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"f5434": {
"value": "NOTE 01 Company information
\nNORBIT ASA is a limited liability company incorporated and domiciled in
\nNorway with headquarter at Stiklestadveien 1, Trondheim. NORBIT is listed
\non the Oslo Stock Exchange with the ticker \u201cNORBT\u201d.
\nThe consolidated \ufb01nancial statements of NORBIT ASA for the year ended
\nDecember 31, 2022 incorporate the \ufb01nancial statements of the parent com-
\npany NORBIT ASA and its subsidiaries (collectively referred to as the \u201cgroup\u201d
\nand separately as \u201cgroup companies\u201d). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5435": {
"value": "NOTE 01 Company information
\nNORBIT ASA is a limited liability company incorporated and domiciled in
\nNorway with headquarter at Stiklestadveien 1, Trondheim. NORBIT is listed
\non the Oslo Stock Exchange with the ticker \u201cNORBT\u201d.
\nThe consolidated \ufb01nancial statements of NORBIT ASA for the year ended
\nDecember 31, 2022 incorporate the \ufb01nancial statements of the parent com-
\npany NORBIT ASA and its subsidiaries (collectively referred to as the \u201cgroup\u201d
\nand separately as \u201cgroup companies\u201d).
\nNOTE 02
Basis for preparation and estimates and assumptions
\nSTATEMENT OF COMPLIANCE
\nThe consolidated \ufb01nancial statements have been prepared in accordance
\nwith International Financial Reporting Standards (IFRS) and interpretations
\nby the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well
\nas additional Norwegian reporting requirements pursuant to the Norwe-
\ngian Accounting Act.
\nThe consolidated \ufb01nancial statements for 2022 were approved and author-
\nised for issue by the board of directors on 29 March 2023. The consolidated
\n\ufb01nancial statements will be submitted to NORBIT\u2019s annual general meeting,
\nto be held 4 May 2023, for \ufb01nal approval.
\nGOING CONCERN BASIS OF ACCOUNTING
\nThe consolidated \ufb01nancial statements have been prepared on the assump-
\ntion of the business being a going concern.
\nBASIS FOR MEASUREMENT
\nThe consolidated \ufb01nancial statements have been prepared on the basis of
\nthe historical cost principle, with the following modi\ufb01cations:
\n\u25a0
Derivative \ufb01nancial instruments are measured at fair value
\n\u25a0
Fair value of share-based payments (IFRS 2), see note 25.
\nFUNCTIONAL CURRENCY AND PRESENTATION CURRENCY
\nThe consolidated \ufb01nancial statements are presented in Norwegian kroner
\n(NOK), which is the functional currency of NORBIT ASA and the Norwegian
\nsubsidiaries in the group. Foreign subsidiaries operate with local currency
\nas the functional currency.
\nFinancial information presented in NOK has been rounded to the nearest
\nmillion with one decimal, except when otherwise stated. As a result of
\nrounding di\ufb00erences, amounts and percentages may not add up to the total.
\nThe results and \ufb01nancial position of group companies whose functional
\ncurrency is di\ufb00erent from the presentation currency (NOK) are translated
\nto NOK in the following way:
\n\u25a0
Balance sheet items are translated using the exchange rates at the
\nbalance sheet date
\n\u25a0
Pro\ufb01t and loss items are translated at average exchange rates for the
\nreporting period
\n\u25a0
All resulting exchange di\ufb00erences are recognised in other
\ncomprehensive income
\nUSE OF ESTIMATES AND JUDGMENTS
\nThe preparation of annual \ufb01nancial statements in conformity with IFRS
\nrequires management to make judgements, estimates and assumptions
\nthat a\ufb00ect the reported amounts of assets and liabilities, income and
\nexpenses. Although management believes these assumptions to be rea-
\nsonable, given historical experience, actual amounts and results could di\ufb00er
\nfrom these estimates. Estimates and underlying assumptions are reviewed
\nand assessed on an on-going basis. Changes to accounting estimates are
\nrecognised in the period in which the estimates are revised and in future
\nperiods if a\ufb00ected.
\nEstimates and assumptions that could have a signi\ufb01cant impact on the
\ncarrying amount of assets and liabilities within the next \ufb01nancial year are
\ndiscussed below.
\nImpairment testing of intangible assets
\nIn accordance with applicable accounting principles, the group consid-
\ners whether there are indications of impairment on the carrying amounts
\nfor the intangible assets. If such indications exist, an impairment test is
\nperformed to determine whether any intangible assets recorded in the
\nbalance sheet should be impaired. The value in use can be signi\ufb01cantly
\nimpacted by market conditions. Evaluating whether an asset is impaired
\nor if an impairment should be reversed, requires a high degree of judg-
\nment and may to a large extent depend upon the selection of key future
\nassumptions, including determining appropriate cash-generating units,
\ndiscount rate, projecting future cash \ufb02ows and assumptions on future
\nmarket conditions. Reference is made to note 13 for further information.
\nImpairment testing of goodwill
\nIn accordance with applicable accounting principles, the group performs
\nimpairment testing of goodwill annually, or more frequently if any indica-
\ntions of impairment on the goodwill exist. The estimated recoverable value
\nfor the cash-generating units is determined based on the higher of its fair
\nvalue less cost of disposal or value in use. Value in use is estimated based
\non a present value of the future cash \ufb02ows expected to be derived from the
\ncash-generating units. These calculations require management to estimate
\nfuture cash \ufb02ows and discount rate, including assumptions on future mar-
\nket conditions, all of which involves a high degree of judgment. Reference
\nis made to note 13 for further information.
Loss allowance for trade receivables
\nNORBIT has exposure to a diversi\ufb01ed and fragmented customer base, of
\nwhich a majority is international. Thus, the group is exposed to credit risk
\non its trade receivables. The group applies the IFRS 9 simpli\ufb01ed approach to
\nmeasuring expected credit losses. This assessment involves a high degree
\nof judgment, particularly relating to assessing scenario probabilities. Ref-
\nerence is made to note 5 and 16 for further information.
\nWarranty provisions
\nA provision is made for expected warranty expenditures for the group com-
\npanies. The warranty period is generally 12 to 24 months, while some clients
\nhave purchased extended warranties. The level and duration of warranty
\nprovisions are based on historical data. Assessing and determining the
\npotential warranty expenditures requires a high degree of judgment.
\nProvision for obsolete inventory
\nThe group makes provision for obsolescence of inventory. These provisions
\nare based on an assessment of the age distribution of inventory items and
\nwhether the goods are part of an active or expired product range. A provi-
\nsion for obsolescence is made when the net realisable value of the good is
\nlower than the cost of the good. These provisions are estimate-based and
\nrequire in-depth knowledge about goods and markets.
\nClimate risk
\nNORBIT evaluates the overall climate risk to be low. Hence, climate-re-
\nlated matters are not expected to substantially a\ufb00ect assets, provisions
\nor future cash-\ufb02ows.
\nThe Task Force on Climate Related Financial Disclosure's (TCFD) de\ufb01nes
\nthree main types of climate related risks; physical risk, risk associated with
\ntransition to a low carbon community, and lastly liability risk. NORBIT\u2019s main
\nphysical risk factors are identi\ufb01ed to be rising sea levels, changes in hydro
\npower availability, and power outages and transport challenges due to
\nextreme weather events. As NORBIT's main physical assets are located in
\nNorway, and the Norwegian government has risk mitigation measures and
\nemergency response plans in the event of such acute or chronic incidents,
\nthe consequences, and hence, physical risk is currently considered low.
\nThe transition risk is evaluated more as an opportunity rather than a risk,
\nas NORBIT delivers solutions relevant for the green transition, for instance
\nrelated to electri\ufb01cation and digitalisation. Lastly, the liability risk is con-
\nsidered low as the industries NORBIT operates in are not heavily exposed
\nto climate related legal regulations.
\nNOTE 03
Significant changes and future changes to accounting policies
\nThe group did not apply any amendments to the standards that were e\ufb00ec-
\ntive for the current year as such standards did not have any material impact
\non the amounts reported in the \ufb01nancial statements. The group has chosen
\nnot to adopt early any standards, interpretations or amendments that have
\nbeen issued but are not yet e\ufb00ective as these changes are not expected to
\nhave a material e\ufb00ect on the \ufb01nancial statements.
\nNOTE 04
Accounting principles
\nThe accounting principles presented below have been applied consistently
\nfor the reporting period and for the group companies presented in the con-
\nsolidated \ufb01nancial statements.
\nGROUP ACCOUNTING AND CONSOLIDATION PRINCIPLES
\nSubsidiaries
\nSubsidiaries are all entities over which the group has control. The group
\ncontrols an entity when the group is exposed to, or has rights to, variable
\nreturns from its involvement with the entity and has the ability to a\ufb00ect
\nthose returns through its power over the entity. Subsidiaries are consoli-
\ndated from the date on which control is transferred to the group until the
\ndate of which control ceases.
\nInvestment in associates
\nAssociates are all entities over which the group has signi\ufb01cant in\ufb02uence,
\nbut which is not a subsidiary nor a joint arrangement. Signi\ufb01cant in\ufb02uence
\nis the power to participate in the \ufb01nancial and operating policy decisions
\nof the investee, without having control or joint control of these policies.
\nThis is generally the case where the group holds between 20 and 50 per
\ncent of the voting rights.
\nInvestments in associates are accounted for using the equity method of
\naccounting, after initially being recognised at cost. Subsequent to initial
\nrecognition, the consolidated \ufb01nancial statements include the group\u2019s share
\nof the pro\ufb01t and loss and OCI of the associate, until the date on which
\nsigni\ufb01cant in\ufb02uence ceases to exist. Share of pro\ufb01t or loss of the equi
-
\nty-accounted associate is reported as part of net \ufb01nancial items in the
\nconsolidated accounts.
\nDividends received from associates are presented as part of net cash \ufb02ow
\nfrom operating activities in the statement of cash \ufb02ows. Received dividends
\nare recognised as a reduction of the carrying amount of the investment.
\nBusiness combinations
\nBusiness combinations are accounted for using the acquisition method
\nat the acquisition date, which is the date when control is transferred to
\nthe group. The consideration given is measured at the fair values of the
\nassets transferred, the equity instruments that have been issued, liabilities
\nassumed on the transfer of control and direct costs relating to the actual
\npurchase. The cost of acquisition also includes the fair value of all assets or
\nliabilities that are the result of an agreement on contingent consideration.
\nIdenti\ufb01able assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are measured initially at their fair values at the
\nacquisition date. The costs associated with the business combination are
\nexpensed when they are incurred.
\nIf the aggregate of the consideration transferred, the carrying amount of
\nnon-controlling interests and the fair value on the acquisition date of any
\npreviously held ownership interests exceeds the fair value of the acquired
\nentity\u2019s identi\ufb01able net assets, the di\ufb00erence is capitalised as goodwill. If
the aggregate is less than the company\u2019s net assets, the di\ufb00erence is imme-
\ndiately recognised in pro\ufb01t or loss as a bargain purchase.
\nContingent consideration is classi\ufb01ed either as equity or a \ufb01nancial liability.
\nAmounts classi\ufb01ed as a \ufb01nancial liability are subsequently remeasured to
\nfair value with changes in fair value recognised in pro\ufb01t or loss.
\nElimination of transactions upon consolidation
\nIntra-group balances and transactions, and any signi\ufb01cant unrealised gains
\nand losses or income and expenses arising from intra-group transactions,
\nare eliminated in preparing the consolidated \ufb01nancial statements. Unreal-
\nised gains arising from transactions with associated and joint ventures are
\neliminated to the extent of the group\u2019s interest in the entity.
\nFOREIGN CURRENCY TRANSLATIONS AND TRANSACTIONS
\nForeign currency transactions are translated into each group company\u2019s
\nfunctional currency using the exchange rates at the dates of the transac-
\ntions. Monetary assets and liabilities in foreign currencies are translated
\ninto the group company\u2019s functional currency using the exchange rate on
\nthe balance sheet date. Foreign exchange gains and losses resulting from
\nthe settlement of such transactions and from the translation of monetary
\nassets and liabilities denominated in foreign currencies other than NOK are
\nrecognised in the income statement under net \ufb01nancial items.
\nNon-monetary assets and liabilities that are measured at fair value in a
\nforeign currency are translated to the functional currency at the exchange
\nrates on the date the fair value is determined. Translation di\ufb00erences on
\nassets and liabilities carried at fair value are reported as part of the fair
\nvalue gain or loss.
\nREVENUE RECOGNITION
\nThe core principle of IFRS 15 is that an entity should recognise revenue to
\ndepict the transfer of promised goods or services to customers in an amount
\nthat re\ufb02ects the consideration to which the entity expects to be entitled
\nin exchange for those goods or services. The group recognises revenue
\nwhen (or as) a performance obligation is satis\ufb01ed, that is when 'control' of
\nthe goods or services underlying the particular performance obligation is
\ntransferred to the customer.
\nThe majority of revenue for the group relates to sale of goods where the
\ncontrol is transferred to the customer at a point in time, depending on the
\ncontracted delivery terms. There is only one performance obligation in each
\ncontract and no variable consideration.
\nFor the revenue that is recognised over time, the group is using cost incurred
\ncompared to total expected cost (cost to cost) as a measure of progress. The
\ncontracts usually consist of only one performance obligation and there are
\nno signi\ufb01cant variable components in the transaction price.
\nSale of goods
\nThe group manufactures and sells a range of electronic equipment in the
\nindustrial market. Sales are recognised when control of the products has
\ntransferred, being when the products are delivered to customer, the cus-
\ntomer has full discretion over the channel and price to sell the products, and
\nthere is no unful\ufb01lled obligation that could a\ufb00ect the customer\u2019s acceptance
\nof the products. Delivery occurs when the products have been shipped to
\nthe speci\ufb01c location, the risks of obsolescence and loss have been trans-
\nferred to the customer, and either the customer has accepted the prod-
\nucts in accordance with the sales contract, the acceptance provisions have
\nlapsed, or the group has objective evidence that all criteria for acceptance
\nhave been satis\ufb01ed.
\nA receivable is recognised when the goods are delivered as this is the point
\nin time that the consideration is unconditional because only the passage of
\ntime is required before the payment is due.
\nSale of services
\nRevenue from providing services is recognised in the accounting period
\nin which the services are rendered. For \ufb01xed-price contracts, revenue is
\nrecognised based on the actual service provided to the end of the report-
\ning period as a proportion of the total services to be provided, because
\nthe customer receives and uses the bene\ufb01ts simultaneously. This is deter-
\nmined based on the actual cost spent relative to the total expected costs.
\nSome contracts include multiple deliverables, such as the sale of hardware
\nand related installation services. Where the contracts include multiple per-
\nformance obligations, the transaction price will be allocated to each perfor-
\nmance obligation based on the stand-alone selling prices. Where these are
\nnot directly observable, they are estimated based on expected cost plus
\nmargin. If contracts include the installation of hardware, revenue for the
\nhardware is recognised at a point in time when the hardware is delivered,
\nthe legal title has passed and the customer has accepted the hardware.
\nEstimates of revenues, costs or extent of progress toward completion are
\nrevised if circumstances change. Any resulting increases or decreases in
\nestimated revenues or costs are re\ufb02ected in pro\ufb01t or loss in the period in
\nwhich the circumstances that give rise to the revision become known by
\nmanagement.
\nIn the case of \ufb01xed-price contracts, the customer pays the \ufb01xed amount
\nbased on a payment schedule. If the services rendered by the group exceed
\nthe payment, a contract asset is recognised. If the payments exceed the
\nservices rendered, a contract liability is recognised.
\nFinancing components
\nIn contracts where the period between the transfer of the promised goods
\nor services to the customer and payment by the customer exceeds one year,
\nthe transaction prices are adjusted for the time value of money.
\nPENSION
\nFor de\ufb01ned contribution plans, contributions are paid into pension insur-
\nance plans. Contributions to de\ufb01ned contributions plans are charged to the
\nincome statement in the period to which contributions relate.
\nGOVERNMENT GRANTS
\nGovernment grants are recognised where there is reasonable assurance
\nthat the grant will be received and all attached conditions will be complied
\nwith. Government grants are recognised at the value of the contribution at
\nthe transaction date. Government grants are either accounted for as reduc-
\ntion of expenses, or intangible assets if a grant is related to research and
\ndevelopment of capitalised assets.
\nFINANCIAL INCOME AND EXPENSE
\nFinancial income and \ufb01nancial expenses comprise interest income and
\nexpense on borrowings, foreign exchange gains and losses, dividend
\nincome, gains and losses on derivatives and change in the fair value of
\n\ufb01nancial assets at fair value through the income statement. Foreign cur-
\nrency gains and losses are reported on a net basis.
\nINCOME TAX
\nIncome tax recognised in the income statement comprises current and
\ndeferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other
\ncomprehensive income.
Current income tax is the expected tax payable on the taxable income for the
\nyear, using tax rates enacted or substantially enacted at the balance sheet
\ndate, and any adjustment to the tax payable in respect of previous years.
\nDeferred tax is recognised, using the liability method, in respect of tempo-
\nrary di\ufb00erences between the carrying amounts of assets and liabilities for
\n\ufb01nancial reporting and the amounts used for taxation purposes. Deferred
\ntax is not recognised for:
\n\u25a0
Goodwill not deductible for tax purposes
\n\u25a0
The initial recognition of assets and liabilities in a transaction that
\nis not a business combination and that a\ufb00ect neither accounting nor
\ntaxable pro\ufb01t
\n\u25a0
Temporary di\ufb00erences relating to investments in subsidiaries, if it is
\nprobably that they will not reverse in the foreseeable future
\nDeferred income tax is determined using tax rates (and laws) that have
\nbeen enacted or substantially enacted at the balance sheet date and are
\nexpected to apply when the related deferred income tax asset is realised
\nor the deferred income tax liability is settled.
\nDeferred tax assets and liabilities are o\ufb00set if:
\n\u25a0
There is a legally enforceable right to o\ufb00set current tax assets and
\nliabilities
\n\u25a0
They related to income taxes levied by the same taxation authority on
\nthe same taxable entity, or on di\ufb00erent taxable entities which intend
\neither to settle current tax liabilities or assets on a net basis, or to
\nrealise the tax assets and settle the liabilities simultaneously.
\nDeferred tax assets are recognised if it is probable that future taxable pro\ufb01ts
\nwill be available against which the temporary di\ufb00erences can be utilised.
\nCURRENT/NON-CURRENT CLASSIFICATION
\nAn asset is classi\ufb01ed as current when it is expected to be realised or is
\nintended for sale or consumption in the group\u2019s normal operating cycle, it
\nis held primarily for the purpose of being traded, or it is expected/due to
\nbe realised or settled within twelve months after balance sheet date. Other
\nassets are classi\ufb01ed as non-current.
\nA liability is classi\ufb01ed as current when it is expected to be settled in the
\ngroup\u2019s normal operating cycle, is held primarily for the purpose of being
\ntraded, the liability is due to be settled within twelve months after the bal-
\nance sheet date, or if the group does not have an unconditional right to
\ndefer settlement of the liability for at least twelve months after the report-
\ning period. All other liabilities are classi\ufb01ed as non-current.
\nPROPERTY, PLANT AND EQUIPMENT
\nAn item of property, plant and equipment is recognised as an asset if it is
\nprobably that the future economic bene\ufb01t associated with the assets will
\n\ufb02ow to the group, and its cost can be reliably measured. Property, plant
\nand equipment is stated at historical cost less accumulated depreciation
\nand impairment losses. Historical cost includes expenditure directly attrib-
\nutable to the asset\u2019s acquisition.
\nWhen signi\ufb01cant parts of an item of property, plant and equipment have dif-
\nferent useful lives, major components are accounted for as separate items.
\nGains and losses on disposals are determined by comparing proceeds with
\ncarrying amount. These are included in the income statement. An asset\u2019s
\ncarrying amount is written down immediately to its recoverable amount
\nif the asset\u2019s carrying amount is greater than its estimated recoverable
\namount.
\nSubsequent costs
\nSubsequent costs are included in the asset\u2019s carrying amount or recognised
\nas a separate asset, as appropriate, only when it is probable that future
\neconomic bene\ufb01ts associated with the item will \ufb02ow to the group and the
\ncost of the item can be measured reliably. The carrying amount of any com-
\nponent accounted for as a separate asset is derecognised when replaced.
\nAll other repairs and maintenance are charged to the income statement
\nduring the reporting period as incurred.
\nDepreciation
\nDepreciation is recognised in the income statement on a straight-line basis
\nover the estimated useful life of each major component of an item of prop-
\nerty, plant and equipment, taking residual value into consideration. Depreci-
\nation methods, useful lives and residual values are reviewed at each balance
\nsheet date. The depreciation methods and periods used by the group are
\ndisclosed in note 12.
\nINTANGIBLE ASSETS
\nResearch and development
\nDevelopment activities involve a plan or design for the production of new
\nor substantially improved products and processes. Development expendi-
\nture is capitalised only if development costs can be measured reliably, the
\nproduct and process is technically and commercially feasible, future eco-
\nnomic bene\ufb01ts are probable, and the group intends to and has su\ufb03cient
\nresources to complete development and to use or sell the asset.
\nThe capitalised expenditure includes cost of materials, direct labour costs
\nand operating expenses that are directly attributable to developing and
\npreparing the asset for its intended use. Other development expenditures
\nare recognised in the income statement as an expense in the period in
\nwhich it occurs.
\nCapitalised development expenditures are recognised at historic cost less
\naccumulated amortisation and impairment losses. Acquired intangible
\nassets is measured following the same principle.
\nAmortisation is recognised in the income statement on a straight-line basis
\nover the estimated useful lives of the intangible assets unless such useful
\nlives are inde\ufb01nite. Intangible assets are amortised from the day they are
\navailable for use. The amortisation methods and periods used by the group
\nare disclosed in note 13.
\nGOODWILL
\nGoodwill acquired in a business combination represents cost price of the
\nacquisition in excess of the net fair value of identi\ufb01able net assets in the
\nacquired entity at the time of acquisition. Goodwill is recognised initially
\nat cost and subsequently measured at cost less accumulated impairment
\nlosses.
See note 13 and 21 for further details on measurement of goodwill.
\nINVENTORY
\nInventory is stated at the lower of cost and net realisable value. Cost is
\ndetermined by the \ufb01rst-in \ufb01rst-out (FIFO) method or the weighted average
\ncost formula. The cost of purchased inventory is determined after deducting
\nrebates and discounts. Net realisable value is the estimated selling price
\nin the ordinary course of business less the estimated costs of completion
\nand selling expenses.
\nFINANCIAL ASSETS AND FINANCIAL LIABILITIES
\nThe group classi\ufb01es its \ufb01nancial assets in the following measurement cat-
\negories:
\u25a0
Those to be measured subsequently at fair value (either through OCI
\nor through the income statement), and
\n\u25a0
Those to be measured at amortised cost
\nThe classi\ufb01cation depends on the entity\u2019s business model for managing the
\n\ufb01nancial assets and the contractual terms of the cash \ufb02ows.
\nFor assets measured at fair value, gains and losses will either be recorded
\nin the income statement or OCI. For investments in equity instruments that
\nare not held for trading, this will depend on whether the group has made an
\nirrevocable election at the time of initial recognition to account for the equity
\ninvestment at fair value through other comprehensive income (FVOCI).
\nRegular way purchases and sales of \ufb01nancial assets are recognised on
\ntrade-date, the date on which the group commits to purchase or sell the
\nasset. Financial assets are derecognised when the rights to receive cash
\n\ufb02ows from the \ufb01nancial assets have expired or have been transferred and
\nthe group has transferred substantially all the risks and rewards of own-
\nership.
\nTrade receivables
\nTrade receivables are amounts due from customers for goods sold or ser-
\nvices performed in the ordinary course of business. They are generally due
\nfor settlement within 30-60 days and are therefore classi\ufb01ed as current.
\nTrade receivables measured at fair value upon initial recognition, and there-
\nafter at amortised cost, less allowance made for credit losses. The interest
\nrate element is disregarded if insigni\ufb01cant, which is the case for the vast
\nmajority of the group\u2019s trade receivables.
\nCash and cash equivalents
\nCash and cash equivalents consist of bank deposits on call with \ufb01nancial
\ninstitutions and other short-term, highly liquid investments with original
\nmaturities of less than three months.
\nTrade and other payables
\nTrade payables are recognised at the original invoiced amount. Other pay-
\nable are recognised initially at fair value. Trade and other payables are val-
\nued at amortised cost using the e\ufb00ective interest rate method. The interest
\nrate element is disregarded if it is insigni\ufb01cant, which is the case for the
\nvast majority of the group\u2019s trade payables.
\nInterest-bearing borrowings
\nInterest-bearing borrowings are recognised initially at fair value, net of
\ntransaction costs incurred. Subsequent to initial recognition, interest-bear-
\ning borrowings are measured at amortised cost with any di\ufb00erence between
\ncost and redemption value being recognised in the income statement over
\nthe period of the borrowings on an e\ufb00ective interest basis.
\nIMPAIRMENT
\nImpairment of non-\ufb01nancial assets
\nThe carrying amount of the groups non-\ufb01nancial assets (other than deferred
\ntax assets and inventory) are reviewed at the end of each reporting period
\nto determine whether there is any indication of impairment. If an indication
\nof impairment exists, the asset\u2019s recoverable amount is estimated. Intan-
\ngible assets with an inde\ufb01nite useful life and intangible assets that are not
\nyet available for use are tested for impairment annually, or more frequently
\nif events or changes in circumstances indicate that they might be impaired.
\nFor the purposes of impairment testing, assets are grouped together into
\nthe smallest group of assets that generates cash in\ufb02ows from continuing
\nuse that are largely independent of the cash in\ufb02ows from other assets or
\ngroups of assets (cash-generating units).
\nAn impairment loss is recognised for the amount by which the asset's carry-
\ning amount exceeds its recoverable amount and recognised in the income
\nstatement. The recoverable amount is the higher of an asset's fair value
\nless costs of disposal and value in use. In assessing value in use, the esti-
\nmated future cash \ufb02ows are discounted to their present value using a pre-
\ntax discount rate that re\ufb02ects the current market assessments of the time
\nvalue of money and the risks speci\ufb01c to the asset.
\nAn impairment loss on goodwill is not reversed. For assets other than good-
\nwill, an impairment loss is reversed if there has been a change in the esti-
\nmates used to determine the recoverable amount. An impairment loss is
\nreversed only to the extent that the asset\u2019s carrying amount does not exceed
\nthe carrying amount, net of depreciation or amortisation, calculated as if
\nno impairment loss had been recognised.
\nImpairment of \ufb01nancial assets
\nThe group assesses on a forward-looking basis the expected credit losses
\nassociated with its debt instruments carried at amortised cost and FVOCI.
\nThe impairment methodology applied depends on whether there has been
\na signi\ufb01cant increase in credit risk.
\nThere are mainly trade receivables that are subject to the expected credit
\nloss model in IFRS 9. For trade receivables, the group applies the simpli\ufb01ed
\napproach permitted by IFRS 9, which requires expected lifetime losses to
\nbe recognised from initial recognition of the receivables. Trade receivables
\nare grouped based on shared credit risk characteristics and days past due.
\nExpected losses are primarily calculated through an individual and speci\ufb01c
\nassessment of each customer / receivable. The assessment is carried out by
\nsenior sta\ufb00 in the group's \ufb01nance department in dialogue with the manage-
\nment of the operating segments. For trade receivables that are more than
\n90 days past due date, a scenario analysis is performed. The scenario anal-
\nysis includes scenarios for (i) the client's bankruptcy, (ii) the client executes
\ndebt negotiations and (iii) the customer pays the claim in full.
\nPROVISIONS
\nA provision is recognised when the group has a present obligation as a
\nresult of a past event that can be estimated reliably and it is probable that
\nthe group will be required to settle the obligation. If the e\ufb00ect is material,
\nprovisions are determined as the present value of expected future cash
\n\ufb02ows, discounted by a market based pre-tax discount rate.
\nWarranty provisions are made for expected future expenses related to deliv-
\nered products and services. The provisions are based on historic data of
\nincurred warranty expenses.
\nLEASES
\nThe group applies IFRS 16 and its leasing agreements primarily consist of
\nrent of o\ufb03ce premises and manufacturing equipment with various lease
\nterms and conditions.
\nUpon entering into a contract, an assessment is made of whether an agree-
\nment contains a lease arrangement entitling the group to control the use of
\nan identi\ufb01ed asset. If the lease is identi\ufb01ed as such, assets and associated
\nliabilities are recognised at the start of the lease. The group determines
\nthe lease term as the non-cancellable term of the lease, together with any
\nperiods covered by an option to extend the lease if it is reasonably certain
\nto be exercised, or any period covered by an option to terminate the lease if
\nit is reasonably certain to be exercised. Lease payments for the \ufb01rst twelve
\nmonth following the balance sheet date is classi\ufb01ed as current liabilities.
Right-of-use assets
\nThe group recognises right-of-use asset at the lease commencement date.
\nThe right-of-use asset is initially measured at cost, and subsequently at cost
\nless any accumulated depreciation and impairment losses and adjusted
\nfor certain remeasurements of the lease liability. The cost of right-of-use
\nasset includes the amount of lease liability recognised, initial direct costs
\nincurred and lease payments made at or before the commencement date,
\nless any lease incentives received. The right-of-use asset is depreciation
\non a straight-line basis over the shorter of the asset\u2019s estimated useful
\nlife and the lease term and is subject to impairment assessment of non-\ufb01-
\nnancial assets.
\nLease liabilities
\nThe lease liability is initially measured at the present value of the lease
\npayment that are not paid at the commencement date, discounted using
\nthe interest rate implicit in the lease or, if that rate cannot be readily deter-
\nmined, the group\u2019s incremental borrowing rate as the discount rate. The
\nlease payments include \ufb01xed payments and variable lease payments that
\ndepend on an index or rate.
\nThe lease liability is subsequently increased by the interest cost on the
\nlease liability and decreased by the lease payment made. It is remeasured
\nwhen there is a change in future lease payments arising from a change in
\nan index or rate, or as appropriate, changes in the assessment of whether
\nan extension option is reasonably certain to be exercised or a termination
\noption is reasonably certain not to be exercised.
\nShort-term leases and lease of low value assets
\nThe group applies the recognition exemption to its leases that have a lease
\nterm of 12 months or less from the commencement date and do not con-
\ntain a purchase option. The group also applies recognition exemption to
\nleases that are considered low-value assets, mainly IT and o\ufb03ce equipment.
\nLease payments associated with short-term leases and low-value assets are
\nrecognised on a straight-line basis as an expense in the income statement.
\nDIVIDENDS
\nDividends are recorded in the group\u2019s consolidated \ufb01nancial statement in
\nthe period which they are approved by the general meeting.
\nNOTE 05
Financial risk and exposure
\nNORBIT is exposed to di\ufb00erent types of \ufb01nancial risk, including interest-,
\ncurrency-, credit-, and liquidity risks. The group\u2019s \ufb01nance department is
\nresponsible for carrying out the policies and guidelines for \ufb01nancial risk
\nmanagement approved by the board.
\nINTEREST RATE RISK
\nThe group\u2019s main interest rate risk arises from long-term borrowings with
\nvariable rates, which expose the group to cash \ufb02ow interest rate risk. NOR-
\nBIT has no \ufb01nancial instruments related to hedging of interest rates.
\nTrade and other receivables and trade and other payables are interest free
\nand with a term of less than one year, hence there is no interest rate risk
\nassociated with these \ufb01nancial assets and liabilities.
\nThe following table shows the group's sensitivity to potential changes in
\ninterest rates. The calculation takes into account all interest-bearing \ufb01nan-
\ncial instruments. The calculation in the table shows the e\ufb00ect based on
\ninterest-bearing \ufb01nancial instruments at the balance sheet date.
\nInterest rate exposure
\nAmounts in NOK million
\nImpact on pre-tax pro\ufb01t
\n2022
\nImpact on pre-tax pro\ufb01t
\n2021
\nInterest rates - increase by 100 basis points *
(3.4)
(2.9)
\nInterest rates - decrease by 100 basis points *
3.4
2.9
\n*) Ceteris paribus
\nCURRENCY RISK
\nNORBIT has international operations and clients and is exposed to currency
\nrisk through customer contracts and purchase of products and services in
\ncurrencies other than the functional currency (NOK). NORBIT is primarily
\nexposed to EUR and USD currencies.
\nThe group\u2019s exposure to foreign currency risk, expressed in NOK million, at
\nthe end of the reporting period is set out in the table below.
\nForeign exchange exposure:
\nAmounts in NOK million
31.12.2022
31.12.2021
\nReceivables
170.5
146.4
\nPayables
(101.2)
(67.5)
\nBank deposits
34.5
11.7
\nOverdraft facility*
35.9
54.2
\nSellers credit
(32.6)
(60.2)
\nNet position
107.1
84.6
\n*
NORBIT has a multi-currency overdraft facility (EUR, USD, GBP and NOK). The over-
\ndraft facility is shown net in the consolidated \ufb01nancial statements. At 31 December
\n2022, the USD, EUR and GBP balance on the overdraft facility was NOK 35.9 mil-
\nlion (i.e. net cash).
Financial assets and liabilities \u2013 net foreign exchange exposure by major currencies:
\n31.12.2022
31.12.2021
\nCurrency
NOK
Currency
NOK
\nUSD
(0.1)
(1.2)
(1.5)
(13.6)
\nEUR
8.0
84.6
8.0
79.4
\nGBP
0.8
10.0
0.6
7.2
\nHUF
522.8
13.7
602.1
16.3
\nPLN
0.8
1.8
0.6
1.4
\nSEK
(2.0)
(1.9)
(2.7)
(2.7)
\nDKK
0.5
0.7
0.3
0.4
\nJPY
(21.5)
(1.6)
(52.3)
(4.2)
\nOther
1.0
0.5
\nNet position
107.1
84.6
\nFluctuations in exchange rates can lead to increased or decreased pro\ufb01t
\nmargin in contracts with customers compared to the initial project calcu-
\nlus. The group was a net seller of EUR and a net buyer of USD during 2022.
\nThe group rebalances the short-term (within 90 days) main currency expo-
\nsures on a monthly basis in order to have a neutral currency position on
\ntrade receivables, trade payables and cash deposits.
\nDerivatives
\nThere were no derivatives outstanding at 31 December 2022 or at 31
\nDecember 2021. There is currently an ongoing process to optimise foreign
\nexchange hedging through the use of derivatives.
\nClassi\ufb01cation of derivatives
\nDerivatives, if any, are only used for economic hedging purposes and not
\nas speculative investments. However, the group\u2019s hedging policy does
\nnot meet the hedge accounting criteria. Hence, they are classi\ufb01ed as \u2018held
\nfor trading\u2019 for accounting purposes and are accounted for at fair value
\nthrough pro\ufb01t or loss. They are presented as current assets or liabilities to
\nthe extent they are expected to be settled within 12 months after the end
\nof the reporting period.
\nFair value measurement
\nFair value measurements of foreign currency contracts, if any, are based
\non Marked to Market reports from leading Norwegian currency traders,
\nprimarily major Norwegian banks.
\nCREDIT RISK
\nCredit risk is the risk that one party to a \ufb01nancial instrument will cause a
\n\ufb01nancial loss for the other party by failing to discharge an obligation. The
\ngroup is exposed to credit risk related to cash and cash equivalents, trade
\nreceivables and other current receivables. The exposure to credit risk is
\nmonitored on an ongoing basis within the group.
\nCash and cash equivalents
\nCash deposits are held with reputable banks with strong credit-ratings.
\nBased on their credit ratings, management does not expect any of these
\n\ufb01nancial institutions to fail to meet their obligations.
\nTrade receivables
\nThe group has inherent credit risk through the fact that a client may not be
\nable to meet its obligations under a contract. The group applies the IFRS 9
\nsimpli\ufb01ed approach to measuring expected credit losses which uses a life-
\ntime expected loss allowance for all trade receivables. Reference is made
\nto note 4 and note 16.
\nLIQUIDITY RISK
\nLiquidity risk is the risk that the group is unable to meet the obligations
\nassociated with its \ufb01nancial liabilities. For NORBIT, liquidity risk is managed
\nby maintaining su\ufb03cient cash deposits and available committed credit lines
\nthat the group can draw on to meet its obligations as they occur. NORBIT
\nhas a centrally managed multi-currency cash pool arrangement where most
\nsubsidiaries are connected. The liquidity trend is monitored frequently, sup-
\nported by budgets and forecasts.
\nAt 31 December 2022, NORBIT had NOK 439.4 million in undrawn credit
\nfacilities, providing a solid liquidity bu\ufb00er.
\nMaturities of \ufb01nancial liabilities
\nThe table below provides an overview of the maturity pro\ufb01le of all \ufb01nan-
\ncial liabilities. For interest-bearing borrowings the stated amount of con-
\ntractual cash \ufb02ows is including estimated interest payments. Other items
\nare stated at booked amounts. In cases where the counterparty may claim
\nearlier redemption, the amount is placed in the earliest period the payment
\nmay be required from the counterparty.
Contractual maturities of \ufb01nancial liabilities at 31 December 2022
\nAmounts in NOK million
Less than 1 year
\nBetween 1 year
\nand 5 years
Over 5 years
\nTotal contractual
\ncash \ufb02ows
\nCarrying amount
\n(assets) / liabilities
\nAt 31 December 2022
\nTrade payables
132.6
0.0
0.0
132.6
132.6
\nInterest-bearing borrowings
197.0
162.6
1.3
360.8
337.4
\nLease liabilities
11.8
24.0
0.0
35.8
35.8
\nOther payables
63.0
0.0
0.0
63.0
63.0
\nTotal
404.4
186.6
1.3
592.3
568.9
\nContractual maturities of \ufb01nancial liabilities at 31 December 2021
\nAmounts in NOK million
Less than 1 year
\nBetween 1 year
\nand 5 years
Over 5 years
\nTotal contractual
\ncash \ufb02ows
\nCarrying amount
\n(assets) / liabilities
\nAt 31 December 2021
\nTrade payables
100.2
0.0
0.0
100.2
100.2
\nInterest-bearing borrowings
132.1
164.1
6.0
302.3
288.2
\nLease liabilities
8.5
6.5
0.0
15.0
15.0
\nOther payables
40.0
0.0
0.0
40.0
40.0
\nTotal
280.7
170.7
6.0
457.4
443.4
\nNOTE 06
Segment information
\nDescription of segments and principal activities
\nNORBIT ASA is organised in three operating segments; Oceans, Connectiv-
\nity and Product, Innovation & Realization (PIR). The operating segments are
\naligned with the internal reporting and the operating segments are compo-
\nnents of the group that are evaluated regularly by the management team.
\nThe Oceans segment delivers tailored technology solutions to global mar-
\nitime markets, and the Connectivity segment is a leading supplier of solu-
\ntions for asset identi\ufb01cation, monitoring and tracking. The third segment,
\nPIR, provides R&D products and services and contract manufacturing to
\nkey customers.
\nOceans encompasses all NORBIT\u2019s knowledge and competence targeting
\nthe global maritime markets, including proprietary technology and solu-
\ntions. The business unit o\ufb00ers ultra-compact sonars for a range of special
\napplications including seabed mapping and hydrography. The segment
\nhas further developed proprietary solutions and software for maritime and
\nenvironmental monitoring. NORBIT is continuously working on expanding
\nits o\ufb00ering in selected niches.
\nThe Connectivity segment enables clients to digitise their operations
\nthrough data collection and tailored sensor analysis with connectivity
\ndevices, cloud computing and data fusions being directly integrated into
\nthe client\u2019s business software or as stand-alone services.
\nThe Product Innovation and Realization segment (PIR) o\ufb00ers R&D services
\nand contract manufacturing to long-term key industrial customers through
\nin-house capabilities and a high degree of robotised production. In addi-
\ntion, the segment sells products based on proprietary technology, including
\nspecial instrumentation based on radar, radio frequency and embedded
\nsignal processing technology.
Financial results reportable segments
\n2022
\nAmounts in NOK million
Oceans
Connectivity
PIR
\nGroup/
\neliminations
Total
\nRevenues
443.0
308.0
456.5
(40.1)
1 167.5
\nOther gains and losses
0.0
0.0
0.0
0.0
0.0
\nRaw materials and change in inventories
149.8
109.7
307.4
(17.4)
549.5
\nOperating expenses
145.6
121.0
101.3
14.7
382.6
\nEBITDA
147.6
77.4
47.8
(37.5)
235.3
\nEBITDA margin
33%
25%
10%
20%
\nDepreciation
17.6
7.8
13.6
2.7
41.7
\nAmortisation and impairment
15.5
29.1
0.1
0.0
44.8
\nEBIT
114.4
40.5
34.0
(40.1)
148.8
\nTotal \ufb01nancial items (not allocated)
(28.0)
\nPro\ufb01t before tax
120.8
\nTaxes (not allocated)
(14.1)
\nPro\ufb01t after tax
106.7
\nTiming of revenues
\n- At point in time
389.9
268.2
418.6
(40.1)
1 036.6
\n- Over time
53.1
39.9
37.9
0.0
130.9
\nTotal
443.0
308.0
456.5
(40.1)
1 167.5
\n2021
\nAmounts in NOK million
Oceans
Connectivity
PIR
\nGroup/
\neliminations
Total
\nRevenues
378.5
146.3
291.0
(27.9)
787.8
\nOther gains and losses
0.0
0.0
0.0
1.2
1.2
\nRaw materials and change in inventories
139.2
50.5
181.0
(7.5)
363.3
\nOperating expenses
105.6
72.0
93.6
12.1
283.2
\nEBITDA
133.6
23.8
16.4
(31.3)
142.6
\nEBITDA margin
35%
16%
6%
18%
\nDepreciation
11.9
4.7
15.0
1.6
33.2
\nAmortisation and impairment
12.8
18.1
5.3
(0.4)
35.8
\nEBIT
108.9
0.9
(3.8)
(32.5)
73.5
\nTotal \ufb01nancial items (not allocated)
(9.8)
\nPro\ufb01t before tax
63.7
\nTaxes (not allocated)
(15.9)
\nPro\ufb01t after tax
47.9
\nTiming of revenues
\n- At point in time
325.7
130.9
261.6
(27.9)
690.3
\n- Over time
52.7
15.3
29.4
0.0
97.5
\nTotal
378.5
146.3
291.0
(27.9)
787.8
NOTE 07
Salaries, pension and social security costs
\nPayroll expenses
\nAmounts in NOK million
2022
2021
\nSalaries
222.7
171.8
\nPension costs
11.9
8.4
\nPayroll tax
31.7
24.1
\nCapitalised payroll expenses as development asset
(22.4)
(22.1)
\nOther payroll expenses
6.3
5.5
\nTotal employee bene\ufb01t expenses
250.2
187.7
\nAverage number of FTEs
418
311
\nPension arrangements
\nThe Norwegian group companies have pension plans secured through
\ncollective agreements in life insurance companies and are subject to the
\nNorwegian Act on Occupational Pension. The group meets the require-
\nment of this legislation. The group has pension plans with de\ufb01ned contribu-
\ntion plans. The de\ufb01ned contribution plan means that the company has not
\nincurred any future obligation. After the annual grant is paid the company
\nhas ful\ufb01lled its obligation in accordance with the arrangement.
\nIn addition, some of the Norwegian companies in the group are members
\nof an agreement-based early retirement plan (AFP). The scheme provides
\nthe employees the opportunity to retire before the normal retirement age
\nin Norway of 67 years. Employees who choose retirement will retain a life-
\nlong bene\ufb01t from the age of 62 years. The Norwegian Accounting Standards
\nBoard has issued a statement concluding that the AFP plan is a multi-em-
\nployer de\ufb01ned bene\ufb01t plan. The AFP plan exposes the participating enti-
\nties to actuarial risk associated with employees of other entities with the
\nresult that there is no consistent and reliable basis for allocating the obli-
\ngation, plan assets and costs to individual participating entities. Su\ufb03cient
\ninformation is not available to use de\ufb01ned bene\ufb01t accounting and the AFP
\nplan is accounted for as a de\ufb01ned contribution plan.
\nThe group\u2019s subsidiaries outside of Norway have pension plans based on
\nlocal practice and regulations.
\nNOTE 08
Other operating expenses
\nAmounts in NOK million
2022
2021
\nExternal services
73.9
57.5
\nTravel expenses
10.6
3.1
\nFreight
8.0
5.3
\nO\ufb03ce supplies
4.8
2.7
\nMarketing
5.0
1.7
\nGuarantee, service and support
1.8
3.9
\nOther operating expenses
28.4
21.2
\nTotal operating expenses
132.4
95.5
\nFees to the auditors
\nThe table below summarises audit fees, as well as fees for audit services,
\ntax services and other non-audit services incurred by the group during
\n2022 and 2021.
\nAmounts in NOK million
2022
2021
\nAudit fee
1.4
0.9
\nTax advisory fee
-
-
\nOther audit related services
0.1
0.7
\nAuditor's remuneration in other operating expenses
1.5
1.6
NOTE 09
Financial income and financial expenses
\nAmounts in NOK million
2022
2021
\nFinancial income
\nFinancial exchange gain (net)
-
-
\nInterest income
0.2
0.1
\nOther \ufb01nancial income
0.5
0.2
\nFinancial income
0.7
0.3
\nFinancial expenses
\nInterest expenses
16.2
8.2
\nFinancial exchange loss (net)
10.5
0.3
\nOther \ufb01nancial expense
1.8
1.2
\nFinancial expenses
28.5
9.8
\nShare of pro\ufb01t of associates
(0.2)
(0.3)
\nNet \ufb01nancial items
(28.0)
(9.8)
\nPlease refer to note 22 for further information regarding share of pro\ufb01ts from associates.
\nNOTE 10
Income tax expense
\nIncome tax speci\ufb01cation
\nAmounts in NOK million
2022
2021
\nCurrent tax
\nCurrent tax on pro\ufb01ts Norwegian companies
12.0
8.4
\nCurrent tax on pro\ufb01ts foreign companies
3.5
1.2
\nAdjustments for current tax of prior periods
-
0.2
\nTotal current tax expense
15.5
9.8
\nDeferred income tax
\nChange in deferred tax
(1.4)
6.0
\nTotal deferred tax expense/(bene\ufb01t)
(1.4)
6.0
\nTotal income tax expense
14.1
15.9
\nReconciliation between nominal and e\ufb00ective tax rates
\nAmounts in NOK million
2022
2021
\nIncome tax expense at corporate income tax rate in Norway 22%
26.6
14.0
\nE\ufb00ect of tax rates outside Norway di\ufb00erent from 22%
2.0
0.0
\nChange in previously not recognised deferred tax assets
(13.2)
0.2
\nOther items
(1.2)
1.7
\nSubtotal
14.1
15.9
\nE\ufb00ective tax rate
12%
25%
Amounts recognised directly in equity
\nAmounts in NOK million
2022
2021
\nDeferred tax
-
-
\nTotal
0
0
\nDeferred tax assets
\nAmounts in NOK million
2022
2021
\nThe balance comprises temporary di\ufb00erencs attributable to:
\nIntangible and \ufb01xed assets
(14.2)
(12.3)
\nInventories
(1.9)
(1.2)
\nOther assets and liabilities
(2.9)
(1.9)
\nTotal
(19.0)
(15.4)
\nTotal deferred tax assets
(19.0)
(15.4)
\nUnrecognised deferred tax assets
3.4
2.2
\nNet deferred tax assets
(15.6)
(13.3)
\nDeferred tax
\nAmounts in NOK million
2022
2021
\nThe balance comprises temporary di\ufb00erencs attributable to:
\nIntangible and \ufb01xed assets
3.6
4.0
\nTotal
3.6
4.0
\nChange in deferred tax assets
\nAmounts in NOK million
Tax losses
\nIntangible and
\n\ufb01xed assets
Inventories
Other
Total
\nMovements
\nAt 1 January 2021
(6.9)
(12.4)
(1.2)
0.7
(19.7)
\n(Charged)/credited
\n-to pro\ufb01t or loss
6.9
0.1
0.1
(0.4)
6.6
\nAt 31 December 2021
(0.0)
(12.3)
(1.2)
0.3
(13.3)
\nAt 1 January 2022
(0.0)
(12.3)
(1.2)
0.3
(13.3)
\n- to pro\ufb01t or loss
0.0
(1.7)
(0.7)
0.3
(2.1)
\nAcquisition of subsidiary
(0.2)
(0.2)
\nAt 31 December 2022
0.0
(14.2)
(1.9)
0.6
(15.6)
\nChange in deferred tax
\nAmounts in NOK million
Tax losses
\nIntangible and
\n\ufb01xed assets
Inventories
Other
Total
\nMovements
\nAt 1 January 2021
0.0
4.0
0.0
0.0
4.0
\n(Charged)/credited
\n-to pro\ufb01t or loss
(0.4)
(0.4)
\nAt 31 December 2022
0.0
3.6
0.0
0.0
3.6
Deferred tax assets are recognised only if it is probable that future taxa-
\nble amounts will be available to utilise
temporary di\ufb00erences and losses.
\nThe group has assessed the probability of obtaining the necessary taxable
\npro\ufb01ts based on budgets and forecasts.
\nNOTE 11
Earnings per share
\nAmounts in NOK
2022
2021
\nBasic earnings per share
\nTotal basic earnings per share attributable to the ordinary equity holders of the company
1.82
0.83
\nDiluted earnings per share
\nTotal diluted earnings per share attributable to the ordinary equity holders of the company
1.82
0.83
\nReconciliations of earnings used in calculating earnings per share
\nAmounts in NOK million
2022
2021
\nBasic earnings per share
\nPro\ufb01t from continuing operations attributable to the ordinary equity holders of the company:
\nUsed in calculation basic earnings per share
106.7
47.9
\nUsed in calculating diluted earnings per share
106.7
47.9
\nWeighted average number of shares used as the denominator
\nNumber
2022
2021
\nWeighted average number outstanding
58 662 698
57 467 325
\nWeighted average number diluted
58 725 000
57 467 325
\nBasic earnings per share
\nBasic earnings per share amounts are calculated by dividing net pro\ufb01t for the
\nperiod attributable to ordinary equity holders of the parent company by the
\nweighted average number of ordinary shares outstanding during the period.
\nDiluted earnings per share
\nWhen calculating the diluted earnings per share, the number of shares that
\ncould be issued for no consideration due to share options or other arrange-
\nment that has been in e\ufb00ect during the period is added to the average
\nnumber of ordinary shares outstanding used for basic earnings per share.
NOTE 12
Property, plant and equipment and leases
\nAmounts in NOK million
\nLand and
\nproperties
\nMachinery,
\n\ufb01xtures
\nand \ufb01ttings
\nRight-of-use
\nassets
Total
\nCost at 1 January 2021
89.9
205.1
52.8
347.8
\nAccumulated depreciation
20.9
147.3
29.7
197.9
\nNet book amount at 1 January 2021
69.0
57.8
23.2
150.0
\nAdditions from acquisition of companies
0.3
9.0
0.0
9.3
\nAdditions
4.4
35.1
0.0
39.5
\nDepreciation charge
5.1
19.7
8.4
33.2
\nTranslation di\ufb00erences
0.0
(0.6)
0.0
(0.6)
\nNet book amount at 31 December 2021
68.6
81.5
14.8
164.9
\nCost at 1 January 2022
94.6
249.2
52.8
396.6
\nAccumulated depreciation
26.0
167.0
38.1
231.1
\nTranslation di\ufb00erences
0.0
(0.6)
0.0
(0.6)
\nNet book amount at 1 January 2022
68.6
81.5
14.8
164.9
\nAdditions from acquisition of companies
0.0
5.7
0.0
5.7
\nAdditions
2.8
25.5
30.4
58.7
\nDisposals
0.0
0.0
0.0
0.0
\nDepreciation charge
5.9
26.2
9.7
41.7
\nTranslation di\ufb00erences
0.0
0.0
0.0
0.0
\nNet book amount at 31 December 2022
65.5
86.6
35.5
187.7
\nUseful life
25 years
3-7 years
2-7 years
\nDepreciation method
Linear
Linear
Linear
\nRight-of-use assets and lease liabilities
\nNORBIT has chosen to present the right-of-use assets as part of property,
\nplant and equipment, and the lease liabilities as separate line items the
\nbalance sheet. The group does not have any right-of-use assets that would
\nmeet the de\ufb01nition of investment property.
\nAt year-end 2022, the group had a portfolio of 6 leases (2020: 4) which
\nmainly consist of lease of o\ufb03ce premises and manufacturing equipment.
\nAt 31 December 2022, the leases had a weighted average remaining lease
\nterm of 63 months. Extension options in the lease agreements have been
\nassessed and re\ufb02ected in the IFRS 16 calculations if use of the option is
\nreasonably certain.
\nLeases are discounted using the interest rate implicit in the lease agree
-
\nments or, if that rate cannot be readily determined, the estimated marginal
\nborrowing cost has been used, equivalent to 1M NIBOR at the time of the
\nagreements and the credit margin according to the revolving credit facility
\n(1.8 per cent) agreement.
\nThe movement in the lease liabilities during 2022 and 2021 is summa-
\nrised below:
\nAmounts in NOK million
\nLease liabilities at 1 January 2021
23.2
\nNew lease agreements
0.0
\nInterest expense
0.4
\nLease payments
(8.6)
\nBalance at 31 December 2021
15.0
\nLease liabilities at 1 January 2022
15.0
\nNew lease agreements
30.4
\nInterest expense
0.5
\nLease payments
(10.0)
\nBalance at 31 December 2022
35.8
\nCurrent lease liabilities
11.8
\nNon-current lease liabilities
24.0
\nTotal
35.8
\nImpairment loss and compensation
\nThere were no impairment losses in 2022 and 2021.
\nChange in depreciation period
\nThere were no changes to the depreciation period for the \ufb01xed assets.
NOTE 13
Goodwill and intangible assets
\nIntangible assets
\nAmounts in NOK million
Development costs
\nTrademark
\nand customer
\nrelationships
Total
Goodwill
\nCost at 1 January 2021
332.4
0.0
332.4
0.0
\nAccumulated amortisation
148.6
0.0
148.6
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nNet book amount at 1 January 2021
171.5
0.0
171.5
0.0
\nAdditions from acquisition of companies
10.1
46.1
56.2
82.1
\nAdditions
51.2
0.0
51.2
0.0
\nAmortisation charge
33.9
1.9
35.8
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 31 December 2021
198.2
44.2
242.3
82.1
\nCost at 1 January 2022
393.7
46.1
439.7
82.1
\nAccumulated amortisation
182.5
1.9
184.4
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 1 January 2022
198.2
44.2
242.3
82.1
\nAdditions from acquisition of companies
1.0
0.0
1.0
2.3
\nAdditions
60.5
0.0
60.5
0.0
\nAmortisation charge
40.1
4.6
44.8
0.0
\nTranslation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
\nNet book amount at 31 December 2022
219.2
39.6
258.8
84.4
\nUseful life
3-7 years
10 years
n.a
\nIntangible assets
\nIntangible assets primarily comprise capitalised development costs related
\nto plan or design for the production of new or substantially improved tech-
\nnology products. In addition, NORBIT recognised NOK 56.2 million in intan-
\ngible assets following the acquisition of iData Kft in July 2021, of which
\nNOK 46.1 million related to fair value adjustments of trademark and cus-
\ntomer relationships.
\nIn 2022, further development was made on own technology and own
\nproducts, mainly within the market segments Oceans and Connectivity.
\nIn Oceans, the majority of the capital spent relates to the development of
\nnew applications on the ultra-high resolution sonar WINGHEAD, which was
\nreleased in 2020, in addition to hardware and software development on
\nthe other sonar products.
\nIn the Connectivity segment, the development projects are primarily
\nrelated to next generation connectivity devices for GNSS tolling for trucks,
\nDSRC-modules and software solutions for the services delivered by iData
\nKft.
\nAmortisation methods and useful lives
\nCapitalised development is normally amortised over three to seven years
\non a straight-line basis. Economic bene\ufb01t is, however, considered for each
\nproduct and the amortisation period is equal to the estimated useful life
\nof the developed product.
\nImpairment considerations
\nAt the end of each reporting period, the group assess whether there are
\nindications that any intangible asset has been impaired. If such indications
\nare present, an estimate of the recoverable amount of the asset is calcu-
\nlated. Regardless of whether there is an indication of impairment, intangi-
\nble assets with inde\ufb01nite useful lives or intangible assets that are not yet
\navailable for use at the balance sheet date, are tested every year.
\nTo assess whether indications of impairment exist, a simpli\ufb01ed analysis of
\nfuture cash \ufb02ows from intangible assets similar to the requirements under
\nIAS 36.39 is prepared. In this analysis estimated contribution per product
\nis applied, that is sales value less direct material cost and direct person-
\nnel costs. Both external documentation, budgets and forecasts are used in
\npreparing the analysis. It is also considered to what extent previous esti-
\nmates of future cash \ufb02ows have been met. Prevailing market conditions are
\nalso taken into account, including its impact on estimates and forecasts.
\nFuture cash \ufb02ows are calculated at the present value using a discount rate
\nspeci\ufb01c to the relevant asset, ranging from 9.5 per cent 10.7 per cent (2021:
\n8.6 per cent to 9.9 per cent). These rates are calculated based on the rates
\nimplicit in the current market transactions for similar assets or based on
\nthe weighted average cost of capital of several listed companies that are
\nrelevant for a single asset (or portfolio of assets), that in terms of potential
\nperformance and risk corresponds to the relevant asset being tested for
\nimpairment. The increase in the discount rates from last year is primarily
\nexplained by higher interest rates.
No indication of impairment was identi\ufb01ed in 2022 or in 2021. It is referred
\nto note 4 for accounting policies relevant to intangible assets.
\nChange in amortisation period
\nThere were no changes in amortisation pro\ufb01les during 2022.
\nGoodwill
\nIn 2021, NORBIT made a recognition of NOK 82.1 million in goodwill in con-
\nnection with the acquisitions of Kilmore Marine Ltd and iData Kft. A further
\nNOK 2.3 million in goodwill was recognised as part of the acquisition of Aur-
\nsund Maskinering AS in 2022. Acquired companies are integrated into each
\nreporting segment, where Kilmore Marine Ltd and Aursund Maskinering AS
\nare included in segment Oceans and iData Kft in segment Connectivity.
\nImpairment testing was carried out for iData Kft and Kilmore Marine Ltd as
\nthe companies represent the only cash-generating units containing mate-
\nrial goodwill.
\nThe recoverable amounts are determined based on the higher of the
\ncash-generating units fair value less costs of disposal and value in use.
\nIn accordance with IFRS 13, quoted prices in active markets for similar assets
\nhave been applied to measure fair value less cost of disposal. Adjustments
\nto the valuation multiples for a group of comparable assets are made to
\nre\ufb02ect a di\ufb00erence in the cost of capital between comparable assets and
\nthe cash-generating units, as well as control premiums to re\ufb02ect transac-
\ntion prices in the quoted market.
\nFor value in use, discounted cash \ufb02ow models are applied, in which man-
\nagement has projected cash \ufb02ows in the period from 2023 to 2027 based
\non budget and forecasts. The key assumptions used in the calculations
\nare discussed below.
\nE
\nBITDA and investments
\nEBITDA corresponds to operating pro\ufb01t before depreciation and amortisa-
\ntion expenses, as reported in the consolidated statement of pro\ufb01t and loss.
\nAssumptions with regards to EBITDA projections are made in terms of rev-
\nenue growth for the products and services sold, as well as the operating
\ncosts. Investments are determined based on the expected revenue growth
\nrate applied in the forecast period as part of the business plan. In judging
\nthese assumptions, historical data is considered, as well as the expecta-
\ntions about the market development and future conditions.
\nTerminal value
\nTerminal value beyond the forecast period is determined applying the aver-
\nage of a terminal value in perpetuity at a growth rate of 2.5 per cent and
\nthe lower of an exit multiple in line with the acquisition multiple and trad-
\ning multiples for similar assets.
\nDiscount rate
\nThe discount rate applied is the weighted average cost of capital for the
\nspeci\ufb01c cash-generating units and the industry and country the assets pri-
\nmarily operate in. When estimating the discount rate, a risk-free rate equal
\nto the 10-year local government bond yield is applied, as well as risk pre-
\nmium. The discount rate is further adjusted for country risk, liquidity risk as
\nwell as capital structure target. The pre-tax discount rate applied in 2022
\nfor the impairment testing was 14.9 per cent.
\nConclusion and sensitivity
\nFor the assets containing goodwill, the recoverable amount estimated far
\nexceeded the carrying value and thus there were no indication of impair-
\nment at the balance sheet date. A sensitivity analysis was not performed
\ndue to the signi\ufb01cant di\ufb00erence between the recoverable amount and the
\ncarrying value.
\nNOTE 14
Inventories
\nAmounts in NOK million
2022
2021
\nCurrent assets
\nRaw materials and stores
338.0
199.0
\nWork in progress
12.7
11.3
\nFinished goods - at cost
75.6
53.0
\nBook value
426.3
263.2
\nInventory held at cost
432.0
267.4
\nObsolescence
raw materials
(5.1)
(3.7)
\nObsolescence
\ufb01nished goods
(0.6)
(0.5)
\nBook value
426.3
263.2
\nAmounts in NOK million
2022
2021
\nSpesi\ufb01cation of raw materials and consumables used
\nPurchase of goods
704.5
455.8
\nFreight, customs etc.
8.1
6.1
\nChange of inventories
(163.1)
(98.6)
\nTotal
549.5
363.3
NOTE 15
Financial assets and financial liabilities
\nFinancial assets
\nAmounts in NOK million
2022
2021
\nFinancial assets at fair value
\nAptomar do Brazil
-
0.1
\nTangen N\u00e6ringsbygg AS
0.1
0.1
\nProVenture Seed III AS
0.5
-
\nTotal shares in other companies (through OCI)
0.6
0.2
\nFinancial assets at amortised cost
\nTrade receivables
168.0
154.9
\nCash and cash equivalents
41.7
21.7
\nTotal
209.7
176.6
\nFinancial liabilities
\nAmounts in NOK million
2022
2021
\nLiabilities at amortised cost
\nTrade payables
132.6
100.2
\nInterest-bearing borrowings
337.4
288.2
\nLease liabilities
35.8
15.0
\nOther payables
63.0
40.0
\nTotal
568.9
443.4
\nNOTE 16
Trade receivables
\nAmounts in NOK million
2022
2021
\nCurrent assets
\nTrade receivables
178.9
163.1
\nLoss allowance
(10.9)
(8.1)
\nTotal
168.0
154.9
\nAmounts in NOK million
2022
2021
\nNot due
109.9
118.1
\n1-30 days past due date
37.4
16.4
\n31-60 days past due date
7.7
8.7
\n60+ days past due date
23.8
19.9
\nTotal
178.9
163.1
\nDuring 2022, NORBIT made NOK 2.9 million in provisions relating to expected loss on accounts receivables.
\nTotal provisions stood at NOK 10.9 million at year-end 2022, representing 6.1 per cent of the par value of accounts receivables.
NOTE 17
Cash and cash equivalents
\nRestricted cash and cash equivalents were NOK 8.2 million at year-end 2022 (NOK 8.4 million in 2021) for the group.
\nRestricted bank deposits are tax deductions made on behalf of employees.
\nAmounts in NOK million
2022
2021
\nBank deposits payable on demand
33.5
13.2
\nBank deposits restricted to tax payments
8.2
8.4
\nTotal
41.7
21.7
\nNOTE 18
Interest-bearing borrowings
\n2022
\nAmounts in NOK million
Current
Non-current
Total
\nRevolving credit facility
-
90.0
90.0
\nOverdraft facility
140.6
-
140.6
\nTerm loan
3.7
46.7
50.4
\nSeller's credit
32.6
-
32.6
\nOther borrowings
5.9
17.9
23.8
\nTotal interest-bearing borrowings
182.8
154.6
337.4
\n2021
\nAmounts in NOK million
Current
Non-current
Total
\nRevolving credit facility
-
60.0
60.0
\nOverdraft facility
86.5
-
86.5
\nTerm loan
3.7
50.4
54.1
\nSeller's credit
30.1
30.1
60.2
\nOther borrowings
5.3
22.1
27.4
\nTotal interest-bearing borrowings
125.6
162.6
288.2
\nThe group had four main loan facilities per the balance sheet date, compris-
\ning of a long-term revolving credit facility (RCF), a multi-currency short-term
\noverdraft facility and two term loans. The credit limits are NOK 200 million
\nand NOK 350 million on the RCF and overdraft facility, respectively. In addi-
\ntion, a NOK 120 million term loan was not drawn on at the end of the year.
\nNORBIT had drawn NOK 140.6 million on the overdraft facility at 31 Decem-
\nber 2022, while NOK 90.0 million was drawn on the RCF. NOK 50.4 million
\nwas outstanding on one of the term loans.
\nThe RCF and one term loan are priced at 3M NIBOR + 1.8 per cent margin
\np.a., the overdraft facility is priced at a 1M reference rate (NOK, USD and
\nEUR) + 1.4 per cent margin p.a, while the NOK 120 million term loan is priced
\nat 3M NIBOR + 2.15 per cent margin p.a.
\nThe maturity date for the RCF is February 2025, July 2024 for the \ufb01rst term
\nloan and June 2026 for the NOK 120 million term loan. The two term loans
\namortise over 15 and 7 years, respectively. The overdraft facility is re\ufb01-
\nnanced each year on a rolling basis.
\nRefer to note 20 for details on covenants related to the credit facilities.
Assets pledged as security
\nAmounts in NOK million
2022
2021
\nSecured interest-bearing borrowings
\nLong term debt
154.6
132.5
\nShort term debt
150.1
95.5
\nTotal secured borrowings
304.7
228.0
\nThe carrying amounts of assets pledged as security for current and non-current borrowings are:
\nAmounts in NOK million
2022
2021
\nCurrent
\nReceivables
120.1
117.0
\nInventories
413.2
254.2
\nTotal current assets pledged as security
533.3
371.2
\nNon-current
\nProperty, plant and equipment
128.4
130.7
\nTotal non-current assets pledged as security
128.4
130.7
\nTotal assets pledged as security
661.7
501.9
\nNOTE 19
Other current liabilities
\nAmounts in NOK million
2022
2021
\nPayroll tax and other statutory liabilities
18.2
8.8
\nHoliday pay accrual
19.5
17.4
\nPrepayments from customers
7.7
5.4
\nWarranty provisions
4.5
4.5
\nOther payables and accruals
43.6
23.7
\nTotal
93.3
59.7
\nNOTE 20
Capital management
\nCapital allocation
\nNORBIT\u2019s capital allocation framework and strategy are determined by the
\nboard of directors. Based on the framework, NORBIT has made the follow-
\ning capital priorities to ensure continued pro\ufb01table growth, while at the
\nsame time maintaining a robust \ufb01nancial position to mitigate \ufb01nancial risks:
\n1.
Maintain a solid balance sheet
\n2.
Working capital and sustaining capital expenditures
\n3.
Investments in research and development to support organic growth
\n4.
Strategic acquisitions to accelerate growth
\n5.
Shareholder distributions
\nThe group\u2019s objectives when managing the solidity of its balance sheet and
\nliquidity position are the following:
\n\u25a0
Safeguard its ability to continue as a going concern, so that it can
\nprovide a competitive risk-adjusted return for shareholders and
\nbene\ufb01ts for other stakeholders
\n\u25a0
Maintain \ufb01nancial robustness and an optimised capital structure in
\norder to reduce cost of capital
\n\u25a0
Provide for \ufb01nancial \ufb02exibility
\n\u25a0
Maintain a robust headroom to covenants in loan agreements
\nIn order to optimise the capital structure, the group may adjust the amount
\nof dividends paid to shareholders, return capital to shareholders, issue new
\nshares, reduce investments or sell assets to reduce debt.
\nCovenants
\nThe group monitors its covenants on the basis of the following leverage
\nratios:
\u25a0
Carrying value of total equity as per cent of carrying value of total
\nassets
\n\u25a0
Net interest bearing debt (NIBD) including lease liabilities over EBITDA
\n(\u201cNIBD ratio\u201d)
\nNORBIT has a policy of maintaining a NIBD ratio in the range of 1.0 \u2013 2.5x
\nin order to ensure a solid balance sheet.
\nLoan covenants
\nAmounts in NOK million
2022
2021
\nEquity ratios at 31 December
\nTotal equity
599.3
497.9
\nTotal assets
1 220.8
976.9
\nEquity ratio
49%
51%
\nAmounts in NOK million
2022
2021
\nNIBD ratios at 31 December
\nInterest bearing borrowings
337.4
288.2
\nLease liabilities
35.8
15.0
\nCash and cash equivalents
41.7
21.7
\nNIBD
331.5
281.5
\nEBITDA*
235.3
152.8
\nNIBD to EBITDA ratio
1.41
1.84
\n*
EBITDA in 2021 is adjusted to include 12-month \ufb01nancials from the acquisition of iData Kft, completed 30 July 2021.
\nUnder the terms of the major borrowing facilities, the group is required to
\ncomply with the following \ufb01nancial covenants:
\n\u25a0
Equity ratio:
Carrying value of total equity as per cent of carrying
\nvalue of total assets shall exceed 30 per cent. To be reported by 30
\nJune and 31 December
\n\u25a0
NIBD ratio:
Total interest-bearing borrowings and lease liabilities less
\ncash and cash equivalents over EBITDA (IFRS, as reported) shall not
\nexceed 4.0 times. To be reported each quarter. EBITDA is calculated
\non a 12-month rolling basis.
\nThe group has complied with these covenants throughout the reporting
\nperiod and at year-end 2022 and 2021.
\nDividend policy
\nNORBIT\u2019s dividend policy is to pay out annual dividends between 30 and
\n50 per cent of the group\u2019s ordinary net pro\ufb01t after tax. When deciding
\non the annual dividend, the board of directors will consider the group\u2019s
\n\ufb01nancial position, investment plans as well as the needed \ufb01nancial \ufb02exi-
\nbility to provide for sustainable growth.
\nThe board of directors has proposed that NOK 0.70 per share is paid as
\ndividend for the \ufb01nancial year 2022, or NOK 41.2 million, representing
\n38.4 per cent of net pro\ufb01t after tax.
\nIn 2022, NORBIT paid NOK 0.30 per share in dividends to the sharehold-
\ners (NOK 17.5 million) for the \ufb01nancial year 2021, representing 36.1 per
\ncent of net pro\ufb01t after tax.
\nNOTE 21
Business combinations
\nKilmore Marine Ltd
\nIn February 2021, NORBIT ASA acquired a 65 per cent ownership interest
\nin Kilmore Marine Ltd for a total consideration of GBP 450\u00a0000. Kilmore
\nMarine Ltd. Acts as segment Oceans\u2019s distributor in the UK and Middle
\nEast. Prior to the acquisition, NORBIT ASA held a 35 per cent ownership
\ninterest, which was reported as an equity-accounted investee in the con-
\nsolidated accounts. As part of the transaction, NORBIT recognised a pre-
\nliminary goodwill of NOK 6.0 million and a gain on existing ownership of
\nNOK 1.2 million, reported as other gains and losses in the pro\ufb01t and loss
\naccounts. Capitalised goodwill related to acquisitions comprises synergies,
\nassets related to employees, other intangible assets that do not qualify for
\nseparate capitalisation, future excess earnings and the fact that deferred
\ntax in accordance with IFRS is not discounted.
Purchase price allocation:
\nAmounts in NOK million
\nKilmore Marine
\nCash consideration
5.3
\nFair value of previous equity interests
2.9
\nTotal considerations
8.2
\nTotal identi\ufb01able net assets
2.1
\nGoodwill
6.0
\nCash and cash equivalents in acquired business
2.1
\nTotal cash out\ufb02ow from acquisition of business
3.2
\niData
\nOn 30 July 2021, NORBIT completed the acquisition of iData, a Hungarian
\ntechnology company specialised in vehicle tracking and \ufb02eet mangement
\nrelated services. iData has three subsidiaries in Hungary (Beta Blue Kft.),
\nCroatia (iData Fleet Management d.o.o.) and Slovakia (iData Slovakia s.r.o.),
\ncollectively with iData Kft. referred to as \"iData\". iData is reported under
\nsegment Connectivity in the segment reporting. Through the acquisition,
\nthe Connectivity segment is creating a broader platform for growth into the
\nasset and vehicle tracking market, where iData has a strong position in its
\nhome markets. The total consideration for the shares was EUR 14.5 million
\nand was paid through a combination of cash, seller's credit and issuance
\nof consideration shares. The purchase price and fair value of assets and
\nliabilities acquired are presented in the table below. The main fair value
\nadjustments were related to customer relationships and trademark. The
\ncompany was consolidated from the date of acquisition and the preliminary
\nacquisition analysis gave rise to goodwill of NOK 76.1 million. Goodwill is
\nnot tax deductible. From 30 July to 31 December 2021, iData contributed
\nwith revenues of NOK 33.2 million to the Group, NOK 6.5 million in EBITDA
\nand NOK 1.3 million to EBIT. Transaction costs amounted to NOK 7.6 million.
\nPurchase price allocation:
\nAmounts in NOK million
\nIdata
\nConsiderations shares
26.1
\nCash consideration
62.7
\nSeller's credit
62.2
\nTotal
151.0
\nAmounts in NOK million
\nRecognised amount of identi\ufb01able assets and
\nacquired liabilities assumed
\nTrademark
2.2
\nCustomer relationships
43.9
\nOther intangible assets
10.1
\nProperty, plant and equipment
9.3
\nInventories
7.4
\nTrade receivables
8.7
\nOther current assets
3.8
\nCash and cash equivalents
1.2
\nDeferred tax
(4.1)
\nNon-current liabilities
(1.3)
\nTrade payables
(1.8)
\nOther current liabilities
(4.5)
\nTotal identi\ufb01able net assets
74.8
\nGoodwill
76.1
\nCash and cash equivalents in acquired business
1.2
\nTotal cash out\ufb02ow from acquisition of business
123.7
\nNicarnica Aviation AS
\nIn March 2022, NORBIT ASA acquired 100 per cent ownership in Nicar-
\nnica Aviation AS, a Norwegian technology company that has developed
\nremote sensing solutions for detecting hazardous emissions. The tech-
\nnology broadens and complements the existing environmental monitor-
\ning solutions developed by segment Oceans. The total consideration for
\nthe shares was NOK 0.9 million, paid in cash to the sellers. The purchase
\nprice and fair value of assets and liabilities acquired are presented in the
\ntable below. The company was consolidated from the date of acquisition.
\nPurchase price allocation:
\nAmounts in NOK million
\nNicarnica Aviation AS
\nCash consideration
0.9
\nTotal
0.9
\nAmounts in NOK million
\nRecognised amount of identi\ufb01able assets and acquired
\nliabilities assumed*
\nIntangible assets
1.0
\nDeferred tax asset
2.0
\nCash and cash equivalents
0.0
\nInterest-bearing borrowings
(1.6)
\nTrade payables
(0.4)
\nOther current liabilities
(0.1)
\nTotal identi\ufb01able net assets
0.9
\nCash and cash equivalents in acquired business
0.0
\nTotal cash out\ufb02ow from acquisition of business
0.9
\n* The purchase price allocation is preliminary and may be subject to adjustments
Aursund Maskinering AS
\nIn November 2022, NORBIT ASA acquired 100 per cent ownership in Aur-
\nsund Maskinering AS. The company has been a key supplier for segment
\nOceans for several years. The total consideration for the shares was NOK
\n9.3 million and was paid through a combination of cash and an interest-free
\nsellers credit. Half of the sellers' credit is due November 2023, while the
\nremainder is due November 2024. The purchase price and fair value of
\nassets and liabilities acquired are presented in the table below. The com-
\npany was consolidated from the date of acquisition and the preliminary
\nacquisition analysis gave rise to goodwill of NOK 2.3 million. In 2021, Aur-
\nsund Maskinering reported revenues of NOK 8.1 million and an EBITDA of
\nNOK 1.6 million (Norwegian GAAP). Aursund Maskinering is reported under
\nsegment Oceans.
\nPurchase price allocation:
\nAmounts in NOK million
\nAursund Maskinering AS
\nCash consideration
3.7
\nSellers credit
5.6
\nTotal
9.3
\nAmounts in NOK million
\nReconised amount of identi\ufb01able assets and acquired
\nliabilities assumed*
\nProperty, plant and equipment
5.7
\nInventory
1.7
\nTrade receivables
2.1
\nOther receivables
0.1
\nCash and cash equivalents
1.5
\nDeferred tax liability
(0.3)
\nInterest-bearing borrowings
(1.1)
\nTrade payables
(0.1)
\nOther short-term debt
(2.6)
\nTotal identi\ufb01able net assets
7.0
\nGoodwill
2.3
\nCash and cash equivalents in acquired business
1.5
\nTotal cash out\ufb02ow from acquisition of business
7.8
\n* The purchase price allocation is preliminary and may be subject to adjustments
\nNOTE 22
Equity-accounted investees
\nEquity-accounted investees include associated companies of NORBIT and
\nare de\ufb01ned as related parties. See note 24 for overview of transactions and
\nbalances with associated companies.
\nInterests in associates
\nSet out below are the associates of the group at 31 December 2022. The
\nentities listed below have share capital consisting solely of ordinary shares,
\nwhich are held directly by the parent company. The proportion of ownership
\ninterest is the same as the proportion of voting rights held.
\nOwnership
Carrying amount
\nAmounts in NOK million
2022
2021
2022
2021
\nAssociated company
Head o\ufb03ce
\nKvikna Consulting Ehf.
Reykavik
33%
33%
0.7
0.9
\nNorbit Germany GmbH
Hamburg
50%
50%
-
-
\nTotal
0.7
0.9
\nKvikna Consulting Ehf
\nBased in Reykjavik, Iceland, Kvikna Consulting Ehf. is a software com-
\npany providing services to all of NORBIT\u2019s operating segments. NORBIT
\nASA owns 33.33 per cent of the shares in the company.
\nNorbit Germany GmbH
\nNorbit Germany GmbH is located Hamburg. NORBIT ASA owns 50 per
\ncent of the shares in the company.
Norbit Germany GmbH did not deliver
\nservices to the NORBIT group of companies during 2022 or 2021.
\nShare of pro\ufb01ts from associates
\nAmounts in NOK million
2022
2021
\nKvikna Consulting Ehf.
(0.2)
0.1
\nNorbit Germany GmbH
-
(0.4)
\nShare of pro\ufb01t from associates
(0.2)
(0.3)
NOTE 23
Share capital and shareholder information
\nShare capital and share premium
\nThe share capital in NORBIT ASA at 31 December 2022 consists of one
\nshare class with a total of 58 901 139 shares with a face value of NOK
\n0.10 with a total share capital of NOK 5 890 113.90.
\nNumber of shares
2022
2021
\nOrdinary shares
\nFully paid
58 901 139
58 459 302
\nTotal number of shares
58 901 139
58 459 302
\nMovements in ordinary shares
\nAmounts in NOK million
Number of shares
Par value
Share premium
Total
\nDetails
\nOpening balance at 1 January 2021
56 786 918
5.7
275.4
281.1
\nOrdinary issue
1 672 384
0.2
33.3
33.5
\nBalance at 31 December 2021
58 459 302
5.8
308.8
314.6
\nOrdinary issue
441 837
0.0
11.2
11.2
\nBalance at 31 December 2022
58 901 139
5.9
319.9
325.8
\nIn 2022 and based on the authorisations granted at the Annual General
\nMeeting in May 2022, board of directors resolved to increase the compa-
\nny's share capital by NOK 6 112.90 in connection with exercise of restricted
\nstock units through the issuance of 61 129 new shares, each with a par
\nvalue of NOK 0.10. This represented 0.1 per cent of the total share capital
\nprior to the transaction.
\nThe board also resolved to increase the company's share capital by NOK 38
\n070.80, in connection with incentive share purchase programs for employ-
\nees, through the issuance of 380 708 new shares, each with a par value
\nof NOK 0.10. This represented 0.7 per cent of the total share capital prior
\nto the transaction.
\nFollowing these share capital increases, the company's share capital at 31
\nDecember 2022 is NOK 5 890 113.90, divided into 58 901 139 shares, each
\nwith a par value of NOK 0.10.
\nTreasury shares
\nAt the Annual General Meeting in 2022, the board of directors was granted
\nthe authorisation to acquired treasury shares by up to 10 per cent of the
\nshare capital on behalf of the company. In connection with the exercise of
\nrestricted stock units and simultaneous share issue to the executive man-
\nagement team, NORBIT ASA repurchased 16 832 shares at a price of NOK
\n27.00 per share. At 31 December 2022, the company held 16 832 treas-
\nury shares.
\nNumber of shares
2022
2021
\nTreasury shares
\nOpening balance at 1 January
-
\n-
\nOwn shares purchased
16 832
-
\nBalance at 31 December 2022
16 832
-
RETAINED EARNINGS
\nMovements in retained earnings were as follows:
\nAmounts in NOK million
2022
2021
\nBalance at 1 January
183.3
155.2
\nNet pro\ufb01t for the period
106.7
47.9
\nOther comprehensive income
1.5
(3.2)
\nTreasury shares
(0.5)
-
\nOther changes in equity
-
0.4
\nDividends
(17.5)
(17.0)
\nBalance at 31 December
273.5
183.3
\nThe shareholders in NORBIT ASA were as follows at 31 December 2022:
\nShareholder
Shares
Pecentage
\nVHF Invest AS
7 686 495
13.0%
\nPetors AS
(100% owned by CEO Per J\u00f8rgen Weisethaunet)
7 000 000
11.9%
\nReitan Kapital AS
5 829 083
9.9%
\nDraupnir Invest AS
5 102 949
8.7%
\nJ.P. Morgan SE
3 280 771
5.6%
\nEsmar AS
3 162 286
5.4%
\nEidco AS
3 062 286
5.2%
\nThe Bank of New York Mellon SA/NV
2 825 817
4.8%
\nJ.P. Morgan SE
1 480 247
2.5%
\nCitibank
1 056 409
1.8%
\nDanske Invest Norge Vekst
971 400
1.6%
\nDanske Bank A/S (of which 786 539 shares controlled by BUD Peter K. Eriksen)
795 208
1.4%
\nClearstream Banking S.A.
725 365
1.2%
\nUsegi AS
(100% owned by CTO Arild S\u00f8raunet)
721 989
1.2%
\nJ.P. Morgan SE
720 392
1.2%
\nSonstad AS
679 000
1.2%
\nCarnegie Investment Bank AB
627 216
1.1%
\nThe Bank of New York Mellon SA/NV
607 930
1.0%
\nDanske Bank A/S
525 000
0.9%
\nSaxo Bank A/S
508 309
0.9%
\nTotal 20 largest
47 368 152
80.4%
\nOther
11 532 987
19.6%
\nTotal outstanding shares
58 901 139
100.00%
\nNOTE 24
Related parties
\nRelated party relationships are those involving control (either direct or indi-
\nrect), joint control or signi\ufb01cant in\ufb02uence. Related parties are in a position
\nto enter into transactions with the company that would not be undertaken
\nbetween unrelated parties. All transactions with related parties in NORBIT
\nhave been based on arm\u2019s length basis.
\nTransactions with management and board directors
\nDuring 2022, the group purchased legal services of NOK 2.7 million from
\nPr\u00e9tor Advokat AS, in which Director Tom Solberg is one of the partners.
\nThere were no other related party transactions between the company and
\nthe parties in the management or the board in 2022 or 2021.
\nTransactions with associates
\nBelow summarises the transactions and balance sheet items with asso-
\nciates.
\nAmounts in NOK million
2022
2021
\nTrade receivables
0.9
-
\nTrade payables
0.6
0.8
\nRevenues
4.5
-
\nOperating expenses
4.6
4.6
NOTE 25
Share-based arrangements
\nShare incentive programs to employees
\nAt the general meeting held 4 May 2022, the board of directors was granted
\nan authorisation to increase NORBIT ASA\u2019s share capital by up to 2.0 per
\ncent of the share capital to be used to issue share to the group\u2019s employ-
\nees in connection with incentive programs. The authorisation is valid until
\nthe annual general meeting 2022 to be held 4 May 2023.
\nIn July 2022, the board of directors approved and implemented an incen-
\ntive share purchase programs for all eligible employees in NORBIT for the
\n\ufb01scal year 2022, which also included the executive management team, but
\nnot the board of directors.
\nThe \ufb01rst program was a share purchase program where eligible employees
\nwere o\ufb00ered the opportunity to acquire shares for up to NOK 25\u00a0000 less a
\n20 per cent discount and subject to a lock-up period of 24 months. The o\ufb00er
\nprice (before discount) for the new shares was NOK 24.89, corresponding to
\nthe \ufb01ve-day average volume weighted price of the NORBIT ASA share prior
\nto 20 June. Employees were o\ufb00ered \ufb01nancing from NORBIT for the invested
\namount, to be repaid through deduction of salary over a 12-month period.
\nThe second program was a share matching program, where eligible par-
\nticipants were o\ufb00ered the opportunity to acquire shares at market value,
\nand in turn, obtain a right to receive compensation in new shares equiv-
\nalent to their invested amount after 24 months if certain conditions are
\nmet. There is no lock-up on the shares acquired. The o\ufb00er price was set to
\nNOK 25.15, corresponding to the \ufb01ve-day average volume weighted price
\nof NORBIT ASA\u2019s share prior to 27 June. NORBIT did not provide \ufb01nancing
\nfor the second program.
\nIn connection with the programs, the board of directors resolved to issue
\nnew 380 708 new shares, of which 83 829 under program 1 and 296 879
\nunder program 2. This represented 0.7 per cent of the total share capital
\nprior to the transaction.
\nShare-based remuneration to corporate management
\nIn accordance with the authorisation granted at the company\u2019s Annual
\nGeneral Meeting, the board of directors has implemented a share-based
\nincentive program for corporate management consisting of the award and
\nissuance of restricted stock units (\u2018RSU\u2019). One RSU granted gives a contin-
\ngent entitlement to one NORBIT ASA share free of charge. The number of
\nRSUs awarded are based on a set of predetermined and measurable per-
\nformance criteria in the accruing year and the group\u2019s achievements of
\ncertain quantitative and qualitative goals. Each RSU granted is restricted
\nand follows a vesting schedule. The RSUs granted will vest over a period
\nof three years following the accrual year, where 1/3 of the RSUs will vest
\nimmediately after the \ufb01rst general meeting following the accruing year, 1/3
\nis released the year after, and the \ufb01nal 1/3 released 12 months after that.
\nThe fair value of the RSU entitlements is established when they are awarded
\nand charged to pro\ufb01t and loss over the vesting period.
\nAt December 31, 2022, there were 106 840 restricted stock units ('RSUs')
\noutstanding. Half will vest in the second quarter of 2023, while the remain-
\ning half will vest in second quarter 2024. In 2022, NOK 4.1 million was
\ncharged to the pro\ufb01t and loss through a combination of paid and accrued
\ncompensation.
\nMovements of of the number of RSUs outstanding
\nNumber of RSUs
2022
2021
\n1 January
-
-
\nGranted during the yer
183 395
-
\nReleased during the year
(61 129)
-
\nCancelled
(15 426)
-
\nAdjustments
-
-
\nTotal
106 840
-
\nOutstanding RSUs in the executive management team
\nNumber of RSUs
\nOutstanding
\nper 01.01
Granted
Released
Cancelled
Adjustments
\nOutstanding
\nper 31.12
\nPer J\u00f8rgen Weisethaunet (Group CEO)
-
40 069
(13 356)
-
-
26 713
\nPer Kristian Reppe (Group CFO)
-
27 158
(9 052)
-
-
18 106
\nPeter K. Eriksen (BUD Oceans)
-
42 338
(14 112)
-
-
28 226
\nStein M. Beyer (BUD PIR and Group COO)
-
27 682
(9 227)
-
-
18 455
\nPeter Tschulik (BUD Connectivity)*
-
23 139
(7 713)
(15 426)
-
0
\nArild S\u00f8raunet (Group CTO)
-
23 009
(7 669)
-
-
15 340
\nTotal
-
183 395
(61 129)
(15 426)
-
106 840
\n* Business Unit Director Connectivity until November 2022
NOTE 26
Remuneration to the board of directors and executive management
\nRemuneration to the board of directors
\nCompensation to the members of the board of directors is set out below,
\nreferring to the actual expenses paid in the year.
\nThe board\u2019s remuneration is determined by the general meeting after
\nreceiving proposal from the nomination committee. The remuneration com-
\nprises of a \ufb01xed payment for board membership and work in sub-commit-
\ntees. In addition, the board members are compensated for travel expenses.
\nNORBIT is responsible for payment of social security taxes, as well as costs
\nfor directors\u2019 and o\ufb03cer\u2019s liability insurance.
\nThe remuneration to the board members is not performance-related nor
\ninclude share option elements. The board does not participate in incentive
\nprograms available to employees in the group or any other share-based
\nincentive schemes.
\nBoard of directors compensation 2022
\nAmounts in NOK thousand
2022
2021
\nFinn Haugan
540
515
\nBente Avnung Landsnes
375
325
\nTom Solberg
190
165
\nTrond Tuvstein
250
200
\nMarit Collin
190
165
\nRemuneration to the members of the executive management team
\nCompensation to the executive management team consists of a \ufb01xed
\nsalary, variable pay, pension bene\ufb01ts and non-\ufb01nancial bene\ufb01ts. In
\naccordance with the guidelines, a ceiling has been set for variable pay
\nand performance bonus remuneration.
\nNo member of the executive management team receive remunera-
\ntion for directorships in the group entities. The executive management
\nteam has no special pension and insurance plans. There are no per-
\nformance-based pension plans. No loans, prepayments or other forms
\nof credit issued to any members of the executive personnel other than
\n\ufb01nancing available through one of the incentive programs open for all
\neligible employees in the group.
\nCompensation to the executive management team for 2022 and 2021 is
\nset out below and is reported as expensed in the \ufb01nancial year.
\nFor further information, refer to NORBIT\u2019s Remuneration Report to be
\npublished to the general meeting 4 May 2023, in accordance with the
\nNorwegian Public Limited Liability Companies Act Section 6-16b and
\nrelated regulations. The report will also include information related to
\nderogation and deviation to the guidelines as approved by the general
\nmeeting 4 May 2022.
Fixed salary paid
Variable pay
\nAmounts in NOK million
Salary
\n1)
\nPension
\nbene\ufb01ts
\nOther
\nbene\ufb01ts
\nPerformance-
\nbased bonus
\n2)
\nOther bonus
\n3)
\nTotal
\nPer J\u00f8rgen Weisethaunet (Group CEO and
\nbusiness unit director Connectivity)
\n2022
3.1
0.1
0.0
1.3
-
4.5
\n2021
3.0
0.1
0.0
0.5
-
3.6
\nPer Kristian Reppe
2022
2.3
0.1
0.0
0.9
3.3
\n(Group CFO)
2021
2.0
0.1
0.0
0.3
0.2
2.6
\nArild S\u00f8raunet
2022
1.8
0.1
0.0
0.8
-
2.7
\n(Group CTO)
2021
1.7
0.1
0.0
0.3
-
2.1
\nPeter Koldgaard Eriksen
2022
3.4
0.1
0.1
1.4
-
5.1
\n(Business unit director Oceans)
\n4)
\n2021
3.7
0.1
0.1
0.5
0.6
5.0
\nPeter Tschulik
2022
1.8
0.0
-
0.2
-
2.0
\n(Business unit director Connectivity)
\n5)
\n2021
1.8
0.0
-
0.3
-
2.1
\nStein Martin Beyer
2022
2.0
0.1
0.1
0.9
-
3.1
\n(Business unit director PIR and group COO)
2021
2.0
0.1
0.0
0.4
-
2.5
\n1)
Salaries as expensed, excluding social security taxes.
\n2)
Variable performance-based cash and equity bonus during the year under the incentive program, excluding social security expenses and as expensed.
\n3)
Other cash bonus in the year outside the incentive program, excluding social security expenses.
\n4)
Remuneration in USD, translated to NOK.
\n5)
2022 renumeration from 1.1-30.11. Remuneration in EUR, translated to NOK \u2013 Peter Tschulik is entitled to one year severance payment.
\nDirectors\u2019 and executive management\u2019s shareholding
\nThe following number of shares is owned by the directors and the members
\nof the executive management (and their related parties) at 31 December
\n2022. In connection with incentive program for all employees in NORBIT,
\ncertain members of the corporate management team participated in the
\nprograms, whereas part of these shares acquired are subject to a lock-up
\nof 24-months.
\nName
\nShares subject
\nto lock-up
\nShares not subject
\nto lock-up
\nTotal shares at
\nyear-end
Percentage
\nBoard of directors
\nFinn Haugan
-
93 998
93 998
0.16%
\nBente Avnung Landsnes
-
69 473
69 473
0.12%
\nTrond Tuvstein (through TTU Invest AS)
-
32 894
32 894
0.06%
\nMagnus Reitan (through Reitan Kapital AS)
-
5 829 083
5 829 083
9.90%
\nChristina Hallin
-
-
-
0.00%
\nTom Solberg (through Mariteam AS)
-
65 789
65 789
0.11%
\nTotal shares held by board of directors
-
6 091 237
6 091 237
10.34%
\nExecutive management
\nPer J\u00f8rgen Weisethaunet (through Petors AS)
-
7 007 893
7 007 893
11.90%
\nPer Kristian Reppe
1 004
52 951
53 955
0.09%
\nPeter K. Eriksen (through Danske Bank A/S)
-
786 539
786 539
1.34%
\nStein M. Beyer
1 004
307 712
308 716
0.52%
\nArild S\u00f8raunet (ownership through Usegi AS)
-
725 823
725 823
1.23%
\nJulie Dahl Benum
-
-
-
0.00%
\nTotal shares held by executive management
2 008
8 880 918
8 882 926
15.08%
NOTE 27
Contingencies and claims
\nThe group was not involved in any material contingencies or legal claims
\nat 31 December 2022 or 31 December 2021.
\nNOTE 28
Government grants
\nThe group received government grants of a total of NOK 14.1 million in
\n2022 (NOK 6.8 million in 2021).
\nNOTE 29
Events after the balance sheet date
\n\u25a0
Segment Connectivity received a NOK 150 million order for On-Board
\nUnits with delivery in the \ufb01rst half of 2023. Discussions are ongoing
\nwith respect to additional volume deliveries in the second half of
\n2023.
\n\u25a0
NORBIT announced the closing of the acquisition of the IoT start-up
\nCPS AS. The transaction valued CPS at an enterprise value of NOK
\n13.0 million, implying an equity value of NOK 12.6 million. The
\nacquisition was \ufb01nanced by the issuance of consideration shares at a
\nprice equal to NOK 30.25107 per share with a total value of NOK 9.0
\nmillion, and NOK 3.6 million was paid in cash.",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f5440": {
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"f5441": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f5442": {
"value": "limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"f5444": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5445": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f5446": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5454": {
"value": "NOTE 02 Basis for preparation and estimates and assumptions
\nSTATEMENT OF COMPLIANCE
\nThe consolidated \ufb01nancial statements have been prepared in accordance
\nwith International Financial Reporting Standards (IFRS) and interpretations
\nby the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well
\nas additional Norwegian reporting requirements pursuant to the Norwe-
\ngian Accounting Act.
\nThe consolidated \ufb01nancial statements for 2022 were approved and author-
\nised for issue by the board of directors on 29 March 2023. The consolidated
\n\ufb01nancial statements will be submitted to NORBIT\u2019s annual general meeting,
\nto be held 4 May 2023, for \ufb01nal approval.
\nGOING CONCERN BASIS OF ACCOUNTING
\nThe consolidated \ufb01nancial statements have been prepared on the assump-
\ntion of the business being a going concern.
\nBASIS FOR MEASUREMENT
\nThe consolidated \ufb01nancial statements have been prepared on the basis of
\nthe historical cost principle, with the following modi\ufb01cations:
\n\u25a0
Derivative \ufb01nancial instruments are measured at fair value
\n\u25a0
Fair value of share-based payments (IFRS 2), see note 25.
\nFUNCTIONAL CURRENCY AND PRESENTATION CURRENCY
\nThe consolidated \ufb01nancial statements are presented in Norwegian kroner
\n(NOK), which is the functional currency of NORBIT ASA and the Norwegian
\nsubsidiaries in the group. Foreign subsidiaries operate with local currency
\nas the functional currency.
\nFinancial information presented in NOK has been rounded to the nearest
\nmillion with one decimal, except when otherwise stated. As a result of
\nrounding di\ufb00erences, amounts and percentages may not add up to the total.
\nThe results and \ufb01nancial position of group companies whose functional
\ncurrency is di\ufb00erent from the presentation currency (NOK) are translated
\nto NOK in the following way:
\n\u25a0
Balance sheet items are translated using the exchange rates at the
\nbalance sheet date
\n\u25a0
Pro\ufb01t and loss items are translated at average exchange rates for the
\nreporting period
\n\u25a0
All resulting exchange di\ufb00erences are recognised in other
\ncomprehensive income
\nUSE OF ESTIMATES AND JUDGMENTS
\nThe preparation of annual \ufb01nancial statements in conformity with IFRS
\nrequires management to make judgements, estimates and assumptions
\nthat a\ufb00ect the reported amounts of assets and liabilities, income and
\nexpenses. Although management believes these assumptions to be rea-
\nsonable, given historical experience, actual amounts and results could di\ufb00er
\nfrom these estimates. Estimates and underlying assumptions are reviewed
\nand assessed on an on-going basis. Changes to accounting estimates are
\nrecognised in the period in which the estimates are revised and in future
\nperiods if a\ufb00ected.
\nEstimates and assumptions that could have a signi\ufb01cant impact on the
\ncarrying amount of assets and liabilities within the next \ufb01nancial year are
\ndiscussed below.
\nImpairment testing of intangible assets
\nIn accordance with applicable accounting principles, the group consid-
\ners whether there are indications of impairment on the carrying amounts
\nfor the intangible assets. If such indications exist, an impairment test is
\nperformed to determine whether any intangible assets recorded in the
\nbalance sheet should be impaired. The value in use can be signi\ufb01cantly
\nimpacted by market conditions. Evaluating whether an asset is impaired
\nor if an impairment should be reversed, requires a high degree of judg-
\nment and may to a large extent depend upon the selection of key future
\nassumptions, including determining appropriate cash-generating units,
\ndiscount rate, projecting future cash \ufb02ows and assumptions on future
\nmarket conditions. Reference is made to note 13 for further information.
\nImpairment testing of goodwill
\nIn accordance with applicable accounting principles, the group performs
\nimpairment testing of goodwill annually, or more frequently if any indica-
\ntions of impairment on the goodwill exist. The estimated recoverable value
\nfor the cash-generating units is determined based on the higher of its fair
\nvalue less cost of disposal or value in use. Value in use is estimated based
\non a present value of the future cash \ufb02ows expected to be derived from the
\ncash-generating units. These calculations require management to estimate
\nfuture cash \ufb02ows and discount rate, including assumptions on future mar-
\nket conditions, all of which involves a high degree of judgment. Reference
\nis made to note 13 for further information.
\nLoss allowance for trade receivables
\nNORBIT has exposure to a diversi\ufb01ed and fragmented customer base, of
\nwhich a majority is international. Thus, the group is exposed to credit risk
\non its trade receivables. The group applies the IFRS 9 simpli\ufb01ed approach to
\nmeasuring expected credit losses. This assessment involves a high degree
\nof judgment, particularly relating to assessing scenario probabilities. Ref-
\nerence is made to note 5 and 16 for further information.
\nWarranty provisions
\nA provision is made for expected warranty expenditures for the group com-
\npanies. The warranty period is generally 12 to 24 months, while some clients
\nhave purchased extended warranties. The level and duration of warranty
\nprovisions are based on historical data. Assessing and determining the
\npotential warranty expenditures requires a high degree of judgment.
\nProvision for obsolete inventory
\nThe group makes provision for obsolescence of inventory. These provisions
\nare based on an assessment of the age distribution of inventory items and
\nwhether the goods are part of an active or expired product range. A provi-
\nsion for obsolescence is made when the net realisable value of the good is
\nlower than the cost of the good. These provisions are estimate-based and
\nrequire in-depth knowledge about goods and markets.
\nClimate risk
\nNORBIT evaluates the overall climate risk to be low. Hence, climate-re-
\nlated matters are not expected to substantially a\ufb00ect assets, provisions
\nor future cash-\ufb02ows.
\nThe Task Force on Climate Related Financial Disclosure's (TCFD) de\ufb01nes
\nthree main types of climate related risks; physical risk, risk associated with
\ntransition to a low carbon community, and lastly liability risk. NORBIT\u2019s main
\nphysical risk factors are identi\ufb01ed to be rising sea levels, changes in hydro
\npower availability, and power outages and transport challenges due to
\nextreme weather events. As NORBIT's main physical assets are located in
\nNorway, and the Norwegian government has risk mitigation measures and
\nemergency response plans in the event of such acute or chronic incidents,
\nthe consequences, and hence, physical risk is currently considered low.
\nThe transition risk is evaluated more as an opportunity rather than a risk,
\nas NORBIT delivers solutions relevant for the green transition, for instance
\nrelated to electri\ufb01cation and digitalisation. Lastly, the liability risk is con-
\nsidered low as the industries NORBIT operates in are not heavily exposed
\nto climate related legal regulations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
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"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5455": {
"value": "NOTE 02 Basis for preparation and estimates and assumptions
\nSTATEMENT OF COMPLIANCE
\nThe consolidated \ufb01nancial statements have been prepared in accordance
\nwith International Financial Reporting Standards (IFRS) and interpretations
\nby the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well
\nas additional Norwegian reporting requirements pursuant to the Norwe-
\ngian Accounting Act.
\nThe consolidated \ufb01nancial statements for 2022 were approved and author-
\nised for issue by the board of directors on 29 March 2023. The consolidated
\n\ufb01nancial statements will be submitted to NORBIT\u2019s annual general meeting,
\nto be held 4 May 2023, for \ufb01nal approval.
\nGOING CONCERN BASIS OF ACCOUNTING
\nThe consolidated \ufb01nancial statements have been prepared on the assump-
\ntion of the business being a going concern.
\nBASIS FOR MEASUREMENT
\nThe consolidated \ufb01nancial statements have been prepared on the basis of
\nthe historical cost principle, with the following modi\ufb01cations:
\n\u25a0
Derivative \ufb01nancial instruments are measured at fair value
\n\u25a0
Fair value of share-based payments (IFRS 2), see note 25.
\nFUNCTIONAL CURRENCY AND PRESENTATION CURRENCY
\nThe consolidated \ufb01nancial statements are presented in Norwegian kroner
\n(NOK), which is the functional currency of NORBIT ASA and the Norwegian
\nsubsidiaries in the group. Foreign subsidiaries operate with local currency
\nas the functional currency.
\nFinancial information presented in NOK has been rounded to the nearest
\nmillion with one decimal, except when otherwise stated. As a result of
\nrounding di\ufb00erences, amounts and percentages may not add up to the total.
\nThe results and \ufb01nancial position of group companies whose functional
\ncurrency is di\ufb00erent from the presentation currency (NOK) are translated
\nto NOK in the following way:
\n\u25a0
Balance sheet items are translated using the exchange rates at the
\nbalance sheet date
\n\u25a0
Pro\ufb01t and loss items are translated at average exchange rates for the
\nreporting period
\n\u25a0
All resulting exchange di\ufb00erences are recognised in other
\ncomprehensive income
\nUSE OF ESTIMATES AND JUDGMENTS
\nThe preparation of annual \ufb01nancial statements in conformity with IFRS
\nrequires management to make judgements, estimates and assumptions
\nthat a\ufb00ect the reported amounts of assets and liabilities, income and
\nexpenses. Although management believes these assumptions to be rea-
\nsonable, given historical experience, actual amounts and results could di\ufb00er
\nfrom these estimates. Estimates and underlying assumptions are reviewed
\nand assessed on an on-going basis. Changes to accounting estimates are
\nrecognised in the period in which the estimates are revised and in future
\nperiods if a\ufb00ected.
\nEstimates and assumptions that could have a signi\ufb01cant impact on the
\ncarrying amount of assets and liabilities within the next \ufb01nancial year are
\ndiscussed below.
\nImpairment testing of intangible assets
\nIn accordance with applicable accounting principles, the group consid-
\ners whether there are indications of impairment on the carrying amounts
\nfor the intangible assets. If such indications exist, an impairment test is
\nperformed to determine whether any intangible assets recorded in the
\nbalance sheet should be impaired. The value in use can be signi\ufb01cantly
\nimpacted by market conditions. Evaluating whether an asset is impaired
\nor if an impairment should be reversed, requires a high degree of judg-
\nment and may to a large extent depend upon the selection of key future
\nassumptions, including determining appropriate cash-generating units,
\ndiscount rate, projecting future cash \ufb02ows and assumptions on future
\nmarket conditions. Reference is made to note 13 for further information.
\nImpairment testing of goodwill
\nIn accordance with applicable accounting principles, the group performs
\nimpairment testing of goodwill annually, or more frequently if any indica-
\ntions of impairment on the goodwill exist. The estimated recoverable value
\nfor the cash-generating units is determined based on the higher of its fair
\nvalue less cost of disposal or value in use. Value in use is estimated based
\non a present value of the future cash \ufb02ows expected to be derived from the
\ncash-generating units. These calculations require management to estimate
\nfuture cash \ufb02ows and discount rate, including assumptions on future mar-
\nket conditions, all of which involves a high degree of judgment. Reference
\nis made to note 13 for further information.
\nLoss allowance for trade receivables
\nNORBIT has exposure to a diversi\ufb01ed and fragmented customer base, of
\nwhich a majority is international. Thus, the group is exposed to credit risk
\non its trade receivables. The group applies the IFRS 9 simpli\ufb01ed approach to
\nmeasuring expected credit losses. This assessment involves a high degree
\nof judgment, particularly relating to assessing scenario probabilities. Ref-
\nerence is made to note 5 and 16 for further information.
\nWarranty provisions
\nA provision is made for expected warranty expenditures for the group com-
\npanies. The warranty period is generally 12 to 24 months, while some clients
\nhave purchased extended warranties. The level and duration of warranty
\nprovisions are based on historical data. Assessing and determining the
\npotential warranty expenditures requires a high degree of judgment.
\nProvision for obsolete inventory
\nThe group makes provision for obsolescence of inventory. These provisions
\nare based on an assessment of the age distribution of inventory items and
\nwhether the goods are part of an active or expired product range. A provi-
\nsion for obsolescence is made when the net realisable value of the good is
\nlower than the cost of the good. These provisions are estimate-based and
\nrequire in-depth knowledge about goods and markets.
\nClimate risk
\nNORBIT evaluates the overall climate risk to be low. Hence, climate-re-
\nlated matters are not expected to substantially a\ufb00ect assets, provisions
\nor future cash-\ufb02ows.
\nThe Task Force on Climate Related Financial Disclosure's (TCFD) de\ufb01nes
\nthree main types of climate related risks; physical risk, risk associated with
\ntransition to a low carbon community, and lastly liability risk. NORBIT\u2019s main
\nphysical risk factors are identi\ufb01ed to be rising sea levels, changes in hydro
\npower availability, and power outages and transport challenges due to
\nextreme weather events. As NORBIT's main physical assets are located in
\nNorway, and the Norwegian government has risk mitigation measures and
\nemergency response plans in the event of such acute or chronic incidents,
\nthe consequences, and hence, physical risk is currently considered low.
\nThe transition risk is evaluated more as an opportunity rather than a risk,
\nas NORBIT delivers solutions relevant for the green transition, for instance
\nrelated to electri\ufb01cation and digitalisation. Lastly, the liability risk is con-
\nsidered low as the industries NORBIT operates in are not heavily exposed
\nto climate related legal regulations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5460": {
"value": "STATEMENT OF COMPLIANCE The consolidated \ufb01nancial statements have been prepared in accordance
\nwith International Financial Reporting Standards (IFRS) and interpretations
\nby the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well
\nas additional Norwegian reporting requirements pursuant to the Norwe-
\ngian Accounting Act.
\nThe consolidated \ufb01nancial statements for 2022 were approved and author-
\nised for issue by the board of directors on 29 March 2023. The consolidated
\n\ufb01nancial statements will be submitted to NORBIT\u2019s annual general meeting,
\nto be held 4 May 2023, for \ufb01nal approval. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5473": {
"value": "GOING CONCERN BASIS OF ACCOUNTING The consolidated \ufb01nancial statements have been prepared on the assump-
\ntion of the business being a going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5486": {
"value": "FUNCTIONAL CURRENCY AND PRESENTATION CURRENCY The consolidated \ufb01nancial statements are presented in Norwegian kroner
\n(NOK), which is the functional currency of NORBIT ASA and the Norwegian
\nsubsidiaries in the group. Foreign subsidiaries operate with local currency
\nas the functional currency.
\nFinancial information presented in NOK has been rounded to the nearest
\nmillion with one decimal, except when otherwise stated. As a result of
\nrounding di\ufb00erences, amounts and percentages may not add up to the total.
\nThe results and \ufb01nancial position of group companies whose functional
\ncurrency is di\ufb00erent from the presentation currency (NOK) are translated
\nto NOK in the following way:
\n\u25a0
Balance sheet items are translated using the exchange rates at the
\nbalance sheet date
\n\u25a0
Pro\ufb01t and loss items are translated at average exchange rates for the
\nreporting period
\n\u25a0
All resulting exchange di\ufb00erences are recognised in other
\ncomprehensive income",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5572": {
"value": "Loss allowance for trade receivables NORBIT has exposure to a diversi\ufb01ed and fragmented customer base, of
\nwhich a majority is international. Thus, the group is exposed to credit risk
\non its trade receivables. The group applies the IFRS 9 simpli\ufb01ed approach to
\nmeasuring expected credit losses. This assessment involves a high degree
\nof judgment, particularly relating to assessing scenario probabilities. Ref-
\nerence is made to note 5 and 16 for further information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5615": {
"value": "NOTE 03 Significant changes and future changes to accounting policies
\nThe group did not apply any amendments to the standards that were e\ufb00ec-
\ntive for the current year as such standards did not have any material impact
\non the amounts reported in the \ufb01nancial statements. The group has chosen
\nnot to adopt early any standards, interpretations or amendments that have
\nbeen issued but are not yet e\ufb00ective as these changes are not expected to
\nhave a material e\ufb00ect on the \ufb01nancial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5626": {
"value": "NOTE 04 Accounting principles
\nThe accounting principles presented below have been applied consistently
\nfor the reporting period and for the group companies presented in the con-
\nsolidated \ufb01nancial statements.
\nGROUP ACCOUNTING AND CONSOLIDATION PRINCIPLES
\nSubsidiaries
\nSubsidiaries are all entities over which the group has control. The group
\ncontrols an entity when the group is exposed to, or has rights to, variable
\nreturns from its involvement with the entity and has the ability to a\ufb00ect
\nthose returns through its power over the entity. Subsidiaries are consoli-
\ndated from the date on which control is transferred to the group until the
\ndate of which control ceases.
\nInvestment in associates
\nAssociates are all entities over which the group has signi\ufb01cant in\ufb02uence,
\nbut which is not a subsidiary nor a joint arrangement. Signi\ufb01cant in\ufb02uence
\nis the power to participate in the \ufb01nancial and operating policy decisions
\nof the investee, without having control or joint control of these policies.
\nThis is generally the case where the group holds between 20 and 50 per
\ncent of the voting rights.
\nInvestments in associates are accounted for using the equity method of
\naccounting, after initially being recognised at cost. Subsequent to initial
\nrecognition, the consolidated \ufb01nancial statements include the group\u2019s share
\nof the pro\ufb01t and loss and OCI of the associate, until the date on which
\nsigni\ufb01cant in\ufb02uence ceases to exist. Share of pro\ufb01t or loss of the equi
-
\nty-accounted associate is reported as part of net \ufb01nancial items in the
\nconsolidated accounts.
\nDividends received from associates are presented as part of net cash \ufb02ow
\nfrom operating activities in the statement of cash \ufb02ows. Received dividends
\nare recognised as a reduction of the carrying amount of the investment.
\nBusiness combinations
\nBusiness combinations are accounted for using the acquisition method
\nat the acquisition date, which is the date when control is transferred to
\nthe group. The consideration given is measured at the fair values of the
\nassets transferred, the equity instruments that have been issued, liabilities
\nassumed on the transfer of control and direct costs relating to the actual
\npurchase. The cost of acquisition also includes the fair value of all assets or
\nliabilities that are the result of an agreement on contingent consideration.
\nIdenti\ufb01able assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are measured initially at their fair values at the
\nacquisition date. The costs associated with the business combination are
\nexpensed when they are incurred.
\nIf the aggregate of the consideration transferred, the carrying amount of
\nnon-controlling interests and the fair value on the acquisition date of any
\npreviously held ownership interests exceeds the fair value of the acquired
\nentity\u2019s identi\ufb01able net assets, the di\ufb00erence is capitalised as goodwill. If
\nthe aggregate is less than the company\u2019s net assets, the di\ufb00erence is imme-
\ndiately recognised in pro\ufb01t or loss as a bargain purchase.
\nContingent consideration is classi\ufb01ed either as equity or a \ufb01nancial liability.
\nAmounts classi\ufb01ed as a \ufb01nancial liability are subsequently remeasured to
\nfair value with changes in fair value recognised in pro\ufb01t or loss.
\nElimination of transactions upon consolidation
\nIntra-group balances and transactions, and any signi\ufb01cant unrealised gains
\nand losses or income and expenses arising from intra-group transactions,
\nare eliminated in preparing the consolidated \ufb01nancial statements. Unreal-
\nised gains arising from transactions with associated and joint ventures are
\neliminated to the extent of the group\u2019s interest in the entity.
\nFOREIGN CURRENCY TRANSLATIONS AND TRANSACTIONS
\nForeign currency transactions are translated into each group company\u2019s
\nfunctional currency using the exchange rates at the dates of the transac-
\ntions. Monetary assets and liabilities in foreign currencies are translated
\ninto the group company\u2019s functional currency using the exchange rate on
\nthe balance sheet date. Foreign exchange gains and losses resulting from
\nthe settlement of such transactions and from the translation of monetary
\nassets and liabilities denominated in foreign currencies other than NOK are
\nrecognised in the income statement under net \ufb01nancial items.
\nNon-monetary assets and liabilities that are measured at fair value in a
\nforeign currency are translated to the functional currency at the exchange
\nrates on the date the fair value is determined. Translation di\ufb00erences on
\nassets and liabilities carried at fair value are reported as part of the fair
\nvalue gain or loss.
\nREVENUE RECOGNITION
\nThe core principle of IFRS 15 is that an entity should recognise revenue to
\ndepict the transfer of promised goods or services to customers in an amount
\nthat re\ufb02ects the consideration to which the entity expects to be entitled
\nin exchange for those goods or services. The group recognises revenue
\nwhen (or as) a performance obligation is satis\ufb01ed, that is when 'control' of
\nthe goods or services underlying the particular performance obligation is
\ntransferred to the customer.
\nThe majority of revenue for the group relates to sale of goods where the
\ncontrol is transferred to the customer at a point in time, depending on the
\ncontracted delivery terms. There is only one performance obligation in each
\ncontract and no variable consideration.
\nFor the revenue that is recognised over time, the group is using cost incurred
\ncompared to total expected cost (cost to cost) as a measure of progress. The
\ncontracts usually consist of only one performance obligation and there are
\nno signi\ufb01cant variable components in the transaction price.
\nSale of goods
\nThe group manufactures and sells a range of electronic equipment in the
\nindustrial market. Sales are recognised when control of the products has
\ntransferred, being when the products are delivered to customer, the cus-
\ntomer has full discretion over the channel and price to sell the products, and
\nthere is no unful\ufb01lled obligation that could a\ufb00ect the customer\u2019s acceptance
\nof the products. Delivery occurs when the products have been shipped to
\nthe speci\ufb01c location, the risks of obsolescence and loss have been trans-
\nferred to the customer, and either the customer has accepted the prod-
\nucts in accordance with the sales contract, the acceptance provisions have
\nlapsed, or the group has objective evidence that all criteria for acceptance
\nhave been satis\ufb01ed.
\nA receivable is recognised when the goods are delivered as this is the point
\nin time that the consideration is unconditional because only the passage of
\ntime is required before the payment is due.
\nSale of services
\nRevenue from providing services is recognised in the accounting period
\nin which the services are rendered. For \ufb01xed-price contracts, revenue is
\nrecognised based on the actual service provided to the end of the report-
\ning period as a proportion of the total services to be provided, because
\nthe customer receives and uses the bene\ufb01ts simultaneously. This is deter-
\nmined based on the actual cost spent relative to the total expected costs.
\nSome contracts include multiple deliverables, such as the sale of hardware
\nand related installation services. Where the contracts include multiple per-
\nformance obligations, the transaction price will be allocated to each perfor-
\nmance obligation based on the stand-alone selling prices. Where these are
\nnot directly observable, they are estimated based on expected cost plus
\nmargin. If contracts include the installation of hardware, revenue for the
\nhardware is recognised at a point in time when the hardware is delivered,
\nthe legal title has passed and the customer has accepted the hardware.
\nEstimates of revenues, costs or extent of progress toward completion are
\nrevised if circumstances change. Any resulting increases or decreases in
\nestimated revenues or costs are re\ufb02ected in pro\ufb01t or loss in the period in
\nwhich the circumstances that give rise to the revision become known by
\nmanagement.
\nIn the case of \ufb01xed-price contracts, the customer pays the \ufb01xed amount
\nbased on a payment schedule. If the services rendered by the group exceed
\nthe payment, a contract asset is recognised. If the payments exceed the
\nservices rendered, a contract liability is recognised.
\nFinancing components
\nIn contracts where the period between the transfer of the promised goods
\nor services to the customer and payment by the customer exceeds one year,
\nthe transaction prices are adjusted for the time value of money.
\nPENSION
\nFor de\ufb01ned contribution plans, contributions are paid into pension insur-
\nance plans. Contributions to de\ufb01ned contributions plans are charged to the
\nincome statement in the period to which contributions relate.
\nGOVERNMENT GRANTS
\nGovernment grants are recognised where there is reasonable assurance
\nthat the grant will be received and all attached conditions will be complied
\nwith. Government grants are recognised at the value of the contribution at
\nthe transaction date. Government grants are either accounted for as reduc-
\ntion of expenses, or intangible assets if a grant is related to research and
\ndevelopment of capitalised assets.
\nFINANCIAL INCOME AND EXPENSE
\nFinancial income and \ufb01nancial expenses comprise interest income and
\nexpense on borrowings, foreign exchange gains and losses, dividend
\nincome, gains and losses on derivatives and change in the fair value of
\n\ufb01nancial assets at fair value through the income statement. Foreign cur-
\nrency gains and losses are reported on a net basis.
\nINCOME TAX
\nIncome tax recognised in the income statement comprises current and
\ndeferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other
\ncomprehensive income.
\nCurrent income tax is the expected tax payable on the taxable income for the
\nyear, using tax rates enacted or substantially enacted at the balance sheet
\ndate, and any adjustment to the tax payable in respect of previous years.
\nDeferred tax is recognised, using the liability method, in respect of tempo-
\nrary di\ufb00erences between the carrying amounts of assets and liabilities for
\n\ufb01nancial reporting and the amounts used for taxation purposes. Deferred
\ntax is not recognised for:
\n\u25a0
Goodwill not deductible for tax purposes
\n\u25a0
The initial recognition of assets and liabilities in a transaction that
\nis not a business combination and that a\ufb00ect neither accounting nor
\ntaxable pro\ufb01t
\n\u25a0
Temporary di\ufb00erences relating to investments in subsidiaries, if it is
\nprobably that they will not reverse in the foreseeable future
\nDeferred income tax is determined using tax rates (and laws) that have
\nbeen enacted or substantially enacted at the balance sheet date and are
\nexpected to apply when the related deferred income tax asset is realised
\nor the deferred income tax liability is settled.
\nDeferred tax assets and liabilities are o\ufb00set if:
\n\u25a0
There is a legally enforceable right to o\ufb00set current tax assets and
\nliabilities
\n\u25a0
They related to income taxes levied by the same taxation authority on
\nthe same taxable entity, or on di\ufb00erent taxable entities which intend
\neither to settle current tax liabilities or assets on a net basis, or to
\nrealise the tax assets and settle the liabilities simultaneously.
\nDeferred tax assets are recognised if it is probable that future taxable pro\ufb01ts
\nwill be available against which the temporary di\ufb00erences can be utilised.
\nCURRENT/NON-CURRENT CLASSIFICATION
\nAn asset is classi\ufb01ed as current when it is expected to be realised or is
\nintended for sale or consumption in the group\u2019s normal operating cycle, it
\nis held primarily for the purpose of being traded, or it is expected/due to
\nbe realised or settled within twelve months after balance sheet date. Other
\nassets are classi\ufb01ed as non-current.
\nA liability is classi\ufb01ed as current when it is expected to be settled in the
\ngroup\u2019s normal operating cycle, is held primarily for the purpose of being
\ntraded, the liability is due to be settled within twelve months after the bal-
\nance sheet date, or if the group does not have an unconditional right to
\ndefer settlement of the liability for at least twelve months after the report-
\ning period. All other liabilities are classi\ufb01ed as non-current.
\nPROPERTY, PLANT AND EQUIPMENT
\nAn item of property, plant and equipment is recognised as an asset if it is
\nprobably that the future economic bene\ufb01t associated with the assets will
\n\ufb02ow to the group, and its cost can be reliably measured. Property, plant
\nand equipment is stated at historical cost less accumulated depreciation
\nand impairment losses. Historical cost includes expenditure directly attrib-
\nutable to the asset\u2019s acquisition.
\nWhen signi\ufb01cant parts of an item of property, plant and equipment have dif-
\nferent useful lives, major components are accounted for as separate items.
\nGains and losses on disposals are determined by comparing proceeds with
\ncarrying amount. These are included in the income statement. An asset\u2019s
\ncarrying amount is written down immediately to its recoverable amount
\nif the asset\u2019s carrying amount is greater than its estimated recoverable
\namount.
\nSubsequent costs
\nSubsequent costs are included in the asset\u2019s carrying amount or recognised
\nas a separate asset, as appropriate, only when it is probable that future
\neconomic bene\ufb01ts associated with the item will \ufb02ow to the group and the
\ncost of the item can be measured reliably. The carrying amount of any com-
\nponent accounted for as a separate asset is derecognised when replaced.
\nAll other repairs and maintenance are charged to the income statement
\nduring the reporting period as incurred.
\nDepreciation
\nDepreciation is recognised in the income statement on a straight-line basis
\nover the estimated useful life of each major component of an item of prop-
\nerty, plant and equipment, taking residual value into consideration. Depreci-
\nation methods, useful lives and residual values are reviewed at each balance
\nsheet date. The depreciation methods and periods used by the group are
\ndisclosed in note 12.
\nINTANGIBLE ASSETS
\nResearch and development
\nDevelopment activities involve a plan or design for the production of new
\nor substantially improved products and processes. Development expendi-
\nture is capitalised only if development costs can be measured reliably, the
\nproduct and process is technically and commercially feasible, future eco-
\nnomic bene\ufb01ts are probable, and the group intends to and has su\ufb03cient
\nresources to complete development and to use or sell the asset.
\nThe capitalised expenditure includes cost of materials, direct labour costs
\nand operating expenses that are directly attributable to developing and
\npreparing the asset for its intended use. Other development expenditures
\nare recognised in the income statement as an expense in the period in
\nwhich it occurs.
\nCapitalised development expenditures are recognised at historic cost less
\naccumulated amortisation and impairment losses. Acquired intangible
\nassets is measured following the same principle.
\nAmortisation is recognised in the income statement on a straight-line basis
\nover the estimated useful lives of the intangible assets unless such useful
\nlives are inde\ufb01nite. Intangible assets are amortised from the day they are
\navailable for use. The amortisation methods and periods used by the group
\nare disclosed in note 13.
\nGOODWILL
\nGoodwill acquired in a business combination represents cost price of the
\nacquisition in excess of the net fair value of identi\ufb01able net assets in the
\nacquired entity at the time of acquisition. Goodwill is recognised initially
\nat cost and subsequently measured at cost less accumulated impairment
\nlosses.
See note 13 and 21 for further details on measurement of goodwill.
\nINVENTORY
\nInventory is stated at the lower of cost and net realisable value. Cost is
\ndetermined by the \ufb01rst-in \ufb01rst-out (FIFO) method or the weighted average
\ncost formula. The cost of purchased inventory is determined after deducting
\nrebates and discounts. Net realisable value is the estimated selling price
\nin the ordinary course of business less the estimated costs of completion
\nand selling expenses.
\nFINANCIAL ASSETS AND FINANCIAL LIABILITIES
\nThe group classi\ufb01es its \ufb01nancial assets in the following measurement cat-
\negories:
\n\u25a0
Those to be measured subsequently at fair value (either through OCI
\nor through the income statement), and
\n\u25a0
Those to be measured at amortised cost
\nThe classi\ufb01cation depends on the entity\u2019s business model for managing the
\n\ufb01nancial assets and the contractual terms of the cash \ufb02ows.
\nFor assets measured at fair value, gains and losses will either be recorded
\nin the income statement or OCI. For investments in equity instruments that
\nare not held for trading, this will depend on whether the group has made an
\nirrevocable election at the time of initial recognition to account for the equity
\ninvestment at fair value through other comprehensive income (FVOCI).
\nRegular way purchases and sales of \ufb01nancial assets are recognised on
\ntrade-date, the date on which the group commits to purchase or sell the
\nasset. Financial assets are derecognised when the rights to receive cash
\n\ufb02ows from the \ufb01nancial assets have expired or have been transferred and
\nthe group has transferred substantially all the risks and rewards of own-
\nership.
\nTrade receivables
\nTrade receivables are amounts due from customers for goods sold or ser-
\nvices performed in the ordinary course of business. They are generally due
\nfor settlement within 30-60 days and are therefore classi\ufb01ed as current.
\nTrade receivables measured at fair value upon initial recognition, and there-
\nafter at amortised cost, less allowance made for credit losses. The interest
\nrate element is disregarded if insigni\ufb01cant, which is the case for the vast
\nmajority of the group\u2019s trade receivables.
\nCash and cash equivalents
\nCash and cash equivalents consist of bank deposits on call with \ufb01nancial
\ninstitutions and other short-term, highly liquid investments with original
\nmaturities of less than three months.
\nTrade and other payables
\nTrade payables are recognised at the original invoiced amount. Other pay-
\nable are recognised initially at fair value. Trade and other payables are val-
\nued at amortised cost using the e\ufb00ective interest rate method. The interest
\nrate element is disregarded if it is insigni\ufb01cant, which is the case for the
\nvast majority of the group\u2019s trade payables.
\nInterest-bearing borrowings
\nInterest-bearing borrowings are recognised initially at fair value, net of
\ntransaction costs incurred. Subsequent to initial recognition, interest-bear-
\ning borrowings are measured at amortised cost with any di\ufb00erence between
\ncost and redemption value being recognised in the income statement over
\nthe period of the borrowings on an e\ufb00ective interest basis.
\nIMPAIRMENT
\nImpairment of non-\ufb01nancial assets
\nThe carrying amount of the groups non-\ufb01nancial assets (other than deferred
\ntax assets and inventory) are reviewed at the end of each reporting period
\nto determine whether there is any indication of impairment. If an indication
\nof impairment exists, the asset\u2019s recoverable amount is estimated. Intan-
\ngible assets with an inde\ufb01nite useful life and intangible assets that are not
\nyet available for use are tested for impairment annually, or more frequently
\nif events or changes in circumstances indicate that they might be impaired.
\nFor the purposes of impairment testing, assets are grouped together into
\nthe smallest group of assets that generates cash in\ufb02ows from continuing
\nuse that are largely independent of the cash in\ufb02ows from other assets or
\ngroups of assets (cash-generating units).
\nAn impairment loss is recognised for the amount by which the asset's carry-
\ning amount exceeds its recoverable amount and recognised in the income
\nstatement. The recoverable amount is the higher of an asset's fair value
\nless costs of disposal and value in use. In assessing value in use, the esti-
\nmated future cash \ufb02ows are discounted to their present value using a pre-
\ntax discount rate that re\ufb02ects the current market assessments of the time
\nvalue of money and the risks speci\ufb01c to the asset.
\nAn impairment loss on goodwill is not reversed. For assets other than good-
\nwill, an impairment loss is reversed if there has been a change in the esti-
\nmates used to determine the recoverable amount. An impairment loss is
\nreversed only to the extent that the asset\u2019s carrying amount does not exceed
\nthe carrying amount, net of depreciation or amortisation, calculated as if
\nno impairment loss had been recognised.
\nImpairment of \ufb01nancial assets
\nThe group assesses on a forward-looking basis the expected credit losses
\nassociated with its debt instruments carried at amortised cost and FVOCI.
\nThe impairment methodology applied depends on whether there has been
\na signi\ufb01cant increase in credit risk.
\nThere are mainly trade receivables that are subject to the expected credit
\nloss model in IFRS 9. For trade receivables, the group applies the simpli\ufb01ed
\napproach permitted by IFRS 9, which requires expected lifetime losses to
\nbe recognised from initial recognition of the receivables. Trade receivables
\nare grouped based on shared credit risk characteristics and days past due.
\nExpected losses are primarily calculated through an individual and speci\ufb01c
\nassessment of each customer / receivable. The assessment is carried out by
\nsenior sta\ufb00 in the group's \ufb01nance department in dialogue with the manage-
\nment of the operating segments. For trade receivables that are more than
\n90 days past due date, a scenario analysis is performed. The scenario anal-
\nysis includes scenarios for (i) the client's bankruptcy, (ii) the client executes
\ndebt negotiations and (iii) the customer pays the claim in full.
\nPROVISIONS
\nA provision is recognised when the group has a present obligation as a
\nresult of a past event that can be estimated reliably and it is probable that
\nthe group will be required to settle the obligation. If the e\ufb00ect is material,
\nprovisions are determined as the present value of expected future cash
\n\ufb02ows, discounted by a market based pre-tax discount rate.
\nWarranty provisions are made for expected future expenses related to deliv-
\nered products and services. The provisions are based on historic data of
\nincurred warranty expenses.
\nLEASES
\nThe group applies IFRS 16 and its leasing agreements primarily consist of
\nrent of o\ufb03ce premises and manufacturing equipment with various lease
\nterms and conditions.
\nUpon entering into a contract, an assessment is made of whether an agree-
\nment contains a lease arrangement entitling the group to control the use of
\nan identi\ufb01ed asset. If the lease is identi\ufb01ed as such, assets and associated
\nliabilities are recognised at the start of the lease. The group determines
\nthe lease term as the non-cancellable term of the lease, together with any
\nperiods covered by an option to extend the lease if it is reasonably certain
\nto be exercised, or any period covered by an option to terminate the lease if
\nit is reasonably certain to be exercised. Lease payments for the \ufb01rst twelve
\nmonth following the balance sheet date is classi\ufb01ed as current liabilities.
\nRight-of-use assets
\nThe group recognises right-of-use asset at the lease commencement date.
\nThe right-of-use asset is initially measured at cost, and subsequently at cost
\nless any accumulated depreciation and impairment losses and adjusted
\nfor certain remeasurements of the lease liability. The cost of right-of-use
\nasset includes the amount of lease liability recognised, initial direct costs
\nincurred and lease payments made at or before the commencement date,
\nless any lease incentives received. The right-of-use asset is depreciation
\non a straight-line basis over the shorter of the asset\u2019s estimated useful
\nlife and the lease term and is subject to impairment assessment of non-\ufb01-
\nnancial assets.
\nLease liabilities
\nThe lease liability is initially measured at the present value of the lease
\npayment that are not paid at the commencement date, discounted using
\nthe interest rate implicit in the lease or, if that rate cannot be readily deter-
\nmined, the group\u2019s incremental borrowing rate as the discount rate. The
\nlease payments include \ufb01xed payments and variable lease payments that
\ndepend on an index or rate.
\nThe lease liability is subsequently increased by the interest cost on the
\nlease liability and decreased by the lease payment made. It is remeasured
\nwhen there is a change in future lease payments arising from a change in
\nan index or rate, or as appropriate, changes in the assessment of whether
\nan extension option is reasonably certain to be exercised or a termination
\noption is reasonably certain not to be exercised.
\nShort-term leases and lease of low value assets
\nThe group applies the recognition exemption to its leases that have a lease
\nterm of 12 months or less from the commencement date and do not con-
\ntain a purchase option. The group also applies recognition exemption to
\nleases that are considered low-value assets, mainly IT and o\ufb03ce equipment.
\nLease payments associated with short-term leases and low-value assets are
\nrecognised on a straight-line basis as an expense in the income statement.
\nDIVIDENDS
\nDividends are recorded in the group\u2019s consolidated \ufb01nancial statement in
\nthe period which they are approved by the general meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5634": {
"value": "Subsidiaries Subsidiaries are all entities over which the group has control. The group
\ncontrols an entity when the group is exposed to, or has rights to, variable
\nreturns from its involvement with the entity and has the ability to a\ufb00ect
\nthose returns through its power over the entity. Subsidiaries are consoli-
\ndated from the date on which control is transferred to the group until the
\ndate of which control ceases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5644": {
"value": "Investment in associates Associates are all entities over which the group has signi\ufb01cant in\ufb02uence,
\nbut which is not a subsidiary nor a joint arrangement. Signi\ufb01cant in\ufb02uence
\nis the power to participate in the \ufb01nancial and operating policy decisions
\nof the investee, without having control or joint control of these policies.
\nThis is generally the case where the group holds between 20 and 50 per
\ncent of the voting rights.
\nInvestments in associates are accounted for using the equity method of
\naccounting, after initially being recognised at cost. Subsequent to initial
\nrecognition, the consolidated \ufb01nancial statements include the group\u2019s share
\nof the pro\ufb01t and loss and OCI of the associate, until the date on which
\nsigni\ufb01cant in\ufb02uence ceases to exist. Share of pro\ufb01t or loss of the equi
-
\nty-accounted associate is reported as part of net \ufb01nancial items in the
\nconsolidated accounts.
\nDividends received from associates are presented as part of net cash \ufb02ow
\nfrom operating activities in the statement of cash \ufb02ows. Received dividends
\nare recognised as a reduction of the carrying amount of the investment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5665": {
"value": "Business combinations Business combinations are accounted for using the acquisition method
\nat the acquisition date, which is the date when control is transferred to
\nthe group. The consideration given is measured at the fair values of the
\nassets transferred, the equity instruments that have been issued, liabilities
\nassumed on the transfer of control and direct costs relating to the actual
\npurchase. The cost of acquisition also includes the fair value of all assets or
\nliabilities that are the result of an agreement on contingent consideration.
\nIdenti\ufb01able assets acquired and liabilities and contingent liabilities assumed
\nin a business combination are measured initially at their fair values at the
\nacquisition date. The costs associated with the business combination are
\nexpensed when they are incurred.
\nIf the aggregate of the consideration transferred, the carrying amount of
\nnon-controlling interests and the fair value on the acquisition date of any
\npreviously held ownership interests exceeds the fair value of the acquired
\nentity\u2019s identi\ufb01able net assets, the di\ufb00erence is capitalised as goodwill. If
\nthe aggregate is less than the company\u2019s net assets, the di\ufb00erence is imme-
\ndiately recognised in pro\ufb01t or loss as a bargain purchase.
\nContingent consideration is classi\ufb01ed either as equity or a \ufb01nancial liability.
\nAmounts classi\ufb01ed as a \ufb01nancial liability are subsequently remeasured to
\nfair value with changes in fair value recognised in pro\ufb01t or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5714": {
"value": "Elimination of transactions upon consolidation Intra-group balances and transactions, and any signi\ufb01cant unrealised gains
\nand losses or income and expenses arising from intra-group transactions,
\nare eliminated in preparing the consolidated \ufb01nancial statements. Unreal-
\nised gains arising from transactions with associated and joint ventures are
\neliminated to the extent of the group\u2019s interest in the entity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5723": {
"value": "FOREIGN CURRENCY TRANSLATIONS AND TRANSACTIONS Foreign currency transactions are translated into each group company\u2019s
\nfunctional currency using the exchange rates at the dates of the transac-
\ntions. Monetary assets and liabilities in foreign currencies are translated
\ninto the group company\u2019s functional currency using the exchange rate on
\nthe balance sheet date. Foreign exchange gains and losses resulting from
\nthe settlement of such transactions and from the translation of monetary
\nassets and liabilities denominated in foreign currencies other than NOK are
\nrecognised in the income statement under net \ufb01nancial items.
\nNon-monetary assets and liabilities that are measured at fair value in a
\nforeign currency are translated to the functional currency at the exchange
\nrates on the date the fair value is determined. Translation di\ufb00erences on
\nassets and liabilities carried at fair value are reported as part of the fair
\nvalue gain or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5740": {
"value": "REVENUE RECOGNITION The core principle of IFRS 15 is that an entity should recognise revenue to
\ndepict the transfer of promised goods or services to customers in an amount
\nthat re\ufb02ects the consideration to which the entity expects to be entitled
\nin exchange for those goods or services. The group recognises revenue
\nwhen (or as) a performance obligation is satis\ufb01ed, that is when 'control' of
\nthe goods or services underlying the particular performance obligation is
\ntransferred to the customer.
\nThe majority of revenue for the group relates to sale of goods where the
\ncontrol is transferred to the customer at a point in time, depending on the
\ncontracted delivery terms. There is only one performance obligation in each
\ncontract and no variable consideration.
\nFor the revenue that is recognised over time, the group is using cost incurred
\ncompared to total expected cost (cost to cost) as a measure of progress. The
\ncontracts usually consist of only one performance obligation and there are
\nno signi\ufb01cant variable components in the transaction price.
\nSale of goods
\nThe group manufactures and sells a range of electronic equipment in the
\nindustrial market. Sales are recognised when control of the products has
\ntransferred, being when the products are delivered to customer, the cus-
\ntomer has full discretion over the channel and price to sell the products, and
\nthere is no unful\ufb01lled obligation that could a\ufb00ect the customer\u2019s acceptance
\nof the products. Delivery occurs when the products have been shipped to
\nthe speci\ufb01c location, the risks of obsolescence and loss have been trans-
\nferred to the customer, and either the customer has accepted the prod-
\nucts in accordance with the sales contract, the acceptance provisions have
\nlapsed, or the group has objective evidence that all criteria for acceptance
\nhave been satis\ufb01ed.
\nA receivable is recognised when the goods are delivered as this is the point
\nin time that the consideration is unconditional because only the passage of
\ntime is required before the payment is due.
\nSale of services
\nRevenue from providing services is recognised in the accounting period
\nin which the services are rendered. For \ufb01xed-price contracts, revenue is
\nrecognised based on the actual service provided to the end of the report-
\ning period as a proportion of the total services to be provided, because
\nthe customer receives and uses the bene\ufb01ts simultaneously. This is deter-
\nmined based on the actual cost spent relative to the total expected costs.
\nSome contracts include multiple deliverables, such as the sale of hardware
\nand related installation services. Where the contracts include multiple per-
\nformance obligations, the transaction price will be allocated to each perfor-
\nmance obligation based on the stand-alone selling prices. Where these are
\nnot directly observable, they are estimated based on expected cost plus
\nmargin. If contracts include the installation of hardware, revenue for the
\nhardware is recognised at a point in time when the hardware is delivered,
\nthe legal title has passed and the customer has accepted the hardware.
\nEstimates of revenues, costs or extent of progress toward completion are
\nrevised if circumstances change. Any resulting increases or decreases in
\nestimated revenues or costs are re\ufb02ected in pro\ufb01t or loss in the period in
\nwhich the circumstances that give rise to the revision become known by
\nmanagement.
\nIn the case of \ufb01xed-price contracts, the customer pays the \ufb01xed amount
\nbased on a payment schedule. If the services rendered by the group exceed
\nthe payment, a contract asset is recognised. If the payments exceed the
\nservices rendered, a contract liability is recognised.
\nFinancing components
\nIn contracts where the period between the transfer of the promised goods
\nor services to the customer and payment by the customer exceeds one year,
\nthe transaction prices are adjusted for the time value of money.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5802": {
"value": "PENSION For de\ufb01ned contribution plans, contributions are paid into pension insur-
\nance plans. Contributions to de\ufb01ned contributions plans are charged to the
\nincome statement in the period to which contributions relate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5809": {
"value": "GOVERNMENT GRANTS Government grants are recognised where there is reasonable assurance
\nthat the grant will be received and all attached conditions will be complied
\nwith. Government grants are recognised at the value of the contribution at
\nthe transaction date. Government grants are either accounted for as reduc-
\ntion of expenses, or intangible assets if a grant is related to research and
\ndevelopment of capitalised assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5819": {
"value": "FINANCIAL INCOME AND EXPENSE Financial income and \ufb01nancial expenses comprise interest income and
\nexpense on borrowings, foreign exchange gains and losses, dividend
\nincome, gains and losses on derivatives and change in the fair value of
\n\ufb01nancial assets at fair value through the income statement. Foreign cur-
\nrency gains and losses are reported on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5820": {
"value": "FINANCIAL INCOME AND EXPENSE Financial income and \ufb01nancial expenses comprise interest income and
\nexpense on borrowings, foreign exchange gains and losses, dividend
\nincome, gains and losses on derivatives and change in the fair value of
\n\ufb01nancial assets at fair value through the income statement. Foreign cur-
\nrency gains and losses are reported on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5831": {
"value": "INCOME TAX Income tax recognised in the income statement comprises current and
\ndeferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other
\ncomprehensive income.
\nCurrent income tax is the expected tax payable on the taxable income for the
\nyear, using tax rates enacted or substantially enacted at the balance sheet
\ndate, and any adjustment to the tax payable in respect of previous years.
\nDeferred tax is recognised, using the liability method, in respect of tempo-
\nrary di\ufb00erences between the carrying amounts of assets and liabilities for
\n\ufb01nancial reporting and the amounts used for taxation purposes. Deferred
\ntax is not recognised for:
\n\u25a0
Goodwill not deductible for tax purposes
\n\u25a0
The initial recognition of assets and liabilities in a transaction that
\nis not a business combination and that a\ufb00ect neither accounting nor
\ntaxable pro\ufb01t
\n\u25a0
Temporary di\ufb00erences relating to investments in subsidiaries, if it is
\nprobably that they will not reverse in the foreseeable future
\nDeferred income tax is determined using tax rates (and laws) that have
\nbeen enacted or substantially enacted at the balance sheet date and are
\nexpected to apply when the related deferred income tax asset is realised
\nor the deferred income tax liability is settled.
\nDeferred tax assets and liabilities are o\ufb00set if:
\n\u25a0
There is a legally enforceable right to o\ufb00set current tax assets and
\nliabilities
\n\u25a0
They related to income taxes levied by the same taxation authority on
\nthe same taxable entity, or on di\ufb00erent taxable entities which intend
\neither to settle current tax liabilities or assets on a net basis, or to
\nrealise the tax assets and settle the liabilities simultaneously.
\nDeferred tax assets are recognised if it is probable that future taxable pro\ufb01ts
\nwill be available against which the temporary di\ufb00erences can be utilised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5832": {
"value": "INCOME TAX Income tax recognised in the income statement comprises current and
\ndeferred tax. Income tax is recognised in the income statement except
\nto the extent that it relates to items recognised directly in equity or other
\ncomprehensive income.
\nCurrent income tax is the expected tax payable on the taxable income for the
\nyear, using tax rates enacted or substantially enacted at the balance sheet
\ndate, and any adjustment to the tax payable in respect of previous years.
\nDeferred tax is recognised, using the liability method, in respect of tempo-
\nrary di\ufb00erences between the carrying amounts of assets and liabilities for
\n\ufb01nancial reporting and the amounts used for taxation purposes. Deferred
\ntax is not recognised for:
\n\u25a0
Goodwill not deductible for tax purposes
\n\u25a0
The initial recognition of assets and liabilities in a transaction that
\nis not a business combination and that a\ufb00ect neither accounting nor
\ntaxable pro\ufb01t
\n\u25a0
Temporary di\ufb00erences relating to investments in subsidiaries, if it is
\nprobably that they will not reverse in the foreseeable future
\nDeferred income tax is determined using tax rates (and laws) that have
\nbeen enacted or substantially enacted at the balance sheet date and are
\nexpected to apply when the related deferred income tax asset is realised
\nor the deferred income tax liability is settled.
\nDeferred tax assets and liabilities are o\ufb00set if:
\n\u25a0
There is a legally enforceable right to o\ufb00set current tax assets and
\nliabilities
\n\u25a0
They related to income taxes levied by the same taxation authority on
\nthe same taxable entity, or on di\ufb00erent taxable entities which intend
\neither to settle current tax liabilities or assets on a net basis, or to
\nrealise the tax assets and settle the liabilities simultaneously.
\nDeferred tax assets are recognised if it is probable that future taxable pro\ufb01ts
\nwill be available against which the temporary di\ufb00erences can be utilised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5902": {
"value": "CURRENT/NON-CURRENT CLASSIFICATION An asset is classi\ufb01ed as current when it is expected to be realised or is
\nintended for sale or consumption in the group\u2019s normal operating cycle, it
\nis held primarily for the purpose of being traded, or it is expected/due to
\nbe realised or settled within twelve months after balance sheet date. Other
\nassets are classi\ufb01ed as non-current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5903": {
"value": "CURRENT/NON-CURRENT CLASSIFICATION An asset is classi\ufb01ed as current when it is expected to be realised or is
\nintended for sale or consumption in the group\u2019s normal operating cycle, it
\nis held primarily for the purpose of being traded, or it is expected/due to
\nbe realised or settled within twelve months after balance sheet date. Other
\nassets are classi\ufb01ed as non-current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5919": {
"value": "All other liabilities are classi\ufb01ed as non-current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5921": {
"value": "PROPERTY, PLANT AND EQUIPMENT An item of property, plant and equipment is recognised as an asset if it is
\nprobably that the future economic bene\ufb01t associated with the assets will
\n\ufb02ow to the group, and its cost can be reliably measured. Property, plant
\nand equipment is stated at historical cost less accumulated depreciation
\nand impairment losses. Historical cost includes expenditure directly attrib-
\nutable to the asset\u2019s acquisition.
\nWhen signi\ufb01cant parts of an item of property, plant and equipment have dif-
\nferent useful lives, major components are accounted for as separate items.
\nGains and losses on disposals are determined by comparing proceeds with
\ncarrying amount. These are included in the income statement. An asset\u2019s
\ncarrying amount is written down immediately to its recoverable amount
\nif the asset\u2019s carrying amount is greater than its estimated recoverable
\namount.
\nSubsequent costs
\nSubsequent costs are included in the asset\u2019s carrying amount or recognised
\nas a separate asset, as appropriate, only when it is probable that future
\neconomic bene\ufb01ts associated with the item will \ufb02ow to the group and the
\ncost of the item can be measured reliably. The carrying amount of any com-
\nponent accounted for as a separate asset is derecognised when replaced.
\nAll other repairs and maintenance are charged to the income statement
\nduring the reporting period as incurred.
\nDepreciation
\nDepreciation is recognised in the income statement on a straight-line basis
\nover the estimated useful life of each major component of an item of prop-
\nerty, plant and equipment, taking residual value into consideration. Depreci-
\nation methods, useful lives and residual values are reviewed at each balance
\nsheet date. The depreciation methods and periods used by the group are
\ndisclosed in note 12. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5945": {
"value": "Depreciation Depreciation is recognised in the income statement on a straight-line basis
\nover the estimated useful life of each major component of an item of prop-
\nerty, plant and equipment, taking residual value into consideration. Depreci-
\nation methods, useful lives and residual values are reviewed at each balance
\nsheet date. The depreciation methods and periods used by the group are
disclosed in note 12. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5956": {
"value": "INTANGIBLE ASSETS Research and development
\nDevelopment activities involve a plan or design for the production of new
\nor substantially improved products and processes. Development expendi-
\nture is capitalised only if development costs can be measured reliably, the
\nproduct and process is technically and commercially feasible, future eco-
\nnomic bene\ufb01ts are probable, and the group intends to and has su\ufb03cient
\nresources to complete development and to use or sell the asset.
\nThe capitalised expenditure includes cost of materials, direct labour costs
\nand operating expenses that are directly attributable to developing and
\npreparing the asset for its intended use. Other development expenditures
\nare recognised in the income statement as an expense in the period in
\nwhich it occurs.
\nCapitalised development expenditures are recognised at historic cost less
\naccumulated amortisation and impairment losses. Acquired intangible
\nassets is measured following the same principle.
\nAmortisation is recognised in the income statement on a straight-line basis
\nover the estimated useful lives of the intangible assets unless such useful
\nlives are inde\ufb01nite. Intangible assets are amortised from the day they are
\navailable for use. The amortisation methods and periods used by the group
\nare disclosed in note 13. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5959": {
"value": "Research and development Development activities involve a plan or design for the production of new
\nor substantially improved products and processes. Development expendi-
\nture is capitalised only if development costs can be measured reliably, the
\nproduct and process is technically and commercially feasible, future eco-
\nnomic bene\ufb01ts are probable, and the group intends to and has su\ufb03cient
\nresources to complete development and to use or sell the asset.
\nThe capitalised expenditure includes cost of materials, direct labour costs
\nand operating expenses that are directly attributable to developing and
\npreparing the asset for its intended use. Other development expenditures
\nare recognised in the income statement as an expense in the period in
\nwhich it occurs.
\nCapitalised development expenditures are recognised at historic cost less
\naccumulated amortisation and impairment losses. Acquired intangible
\nassets is measured following the same principle.
\nAmortisation is recognised in the income statement on a straight-line basis
\nover the estimated useful lives of the intangible assets unless such useful
\nlives are inde\ufb01nite. Intangible assets are amortised from the day they are
\navailable for use. The amortisation methods and periods used by the group
are disclosed in note 13. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5983": {
"value": "GOODWILL Goodwill acquired in a business combination represents cost price of the
\nacquisition in excess of the net fair value of identi\ufb01able net assets in the
\nacquired entity at the time of acquisition. Goodwill is recognised initially
\nat cost and subsequently measured at cost less accumulated impairment
\nlosses.
See note 13 and 21 for further details on measurement of goodwill. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5993": {
"value": "INVENTORY Inventory is stated at the lower of cost and net realisable value. Cost is
\ndetermined by the \ufb01rst-in \ufb01rst-out (FIFO) method or the weighted average
\ncost formula. The cost of purchased inventory is determined after deducting
\nrebates and discounts. Net realisable value is the estimated selling price
\nin the ordinary course of business less the estimated costs of completion
\nand selling expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6003": {
"value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES The group classi\ufb01es its \ufb01nancial assets in the following measurement cat-
\negories:
\n\u25a0
Those to be measured subsequently at fair value (either through OCI
\nor through the income statement), and
\n\u25a0
Those to be measured at amortised cost
\nThe classi\ufb01cation depends on the entity\u2019s business model for managing the
\n\ufb01nancial assets and the contractual terms of the cash \ufb02ows.
\nFor assets measured at fair value, gains and losses will either be recorded
\nin the income statement or OCI. For investments in equity instruments that
\nare not held for trading, this will depend on whether the group has made an
\nirrevocable election at the time of initial recognition to account for the equity
\ninvestment at fair value through other comprehensive income (FVOCI).
\nRegular way purchases and sales of \ufb01nancial assets are recognised on
\ntrade-date, the date on which the group commits to purchase or sell the
\nasset. Financial assets are derecognised when the rights to receive cash
\n\ufb02ows from the \ufb01nancial assets have expired or have been transferred and
\nthe group has transferred substantially all the risks and rewards of own-
\nership.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6004": {
"value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES The group classi\ufb01es its \ufb01nancial assets in the following measurement cat-
\negories:
\n\u25a0
Those to be measured subsequently at fair value (either through OCI
\nor through the income statement), and
\n\u25a0
Those to be measured at amortised cost
\nThe classi\ufb01cation depends on the entity\u2019s business model for managing the
\n\ufb01nancial assets and the contractual terms of the cash \ufb02ows.
\nFor assets measured at fair value, gains and losses will either be recorded
\nin the income statement or OCI. For investments in equity instruments that
\nare not held for trading, this will depend on whether the group has made an
\nirrevocable election at the time of initial recognition to account for the equity
\ninvestment at fair value through other comprehensive income (FVOCI).
\nRegular way purchases and sales of \ufb01nancial assets are recognised on
\ntrade-date, the date on which the group commits to purchase or sell the
\nasset. Financial assets are derecognised when the rights to receive cash
\n\ufb02ows from the \ufb01nancial assets have expired or have been transferred and
\nthe group has transferred substantially all the risks and rewards of own-
\nership.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6005": {
"value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES The group classi\ufb01es its \ufb01nancial assets in the following measurement cat-
\negories:
\n\u25a0
Those to be measured subsequently at fair value (either through OCI
\nor through the income statement), and
\n\u25a0
Those to be measured at amortised cost
\nThe classi\ufb01cation depends on the entity\u2019s business model for managing the
\n\ufb01nancial assets and the contractual terms of the cash \ufb02ows.
\nFor assets measured at fair value, gains and losses will either be recorded
\nin the income statement or OCI. For investments in equity instruments that
\nare not held for trading, this will depend on whether the group has made an
\nirrevocable election at the time of initial recognition to account for the equity
\ninvestment at fair value through other comprehensive income (FVOCI).
\nRegular way purchases and sales of \ufb01nancial assets are recognised on
\ntrade-date, the date on which the group commits to purchase or sell the
\nasset. Financial assets are derecognised when the rights to receive cash
\n\ufb02ows from the \ufb01nancial assets have expired or have been transferred and
\nthe group has transferred substantially all the risks and rewards of own-
\nership.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6064": {
"value": "Trade receivables Trade receivables are amounts due from customers for goods sold or ser-
\nvices performed in the ordinary course of business. They are generally due
\nfor settlement within 30-60 days and are therefore classi\ufb01ed as current.
\nTrade receivables measured at fair value upon initial recognition, and there-
\nafter at amortised cost, less allowance made for credit losses. The interest
\nrate element is disregarded if insigni\ufb01cant, which is the case for the vast
\nmajority of the group\u2019s trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6075": {
"value": "Cash and cash equivalents Cash and cash equivalents consist of bank deposits on call with \ufb01nancial
\ninstitutions and other short-term, highly liquid investments with original
\nmaturities of less than three months.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6082": {
"value": "Trade and other payables Trade payables are recognised at the original invoiced amount. Other pay-
\nable are recognised initially at fair value. Trade and other payables are val-
\nued at amortised cost using the e\ufb00ective interest rate method. The interest
\nrate element is disregarded if it is insigni\ufb01cant, which is the case for the
\nvast majority of the group\u2019s trade payables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6091": {
"value": "Interest-bearing borrowings Interest-bearing borrowings are recognised initially at fair value, net of
\ntransaction costs incurred. Subsequent to initial recognition, interest-bear-
\ning borrowings are measured at amortised cost with any di\ufb00erence between
\ncost and redemption value being recognised in the income statement over
\nthe period of the borrowings on an e\ufb00ective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6100": {
"value": "IMPAIRMENT Impairment of non-\ufb01nancial assets
\nThe carrying amount of the groups non-\ufb01nancial assets (other than deferred
\ntax assets and inventory) are reviewed at the end of each reporting period
\nto determine whether there is any indication of impairment. If an indication
\nof impairment exists, the asset\u2019s recoverable amount is estimated. Intan-
\ngible assets with an inde\ufb01nite useful life and intangible assets that are not
\nyet available for use are tested for impairment annually, or more frequently
\nif events or changes in circumstances indicate that they might be impaired.
\nFor the purposes of impairment testing, assets are grouped together into
\nthe smallest group of assets that generates cash in\ufb02ows from continuing
\nuse that are largely independent of the cash in\ufb02ows from other assets or
\ngroups of assets (cash-generating units).
\nAn impairment loss is recognised for the amount by which the asset's carry-
\ning amount exceeds its recoverable amount and recognised in the income
\nstatement. The recoverable amount is the higher of an asset's fair value
\nless costs of disposal and value in use. In assessing value in use, the esti-
\nmated future cash \ufb02ows are discounted to their present value using a pre-
\ntax discount rate that re\ufb02ects the current market assessments of the time
\nvalue of money and the risks speci\ufb01c to the asset.
\nAn impairment loss on goodwill is not reversed. For assets other than good-
\nwill, an impairment loss is reversed if there has been a change in the esti-
\nmates used to determine the recoverable amount. An impairment loss is
\nreversed only to the extent that the asset\u2019s carrying amount does not exceed
\nthe carrying amount, net of depreciation or amortisation, calculated as if
\nno impairment loss had been recognised.
\nImpairment of \ufb01nancial assets
\nThe group assesses on a forward-looking basis the expected credit losses
\nassociated with its debt instruments carried at amortised cost and FVOCI.
\nThe impairment methodology applied depends on whether there has been
\na signi\ufb01cant increase in credit risk.
\nThere are mainly trade receivables that are subject to the expected credit
\nloss model in IFRS 9. For trade receivables, the group applies the simpli\ufb01ed
\napproach permitted by IFRS 9, which requires expected lifetime losses to
\nbe recognised from initial recognition of the receivables. Trade receivables
\nare grouped based on shared credit risk characteristics and days past due.
\nExpected losses are primarily calculated through an individual and speci\ufb01c
\nassessment of each customer / receivable. The assessment is carried out by
\nsenior sta\ufb00 in the group's \ufb01nance department in dialogue with the manage-
\nment of the operating segments. For trade receivables that are more than
\n90 days past due date, a scenario analysis is performed. The scenario anal-
\nysis includes scenarios for (i) the client's bankruptcy, (ii) the client executes
\ndebt negotiations and (iii) the customer pays the claim in full.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6103": {
"value": "Impairment of non-\ufb01nancial assets The carrying amount of the groups non-\ufb01nancial assets (other than deferred
\ntax assets and inventory) are reviewed at the end of each reporting period
\nto determine whether there is any indication of impairment. If an indication
\nof impairment exists, the asset\u2019s recoverable amount is estimated. Intan-
\ngible assets with an inde\ufb01nite useful life and intangible assets that are not
\nyet available for use are tested for impairment annually, or more frequently
\nif events or changes in circumstances indicate that they might be impaired.
\nFor the purposes of impairment testing, assets are grouped together into
\nthe smallest group of assets that generates cash in\ufb02ows from continuing
\nuse that are largely independent of the cash in\ufb02ows from other assets or
\ngroups of assets (cash-generating units).
\nAn impairment loss is recognised for the amount by which the asset's carry-
\ning amount exceeds its recoverable amount and recognised in the income
\nstatement. The recoverable amount is the higher of an asset's fair value
\nless costs of disposal and value in use. In assessing value in use, the esti-
\nmated future cash \ufb02ows are discounted to their present value using a pre-
\ntax discount rate that re\ufb02ects the current market assessments of the time
\nvalue of money and the risks speci\ufb01c to the asset.
\nAn impairment loss on goodwill is not reversed. For assets other than good-
\nwill, an impairment loss is reversed if there has been a change in the esti-
\nmates used to determine the recoverable amount. An impairment loss is
\nreversed only to the extent that the asset\u2019s carrying amount does not exceed
\nthe carrying amount, net of depreciation or amortisation, calculated as if
\nno impairment loss had been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6131": {
"value": "Impairment of \ufb01nancial assets The group assesses on a forward-looking basis the expected credit losses
\nassociated with its debt instruments carried at amortised cost and FVOCI.
\nThe impairment methodology applied depends on whether there has been
\na signi\ufb01cant increase in credit risk.
\nThere are mainly trade receivables that are subject to the expected credit
\nloss model in IFRS 9. For trade receivables, the group applies the simpli\ufb01ed
\napproach permitted by IFRS 9, which requires expected lifetime losses to
\nbe recognised from initial recognition of the receivables. Trade receivables
\nare grouped based on shared credit risk characteristics and days past due.
\nExpected losses are primarily calculated through an individual and speci\ufb01c
\nassessment of each customer / receivable. The assessment is carried out by
\nsenior sta\ufb00 in the group's \ufb01nance department in dialogue with the manage-
\nment of the operating segments. For trade receivables that are more than
\n90 days past due date, a scenario analysis is performed. The scenario anal-
\nysis includes scenarios for (i) the client's bankruptcy, (ii) the client executes
debt negotiations and (iii) the customer pays the claim in full.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6152": {
"value": "PROVISIONS A provision is recognised when the group has a present obligation as a
\nresult of a past event that can be estimated reliably and it is probable that
\nthe group will be required to settle the obligation. If the e\ufb00ect is material,
\nprovisions are determined as the present value of expected future cash
\n\ufb02ows, discounted by a market based pre-tax discount rate.
\nWarranty provisions are made for expected future expenses related to deliv-
\nered products and services. The provisions are based on historic data of
\nincurred warranty expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6164": {
"value": "LEASES The group applies IFRS 16 and its leasing agreements primarily consist of
\nrent of o\ufb03ce premises and manufacturing equipment with various lease
\nterms and conditions.
\nUpon entering into a contract, an assessment is made of whether an agree-
\nment contains a lease arrangement entitling the group to control the use of
\nan identi\ufb01ed asset. If the lease is identi\ufb01ed as such, assets and associated
\nliabilities are recognised at the start of the lease. The group determines
\nthe lease term as the non-cancellable term of the lease, together with any
\nperiods covered by an option to extend the lease if it is reasonably certain
\nto be exercised, or any period covered by an option to terminate the lease if
\nit is reasonably certain to be exercised. Lease payments for the \ufb01rst twelve
\nmonth following the balance sheet date is classi\ufb01ed as current liabilities.
\nRight-of-use assets
\nThe group recognises right-of-use asset at the lease commencement date.
\nThe right-of-use asset is initially measured at cost, and subsequently at cost
\nless any accumulated depreciation and impairment losses and adjusted
\nfor certain remeasurements of the lease liability. The cost of right-of-use
\nasset includes the amount of lease liability recognised, initial direct costs
\nincurred and lease payments made at or before the commencement date,
\nless any lease incentives received. The right-of-use asset is depreciation
\non a straight-line basis over the shorter of the asset\u2019s estimated useful
\nlife and the lease term and is subject to impairment assessment of non-\ufb01-
\nnancial assets.
\nLease liabilities
\nThe lease liability is initially measured at the present value of the lease
\npayment that are not paid at the commencement date, discounted using
\nthe interest rate implicit in the lease or, if that rate cannot be readily deter-
\nmined, the group\u2019s incremental borrowing rate as the discount rate. The
\nlease payments include \ufb01xed payments and variable lease payments that
\ndepend on an index or rate.
\nThe lease liability is subsequently increased by the interest cost on the
\nlease liability and decreased by the lease payment made. It is remeasured
\nwhen there is a change in future lease payments arising from a change in
\nan index or rate, or as appropriate, changes in the assessment of whether
\nan extension option is reasonably certain to be exercised or a termination
\noption is reasonably certain not to be exercised.
\nShort-term leases and lease of low value assets
\nThe group applies the recognition exemption to its leases that have a lease
\nterm of 12 months or less from the commencement date and do not con-
\ntain a purchase option. The group also applies recognition exemption to
\nleases that are considered low-value assets, mainly IT and o\ufb03ce equipment.
\nLease payments associated with short-term leases and low-value assets are
\nrecognised on a straight-line basis as an expense in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6238": {
"value": "DIVIDENDS Dividends are recorded in the group\u2019s consolidated \ufb01nancial statement in
the period which they are approved by the general meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6245": {
"value": "NOTE 05 Financial risk and exposure
\nNORBIT is exposed to di\ufb00erent types of \ufb01nancial risk, including interest-,
\ncurrency-, credit-, and liquidity risks. The group\u2019s \ufb01nance department is
\nresponsible for carrying out the policies and guidelines for \ufb01nancial risk
\nmanagement approved by the board.
\nINTEREST RATE RISK
\nThe group\u2019s main interest rate risk arises from long-term borrowings with
\nvariable rates, which expose the group to cash \ufb02ow interest rate risk. NOR-
\nBIT has no \ufb01nancial instruments related to hedging of interest rates.
\nTrade and other receivables and trade and other payables are interest free
\nand with a term of less than one year, hence there is no interest rate risk
\nassociated with these \ufb01nancial assets and liabilities.
\nThe following table shows the group's sensitivity to potential changes in
\ninterest rates. The calculation takes into account all interest-bearing \ufb01nan-
\ncial instruments. The calculation in the table shows the e\ufb00ect based on
\ninterest-bearing \ufb01nancial instruments at the balance sheet date.
\nInterest rate exposure
\nAmounts in NOK million
\nImpact on pre-tax pro\ufb01t
\n2022
\nImpact on pre-tax pro\ufb01t
\n2021
\nInterest rates - increase by 100 basis points *
(3.4)
(2.9)
\nInterest rates - decrease by 100 basis points *
3.4
2.9
\n*) Ceteris paribus
\nCURRENCY RISK
\nNORBIT has international operations and clients and is exposed to currency
\nrisk through customer contracts and purchase of products and services in
\ncurrencies other than the functional currency (NOK). NORBIT is primarily
\nexposed to EUR and USD currencies.
\nThe group\u2019s exposure to foreign currency risk, expressed in NOK million, at
\nthe end of the reporting period is set out in the table below.
\nForeign exchange exposure:
\nAmounts in NOK million
31.12.2022
31.12.2021
\nReceivables
170.5
146.4
\nPayables
(101.2)
(67.5)
\nBank deposits
34.5
11.7
\nOverdraft facility*
35.9
54.2
\nSellers credit
(32.6)
(60.2)
\nNet position
107.1
84.6
\n*
NORBIT has a multi-currency overdraft facility (EUR, USD, GBP and NOK). The over-
\ndraft facility is shown net in the consolidated \ufb01nancial statements. At 31 December
\n2022, the USD, EUR and GBP balance on the overdraft facility was NOK 35.9 mil-
\nlion (i.e. net cash).
\nFinancial assets and liabilities \u2013 net foreign exchange exposure by major currencies:
\n31.12.2022
31.12.2021
\nCurrency
NOK
Currency
NOK
\nUSD
(0.1)
(1.2)
(1.5)
(13.6)
\nEUR
8.0
84.6
8.0
79.4
\nGBP
0.8
10.0
0.6
7.2
\nHUF
522.8
13.7
602.1
16.3
\nPLN
0.8
1.8
0.6
1.4
\nSEK
(2.0)
(1.9)
(2.7)
(2.7)
\nDKK
0.5
0.7
0.3
0.4
\nJPY
(21.5)
(1.6)
(52.3)
(4.2)
\nOther
1.0
0.5
\nNet position
107.1
84.6
\nFluctuations in exchange rates can lead to increased or decreased pro\ufb01t
\nmargin in contracts with customers compared to the initial project calcu-
\nlus. The group was a net seller of EUR and a net buyer of USD during 2022.
\nThe group rebalances the short-term (within 90 days) main currency expo-
\nsures on a monthly basis in order to have a neutral currency position on
\ntrade receivables, trade payables and cash deposits.
\nDerivatives
\nThere were no derivatives outstanding at 31 December 2022 or at 31
\nDecember 2021. There is currently an ongoing process to optimise foreign
\nexchange hedging through the use of derivatives.
\nClassi\ufb01cation of derivatives
\nDerivatives, if any, are only used for economic hedging purposes and not
\nas speculative investments. However, the group\u2019s hedging policy does
\nnot meet the hedge accounting criteria. Hence, they are classi\ufb01ed as \u2018held
\nfor trading\u2019 for accounting purposes and are accounted for at fair value
\nthrough pro\ufb01t or loss. They are presented as current assets or liabilities to
\nthe extent they are expected to be settled within 12 months after the end
\nof the reporting period.
\nFair value measurement
\nFair value measurements of foreign currency contracts, if any, are based
\non Marked to Market reports from leading Norwegian currency traders,
\nprimarily major Norwegian banks.
\nCREDIT RISK
\nCredit risk is the risk that one party to a \ufb01nancial instrument will cause a
\n\ufb01nancial loss for the other party by failing to discharge an obligation. The
\ngroup is exposed to credit risk related to cash and cash equivalents, trade
\nreceivables and other current receivables. The exposure to credit risk is
\nmonitored on an ongoing basis within the group.
\nCash and cash equivalents
\nCash deposits are held with reputable banks with strong credit-ratings.
\nBased on their credit ratings, management does not expect any of these
\n\ufb01nancial institutions to fail to meet their obligations.
\nTrade receivables
\nThe group has inherent credit risk through the fact that a client may not be
\nable to meet its obligations under a contract. The group applies the IFRS 9
\nsimpli\ufb01ed approach to measuring expected credit losses which uses a life-
\ntime expected loss allowance for all trade receivables. Reference is made
\nto note 4 and note 16.
\nLIQUIDITY RISK
\nLiquidity risk is the risk that the group is unable to meet the obligations
\nassociated with its \ufb01nancial liabilities. For NORBIT, liquidity risk is managed
\nby maintaining su\ufb03cient cash deposits and available committed credit lines
\nthat the group can draw on to meet its obligations as they occur. NORBIT
\nhas a centrally managed multi-currency cash pool arrangement where most
\nsubsidiaries are connected. The liquidity trend is monitored frequently, sup-
\nported by budgets and forecasts.
\nAt 31 December 2022, NORBIT had NOK 439.4 million in undrawn credit
\nfacilities, providing a solid liquidity bu\ufb00er.
\nMaturities of \ufb01nancial liabilities
\nThe table below provides an overview of the maturity pro\ufb01le of all \ufb01nan-
\ncial liabilities. For interest-bearing borrowings the stated amount of con-
\ntractual cash \ufb02ows is including estimated interest payments. Other items
\nare stated at booked amounts. In cases where the counterparty may claim
\nearlier redemption, the amount is placed in the earliest period the payment
\nmay be required from the counterparty.
\nContractual maturities of \ufb01nancial liabilities at 31 December 2022
\nAmounts in NOK million
Less than 1 year
\nBetween 1 year
\nand 5 years
Over 5 years
\nTotal contractual
\ncash \ufb02ows
\nCarrying amount
\n(assets) / liabilities
\nAt 31 December 2022
\nTrade payables
132.6
0.0
0.0
132.6
132.6
\nInterest-bearing borrowings
197.0
162.6
1.3
360.8
337.4
\nLease liabilities
11.8
24.0
0.0
35.8
35.8
\nOther payables
63.0
0.0
0.0
63.0
63.0
\nTotal
404.4
186.6
1.3
592.3
568.9
\nContractual maturities of \ufb01nancial liabilities at 31 December 2021
\nAmounts in NOK million
Less than 1 year
\nBetween 1 year
\nand 5 years
Over 5 years
\nTotal contractual
\ncash \ufb02ows
\nCarrying amount
\n(assets) / liabilities
\nAt 31 December 2021
\nTrade payables
100.2
0.0
0.0
100.2
100.2
\nInterest-bearing borrowings
132.1
164.1
6.0
302.3
288.2
\nLease liabilities
8.5
6.5
0.0
15.0
15.0
\nOther payables
40.0
0.0
0.0
40.0
40.0
\nTotal
280.7
170.7
6.0
457.4
443.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6277": {
"value": "CURRENCY RISK NORBIT has international operations and clients and is exposed to currency
\nrisk through customer contracts and purchase of products and services in
\ncurrencies other than the functional currency (NOK). NORBIT is primarily
\nexposed to EUR and USD currencies.
\nThe group\u2019s exposure to foreign currency risk, expressed in NOK million, at
\nthe end of the reporting period is set out in the table below.
\nForeign exchange exposure:
\nAmounts in NOK million
31.12.2022
31.12.2021
\nReceivables
170.5
146.4
\nPayables
(101.2)
(67.5)
\nBank deposits
34.5
11.7
\nOverdraft facility*
35.9
54.2
\nSellers credit
(32.6)
(60.2)
\nNet position
107.1
84.6
\n*
NORBIT has a multi-currency overdraft facility (EUR, USD, GBP and NOK). The over-
\ndraft facility is shown net in the consolidated \ufb01nancial statements. At 31 December
\n2022, the USD, EUR and GBP balance on the overdraft facility was NOK 35.9 mil-
\nlion (i.e. net cash).
\nFinancial assets and liabilities \u2013 net foreign exchange exposure by major currencies:
\n31.12.2022
31.12.2021
\nCurrency
NOK
Currency
NOK
\nUSD
(0.1)
(1.2)
(1.5)
(13.6)
\nEUR
8.0
84.6
8.0
79.4
\nGBP
0.8
10.0
0.6
7.2
\nHUF
522.8
13.7
602.1
16.3
\nPLN
0.8
1.8
0.6
1.4
\nSEK
(2.0)
(1.9)
(2.7)
(2.7)
\nDKK
0.5
0.7
0.3
0.4
\nJPY
(21.5)
(1.6)
(52.3)
(4.2)
\nOther
1.0
0.5
\nNet position
107.1
84.6
\nFluctuations in exchange rates can lead to increased or decreased pro\ufb01t
\nmargin in contracts with customers compared to the initial project calcu-
\nlus. The group was a net seller of EUR and a net buyer of USD during 2022.
\nThe group rebalances the short-term (within 90 days) main currency expo-
\nsures on a monthly basis in order to have a neutral currency position on
\ntrade receivables, trade payables and cash deposits.
\nDerivatives
\nThere were no derivatives outstanding at 31 December 2022 or at 31
\nDecember 2021. There is currently an ongoing process to optimise foreign
\nexchange hedging through the use of derivatives.
\nClassi\ufb01cation of derivatives
\nDerivatives, if any, are only used for economic hedging purposes and not
\nas speculative investments. However, the group\u2019s hedging policy does
\nnot meet the hedge accounting criteria. Hence, they are classi\ufb01ed as \u2018held
\nfor trading\u2019 for accounting purposes and are accounted for at fair value
\nthrough pro\ufb01t or loss. They are presented as current assets or liabilities to
\nthe extent they are expected to be settled within 12 months after the end
\nof the reporting period.
\nFair value measurement
\nFair value measurements of foreign currency contracts, if any, are based
\non Marked to Market reports from leading Norwegian currency traders,
\nprimarily major Norwegian banks. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6397": {
"value": "Derivatives There were no derivatives outstanding at 31 December 2022 or at 31
\nDecember 2021. There is currently an ongoing process to optimise foreign
\nexchange hedging through the use of derivatives.
\nClassi\ufb01cation of derivatives
\nDerivatives, if any, are only used for economic hedging purposes and not
\nas speculative investments. However, the group\u2019s hedging policy does
\nnot meet the hedge accounting criteria. Hence, they are classi\ufb01ed as \u2018held
\nfor trading\u2019 for accounting purposes and are accounted for at fair value
\nthrough pro\ufb01t or loss. They are presented as current assets or liabilities to
\nthe extent they are expected to be settled within 12 months after the end
\nof the reporting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6400": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6404": {
"value": "Classi\ufb01cation of derivatives Derivatives, if any, are only used for economic hedging purposes and not
\nas speculative investments. However, the group\u2019s hedging policy does
\nnot meet the hedge accounting criteria. Hence, they are classi\ufb01ed as \u2018held
\nfor trading\u2019 for accounting purposes and are accounted for at fair value
\nthrough pro\ufb01t or loss. They are presented as current assets or liabilities to
\nthe extent they are expected to be settled within 12 months after the end
of the reporting period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6416": {
"value": "Fair value measurement Fair value measurements of foreign currency contracts, if any, are based
\non Marked to Market reports from leading Norwegian currency traders,
primarily major Norwegian banks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6424": {
"value": "CREDIT RISK Credit risk is the risk that one party to a \ufb01nancial instrument will cause a
\n\ufb01nancial loss for the other party by failing to discharge an obligation. The
\ngroup is exposed to credit risk related to cash and cash equivalents, trade
\nreceivables and other current receivables. The exposure to credit risk is
\nmonitored on an ongoing basis within the group.
\nCash and cash equivalents
\nCash deposits are held with reputable banks with strong credit-ratings.
\nBased on their credit ratings, management does not expect any of these
\n\ufb01nancial institutions to fail to meet their obligations.
\nTrade receivables
\nThe group has inherent credit risk through the fact that a client may not be
\nable to meet its obligations under a contract. The group applies the IFRS 9
\nsimpli\ufb01ed approach to measuring expected credit losses which uses a life-
\ntime expected loss allowance for all trade receivables. Reference is made
\nto note 4 and note 16. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6443": {
"value": "LIQUIDITY RISK Liquidity risk is the risk that the group is unable to meet the obligations
\nassociated with its \ufb01nancial liabilities. For NORBIT, liquidity risk is managed
\nby maintaining su\ufb03cient cash deposits and available committed credit lines
\nthat the group can draw on to meet its obligations as they occur. NORBIT
\nhas a centrally managed multi-currency cash pool arrangement where most
\nsubsidiaries are connected. The liquidity trend is monitored frequently, sup-
\nported by budgets and forecasts.
\nAt 31 December 2022, NORBIT had NOK 439.4 million in undrawn credit
\nfacilities, providing a solid liquidity bu\ufb00er.
\nMaturities of \ufb01nancial liabilities
\nThe table below provides an overview of the maturity pro\ufb01le of all \ufb01nan-
\ncial liabilities. For interest-bearing borrowings the stated amount of con-
\ntractual cash \ufb02ows is including estimated interest payments. Other items
\nare stated at booked amounts. In cases where the counterparty may claim
\nearlier redemption, the amount is placed in the earliest period the payment
\nmay be required from the counterparty.
\nContractual maturities of \ufb01nancial liabilities at 31 December 2022
\nAmounts in NOK million
Less than 1 year
\nBetween 1 year
\nand 5 years
Over 5 years
\nTotal contractual
\ncash \ufb02ows
\nCarrying amount
\n(assets) / liabilities
\nAt 31 December 2022
\nTrade payables
132.6
0.0
0.0
132.6
132.6
\nInterest-bearing borrowings
197.0
162.6
1.3
360.8
337.4
\nLease liabilities
11.8
24.0
0.0
35.8
35.8
\nOther payables
63.0
0.0
0.0
63.0
63.0
\nTotal
404.4
186.6
1.3
592.3
568.9
\nContractual maturities of \ufb01nancial liabilities at 31 December 2021
\nAmounts in NOK million
Less than 1 year
\nBetween 1 year
\nand 5 years
Over 5 years
\nTotal contractual
\ncash \ufb02ows
\nCarrying amount
\n(assets) / liabilities
\nAt 31 December 2021
\nTrade payables
100.2
0.0
0.0
100.2
100.2
\nInterest-bearing borrowings
132.1
164.1
6.0
302.3
288.2
\nLease liabilities
8.5
6.5
0.0
15.0
15.0
\nOther payables
40.0
0.0
0.0
40.0
40.0
\nTotal
280.7
170.7
6.0
457.4
443.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6573": {
"value": "NOTE 06 Segment information
\nDescription of segments and principal activities
\nNORBIT ASA is organised in three operating segments; Oceans, Connectiv-
\nity and Product, Innovation & Realization (PIR). The operating segments are
\naligned with the internal reporting and the operating segments are compo-
\nnents of the group that are evaluated regularly by the management team.
\nThe Oceans segment delivers tailored technology solutions to global mar-
\nitime markets, and the Connectivity segment is a leading supplier of solu-
\ntions for asset identi\ufb01cation, monitoring and tracking. The third segment,
\nPIR, provides R&D products and services and contract manufacturing to
\nkey customers.
\nOceans encompasses all NORBIT\u2019s knowledge and competence targeting
\nthe global maritime markets, including proprietary technology and solu-
\ntions. The business unit o\ufb00ers ultra-compact sonars for a range of special
\napplications including seabed mapping and hydrography. The segment
\nhas further developed proprietary solutions and software for maritime and
\nenvironmental monitoring. NORBIT is continuously working on expanding
\nits o\ufb00ering in selected niches.
\nThe Connectivity segment enables clients to digitise their operations
\nthrough data collection and tailored sensor analysis with connectivity
\ndevices, cloud computing and data fusions being directly integrated into
\nthe client\u2019s business software or as stand-alone services.
\nThe Product Innovation and Realization segment (PIR) o\ufb00ers R&D services
\nand contract manufacturing to long-term key industrial customers through
\nin-house capabilities and a high degree of robotised production. In addi-
\ntion, the segment sells products based on proprietary technology, including
\nspecial instrumentation based on radar, radio frequency and embedded
\nsignal processing technology.
\nFinancial results reportable segments
\n2022
\nAmounts in NOK million
Oceans
Connectivity
PIR
\nGroup/
\neliminations
Total
\nRevenues
443.0
308.0
456.5
(40.1)
1 167.5
\nOther gains and losses
0.0
0.0
0.0
0.0
0.0
\nRaw materials and change in inventories
149.8
109.7
307.4
(17.4)
549.5
\nOperating expenses
145.6
121.0
101.3
14.7
382.6
\nEBITDA
147.6
77.4
47.8
(37.5)
235.3
\nEBITDA margin
33%
25%
10%
20%
\nDepreciation
17.6
7.8
13.6
2.7
41.7
\nAmortisation and impairment
15.5
29.1
0.1
0.0
44.8
\nEBIT
114.4
40.5
34.0
(40.1)
148.8
\nTotal \ufb01nancial items (not allocated)
(28.0)
\nPro\ufb01t before tax
120.8
\nTaxes (not allocated)
(14.1)
\nPro\ufb01t after tax
106.7
\nTiming of revenues
\n- At point in time
389.9
268.2
418.6
(40.1)
1 036.6
\n- Over time
53.1
39.9
37.9
0.0
130.9
\nTotal
443.0
308.0
456.5
(40.1)
1 167.5
\n2021
\nAmounts in NOK million
Oceans
Connectivity
PIR
\nGroup/
\neliminations
Total
\nRevenues
378.5
146.3
291.0
(27.9)
787.8
\nOther gains and losses
0.0
0.0
0.0
1.2
1.2
\nRaw materials and change in inventories
139.2
50.5
181.0
(7.5)
363.3
\nOperating expenses
105.6
72.0
93.6
12.1
283.2
\nEBITDA
133.6
23.8
16.4
(31.3)
142.6
\nEBITDA margin
35%
16%
6%
18%
\nDepreciation
11.9
4.7
15.0
1.6
33.2
\nAmortisation and impairment
12.8
18.1
5.3
(0.4)
35.8
\nEBIT
108.9
0.9
(3.8)
(32.5)
73.5
\nTotal \ufb01nancial items (not allocated)
(9.8)
\nPro\ufb01t before tax
63.7
\nTaxes (not allocated)
(15.9)
\nPro\ufb01t after tax
47.9
\nTiming of revenues
\n- At point in time
325.7
130.9
261.6
(27.9)
690.3
\n- Over time
52.7
15.3
29.4
0.0
97.5
\nTotal
378.5
146.3
291.0
(27.9)
787.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6826": {
"value": "NOTE 07 Salaries, pension and social security costs
\nPayroll expenses
\nAmounts in NOK million
2022
2021
\nSalaries
222.7
171.8
\nPension costs
11.9
8.4
\nPayroll tax
31.7
24.1
\nCapitalised payroll expenses as development asset
(22.4)
(22.1)
\nOther payroll expenses
6.3
5.5
\nTotal employee bene\ufb01t expenses
250.2
187.7
\nAverage number of FTEs
418
311
\nPension arrangements
\nThe Norwegian group companies have pension plans secured through
\ncollective agreements in life insurance companies and are subject to the
\nNorwegian Act on Occupational Pension. The group meets the require-
\nment of this legislation. The group has pension plans with de\ufb01ned contribu-
\ntion plans. The de\ufb01ned contribution plan means that the company has not
\nincurred any future obligation. After the annual grant is paid the company
\nhas ful\ufb01lled its obligation in accordance with the arrangement.
\nIn addition, some of the Norwegian companies in the group are members
\nof an agreement-based early retirement plan (AFP). The scheme provides
\nthe employees the opportunity to retire before the normal retirement age
\nin Norway of 67 years. Employees who choose retirement will retain a life-
\nlong bene\ufb01t from the age of 62 years. The Norwegian Accounting Standards
\nBoard has issued a statement concluding that the AFP plan is a multi-em-
\nployer de\ufb01ned bene\ufb01t plan. The AFP plan exposes the participating enti-
\nties to actuarial risk associated with employees of other entities with the
\nresult that there is no consistent and reliable basis for allocating the obli-
\ngation, plan assets and costs to individual participating entities. Su\ufb03cient
\ninformation is not available to use de\ufb01ned bene\ufb01t accounting and the AFP
\nplan is accounted for as a de\ufb01ned contribution plan.
\nThe group\u2019s subsidiaries outside of Norway have pension plans based on
\nlocal practice and regulations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6878": {
"value": "NOTE 08 Other operating expenses
\nAmounts in NOK million
2022
2021
\nExternal services
73.9
57.5
\nTravel expenses
10.6
3.1
\nFreight
8.0
5.3
\nO\ufb03ce supplies
4.8
2.7
\nMarketing
5.0
1.7
\nGuarantee, service and support
1.8
3.9
\nOther operating expenses
28.4
21.2
\nTotal operating expenses
132.4
95.5
\nFees to the auditors
\nThe table below summarises audit fees, as well as fees for audit services,
\ntax services and other non-audit services incurred by the group during
\n2022 and 2021.
\nAmounts in NOK million
2022
2021
\nAudit fee
1.4
0.9
\nTax advisory fee
-
-
\nOther audit related services
0.1
0.7
\nAuditor's remuneration in other operating expenses
1.5
1.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6909": {
"value": "Fees to the auditors The table below summarises audit fees, as well as fees for audit services,
\ntax services and other non-audit services incurred by the group during
\n2022 and 2021.
\nAmounts in NOK million
2022
2021
\nAudit fee
1.4
0.9
\nTax advisory fee
-
-
\nOther audit related services
0.1
0.7
\nAuditor's remuneration in other operating expenses
1.5
1.6 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6952": {
"value": "NOTE 09 Financial income and financial expenses
\nAmounts in NOK million
2022
2021
\nFinancial income
\nFinancial exchange gain (net)
-
-
\nInterest income
0.2
0.1
\nOther \ufb01nancial income
0.5
0.2
\nFinancial income
0.7
0.3
\nFinancial expenses
\nInterest expenses
16.2
8.2
\nFinancial exchange loss (net)
10.5
0.3
\nOther \ufb01nancial expense
1.8
1.2
\nFinancial expenses
28.5
9.8
\nShare of pro\ufb01t of associates
(0.2)
(0.3)
\nNet \ufb01nancial items
(28.0)
(9.8)
\nPlease refer to note 22 for further information regarding share of pro\ufb01ts from associates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6953": {
"value": "NOTE 09 Financial income and financial expenses
\nAmounts in NOK million
2022
2021
\nFinancial income
\nFinancial exchange gain (net)
-
-
\nInterest income
0.2
0.1
\nOther \ufb01nancial income
0.5
0.2
\nFinancial income
0.7
0.3
\nFinancial expenses
\nInterest expenses
16.2
8.2
\nFinancial exchange loss (net)
10.5
0.3
\nOther \ufb01nancial expense
1.8
1.2
\nFinancial expenses
28.5
9.8
\nShare of pro\ufb01t of associates
(0.2)
(0.3)
\nNet \ufb01nancial items
(28.0)
(9.8)
\nPlease refer to note 22 for further information regarding share of pro\ufb01ts from associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6954": {
"value": "NOTE 09 Financial income and financial expenses
\nAmounts in NOK million
2022
2021
\nFinancial income
\nFinancial exchange gain (net)
-
-
\nInterest income
0.2
0.1
\nOther \ufb01nancial income
0.5
0.2
\nFinancial income
0.7
0.3
\nFinancial expenses
\nInterest expenses
16.2
8.2
\nFinancial exchange loss (net)
10.5
0.3
\nOther \ufb01nancial expense
1.8
1.2
\nFinancial expenses
28.5
9.8
\nShare of pro\ufb01t of associates
(0.2)
(0.3)
\nNet \ufb01nancial items
(28.0)
(9.8)
\nPlease refer to note 22 for further information regarding share of pro\ufb01ts from associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f6999": {
"value": "NOTE 10 Income tax expense
\nIncome tax speci\ufb01cation
\nAmounts in NOK million
2022
2021
\nCurrent tax
\nCurrent tax on pro\ufb01ts Norwegian companies
12.0
8.4
\nCurrent tax on pro\ufb01ts foreign companies
3.5
1.2
\nAdjustments for current tax of prior periods
-
0.2
\nTotal current tax expense
15.5
9.8
\nDeferred income tax
\nChange in deferred tax
(1.4)
6.0
\nTotal deferred tax expense/(bene\ufb01t)
(1.4)
6.0
\nTotal income tax expense
14.1
15.9
\nReconciliation between nominal and e\ufb00ective tax rates
\nAmounts in NOK million
2022
2021
\nIncome tax expense at corporate income tax rate in Norway 22%
26.6
14.0
\nE\ufb00ect of tax rates outside Norway di\ufb00erent from 22%
2.0
0.0
\nChange in previously not recognised deferred tax assets
(13.2)
0.2
\nOther items
(1.2)
1.7
\nSubtotal
14.1
15.9
\nE\ufb00ective tax rate
12%
25%
\nAmounts recognised directly in equity
\nAmounts in NOK million
2022
2021
\nDeferred tax
-
-
\nTotal
0
0
\nDeferred tax assets
\nAmounts in NOK million
2022
2021
\nThe balance comprises temporary di\ufb00erencs attributable to:
\nIntangible and \ufb01xed assets
(14.2)
(12.3)
\nInventories
(1.9)
(1.2)
\nOther assets and liabilities
(2.9)
(1.9)
\nTotal
(19.0)
(15.4)
\nTotal deferred tax assets
(19.0)
(15.4)
\nUnrecognised deferred tax assets
3.4
2.2
\nNet deferred tax assets
(15.6)
(13.3)
\nDeferred tax
\nAmounts in NOK million
2022
2021
\nThe balance comprises temporary di\ufb00erencs attributable to:
\nIntangible and \ufb01xed assets
3.6
4.0
\nTotal
3.6
4.0
\nChange in deferred tax assets
\nAmounts in NOK million
Tax losses
\nIntangible and
\n\ufb01xed assets
Inventories
Other
Total
\nMovements
\nAt 1 January 2021
(6.9)
(12.4)
(1.2)
0.7
(19.7)
\n(Charged)/credited
\n-to pro\ufb01t or loss
6.9
0.1
0.1
(0.4)
6.6
\nAt 31 December 2021
(0.0)
(12.3)
(1.2)
0.3
(13.3)
\nAt 1 January 2022
(0.0)
(12.3)
(1.2)
0.3
(13.3)
\n- to pro\ufb01t or loss
0.0
(1.7)
(0.7)
0.3
(2.1)
\nAcquisition of subsidiary
(0.2)
(0.2)
\nAt 31 December 2022
0.0
(14.2)
(1.9)
0.6
(15.6)
\nChange in deferred tax
\nAmounts in NOK million
Tax losses
\nIntangible and
\n\ufb01xed assets
Inventories
Other
Total
\nMovements
\nAt 1 January 2021
0.0
4.0
0.0
0.0
4.0
\n(Charged)/credited
\n-to pro\ufb01t or loss
(0.4)
(0.4)
\nAt 31 December 2022
0.0
3.6
0.0
0.0
3.6
\nDeferred tax assets are recognised only if it is probable that future taxa-
\nble amounts will be available to utilise
temporary di\ufb00erences and losses.
\nThe group has assessed the probability of obtaining the necessary taxable
\npro\ufb01ts based on budgets and forecasts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7000": {
"value": "NOTE 10 Income tax expense
\nIncome tax speci\ufb01cation
\nAmounts in NOK million
2022
2021
\nCurrent tax
\nCurrent tax on pro\ufb01ts Norwegian companies
12.0
8.4
\nCurrent tax on pro\ufb01ts foreign companies
3.5
1.2
\nAdjustments for current tax of prior periods
-
0.2
\nTotal current tax expense
15.5
9.8
\nDeferred income tax
\nChange in deferred tax
(1.4)
6.0
\nTotal deferred tax expense/(bene\ufb01t)
(1.4)
6.0
\nTotal income tax expense
14.1
15.9
\nReconciliation between nominal and e\ufb00ective tax rates
\nAmounts in NOK million
2022
2021
\nIncome tax expense at corporate income tax rate in Norway 22%
26.6
14.0
\nE\ufb00ect of tax rates outside Norway di\ufb00erent from 22%
2.0
0.0
\nChange in previously not recognised deferred tax assets
(13.2)
0.2
\nOther items
(1.2)
1.7
\nSubtotal
14.1
15.9
\nE\ufb00ective tax rate
12%
25%
\nAmounts recognised directly in equity
\nAmounts in NOK million
2022
2021
\nDeferred tax
-
-
\nTotal
0
0
\nDeferred tax assets
\nAmounts in NOK million
2022
2021
\nThe balance comprises temporary di\ufb00erencs attributable to:
\nIntangible and \ufb01xed assets
(14.2)
(12.3)
\nInventories
(1.9)
(1.2)
\nOther assets and liabilities
(2.9)
(1.9)
\nTotal
(19.0)
(15.4)
\nTotal deferred tax assets
(19.0)
(15.4)
\nUnrecognised deferred tax assets
3.4
2.2
\nNet deferred tax assets
(15.6)
(13.3)
\nDeferred tax
\nAmounts in NOK million
2022
2021
\nThe balance comprises temporary di\ufb00erencs attributable to:
\nIntangible and \ufb01xed assets
3.6
4.0
\nTotal
3.6
4.0
\nChange in deferred tax assets
\nAmounts in NOK million
Tax losses
\nIntangible and
\n\ufb01xed assets
Inventories
Other
Total
\nMovements
\nAt 1 January 2021
(6.9)
(12.4)
(1.2)
0.7
(19.7)
\n(Charged)/credited
\n-to pro\ufb01t or loss
6.9
0.1
0.1
(0.4)
6.6
\nAt 31 December 2021
(0.0)
(12.3)
(1.2)
0.3
(13.3)
\nAt 1 January 2022
(0.0)
(12.3)
(1.2)
0.3
(13.3)
\n- to pro\ufb01t or loss
0.0
(1.7)
(0.7)
0.3
(2.1)
\nAcquisition of subsidiary
(0.2)
(0.2)
\nAt 31 December 2022
0.0
(14.2)
(1.9)
0.6
(15.6)
\nChange in deferred tax
\nAmounts in NOK million
Tax losses
\nIntangible and
\n\ufb01xed assets
Inventories
Other
Total
\nMovements
\nAt 1 January 2021
0.0
4.0
0.0
0.0
4.0
\n(Charged)/credited
\n-to pro\ufb01t or loss
(0.4)
(0.4)
\nAt 31 December 2022
0.0
3.6
0.0
0.0
3.6
\nDeferred tax assets are recognised only if it is probable that future taxa-
\nble amounts will be available to utilise
temporary di\ufb00erences and losses.
\nThe group has assessed the probability of obtaining the necessary taxable
\npro\ufb01ts based on budgets and forecasts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7233": {
"value": "NOTE 11 Earnings per share
\nAmounts in NOK
2022
2021
\nBasic earnings per share
\nTotal basic earnings per share attributable to the ordinary equity holders of the company
1.82
0.83
\nDiluted earnings per share
\nTotal diluted earnings per share attributable to the ordinary equity holders of the company
1.82
0.83
\nReconciliations of earnings used in calculating earnings per share
\nAmounts in NOK million
2022
2021
\nBasic earnings per share
\nPro\ufb01t from continuing operations attributable to the ordinary equity holders of the company:
\nUsed in calculation basic earnings per share
106.7
47.9
\nUsed in calculating diluted earnings per share
106.7
47.9
\nWeighted average number of shares used as the denominator
\nNumber
2022
2021
\nWeighted average number outstanding
58 662 698
57 467 325
\nWeighted average number diluted
58 725 000
57 467 325
\nBasic earnings per share
\nBasic earnings per share amounts are calculated by dividing net pro\ufb01t for the
\nperiod attributable to ordinary equity holders of the parent company by the
\nweighted average number of ordinary shares outstanding during the period.
\nDiluted earnings per share
\nWhen calculating the diluted earnings per share, the number of shares that
\ncould be issued for no consideration due to share options or other arrange-
\nment that has been in e\ufb00ect during the period is added to the average
\nnumber of ordinary shares outstanding used for basic earnings per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7301": {
"value": "NOTE 12 Property, plant and equipment and leases
\nAmounts in NOK million
\nLand and
\nproperties
\nMachinery,
\n\ufb01xtures
\nand \ufb01ttings
\nRight-of-use
\nassets
Total
\nCost at 1 January 2021
89.9
205.1
52.8
347.8
\nAccumulated depreciation
20.9
147.3
29.7
197.9
\nNet book amount at 1 January 2021
69.0
57.8
23.2
150.0
\nAdditions from acquisition of companies
0.3
9.0
0.0
9.3
\nAdditions
4.4
35.1
0.0
39.5
\nDepreciation charge
5.1
19.7
8.4
33.2
\nTranslation di\ufb00erences
0.0
(0.6)
0.0
(0.6)
\nNet book amount at 31 December 2021
68.6
81.5
14.8
164.9
\nCost at 1 January 2022
94.6
249.2
52.8
396.6
\nAccumulated depreciation
26.0
167.0
38.1
231.1
\nTranslation di\ufb00erences
0.0
(0.6)
0.0
(0.6)
\nNet book amount at 1 January 2022
68.6
81.5
14.8
164.9
\nAdditions from acquisition of companies
0.0
5.7
0.0
5.7
\nAdditions
2.8
25.5
30.4
58.7
\nDisposals
0.0
0.0
0.0
0.0
\nDepreciation charge
5.9
26.2
9.7
41.7
\nTranslation di\ufb00erences
0.0
0.0
0.0
0.0
\nNet book amount at 31 December 2022
65.5
86.6
35.5
187.7
\nUseful life
25 years
3-7 years
2-7 years
\nDepreciation method
Linear
Linear
Linear
\nRight-of-use assets and lease liabilities
\nNORBIT has chosen to present the right-of-use assets as part of property,
\nplant and equipment, and the lease liabilities as separate line items the
\nbalance sheet. The group does not have any right-of-use assets that would
\nmeet the de\ufb01nition of investment property.
\nAt year-end 2022, the group had a portfolio of 6 leases (2020: 4) which
\nmainly consist of lease of o\ufb03ce premises and manufacturing equipment.
\nAt 31 December 2022, the leases had a weighted average remaining lease
\nterm of 63 months. Extension options in the lease agreements have been
\nassessed and re\ufb02ected in the IFRS 16 calculations if use of the option is
\nreasonably certain.
\nLeases are discounted using the interest rate implicit in the lease agree
-
\nments or, if that rate cannot be readily determined, the estimated marginal
\nborrowing cost has been used, equivalent to 1M NIBOR at the time of the
\nagreements and the credit margin according to the revolving credit facility
\n(1.8 per cent) agreement.
\nThe movement in the lease liabilities during 2022 and 2021 is summa-
\nrised below:
\nAmounts in NOK million
\nLease liabilities at 1 January 2021
23.2
\nNew lease agreements
0.0
\nInterest expense
0.4
\nLease payments
(8.6)
\nBalance at 31 December 2021
15.0
\nLease liabilities at 1 January 2022
15.0
\nNew lease agreements
30.4
\nInterest expense
0.5
\nLease payments
(10.0)
\nBalance at 31 December 2022
35.8
\nCurrent lease liabilities
11.8
\nNon-current lease liabilities
24.0
\nTotal
35.8
\nImpairment loss and compensation
\nThere were no impairment losses in 2022 and 2021.
\nChange in depreciation period
\nThere were no changes to the depreciation period for the \ufb01xed assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7302": {
"value": "NOTE 12 Property, plant and equipment and leases
\nAmounts in NOK million
\nLand and
\nproperties
\nMachinery,
\n\ufb01xtures
\nand \ufb01ttings
\nRight-of-use
\nassets
Total
\nCost at 1 January 2021
89.9
205.1
52.8
347.8
\nAccumulated depreciation
20.9
147.3
29.7
197.9
\nNet book amount at 1 January 2021
69.0
57.8
23.2
150.0
\nAdditions from acquisition of companies
0.3
9.0
0.0
9.3
\nAdditions
4.4
35.1
0.0
39.5
\nDepreciation charge
5.1
19.7
8.4
33.2
\nTranslation di\ufb00erences
0.0
(0.6)
0.0
(0.6)
\nNet book amount at 31 December 2021
68.6
81.5
14.8
164.9
\nCost at 1 January 2022
94.6
249.2
52.8
396.6
\nAccumulated depreciation
26.0
167.0
38.1
231.1
\nTranslation di\ufb00erences
0.0
(0.6)
0.0
(0.6)
\nNet book amount at 1 January 2022
68.6
81.5
14.8
164.9
\nAdditions from acquisition of companies
0.0
5.7
0.0
5.7
\nAdditions
2.8
25.5
30.4
58.7
\nDisposals
0.0
0.0
0.0
0.0
\nDepreciation charge
5.9
26.2
9.7
41.7
\nTranslation di\ufb00erences
0.0
0.0
0.0
0.0
\nNet book amount at 31 December 2022
65.5
86.6
35.5
187.7
\nUseful life
25 years
3-7 years
2-7 years
\nDepreciation method
Linear
Linear
Linear
\nRight-of-use assets and lease liabilities
\nNORBIT has chosen to present the right-of-use assets as part of property,
\nplant and equipment, and the lease liabilities as separate line items the
\nbalance sheet. The group does not have any right-of-use assets that would
\nmeet the de\ufb01nition of investment property.
\nAt year-end 2022, the group had a portfolio of 6 leases (2020: 4) which
\nmainly consist of lease of o\ufb03ce premises and manufacturing equipment.
\nAt 31 December 2022, the leases had a weighted average remaining lease
\nterm of 63 months. Extension options in the lease agreements have been
\nassessed and re\ufb02ected in the IFRS 16 calculations if use of the option is
\nreasonably certain.
\nLeases are discounted using the interest rate implicit in the lease agree
-
\nments or, if that rate cannot be readily determined, the estimated marginal
\nborrowing cost has been used, equivalent to 1M NIBOR at the time of the
\nagreements and the credit margin according to the revolving credit facility
\n(1.8 per cent) agreement.
\nThe movement in the lease liabilities during 2022 and 2021 is summa-
\nrised below:
\nAmounts in NOK million
\nLease liabilities at 1 January 2021
23.2
\nNew lease agreements
0.0
\nInterest expense
0.4
\nLease payments
(8.6)
\nBalance at 31 December 2021
15.0
\nLease liabilities at 1 January 2022
15.0
\nNew lease agreements
30.4
\nInterest expense
0.5
\nLease payments
(10.0)
\nBalance at 31 December 2022
35.8
\nCurrent lease liabilities
11.8
\nNon-current lease liabilities
24.0
\nTotal
35.8
\nImpairment loss and compensation
\nThere were no impairment losses in 2022 and 2021.
\nChange in depreciation period
\nThere were no changes to the depreciation period for the \ufb01xed assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7306": {
"value": "Amounts in NOK million
\nLand and
\nproperties
\nMachinery,
\n\ufb01xtures
\nand \ufb01ttings
\nRight-of-use
\nassets
Total
\nCost at 1 January 2021
89.9
205.1
52.8
347.8
\nAccumulated depreciation
20.9
147.3
29.7
197.9
\nNet book amount at 1 January 2021
69.0
57.8
23.2
150.0
\nAdditions from acquisition of companies
0.3
9.0
0.0
9.3
\nAdditions
4.4
35.1
0.0
39.5
\nDepreciation charge
5.1
19.7
8.4
33.2
\nTranslation di\ufb00erences
0.0
(0.6)
0.0
(0.6)
\nNet book amount at 31 December 2021
68.6
81.5
14.8
164.9
\nCost at 1 January 2022
94.6
249.2
52.8
396.6
\nAccumulated depreciation
26.0
167.0
38.1
231.1
\nTranslation di\ufb00erences
0.0
(0.6)
0.0
(0.6)
\nNet book amount at 1 January 2022
68.6
81.5
14.8
164.9
\nAdditions from acquisition of companies
0.0
5.7
0.0
5.7
\nAdditions
2.8
25.5
30.4
58.7
\nDisposals
0.0
0.0
0.0
0.0
\nDepreciation charge
5.9
26.2
9.7
41.7
\nTranslation di\ufb00erences
0.0
0.0
0.0
0.0
\nNet book amount at 31 December 2022
65.5
86.6
35.5
187.7
\nUseful life
25 years
3-7 years
2-7 years
\nDepreciation method
Linear
Linear
Linear
Intangible assets
\nAmounts in NOK million
Development costs
\nTrademark
\nand customer
\nrelationships
Total
Goodwill
\nCost at 1 January 2021
332.4
0.0
332.4
0.0
\nAccumulated amortisation
148.6
0.0
148.6
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nNet book amount at 1 January 2021
171.5
0.0
171.5
0.0
\nAdditions from acquisition of companies
10.1
46.1
56.2
82.1
\nAdditions
51.2
0.0
51.2
0.0
\nAmortisation charge
33.9
1.9
35.8
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 31 December 2021
198.2
44.2
242.3
82.1
\nCost at 1 January 2022
393.7
46.1
439.7
82.1
\nAccumulated amortisation
182.5
1.9
184.4
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 1 January 2022
198.2
44.2
242.3
82.1
\nAdditions from acquisition of companies
1.0
0.0
1.0
2.3
\nAdditions
60.5
0.0
60.5
0.0
\nAmortisation charge
40.1
4.6
44.8
0.0
\nTranslation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
\nNet book amount at 31 December 2022
219.2
39.6
258.8
84.4
\nUseful life
3-7 years
10 years
n.a
Amortisation methods and useful lives
\nCapitalised development is normally amortised over three to seven years
\non a straight-line basis. Economic bene\ufb01t is, however, considered for each
\nproduct and the amortisation period is equal to the estimated useful life
\nof the developed product.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7487": {
"value": "NOTE 13 Goodwill and intangible assets
\nIntangible assets
\nAmounts in NOK million
Development costs
\nTrademark
\nand customer
\nrelationships
Total
Goodwill
\nCost at 1 January 2021
332.4
0.0
332.4
0.0
\nAccumulated amortisation
148.6
0.0
148.6
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nNet book amount at 1 January 2021
171.5
0.0
171.5
0.0
\nAdditions from acquisition of companies
10.1
46.1
56.2
82.1
\nAdditions
51.2
0.0
51.2
0.0
\nAmortisation charge
33.9
1.9
35.8
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 31 December 2021
198.2
44.2
242.3
82.1
\nCost at 1 January 2022
393.7
46.1
439.7
82.1
\nAccumulated amortisation
182.5
1.9
184.4
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 1 January 2022
198.2
44.2
242.3
82.1
\nAdditions from acquisition of companies
1.0
0.0
1.0
2.3
\nAdditions
60.5
0.0
60.5
0.0
\nAmortisation charge
40.1
4.6
44.8
0.0
\nTranslation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
\nNet book amount at 31 December 2022
219.2
39.6
258.8
84.4
\nUseful life
3-7 years
10 years
n.a
\nIntangible assets
\nIntangible assets primarily comprise capitalised development costs related
\nto plan or design for the production of new or substantially improved tech-
\nnology products. In addition, NORBIT recognised NOK 56.2 million in intan-
\ngible assets following the acquisition of iData Kft in July 2021, of which
\nNOK 46.1 million related to fair value adjustments of trademark and cus-
\ntomer relationships.
\nIn 2022, further development was made on own technology and own
\nproducts, mainly within the market segments Oceans and Connectivity.
\nIn Oceans, the majority of the capital spent relates to the development of
\nnew applications on the ultra-high resolution sonar WINGHEAD, which was
\nreleased in 2020, in addition to hardware and software development on
\nthe other sonar products.
\nIn the Connectivity segment, the development projects are primarily
\nrelated to next generation connectivity devices for GNSS tolling for trucks,
\nDSRC-modules and software solutions for the services delivered by iData
\nKft.
\nAmortisation methods and useful lives
\nCapitalised development is normally amortised over three to seven years
\non a straight-line basis. Economic bene\ufb01t is, however, considered for each
\nproduct and the amortisation period is equal to the estimated useful life
\nof the developed product.
\nImpairment considerations
\nAt the end of each reporting period, the group assess whether there are
\nindications that any intangible asset has been impaired. If such indications
\nare present, an estimate of the recoverable amount of the asset is calcu-
\nlated. Regardless of whether there is an indication of impairment, intangi-
\nble assets with inde\ufb01nite useful lives or intangible assets that are not yet
\navailable for use at the balance sheet date, are tested every year.
\nTo assess whether indications of impairment exist, a simpli\ufb01ed analysis of
\nfuture cash \ufb02ows from intangible assets similar to the requirements under
\nIAS 36.39 is prepared. In this analysis estimated contribution per product
\nis applied, that is sales value less direct material cost and direct person-
\nnel costs. Both external documentation, budgets and forecasts are used in
\npreparing the analysis. It is also considered to what extent previous esti-
\nmates of future cash \ufb02ows have been met. Prevailing market conditions are
\nalso taken into account, including its impact on estimates and forecasts.
\nFuture cash \ufb02ows are calculated at the present value using a discount rate
\nspeci\ufb01c to the relevant asset, ranging from 9.5 per cent 10.7 per cent (2021:
\n8.6 per cent to 9.9 per cent). These rates are calculated based on the rates
\nimplicit in the current market transactions for similar assets or based on
\nthe weighted average cost of capital of several listed companies that are
\nrelevant for a single asset (or portfolio of assets), that in terms of potential
\nperformance and risk corresponds to the relevant asset being tested for
\nimpairment. The increase in the discount rates from last year is primarily
\nexplained by higher interest rates.
\nNo indication of impairment was identi\ufb01ed in 2022 or in 2021. It is referred
\nto note 4 for accounting policies relevant to intangible assets.
\nChange in amortisation period
\nThere were no changes in amortisation pro\ufb01les during 2022.
\nGoodwill
\nIn 2021, NORBIT made a recognition of NOK 82.1 million in goodwill in con-
\nnection with the acquisitions of Kilmore Marine Ltd and iData Kft. A further
\nNOK 2.3 million in goodwill was recognised as part of the acquisition of Aur-
\nsund Maskinering AS in 2022. Acquired companies are integrated into each
\nreporting segment, where Kilmore Marine Ltd and Aursund Maskinering AS
\nare included in segment Oceans and iData Kft in segment Connectivity.
\nImpairment testing was carried out for iData Kft and Kilmore Marine Ltd as
\nthe companies represent the only cash-generating units containing mate-
\nrial goodwill.
\nThe recoverable amounts are determined based on the higher of the
\ncash-generating units fair value less costs of disposal and value in use.
\nIn accordance with IFRS 13, quoted prices in active markets for similar assets
\nhave been applied to measure fair value less cost of disposal. Adjustments
\nto the valuation multiples for a group of comparable assets are made to
\nre\ufb02ect a di\ufb00erence in the cost of capital between comparable assets and
\nthe cash-generating units, as well as control premiums to re\ufb02ect transac-
\ntion prices in the quoted market.
\nFor value in use, discounted cash \ufb02ow models are applied, in which man-
\nagement has projected cash \ufb02ows in the period from 2023 to 2027 based
\non budget and forecasts. The key assumptions used in the calculations
\nare discussed below.
\nE
\nBITDA and investments
\nEBITDA corresponds to operating pro\ufb01t before depreciation and amortisa-
\ntion expenses, as reported in the consolidated statement of pro\ufb01t and loss.
\nAssumptions with regards to EBITDA projections are made in terms of rev-
\nenue growth for the products and services sold, as well as the operating
\ncosts. Investments are determined based on the expected revenue growth
\nrate applied in the forecast period as part of the business plan. In judging
\nthese assumptions, historical data is considered, as well as the expecta-
\ntions about the market development and future conditions.
\nTerminal value
\nTerminal value beyond the forecast period is determined applying the aver-
\nage of a terminal value in perpetuity at a growth rate of 2.5 per cent and
\nthe lower of an exit multiple in line with the acquisition multiple and trad-
\ning multiples for similar assets.
\nDiscount rate
\nThe discount rate applied is the weighted average cost of capital for the
\nspeci\ufb01c cash-generating units and the industry and country the assets pri-
\nmarily operate in. When estimating the discount rate, a risk-free rate equal
\nto the 10-year local government bond yield is applied, as well as risk pre-
\nmium. The discount rate is further adjusted for country risk, liquidity risk as
\nwell as capital structure target. The pre-tax discount rate applied in 2022
\nfor the impairment testing was 14.9 per cent.
\nConclusion and sensitivity
\nFor the assets containing goodwill, the recoverable amount estimated far
\nexceeded the carrying value and thus there were no indication of impair-
\nment at the balance sheet date. A sensitivity analysis was not performed
\ndue to the signi\ufb01cant di\ufb00erence between the recoverable amount and the
\ncarrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7488": {
"value": "NOTE 13 Goodwill and intangible assets
\nIntangible assets
\nAmounts in NOK million
Development costs
\nTrademark
\nand customer
\nrelationships
Total
Goodwill
\nCost at 1 January 2021
332.4
0.0
332.4
0.0
\nAccumulated amortisation
148.6
0.0
148.6
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nNet book amount at 1 January 2021
171.5
0.0
171.5
0.0
\nAdditions from acquisition of companies
10.1
46.1
56.2
82.1
\nAdditions
51.2
0.0
51.2
0.0
\nAmortisation charge
33.9
1.9
35.8
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 31 December 2021
198.2
44.2
242.3
82.1
\nCost at 1 January 2022
393.7
46.1
439.7
82.1
\nAccumulated amortisation
182.5
1.9
184.4
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 1 January 2022
198.2
44.2
242.3
82.1
\nAdditions from acquisition of companies
1.0
0.0
1.0
2.3
\nAdditions
60.5
0.0
60.5
0.0
\nAmortisation charge
40.1
4.6
44.8
0.0
\nTranslation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
\nNet book amount at 31 December 2022
219.2
39.6
258.8
84.4
\nUseful life
3-7 years
10 years
n.a
\nIntangible assets
\nIntangible assets primarily comprise capitalised development costs related
\nto plan or design for the production of new or substantially improved tech-
\nnology products. In addition, NORBIT recognised NOK 56.2 million in intan-
\ngible assets following the acquisition of iData Kft in July 2021, of which
\nNOK 46.1 million related to fair value adjustments of trademark and cus-
\ntomer relationships.
\nIn 2022, further development was made on own technology and own
\nproducts, mainly within the market segments Oceans and Connectivity.
\nIn Oceans, the majority of the capital spent relates to the development of
\nnew applications on the ultra-high resolution sonar WINGHEAD, which was
\nreleased in 2020, in addition to hardware and software development on
\nthe other sonar products.
\nIn the Connectivity segment, the development projects are primarily
\nrelated to next generation connectivity devices for GNSS tolling for trucks,
\nDSRC-modules and software solutions for the services delivered by iData
\nKft.
\nAmortisation methods and useful lives
\nCapitalised development is normally amortised over three to seven years
\non a straight-line basis. Economic bene\ufb01t is, however, considered for each
\nproduct and the amortisation period is equal to the estimated useful life
\nof the developed product.
\nImpairment considerations
\nAt the end of each reporting period, the group assess whether there are
\nindications that any intangible asset has been impaired. If such indications
\nare present, an estimate of the recoverable amount of the asset is calcu-
\nlated. Regardless of whether there is an indication of impairment, intangi-
\nble assets with inde\ufb01nite useful lives or intangible assets that are not yet
\navailable for use at the balance sheet date, are tested every year.
\nTo assess whether indications of impairment exist, a simpli\ufb01ed analysis of
\nfuture cash \ufb02ows from intangible assets similar to the requirements under
\nIAS 36.39 is prepared. In this analysis estimated contribution per product
\nis applied, that is sales value less direct material cost and direct person-
\nnel costs. Both external documentation, budgets and forecasts are used in
\npreparing the analysis. It is also considered to what extent previous esti-
\nmates of future cash \ufb02ows have been met. Prevailing market conditions are
\nalso taken into account, including its impact on estimates and forecasts.
\nFuture cash \ufb02ows are calculated at the present value using a discount rate
\nspeci\ufb01c to the relevant asset, ranging from 9.5 per cent 10.7 per cent (2021:
\n8.6 per cent to 9.9 per cent). These rates are calculated based on the rates
\nimplicit in the current market transactions for similar assets or based on
\nthe weighted average cost of capital of several listed companies that are
\nrelevant for a single asset (or portfolio of assets), that in terms of potential
\nperformance and risk corresponds to the relevant asset being tested for
\nimpairment. The increase in the discount rates from last year is primarily
\nexplained by higher interest rates.
\nNo indication of impairment was identi\ufb01ed in 2022 or in 2021. It is referred
\nto note 4 for accounting policies relevant to intangible assets.
\nChange in amortisation period
\nThere were no changes in amortisation pro\ufb01les during 2022.
\nGoodwill
\nIn 2021, NORBIT made a recognition of NOK 82.1 million in goodwill in con-
\nnection with the acquisitions of Kilmore Marine Ltd and iData Kft. A further
\nNOK 2.3 million in goodwill was recognised as part of the acquisition of Aur-
\nsund Maskinering AS in 2022. Acquired companies are integrated into each
\nreporting segment, where Kilmore Marine Ltd and Aursund Maskinering AS
\nare included in segment Oceans and iData Kft in segment Connectivity.
\nImpairment testing was carried out for iData Kft and Kilmore Marine Ltd as
\nthe companies represent the only cash-generating units containing mate-
\nrial goodwill.
\nThe recoverable amounts are determined based on the higher of the
\ncash-generating units fair value less costs of disposal and value in use.
\nIn accordance with IFRS 13, quoted prices in active markets for similar assets
\nhave been applied to measure fair value less cost of disposal. Adjustments
\nto the valuation multiples for a group of comparable assets are made to
\nre\ufb02ect a di\ufb00erence in the cost of capital between comparable assets and
\nthe cash-generating units, as well as control premiums to re\ufb02ect transac-
\ntion prices in the quoted market.
\nFor value in use, discounted cash \ufb02ow models are applied, in which man-
\nagement has projected cash \ufb02ows in the period from 2023 to 2027 based
\non budget and forecasts. The key assumptions used in the calculations
\nare discussed below.
\nE
\nBITDA and investments
\nEBITDA corresponds to operating pro\ufb01t before depreciation and amortisa-
\ntion expenses, as reported in the consolidated statement of pro\ufb01t and loss.
\nAssumptions with regards to EBITDA projections are made in terms of rev-
\nenue growth for the products and services sold, as well as the operating
\ncosts. Investments are determined based on the expected revenue growth
\nrate applied in the forecast period as part of the business plan. In judging
\nthese assumptions, historical data is considered, as well as the expecta-
\ntions about the market development and future conditions.
\nTerminal value
\nTerminal value beyond the forecast period is determined applying the aver-
\nage of a terminal value in perpetuity at a growth rate of 2.5 per cent and
\nthe lower of an exit multiple in line with the acquisition multiple and trad-
\ning multiples for similar assets.
\nDiscount rate
\nThe discount rate applied is the weighted average cost of capital for the
\nspeci\ufb01c cash-generating units and the industry and country the assets pri-
\nmarily operate in. When estimating the discount rate, a risk-free rate equal
\nto the 10-year local government bond yield is applied, as well as risk pre-
\nmium. The discount rate is further adjusted for country risk, liquidity risk as
\nwell as capital structure target. The pre-tax discount rate applied in 2022
\nfor the impairment testing was 14.9 per cent.
\nConclusion and sensitivity
\nFor the assets containing goodwill, the recoverable amount estimated far
\nexceeded the carrying value and thus there were no indication of impair-
\nment at the balance sheet date. A sensitivity analysis was not performed
\ndue to the signi\ufb01cant di\ufb00erence between the recoverable amount and the
\ncarrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7489": {
"value": "NOTE 13 Goodwill and intangible assets
\nIntangible assets
\nAmounts in NOK million
Development costs
\nTrademark
\nand customer
\nrelationships
Total
Goodwill
\nCost at 1 January 2021
332.4
0.0
332.4
0.0
\nAccumulated amortisation
148.6
0.0
148.6
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nNet book amount at 1 January 2021
171.5
0.0
171.5
0.0
\nAdditions from acquisition of companies
10.1
46.1
56.2
82.1
\nAdditions
51.2
0.0
51.2
0.0
\nAmortisation charge
33.9
1.9
35.8
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 31 December 2021
198.2
44.2
242.3
82.1
\nCost at 1 January 2022
393.7
46.1
439.7
82.1
\nAccumulated amortisation
182.5
1.9
184.4
0.0
\nAccumulated impairment
12.3
0.0
12.3
0.0
\nTranslation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
\nNet book amount at 1 January 2022
198.2
44.2
242.3
82.1
\nAdditions from acquisition of companies
1.0
0.0
1.0
2.3
\nAdditions
60.5
0.0
60.5
0.0
\nAmortisation charge
40.1
4.6
44.8
0.0
\nTranslation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
\nNet book amount at 31 December 2022
219.2
39.6
258.8
84.4
\nUseful life
3-7 years
10 years
n.a
\nIntangible assets
\nIntangible assets primarily comprise capitalised development costs related
\nto plan or design for the production of new or substantially improved tech-
\nnology products. In addition, NORBIT recognised NOK 56.2 million in intan-
\ngible assets following the acquisition of iData Kft in July 2021, of which
\nNOK 46.1 million related to fair value adjustments of trademark and cus-
\ntomer relationships.
\nIn 2022, further development was made on own technology and own
\nproducts, mainly within the market segments Oceans and Connectivity.
\nIn Oceans, the majority of the capital spent relates to the development of
\nnew applications on the ultra-high resolution sonar WINGHEAD, which was
\nreleased in 2020, in addition to hardware and software development on
\nthe other sonar products.
\nIn the Connectivity segment, the development projects are primarily
\nrelated to next generation connectivity devices for GNSS tolling for trucks,
\nDSRC-modules and software solutions for the services delivered by iData
\nKft.
\nAmortisation methods and useful lives
\nCapitalised development is normally amortised over three to seven years
\non a straight-line basis. Economic bene\ufb01t is, however, considered for each
\nproduct and the amortisation period is equal to the estimated useful life
\nof the developed product.
\nImpairment considerations
\nAt the end of each reporting period, the group assess whether there are
\nindications that any intangible asset has been impaired. If such indications
\nare present, an estimate of the recoverable amount of the asset is calcu-
\nlated. Regardless of whether there is an indication of impairment, intangi-
\nble assets with inde\ufb01nite useful lives or intangible assets that are not yet
\navailable for use at the balance sheet date, are tested every year.
\nTo assess whether indications of impairment exist, a simpli\ufb01ed analysis of
\nfuture cash \ufb02ows from intangible assets similar to the requirements under
\nIAS 36.39 is prepared. In this analysis estimated contribution per product
\nis applied, that is sales value less direct material cost and direct person-
\nnel costs. Both external documentation, budgets and forecasts are used in
\npreparing the analysis. It is also considered to what extent previous esti-
\nmates of future cash \ufb02ows have been met. Prevailing market conditions are
\nalso taken into account, including its impact on estimates and forecasts.
\nFuture cash \ufb02ows are calculated at the present value using a discount rate
\nspeci\ufb01c to the relevant asset, ranging from 9.5 per cent 10.7 per cent (2021:
\n8.6 per cent to 9.9 per cent). These rates are calculated based on the rates
\nimplicit in the current market transactions for similar assets or based on
\nthe weighted average cost of capital of several listed companies that are
\nrelevant for a single asset (or portfolio of assets), that in terms of potential
\nperformance and risk corresponds to the relevant asset being tested for
\nimpairment. The increase in the discount rates from last year is primarily
\nexplained by higher interest rates.
\nNo indication of impairment was identi\ufb01ed in 2022 or in 2021. It is referred
\nto note 4 for accounting policies relevant to intangible assets.
\nChange in amortisation period
\nThere were no changes in amortisation pro\ufb01les during 2022.
\nGoodwill
\nIn 2021, NORBIT made a recognition of NOK 82.1 million in goodwill in con-
\nnection with the acquisitions of Kilmore Marine Ltd and iData Kft. A further
\nNOK 2.3 million in goodwill was recognised as part of the acquisition of Aur-
\nsund Maskinering AS in 2022. Acquired companies are integrated into each
\nreporting segment, where Kilmore Marine Ltd and Aursund Maskinering AS
\nare included in segment Oceans and iData Kft in segment Connectivity.
\nImpairment testing was carried out for iData Kft and Kilmore Marine Ltd as
\nthe companies represent the only cash-generating units containing mate-
\nrial goodwill.
\nThe recoverable amounts are determined based on the higher of the
\ncash-generating units fair value less costs of disposal and value in use.
\nIn accordance with IFRS 13, quoted prices in active markets for similar assets
\nhave been applied to measure fair value less cost of disposal. Adjustments
\nto the valuation multiples for a group of comparable assets are made to
\nre\ufb02ect a di\ufb00erence in the cost of capital between comparable assets and
\nthe cash-generating units, as well as control premiums to re\ufb02ect transac-
\ntion prices in the quoted market.
\nFor value in use, discounted cash \ufb02ow models are applied, in which man-
\nagement has projected cash \ufb02ows in the period from 2023 to 2027 based
\non budget and forecasts. The key assumptions used in the calculations
\nare discussed below.
\nE
\nBITDA and investments
\nEBITDA corresponds to operating pro\ufb01t before depreciation and amortisa-
\ntion expenses, as reported in the consolidated statement of pro\ufb01t and loss.
\nAssumptions with regards to EBITDA projections are made in terms of rev-
\nenue growth for the products and services sold, as well as the operating
\ncosts. Investments are determined based on the expected revenue growth
\nrate applied in the forecast period as part of the business plan. In judging
\nthese assumptions, historical data is considered, as well as the expecta-
\ntions about the market development and future conditions.
\nTerminal value
\nTerminal value beyond the forecast period is determined applying the aver-
\nage of a terminal value in perpetuity at a growth rate of 2.5 per cent and
\nthe lower of an exit multiple in line with the acquisition multiple and trad-
\ning multiples for similar assets.
\nDiscount rate
\nThe discount rate applied is the weighted average cost of capital for the
\nspeci\ufb01c cash-generating units and the industry and country the assets pri-
\nmarily operate in. When estimating the discount rate, a risk-free rate equal
\nto the 10-year local government bond yield is applied, as well as risk pre-
\nmium. The discount rate is further adjusted for country risk, liquidity risk as
\nwell as capital structure target. The pre-tax discount rate applied in 2022
\nfor the impairment testing was 14.9 per cent.
\nConclusion and sensitivity
\nFor the assets containing goodwill, the recoverable amount estimated far
\nexceeded the carrying value and thus there were no indication of impair-
\nment at the balance sheet date. A sensitivity analysis was not performed
\ndue to the signi\ufb01cant di\ufb00erence between the recoverable amount and the
\ncarrying value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7738": {
"value": "NOTE 14 Inventories
\nAmounts in NOK million
2022
2021
\nCurrent assets
\nRaw materials and stores
338.0
199.0
\nWork in progress
12.7
11.3
\nFinished goods - at cost
75.6
53.0
\nBook value
426.3
263.2
\nInventory held at cost
432.0
267.4
\nObsolescence
raw materials
(5.1)
(3.7)
\nObsolescence
\ufb01nished goods
(0.6)
(0.5)
\nBook value
426.3
263.2
\nAmounts in NOK million
2022
2021
\nSpesi\ufb01cation of raw materials and consumables used
\nPurchase of goods
704.5
455.8
\nFreight, customs etc.
8.1
6.1
\nChange of inventories
(163.1)
(98.6)
\nTotal
549.5
363.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7809": {
"value": "NOTE 15 Financial assets and financial liabilities
\nFinancial assets
\nAmounts in NOK million
2022
2021
\nFinancial assets at fair value
\nAptomar do Brazil
-
0.1
\nTangen N\u00e6ringsbygg AS
0.1
0.1
\nProVenture Seed III AS
0.5
-
\nTotal shares in other companies (through OCI)
0.6
0.2
\nFinancial assets at amortised cost
\nTrade receivables
168.0
154.9
\nCash and cash equivalents
41.7
21.7
\nTotal
209.7
176.6
\nFinancial liabilities
\nAmounts in NOK million
2022
2021
\nLiabilities at amortised cost
\nTrade payables
132.6
100.2
\nInterest-bearing borrowings
337.4
288.2
\nLease liabilities
35.8
15.0
\nOther payables
63.0
40.0
\nTotal
568.9
443.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7861": {
"value": "NOTE 16 Trade receivables
\nAmounts in NOK million
2022
2021
\nCurrent assets
\nTrade receivables
178.9
163.1
\nLoss allowance
(10.9)
(8.1)
\nTotal
168.0
154.9
\nAmounts in NOK million
2022
2021
\nNot due
109.9
118.1
\n1-30 days past due date
37.4
16.4
\n31-60 days past due date
7.7
8.7
\n60+ days past due date
23.8
19.9
\nTotal
178.9
163.1
\nDuring 2022, NORBIT made NOK 2.9 million in provisions relating to expected loss on accounts receivables.
\nTotal provisions stood at NOK 10.9 million at year-end 2022, representing 6.1 per cent of the par value of accounts receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7920": {
"value": "NOTE 17 Cash and cash equivalents
\nRestricted cash and cash equivalents were NOK 8.2 million at year-end 2022 (NOK 8.4 million in 2021) for the group.
\nRestricted bank deposits are tax deductions made on behalf of employees.
\nAmounts in NOK million
2022
2021
\nBank deposits payable on demand
33.5
13.2
\nBank deposits restricted to tax payments
8.2
8.4
\nTotal
41.7
21.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7924": {
"value": "Restricted cash and cash equivalents were NOK 8.2 million at year-end 2022 (NOK 8.4 million in 2021) for the group. Restricted bank deposits are tax deductions made on behalf of employees.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f7941": {
"value": "NOTE 18 Interest-bearing borrowings
\n2022
\nAmounts in NOK million
Current
Non-current
Total
\nRevolving credit facility
-
90.0
90.0
\nOverdraft facility
140.6
-
140.6
\nTerm loan
3.7
46.7
50.4
\nSeller's credit
32.6
-
32.6
\nOther borrowings
5.9
17.9
23.8
\nTotal interest-bearing borrowings
182.8
154.6
337.4
\n2021
\nAmounts in NOK million
Current
Non-current
Total
\nRevolving credit facility
-
60.0
60.0
\nOverdraft facility
86.5
-
86.5
\nTerm loan
3.7
50.4
54.1
\nSeller's credit
30.1
30.1
60.2
\nOther borrowings
5.3
22.1
27.4
\nTotal interest-bearing borrowings
125.6
162.6
288.2
\nThe group had four main loan facilities per the balance sheet date, compris-
\ning of a long-term revolving credit facility (RCF), a multi-currency short-term
\noverdraft facility and two term loans. The credit limits are NOK 200 million
\nand NOK 350 million on the RCF and overdraft facility, respectively. In addi-
\ntion, a NOK 120 million term loan was not drawn on at the end of the year.
\nNORBIT had drawn NOK 140.6 million on the overdraft facility at 31 Decem-
\nber 2022, while NOK 90.0 million was drawn on the RCF. NOK 50.4 million
\nwas outstanding on one of the term loans.
\nThe RCF and one term loan are priced at 3M NIBOR + 1.8 per cent margin
\np.a., the overdraft facility is priced at a 1M reference rate (NOK, USD and
\nEUR) + 1.4 per cent margin p.a, while the NOK 120 million term loan is priced
\nat 3M NIBOR + 2.15 per cent margin p.a.
\nThe maturity date for the RCF is February 2025, July 2024 for the \ufb01rst term
\nloan and June 2026 for the NOK 120 million term loan. The two term loans
\namortise over 15 and 7 years, respectively. The overdraft facility is re\ufb01-
\nnanced each year on a rolling basis.
\nRefer to note 20 for details on covenants related to the credit facilities.
\nAssets pledged as security
\nAmounts in NOK million
2022
2021
\nSecured interest-bearing borrowings
\nLong term debt
154.6
132.5
\nShort term debt
150.1
95.5
\nTotal secured borrowings
304.7
228.0
\nThe carrying amounts of assets pledged as security for current and non-current borrowings are:
\nAmounts in NOK million
2022
2021
\nCurrent
\nReceivables
120.1
117.0
\nInventories
413.2
254.2
\nTotal current assets pledged as security
533.3
371.2
\nNon-current
\nProperty, plant and equipment
128.4
130.7
\nTotal non-current assets pledged as security
128.4
130.7
\nTotal assets pledged as security
661.7
501.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8082": {
"value": "NOTE 19 Other current liabilities
\nAmounts in NOK million
2022
2021
\nPayroll tax and other statutory liabilities
18.2
8.8
\nHoliday pay accrual
19.5
17.4
\nPrepayments from customers
7.7
5.4
\nWarranty provisions
4.5
4.5
\nOther payables and accruals
43.6
23.7
\nTotal
93.3
59.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8108": {
"value": "NOTE 20 Capital management
\nCapital allocation
\nNORBIT\u2019s capital allocation framework and strategy are determined by the
\nboard of directors. Based on the framework, NORBIT has made the follow-
\ning capital priorities to ensure continued pro\ufb01table growth, while at the
\nsame time maintaining a robust \ufb01nancial position to mitigate \ufb01nancial risks:
\n1.
Maintain a solid balance sheet
\n2.
Working capital and sustaining capital expenditures
\n3.
Investments in research and development to support organic growth
\n4.
Strategic acquisitions to accelerate growth
\n5.
Shareholder distributions
\nThe group\u2019s objectives when managing the solidity of its balance sheet and
\nliquidity position are the following:
\n\u25a0
Safeguard its ability to continue as a going concern, so that it can
\nprovide a competitive risk-adjusted return for shareholders and
\nbene\ufb01ts for other stakeholders
\n\u25a0
Maintain \ufb01nancial robustness and an optimised capital structure in
\norder to reduce cost of capital
\n\u25a0
Provide for \ufb01nancial \ufb02exibility
\n\u25a0
Maintain a robust headroom to covenants in loan agreements
\nIn order to optimise the capital structure, the group may adjust the amount
\nof dividends paid to shareholders, return capital to shareholders, issue new
\nshares, reduce investments or sell assets to reduce debt.
\nCovenants
\nThe group monitors its covenants on the basis of the following leverage
\nratios:
\n\u25a0
Carrying value of total equity as per cent of carrying value of total
\nassets
\n\u25a0
Net interest bearing debt (NIBD) including lease liabilities over EBITDA
\n(\u201cNIBD ratio\u201d)
\nNORBIT has a policy of maintaining a NIBD ratio in the range of 1.0 \u2013 2.5x
\nin order to ensure a solid balance sheet.
\nLoan covenants
\nAmounts in NOK million
2022
2021
\nEquity ratios at 31 December
\nTotal equity
599.3
497.9
\nTotal assets
1 220.8
976.9
\nEquity ratio
49%
51%
\nAmounts in NOK million
2022
2021
\nNIBD ratios at 31 December
\nInterest bearing borrowings
337.4
288.2
\nLease liabilities
35.8
15.0
\nCash and cash equivalents
41.7
21.7
\nNIBD
331.5
281.5
\nEBITDA*
235.3
152.8
\nNIBD to EBITDA ratio
1.41
1.84
\n*
EBITDA in 2021 is adjusted to include 12-month \ufb01nancials from the acquisition of iData Kft, completed 30 July 2021.
\nUnder the terms of the major borrowing facilities, the group is required to
\ncomply with the following \ufb01nancial covenants:
\n\u25a0
Equity ratio:
Carrying value of total equity as per cent of carrying
\nvalue of total assets shall exceed 30 per cent. To be reported by 30
\nJune and 31 December
\n\u25a0
NIBD ratio:
Total interest-bearing borrowings and lease liabilities less
\ncash and cash equivalents over EBITDA (IFRS, as reported) shall not
\nexceed 4.0 times. To be reported each quarter. EBITDA is calculated
\non a 12-month rolling basis.
\nThe group has complied with these covenants throughout the reporting
\nperiod and at year-end 2022 and 2021.
\nDividend policy
\nNORBIT\u2019s dividend policy is to pay out annual dividends between 30 and
\n50 per cent of the group\u2019s ordinary net pro\ufb01t after tax. When deciding
\non the annual dividend, the board of directors will consider the group\u2019s
\n\ufb01nancial position, investment plans as well as the needed \ufb01nancial \ufb02exi-
\nbility to provide for sustainable growth.
\nThe board of directors has proposed that NOK 0.70 per share is paid as
\ndividend for the \ufb01nancial year 2022, or NOK 41.2 million, representing
\n38.4 per cent of net pro\ufb01t after tax.
\nIn 2022, NORBIT paid NOK 0.30 per share in dividends to the sharehold-
\ners (NOK 17.5 million) for the \ufb01nancial year 2021, representing 36.1 per
\ncent of net pro\ufb01t after tax. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8244": {
"value": "NOTE 21 Business combinations
\nKilmore Marine Ltd
\nIn February 2021, NORBIT ASA acquired a 65 per cent ownership interest
\nin Kilmore Marine Ltd for a total consideration of GBP 450\u00a0000. Kilmore
\nMarine Ltd. Acts as segment Oceans\u2019s distributor in the UK and Middle
\nEast. Prior to the acquisition, NORBIT ASA held a 35 per cent ownership
\ninterest, which was reported as an equity-accounted investee in the con-
\nsolidated accounts. As part of the transaction, NORBIT recognised a pre-
\nliminary goodwill of NOK 6.0 million and a gain on existing ownership of
\nNOK 1.2 million, reported as other gains and losses in the pro\ufb01t and loss
\naccounts. Capitalised goodwill related to acquisitions comprises synergies,
\nassets related to employees, other intangible assets that do not qualify for
\nseparate capitalisation, future excess earnings and the fact that deferred
\ntax in accordance with IFRS is not discounted.
\nPurchase price allocation:
\nAmounts in NOK million
\nKilmore Marine
\nCash consideration
5.3
\nFair value of previous equity interests
2.9
\nTotal considerations
8.2
\nTotal identi\ufb01able net assets
2.1
\nGoodwill
6.0
\nCash and cash equivalents in acquired business
2.1
\nTotal cash out\ufb02ow from acquisition of business
3.2
\niData
\nOn 30 July 2021, NORBIT completed the acquisition of iData, a Hungarian
\ntechnology company specialised in vehicle tracking and \ufb02eet mangement
\nrelated services. iData has three subsidiaries in Hungary (Beta Blue Kft.),
\nCroatia (iData Fleet Management d.o.o.) and Slovakia (iData Slovakia s.r.o.),
\ncollectively with iData Kft. referred to as \"iData\". iData is reported under
\nsegment Connectivity in the segment reporting. Through the acquisition,
\nthe Connectivity segment is creating a broader platform for growth into the
\nasset and vehicle tracking market, where iData has a strong position in its
\nhome markets. The total consideration for the shares was EUR 14.5 million
\nand was paid through a combination of cash, seller's credit and issuance
\nof consideration shares. The purchase price and fair value of assets and
\nliabilities acquired are presented in the table below. The main fair value
\nadjustments were related to customer relationships and trademark. The
\ncompany was consolidated from the date of acquisition and the preliminary
\nacquisition analysis gave rise to goodwill of NOK 76.1 million. Goodwill is
\nnot tax deductible. From 30 July to 31 December 2021, iData contributed
\nwith revenues of NOK 33.2 million to the Group, NOK 6.5 million in EBITDA
\nand NOK 1.3 million to EBIT. Transaction costs amounted to NOK 7.6 million.
\nPurchase price allocation:
\nAmounts in NOK million
\nIdata
\nConsiderations shares
26.1
\nCash consideration
62.7
\nSeller's credit
62.2
\nTotal
151.0
\nAmounts in NOK million
\nRecognised amount of identi\ufb01able assets and
\nacquired liabilities assumed
\nTrademark
2.2
\nCustomer relationships
43.9
\nOther intangible assets
10.1
\nProperty, plant and equipment
9.3
\nInventories
7.4
\nTrade receivables
8.7
\nOther current assets
3.8
\nCash and cash equivalents
1.2
\nDeferred tax
(4.1)
\nNon-current liabilities
(1.3)
\nTrade payables
(1.8)
\nOther current liabilities
(4.5)
\nTotal identi\ufb01able net assets
74.8
\nGoodwill
76.1
\nCash and cash equivalents in acquired business
1.2
\nTotal cash out\ufb02ow from acquisition of business
123.7
\nNicarnica Aviation AS
\nIn March 2022, NORBIT ASA acquired 100 per cent ownership in Nicar-
\nnica Aviation AS, a Norwegian technology company that has developed
\nremote sensing solutions for detecting hazardous emissions. The tech-
\nnology broadens and complements the existing environmental monitor-
\ning solutions developed by segment Oceans. The total consideration for
\nthe shares was NOK 0.9 million, paid in cash to the sellers. The purchase
\nprice and fair value of assets and liabilities acquired are presented in the
\ntable below. The company was consolidated from the date of acquisition.
\nPurchase price allocation:
\nAmounts in NOK million
\nNicarnica Aviation AS
\nCash consideration
0.9
\nTotal
0.9
\nAmounts in NOK million
\nRecognised amount of identi\ufb01able assets and acquired
\nliabilities assumed*
\nIntangible assets
1.0
\nDeferred tax asset
2.0
\nCash and cash equivalents
0.0
\nInterest-bearing borrowings
(1.6)
\nTrade payables
(0.4)
\nOther current liabilities
(0.1)
\nTotal identi\ufb01able net assets
0.9
\nCash and cash equivalents in acquired business
0.0
\nTotal cash out\ufb02ow from acquisition of business
0.9
\n* The purchase price allocation is preliminary and may be subject to adjustments
\nAursund Maskinering AS
\nIn November 2022, NORBIT ASA acquired 100 per cent ownership in Aur-
\nsund Maskinering AS. The company has been a key supplier for segment
\nOceans for several years. The total consideration for the shares was NOK
\n9.3 million and was paid through a combination of cash and an interest-free
\nsellers credit. Half of the sellers' credit is due November 2023, while the
\nremainder is due November 2024. The purchase price and fair value of
\nassets and liabilities acquired are presented in the table below. The com-
\npany was consolidated from the date of acquisition and the preliminary
\nacquisition analysis gave rise to goodwill of NOK 2.3 million. In 2021, Aur-
\nsund Maskinering reported revenues of NOK 8.1 million and an EBITDA of
\nNOK 1.6 million (Norwegian GAAP). Aursund Maskinering is reported under
\nsegment Oceans.
\nPurchase price allocation:
\nAmounts in NOK million
\nAursund Maskinering AS
\nCash consideration
3.7
\nSellers credit
5.6
\nTotal
9.3
\nAmounts in NOK million
\nReconised amount of identi\ufb01able assets and acquired
\nliabilities assumed*
\nProperty, plant and equipment
5.7
\nInventory
1.7
\nTrade receivables
2.1
\nOther receivables
0.1
\nCash and cash equivalents
1.5
\nDeferred tax liability
(0.3)
\nInterest-bearing borrowings
(1.1)
\nTrade payables
(0.1)
\nOther short-term debt
(2.6)
\nTotal identi\ufb01able net assets
7.0
\nGoodwill
2.3
\nCash and cash equivalents in acquired business
1.5
\nTotal cash out\ufb02ow from acquisition of business
7.8
\n* The purchase price allocation is preliminary and may be subject to adjustments",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8480": {
"value": "NOTE 22 Equity-accounted investees
\nEquity-accounted investees include associated companies of NORBIT and
\nare de\ufb01ned as related parties. See note 24 for overview of transactions and
\nbalances with associated companies.
\nInterests in associates
\nSet out below are the associates of the group at 31 December 2022. The
\nentities listed below have share capital consisting solely of ordinary shares,
\nwhich are held directly by the parent company. The proportion of ownership
\ninterest is the same as the proportion of voting rights held.
\nOwnership
Carrying amount
\nAmounts in NOK million
2022
2021
2022
2021
\nAssociated company
Head o\ufb03ce
\nKvikna Consulting Ehf.
Reykavik
33%
33%
0.7
0.9
\nNorbit Germany GmbH
Hamburg
50%
50%
-
-
\nTotal
0.7
0.9
\nKvikna Consulting Ehf
\nBased in Reykjavik, Iceland, Kvikna Consulting Ehf. is a software com-
\npany providing services to all of NORBIT\u2019s operating segments. NORBIT
\nASA owns 33.33 per cent of the shares in the company.
\nNorbit Germany GmbH
\nNorbit Germany GmbH is located Hamburg. NORBIT ASA owns 50 per
\ncent of the shares in the company.
Norbit Germany GmbH did not deliver
\nservices to the NORBIT group of companies during 2022 or 2021.
\nShare of pro\ufb01ts from associates
\nAmounts in NOK million
2022
2021
\nKvikna Consulting Ehf.
(0.2)
0.1
\nNorbit Germany GmbH
-
(0.4)
\nShare of pro\ufb01t from associates
(0.2)
(0.3) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8481": {
"value": "NOTE 22 Equity-accounted investees
\nEquity-accounted investees include associated companies of NORBIT and
\nare de\ufb01ned as related parties. See note 24 for overview of transactions and
\nbalances with associated companies.
\nInterests in associates
\nSet out below are the associates of the group at 31 December 2022. The
\nentities listed below have share capital consisting solely of ordinary shares,
\nwhich are held directly by the parent company. The proportion of ownership
\ninterest is the same as the proportion of voting rights held.
\nOwnership
Carrying amount
\nAmounts in NOK million
2022
2021
2022
2021
\nAssociated company
Head o\ufb03ce
\nKvikna Consulting Ehf.
Reykavik
33%
33%
0.7
0.9
\nNorbit Germany GmbH
Hamburg
50%
50%
-
-
\nTotal
0.7
0.9
\nKvikna Consulting Ehf
\nBased in Reykjavik, Iceland, Kvikna Consulting Ehf. is a software com-
\npany providing services to all of NORBIT\u2019s operating segments. NORBIT
\nASA owns 33.33 per cent of the shares in the company.
\nNorbit Germany GmbH
\nNorbit Germany GmbH is located Hamburg. NORBIT ASA owns 50 per
\ncent of the shares in the company.
Norbit Germany GmbH did not deliver
\nservices to the NORBIT group of companies during 2022 or 2021.
\nShare of pro\ufb01ts from associates
\nAmounts in NOK million
2022
2021
\nKvikna Consulting Ehf.
(0.2)
0.1
\nNorbit Germany GmbH
-
(0.4)
\nShare of pro\ufb01t from associates
(0.2)
(0.3) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8562": {
"value": "NOTE 23 Share capital and shareholder information
\nShare capital and share premium
\nThe share capital in NORBIT ASA at 31 December 2022 consists of one
\nshare class with a total of 58 901 139 shares with a face value of NOK
\n0.10 with a total share capital of NOK 5 890 113.90.
\nNumber of shares
2022
2021
\nOrdinary shares
\nFully paid
58 901 139
58 459 302
\nTotal number of shares
58 901 139
58 459 302
\nMovements in ordinary shares
\nAmounts in NOK million
Number of shares
Par value
Share premium
Total
\nDetails
\nOpening balance at 1 January 2021
56 786 918
5.7
275.4
281.1
\nOrdinary issue
1 672 384
0.2
33.3
33.5
\nBalance at 31 December 2021
58 459 302
5.8
308.8
314.6
\nOrdinary issue
441 837
0.0
11.2
11.2
\nBalance at 31 December 2022
58 901 139
5.9
319.9
325.8
\nIn 2022 and based on the authorisations granted at the Annual General
\nMeeting in May 2022, board of directors resolved to increase the compa-
\nny's share capital by NOK 6 112.90 in connection with exercise of restricted
\nstock units through the issuance of 61 129 new shares, each with a par
\nvalue of NOK 0.10. This represented 0.1 per cent of the total share capital
\nprior to the transaction.
\nThe board also resolved to increase the company's share capital by NOK 38
\n070.80, in connection with incentive share purchase programs for employ-
\nees, through the issuance of 380 708 new shares, each with a par value
\nof NOK 0.10. This represented 0.7 per cent of the total share capital prior
\nto the transaction.
\nFollowing these share capital increases, the company's share capital at 31
\nDecember 2022 is NOK 5 890 113.90, divided into 58 901 139 shares, each
\nwith a par value of NOK 0.10.
\nTreasury shares
\nAt the Annual General Meeting in 2022, the board of directors was granted
\nthe authorisation to acquired treasury shares by up to 10 per cent of the
\nshare capital on behalf of the company. In connection with the exercise of
\nrestricted stock units and simultaneous share issue to the executive man-
\nagement team, NORBIT ASA repurchased 16 832 shares at a price of NOK
\n27.00 per share. At 31 December 2022, the company held 16 832 treas-
\nury shares.
\nNumber of shares
2022
2021
\nTreasury shares
\nOpening balance at 1 January
-
\n-
\nOwn shares purchased
16 832
-
\nBalance at 31 December 2022
16 832
- ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8563": {
"value": "NOTE 23 Share capital and shareholder information
\nShare capital and share premium
\nThe share capital in NORBIT ASA at 31 December 2022 consists of one
\nshare class with a total of 58 901 139 shares with a face value of NOK
\n0.10 with a total share capital of NOK 5 890 113.90.
\nNumber of shares
2022
2021
\nOrdinary shares
\nFully paid
58 901 139
58 459 302
\nTotal number of shares
58 901 139
58 459 302
\nMovements in ordinary shares
\nAmounts in NOK million
Number of shares
Par value
Share premium
Total
\nDetails
\nOpening balance at 1 January 2021
56 786 918
5.7
275.4
281.1
\nOrdinary issue
1 672 384
0.2
33.3
33.5
\nBalance at 31 December 2021
58 459 302
5.8
308.8
314.6
\nOrdinary issue
441 837
0.0
11.2
11.2
\nBalance at 31 December 2022
58 901 139
5.9
319.9
325.8
\nIn 2022 and based on the authorisations granted at the Annual General
\nMeeting in May 2022, board of directors resolved to increase the compa-
\nny's share capital by NOK 6 112.90 in connection with exercise of restricted
\nstock units through the issuance of 61 129 new shares, each with a par
\nvalue of NOK 0.10. This represented 0.1 per cent of the total share capital
\nprior to the transaction.
\nThe board also resolved to increase the company's share capital by NOK 38
\n070.80, in connection with incentive share purchase programs for employ-
\nees, through the issuance of 380 708 new shares, each with a par value
\nof NOK 0.10. This represented 0.7 per cent of the total share capital prior
\nto the transaction.
\nFollowing these share capital increases, the company's share capital at 31
\nDecember 2022 is NOK 5 890 113.90, divided into 58 901 139 shares, each
\nwith a par value of NOK 0.10.
\nTreasury shares
\nAt the Annual General Meeting in 2022, the board of directors was granted
\nthe authorisation to acquired treasury shares by up to 10 per cent of the
\nshare capital on behalf of the company. In connection with the exercise of
\nrestricted stock units and simultaneous share issue to the executive man-
\nagement team, NORBIT ASA repurchased 16 832 shares at a price of NOK
\n27.00 per share. At 31 December 2022, the company held 16 832 treas-
\nury shares.
\nNumber of shares
2022
2021
\nTreasury shares
\nOpening balance at 1 January
-
\n-
\nOwn shares purchased
16 832
-
\nBalance at 31 December 2022
16 832
-
\nRETAINED EARNINGS
\nMovements in retained earnings were as follows:
\nAmounts in NOK million
2022
2021
\nBalance at 1 January
183.3
155.2
\nNet pro\ufb01t for the period
106.7
47.9
\nOther comprehensive income
1.5
(3.2)
\nTreasury shares
(0.5)
-
\nOther changes in equity
-
0.4
\nDividends
(17.5)
(17.0)
\nBalance at 31 December
273.5
183.3
\nThe shareholders in NORBIT ASA were as follows at 31 December 2022:
\nShareholder
Shares
Pecentage
\nVHF Invest AS
7 686 495
13.0%
\nPetors AS
(100% owned by CEO Per J\u00f8rgen Weisethaunet)
7 000 000
11.9%
\nReitan Kapital AS
5 829 083
9.9%
\nDraupnir Invest AS
5 102 949
8.7%
\nJ.P. Morgan SE
3 280 771
5.6%
\nEsmar AS
3 162 286
5.4%
\nEidco AS
3 062 286
5.2%
\nThe Bank of New York Mellon SA/NV
2 825 817
4.8%
\nJ.P. Morgan SE
1 480 247
2.5%
\nCitibank
1 056 409
1.8%
\nDanske Invest Norge Vekst
971 400
1.6%
\nDanske Bank A/S (of which 786 539 shares controlled by BUD Peter K. Eriksen)
795 208
1.4%
\nClearstream Banking S.A.
725 365
1.2%
\nUsegi AS
(100% owned by CTO Arild S\u00f8raunet)
721 989
1.2%
\nJ.P. Morgan SE
720 392
1.2%
\nSonstad AS
679 000
1.2%
\nCarnegie Investment Bank AB
627 216
1.1%
\nThe Bank of New York Mellon SA/NV
607 930
1.0%
\nDanske Bank A/S
525 000
0.9%
\nSaxo Bank A/S
508 309
0.9%
\nTotal 20 largest
47 368 152
80.4%
\nOther
11 532 987
19.6%
\nTotal outstanding shares
58 901 139
100.00% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8628": {
"value": "Treasury shares At the Annual General Meeting in 2022, the board of directors was granted
\nthe authorisation to acquired treasury shares by up to 10 per cent of the
\nshare capital on behalf of the company. In connection with the exercise of
\nrestricted stock units and simultaneous share issue to the executive man-
\nagement team, NORBIT ASA repurchased 16 832 shares at a price of NOK
\n27.00 per share. At 31 December 2022, the company held 16 832 treas-
\nury shares.
\nNumber of shares
2022
2021
\nTreasury shares
\nOpening balance at 1 January
-
\n-
\nOwn shares purchased
16 832
-
\nBalance at 31 December 2022
16 832
- ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8779": {
"value": "NOTE 24 Related parties
\nRelated party relationships are those involving control (either direct or indi-
\nrect), joint control or signi\ufb01cant in\ufb02uence. Related parties are in a position
\nto enter into transactions with the company that would not be undertaken
\nbetween unrelated parties. All transactions with related parties in NORBIT
\nhave been based on arm\u2019s length basis.
\nTransactions with management and board directors
\nDuring 2022, the group purchased legal services of NOK 2.7 million from
\nPr\u00e9tor Advokat AS, in which Director Tom Solberg is one of the partners.
\nThere were no other related party transactions between the company and
\nthe parties in the management or the board in 2022 or 2021.
\nTransactions with associates
\nBelow summarises the transactions and balance sheet items with asso-
\nciates.
\nAmounts in NOK million
2022
2021
\nTrade receivables
0.9
-
\nTrade payables
0.6
0.8
\nRevenues
4.5
-
\nOperating expenses
4.6
4.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8832": {
"value": "NOTE 25 Share-based arrangements
\nShare incentive programs to employees
\nAt the general meeting held 4 May 2022, the board of directors was granted
\nan authorisation to increase NORBIT ASA\u2019s share capital by up to 2.0 per
\ncent of the share capital to be used to issue share to the group\u2019s employ-
\nees in connection with incentive programs. The authorisation is valid until
\nthe annual general meeting 2022 to be held 4 May 2023.
\nIn July 2022, the board of directors approved and implemented an incen-
\ntive share purchase programs for all eligible employees in NORBIT for the
\n\ufb01scal year 2022, which also included the executive management team, but
\nnot the board of directors.
\nThe \ufb01rst program was a share purchase program where eligible employees
\nwere o\ufb00ered the opportunity to acquire shares for up to NOK 25\u00a0000 less a
\n20 per cent discount and subject to a lock-up period of 24 months. The o\ufb00er
\nprice (before discount) for the new shares was NOK 24.89, corresponding to
\nthe \ufb01ve-day average volume weighted price of the NORBIT ASA share prior
\nto 20 June. Employees were o\ufb00ered \ufb01nancing from NORBIT for the invested
\namount, to be repaid through deduction of salary over a 12-month period.
\nThe second program was a share matching program, where eligible par-
\nticipants were o\ufb00ered the opportunity to acquire shares at market value,
\nand in turn, obtain a right to receive compensation in new shares equiv-
\nalent to their invested amount after 24 months if certain conditions are
\nmet. There is no lock-up on the shares acquired. The o\ufb00er price was set to
\nNOK 25.15, corresponding to the \ufb01ve-day average volume weighted price
\nof NORBIT ASA\u2019s share prior to 27 June. NORBIT did not provide \ufb01nancing
\nfor the second program.
\nIn connection with the programs, the board of directors resolved to issue
\nnew 380 708 new shares, of which 83 829 under program 1 and 296 879
\nunder program 2. This represented 0.7 per cent of the total share capital
\nprior to the transaction.
\nShare-based remuneration to corporate management
\nIn accordance with the authorisation granted at the company\u2019s Annual
\nGeneral Meeting, the board of directors has implemented a share-based
\nincentive program for corporate management consisting of the award and
\nissuance of restricted stock units (\u2018RSU\u2019). One RSU granted gives a contin-
\ngent entitlement to one NORBIT ASA share free of charge. The number of
\nRSUs awarded are based on a set of predetermined and measurable per-
\nformance criteria in the accruing year and the group\u2019s achievements of
\ncertain quantitative and qualitative goals. Each RSU granted is restricted
\nand follows a vesting schedule. The RSUs granted will vest over a period
\nof three years following the accrual year, where 1/3 of the RSUs will vest
\nimmediately after the \ufb01rst general meeting following the accruing year, 1/3
\nis released the year after, and the \ufb01nal 1/3 released 12 months after that.
\nThe fair value of the RSU entitlements is established when they are awarded
\nand charged to pro\ufb01t and loss over the vesting period.
\nAt December 31, 2022, there were 106 840 restricted stock units ('RSUs')
\noutstanding. Half will vest in the second quarter of 2023, while the remain-
\ning half will vest in second quarter 2024. In 2022, NOK 4.1 million was
\ncharged to the pro\ufb01t and loss through a combination of paid and accrued
\ncompensation.
\nMovements of of the number of RSUs outstanding
\nNumber of RSUs
2022
2021
\n1 January
-
-
\nGranted during the yer
183 395
-
\nReleased during the year
(61 129)
-
\nCancelled
(15 426)
-
\nAdjustments
-
-
\nTotal
106 840
-
\nOutstanding RSUs in the executive management team
\nNumber of RSUs
\nOutstanding
\nper 01.01
Granted
Released
Cancelled
Adjustments
\nOutstanding
\nper 31.12
\nPer J\u00f8rgen Weisethaunet (Group CEO)
-
40 069
(13 356)
-
-
26 713
\nPer Kristian Reppe (Group CFO)
-
27 158
(9 052)
-
-
18 106
\nPeter K. Eriksen (BUD Oceans)
-
42 338
(14 112)
-
-
28 226
\nStein M. Beyer (BUD PIR and Group COO)
-
27 682
(9 227)
-
-
18 455
\nPeter Tschulik (BUD Connectivity)*
-
23 139
(7 713)
(15 426)
-
0
\nArild S\u00f8raunet (Group CTO)
-
23 009
(7 669)
-
-
15 340
\nTotal
-
183 395
(61 129)
(15 426)
-
106 840
\n* Business Unit Director Connectivity until November 2022 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f8989": {
"value": "NOTE 26 Remuneration to the board of directors and executive management
\nRemuneration to the board of directors
\nCompensation to the members of the board of directors is set out below,
\nreferring to the actual expenses paid in the year.
\nThe board\u2019s remuneration is determined by the general meeting after
\nreceiving proposal from the nomination committee. The remuneration com-
\nprises of a \ufb01xed payment for board membership and work in sub-commit-
\ntees. In addition, the board members are compensated for travel expenses.
\nNORBIT is responsible for payment of social security taxes, as well as costs
\nfor directors\u2019 and o\ufb03cer\u2019s liability insurance.
\nThe remuneration to the board members is not performance-related nor
\ninclude share option elements. The board does not participate in incentive
\nprograms available to employees in the group or any other share-based
\nincentive schemes.
\nBoard of directors compensation 2022
\nAmounts in NOK thousand
2022
2021
\nFinn Haugan
540
515
\nBente Avnung Landsnes
375
325
\nTom Solberg
190
165
\nTrond Tuvstein
250
200
\nMarit Collin
190
165
\nRemuneration to the members of the executive management team
\nCompensation to the executive management team consists of a \ufb01xed
\nsalary, variable pay, pension bene\ufb01ts and non-\ufb01nancial bene\ufb01ts. In
\naccordance with the guidelines, a ceiling has been set for variable pay
\nand performance bonus remuneration.
\nNo member of the executive management team receive remunera-
\ntion for directorships in the group entities. The executive management
\nteam has no special pension and insurance plans. There are no per-
\nformance-based pension plans. No loans, prepayments or other forms
\nof credit issued to any members of the executive personnel other than
\n\ufb01nancing available through one of the incentive programs open for all
\neligible employees in the group.
\nCompensation to the executive management team for 2022 and 2021 is
\nset out below and is reported as expensed in the \ufb01nancial year.
\nFor further information, refer to NORBIT\u2019s Remuneration Report to be
\npublished to the general meeting 4 May 2023, in accordance with the
\nNorwegian Public Limited Liability Companies Act Section 6-16b and
\nrelated regulations. The report will also include information related to
\nderogation and deviation to the guidelines as approved by the general
\nmeeting 4 May 2022.
\nFixed salary paid
Variable pay
\nAmounts in NOK million
Salary
\n1)
\nPension
\nbene\ufb01ts
\nOther
\nbene\ufb01ts
\nPerformance-
\nbased bonus
\n2)
\nOther bonus
\n3)
\nTotal
\nPer J\u00f8rgen Weisethaunet (Group CEO and
\nbusiness unit director Connectivity)
\n2022
3.1
0.1
0.0
1.3
-
4.5
\n2021
3.0
0.1
0.0
0.5
-
3.6
\nPer Kristian Reppe
2022
2.3
0.1
0.0
0.9
3.3
\n(Group CFO)
2021
2.0
0.1
0.0
0.3
0.2
2.6
\nArild S\u00f8raunet
2022
1.8
0.1
0.0
0.8
-
2.7
\n(Group CTO)
2021
1.7
0.1
0.0
0.3
-
2.1
\nPeter Koldgaard Eriksen
2022
3.4
0.1
0.1
1.4
-
5.1
\n(Business unit director Oceans)
\n4)
\n2021
3.7
0.1
0.1
0.5
0.6
5.0
\nPeter Tschulik
2022
1.8
0.0
-
0.2
-
2.0
\n(Business unit director Connectivity)
\n5)
\n2021
1.8
0.0
-
0.3
-
2.1
\nStein Martin Beyer
2022
2.0
0.1
0.1
0.9
-
3.1
\n(Business unit director PIR and group COO)
2021
2.0
0.1
0.0
0.4
-
2.5
\n1)
Salaries as expensed, excluding social security taxes.
\n2)
Variable performance-based cash and equity bonus during the year under the incentive program, excluding social security expenses and as expensed.
\n3)
Other cash bonus in the year outside the incentive program, excluding social security expenses.
\n4)
Remuneration in USD, translated to NOK.
\n5)
2022 renumeration from 1.1-30.11. Remuneration in EUR, translated to NOK \u2013 Peter Tschulik is entitled to one year severance payment.
\nDirectors\u2019 and executive management\u2019s shareholding
\nThe following number of shares is owned by the directors and the members
\nof the executive management (and their related parties) at 31 December
\n2022. In connection with incentive program for all employees in NORBIT,
\ncertain members of the corporate management team participated in the
\nprograms, whereas part of these shares acquired are subject to a lock-up
\nof 24-months.
\nName
\nShares subject
\nto lock-up
\nShares not subject
\nto lock-up
\nTotal shares at
\nyear-end
Percentage
\nBoard of directors
\nFinn Haugan
-
93 998
93 998
0.16%
\nBente Avnung Landsnes
-
69 473
69 473
0.12%
\nTrond Tuvstein (through TTU Invest AS)
-
32 894
32 894
0.06%
\nMagnus Reitan (through Reitan Kapital AS)
-
5 829 083
5 829 083
9.90%
\nChristina Hallin
-
-
-
0.00%
\nTom Solberg (through Mariteam AS)
-
65 789
65 789
0.11%
\nTotal shares held by board of directors
-
6 091 237
6 091 237
10.34%
\nExecutive management
\nPer J\u00f8rgen Weisethaunet (through Petors AS)
-
7 007 893
7 007 893
11.90%
\nPer Kristian Reppe
1 004
52 951
53 955
0.09%
\nPeter K. Eriksen (through Danske Bank A/S)
-
786 539
786 539
1.34%
\nStein M. Beyer
1 004
307 712
308 716
0.52%
\nArild S\u00f8raunet (ownership through Usegi AS)
-
725 823
725 823
1.23%
\nJulie Dahl Benum
-
-
-
0.00%
\nTotal shares held by executive management
2 008
8 880 918
8 882 926
15.08% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9299": {
"value": "NOTE 27 Contingencies and claims
\nThe group was not involved in any material contingencies or legal claims
\nat 31 December 2022 or 31 December 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9303": {
"value": "The group was not involved in any material contingencies or legal claims at 31 December 2022 or 31 December 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9308": {
"value": "NOTE 28 Government grants
\nThe group received government grants of a total of NOK 14.1 million in
\n2022 (NOK 6.8 million in 2021). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9315": {
"value": "NOTE 29 Events after the balance sheet date
\n\u25a0
Segment Connectivity received a NOK 150 million order for On-Board
\nUnits with delivery in the \ufb01rst half of 2023. Discussions are ongoing
\nwith respect to additional volume deliveries in the second half of
\n2023.
\n\u25a0
NORBIT announced the closing of the acquisition of the IoT start-up
\nCPS AS. The transaction valued CPS at an enterprise value of NOK
\n13.0 million, implying an equity value of NOK 12.6 million. The
\nacquisition was \ufb01nanced by the issuance of consideration shares at a
\nprice equal to NOK 30.25107 per share with a total value of NOK 9.0
million, and NOK 3.6 million was paid in cash. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f9353": {
"value": "STATEMENT OF INCOME \u2013 NORBIT ASA
\nAmounts in NOK million
Note
2022
2021
\nRevenue
3
31.0
25.3
\nEmployee bene\ufb01t expenses
4
38.7
26.6
\nDepreciation and amortisation expenses
5
1.1
0.9
\nOther operating expenses
6
30.7
31.7
\nOperating pro\ufb01t
(39.5)
(33.8)
\nEBITDA
\nFinancial income
7
168.4
108.5
\nFinancial expenses
7
7.8
24.9
\nNet \ufb01nancial items
160.6
83.7
\nPro\ufb01t before tax
121.2
49.8
\nIncome tax expense
8
28.4
17.0
\nPro\ufb01t for the period
92.8
32.8
\nAllocated to:
\nDividends
9
41.2
17.5
\nTransferred to/from other equity
9
51.6
15.3
\nTotal allocation
92.8
32.8
STATEMENT OF FINANCIAL POSITION \u2013 NORBIT ASA
\nAmounts in NOK million
Note
31.12.2022
31.12.2021
\nASSETS
\nO\ufb03ce equipment
5
2.3
2.5
\nIntangible assets
5
0.8
0.7
\nDeferred tax asset
8
0.1
0.1
\nInvestments in associated companies
10
0.0
0.0
\nInvestments in subsidiaries
10
272.8
264.0
\nLoan to group companies
10
158.8
91.2
\nInvestment in shares
0.5
0.0
\nTotal non-current assets
435.4
358.5
\nTrade receivables
2.3
1.0
\nReceivables on group companies
10
428.0
286.8
\nOther receivables
2.4
2.1
\nCash and cash equivalents
11
1.1
1.0
\nTotal current assets
433.8
290.8
\nTotal assets
869.2
649.3
\nLIABILITIES
\nTrade payables
2.2
1.5
\nInterest-bearing borrowings
12
140.6
86.5
\nTax payable
8
12.0
8.4
\nOther current liabilities
92.6
26.1
\nTotal current liabilities
247.5
122.5
\nOther borrowings
2.6
0.0
\nInterest-bearing borrowings
12
90.0
60.0
\nTotal non-current liabilities
92.6
60.0
\nTotal liabilities
340.1
182.5
\nEQUITY
\nShare capital
9
5.9
5.8
\nShare premium
9
319.9
308.8
\nOther equity
9
203.3
152.2
\nTotal equity
529.1
466.8
\nTotal equity and liabilities
869.2
649.3
STATEMENT OF CASH FLOWS \u2013 NORBIT ASA
\nAmounts in NOK million
Note
2022
2021
\nCash \ufb02ow from operations
\nPro\ufb01t before income taxes
121.2
49.8
\nTaxes paid in the period
(8.4)
0.0
\nDepreciation and amortisation expenses
5
1.1
0.9
\nImpairment of \ufb01nancial assets
0.0
20.5
\nChanges in other operating assets and liabilities
46.2
6.0
\nNet cash generated by operating activities
160.2
77.2
\nCash \ufb02ow from investments
\nPayments for o\ufb03ce equipment and intangible assets
5
(1.1)
(1.7)
\nPurchase of shares and investments in other group companies
(25.6)
(23.3)
\nPayment of group receivables (long/short term)
(67.7)
(112.9)
\nNet cash (used in)/generated by investing activities
(94.4)
(137.9)
\nCash \ufb02ow from \ufb01nancing
\nProceeds from issue of equity instruments of the company
9
9.1
33.5
\nNet change in overdraft facility
12
54.0
35.7
\nProceeds from borrowings
12
30.0
34.2
\nPayment to group companies
10
(141.2)
(22.0)
\nDividends paid
9
(17.5)
(17.0)
\nRepayment of borrowings
12
0.0
(3.4)
\nNet cash (used in)/generated by \ufb01nancing activities
(65.6)
60.9
\nNet change in cash and cash equivalents
0.1
0.2
\nNet increase in cash and cash equivalents
0.1
0.2
\nCash and cash equivalents at the beginning of the period
1.0
0.8
\nCash and cash equivalents at the end of the period
11
1.1
1.0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f11007": {
"value": "Stiklestadveien 1 NO-7041 Trondheim \n Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:254900C08RCMXVZYFY97",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}