The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user customers where the volume is not \ufb01xed, mainly in the Nordic segment. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. Portfolios of Fixed price customer contracts acquired as part of business combi- nations are however recognised as intangible assets (refer note 16), and depreciated systematically over the contract lengths using a pattern that re\ufb02ect how the acquisition value of the contracts are distributed over the remaining length of the contracts (up to \ufb01ve years) (cost model in IAS 38). Fixed price customer contracts, not acquired through a business combination, are not recognised in the statement of \ufb01nancial position, unless the contracts are identi\ufb01ed as onerous contracts. Fixed price customer contracts are assessed as onerous contracts if the estimated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the costumers. The price risk related to \ufb01xed price customer contracts are hedged with portfolios of electricity derivatives which are recognised as derivative \ufb01nancial instru- ments and measured at fair value through pro\ufb01t and loss. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are not taken into consideration when estimating the contracts\u2019 unavoidable costs as hedge accounting is not applied. The Group has recognised the following provisions for onerous contracts: NOK in thousands 31 December 2022 31 December 2021 Restated Onerous contract provisions - Non-current 784 239 337 135 Onerous contract provisions - Current 285 336 751 893 Onerous contract provisions - Total 1 069 575 1 089 027 When the onerous contracts are intended to be settled within 12 months of the reporting date, the provisions are presented as current. The di\ufb00erence between the change in onerous contracts provisions in the statement of \ufb01nancial position and the corresponding amount recognised in the state- ment of pro\ufb01t or loss (see table below) is due to currency translation di\ufb00erences. The following table shows the movement in provisions for onerous contracts: NOK in thousands 2022 2021 Restated Opening balance 1 January 1 089 027 78 515 Release of provisions (1 018 751) (74 778) New and changed provisions 1 019 102 1 088 790 Currency translation di\ufb00erence (19 804) (3 500) Closing balance 31 December 1 069 575 1 089 027 Financial statement impact of unrealised gains/losses: The Group\u2019s portfolios of \ufb01xed price customer contracts and the corresponding portfolios of derivative hedge contracts resulted in the following unrealised e\ufb00ects recognised in the statement of pro\ufb01t or loss: NOK in thousands Note 2022 2021 Restated Impairment and provisions for onerous contracts: Change in provisions for onerous contracts 39 256 (1 019 479) Depreciation of intangible assets - Fixed price customer contracts 16 - - Impairment of intangible assets - Fixed price customer contracts 16 - (9 762) Impairment of cost to obtain contracts (39 282) - Total depreciation, impairment and provisions for onerous contracts: (26) (1 029 241) Unrealised gains and losses on derivatives related to \ufb01xed price customer contracts (6 439) 1 029 510 Net unrealised gain/loss recognised in statement of pro\ufb01t or loss (6 465) 269 As a result of increased forward market prices of electrical power in 2020 and 2021, indicators of impairment was identi\ufb01ed, and impairment charges were rec- ognised to the \ufb01xed price customer contracts recognised as intangible assets in the statement of \ufb01nancial position. As these intangible assets were fully impaired in 2021, there has been no further depreciation or impairment charges in 2022. Change in provisions for onerous contracts includes both release of provisions for (parts of) contracts which have been delivered in the period, and change in provisions for new and remaining contracts. Forward market prices has increased signi\ufb01cantly in 2022. The volume of \ufb01xed price power contracts have decreased however, due to a movement towards spot based products for new customers and existing \ufb01xed price customer contracts being delivered. In total, these e\ufb00ects has lead to a slight decrease in provisions for onerous contracts and the unrealised gains on the corresponding portfolios of derivative hedge contracts. Market conditions in 2022, with high and volatile power prices, has lead to high pro\ufb01le costs. Expectations of high pro\ufb01le costs going forward causes negative estimated margins on some \ufb01xed price customer contracts in the Nordic segment, leading to a corresponding impairment of the cost to obtain these contracts. The net impact in the statement of pro\ufb01t or loss, which is an unrealised net loss in 2022 of NOKt 6 465 (2021: NOKt 269 net gain) is mainly caused by (negative) margins in the customer contracts and imbalance between the portfolios of customer contracts, and the corresponding portfolios of derivative hedge contracts. Change in provision for onerous contracts and unrealised gains and losses on derivatives related to \ufb01xed price customer contracts are both presented as Direct cost of sales in the statement of pro\ufb01t or loss, while impairment of cost to obtain contracts is presented on a separate line. Note 20 Other current liabilities NOK in thousands Note 2022 2021 Restated El-certi\ufb01cate cancellation liabilities 9 641 16 628 Accrued power purchase 731 799 407 428 Prepayments from customers 46 656 56 948 Instalments on long term loan due within 12 months 7 93 700 93 700 Payroll liabilities 58 537 57 727 Other 26 594 11 436 Total Other current liabilities 966 927 643 868 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16292": {
"value": "Note 19 Onerous contract provisions Fixed price customer contracts The Group has signi\ufb01cant portfolios of \ufb01xed price power contracts with end user customers where the volume is not \ufb01xed, mainly in the Nordic segment. These customer contracts do not qualify to be recognised as \ufb01nancial instruments. Portfolios of Fixed price customer contracts acquired as part of business combi- nations are however recognised as intangible assets (refer note 16), and depreciated systematically over the contract lengths using a pattern that re\ufb02ect how the acquisition value of the contracts are distributed over the remaining length of the contracts (up to \ufb01ve years) (cost model in IAS 38). Fixed price customer contracts, not acquired through a business combination, are not recognised in the statement of \ufb01nancial position, unless the contracts are identi\ufb01ed as onerous contracts. Fixed price customer contracts are assessed as onerous contracts if the estimated unavoidable costs of purchasing the estimated power volumes to be delivered on these contracts exceed the \ufb01xed price to be received from the costumers. The price risk related to \ufb01xed price customer contracts are hedged with portfolios of electricity derivatives which are recognised as derivative \ufb01nancial instru- ments and measured at fair value through pro\ufb01t and loss. The hedged forward power prices in the corresponding portfolios of derivative hedge contracts are not taken into consideration when estimating the contracts\u2019 unavoidable costs as hedge accounting is not applied. The Group has recognised the following provisions for onerous contracts: NOK in thousands 31 December 2022 31 December 2021 Restated Onerous contract provisions - Non-current 784 239 337 135 Onerous contract provisions - Current 285 336 751 893 Onerous contract provisions - Total 1 069 575 1 089 027 When the onerous contracts are intended to be settled within 12 months of the reporting date, the provisions are presented as current. The di\ufb00erence between the change in onerous contracts provisions in the statement of \ufb01nancial position and the corresponding amount recognised in the state- ment of pro\ufb01t or loss (see table below) is due to currency translation di\ufb00erences. The following table shows the movement in provisions for onerous contracts: NOK in thousands 2022 2021 Restated Opening balance 1 January 1 089 027 78 515 Release of provisions (1 018 751) (74 778) New and changed provisions 1 019 102 1 088 790 Currency translation di\ufb00erence (19 804) (3 500) Closing balance 31 December 1 069 575 1 089 027 Financial statement impact of unrealised gains/losses: The Group\u2019s portfolios of \ufb01xed price customer contracts and the corresponding portfolios of derivative hedge contracts resulted in the following unrealised e\ufb00ects recognised in the statement of pro\ufb01t or loss: NOK in thousands Note 2022 2021 Restated Impairment and provisions for onerous contracts: Change in provisions for onerous contracts 39 256 (1 019 479) Depreciation of intangible assets - Fixed price customer contracts 16 - - Impairment of intangible assets - Fixed price customer contracts 16 - (9 762) Impairment of cost to obtain contracts (39 282) - Total depreciation, impairment and provisions for onerous contracts: (26) (1 029 241) Unrealised gains and losses on derivatives related to \ufb01xed price customer contracts (6 439) 1 029 510 Net unrealised gain/loss recognised in statement of pro\ufb01t or loss (6 465) 269 As a result of increased forward market prices of electrical power in 2020 and 2021, indicators of impairment was identi\ufb01ed, and impairment charges were rec- ognised to the \ufb01xed price customer contracts recognised as intangible assets in the statement of \ufb01nancial position. As these intangible assets were fully impaired in 2021, there has been no further depreciation or impairment charges in 2022. Change in provisions for onerous contracts includes both release of provisions for (parts of) contracts which have been delivered in the period, and change in provisions for new and remaining contracts. Forward market prices has increased signi\ufb01cantly in 2022. The volume of \ufb01xed price power contracts have decreased however, due to a movement towards spot based products for new customers and existing \ufb01xed price customer contracts being delivered. In total, these e\ufb00ects has lead to a slight decrease in provisions for onerous contracts and the unrealised gains on the corresponding portfolios of derivative hedge contracts. Market conditions in 2022, with high and volatile power prices, has lead to high pro\ufb01le costs. Expectations of high pro\ufb01le costs going forward causes negative estimated margins on some \ufb01xed price customer contracts in the Nordic segment, leading to a corresponding impairment of the cost to obtain these contracts. The net impact in the statement of pro\ufb01t or loss, which is an unrealised net loss in 2022 of NOKt 6 465 (2021: NOKt 269 net gain) is mainly caused by (negative) margins in the customer contracts and imbalance between the portfolios of customer contracts, and the corresponding portfolios of derivative hedge contracts. Change in provision for onerous contracts and unrealised gains and losses on derivatives related to \ufb01xed price customer contracts are both presented as Direct cost of sales in the statement of pro\ufb01t or loss, while impairment of cost to obtain contracts is presented on a separate line. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16419": {
"value": "Note 20 Other current liabilities NOK in thousands Note 2022 2021 Restated El-certi\ufb01cate cancellation liabilities 9 641 16 628 Accrued power purchase 731 799 407 428 Prepayments from customers 46 656 56 948 Instalments on long term loan due within 12 months 7 93 700 93 700 Payroll liabilities 58 537 57 727 Other 26 594 11 436 Total Other current liabilities 966 927 643 868 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16420": {
"value": "Note 20 Other current liabilities NOK in thousands Note 2022 2021 Restated El-certi\ufb01cate cancellation liabilities 9 641 16 628 Accrued power purchase 731 799 407 428 Prepayments from customers 46 656 56 948 Instalments on long term loan due within 12 months 7 93 700 93 700 Payroll liabilities 58 537 57 727 Other 26 594 11 436 Total Other current liabilities 966 927 643 868 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16451": {
"value": "Note 21 Other current assets Other current assets consists of the following: NOK in thousands 2022 2021 VAT receivable 5 901 - Other prepaid costs 58 128 37 419 Prepaid taxes 1 996 1 427 Total other current assets 66 025 38 847 Note 7 Financial assets and financial liabilities 7(a) Trade receivables and Other non-current financial assets Other non-current \ufb01nancial assets The other non-current \ufb01nancial assets in the consolidated statement of \ufb01nancial position comprise of the following: NOK in thousands 2022 2021 Loans to employees* 14 076 16 251 Other long term receivables from customers** 21 686 21 711 Capitalised transaction costs*** 6 190 11 240 Other 6 333 5 582 Total 48 285 54 784 7(a) Trade receivables and Other non-current \ufb01nancial assets * Loans to employees include next year\u2019s installments. Instalments in 2023 amount to NOKt 2 351. ** Customers who purchase home chargers for electrical vehicles can settle through a 36 month repayment plan. The Group has a lien in the home charger until it is repaid. *** Transaction costs related to establishing the RCF, the guarantee facility and the overdraft facility, see more details in note 7(c). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16452": {
"value": "Note 21 Other current assets Other current assets consists of the following: NOK in thousands 2022 2021 VAT receivable 5 901 - Other prepaid costs 58 128 37 419 Prepaid taxes 1 996 1 427 Total other current assets 66 025 38 847 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16453": {
"value": "Note 21 Other current assets Other current assets consists of the following: NOK in thousands 2022 2021 VAT receivable 5 901 - Other prepaid costs 58 128 37 419 Prepaid taxes 1 996 1 427 Total other current assets 66 025 38 847 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16484": {
"value": "Note 22 Related party transactions As at 31 December 2022, the Group\u2019s related parties include Board of Directors and key management. Transactions related to these groups are disclosed in note 23. The Board of Directors previously included a representative from former major shareholder Eviny AS (previous BKK AS). In the general meeting held in the second quarter of 2021, this board member was not re-elected. Eviny AS and subsidiaries were therefore considered to be related parties in the \ufb01rst two quarters of 2021, but not as of 30 June 2021. Pricing of services and transactions between related parties are set on an arm\u2019s length basis in a manner similar to transactions with unrelated third parties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138006BSHJVCD9SR489",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f16585": {
"value": "Note 23 Remuneration to the Executive management and Board of Directors Executive management 2022: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 311 500* 150 846 4 807 294 Henning Nordgulen (Chief Financial O\ufb03cer)1 660 - 38 86 784 - Roger Finnanger (Head of Business) 1 692 54 100 219 2 065 - Arnstein Flaskerud (Head of Strategy and M&A) 1 934 67 120 430 2 551 - Solfrid K. Aase (Head of Service Companies) 1 612 67 100 354 2 133 - Solfrid Fluge Andersen (Head of Operations) 1 667 67 100 219 2 053 - Per Heiberg-Andersen (Head of Nordic and other end-user companies) 1 662 67 100 173 2 002 - Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS)2 467 50 - 53 570 - Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS)3 995 - 60 127 1 182 - Birte Strander (Chief Financial O\ufb03cer)4 792 54 50 183 1 079 - Jeanne K. Tjomsland (Head of HR, Communications and Sustainability)5 1 021 67 70 237 1 395 - Christian Kalvenes (Head of Consumer)6 592 54 37 68 751 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer)5 1 016 54 70 199 1 339 290 Total remuneration executive management 2022 17 421 1 101 995 3 194 22 711 584 *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. In 2022 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 375 based on the Group\u2019s performance, paid in 2023. Executive management 2021: NOK in thousands Salary Bonus Other bene\ufb01ts Pension costs Total remuneration Loans outstanding 31 December Rolf Barmen (Chief Executive O\ufb03cer) 3 231 1266* 150 724 5 371 354 Birte Strander (Chief Financial O\ufb03cer) 1 743 261 120 392 2 516 - Jeanne K. Tjomsland (Head of HR & Communications) 1 721 261 120 374 2 475 - Arnstein Flaskerud (Head of Strategy and M&A) 1 878 261 120 326 2 585 - Solfrid K. Aase (Head of Service Companies) 1 565 261 100 285 2 210 - Christian Kalvenes (Head of Consumer) 1 565 209 100 170 2 043 - Ole Johan Langenes (Acting Chief Financial O\ufb03cer) 7 644 209 42 71 965 - Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 1 721 209 120 314 2 363 365 Roger Finnanger (Head of Business) 1 565 261 100 173 2 098 - Solfrid Fluge Andersen (Head of Operations) 1 565 209 100 173 2 046 - Per Heiberg-Andersen (Head of Nordics and other end-user companies) 1 565 170 100 169 2 003 - Total remuneration executive management 2021 18 759 3573 1172 3171 26 674 719 *In 2021 the CEO received a discretionary bonus of NOKt 1 266 based on the Group\u2019s performances in 2020. In 2021 the Board of Directors have awarded the CEO a discretionary bonus of NOKt 500 based on the Group\u2019s performance, paid in 2022. 1) From 1 October 2022 2) From 1 August 2022 3) From 8 August 2022 4) Until 31 May 2022 5) Until 31 July 2022 6) Until 16 May 2022 7) Acting CFO from 1 January 2021 until 31 May 2021 due to maternity leave Remuneration included in the tables is valid for the period from/to the dates stated above. The members of the Board of Directors have received the following remuneration during the year ended 31 December 2022 and 2021: NOK in thousands 2022 2021 Steinar S\u00f8nsteby (Chairman)1 545 461 Per Axel Koch (Chairman)2 - 161 Live Bertha Haukvik (Boardmember) 401 383 Heidi Theresa Ose (Boardmember) 360 396 Tone Wille (Boardmember)1 312 212 Per Oluf Solbraa (Boardmember)1 312 212 Marianne Unhjem (Boardmember, Employee representative)1 108 73 Lindi Bucher Vinsand (Boardmember, Employee representative)2 - 32 Elisabeth M. Norberg (Boardmember, Employee representative) 108 104 Frank \u00d8kland (Boardmember, Employee representative) 108 104 Lisbet N\u00e6r\u00f8 (Chairman of the Nomination committee) 53 52 Atle Kvamme (Member, Nomination committee) 32 31 Jannicke Hilland (Member, Nomination committe)3 - 9 Ragnhild Stolt-Nielsen (Member, Nomination committee) 32 22 Total remuneration Board of directors 2 371 2 252 1) From 21 April 2021. 2) Until 21 April 2021. 3) The remuneration is paid as a fee to BKK AS, and was for the period until 21 April 2021. There are no additional bonus agreements or agreement of similar pro\ufb01t sharing with the CEO or Chairman of the board. The rest of the executive management is also included in the Group\u2019s performance bonus scheme. If the company chooses to terminate the employment, the CEO is entitled to 12 months severance pay after the expiry of the ordinary notice peri- od, which is 6 months. The Group\u2019s executive management has the right to apply for loans on the same grounds as all the employees in the company. Maximum duration for loans to employees are 15 years. The interest rate for loans to employees is approximately equal to the current limit regarding taxation of bene\ufb01ts for such loans, plus up to 1 per- centage point. Current limit for taxation of bene\ufb01ts is 2,3 %. The CEO and Group management is included in the current pension plan for the Group - see note 18. The Board of Director\u2019s guidelines for remuneration to directors in accordance with Section 6-16a of the Norwegian Public Limited Liability Companies Act These guidelines have been prepared by the Board of Directors of Elmera Group ASA (\u201cElmera\u201d or the \u201cCompany\u201d) in accordance with the Norwegian Public Limited Liability Companies Act Section 6-16a and related regulations. The guidelines was approved by the Company\u2019s annual general meeting in 2021 and shall apply until the Company\u2019s annual general meeting in 2025, unless amended or replaced earlier. The guidelines apply for the following (jointly referred to as \u201cdirectors\u201d): the executive management, (ii) employee elected board members, (iii) the CEO and (iv) other leading employees de\ufb01ned as key employees. Remuneration to persons mentioned in (ii) are regulated by \u201cRemuneration to employee elected board members\u201d. Purpose and general principles for remuneration The main principle of the Company`s guide- lines for remuneration, is that the directors shall receive a competitive salary, including a result-based salary tied to the business results and shareholder value to ensure the desired competence and director incentives. Remuneration is an important instrument in order to harmonize the interests of the Company and its directors. The Company\u2019s remuneration principles are designed to ensure that the Company is able to attract and keep quali\ufb01ed directors, without being a wage leader in the relevant business sector, and without the variable wage element con- stituting such a large proportion of the total wage compensation that it can give unfortu- nate incentives and short-termism. The remuneration shall generally stimulate to goal achievements and good risk man- agement, counteract excessive risk-taking, and contribute to avoid con\ufb02ict of interests. The remuneration shall be in line with the Company`s long term interests and eco- nomic \ufb01nancial sustainability. In general, the remuneration shall be equal for male and female employees for equal work or work of equal value. The Company conducts annual reviews of the practice of the remuneration principles, and the Company`s written report (the \u201cRemuneration Report\u201d) is reviewed by independent control functions. Elements of remuneration Remuneration includes all bene\ufb01ts a per- son receives by virtue of his/her position as a leading person in the Company. This includes base salary, bonuses, allotment of shares, warrants, options and other forms of remuneration related to shares or the devel- opment of the share price in the company, pension schemes, early retirement schemes, and all forms of other variable elements in the remuneration, or special bene\ufb01ts that are in addition to the basic salary. Principles for \ufb01xed salary Fixed cash salary allows the Company to attract and recruit directors that are necessary for the long term pro\ufb01tability and sustainability of the Company. It is the Company\u2019s policy that base salaries shall re\ufb02ect the individual\u2019s position and degree of responsibility. The size of the \ufb01xed cash salary shall be in line with market conditions, be competitive with com- parable businesses within the industry, and shall take into account inter alia the scope and responsibility associated with the posi- tion, as well as the skills, experience, and performance of each director. The \ufb01xed cash salaries have no maximum levels. For directors, the base salary constitutes the most signi\ufb01cant part of the remuneration. Principles for variable cash salary Variable cash salary (i.e. cash bonuses) shall be based on a set of predetermined and measurable performance criteria that re\ufb02ect the key drivers for pursuing the Company\u2019s business strategy, longterm interests, and sustainable business practices. Principles for pension bene\ufb01ts Directors` pension arrangements shall gen- erally follow the arrangements established for the employees in Elmera Group ASA and Fjordkraft AS. Pension bene\ufb01ts shall be based on local practices and applicable law. More information concerning pension is included in note 18 of the annual account. Principles for non-\ufb01nancial bene\ufb01ts Non-\ufb01nancial bene\ufb01ts shall be based on mar- ket terms and shall facilitate the duties of the executive management. The Company aims to have su\ufb03ciently competitive salary and incentive programs to minimize additional non-\ufb01nancial bene\ufb01ts, and such shall gener- ally be o\ufb00ered only to the extent they are in line with generally accepted customs locally. The executive management may receive certain limited bene\ufb01ts in kind, including company car/car arrangement, telephone, internet access, and magazine/newspaper subscriptions. Purchase of shares The management may participate in any Company employee share purchase plans or similar plans on substantially on the same terms as all employees. \u00a0Share-based incentive programs Share-based payments, settled in shares or cash, are used as part of the Company\u2019s incentive schemes. In the view of the Board of Directors, attractive share-based long-term incentive programs is an important part of the total compensation for the executive manage- ment, and which may be necessary to allow the Company to retain and hire the talent it needs for further growth. The executive management and key per- sonnel shall be concerned with the value development for the Company`s sharehold- ers. A share option program may bind the key employees to the Company and may also contribute to a more cautious wage growth in the years to come. The following speci\ufb01c limitations apply for granting of share options in the Company: (i) as a main rule, share options may not be redeemed before three years have elapsed, (ii) the maximum amount of share options signed in a given year shall not exceed 0.6 percent of the Company`s outstanding shares, (iii) the exercise price for share options shall be set at market price at the time of allot- ment, (iv), the exercise price shall be adjusted for dividend paid before redemption, (v) the share options have a cap on gains of three times the exercise price (before adjustments for dividend payments). The options can be settled by the Company in cash if the share price exceeds the cap set out in (v), and if so, based on the gain of such cap, which con- stitutes the limit of maximum potential gain. Employment agreements The CEO and executive management have six month notice periods. The CEO is entitled to a severance pay in case of termination of employment by the Company for a period of 12 months after expiry of the ordinary notice period. During employment and for 12 months after expiry of the notice period (or from the time of dismissal), the CEO is bound by the provi- sions on non-competition and recruiting the Company\u2019s customers and employees in accordance with the provisions in chapter 14A of the Working Environment Act of 2005. Remuneration to employee elected board members The level of remuneration to employee elected board members for their role as board mem- bers is proposed by the Remuneration Committee and is handled further by the Nomination Committee which propose a remuneration to the general meeting. The determination of the remuneration takes into consideration the work load, comparable companies and the general wages in the Company. Deviations from these guidelines The Board of Directors may, on recommen- dation from the Remuneration Committee, in the circumstances described below resolve to deviate from any sections of these remu- neration guidelines: \u2022 upon change of the CEO; \u2022 upon material changes in Company\u2019s organization, ownership and/or business \u2022 upon material change in the Company\u2019s strategy; \u2022 upon changes in or amendments to the relevant laws, rules, or regulations; \u2022 upon other exceptional circumstances where the deviation may be required to serve the long-term interests and sustainability of the Company as a whole or to assure its via- bility. Any deviation from these guidelines shall be reported in the Remuneration Report for the relevant year. \u00a0The Board\u2019s declaration on determining directors pay will be sent out or made availa- ble to the shareholders on the Company\u2019s web site, together with notice of the annual general meeting of the Company and the Company\u2019s annual report and accounts. Note 27 Option program Elmera Group ASA established a management option program 10 December 2018. The option program was established to align management\u2019s and shareholders\u2019 incentives and to reduce turnover for key employees.\u00a0In total 390 000 share options were issued to employees during 2022. Type Options Options Grant Date 9 February 2022 8 August 2022 Vesting conditions The options vest in one tranche with vesting 14 February 2025. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. The options vest in one tranche with vesting 14 February 2026. The Employee must remain an employee of the Company or an a\ufb03liated company at the end of the vesting period. Expiry date 14 February 2028 14 February 2029 Exercise price (NOK) 37,00 21,50 Total number outstanding 370 000 20 000 Type Options Options Grant Date 9 February 2022 8 August 2022 Measurement date 9 February 2022 8 August 2022 Share price (NOK) 37,28 21,50 Lifetime* (years) 3,02 3,52 Volatility 30,00 % 37,47 % Risk-free interest rate* 1,92 % 2,73 % Fair Value* (NOK) 9,4212 5,8469 *volume weighted average for options The fair value of the options was calculated using the Black-Scholes model. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be out- standing until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimate the likelihood of performance ful\ufb01llment and takes this into account in the valuation. The expected volatility for options issued in 2022 is estimated at average of 30% where historical volatility is not available. Where historical volatility is available this is calculated using the Elmera Group ASA share price. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total carrying amount per 31 December 2022 is NOKt 14 946, not including social security The following table shows the changes in outstanding options in 2021 and 2022: Period activity: 01.01.2022 - 31.12.2022 01.01.2021 - 31.12.2021 Shares Weighted Average Exercise Price (NOK) Shares Weighted Average Exercise Price (NOK) Outstanding at the beginning of period 1 500 000 44,57 1 190 000 39,43 Granted 390 000 36,09 330 000 78,00 Exercised -50 000 24,30 (20 000) 24,30 Forfeited -130 000 52,58 - - Outstanding at the end of period 1 710 000 38,92 1 500 000 44,57 Vested outstanding 790 000 22,41 510 000 24,61 Vested and expected to vest 1 710 000 38,92 1 500 000 44,57 Intrinsic value of in-the-money outstanding at the end of the period - - 820 000 18 918 200 Intrinsic value vested outstanding at the end of the period - - 510 000 11 755 600 At 31 December 2021, the range of exercise prices and weighted average remaining contractual life of the options were as follows\u00a0: Outstanding instruments Vested outstanding Exercise price Outstanding per 31 December 2022 Weighted average re- maining Contractual Life Vested options per 31 December 2022 Weighted Average Exercise Price (NOK) 0,00 - 25,00 20 000 6,13 - - 25,00 - 30,00 - - - - 30,00 - 35,00 740 000 1,83 740 000 33 35,00 - 40,00 350 000 4,87 30 000 38 40,00 - 45,00 - - - - 45,00 - 50,00 - - - - 50,00 - 55,00 - - - - 55,00 - 60,00 - - - - 60,00 - 65,00 - - - - 65,00 - 70,00 270 000 4,13 - - 70,00 - 330 000 4,76 20 000 79,7 Total 1 710 000 3,43 790 000 34,48 ",
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"value": "Note 24 Collateral and restricted assets NOK in thousands Item in Statement of \ufb01nancial position Note 31 December 2022 31 December 2021 Collateral Security over trade receivables 1) Trade receivables 7 7 138 260 4 842 012 Total collateral 7 138 260 4 842 012 Restricted assets Restricted cash - Payroll tax deductions Cash and cash equivalents 21 320 Total restricted assets 21 320 1) Trade receivables held by the Norwegian entities in the group are pledged as collateral for credit facilities - see note 7. ",
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"value": "Note 24 Collateral and restricted assets NOK in thousands Item in Statement of \ufb01nancial position Note 31 December 2022 31 December 2021 Collateral Security over trade receivables 1) Trade receivables 7 7 138 260 4 842 012 Total collateral 7 138 260 4 842 012 Restricted assets Restricted cash - Payroll tax deductions Cash and cash equivalents 21 320 Total restricted assets 21 320 1) Trade receivables held by the Norwegian entities in the group are pledged as collateral for credit facilities - see note 7. ",
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"value": "Note 29 Events after the reporting period The Board of Directors has in the Board Meeting on 15 February 2023 proposed a dividend to the shareholders of NOK 1.50 per share. The proposed dividend is subject to approval by the general meeting. The mobile business in Fjordkraft AS, a wholly owned subsidiary of Elmera Group ASA, will be demerged to a new entity Fjordkraft Mobil AS in Q1 2023. Elmera has entered into a share purchase agreement with Telia Company AB to sell 39 % of the shares in Fjordkraft Mobil AS, and the transaction is expected to be completed in Q1 2023. The purchase price which will be settled in cash, will be based on the number of successfully migrated mobile customer subscriptions, and is estimated to NOKt 120 000.\u00a0There are no other significant events after the reporting period that has not been re\ufb02ected in the consolidated \ufb01nancial state- ments. ",
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