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"decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6527": { "value": "39400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6531": { "value": "13100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6533": { "value": "10000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6537": { "value": "120600000", "decimals": -5, "dimensions": { "concept": "nk:PaymentForOverdraftFacility", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6539": { "value": "-54000000", "decimals": -5, "dimensions": { "concept": "nk:PaymentForOverdraftFacility", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6543": { "value": "41600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6545": { "value": "17500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6548": { "value": "-177700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6550": { "value": "26200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6553": { "value": "19000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6555": { "value": "20000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6558": { "value": "41700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6560": { "value": "21700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6563": { "value": "60700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6565": { "value": "41700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6608": { "value": "NOTE 01
Company information
NORBIT ASA is a limited liability company incor-
porated and domiciled in Norway with headquar-
ter at Stiklestadveien 1, Trondheim. NORBIT is
listed on the Oslo Stock Exchange with the ticker
\u201cNORBT\u201d.
The consolidated \ufb01nancial statements of NOR-
BIT ASA for the year ended December 31, 2023
incorporate the \ufb01nancial statements of the parent
company NORBIT ASA and its subsidiaries (col-
lectively referred to as the \u201cgroup\u201d and separately
as \u201cgroup companies\u201d). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6612": { "value": "NORBIT ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6613": { "value": "NORBIT ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6614": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6616": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6617": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6618": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6630": { "value": "NOTE 02
Basis for preparation and estimates and assumptions
STATEMENT OF COMPLIANCE
The consolidated \ufb01nancial statements have
been prepared in accordance with International
Financial Reporting Standards (IFRS) and inter-
pretations by the IFRS Interpretation Committee
(IFRIC), as adopted by the EU, as well as addi-
tional Norwegian reporting requirements pursu-
ant to the Norwegian Accounting Act.
The consolidated \ufb01nancial statements for 2023
were approved and authorised for issue by the
board of directors on 8 April 2024. The consol-
idated \ufb01nancial statements will be submitted to
NORBIT\u2019s annual general meeting, to be held 6
May 2024, for \ufb01nal approval.
GOING CONCERN BASIS OF ACCOUNTING
The consolidated \ufb01nancial statements have been
prepared on the assumption of the business
being a going concern.
BASIS FOR MEASUREMENT
The consolidated \ufb01nancial statements have been
prepared on the basis of the historical cost princi-
ple, with the following modi\ufb01cations:
^
Derivative \ufb01nancial instruments are measured
at fair value
^
Fair value of share-based payments (IFRS 2),
see note 26.
FUNCTIONAL CURRENCY AND PRESENTATION
CURRENCY
The consolidated \ufb01nancial statements are pre-
sented in Norwegian kroner (NOK), which is the
functional currency of NORBIT ASA and the Nor-
wegian subsidiaries in the group. Foreign subsidi-
aries operate with local currency as the functional
currency.
Financial information presented in NOK has been
rounded to the nearest million with one deci-
mal, except when otherwise stated. As a result of
rounding di\ufb00erences, amounts and percentages
may not add up to the total.
The results and \ufb01nancial position of group com-
panies whose functional currency is di\ufb00erent from
the presentation currency (NOK) are translated to
NOK in the following way:
^
Balance sheet items are translated using the
exchange rates at the balance sheet date
^
Pro\ufb01t and loss items are translated at average
exchange rates for the reporting period
^
All resulting exchange di\ufb00erences are
recognised in other comprehensive income
USE OF ESTIMATESS AND JUDGMENTS
The preparation of annual \ufb01nancial statements
in conformity with IFRS requires management
to make judgements, estimates and assump-
tions that a\ufb00ect the reported amounts of assets
and liabilities, income and expenses. Although
management believes these assumptions to be
reasonable, given historical experience, actual
amounts and results could di\ufb00er from these esti-
mates. Estimates and underlying assumptions
are reviewed and assessed on an on-going basis.
Changes to accounting estimates are recognised
in the period in which the estimates are revised
and in future periods if a\ufb00ected.
Estimates and assumptions that could have a sig-
ni\ufb01cant impact on the carrying amount of assets
and liabilities within the next \ufb01nancial year are dis-
cussed below.
Impairment testing of intangible assets
In accordance with applicable accounting princi-
ples, the group considers whether there are indi-
cations of impairment on the carrying amounts for
the intangible assets. If such indications exist, an
impairment test is performed to determine whether
any intangible assets recorded in the balance sheet
should be impaired. The value in use can be signif-
icantly impacted by market conditions. Evaluating
whether an asset is impaired or if an impairment
should be reversed, requires a high degree of
judgment and may to a large extent depend upon
the selection of key future assumptions, including
determining appropriate cash-generating units,
discount rate, projecting future cash \ufb02ows and
assumptions on future market conditions. Refer-
ence is made to note 14 for further information.
Impairment testing of goodwill
In accordance with applicable accounting prin-
ciples, the group performs impairment testing of
goodwill annually, or more frequently if any indi-
cations of impairment on the goodwill exist. The
estimated recoverable value for the cash-gen-
erating units is determined based on the higher
of its fair value less cost of disposal or value in
use. Value in use is estimated based on a pres-
ent value of the future cash \ufb02ows expected to be
derived from the cash-generating units. These
calculations require management to estimate
future cash \ufb02ows and discount rate, including
assumptions on future market conditions, all of
which involves a high degree of judgment. Refer-
ence is made to note 14 for further information.
Loss allowance for trade receivables
NORBIT has exposure to a diversi\ufb01ed and frag-
mented customer base, of which a majority is
international. Thus, the group is exposed to credit
risk on its trade receivables. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses. This assessment involves
a high degree of judgment, particularly relating
to assessing scenario probabilities. Reference is
made to note 5 and 17 for further information.
Warranty provisions
A provision is made for expected warranty
expenditures for the group companies. The war-
ranty period is generally 12 to 24 months, while
some clients have purchased extended warran-
ties. The level and duration of warranty provi-
sions are based on historical data. Assessing and
determining the potential warranty expenditures
requires a high degree of judgment.
Provision for obsolete inventory
The group makes provision for obsolescence
of inventory. These provisions are based on an
assessment of the age distribution of inventory
items and whether the goods are part of an active
or expired product range. A provision for obso-
lescence is made when the net realisable value
of the good is lower than the cost of the good.
These provisions are estimate-based and require
in-depth knowledge about goods and markets.
Climate risk
NORBIT evaluates the overall climate risk to
be low. Hence, climate-related matters are not
expected to substantially a\ufb00ect assets, provi-
sions, or future cash-\ufb02ows. The Task Force on
Climate Related Financial Disclosure's (TCFD)
de\ufb01nes three main types of climate related risks;
physical risk, risk associated with transition to a
low carbon community, and lastly liability risk.
NORBIT\u2019s main physical risk factors are identi\ufb01ed
to be rising sea levels, changes in hydro power
availability, and power outages and transport
challenges due to extreme weather events. As
NORBIT's main physical assets are located in Nor-
way, and the Norwegian government has risk mit-
igation measures and emergency response plans
in the event of such acute or chronic incidents,
the consequences, and hence, physical risk is cur-
rently considered low. The transition risk is evalu-
ated more as an opportunity rather than a risk, as
NORBIT delivers solutions relevant for the green
transition, for instance related to electri\ufb01cation
and digitalisation. Lastly, the liability risk is consid-
ered low as the industries NORBIT operates in are
not heavily exposed to climate related legal reg-
ulations.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6631": { "value": "NOTE 02
Basis for preparation and estimates and assumptions
STATEMENT OF COMPLIANCE
The consolidated \ufb01nancial statements have
been prepared in accordance with International
Financial Reporting Standards (IFRS) and inter-
pretations by the IFRS Interpretation Committee
(IFRIC), as adopted by the EU, as well as addi-
tional Norwegian reporting requirements pursu-
ant to the Norwegian Accounting Act.
The consolidated \ufb01nancial statements for 2023
were approved and authorised for issue by the
board of directors on 8 April 2024. The consol-
idated \ufb01nancial statements will be submitted to
NORBIT\u2019s annual general meeting, to be held 6
May 2024, for \ufb01nal approval.
GOING CONCERN BASIS OF ACCOUNTING
The consolidated \ufb01nancial statements have been
prepared on the assumption of the business
being a going concern.
BASIS FOR MEASUREMENT
The consolidated \ufb01nancial statements have been
prepared on the basis of the historical cost princi-
ple, with the following modi\ufb01cations:
^
Derivative \ufb01nancial instruments are measured
at fair value
^
Fair value of share-based payments (IFRS 2),
see note 26.
FUNCTIONAL CURRENCY AND PRESENTATION
CURRENCY
The consolidated \ufb01nancial statements are pre-
sented in Norwegian kroner (NOK), which is the
functional currency of NORBIT ASA and the Nor-
wegian subsidiaries in the group. Foreign subsidi-
aries operate with local currency as the functional
currency.
Financial information presented in NOK has been
rounded to the nearest million with one deci-
mal, except when otherwise stated. As a result of
rounding di\ufb00erences, amounts and percentages
may not add up to the total.
The results and \ufb01nancial position of group com-
panies whose functional currency is di\ufb00erent from
the presentation currency (NOK) are translated to
NOK in the following way:
^
Balance sheet items are translated using the
exchange rates at the balance sheet date
^
Pro\ufb01t and loss items are translated at average
exchange rates for the reporting period
^
All resulting exchange di\ufb00erences are
recognised in other comprehensive income
USE OF ESTIMATESS AND JUDGMENTS
The preparation of annual \ufb01nancial statements
in conformity with IFRS requires management
to make judgements, estimates and assump-
tions that a\ufb00ect the reported amounts of assets
and liabilities, income and expenses. Although
management believes these assumptions to be
reasonable, given historical experience, actual
amounts and results could di\ufb00er from these esti-
mates. Estimates and underlying assumptions
are reviewed and assessed on an on-going basis.
Changes to accounting estimates are recognised
in the period in which the estimates are revised
and in future periods if a\ufb00ected.
Estimates and assumptions that could have a sig-
ni\ufb01cant impact on the carrying amount of assets
and liabilities within the next \ufb01nancial year are dis-
cussed below.
Impairment testing of intangible assets
In accordance with applicable accounting princi-
ples, the group considers whether there are indi-
cations of impairment on the carrying amounts for
the intangible assets. If such indications exist, an
impairment test is performed to determine whether
any intangible assets recorded in the balance sheet
should be impaired. The value in use can be signif-
icantly impacted by market conditions. Evaluating
whether an asset is impaired or if an impairment
should be reversed, requires a high degree of
judgment and may to a large extent depend upon
the selection of key future assumptions, including
determining appropriate cash-generating units,
discount rate, projecting future cash \ufb02ows and
assumptions on future market conditions. Refer-
ence is made to note 14 for further information.
Impairment testing of goodwill
In accordance with applicable accounting prin-
ciples, the group performs impairment testing of
goodwill annually, or more frequently if any indi-
cations of impairment on the goodwill exist. The
estimated recoverable value for the cash-gen-
erating units is determined based on the higher
of its fair value less cost of disposal or value in
use. Value in use is estimated based on a pres-
ent value of the future cash \ufb02ows expected to be
derived from the cash-generating units. These
calculations require management to estimate
future cash \ufb02ows and discount rate, including
assumptions on future market conditions, all of
which involves a high degree of judgment. Refer-
ence is made to note 14 for further information.
Loss allowance for trade receivables
NORBIT has exposure to a diversi\ufb01ed and frag-
mented customer base, of which a majority is
international. Thus, the group is exposed to credit
risk on its trade receivables. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses. This assessment involves
a high degree of judgment, particularly relating
to assessing scenario probabilities. Reference is
made to note 5 and 17 for further information.
Warranty provisions
A provision is made for expected warranty
expenditures for the group companies. The war-
ranty period is generally 12 to 24 months, while
some clients have purchased extended warran-
ties. The level and duration of warranty provi-
sions are based on historical data. Assessing and
determining the potential warranty expenditures
requires a high degree of judgment.
Provision for obsolete inventory
The group makes provision for obsolescence
of inventory. These provisions are based on an
assessment of the age distribution of inventory
items and whether the goods are part of an active
or expired product range. A provision for obso-
lescence is made when the net realisable value
of the good is lower than the cost of the good.
These provisions are estimate-based and require
in-depth knowledge about goods and markets.
Climate risk
NORBIT evaluates the overall climate risk to
be low. Hence, climate-related matters are not
expected to substantially a\ufb00ect assets, provi-
sions, or future cash-\ufb02ows. The Task Force on
Climate Related Financial Disclosure's (TCFD)
de\ufb01nes three main types of climate related risks;
physical risk, risk associated with transition to a
low carbon community, and lastly liability risk.
NORBIT\u2019s main physical risk factors are identi\ufb01ed
to be rising sea levels, changes in hydro power
availability, and power outages and transport
challenges due to extreme weather events. As
NORBIT's main physical assets are located in Nor-
way, and the Norwegian government has risk mit-
igation measures and emergency response plans
in the event of such acute or chronic incidents,
the consequences, and hence, physical risk is cur-
rently considered low. The transition risk is evalu-
ated more as an opportunity rather than a risk, as
NORBIT delivers solutions relevant for the green
transition, for instance related to electri\ufb01cation
and digitalisation. Lastly, the liability risk is consid-
ered low as the industries NORBIT operates in are
not heavily exposed to climate related legal reg-
ulations.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6636": { "value": "STATEMENT OF COMPLIANCE
The consolidated \ufb01nancial statements have
been prepared in accordance with International
Financial Reporting Standards (IFRS) and inter-
pretations by the IFRS Interpretation Committee
(IFRIC), as adopted by the EU, as well as addi-
tional Norwegian reporting requirements pursu-
ant to the Norwegian Accounting Act.
The consolidated \ufb01nancial statements for 2023
were approved and authorised for issue by the
board of directors on 8 April 2024. The consol-
idated \ufb01nancial statements will be submitted to
NORBIT\u2019s annual general meeting, to be held 6
May 2024, for \ufb01nal approval.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6653": { "value": "GOING CONCERN BASIS OF ACCOUNTING
The consolidated \ufb01nancial statements have been
prepared on the assumption of the business
being a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6670": { "value": "FUNCTIONAL CURRENCY AND PRESENTATION
CURRENCY
The consolidated \ufb01nancial statements are pre-
sented in Norwegian kroner (NOK), which is the
functional currency of NORBIT ASA and the Nor-
wegian subsidiaries in the group. Foreign subsidi-
aries operate with local currency as the functional
currency.
Financial information presented in NOK has been
rounded to the nearest million with one deci-
mal, except when otherwise stated. As a result of
rounding di\ufb00erences, amounts and percentages
may not add up to the total.
The results and \ufb01nancial position of group com-
panies whose functional currency is di\ufb00erent from
the presentation currency (NOK) are translated to
NOK in the following way:
^
Balance sheet items are translated using the
exchange rates at the balance sheet date
^
Pro\ufb01t and loss items are translated at average
exchange rates for the reporting period
^
All resulting exchange di\ufb00erences are
recognised in other comprehensive income", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6781": { "value": "Loss allowance for trade receivables
NORBIT has exposure to a diversi\ufb01ed and frag-
mented customer base, of which a majority is
international. Thus, the group is exposed to credit
risk on its trade receivables. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses. This assessment involves
a high degree of judgment, particularly relating
to assessing scenario probabilities. Reference is
made to note 5 and 17 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6841": { "value": "NOTE 03
Significant changes and future changes to accounting policies
The group did not apply any amendments to
the standards that were e\ufb00ective for the current
year as such standards did not have any material
impact on the amounts reported in the \ufb01nancial
statements. The group has chosen not to adopt
early any standards, interpretations or amend-
ments that have been issued but are not yet e\ufb00ec-
tive as these changes are not expected to have a
material e\ufb00ect on the \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6878": { "value": "NOTE 04
Accounting principles
The accounting principles presented below have
been applied consistently for the reporting period
and for the group companies presented in the
consolidated \ufb01nancial statements.
GROUP ACCOUNTING AND CONSOLIDATION
PRINCIPLES
Subsidiaries
Subsidiaries are all entities over which the group
has control. The group controls an entity when
the group is exposed to, or has rights to, varia-
ble returns from its involvement with the entity
and has the ability to a\ufb00ect those returns through
its power over the entity. Subsidiaries are con-
solidated from the date on which control is trans-
ferred to the group until the date of which control
ceases.
Investment in associates
Associates are all entities over which the group
has signi\ufb01cant in\ufb02uence, but which is not a sub-
sidiary nor a joint arrangement. Signi\ufb01cant in\ufb02u-
ence is the power to participate in the \ufb01nancial
and operating policy decisions of the investee,
without having control or joint control of these
policies. This is generally the case where the
group holds between 20 and 50 per cent of the
voting rights.
Investments in associates are accounted for using
the equity method of accounting, after initially
being recognised at cost. Subsequent to initial
recognition, the consolidated \ufb01nancial statements
include the group\u2019s share of the pro\ufb01t and loss
and OCI of the associate, until the date on which
signi\ufb01cant in\ufb02uence ceases to exist. Share of
pro\ufb01t or loss of the equity-accounted associate is
reported as part of net \ufb01nancial items in the con-
solidated accounts.
Dividends received from associates are pre-
sented as part of net cash \ufb02ow from operating
activities in the statement of cash \ufb02ows. Received
dividends are recognised as a reduction of the
carrying amount of the investment.
Business combinations
Business combinations are accounted for using
the acquisition method as of the acquisition date,
which is the date when control is transferred to
the group. The consideration given is measured
at the fair values of the assets transferred, the
equity instruments that have been issued, liabili-
ties assumed on the transfer of control and direct
costs relating to the actual purchase. The cost
of acquisition also includes the fair value of all
assets or liabilities that are the result of an agree-
ment on contingent consideration.
Identi\ufb01able assets acquired and liabilities and
contingent liabilities assumed in a business com-
bination are measured initially at their fair values
at the acquisition date. The costs associated with
the business combination are expensed when
they are incurred.
If the aggregate of the consideration transferred,
the carrying amount of non-controlling interests
and the fair value on the acquisition date of any
previously held ownership interests exceeds the
fair value of the acquired entity\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 immediately recognised
in pro\ufb01t or loss as a bargain purchase.
Contingent consideration is classi\ufb01ed either as
equity or a \ufb01nancial liability. Amounts classi\ufb01ed as
a \ufb01nancial liability are subsequently remeasured
to fair value with changes in fair value recognised
in pro\ufb01t or loss.
Elimination of transactions upon consolidation
Intra-group balances and transactions, and any
signi\ufb01cant unrealised gains and losses or income
and expenses arising from intra-group transac-
tions, are eliminated in preparing the consolidated
\ufb01nancial statements. Unrealised gains arising
from transactions with associated and joint ven-
tures are eliminated to the extent of the group\u2019s
interest in the entity.
FOREIGN CURRENCY TRANSLATIONS AND
TRANSACTIONS
Foreign currency transactions are translated into
each group company\u2019s functional currency using
the exchange rates at the dates of the transac-
tions. Monetary assets and liabilities in foreign
currencies are translated into the group compa-
ny\u2019s functional currency using the exchange rate
on the balance sheet date. Foreign exchange
gains and losses resulting from the settlement of
such transactions and from the translation of mon-
etary assets and liabilities denominated in foreign
currencies other than NOK are recognised in the
income statement under net \ufb01nancial items.
Non-monetary assets and liabilities that are meas-
ured at fair value in a foreign currency are trans-
lated to the functional currency at the exchange
rates on the date the fair value is determined.
Translation di\ufb00erences on assets and liabilities
carried at fair value are reported as part of the fair
value gain or loss.
REVENUE RECOGNITION
The core principle of IFRS 15 is that an entity
should recognise revenue to depict the transfer
of promised goods or services to customers in an
amount that re\ufb02ects the consideration to which
the entity expects to be entitled in exchange for
those goods or services. The group recognises
revenue when (or as) a performance obligation
is satis\ufb01ed, that is when 'control' of the goods or
services underlying the particular performance
obligation is transferred to the customer.
The majority of revenue for the group relates to
sale of goods where the control is transferred to
the customer at a point in time, depending on the
contracted delivery terms. There is only one per-
formance obligation in each contract and no vari-
able consideration.
For the revenue that is recognised over time, the
group is using cost incurred compared to total
expected cost (cost to cost) as a measure of pro-
gress. The contracts usually consist of only one
performance obligation and there are no signi\ufb01-
cant variable components in the transaction price.
Sale of goods
The group manufactures and sells a range of elec-
tronic equipment in the industrial market. Sales
are recognised when control of the products has
transferred, being when the products are deliv-
ered to customer, the customer has full discretion
over the channel and price to sell the products,
and there is no unful\ufb01lled obligation that could
a\ufb00ect the customer\u2019s acceptance of the products.
Delivery occurs when the products have been
shipped to the speci\ufb01c location, the risks of obso-
lescence and loss have been transferred to the
customer, and either the customer has accepted
the products in accordance with the sales con-
tract, the acceptance provisions have lapsed, or
the group has objective evidence that all criteria
for acceptance have been satis\ufb01ed.
A receivable is recognised when the goods are
delivered as this is the point in time that the con-
sideration is unconditional because only the pas-
sage of time is required before the payment is due.
Sale of services
Revenue from providing services is recognised in
the accounting period in which the services are
rendered. For \ufb01xed-price contracts, revenue is
recognised based on the actual service provided
to the end of the reporting period as a proportion
of the total services to be provided, because the
customer receives and uses the bene\ufb01ts simulta-
neously. This is determined based on the actual
cost spent relative to the total expected costs.
Some contracts include multiple deliverables,
such as the sale of hardware and related instal-
lation services. Where the contracts include mul-
tiple performance obligations, the transaction
price will be allocated to each performance obli-
gation based on the stand-alone selling prices.
Where these are not directly observable, they are
estimated based on expected cost-plus margin.
If contracts include the installation of hardware,
revenue for the hardware is recognised at a point
in time when the hardware is delivered, the legal
title has passed, and the customer has accepted
the hardware.
Estimates of revenues, costs, or extent of pro-
gress toward completion are revised if circum-
stances change. Any resulting increases or
decreases in estimated revenues or costs are
re\ufb02ected in pro\ufb01t or loss in the period in which
the circumstances that give rise to the revision
become known by management.
In the case of \ufb01xed-price contracts, the cus-
tomer pays the \ufb01xed amount based on a payment
schedule. If the services rendered by the group
exceed the payment, a contract asset is recog-
nised. If the payments exceed the services ren-
dered, a contract liability is recognised.
Financing components
In contracts where the period between the trans-
fer of the promised goods or services to the cus-
tomer and payment by the customer exceeds one
year, the transaction prices are adjusted for the
time value of money.
PENSION
For de\ufb01ned contribution plans, contributions are
paid into pension insurance plans. Contributions
to de\ufb01ned contributions plans are charged to the
income statement in the period to which contribu-
tions relate.
GOVERNMENT GRANTS
Government grants are recognised where there
is reasonable assurance that the grant will be
received, and all attached conditions will be com-
plied with. Government grants are recognised at
the value of the contribution at the transaction
date. Government grants are either accounted for
as reduction of expenses, or intangible assets if
a grant is related to research and development of
capitalised assets.
FINANCIAL INCOME AND EXPENSE
Financial income and \ufb01nancial expenses comprise
interest income and expense on borrowings, for-
eign exchange gains and losses, dividend income,
gains and losses on derivatives and change in the
fair value of \ufb01nancial assets at fair value through
the income statement. Foreign currency gains
and losses are reported on a net basis.
INCOME TAX
Income tax recognised in the income statement
comprises current and deferred tax. Income tax is
recognised in the income statement except to the
extent that it relates to items recognised directly
in equity or other comprehensive income.
Current income tax is the expected tax payable
on the taxable income for the year, using tax rates
enacted or substantially enacted as at the bal-
ance sheet date, and any adjustment to the tax
payable in respect of previous years.
Deferred tax is recognised, using the liability method,
in respect of temporary di\ufb00erences between the
carrying amounts of assets and liabilities for \ufb01nan-
cial reporting and the amounts used for taxation pur-
poses. Deferred tax is not recognised for:
^
Goodwill not deductible for tax purposes
^
The initial recognition of assets and liabilities in a
transaction that is not a business combination and
that a\ufb00ect neither accounting nor taxable pro\ufb01t
^
Temporary di\ufb00erences relating to investments
in subsidiaries, if it is probably that they will not
reverse in the foreseeable future
Deferred income tax is determined using tax rates
(and laws) that have been enacted or substan-
tially enacted as at the balance sheet date and
are expected to apply when the related deferred
income tax asset is realised or the deferred
income tax liability is settled.
Deferred tax assets and liabilities are o\ufb00set if:
^
There is a legally enforceable right to o\ufb00set
current tax assets and liabilities
^
They related to income taxes levied by the
same taxation authority on the same taxable
entity, or on di\ufb00erent taxable entities which
intend either to settle current tax liabilities
or assets on a net basis, or to realise the tax
assets and settle the liabilities simultaneously.
Deferred tax assets are recognised if it is prob-
able that future taxable pro\ufb01ts will be available
against which the temporary di\ufb00erences can be
utilised.
CURRENT/NON-CURRENT CLASSIFICATION
An asset is classi\ufb01ed as current when it is
expected to be realised or is intended for sale
or consumption in the group\u2019s normal operating
cycle, it is held primarily for the purpose of being
traded, or it is expected/due to be realised or set-
tled within twelve months after balance sheet
date. Other assets are classi\ufb01ed as non-current.
A liability is classi\ufb01ed as current when it is
expected to be settled in the group\u2019s normal
operating cycle, is held primarily for the purpose
of being traded, the liability is due to be settled
within twelve months after the balance sheet
date, or if the group does not have an uncondi-
tional right to defer settlement of the liability for at
least twelve months after the reporting period. All
other liabilities are classi\ufb01ed as non-current.
PROPERTY, PLANT AND EQUIPMENT
An item of property, plant and equipment is rec-
ognised as an asset if it is probably that the future
economic bene\ufb01t associated with the assets
will \ufb02ow to the group, and its cost can be relia-
bly measured. Property, plant and equipment is
stated at historical cost less accumulated depre-
ciation and impairment losses. Historical cost
includes expenditure directly attributable to the
asset\u2019s acquisition.
When signi\ufb01cant parts of an item of property,
plant and equipment have di\ufb00erent useful lives,
major components are accounted for as separate
items.
Gains and losses on disposals are determined by
comparing proceeds with carrying amount. These
are included in the income statement. An asset\u2019s
carrying amount is written down immediately
to its recoverable amount if the asset\u2019s carrying
amount is greater than its estimated recoverable
amount.
Subsequent costs
Subsequent costs are included in the asset\u2019s car-
rying amount or recognised as a separate asset,
as appropriate, only when it is probable that
future economic bene\ufb01ts associated with the item
will \ufb02ow to the group and the cost of the item can
be measured reliably. The carrying amount of any
component accounted for as a separate asset is
derecognised when replaced. All other repairs
and maintenance are charged to the income
statement during the reporting period as incurred.
Depreciation
Depreciation is recognised in the income state-
ment on a straight-line basis over the estimated
useful life of each major component of an item of
property, plant and equipment, taking residual
value into consideration. Depreciation methods,
useful lives and residual values are reviewed at
each balance sheet date. The depreciation meth-
ods and periods used by the group are disclosed
in note 12.
INTANGIBLE ASSETS
Research and development
Development activities involve a plan or design for
the production of new or substantially improved
products and processes. Development expendi-
ture is capitalised only if development costs can be
measured reliably, the product and process is tech-
nically and commercially feasible, future economic
bene\ufb01ts are probable, and the group intends to and
has su\ufb03cient resources to complete development
and to use or sell the asset.
The capitalised expenditure includes cost of
materials, direct labour costs and operating
expenses that are directly attributable to develop-
ing and preparing the asset for its intended use.
Other development expenditures are recognised
in the income statement as an expense in the
period in which it occurs.
Capitalised development expenditures are recog-
nised at historic cost less accumulated amortisa-
tion and impairment losses. Acquired intangible
assets is measured following the same principle.
Amortisation is recognised in the income state-
ment on a straight-line basis over the estimated
useful lives of the intangible assets unless such
useful lives are inde\ufb01nite. Intangible assets are
amortised from the day they are available for use.
The amortisation methods and periods used by
the group are disclosed in note 14.
GOODWILL
Goodwill acquired in a business combination rep-
resents cost price of the acquisition in excess of
the net fair value of identi\ufb01able net assets in the
acquired entity at the time of acquisition. Goodwill
is recognised initially at cost and subsequently
measured at cost less accumulated impairment
losses.
See note 14 and 22 for further details on
measurement of goodwill.
INVENTORY
Inventory is stated at the lower of cost and net
realisable value. Cost is determined by the \ufb01rst-in
\ufb01rst-out (FIFO) method or the weighted average
cost formula. The cost of purchased inventory
is determined after deducting rebates and dis-
counts. Net realisable value is the estimated sell-
ing price in the ordinary course of business less
the estimated costs of completion and selling
expenses.
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The group classi\ufb01es its \ufb01nancial assets in the fol-
lowing measurement categories:
^
Those to be measured subsequently at fair
value (either through OCI or through the
income statement), and
^
Those to be measured at amortised cost
The classi\ufb01cation depends on the entity\u2019s busi-
ness model for managing the \ufb01nancial assets and
the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and
losses will either be recorded in the income state-
ment or OCI. For investments in equity instru-
ments that are not held for trading, this will
depend on whether the group has made an irrev-
ocable election at the time of initial recognition
to account for the equity investment at fair value
through other comprehensive income (FVOCI).
Regular way purchases and sales of \ufb01nancial
assets are recognised on trade-date, the date on
which the group commits to purchase or sell the
asset. Financial assets are derecognised when
the rights to receive cash \ufb02ows from the \ufb01nan-
cial assets have expired or have been transferred
and the group has transferred substantially all the
risks and rewards of ownership.
Trade receivables
Trade receivables are amounts due from cus-
tomers for goods sold or services performed in
the ordinary course of business. They are gener-
ally due for settlement within 30-60 days and are
therefore classi\ufb01ed as current. Trade receivables
measured at fair value upon initial recognition,
and thereafter at amortised cost, less allowance
made for credit losses. The interest rate element
is disregarded if insigni\ufb01cant, which is the case for
the vast majority of the group\u2019s trade receivables.
Cash and cash equivalents
Cash and cash equivalents consist of bank depos-
its on call with \ufb01nancial institutions and other
short-term, highly liquid investments with original
maturities of less than three months.
Trade and other payables
Trade payables are recognised at the original
invoiced amount. Other payable are recognised
initially at fair value. Trade and other payables are
valued at amortised cost using the e\ufb00ective inter-
est rate method. The interest rate element is dis-
regarded if it is insigni\ufb01cant, which is the case for
the vast majority of the group\u2019s trade payables.
Interest-bearing borrowings
Interest-bearing borrowings are recognised
initially at fair value, net of transaction costs
incurred. Subsequent to initial recognition, inter-
est-bearing borrowings are measured at amor-
tised cost with any di\ufb00erence between cost and
redemption value being recognised in the income
statement over the period of the borrowings on
an e\ufb00ective interest basis.
IMPAIRMENT
Impairment of non-\ufb01nancial assets
The carrying amount of the groups non-\ufb01nancial
assets (other than deferred tax assets and inven-
tory) are reviewed at the end of each reporting
period to determine whether there is any indica-
tion of impairment. If an indication of impairment
exists, the asset\u2019s recoverable amount is esti-
mated. Intangible assets with an inde\ufb01nite useful
life and intangible assets that are not yet availa-
ble for use are tested for impairment annually, or
more frequently if events or changes in circum-
stances indicate that they might be impaired.
For the purposes of impairment testing, assets
are grouped together into the smallest group of
assets that generates cash in\ufb02ows from continu-
ing use that are largely independent of the cash
in\ufb02ows from other assets or groups of assets
(cash-generating units).
An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its
recoverable amount and recognised in the income
statement. The recoverable amount is the higher of
an asset's fair value less costs of disposal and value
in use. In assessing value in use, the estimated
future cash \ufb02ows are discounted to their present
value using a pre-tax discount rate that re\ufb02ects the
current market assessments of the time value of
money and the risks speci\ufb01c to the asset.
An impairment loss on goodwill is not reversed.
For assets other than goodwill, an impairment
loss is reversed if there has been a change in
the estimates used to determine the recoverable
amount. An impairment loss is reversed only to
the extent that the asset\u2019s carrying amount does
not exceed the carrying amount, net of depreci-
ation or amortisation, calculated as if no impair-
ment loss had been recognised.
Impairment of \ufb01nancial assets
The group assesses on a forward-looking basis
the expected credit losses associated with its
debt instruments carried at amortised cost and
FVOCI. The impairment methodology applied
depends on whether there has been a signi\ufb01cant
increase in credit risk.
There are mainly trade receivables that are sub-
ject to the expected credit loss model in IFRS
9. For trade receivables, the group applies the
simpli\ufb01ed approach permitted by IFRS 9, which
requires expected lifetime losses to be recog-
nised from initial recognition of the receiva-
bles. Trade receivables are grouped based on
shared credit risk characteristics and days past
due. Expected losses are primarily calculated
through an individual and speci\ufb01c assessment of
each customer / receivable. The assessment is
carried out by senior sta\ufb00 in the group's \ufb01nance
department in dialogue with the management of
the operating segments. For trade receivables
that are more than 90 days past due date, a sce-
nario analysis is performed. The scenario analysis
includes scenarios for (i) the client's bankruptcy,
(ii) the client executes debt negotiations and (iii)
the customer pays the claim in full.
PROVISIONS
A provision is recognised when the group has a
present obligation as a result of a past event that
can be estimated reliably, and it is probable that
the group will be required to settle the obliga-
tion. If the e\ufb00ect is material, provisions are deter-
mined as the present value of expected future
cash \ufb02ows, discounted by a market based pre-tax
discount rate.
Warranty provisions are made for expected future
expenses related to delivered products and ser-
vices. The provisions are based on historic data of
incurred warranty expenses.
LEASES
The group applies IFRS 16, and its leasing agree-
ments primarily consist of rent of o\ufb03ce premises
and manufacturing equipment with various lease
terms and conditions.
Upon entering into a contract, an assessment is
made of whether an agreement contains a lease
arrangement entitling the group to control the use
of an identi\ufb01ed asset. If the lease is identi\ufb01ed as
such, assets and associated liabilities are recog-
nised at the start of the lease. The group deter-
mines the lease term as the non-cancellable term
of the lease, together with any periods covered
by an option to extend the lease if it is reasona-
bly certain to be exercised, or any period covered
by an option to terminate the lease if it is reason-
ably certain to be exercised. Lease payments for
the \ufb01rst twelve month following the balance sheet
date is classi\ufb01ed as current liabilities.
Right-of-use assets
The group recognises right-of-use asset at the
lease commencement date. The right-of-use
asset is initially measured at cost, and subse-
quently at cost less any accumulated depreci-
ation and impairment losses and adjusted for
certain remeasurements of the lease liability. The
cost of right-of-use asset includes the amount
of lease liability recognised, initial direct costs
incurred and lease payments made at or before
the commencement date, less any lease incen-
tives received. The right-of-use asset is deprecia-
tion on a straight-line basis over the shorter of the
asset\u2019s estimated useful life and the lease term
and is subject to impairment assessment of non-\ufb01-
nancial assets.
Lease liabilities
The lease liability is initially measured at the pres-
ent value of the lease payment that are not paid
at the commencement date, discounted using
the interest rate implicit in the lease or, if that rate
cannot be readily determined, the group\u2019s incre-
mental borrowing rate as the discount rate. The
lease payments include \ufb01xed payments and vari-
able lease payments that depend on an index or
rate.
The lease liability is subsequently increased
by the interest cost on the lease liability and
decreased by the lease payment made. It is
remeasured when there is a change in future
lease payments arising from a change in an index
or rate, or as appropriate, changes in the assess-
ment of whether an extension option is reasona-
bly certain to be exercised or a termination option
is reasonably certain not to be exercised.
Short-term leases and lease of low value assets
The group applies the recognition exemption to
its leases that have a lease term of 12 months or
less from the commencement date and do not
contain a purchase option. The group also applies
recognition exemption to leases that are consid-
ered low-value assets, mainly IT and o\ufb03ce equip-
ment.
Lease payments associated with short-term
leases and low-value assets are recognised on
a straight-line basis as an expense in the income
statement.
DIVIDENDS
Dividends are recorded in the group\u2019s consoli-
dated \ufb01nancial statement in the period which they
are approved by the general meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6888": { "value": "Subsidiaries
Subsidiaries are all entities over which the group
has control. The group controls an entity when
the group is exposed to, or has rights to, varia-
ble returns from its involvement with the entity
and has the ability to a\ufb00ect those returns through
its power over the entity. Subsidiaries are con-
solidated from the date on which control is trans-
ferred to the group until the date of which control
ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6901": { "value": "Investment in associates
Associates are all entities over which the group
has signi\ufb01cant in\ufb02uence, but which is not a sub-
sidiary nor a joint arrangement. Signi\ufb01cant in\ufb02u-
ence is the power to participate in the \ufb01nancial
and operating policy decisions of the investee,
without having control or joint control of these
policies. This is generally the case where the
group holds between 20 and 50 per cent of the
voting rights.
Investments in associates are accounted for using
the equity method of accounting, after initially
being recognised at cost. Subsequent to initial
recognition, the consolidated \ufb01nancial statements
include the group\u2019s share of the pro\ufb01t and loss
and OCI of the associate, until the date on which
signi\ufb01cant in\ufb02uence ceases to exist. Share of
pro\ufb01t or loss of the equity-accounted associate is
reported as part of net \ufb01nancial items in the con-
solidated accounts.
Dividends received from associates are pre-
sented as part of net cash \ufb02ow from operating
activities in the statement of cash \ufb02ows. Received
dividends are recognised as a reduction of the
carrying amount of the investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6929": { "value": "Business combinations
Business combinations are accounted for using
the acquisition method as of the acquisition date,
which is the date when control is transferred to
the group. The consideration given is measured
at the fair values of the assets transferred, the
equity instruments that have been issued, liabili-
ties assumed on the transfer of control and direct
costs relating to the actual purchase. The cost
of acquisition also includes the fair value of all
assets or liabilities that are the result of an agree-
ment on contingent consideration.
Identi\ufb01able assets acquired and liabilities and
contingent liabilities assumed in a business com-
bination are measured initially at their fair values
at the acquisition date. The costs associated with
the business combination are expensed when
they are incurred.
If the aggregate of the consideration transferred,
the carrying amount of non-controlling interests
and the fair value on the acquisition date of any
previously held ownership interests exceeds the
fair value of the acquired entity\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 immediately recognised
in pro\ufb01t or loss as a bargain purchase.
Contingent consideration is classi\ufb01ed either as
equity or a \ufb01nancial liability. Amounts classi\ufb01ed as
a \ufb01nancial liability are subsequently remeasured
to fair value with changes in fair value recognised
in pro\ufb01t or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6964": { "value": "Elimination of transactions upon consolidation
Intra-group balances and transactions, and any
signi\ufb01cant unrealised gains and losses or income
and expenses arising from intra-group transac-
tions, are eliminated in preparing the consolidated
\ufb01nancial statements. Unrealised gains arising
from transactions with associated and joint ven-
tures are eliminated to the extent of the group\u2019s
interest in the entity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6976": { "value": "FOREIGN CURRENCY TRANSLATIONS AND
TRANSACTIONS
Foreign currency transactions are translated into
each group company\u2019s functional currency using
the exchange rates at the dates of the transac-
tions. Monetary assets and liabilities in foreign
currencies are translated into the group compa-
ny\u2019s functional currency using the exchange rate
on the balance sheet date. Foreign exchange
gains and losses resulting from the settlement of
such transactions and from the translation of mon-
etary assets and liabilities denominated in foreign
currencies other than NOK are recognised in the
income statement under net \ufb01nancial items.
Non-monetary assets and liabilities that are meas-
ured at fair value in a foreign currency are trans-
lated to the functional currency at the exchange
rates on the date the fair value is determined.
Translation di\ufb00erences on assets and liabilities
carried at fair value are reported as part of the fair
value gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7000": { "value": "REVENUE RECOGNITION
The core principle of IFRS 15 is that an entity
should recognise revenue to depict the transfer
of promised goods or services to customers in an
amount that re\ufb02ects the consideration to which
the entity expects to be entitled in exchange for
those goods or services. The group recognises
revenue when (or as) a performance obligation
is satis\ufb01ed, that is when 'control' of the goods or
services underlying the particular performance
obligation is transferred to the customer.
The majority of revenue for the group relates to
sale of goods where the control is transferred to
the customer at a point in time, depending on the
contracted delivery terms. There is only one per-
formance obligation in each contract and no vari-
able consideration.
For the revenue that is recognised over time, the
group is using cost incurred compared to total
expected cost (cost to cost) as a measure of pro-
gress. The contracts usually consist of only one
performance obligation and there are no signi\ufb01-
cant variable components in the transaction price.
Sale of goods
The group manufactures and sells a range of elec-
tronic equipment in the industrial market. Sales
are recognised when control of the products has
transferred, being when the products are deliv-
ered to customer, the customer has full discretion
over the channel and price to sell the products,
and there is no unful\ufb01lled obligation that could
a\ufb00ect the customer\u2019s acceptance of the products.
Delivery occurs when the products have been
shipped to the speci\ufb01c location, the risks of obso-
lescence and loss have been transferred to the
customer, and either the customer has accepted
the products in accordance with the sales con-
tract, the acceptance provisions have lapsed, or
the group has objective evidence that all criteria
for acceptance have been satis\ufb01ed.
A receivable is recognised when the goods are
delivered as this is the point in time that the con-
sideration is unconditional because only the pas-
sage of time is required before the payment is due.
Sale of services
Revenue from providing services is recognised in
the accounting period in which the services are
rendered. For \ufb01xed-price contracts, revenue is
recognised based on the actual service provided
to the end of the reporting period as a proportion
of the total services to be provided, because the
customer receives and uses the bene\ufb01ts simulta-
neously. This is determined based on the actual
cost spent relative to the total expected costs.
Some contracts include multiple deliverables,
such as the sale of hardware and related instal-
lation services. Where the contracts include mul-
tiple performance obligations, the transaction
price will be allocated to each performance obli-
gation based on the stand-alone selling prices.
Where these are not directly observable, they are
estimated based on expected cost-plus margin.
If contracts include the installation of hardware,
revenue for the hardware is recognised at a point
in time when the hardware is delivered, the legal
title has passed, and the customer has accepted
the hardware.
Estimates of revenues, costs, or extent of pro-
gress toward completion are revised if circum-
stances change. Any resulting increases or
decreases in estimated revenues or costs are
re\ufb02ected in pro\ufb01t or loss in the period in which
the circumstances that give rise to the revision
become known by management.
In the case of \ufb01xed-price contracts, the cus-
tomer pays the \ufb01xed amount based on a payment
schedule. If the services rendered by the group
exceed the payment, a contract asset is recog-
nised. If the payments exceed the services ren-
dered, a contract liability is recognised.
Financing components
In contracts where the period between the trans-
fer of the promised goods or services to the cus-
tomer and payment by the customer exceeds one
year, the transaction prices are adjusted for the
time value of money.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7121": { "value": "PENSION
For de\ufb01ned contribution plans, contributions are
paid into pension insurance plans. Contributions
to de\ufb01ned contributions plans are charged to the
income statement in the period to which contribu-
tions relate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7130": { "value": "GOVERNMENT GRANTS
Government grants are recognised where there
is reasonable assurance that the grant will be
received, and all attached conditions will be com-
plied with. Government grants are recognised at
the value of the contribution at the transaction
date. Government grants are either accounted for
as reduction of expenses, or intangible assets if
a grant is related to research and development of
capitalised assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7143": { "value": "FINANCIAL INCOME AND EXPENSE
Financial income and \ufb01nancial expenses comprise
interest income and expense on borrowings, for-
eign exchange gains and losses, dividend income,
gains and losses on derivatives and change in the
fair value of \ufb01nancial assets at fair value through
the income statement. Foreign currency gains
and losses are reported on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7144": { "value": "FINANCIAL INCOME AND EXPENSE
Financial income and \ufb01nancial expenses comprise
interest income and expense on borrowings, for-
eign exchange gains and losses, dividend income,
gains and losses on derivatives and change in the
fair value of \ufb01nancial assets at fair value through
the income statement. Foreign currency gains
and losses are reported on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7157": { "value": "INCOME TAX
Income tax recognised in the income statement
comprises current and deferred tax. Income tax is
recognised in the income statement except to the
extent that it relates to items recognised directly
in equity or other comprehensive income.
Current income tax is the expected tax payable
on the taxable income for the year, using tax rates
enacted or substantially enacted as at the bal-
ance sheet date, and any adjustment to the tax
payable in respect of previous years.
Deferred tax is recognised, using the liability method,
in respect of temporary di\ufb00erences between the
carrying amounts of assets and liabilities for \ufb01nan-
cial reporting and the amounts used for taxation pur-
poses. Deferred tax is not recognised for:
^
Goodwill not deductible for tax purposes
^
The initial recognition of assets and liabilities in a
transaction that is not a business combination and
that a\ufb00ect neither accounting nor taxable pro\ufb01t
^
Temporary di\ufb00erences relating to investments
in subsidiaries, if it is probably that they will not
reverse in the foreseeable future
Deferred income tax is determined using tax rates
(and laws) that have been enacted or substan-
tially enacted as at the balance sheet date and
are expected to apply when the related deferred
income tax asset is realised or the deferred
income tax liability is settled.
Deferred tax assets and liabilities are o\ufb00set if:
^
There is a legally enforceable right to o\ufb00set
current tax assets and liabilities
^
They related to income taxes levied by the
same taxation authority on the same taxable
entity, or on di\ufb00erent taxable entities which
intend either to settle current tax liabilities
or assets on a net basis, or to realise the tax
assets and settle the liabilities simultaneously.
Deferred tax assets are recognised if it is prob-
able that future taxable pro\ufb01ts will be available
against which the temporary di\ufb00erences can be
utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7158": { "value": "INCOME TAX
Income tax recognised in the income statement
comprises current and deferred tax. Income tax is
recognised in the income statement except to the
extent that it relates to items recognised directly
in equity or other comprehensive income.
Current income tax is the expected tax payable
on the taxable income for the year, using tax rates
enacted or substantially enacted as at the bal-
ance sheet date, and any adjustment to the tax
payable in respect of previous years.
Deferred tax is recognised, using the liability method,
in respect of temporary di\ufb00erences between the
carrying amounts of assets and liabilities for \ufb01nan-
cial reporting and the amounts used for taxation pur-
poses. Deferred tax is not recognised for:
^
Goodwill not deductible for tax purposes
^
The initial recognition of assets and liabilities in a
transaction that is not a business combination and
that a\ufb00ect neither accounting nor taxable pro\ufb01t
^
Temporary di\ufb00erences relating to investments
in subsidiaries, if it is probably that they will not
reverse in the foreseeable future
Deferred income tax is determined using tax rates
(and laws) that have been enacted or substan-
tially enacted as at the balance sheet date and
are expected to apply when the related deferred
income tax asset is realised or the deferred
income tax liability is settled.
Deferred tax assets and liabilities are o\ufb00set if:
^
There is a legally enforceable right to o\ufb00set
current tax assets and liabilities
^
They related to income taxes levied by the
same taxation authority on the same taxable
entity, or on di\ufb00erent taxable entities which
intend either to settle current tax liabilities
or assets on a net basis, or to realise the tax
assets and settle the liabilities simultaneously.
Deferred tax assets are recognised if it is prob-
able that future taxable pro\ufb01ts will be available
against which the temporary di\ufb00erences can be
utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7210": { "value": "CURRENT/NON-CURRENT CLASSIFICATION
An asset is classi\ufb01ed as current when it is
expected to be realised or is intended for sale
or consumption in the group\u2019s normal operating
cycle, it is held primarily for the purpose of being
traded, or it is expected/due to be realised or set-
tled within twelve months after balance sheet
date. Other assets are classi\ufb01ed as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7211": { "value": "CURRENT/NON-CURRENT CLASSIFICATION
An asset is classi\ufb01ed as current when it is
expected to be realised or is intended for sale
or consumption in the group\u2019s normal operating
cycle, it is held primarily for the purpose of being
traded, or it is expected/due to be realised or set-
tled within twelve months after balance sheet
date. Other assets are classi\ufb01ed as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7260": { "value": "All other liabilities are classi\ufb01ed as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7264": { "value": "PROPERTY, PLANT AND EQUIPMENT
An item of property, plant and equipment is rec-
ognised as an asset if it is probably that the future
economic bene\ufb01t associated with the assets
will \ufb02ow to the group, and its cost can be relia-
bly measured. Property, plant and equipment is
stated at historical cost less accumulated depre-
ciation and impairment losses. Historical cost
includes expenditure directly attributable to the
asset\u2019s acquisition.
When signi\ufb01cant parts of an item of property,
plant and equipment have di\ufb00erent useful lives,
major components are accounted for as separate
items.
Gains and losses on disposals are determined by
comparing proceeds with carrying amount. These
are included in the income statement. An asset\u2019s
carrying amount is written down immediately
to its recoverable amount if the asset\u2019s carrying
amount is greater than its estimated recoverable
amount.
Subsequent costs
Subsequent costs are included in the asset\u2019s car-
rying amount or recognised as a separate asset,
as appropriate, only when it is probable that
future economic bene\ufb01ts associated with the item
will \ufb02ow to the group and the cost of the item can
be measured reliably. The carrying amount of any
component accounted for as a separate asset is
derecognised when replaced. All other repairs
and maintenance are charged to the income
statement during the reporting period as incurred.
Depreciation
Depreciation is recognised in the income state-
ment on a straight-line basis over the estimated
useful life of each major component of an item of
property, plant and equipment, taking residual
value into consideration. Depreciation methods,
useful lives and residual values are reviewed at
each balance sheet date. The depreciation meth-
ods and periods used by the group are disclosed
in note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7298": { "value": "Depreciation
Depreciation is recognised in the income state-
ment on a straight-line basis over the estimated
useful life of each major component of an item of
property, plant and equipment, taking residual
value into consideration. Depreciation methods,
useful lives and residual values are reviewed at
each balance sheet date. The depreciation meth-
ods and periods used by the group are disclosed
in note 12. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7312": { "value": "INTANGIBLE ASSETS
Research and development
Development activities involve a plan or design for
the production of new or substantially improved
products and processes. Development expendi-
ture is capitalised only if development costs can be
measured reliably, the product and process is tech-
nically and commercially feasible, future economic
bene\ufb01ts are probable, and the group intends to and
has su\ufb03cient resources to complete development
and to use or sell the asset.
The capitalised expenditure includes cost of
materials, direct labour costs and operating
expenses that are directly attributable to develop-
ing and preparing the asset for its intended use.
Other development expenditures are recognised
in the income statement as an expense in the
period in which it occurs.
Capitalised development expenditures are recog-
nised at historic cost less accumulated amortisa-
tion and impairment losses. Acquired intangible
assets is measured following the same principle.
Amortisation is recognised in the income state-
ment on a straight-line basis over the estimated
useful lives of the intangible assets unless such
useful lives are inde\ufb01nite. Intangible assets are
amortised from the day they are available for use.
The amortisation methods and periods used by
the group are disclosed in note 14.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7315": { "value": "Research and development
Development activities involve a plan or design for
the production of new or substantially improved
products and processes. Development expendi-
ture is capitalised only if development costs can be
measured reliably, the product and process is tech-
nically and commercially feasible, future economic
bene\ufb01ts are probable, and the group intends to and
has su\ufb03cient resources to complete development
and to use or sell the asset.
The capitalised expenditure includes cost of
materials, direct labour costs and operating
expenses that are directly attributable to develop-
ing and preparing the asset for its intended use.
Other development expenditures are recognised
in the income statement as an expense in the
period in which it occurs.
Capitalised development expenditures are recog-
nised at historic cost less accumulated amortisa-
tion and impairment losses. Acquired intangible
assets is measured following the same principle.
Amortisation is recognised in the income state-
ment on a straight-line basis over the estimated
useful lives of the intangible assets unless such
useful lives are inde\ufb01nite. Intangible assets are
amortised from the day they are available for use.
The amortisation methods and periods used by
the group are disclosed in note 14.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7347": { "value": "GOODWILL
Goodwill acquired in a business combination rep-
resents cost price of the acquisition in excess of
the net fair value of identi\ufb01able net assets in the
acquired entity at the time of acquisition. Goodwill
is recognised initially at cost and subsequently
measured at cost less accumulated impairment
losses.
See note 14 and 22 for further details on
measurement of goodwill.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7360": { "value": "INVENTORY
Inventory is stated at the lower of cost and net
realisable value. Cost is determined by the \ufb01rst-in
\ufb01rst-out (FIFO) method or the weighted average
cost formula. The cost of purchased inventory
is determined after deducting rebates and dis-
counts. Net realisable value is the estimated sell-
ing price in the ordinary course of business less
the estimated costs of completion and selling
expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7373": { "value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The group classi\ufb01es its \ufb01nancial assets in the fol-
lowing measurement categories:
^
Those to be measured subsequently at fair
value (either through OCI or through the
income statement), and
^
Those to be measured at amortised cost
The classi\ufb01cation depends on the entity\u2019s busi-
ness model for managing the \ufb01nancial assets and
the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and
losses will either be recorded in the income state-
ment or OCI. For investments in equity instru-
ments that are not held for trading, this will
depend on whether the group has made an irrev-
ocable election at the time of initial recognition
to account for the equity investment at fair value
through other comprehensive income (FVOCI).
Regular way purchases and sales of \ufb01nancial
assets are recognised on trade-date, the date on
which the group commits to purchase or sell the
asset. Financial assets are derecognised when
the rights to receive cash \ufb02ows from the \ufb01nan-
cial assets have expired or have been transferred
and the group has transferred substantially all the
risks and rewards of ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7374": { "value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The group classi\ufb01es its \ufb01nancial assets in the fol-
lowing measurement categories:
^
Those to be measured subsequently at fair
value (either through OCI or through the
income statement), and
^
Those to be measured at amortised cost
The classi\ufb01cation depends on the entity\u2019s busi-
ness model for managing the \ufb01nancial assets and
the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and
losses will either be recorded in the income state-
ment or OCI. For investments in equity instru-
ments that are not held for trading, this will
depend on whether the group has made an irrev-
ocable election at the time of initial recognition
to account for the equity investment at fair value
through other comprehensive income (FVOCI).
Regular way purchases and sales of \ufb01nancial
assets are recognised on trade-date, the date on
which the group commits to purchase or sell the
asset. Financial assets are derecognised when
the rights to receive cash \ufb02ows from the \ufb01nan-
cial assets have expired or have been transferred
and the group has transferred substantially all the
risks and rewards of ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7375": { "value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The group classi\ufb01es its \ufb01nancial assets in the fol-
lowing measurement categories:
^
Those to be measured subsequently at fair
value (either through OCI or through the
income statement), and
^
Those to be measured at amortised cost
The classi\ufb01cation depends on the entity\u2019s busi-
ness model for managing the \ufb01nancial assets and
the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and
losses will either be recorded in the income state-
ment or OCI. For investments in equity instru-
ments that are not held for trading, this will
depend on whether the group has made an irrev-
ocable election at the time of initial recognition
to account for the equity investment at fair value
through other comprehensive income (FVOCI).
Regular way purchases and sales of \ufb01nancial
assets are recognised on trade-date, the date on
which the group commits to purchase or sell the
asset. Financial assets are derecognised when
the rights to receive cash \ufb02ows from the \ufb01nan-
cial assets have expired or have been transferred
and the group has transferred substantially all the
risks and rewards of ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7410": { "value": "Trade receivables
Trade receivables are amounts due from cus-
tomers for goods sold or services performed in
the ordinary course of business. They are gener-
ally due for settlement within 30-60 days and are
therefore classi\ufb01ed as current. Trade receivables
measured at fair value upon initial recognition,
and thereafter at amortised cost, less allowance
made for credit losses. The interest rate element
is disregarded if insigni\ufb01cant, which is the case for
the vast majority of the group\u2019s trade receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7453": { "value": "Cash and cash equivalents
Cash and cash equivalents consist of bank depos-
its on call with \ufb01nancial institutions and other
short-term, highly liquid investments with original
maturities of less than three months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7461": { "value": "Trade and other payables
Trade payables are recognised at the original
invoiced amount. Other payable are recognised
initially at fair value. Trade and other payables are
valued at amortised cost using the e\ufb00ective inter-
est rate method. The interest rate element is dis-
regarded if it is insigni\ufb01cant, which is the case for
the vast majority of the group\u2019s trade payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7472": { "value": "Interest-bearing borrowings
Interest-bearing borrowings are recognised
initially at fair value, net of transaction costs
incurred. Subsequent to initial recognition, inter-
est-bearing borrowings are measured at amor-
tised cost with any di\ufb00erence between cost and
redemption value being recognised in the income
statement over the period of the borrowings on
an e\ufb00ective interest basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7484": { "value": "IMPAIRMENT
Impairment of non-\ufb01nancial assets
The carrying amount of the groups non-\ufb01nancial
assets (other than deferred tax assets and inven-
tory) are reviewed at the end of each reporting
period to determine whether there is any indica-
tion of impairment. If an indication of impairment
exists, the asset\u2019s recoverable amount is esti-
mated. Intangible assets with an inde\ufb01nite useful
life and intangible assets that are not yet availa-
ble for use are tested for impairment annually, or
more frequently if events or changes in circum-
stances indicate that they might be impaired.
For the purposes of impairment testing, assets
are grouped together into the smallest group of
assets that generates cash in\ufb02ows from continu-
ing use that are largely independent of the cash
in\ufb02ows from other assets or groups of assets
(cash-generating units).
An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its
recoverable amount and recognised in the income
statement. The recoverable amount is the higher of
an asset's fair value less costs of disposal and value
in use. In assessing value in use, the estimated
future cash \ufb02ows are discounted to their present
value using a pre-tax discount rate that re\ufb02ects the
current market assessments of the time value of
money and the risks speci\ufb01c to the asset.
An impairment loss on goodwill is not reversed.
For assets other than goodwill, an impairment
loss is reversed if there has been a change in
the estimates used to determine the recoverable
amount. An impairment loss is reversed only to
the extent that the asset\u2019s carrying amount does
not exceed the carrying amount, net of depreci-
ation or amortisation, calculated as if no impair-
ment loss had been recognised.
Impairment of \ufb01nancial assets
The group assesses on a forward-looking basis
the expected credit losses associated with its
debt instruments carried at amortised cost and
FVOCI. The impairment methodology applied
depends on whether there has been a signi\ufb01cant
increase in credit risk.
There are mainly trade receivables that are sub-
ject to the expected credit loss model in IFRS
9. For trade receivables, the group applies the
simpli\ufb01ed approach permitted by IFRS 9, which
requires expected lifetime losses to be recog-
nised from initial recognition of the receiva-
bles. Trade receivables are grouped based on
shared credit risk characteristics and days past
due. Expected losses are primarily calculated
through an individual and speci\ufb01c assessment of
each customer / receivable. The assessment is
carried out by senior sta\ufb00 in the group's \ufb01nance
department in dialogue with the management of
the operating segments. For trade receivables
that are more than 90 days past due date, a sce-
nario analysis is performed. The scenario analysis
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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7487": { "value": "Impairment of non-\ufb01nancial assets
The carrying amount of the groups non-\ufb01nancial
assets (other than deferred tax assets and inven-
tory) are reviewed at the end of each reporting
period to determine whether there is any indica-
tion of impairment. If an indication of impairment
exists, the asset\u2019s recoverable amount is esti-
mated. Intangible assets with an inde\ufb01nite useful
life and intangible assets that are not yet availa-
ble for use are tested for impairment annually, or
more frequently if events or changes in circum-
stances indicate that they might be impaired.
For the purposes of impairment testing, assets
are grouped together into the smallest group of
assets that generates cash in\ufb02ows from continu-
ing use that are largely independent of the cash
in\ufb02ows from other assets or groups of assets
(cash-generating units).
An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds its
recoverable amount and recognised in the income
statement. The recoverable amount is the higher of
an asset's fair value less costs of disposal and value
in use. In assessing value in use, the estimated
future cash \ufb02ows are discounted to their present
value using a pre-tax discount rate that re\ufb02ects the
current market assessments of the time value of
money and the risks speci\ufb01c to the asset.
An impairment loss on goodwill is not reversed.
For assets other than goodwill, an impairment
loss is reversed if there has been a change in
the estimates used to determine the recoverable
amount. An impairment loss is reversed only to
the extent that the asset\u2019s carrying amount does
not exceed the carrying amount, net of depreci-
ation or amortisation, calculated as if no impair-
ment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7527": { "value": "Impairment of \ufb01nancial assets
The group assesses on a forward-looking basis
the expected credit losses associated with its
debt instruments carried at amortised cost and
FVOCI. The impairment methodology applied
depends on whether there has been a signi\ufb01cant
increase in credit risk.
There are mainly trade receivables that are sub-
ject to the expected credit loss model in IFRS
9. For trade receivables, the group applies the
simpli\ufb01ed approach permitted by IFRS 9, which
requires expected lifetime losses to be recog-
nised from initial recognition of the receiva-
bles. Trade receivables are grouped based on
shared credit risk characteristics and days past
due. Expected losses are primarily calculated
through an individual and speci\ufb01c assessment of
each customer / receivable. The assessment is
carried out by senior sta\ufb00 in the group's \ufb01nance
department in dialogue with the management of
the operating segments. For trade receivables
that are more than 90 days past due date, a sce-
nario analysis is performed. The scenario analysis
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7557": { "value": "PROVISIONS
A provision is recognised when the group has a
present obligation as a result of a past event that
can be estimated reliably, and it is probable that
the group will be required to settle the obliga-
tion. If the e\ufb00ect is material, provisions are deter-
mined as the present value of expected future
cash \ufb02ows, discounted by a market based pre-tax
discount rate.
Warranty provisions are made for expected future
expenses related to delivered products and ser-
vices. The provisions are based on historic data of
incurred warranty expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7573": { "value": "LEASES
The group applies IFRS 16, and its leasing agree-
ments primarily consist of rent of o\ufb03ce premises
and manufacturing equipment with various lease
terms and conditions.
Upon entering into a contract, an assessment is
made of whether an agreement contains a lease
arrangement entitling the group to control the use
of an identi\ufb01ed asset. If the lease is identi\ufb01ed as
such, assets and associated liabilities are recog-
nised at the start of the lease. The group deter-
mines the lease term as the non-cancellable term
of the lease, together with any periods covered
by an option to extend the lease if it is reasona-
bly certain to be exercised, or any period covered
by an option to terminate the lease if it is reason-
ably certain to be exercised. Lease payments for
the \ufb01rst twelve month following the balance sheet
date is classi\ufb01ed as current liabilities.
Right-of-use assets
The group recognises right-of-use asset at the
lease commencement date. The right-of-use
asset is initially measured at cost, and subse-
quently at cost less any accumulated depreci-
ation and impairment losses and adjusted for
certain remeasurements of the lease liability. The
cost of right-of-use asset includes the amount
of lease liability recognised, initial direct costs
incurred and lease payments made at or before
the commencement date, less any lease incen-
tives received. The right-of-use asset is deprecia-
tion on a straight-line basis over the shorter of the
asset\u2019s estimated useful life and the lease term
and is subject to impairment assessment of non-\ufb01-
nancial assets.
Lease liabilities
The lease liability is initially measured at the pres-
ent value of the lease payment that are not paid
at the commencement date, discounted using
the interest rate implicit in the lease or, if that rate
cannot be readily determined, the group\u2019s incre-
mental borrowing rate as the discount rate. The
lease payments include \ufb01xed payments and vari-
able lease payments that depend on an index or
rate.
The lease liability is subsequently increased
by the interest cost on the lease liability and
decreased by the lease payment made. It is
remeasured when there is a change in future
lease payments arising from a change in an index
or rate, or as appropriate, changes in the assess-
ment of whether an extension option is reasona-
bly certain to be exercised or a termination option
is reasonably certain not to be exercised.
Short-term leases and lease of low value assets
The group applies the recognition exemption to
its leases that have a lease term of 12 months or
less from the commencement date and do not
contain a purchase option. The group also applies
recognition exemption to leases that are consid-
ered low-value assets, mainly IT and o\ufb03ce equip-
ment.
Lease payments associated with short-term
leases and low-value assets are recognised on
a straight-line basis as an expense in the income
statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7674": { "value": "DIVIDENDS
Dividends are recorded in the group\u2019s consoli-
dated \ufb01nancial statement in the period which they
are approved by the general meeting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7682": { "value": "NOTE 05
Financial risk and exposure
NORBIT is exposed to di\ufb00erent types of \ufb01nan-
cial risk, including interest-, currency-, credit-,
and liquidity risks. The group\u2019s \ufb01nance depart-
ment is responsible for carrying out the policies
and guidelines for \ufb01nancial risk management
approved by the Board.
INTEREST RATE RISK
The group\u2019s main interest rate risk arises from
long-term borrowings with variable rates, which
expose the group to cash \ufb02ow interest rate risk.
NORBIT has no \ufb01nancial instruments related to
hedging of interest rates.
Trade and other receivables and trade and other
payables are interest free and with a term of less
than one year, hence there is no interest rate risk
associated with these \ufb01nancial assets and liabil-
ities.
The following table shows the group's sensitiv-
ity to potential changes in interest rates. The cal-
culation takes into account all interest-bearing
\ufb01nancial instruments. The calculation in the table
shows the e\ufb00ect based on interest-bearing \ufb01nan-
cial instruments at the balance sheet date.
Interest rate exposure
\n \n
Impact on pre-tax pro\ufb01t
Impact on pre-tax pro\ufb01t
Amounts in NOK million
2023
2022
Interest rates - increase by 100 basis points
1)
(2.4)
(3.4)
Interest rates - decrease by 100 basis points
1)
2.4
3.4
1) Ceteris paribus
CURRENCY RISK
NORBIT has international operations and clients
and is exposed to currency risk through customer
contracts and purchase of products and services
in currencies other than the functional currency
(NOK). NORBIT is primarily exposed to EUR and
USD currencies.
The group\u2019s exposure to foreign currency risk,
expressed in NOK million, at the end of the report-
ing period is set out in the table below.
Foreign exchange exposure:
\n \n
Amounts in NOK million
31.12.2023
31.12.2022
Receivables
152.9
170.5
Payables
(128.5)
(101.2)
Bank deposits
37.5
34.5
Overdraft facility
1)
(5.8)
35.9
Sellers credit
0.0
(32.6)
Net position
56.0
107.1
1) NORBIT has a multi-currency overdraft facility (EUR, USD, GBP and NOK). The overdraft facility is shown net in the
consolidated \ufb01nancial statements. At 31 December 2023, the USD, EUR and GBP balance on the overdraft facility was
NOK -5.8 million (i.e. net debt).
Financial assets and liabilities \u2013 net foreign exchange exposure by major currencies:
\n \n
31.12.2023
31.12.2022
Currency
NOK
Currency
NOK
USD
(0.8)
(7.9)
(0.1)
(1.2)
EUR
4.7
52.3
8.0
84.6
GBP
0.1
0.9
0.8
10.0
HUF
416.0
12.2
522.8
13.7
PLN
0.9
2.3
0.8
1.8
SEK
(3.1)
(3.2)
(2.0)
(1.9)
DKK
0.3
0.4
0.5
0.7
JPY
(33.5)
(2.4)
(21.5)
(1.6)
Other
1.4
1.0
Net position
56.0
107.1
Fluctuations in exchange rates can lead to
increased or decreased pro\ufb01t margin in contracts
with customers compared to the initial project cal-
culus. The group was a net seller of EUR and a net
buyer of USD during 2023.
The group rebalances the short-term (within 90
days) main currency exposures on a monthly
basis in order to have a neutral currency position
on trade receivables, trade payables and cash
deposits.
Derivatives
There were no derivatives outstanding at 31
December 2023 or at 31 December 2022. There is
currently an ongoing process to optimise foreign
exchange hedging through the use of derivatives.
Classi\ufb01cation of derivatives
Derivatives, if any, are only used for economic
hedging purposes and not as speculative invest-
ments. However, the group\u2019s hedging policy
does not meet the hedge accounting criteria.
Hence, they are classi\ufb01ed as \u2018held for trading\u2019 for
accounting purposes and are accounted for at fair
value through pro\ufb01t or loss. They are presented
as current assets or liabilities to the extent they
are expected to be settled within 12 months after
the end of the reporting period.
Fair value measurement
Fair value measurements of foreign currency
contracts, if any, are based on Marked to Market
reports from leading Norwegian currency traders,
primarily major Norwegian banks.
CREDIT RISK
Credit risk is the risk that one party to a \ufb01nan-
cial instrument will cause a \ufb01nancial loss for the
other party by failing to discharge an obligation.
The group is exposed to credit risk related to cash
and cash equivalents, trade receivables and other
current receivables. The exposure to credit risk is
monitored on an ongoing basis within the group.
Cash and cash equivalents
Cash deposits are held with reputable banks with
strong credit-ratings. Based on their credit ratings,
management does not expect any of these \ufb01nan-
cial institutions to fail to meet their obligations.
Trade receivables
The group has inherent credit risk through the
fact that a client may not be able to meet its obli-
gations under a contract. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses which uses a lifetime
expected loss allowance for all trade receivables.
Reference is made to note 4 and note 17.
LIQUIDITY RISK
Liquidity risk is the risk that the group is unable to
meet the obligations associated with its \ufb01nancial
liabilities. For NORBIT, liquidity risk is managed by
maintaining su\ufb03cient cash deposits and available
committed credit lines that the group can draw
on to meet its obligations as they occur. NOR-
BIT has a centrally managed multi-currency cash
pool arrangement where most subsidiaries are
connected. The liquidity trend is monitored fre-
quently, supported by budgets and forecasts.
As per 31 December 2023, NORBIT had NOK
530.0 million in undrawn credit facilities, provid-
ing a solid liquidity bu\ufb00er.
Maturities of \ufb01nancial liabilities
The table below provides an overview of the
maturity pro\ufb01le of all \ufb01nancial liabilities. For inter-
est-bearing borrowings the stated amount of con-
tractual cash \ufb02ows is including estimated interest
payments. Other items are stated at booked
amounts. In cases where the counterparty may
claim earlier redemption, the amount is placed in
the earliest period the payment may be required
from the counterparty.
Contractual maturities of \ufb01nancial liabilities at 31 December 2023
\n \n
Carrying
Between
Total
amount
Less than
1 year and 5
Over
contractual
(assets) /
Amounts in NOK million
1 year
years
5 years
cash \ufb02ows
liabilities
At 31 December 2023
Trade payables
174.5
0.0
0.0
174.5
174.5
Interest-bearing borrowings
110.1
131.1
0.0
241.2
211.5
Lease liabilities
17.2
33.0
4.5
54.7
54.7
Other payables
94.0
0.0
0.0
94.0
94.0
Total
395.9
164.1
4.5
564.5
534.7
Contractual maturities of \ufb01nancial liabilities at 31 December 2022
\n \n
Carrying
Between
Total
amount
Less than
1 year and 5
Over
contractual
(assets) /
Amounts in NOK million
1 year
years
5 years
cash \ufb02ows
liabilities
At 31 December 2022
Trade payables
132.6
0.0
0.0
132.6
132.6
Interest-bearing borrowings
197.0
162.6
1.3
360.8
337.4
Lease liabilities
11.8
24.0
0.0
35.8
35.8
Other payables
63.0
0.0
0.0
63.0
63.0
Total
404.4
186.6
1.3
592.3
568.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7741": { "value": "CURRENCY RISK
NORBIT has international operations and clients
and is exposed to currency risk through customer
contracts and purchase of products and services
in currencies other than the functional currency
(NOK). NORBIT is primarily exposed to EUR and
USD currencies.
The group\u2019s exposure to foreign currency risk,
expressed in NOK million, at the end of the report-
ing period is set out in the table below.
Foreign exchange exposure:
\n \n
Amounts in NOK million
31.12.2023
31.12.2022
Receivables
152.9
170.5
Payables
(128.5)
(101.2)
Bank deposits
37.5
34.5
Overdraft facility
1)
(5.8)
35.9
Sellers credit
0.0
(32.6)
Net position
56.0
107.1
1) NORBIT has a multi-currency overdraft facility (EUR, USD, GBP and NOK). The overdraft facility is shown net in the
consolidated \ufb01nancial statements. At 31 December 2023, the USD, EUR and GBP balance on the overdraft facility was
NOK -5.8 million (i.e. net debt).
Financial assets and liabilities \u2013 net foreign exchange exposure by major currencies:
\n \n
31.12.2023
31.12.2022
Currency
NOK
Currency
NOK
USD
(0.8)
(7.9)
(0.1)
(1.2)
EUR
4.7
52.3
8.0
84.6
GBP
0.1
0.9
0.8
10.0
HUF
416.0
12.2
522.8
13.7
PLN
0.9
2.3
0.8
1.8
SEK
(3.1)
(3.2)
(2.0)
(1.9)
DKK
0.3
0.4
0.5
0.7
JPY
(33.5)
(2.4)
(21.5)
(1.6)
Other
1.4
1.0
Net position
56.0
107.1
Fluctuations in exchange rates can lead to
increased or decreased pro\ufb01t margin in contracts
with customers compared to the initial project cal-
culus. The group was a net seller of EUR and a net
buyer of USD during 2023.
The group rebalances the short-term (within 90
days) main currency exposures on a monthly
basis in order to have a neutral currency position
on trade receivables, trade payables and cash
deposits.
Derivatives
There were no derivatives outstanding at 31
December 2023 or at 31 December 2022. There is
currently an ongoing process to optimise foreign
exchange hedging through the use of derivatives.
Classi\ufb01cation of derivatives
Derivatives, if any, are only used for economic
hedging purposes and not as speculative invest-
ments. However, the group\u2019s hedging policy
does not meet the hedge accounting criteria.
Hence, they are classi\ufb01ed as \u2018held for trading\u2019 for
accounting purposes and are accounted for at fair
value through pro\ufb01t or loss. They are presented
as current assets or liabilities to the extent they
are expected to be settled within 12 months after
the end of the reporting period.
Fair value measurement
Fair value measurements of foreign currency
contracts, if any, are based on Marked to Market
reports from leading Norwegian currency traders,
primarily major Norwegian banks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7976": { "value": "Derivatives
There were no derivatives outstanding at 31
December 2023 or at 31 December 2022. There is
currently an ongoing process to optimise foreign
exchange hedging through the use of derivatives.
Classi\ufb01cation of derivatives
Derivatives, if any, are only used for economic
hedging purposes and not as speculative invest-
ments. However, the group\u2019s hedging policy
does not meet the hedge accounting criteria.
Hence, they are classi\ufb01ed as \u2018held for trading\u2019 for
accounting purposes and are accounted for at fair
value through pro\ufb01t or loss. They are presented
as current assets or liabilities to the extent they
are expected to be settled within 12 months after
the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7983": { "value": "Classi\ufb01cation of derivatives
Derivatives, if any, are only used for economic
hedging purposes and not as speculative invest-
ments. However, the group\u2019s hedging policy
does not meet the hedge accounting criteria.
Hence, they are classi\ufb01ed as \u2018held for trading\u2019 for
accounting purposes and are accounted for at fair
value through pro\ufb01t or loss. They are presented
as current assets or liabilities to the extent they
are expected to be settled within 12 months after
the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7998": { "value": "Fair value measurement
Fair value measurements of foreign currency
contracts, if any, are based on Marked to Market
reports from leading Norwegian currency traders,
primarily major Norwegian banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8007": { "value": "CREDIT RISK
Credit risk is the risk that one party to a \ufb01nan-
cial instrument will cause a \ufb01nancial loss for the
other party by failing to discharge an obligation.
The group is exposed to credit risk related to cash
and cash equivalents, trade receivables and other
current receivables. The exposure to credit risk is
monitored on an ongoing basis within the group.
Cash and cash equivalents
Cash deposits are held with reputable banks with
strong credit-ratings. Based on their credit ratings,
management does not expect any of these \ufb01nan-
cial institutions to fail to meet their obligations.
Trade receivables
The group has inherent credit risk through the
fact that a client may not be able to meet its obli-
gations under a contract. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses which uses a lifetime
expected loss allowance for all trade receivables.
Reference is made to note 4 and note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8031": { "value": "LIQUIDITY RISK
Liquidity risk is the risk that the group is unable to
meet the obligations associated with its \ufb01nancial
liabilities. For NORBIT, liquidity risk is managed by
maintaining su\ufb03cient cash deposits and available
committed credit lines that the group can draw
on to meet its obligations as they occur. NOR-
BIT has a centrally managed multi-currency cash
pool arrangement where most subsidiaries are
connected. The liquidity trend is monitored fre-
quently, supported by budgets and forecasts.
As per 31 December 2023, NORBIT had NOK
530.0 million in undrawn credit facilities, provid-
ing a solid liquidity bu\ufb00er.
Maturities of \ufb01nancial liabilities
The table below provides an overview of the
maturity pro\ufb01le of all \ufb01nancial liabilities. For inter-
est-bearing borrowings the stated amount of con-
tractual cash \ufb02ows is including estimated interest
payments. Other items are stated at booked
amounts. In cases where the counterparty may
claim earlier redemption, the amount is placed in
the earliest period the payment may be required
from the counterparty.
Contractual maturities of \ufb01nancial liabilities at 31 December 2023
\n \n
Carrying
Between
Total
amount
Less than
1 year and 5
Over
contractual
(assets) /
Amounts in NOK million
1 year
years
5 years
cash \ufb02ows
liabilities
At 31 December 2023
Trade payables
174.5
0.0
0.0
174.5
174.5
Interest-bearing borrowings
110.1
131.1
0.0
241.2
211.5
Lease liabilities
17.2
33.0
4.5
54.7
54.7
Other payables
94.0
0.0
0.0
94.0
94.0
Total
395.9
164.1
4.5
564.5
534.7
Contractual maturities of \ufb01nancial liabilities at 31 December 2022
\n \n
Carrying
Between
Total
amount
Less than
1 year and 5
Over
contractual
(assets) /
Amounts in NOK million
1 year
years
5 years
cash \ufb02ows
liabilities
At 31 December 2022
Trade payables
132.6
0.0
0.0
132.6
132.6
Interest-bearing borrowings
197.0
162.6
1.3
360.8
337.4
Lease liabilities
11.8
24.0
0.0
35.8
35.8
Other payables
63.0
0.0
0.0
63.0
63.0
Total
404.4
186.6
1.3
592.3
568.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8044": { "value": "2023-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8325": { "value": "NOTE 06
Segment information
Description of segments and principal activities
NORBIT ASA is organised in three operating seg-
ments; Oceans, Connectivity and Product Innova-
tion & Realization (PIR). The operating segments
are aligned with the internal reporting and the
operating segments are components of the group
that are evaluated regularly by the management
team.
The Oceans segment delivers tailored technol-
ogy solutions to global maritime markets, and
the Connectivity segment is a leading supplier of
solutions for asset identi\ufb01cation, monitoring and
tracking. The third segment, PIR, provides R&D
products and services and contract manufactur-
ing to key customers.
Oceans encompasses all NORBIT\u2019s knowledge
and competence targeting the global maritime
markets, including proprietary technology and
solutions. The business unit o\ufb00ers ultra-com-
pact sonars for a range of special applications
including seabed mapping and hydrography. The
segment has further developed proprietary solu-
tions and software for maritime and environmen-
tal monitoring, including security applications.
NORBIT is continuously working on expanding its
o\ufb00ering in selected applications.
The Connectivity segment enables clients to dig-
itise their operations through data collection and
tailored sensor analysis with connectivity devices,
cloud computing and data fusions being directly
integrated into the client\u2019s business software or
as stand-alone services.
The Product Innovation & Realization segment
(PIR) o\ufb00ers R&D services and contract manu-
facturing to long-term key industrial customers
through in-house capabilities and a high degree
of robotised production. In addition, the segment
sells products based on proprietary technology,
including special instrumentation based on radar,
radio frequency and embedded signal processing
technology.
Financial results reportable segments
\n\n \n
2023
Amounts in NOK million
Oceans
Connectivity
PIR
Group/ eliminations
Total
Revenues
599.0
540.3
411.8
(32.2)
1 518.9
Raw materials and change in inventories
175.9
208.4
233.2
(2.8)
614.7
Operating expenses
211.9
146.6
126.6
27.3
512.4
EBITDA
211.1
185.3
52.0
(56.6)
391.8
EBITDA margin
35%
34%
13%
26%
Depreciation
21.1
8.8
16.1
2.7
48.6
Amortisation and impairment
24.3
37.2
1.2
(3.7)
59.0
EBIT
165.7
139.3
34.7
(55.6)
284.2
Total \ufb01nancial items (not allocated)
(38.1)
Pro\ufb01t before tax
246.0
Taxes (not allocated)
(60.8)
Pro\ufb01t after tax
185.3
\n\n \n
2022
Amounts in NOK million
Oceans
Connectivity
PIR
Group/ eliminations
Total
Revenues
443.0
308.0
456.5
(40.1)
1 167.5
Raw materials and change in inventories
149.8
109.7
307.4
(17.4)
549.5
Operating expenses
145.6
121.0
101.3
14.7
382.6
EBITDA
147.6
77.4
47.8
(37.5)
235.3
EBITDA margin
33%
25%
10%
20%
Depreciation
17.6
7.8
13.6
2.7
41.7
Amortisation and impairment
15.5
29.1
0.1
0.0
44.8
EBIT
114.4
40.5
34.0
(40.1)
148.8
Total \ufb01nancial items (not allocated)
(28.0)
Pro\ufb01t before tax
120.8
Taxes (not allocated)
(14.1)
Pro\ufb01t after tax
106.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8745": { "value": "NOTE 07
Salaries, pension and social security costs
Payroll expenses
\n \n
Amounts in NOK million
2023
2022
Salaries
308.1
222.7
Pension costs
16.0
11.9
Payroll tax
45.5
31.7
Capitalised payroll expenses as development asset
(16.1)
(22.4)
Other payroll expenses
6.8
6.3
Total employee bene\ufb01t expenses
360.3
250.2
Average number of FTEs
498
418
Pension arrangements
The Norwegian group companies have pension
plans secured through collective agreements in
life insurance companies and are subject to the
Norwegian Act on Occupational Pension. The
group meets the requirement of this legislation.
The group has pension plans with de\ufb01ned con-
tribution plans. The de\ufb01ned contribution plan
means that the company has not incurred any
future obligation. After the annual grant is paid
the company has ful\ufb01lled its obligation in accord-
ance with the arrangement.
In addition, some of the Norwegian companies in
the group are members of an agreement-based
early retirement plan (AFP). The scheme provides
the employees the opportunity to retire before
the normal retirement age in Norway of 67 years.
Employees who choose retirement will retain a
lifelong bene\ufb01t from the age of 62 years. The Nor-
wegian Accounting Standards Board has issued a
statement concluding that the AFP plan is a mul-
ti-employer de\ufb01ned bene\ufb01t plan. The AFP plan
exposes the participating entities to actuarial risk
associated with employees of other entities with
the result that there is no consistent and reliable
basis for allocating the obligation, plan assets and
costs to individual participating entities. Su\ufb03cient
information is not available to use de\ufb01ned bene\ufb01t
accounting and the AFP plan is accounted for as a
de\ufb01ned contribution plan.
The group\u2019s subsidiaries outside of Norway have
pension plans based on local practice and regu-
lations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8841": { "value": "NOTE 08
Other operating expenses
\n \n
Amounts in NOK million
2023
2022
External services
75.9
73.9
Travel expenses
15.1
10.6
Freight
14.4
8.0
O\ufb03ce supplies
8.1
4.8
Marketing
6.6
5.0
Guarantee, service and support
5.5
1.8
Other operating expenses
26.7
28.4
Total operating expenses
152.2
132.4
Fees to the auditors
The table below summarises audit fees, as well
as fees for audit services, tax services and other
audit related services incurred by the group dur-
ing 2023 and 2022.
\n \n
Amounts in NOK million
2023
2022
Audit fee
1.4
1.4
Tax advisory fee
0.0
0.0
Other audit related services
0.4
0.1
Auditor's remuneration in other operating expenses
1.9
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8909": { "value": "Fees to the auditors
The table below summarises audit fees, as well
as fees for audit services, tax services and other
audit related services incurred by the group dur-
ing 2023 and 2022.
\n \n
Amounts in NOK million
2023
2022
Audit fee
1.4
1.4
Tax advisory fee
0.0
0.0
Other audit related services
0.4
0.1
Auditor's remuneration in other operating expenses
1.9
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8975": { "value": "NOTE 09
Financial income and financial expenses
\n \n
Amounts in NOK million
2023
2022
Financial income
Interest income
1.1
0.2
Other \ufb01nancial income
2.1
0.5
Financial income
3.2
0.7
Financial expenses
Interest expenses
29.7
16.2
Financial exchange loss (net)
10.6
10.5
Other \ufb01nancial expenses
1.0
1.8
Financial expenses
41.3
28.5
Share of pro\ufb01t of associates
0.0
(0.2)
Net \ufb01nancial items
(38.1)
(28.0)
Please refer to note 23 for further information regarding share of pro\ufb01ts from associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8976": { "value": "NOTE 09
Financial income and financial expenses
\n \n
Amounts in NOK million
2023
2022
Financial income
Interest income
1.1
0.2
Other \ufb01nancial income
2.1
0.5
Financial income
3.2
0.7
Financial expenses
Interest expenses
29.7
16.2
Financial exchange loss (net)
10.6
10.5
Other \ufb01nancial expenses
1.0
1.8
Financial expenses
41.3
28.5
Share of pro\ufb01t of associates
0.0
(0.2)
Net \ufb01nancial items
(38.1)
(28.0)
Please refer to note 23 for further information regarding share of pro\ufb01ts from associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f8977": { "value": "NOTE 09
Financial income and financial expenses
\n \n
Amounts in NOK million
2023
2022
Financial income
Interest income
1.1
0.2
Other \ufb01nancial income
2.1
0.5
Financial income
3.2
0.7
Financial expenses
Interest expenses
29.7
16.2
Financial exchange loss (net)
10.6
10.5
Other \ufb01nancial expenses
1.0
1.8
Financial expenses
41.3
28.5
Share of pro\ufb01t of associates
0.0
(0.2)
Net \ufb01nancial items
(38.1)
(28.0)
Please refer to note 23 for further information regarding share of pro\ufb01ts from associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9068": { "value": "NOTE 10
Income tax
Income tax speci\ufb01cation
\n \n
Amounts in NOK million
2023
2022
Current tax
Current tax on pro\ufb01ts Norwegian companies
56.2
12.0
Current tax on pro\ufb01ts foreign companies
1.0
3.5
Adjustments for current tax of prior periods
1.4
0.0
Total current tax expense
58.7
15.5
Deferred income tax
Change in deferred tax
2.2
(1.4)
Total deferred tax expense/(bene\ufb01t)
2.2
(1.4)
Total income tax expense
60.8
14.1
Reconciliation between nominal and e\ufb00ective tax rates
\n \n
Amounts in NOK million
2023
2022
Pro\ufb01t before income tax expense
246.0
120.8
Expected tax calculated at Norwegian tax rate of 22%
54.1
26.6
E\ufb00ect of di\ufb00erent tax rates abroad
(2.0)
(0.2)
Change in previously not recognised deferred tax assets
0.7
(13.2)
Other items
8.0
1.0
Subtotal
60.8
14.1
E\ufb00ective tax rate
25%
12%
Amounts recognised directly in equity
Amounts in NOK million
2023
2022
Deferred tax
-
-
Total
0
0
Deferred tax assets
\n \n
Amounts in NOK million
2023
2022
The balance comprises temporary di\ufb00erencs attributable to:
Intangible and \ufb01xed assets
(12.2)
(14.2)
Inventories
(2.6)
(1.9)
Other assets and liabilities
(3.1)
(2.9)
Total deferred tax assets
(18.0)
(19.0)
Unrecognised deferred tax assets
4.1
3.4
Net deferred tax assets
(13.9)
(15.6)
Deferred tax
Amounts in NOK million
2023
2022
The balance comprises temporary di\ufb00erencs attributable to:
Intangible and \ufb01xed assets
3.1
3.6
Total
3.1
3.6
Change in deferred tax assets
\n \n
Intangible and
Amounts in NOK million
Tax losses
\ufb01xed assets
Inventories
Other
Total
Movements
At 1 January 2022
(0.0)
(12.3)
(1.2)
0.3
(13.3)
(Charged)/credited
-to pro\ufb01t or loss
0.0
(1.7)
(0.7)
0.3
(2.1)
Acquisition of subsidiary
0.0
(0.2)
0.0
0.0
(0.2)
At 31 December 2022
0.0
(14.2)
(1.9)
0.6
(15.6)
At 1 January 2023
0.0
(14.2)
(1.9)
0.6
(15.6)
(Charged)/credited
0.0
0.0
0.0
0.0
- to pro\ufb01t or loss
0.1
2.0
(0.7)
0.3
1.8
Acquisition of subsidiary
(0.1)
0.0
0.0
0.1
(0.0)
At 31 December 2023
0.0
(12.2)
(2.6)
1.0
(13.9)
Change in deferred tax
\n \n
Intangible and
Amounts in NOK million
Tax losses
\ufb01xed assets
Inventories
Other
Total
At 1 January 2022
0.0
4.0
0.0
0.0
4.0
(Charged)/credited
-to pro\ufb01t or loss
0.0
(0.4)
0.0
0.0
(0.4)
At 31 December 2022
0.0
3.6
0.0
0.0
3.6
At 1 January 2023
0.0
3.6
0.0
0.0
3.6
(Charged)/credited
-to pro\ufb01t or loss
0.0
(0.4)
0.0
0.0
(0.4)
At 31 December 2023
0.0
3.1
0.0
0.0
3.1
Deferred tax assets are recognised only if it is
probable that future taxable amounts will be avail-
able to utilise temporary di\ufb00erences and losses.
The group has assessed the probability of obtain-
ing the necessary taxable pro\ufb01ts based on budg-
ets and forecasts.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9069": { "value": "NOTE 10
Income tax
Income tax speci\ufb01cation
\n \n
Amounts in NOK million
2023
2022
Current tax
Current tax on pro\ufb01ts Norwegian companies
56.2
12.0
Current tax on pro\ufb01ts foreign companies
1.0
3.5
Adjustments for current tax of prior periods
1.4
0.0
Total current tax expense
58.7
15.5
Deferred income tax
Change in deferred tax
2.2
(1.4)
Total deferred tax expense/(bene\ufb01t)
2.2
(1.4)
Total income tax expense
60.8
14.1
Reconciliation between nominal and e\ufb00ective tax rates
\n \n
Amounts in NOK million
2023
2022
Pro\ufb01t before income tax expense
246.0
120.8
Expected tax calculated at Norwegian tax rate of 22%
54.1
26.6
E\ufb00ect of di\ufb00erent tax rates abroad
(2.0)
(0.2)
Change in previously not recognised deferred tax assets
0.7
(13.2)
Other items
8.0
1.0
Subtotal
60.8
14.1
E\ufb00ective tax rate
25%
12%
Amounts recognised directly in equity
Amounts in NOK million
2023
2022
Deferred tax
-
-
Total
0
0
Deferred tax assets
\n \n
Amounts in NOK million
2023
2022
The balance comprises temporary di\ufb00erencs attributable to:
Intangible and \ufb01xed assets
(12.2)
(14.2)
Inventories
(2.6)
(1.9)
Other assets and liabilities
(3.1)
(2.9)
Total deferred tax assets
(18.0)
(19.0)
Unrecognised deferred tax assets
4.1
3.4
Net deferred tax assets
(13.9)
(15.6)
Deferred tax
Amounts in NOK million
2023
2022
The balance comprises temporary di\ufb00erencs attributable to:
Intangible and \ufb01xed assets
3.1
3.6
Total
3.1
3.6
Change in deferred tax assets
\n \n
Intangible and
Amounts in NOK million
Tax losses
\ufb01xed assets
Inventories
Other
Total
Movements
At 1 January 2022
(0.0)
(12.3)
(1.2)
0.3
(13.3)
(Charged)/credited
-to pro\ufb01t or loss
0.0
(1.7)
(0.7)
0.3
(2.1)
Acquisition of subsidiary
0.0
(0.2)
0.0
0.0
(0.2)
At 31 December 2022
0.0
(14.2)
(1.9)
0.6
(15.6)
At 1 January 2023
0.0
(14.2)
(1.9)
0.6
(15.6)
(Charged)/credited
0.0
0.0
0.0
0.0
- to pro\ufb01t or loss
0.1
2.0
(0.7)
0.3
1.8
Acquisition of subsidiary
(0.1)
0.0
0.0
0.1
(0.0)
At 31 December 2023
0.0
(12.2)
(2.6)
1.0
(13.9)
Change in deferred tax
\n \n
Intangible and
Amounts in NOK million
Tax losses
\ufb01xed assets
Inventories
Other
Total
At 1 January 2022
0.0
4.0
0.0
0.0
4.0
(Charged)/credited
-to pro\ufb01t or loss
0.0
(0.4)
0.0
0.0
(0.4)
At 31 December 2022
0.0
3.6
0.0
0.0
3.6
At 1 January 2023
0.0
3.6
0.0
0.0
3.6
(Charged)/credited
-to pro\ufb01t or loss
0.0
(0.4)
0.0
0.0
(0.4)
At 31 December 2023
0.0
3.1
0.0
0.0
3.1
Deferred tax assets are recognised only if it is
probable that future taxable amounts will be avail-
able to utilise temporary di\ufb00erences and losses.
The group has assessed the probability of obtain-
ing the necessary taxable pro\ufb01ts based on budg-
ets and forecasts.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9624": { "value": "NOTE 11
Earnings per share
\n \n
Amounts in NOK
2023
2022
Basic earnings per share
Total basic earnings per share attributable to the ordinary equity
holders of the company
3.11
1.82
Diluted earnings per share
Total diluted earnings per share attributable to the ordinary equity
holders of the company
3.10
1.82
Reconciliations of earnings used in calculating earnings per share
Amounts in NOK million
2023
2022
Pro\ufb01t from continuing operations attributable to the ordinary
equity holders of the company:
Used in calculation basic earnings per share
185.3
106.7
Used in calculating diluted earnings per share
185.3
106.7
Number
2023
2022
Weighted average number outstanding
59 564 339
58 662 698
Weighted average number diluted
59 684 428
58 725 000
Basic earnings per share
Basic earnings per share amounts are calculated
by dividing net pro\ufb01t for the period attributable to
ordinary equity holders of the parent company by
the weighted average number of ordinary shares
outstanding during the period.
Diluted earnings per share
Diluted earnings per share amounts are calcu-
lated by dividing the net pro\ufb01t attributable to
equity holders of the parent company by the
weighted average number of shares outstand-
ing during the year plus the number of potential
shares that would be issued.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9764": { "value": "NOTE 12
Property, plant and equipment
Machinery,
Land and
\ufb01xtures
Amounts in NOK million
properties
and \ufb01ttings
Total
Cost at 1 January 2022
94.6
249.2
343.8
Accumulated depreciation
(26.0)
(167.0)
(193.1)
Translation di\ufb00erences
0.0
(0.6)
(0.6)
Net book amount 1 January 2022
68.6
81.5
150.1
Additions from acquisition of companies
0.0
5.7
5.7
Additions
2.8
25.5
28.3
Depreciation charge
(5.9)
(26.2)
(32.1)
Translation di\ufb00erences
0.0
0.0
0.0
Net book amount 31 December 2022
65.5
86.6
152.1
Cost at 1 January 2023
97.4
280.4
377.8
Accumulated depreciation
(31.9)
(193.2)
(225.1)
Translation di\ufb00erences
0.0
(0.6)
(0.6)
Net book amount 1 January 2023
65.5
86.6
152.1
Additions from acquisition of companies
0.0
1.6
1.6
Additions
2.5
43.8
46.3
Depreciation charge
(6.1)
(29.2)
(35.2)
Translation di\ufb00erences
0.0
1.5
1.5
Net book amount 31 December 2023
61.9
104.4
166.3
Useful life
25 years
3-7 years
Depreciation method
Linear
Linear
Impairment loss and compensation
There were no impairment losses in 2023 and
2022.
Change in depreciation period
There were no changes to the depreciation
period for the \ufb01xed assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9767": { "value": "
Machinery,
Land and
\ufb01xtures
Amounts in NOK million
properties
and \ufb01ttings
Total
Cost at 1 January 2022
94.6
249.2
343.8
Accumulated depreciation
(26.0)
(167.0)
(193.1)
Translation di\ufb00erences
0.0
(0.6)
(0.6)
Net book amount 1 January 2022
68.6
81.5
150.1
Additions from acquisition of companies
0.0
5.7
5.7
Additions
2.8
25.5
28.3
Depreciation charge
(5.9)
(26.2)
(32.1)
Translation di\ufb00erences
0.0
0.0
0.0
Net book amount 31 December 2022
65.5
86.6
152.1
Cost at 1 January 2023
97.4
280.4
377.8
Accumulated depreciation
(31.9)
(193.2)
(225.1)
Translation di\ufb00erences
0.0
(0.6)
(0.6)
Net book amount 1 January 2023
65.5
86.6
152.1
Additions from acquisition of companies
0.0
1.6
1.6
Additions
2.5
43.8
46.3
Depreciation charge
(6.1)
(29.2)
(35.2)
Translation di\ufb00erences
0.0
1.5
1.5
Net book amount 31 December 2023
61.9
104.4
166.3
Useful life
25 years
3-7 years
Depreciation method
Linear
Linear
Mahinery and
Amounts in NOK million
Buildings
vehicles
Total
Balance at 31 December 2021
14.7
0.0
14.8
Additions
3.2
27.2
30.4
Depreciation expense
8.6
1.1
9.7
Balance at 31 December 2022
9.3
26.2
35.6
Additions
22.4
9.6
32.0
Depreciation expense
9.6
3.8
13.4
Balance at 31 December 2023
22.2
32.0
54.2
Leasing liabilities
Amounts in NOK million
2023
2022
Balance at 1 January
35.9
15.0
Additions
32.0
30.4
Accrued interest expense
1.7
0.5
Lease payments
(14.8)
(10.0)
Balance at 31 December
54.7
35.9
Current lease liabilities
17.2
11.8
Non-current lease liabilities
37.5
24.0
Total
54.7
35.9
Intangible assets
Trademark
Development
and customer
Amounts in NOK million
costs
relationships
Total
Goodwill
Cost at 1 January 2022
393.7
46.1
439.7
82.1
Accumulated amortisation
(182.5)
(1.9)
(184.4)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
Net book amount 1 January 2022
198.2
44.2
242.3
82.1
Additions from acquisition of companies
1.0
0.0
1.0
2.3
Additions
60.5
0.0
60.5
0.0
Amortisation charge
(40.1)
(4.6)
(44.8)
0.0
Translation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
Net book amount 31 December 2022
219.2
39.6
258.8
84.4
Cost at 1 January 2022
455.1
46.1
501.2
84.4
Accumulated amortisation
(222.6)
(6.5)
(229.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(1.0)
0.0
(1.0)
0.0
Net book amount 1 January 2023
219.2
39.6
258.8
84.4
Additions from acquisition of companies
0.0
42.5
42.5
26.7
Additions
60.2
0.0
60.2
0.0
Amortisation charge
(49.9)
(9.2)
(59.0)
0.0
Translation di\ufb00erences
0.1
0.7
0.8
0.0
Net book amount 31 December 2023
229.7
73.5
303.2
111.1
Useful life
3-7 years
10 years
Amortisation methods and useful lives
Capitalised development is normally amortised
over three to seven years on a straight-line basis.
Economic bene\ufb01t is, however, considered for each
product and the amortisation period is equal to the
estimated useful life of the developed product.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f9977": { "value": "NOTE 13
Right-of-use assets and leasing liabilities
NORBIT has chosen to present the right-of-use
assets as part of property, plant and equipment,
and the lease liabilities as separate line items the
balance sheet. The group does not have any right-
of-use assets that would meet the de\ufb01nition of
investment property.
As per year-end 2023, the group had a portfolio of
17 leases (2022: 14) which mainly consist of lease of
o\ufb03ce premises and manufacturing equipment. As
per 31 December 2023, the leases had a weighted
average remaining lease term of 52 months. Exten-
sion options in the lease agreements have been
assessed and re\ufb02ected in the IFRS 16 calculations if
use of the option is reasonably certain.
Leases are discounted using the interest rate
implicit in the lease agreements or, if that rate can-
not be readily determined, the estimated marginal
borrowing cost has been used, equivalent to 1M
NIBOR at the time of the agreements and the credit
margin according to the revolving credit facility (1.8
per cent) agreement.
Mahinery and
Amounts in NOK million
Buildings
vehicles
Total
Balance at 31 December 2021
14.7
0.0
14.8
Additions
3.2
27.2
30.4
Depreciation expense
8.6
1.1
9.7
Balance at 31 December 2022
9.3
26.2
35.6
Additions
22.4
9.6
32.0
Depreciation expense
9.6
3.8
13.4
Balance at 31 December 2023
22.2
32.0
54.2
Leasing liabilities
Amounts in NOK million
2023
2022
Balance at 1 January
35.9
15.0
Additions
32.0
30.4
Accrued interest expense
1.7
0.5
Lease payments
(14.8)
(10.0)
Balance at 31 December
54.7
35.9
Current lease liabilities
17.2
11.8
Non-current lease liabilities
37.5
24.0
Total
54.7
35.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10183": { "value": "NOTE 14
Goodwill and intangible assets
Intangible assets
Trademark
Development
and customer
Amounts in NOK million
costs
relationships
Total
Goodwill
Cost at 1 January 2022
393.7
46.1
439.7
82.1
Accumulated amortisation
(182.5)
(1.9)
(184.4)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
Net book amount 1 January 2022
198.2
44.2
242.3
82.1
Additions from acquisition of companies
1.0
0.0
1.0
2.3
Additions
60.5
0.0
60.5
0.0
Amortisation charge
(40.1)
(4.6)
(44.8)
0.0
Translation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
Net book amount 31 December 2022
219.2
39.6
258.8
84.4
Cost at 1 January 2022
455.1
46.1
501.2
84.4
Accumulated amortisation
(222.6)
(6.5)
(229.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(1.0)
0.0
(1.0)
0.0
Net book amount 1 January 2023
219.2
39.6
258.8
84.4
Additions from acquisition of companies
0.0
42.5
42.5
26.7
Additions
60.2
0.0
60.2
0.0
Amortisation charge
(49.9)
(9.2)
(59.0)
0.0
Translation di\ufb00erences
0.1
0.7
0.8
0.0
Net book amount 31 December 2023
229.7
73.5
303.2
111.1
Useful life
3-7 years
10 years
Intangible assets
Intangible assets primarily comprise capitalised
development costs related to plan or design for
the production of new or substantially improved
technology products.
In 2023, further development was made on own
technology and own products, mainly within the
market segments Oceans and Connectivity. In
Oceans, the majority of the capital spent relates to
the development of new applications and products
within the sonar space.
In the Connectivity segment, the development
projects are primarily related to next generation
connectivity devices for GNSS tolling for trucks,
DSRC-modules and software solutions for the ser-
vices delivered by iData Kft.
Amortisation methods and useful lives
Capitalised development is normally amortised
over three to seven years on a straight-line basis.
Economic bene\ufb01t is, however, considered for each
product and the amortisation period is equal to the
estimated useful life of the developed product.
Impairment considerations
At the end of each reporting period, the group
assess whether there are indications that any
intangible asset has been impaired. If such indi-
cations are present, an estimate of the recovera-
ble amount of the asset is calculated. Regardless
of whether there is an indication of impairment,
intangible assets with inde\ufb01nite useful lives or
intangible assets that are not yet available for use
at the balance sheet date, are tested every year.
To assess whether indications of impairment exist,
an analysis of future cash \ufb02ows from intangible
assets similar to the requirements under IAS 36.39
is prepared. In this analysis estimated cash \ufb02ow
from each asset or group of assets in a cash-gen-
erating unit is applied. The cash \ufb02ow consists of
revenues, raw material cost, payroll cost, other
operating costs, as well as investments needed
to support the revenue assumption. Both external
documentation, budgets and forecasts are used
in preparing the analysis. It is also considered to
what extent previous estimates of future cash \ufb02ows
have been met. Prevailing market conditions are
also taken into account, including its impact on esti-
mates and forecasts.
NORBIT has grouped its individual intangible
assets, other than goodwill, into \ufb01ve cash-gener-
ating units:
^
NORBIT ITS:
Includes all technology developed
within dedicated short-range communications
for products such as On-Board Units, units
for satellite-based tolling and enforcement
modules for tachographs. The cash-generating
unit is part of segment Connectivity.
^
NORBIT iData:
Consists of the software
technology developed by iData under the
iTrack brand. The cash-generating unit is part
of segment Connectivity.
^
NORBIT Oceans \u2013 Products:
Comprises
technology developed for subsea sonars for
seabed mapping and hydrography, as well
as lamps sold to the aquaculture market.
The cash-generating unit is part of segment
Oceans.
^
NORBIT Oceans \u2013 Solutions:
Comprises
the technology developed for security and
environmental monitoring applications in the
maritime environment. The cash-generating
unit is part of segment Oceans.
^
NORBIT ODM:
Consist of technology related
used in navigation system measuring
instruments. The cash-generating unit is part of
segment PIR.
Future cash \ufb02ows are calculated at the present
value using a discount rate speci\ufb01c to the rele-
vant cash-generating unit, ranging from 9.7 per
cent 10.7 per cent (2022: 9.5 per cent to 10.7 per
cent). These rates are calculated based on the
rates implicit in the current market transactions
for similar cash-generating units or based on the
weighted average cost of capital of several listed
companies that are relevant for a single asset (or
portfolio of assets), that in terms of potential per-
formance and risk corresponds to the relevant
asset being tested for impairment.
No indication of impairment was identi\ufb01ed in
2023 or in 2022 due to the signi\ufb01cant di\ufb00erence
between recoverable amount and carrying value.
It is referred to note 4 for accounting policies rele-
vant to intangible assets.
Change in amortisation period
There were no changes in amortisation pro\ufb01les
during 2023.
Goodwill
In 2021, NORBIT made a recognition of NOK 82.1
million in goodwill in connection with the acquisi-
tions of Kilmore Marine Ltd and iData Kft. NOK 2.3
million in goodwill was recognised as part of the
acquisition of Aursund Maskinering AS in 2022
and NOK 26.7 million as a part of the acquisition of
Ping Digital Signal Processing Inc. Acquired com-
panies are integrated into each reporting segment,
where Kilmore Marine Ltd , Aursund Maskinering
AS and Ping Digital Signal Processing are included
in segment Oceans and iData Kft in segment Con-
nectivity.
Impairment testing was carried out for iData Kft
and Kilmore Marine Ltd as the companies repre-
sent the only cash-generating units containing
material goodwill not subject to a preliminary pur-
chase price allocation.
The recoverable amounts are determined based
on the higher of the cash-generating units fair
value less costs of disposal and value in use.
In accordance with IFRS 13, quoted prices in
active markets for similar assets have been
applied to measure fair value less cost of dis-
posal. Adjustments to the valuation multiples for a
group of comparable assets are made to re\ufb02ect a
di\ufb00erence in the cost of capital between compara-
ble assets and the cash-generating units, as well
as control premiums to re\ufb02ect transaction prices
in the quoted market.
For value in use, discounted cash \ufb02ow models are
applied, in which management has projected cash
\ufb02ows in the period from 2024 to 2028 based on
budget and forecasts. The key assumptions used
in the calculations are discussed below.
EBITDA and investments
EBITDA corresponds to operating pro\ufb01t before
depreciation and amortisation expenses, as
reported in the consolidated statement of pro\ufb01t
and loss. Assumptions with regards to EBITDA
projections are made in terms of revenue growth
for the products and services sold, as well as the
operating costs. Investments are determined
based on the expected revenue growth rate
applied in the forecast period as part of the busi-
ness plan. In judging these assumptions, histori-
cal data is considered, as well as the expectations
about the market development and future condi-
tions.
Terminal value
Terminal value beyond the forecast period is
determined applying the average of a terminal
value in perpetuity at a growth rate of 2.5 per cent
and the lower of an exit multiple in line with the
acquisition multiple and trading multiples for sim-
ilar assets.
Discount rate
The discount rate applied is the weighted average
cost of capital for the speci\ufb01c cash-generating units
and the industry and country the assets primarily
operate in. When estimating the discount rate, a
risk-free rate equal to the 10-year local government
bond yield is applied, as well as risk premium. The
discount rate is further adjusted for country risk,
liquidity risk as well as capital structure target. The
pre-tax discount rate applied in 2023 for the impair-
ment testing was 14.7 (14.9) per cent.
Conclusion and sensitivity
For the assets containing goodwill, the recovera-
ble amount estimated far exceeded the carrying
value and thus there were no indication of impair-
ment as of the balance sheet date. A sensitivity
analysis was not performed due to the signi\ufb01cant
di\ufb00erence between the recoverable amount and
the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10184": { "value": "NOTE 14
Goodwill and intangible assets
Intangible assets
Trademark
Development
and customer
Amounts in NOK million
costs
relationships
Total
Goodwill
Cost at 1 January 2022
393.7
46.1
439.7
82.1
Accumulated amortisation
(182.5)
(1.9)
(184.4)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
Net book amount 1 January 2022
198.2
44.2
242.3
82.1
Additions from acquisition of companies
1.0
0.0
1.0
2.3
Additions
60.5
0.0
60.5
0.0
Amortisation charge
(40.1)
(4.6)
(44.8)
0.0
Translation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
Net book amount 31 December 2022
219.2
39.6
258.8
84.4
Cost at 1 January 2022
455.1
46.1
501.2
84.4
Accumulated amortisation
(222.6)
(6.5)
(229.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(1.0)
0.0
(1.0)
0.0
Net book amount 1 January 2023
219.2
39.6
258.8
84.4
Additions from acquisition of companies
0.0
42.5
42.5
26.7
Additions
60.2
0.0
60.2
0.0
Amortisation charge
(49.9)
(9.2)
(59.0)
0.0
Translation di\ufb00erences
0.1
0.7
0.8
0.0
Net book amount 31 December 2023
229.7
73.5
303.2
111.1
Useful life
3-7 years
10 years
Intangible assets
Intangible assets primarily comprise capitalised
development costs related to plan or design for
the production of new or substantially improved
technology products.
In 2023, further development was made on own
technology and own products, mainly within the
market segments Oceans and Connectivity. In
Oceans, the majority of the capital spent relates to
the development of new applications and products
within the sonar space.
In the Connectivity segment, the development
projects are primarily related to next generation
connectivity devices for GNSS tolling for trucks,
DSRC-modules and software solutions for the ser-
vices delivered by iData Kft.
Amortisation methods and useful lives
Capitalised development is normally amortised
over three to seven years on a straight-line basis.
Economic bene\ufb01t is, however, considered for each
product and the amortisation period is equal to the
estimated useful life of the developed product.
Impairment considerations
At the end of each reporting period, the group
assess whether there are indications that any
intangible asset has been impaired. If such indi-
cations are present, an estimate of the recovera-
ble amount of the asset is calculated. Regardless
of whether there is an indication of impairment,
intangible assets with inde\ufb01nite useful lives or
intangible assets that are not yet available for use
at the balance sheet date, are tested every year.
To assess whether indications of impairment exist,
an analysis of future cash \ufb02ows from intangible
assets similar to the requirements under IAS 36.39
is prepared. In this analysis estimated cash \ufb02ow
from each asset or group of assets in a cash-gen-
erating unit is applied. The cash \ufb02ow consists of
revenues, raw material cost, payroll cost, other
operating costs, as well as investments needed
to support the revenue assumption. Both external
documentation, budgets and forecasts are used
in preparing the analysis. It is also considered to
what extent previous estimates of future cash \ufb02ows
have been met. Prevailing market conditions are
also taken into account, including its impact on esti-
mates and forecasts.
NORBIT has grouped its individual intangible
assets, other than goodwill, into \ufb01ve cash-gener-
ating units:
^
NORBIT ITS:
Includes all technology developed
within dedicated short-range communications
for products such as On-Board Units, units
for satellite-based tolling and enforcement
modules for tachographs. The cash-generating
unit is part of segment Connectivity.
^
NORBIT iData:
Consists of the software
technology developed by iData under the
iTrack brand. The cash-generating unit is part
of segment Connectivity.
^
NORBIT Oceans \u2013 Products:
Comprises
technology developed for subsea sonars for
seabed mapping and hydrography, as well
as lamps sold to the aquaculture market.
The cash-generating unit is part of segment
Oceans.
^
NORBIT Oceans \u2013 Solutions:
Comprises
the technology developed for security and
environmental monitoring applications in the
maritime environment. The cash-generating
unit is part of segment Oceans.
^
NORBIT ODM:
Consist of technology related
used in navigation system measuring
instruments. The cash-generating unit is part of
segment PIR.
Future cash \ufb02ows are calculated at the present
value using a discount rate speci\ufb01c to the rele-
vant cash-generating unit, ranging from 9.7 per
cent 10.7 per cent (2022: 9.5 per cent to 10.7 per
cent). These rates are calculated based on the
rates implicit in the current market transactions
for similar cash-generating units or based on the
weighted average cost of capital of several listed
companies that are relevant for a single asset (or
portfolio of assets), that in terms of potential per-
formance and risk corresponds to the relevant
asset being tested for impairment.
No indication of impairment was identi\ufb01ed in
2023 or in 2022 due to the signi\ufb01cant di\ufb00erence
between recoverable amount and carrying value.
It is referred to note 4 for accounting policies rele-
vant to intangible assets.
Change in amortisation period
There were no changes in amortisation pro\ufb01les
during 2023.
Goodwill
In 2021, NORBIT made a recognition of NOK 82.1
million in goodwill in connection with the acquisi-
tions of Kilmore Marine Ltd and iData Kft. NOK 2.3
million in goodwill was recognised as part of the
acquisition of Aursund Maskinering AS in 2022
and NOK 26.7 million as a part of the acquisition of
Ping Digital Signal Processing Inc. Acquired com-
panies are integrated into each reporting segment,
where Kilmore Marine Ltd , Aursund Maskinering
AS and Ping Digital Signal Processing are included
in segment Oceans and iData Kft in segment Con-
nectivity.
Impairment testing was carried out for iData Kft
and Kilmore Marine Ltd as the companies repre-
sent the only cash-generating units containing
material goodwill not subject to a preliminary pur-
chase price allocation.
The recoverable amounts are determined based
on the higher of the cash-generating units fair
value less costs of disposal and value in use.
In accordance with IFRS 13, quoted prices in
active markets for similar assets have been
applied to measure fair value less cost of dis-
posal. Adjustments to the valuation multiples for a
group of comparable assets are made to re\ufb02ect a
di\ufb00erence in the cost of capital between compara-
ble assets and the cash-generating units, as well
as control premiums to re\ufb02ect transaction prices
in the quoted market.
For value in use, discounted cash \ufb02ow models are
applied, in which management has projected cash
\ufb02ows in the period from 2024 to 2028 based on
budget and forecasts. The key assumptions used
in the calculations are discussed below.
EBITDA and investments
EBITDA corresponds to operating pro\ufb01t before
depreciation and amortisation expenses, as
reported in the consolidated statement of pro\ufb01t
and loss. Assumptions with regards to EBITDA
projections are made in terms of revenue growth
for the products and services sold, as well as the
operating costs. Investments are determined
based on the expected revenue growth rate
applied in the forecast period as part of the busi-
ness plan. In judging these assumptions, histori-
cal data is considered, as well as the expectations
about the market development and future condi-
tions.
Terminal value
Terminal value beyond the forecast period is
determined applying the average of a terminal
value in perpetuity at a growth rate of 2.5 per cent
and the lower of an exit multiple in line with the
acquisition multiple and trading multiples for sim-
ilar assets.
Discount rate
The discount rate applied is the weighted average
cost of capital for the speci\ufb01c cash-generating units
and the industry and country the assets primarily
operate in. When estimating the discount rate, a
risk-free rate equal to the 10-year local government
bond yield is applied, as well as risk premium. The
discount rate is further adjusted for country risk,
liquidity risk as well as capital structure target. The
pre-tax discount rate applied in 2023 for the impair-
ment testing was 14.7 (14.9) per cent.
Conclusion and sensitivity
For the assets containing goodwill, the recovera-
ble amount estimated far exceeded the carrying
value and thus there were no indication of impair-
ment as of the balance sheet date. A sensitivity
analysis was not performed due to the signi\ufb01cant
di\ufb00erence between the recoverable amount and
the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10185": { "value": "NOTE 14
Goodwill and intangible assets
Intangible assets
Trademark
Development
and customer
Amounts in NOK million
costs
relationships
Total
Goodwill
Cost at 1 January 2022
393.7
46.1
439.7
82.1
Accumulated amortisation
(182.5)
(1.9)
(184.4)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(0.7)
0.0
(0.7)
0.0
Net book amount 1 January 2022
198.2
44.2
242.3
82.1
Additions from acquisition of companies
1.0
0.0
1.0
2.3
Additions
60.5
0.0
60.5
0.0
Amortisation charge
(40.1)
(4.6)
(44.8)
0.0
Translation di\ufb00erences
(0.3)
0.0
(0.3)
0.0
Net book amount 31 December 2022
219.2
39.6
258.8
84.4
Cost at 1 January 2022
455.1
46.1
501.2
84.4
Accumulated amortisation
(222.6)
(6.5)
(229.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(1.0)
0.0
(1.0)
0.0
Net book amount 1 January 2023
219.2
39.6
258.8
84.4
Additions from acquisition of companies
0.0
42.5
42.5
26.7
Additions
60.2
0.0
60.2
0.0
Amortisation charge
(49.9)
(9.2)
(59.0)
0.0
Translation di\ufb00erences
0.1
0.7
0.8
0.0
Net book amount 31 December 2023
229.7
73.5
303.2
111.1
Useful life
3-7 years
10 years
Intangible assets
Intangible assets primarily comprise capitalised
development costs related to plan or design for
the production of new or substantially improved
technology products.
In 2023, further development was made on own
technology and own products, mainly within the
market segments Oceans and Connectivity. In
Oceans, the majority of the capital spent relates to
the development of new applications and products
within the sonar space.
In the Connectivity segment, the development
projects are primarily related to next generation
connectivity devices for GNSS tolling for trucks,
DSRC-modules and software solutions for the ser-
vices delivered by iData Kft.
Amortisation methods and useful lives
Capitalised development is normally amortised
over three to seven years on a straight-line basis.
Economic bene\ufb01t is, however, considered for each
product and the amortisation period is equal to the
estimated useful life of the developed product.
Impairment considerations
At the end of each reporting period, the group
assess whether there are indications that any
intangible asset has been impaired. If such indi-
cations are present, an estimate of the recovera-
ble amount of the asset is calculated. Regardless
of whether there is an indication of impairment,
intangible assets with inde\ufb01nite useful lives or
intangible assets that are not yet available for use
at the balance sheet date, are tested every year.
To assess whether indications of impairment exist,
an analysis of future cash \ufb02ows from intangible
assets similar to the requirements under IAS 36.39
is prepared. In this analysis estimated cash \ufb02ow
from each asset or group of assets in a cash-gen-
erating unit is applied. The cash \ufb02ow consists of
revenues, raw material cost, payroll cost, other
operating costs, as well as investments needed
to support the revenue assumption. Both external
documentation, budgets and forecasts are used
in preparing the analysis. It is also considered to
what extent previous estimates of future cash \ufb02ows
have been met. Prevailing market conditions are
also taken into account, including its impact on esti-
mates and forecasts.
NORBIT has grouped its individual intangible
assets, other than goodwill, into \ufb01ve cash-gener-
ating units:
^
NORBIT ITS:
Includes all technology developed
within dedicated short-range communications
for products such as On-Board Units, units
for satellite-based tolling and enforcement
modules for tachographs. The cash-generating
unit is part of segment Connectivity.
^
NORBIT iData:
Consists of the software
technology developed by iData under the
iTrack brand. The cash-generating unit is part
of segment Connectivity.
^
NORBIT Oceans \u2013 Products:
Comprises
technology developed for subsea sonars for
seabed mapping and hydrography, as well
as lamps sold to the aquaculture market.
The cash-generating unit is part of segment
Oceans.
^
NORBIT Oceans \u2013 Solutions:
Comprises
the technology developed for security and
environmental monitoring applications in the
maritime environment. The cash-generating
unit is part of segment Oceans.
^
NORBIT ODM:
Consist of technology related
used in navigation system measuring
instruments. The cash-generating unit is part of
segment PIR.
Future cash \ufb02ows are calculated at the present
value using a discount rate speci\ufb01c to the rele-
vant cash-generating unit, ranging from 9.7 per
cent 10.7 per cent (2022: 9.5 per cent to 10.7 per
cent). These rates are calculated based on the
rates implicit in the current market transactions
for similar cash-generating units or based on the
weighted average cost of capital of several listed
companies that are relevant for a single asset (or
portfolio of assets), that in terms of potential per-
formance and risk corresponds to the relevant
asset being tested for impairment.
No indication of impairment was identi\ufb01ed in
2023 or in 2022 due to the signi\ufb01cant di\ufb00erence
between recoverable amount and carrying value.
It is referred to note 4 for accounting policies rele-
vant to intangible assets.
Change in amortisation period
There were no changes in amortisation pro\ufb01les
during 2023.
Goodwill
In 2021, NORBIT made a recognition of NOK 82.1
million in goodwill in connection with the acquisi-
tions of Kilmore Marine Ltd and iData Kft. NOK 2.3
million in goodwill was recognised as part of the
acquisition of Aursund Maskinering AS in 2022
and NOK 26.7 million as a part of the acquisition of
Ping Digital Signal Processing Inc. Acquired com-
panies are integrated into each reporting segment,
where Kilmore Marine Ltd , Aursund Maskinering
AS and Ping Digital Signal Processing are included
in segment Oceans and iData Kft in segment Con-
nectivity.
Impairment testing was carried out for iData Kft
and Kilmore Marine Ltd as the companies repre-
sent the only cash-generating units containing
material goodwill not subject to a preliminary pur-
chase price allocation.
The recoverable amounts are determined based
on the higher of the cash-generating units fair
value less costs of disposal and value in use.
In accordance with IFRS 13, quoted prices in
active markets for similar assets have been
applied to measure fair value less cost of dis-
posal. Adjustments to the valuation multiples for a
group of comparable assets are made to re\ufb02ect a
di\ufb00erence in the cost of capital between compara-
ble assets and the cash-generating units, as well
as control premiums to re\ufb02ect transaction prices
in the quoted market.
For value in use, discounted cash \ufb02ow models are
applied, in which management has projected cash
\ufb02ows in the period from 2024 to 2028 based on
budget and forecasts. The key assumptions used
in the calculations are discussed below.
EBITDA and investments
EBITDA corresponds to operating pro\ufb01t before
depreciation and amortisation expenses, as
reported in the consolidated statement of pro\ufb01t
and loss. Assumptions with regards to EBITDA
projections are made in terms of revenue growth
for the products and services sold, as well as the
operating costs. Investments are determined
based on the expected revenue growth rate
applied in the forecast period as part of the busi-
ness plan. In judging these assumptions, histori-
cal data is considered, as well as the expectations
about the market development and future condi-
tions.
Terminal value
Terminal value beyond the forecast period is
determined applying the average of a terminal
value in perpetuity at a growth rate of 2.5 per cent
and the lower of an exit multiple in line with the
acquisition multiple and trading multiples for sim-
ilar assets.
Discount rate
The discount rate applied is the weighted average
cost of capital for the speci\ufb01c cash-generating units
and the industry and country the assets primarily
operate in. When estimating the discount rate, a
risk-free rate equal to the 10-year local government
bond yield is applied, as well as risk premium. The
discount rate is further adjusted for country risk,
liquidity risk as well as capital structure target. The
pre-tax discount rate applied in 2023 for the impair-
ment testing was 14.7 (14.9) per cent.
Conclusion and sensitivity
For the assets containing goodwill, the recovera-
ble amount estimated far exceeded the carrying
value and thus there were no indication of impair-
ment as of the balance sheet date. A sensitivity
analysis was not performed due to the signi\ufb01cant
di\ufb00erence between the recoverable amount and
the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10697": { "value": "NOTE 15
Inventories
\n \n
Amounts in NOK million
2023
2022
Current assets
Raw materials and stores
437.9
338.0
Work in progress
13.9
12.7
Finished goods - at cost
110.2
75.6
Book value
562.0
426.3
Inventory held at cost
573.8
432.0
Obsolescence
raw materials
(11.8)
(5.1)
Obsolescence
\ufb01nished goods
(0.0)
(0.6)
Book value
562.0
426.3
Amounts in NOK million
2023
2022
Spesi\ufb01cation of raw materials and consumables used
Purchase of goods
735.6
704.5
Freight, customs etc.
14.9
8.1
Change of inventories
(135.7)
(163.1)
Total
614.7
549.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10828": { "value": "NOTE 16
Financial assets and financial liabilities
Financial assets
\n \n
Amounts in NOK million
2023
2022
Financial assets at fair value
Enua AS
5.0
0.0
Tangen N\u00e6ringsbygg AS
0.1
0.1
ProVenture Seed III AS
0.8
0.5
Total shares in other companies (through OCI)
5.9
0.6
Amounts in NOK million
2023
2022
Financial assets at amortised cost
Trade receivables
170.3
168.0
Cash and cash equivalents
60.7
41.7
Total
231.0
209.7
Financial liabilities
\n \n
Amounts in NOK million
2023
2022
Liabilities at amortised cost
Trade payables
174.5
132.6
Interest-bearing borrowings
211.5
337.4
Lease liabilities
54.7
35.8
Other payables
94.0
63.0
Total
534.7
568.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f10979": { "value": "NOTE 17
Trade receivables
\n \n
Amounts in NOK million
2023
2022
Current assets
Trade receivables
177.1
178.9
Loss allowance
(6.7)
(10.9)
Total
170.3
168.0
Amounts in NOK million
2023
2022
Not due
100.4
109.9
1-30 days past due date
31.7
37.4
31-60 days past due date
4.4
7.7
60+ days past due date
40.5
23.8
Total
177.1
178.9
Total provisions stood at NOK 6.7 million as per year-end 2023, representing 3.8 per cent of the par value of
accounts receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11062": { "value": "NOTE 18
Cash and cash equivalents
Restricted cash and cash equivalents were NOK 11.1 million as per year-end 2023 (NOK 8.2 million in 2022)
for the group. Restricted bank deposits are tax deductions made on behalf of employees.
\n \n
Amounts in NOK million
2023
2022
Bank deposits payable on demand
49.6
33.5
Bank deposits restricted to tax payments
11.1
8.2
Total
60.7
41.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11066": { "value": "Restricted cash and cash equivalents were NOK 11.1 million as per year-end 2023 (NOK 8.2 million in 2022) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11099": { "value": "NOTE 19
Interest-bearing borrowings
\n \n
2023
Amounts in NOK million
Current
Non-current
Total
Overdraft facility
20.0
0.0
20.0
Term loan
63.9
102.9
166.7
Other borrowings
5.0
19.7
24.7
Total interest-bearing borrowings
88.9
122.6
211.5
\n \n
2022
Amounts in NOK million
Current
Non-current
Total
Revolving credit facility
0.0
90.0
90.0
Overdraft facility
140.6
0.0
140.6
Term loan
3.7
46.7
50.4
Seller's credit
32.6
0.0
32.6
Other borrowings
5.9
17.9
23.8
Total interest-bearing borrowings
182.8
154.6
337.4
Secured interest-bearing borrowings
Amounts in NOK million
2023
2022
Long term debt
122.6
154.6
Short term debt
88.9
150.1
Total secured borrowings
211.5
304.7
The group had four main loan facilities per the
balance sheet date, comprising of a long-term
revolving credit facility (RCF), a multi-currency
short-term overdraft facility and two term loans.
The credit limits are NOK 200 million and NOK
350 million on the RCF and overdraft facility,
respectively.
NORBIT had drawn NOK 20.0 million on the over-
draft facility as of December 31, 2023, while the
RCF was undrawn. NOK 166.7 million was out-
standing on the two terms loans.
The RCF and one term loan are priced at 3M
NIBOR + 1.8 per cent margin p.a., the overdraft
facility is priced at a 1M reference rate (NOK, USD
and EUR) + 1.4 per cent margin p.a, while the NOK
120 million term loan is priced at 3M NIBOR + 2.15
per cent margin p.a.
The maturity date for the RCF is February 2025,
July 2024 for the \ufb01rst term loan and June 2026
for the NOK 120 million term loan. The two term
loans amortise over 15 and 7 years, respectively.
The overdraft facility is re\ufb01nanced each year on a
rolling basis.
Refer to note 21 for details on covenants related
to the credit facilities.
Assets pledged as security
\n \n
Amounts in NOK million
2023
2022
Current
Receivables
111.5
120.1
Inventories
537.3
413.2
Total current assets pledged as security
648.8
533.3
Non-current
Property, plant and equipment
139.5
128.4
Total non-current assets pledged as security
139.5
128.4
Total assets pledged as security
788.4
661.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11378": { "value": "NOTE 20
Other current liabilities
\n \n
Amounts in NOK million
2023
2022
Payroll tax and other statutory liabilities
29.1
18.2
Holiday pay accrual
18.9
19.5
Prepayments from customers
62.8
7.7
Warranty provisions
5.7
4.5
Other payables and accruals
75.3
43.6
Total
191.8
93.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11432": { "value": "NOTE 21
Capital management
Capital allocation
NORBIT\u2019s capital allocation framework and strat-
egy are determined by the board of directors.
Based on the framework, NORBIT has made the
following capital priorities to ensure continued
pro\ufb01table growth, while at the same time main-
taining a robust \ufb01nancial position to mitigate
\ufb01nancial risks:
1.
Maintain a solid balance sheet
2.
Investments to support organic growth
3.
Strategic acquisitions to accelerate growth
4.
Shareholder distributions
The group\u2019s objectives when managing the solid-
ity of its balance sheet and liquidity position are
the following:
^
Safeguard its ability to continue as a going
concern, so that it can provide a competitive
risk-adjusted return for shareholders and
bene\ufb01ts for other stakeholders
^
Maintain \ufb01nancial robustness and an optimised
capital structure in order to reduce cost of capital
^
Provide for \ufb01nancial \ufb02exibility
^
Maintain a robust headroom to covenants in
loan agreements
In order to optimise the capital structure, the
group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue
new shares, reduce investments or sell assets to
reduce debt.
Covenants
The group monitors its covenants on the basis of
the following leverage ratios:
^
Carrying value of total equity as per cent of
carrying value of total assets
^
Net interest bearing debt (NIBD) including lease
liabilities over EBITDA (\u201cNIBD ratio\u201d)
NORBIT has a policy of maintaining a NIBD ratio
in the range of 1.0 \u2013 2.5x in order to ensure a solid
balance sheet.
Loan covenants
\n \n
Amounts in NOK million
2023
2022
Equity ratios 31 December
Total equity
793.4
599.3
Total assets
1 496.4
1 220.8
Equity ratio
53%
49%
\n \n
Amounts in NOK million
2023
2022
NIBD ratios 31 December
Interest bearing borrowings
211.5
337.4
Lease liabilities
54.7
35.8
Cash and cash equivalents
(60.7)
(41.7)
NIBD
205.5
331.5
EBITDA
391.8
235.3
NIBD to EBITDA ratio
0.52
1.41
Under the terms of the major borrowing facilities,
the group is required to comply with the following
\ufb01nancial covenants:
^
Equity ratio:
Carrying value of total equity as
per cent of carrying value of total assets shall
exceed 30 per cent. To be reported by 30 June
and 31 December
^
NIBD ratio:
Total interest-bearing borrowings
and lease liabilities less cash and cash
equivalents over EBITDA (IFRS, as reported)
shall not exceed 4.0 times. To be reported each
quarter. EBITDA is calculated on a 12-month
rolling basis.
The group has complied with these covenants
throughout the reporting period and as per year-
end 2023 and 2022.
Dividend policy
NORBIT\u2019s dividend policy objective is to provide
shareholders with a long-term competitive return
through an increase in the share price and pay-
ment of dividends. The dividend policy is to pay
out annual ordinary dividends between 30 and
50 per cent of the company\u2019s net pro\ufb01t after tax,
with the intention to pay out potential excess cap-
ital as extraordinary dividends. When proposing
the total dividend payment, the board of directors
will take into account the company\u2019s \ufb01nancial posi-
tion, investment plans, any restrictions by law, as
well as the needed \ufb01nancial \ufb02exibility to provide for
sustainable growth. To that end, the company has
set long-term \ufb01nancial targets relating to its capi-
tal structure to have a NIBD/EBITDA ratio between
1.0 \u20132.5x.
The board of directors has proposed that NOK
2.55 per share is paid as dividend for the \ufb01nan-
cial year 2023, or NOK 152.9 million, representing
82 per cent of net pro\ufb01t after tax. This consists of
an ordinary dividend of NOK 1.55 per share and an
extraordinary dividend of NOK 1.00 per share.
In 2023, NORBIT paid NOK 0.70 per share in divi-
dends to the shareholders (NOK 41.2 million) for the
\ufb01nancial year 2022, representing 36.1 per cent of
net pro\ufb01t after tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f11652": { "value": "NOTE 22
Business combinations
Ping Digital Signal Processing Inc
In October 2023, NORBIT acquired 100 per cent
of the shares in Ping Digital Signal Procesing Inc,
a Canadian maritime technology company. The
company\u2019s principal business activity is sales,
research and development of leading edge sonar
technology for mapping, imaging and exploring
the underwater environment. The total consider-
ation was NOK 39.5 million paid through a com-
bination of NOK 29.1 million in cash and NOK 10.4
million in issuance of consideration shares. The
purchase price and fair value of assets and liabil-
ities acquired are presented in the table below.
The company was consolidated from the date of
acquisition and the preliminary acquisition analy-
sis gave rise to goodwill of NOK 26.6 million. The
company is reported under segment Oceans.
Purchase price:
\n \n
Amounts in NOK million
Considerations shares
10.4
Cash consideration
29.1
Total
39.5
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
1)
Property, plant and equipment
0.1
Technology
4.6
Trademark
3.6
Inventories
3.5
Trade receivables
2.0
Other receivables
0.6
Cash and cash equivalents
2.8
Deferred tax liability
(2.2)
Trade payables
(0.4)
Other current liabilites
(1.7)
Total identi\ufb01able net assets
12.9
Goodwill
26.6
Cash and cash equivalents in acquired business
2.8
Total cash out\ufb02ow from acquisition of business
26.2
1)
The purchase price allocation is preliminary and may be subject to adjustments.
Seahorse Geomatics Inc
\n
In April 2023, NORBIT acquired the business
\n
and certain assets from Seahorse Geomatics
\n
Inc, Oceans\u2019 distributor and reseller in the North
\n
American market for more than a decade. The
\n
purchase price was USD 2.5 million, including
\n
value of purchased inventory. This was \ufb01nanced
\n
by the issuance of 265\u00a0670 consideration shares
\n
at a price of NOK 39.22, or NOK 10.4 million, NOK
\n
8.7 million in cash and a seller credit of NOK 7.1
\n
million. The seller credit will be repaid in equal
\n
instalments in Q2 2024 and Q2 2025.
\n
Purchase price:
\n\n \n
Amounts in NOK million
Considerations shares
10.4
Cash consideration
8.7
Sellers credit
7.1
Total
26.2
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
1)
Property, plant and equipment
1.5
Technology
5.5
Customer relationships
12.4
Inventories
6.8
Total identi\ufb01able net assets
26.2
Cash and cash equivalents in acquired business
0.0
Total cash out\ufb02ow from acquisition of business
8.7
\n
1)
The purchase price allocation is preliminary and may be subject to adjustments.
\n
CPS AS
\n
In January 2023, NORBIT ASA acquired 100 per
\n
cent ownership in the technology company CPS
\n
AS. CPS design, develop and industrialise cus-
\n
tom IoT ready devices for various areas of appli-
\n
cation across a number of industry segments. The
\n
devices are designed, developed, and industri-
\n
alised based on proprietary modules. CPS also
\n
provides \ufb01rmware licenses and services to cus-
\n
tomers. The total consideration was NOK 12.6
\n
million paid through a combination of NOK 3.6
\n
million in cash and NOK 9.0 million in issuance of
\n
consideration share. The purchase price and fair
\n
value of assets and liabilities acquired are pre-
\n
sented in the table below. The company was con-
\n
solidated from 1 January 2023 and the preliminary
\n
analysis gave rise to NOK 14.7 million in fair value
\n
adjustments relating to customer relationships
\n
and technology. The company is reported under
\n
segment Connectivity.
\n
Purchase price:
\n\n \n
Amounts in NOK million
Considerations shares
9.0
Cash consideration
3.6
Total
12.6
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
1)
Technology
4.8
Customer relationships
11.4
Inventories
0.0
Trade receivables
2.0
Cash and cash equivalents
1.3
Deferred tax liability
(3.2)
Interest-bearing borrowings
(1.5)
Trade payables
(1.1)
Other current liabilities
(1.2)
Total identi\ufb01able net assets
12.6
Cash and cash equivalents in acquired business
1.3
Total cash out\ufb02ow from acquisition of business
2.3
\n
1)
The purchase price allocation is preliminary and may be subject to adjustments.
Aursund Maskinering AS
In November 2022, NORBIT ASA acquired 100
per cent ownership in Aursund Maskinering AS.
The company has been a key supplier for seg-
ment Oceans for several years. The total consid-
eration for the shares was NOK 9.3 million and
was paid through a combination of cash and an
interest-free sellers credit. Half of the sellers\u2019
credit was due November 2023, while the remain-
der is due November 2024. The purchase price
and fair value of assets and liabilities acquired are
presented in the table below. The company was
consolidated from the date of acquisition and the
preliminary acquisition analysis gave rise to good-
will of NOK 2.3 million. Aursund Maskinering is
reported under segment Oceans.
Purchase price:
\n \n
Amounts in NOK million
Cash consideration
3.7
Sellers credit
5.6
Total
9.3
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
Property, plant and equipment
5.7
Inventory
1.7
Trade receivables
2.1
Other receivables
0.1
Cash and cash equivalents
1.5
Deferred tax liability
(0.3)
Interest-bearing borrowings
(1.1)
Trade payables
(0.1)
Other short-term debt
(2.6)
Total identi\ufb01able net assets
7.0
Goodwill
2.3
Cash and cash equivalents in acquired business
1.5
Total cash out\ufb02ow from acquisition of business
7.8
Nicarnica Aviation AS
In March 2022, NORBIT ASA acquired 100 per
cent ownership in Nicarnica Aviation AS, a Nor-
wegian technology company that has developed
remote sensing solutions for detecting hazardous
emissions. The technology broadens and comple-
ments the existing environmental monitoring solu-
tions developed by segment Oceans. The total
consideration for the shares was NOK 0.9 million,
paid in cash to the sellers. The purchase price and
fair value of assets and liabilities acquired are pre-
sented in the table below. The company was con-
solidated from the date of acquisition.
Purchase price:
\n \n
Amounts in NOK million
Cash consideration
0.9
Total
0.9
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
Intangible assets
1.0
Deferred tax asset
2.0
Cash and cash equivalents
0.0
Interest-bearing borrowings
(1.6)
Trade payables
(0.4)
Other current liabilities
(0.1)
Total identi\ufb01able net assets
0.9
Cash and cash equivalents in acquired business
0.0
Total cash out\ufb02ow from acquisition of business
0.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12224": { "value": "NOTE 23
Equity-accounted investees
Equity-accounted investees include associated
companies of NORBIT and are de\ufb01ned as related
parties. See note 25 for overview of transactions
and balances with associated companies.
Interests in associates
Set out below are the associates of the group as
per 31 December 2022. The entities listed below
have share capital consisting solely of ordinary
shares, which are held directly by the parent com-
pany. The proportion of ownership interest is the
same as the proportion of voting rights held.
\n \n
Ownership
Carrying amount
Amounts in NOK million
2023
2022
2023
2022
Associated company
Head o\ufb03ce
Kvikna Consulting Ehf.
Reykavik
33%
33%
0.7
0.7
Total
0.7
0.7
Kvikna Consulting Ehf
Based in Reykjavik, Iceland, Kvikna Consulting Ehf.
is a software company providing services to all of
NORBIT\u2019s operating segments. NORBIT ASA owns
33.33 per cent of the shares in the company.
Share of pro\ufb01ts from associates
\n \n
Amounts in NOK million
2023
2022
Kvikna Consulting Ehf.
0.0
(0.2)
Share of pro\ufb01t from associates
0.0
(0.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12225": { "value": "NOTE 23
Equity-accounted investees
Equity-accounted investees include associated
companies of NORBIT and are de\ufb01ned as related
parties. See note 25 for overview of transactions
and balances with associated companies.
Interests in associates
Set out below are the associates of the group as
per 31 December 2022. The entities listed below
have share capital consisting solely of ordinary
shares, which are held directly by the parent com-
pany. The proportion of ownership interest is the
same as the proportion of voting rights held.
\n \n
Ownership
Carrying amount
Amounts in NOK million
2023
2022
2023
2022
Associated company
Head o\ufb03ce
Kvikna Consulting Ehf.
Reykavik
33%
33%
0.7
0.7
Total
0.7
0.7
Kvikna Consulting Ehf
Based in Reykjavik, Iceland, Kvikna Consulting Ehf.
is a software company providing services to all of
NORBIT\u2019s operating segments. NORBIT ASA owns
33.33 per cent of the shares in the company.
Share of pro\ufb01ts from associates
\n \n
Amounts in NOK million
2023
2022
Kvikna Consulting Ehf.
0.0
(0.2)
Share of pro\ufb01t from associates
0.0
(0.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12323": { "value": "NOTE 24
Share capital and shareholder information
Share capital and share premium
The share capital in NORBIT ASA as per 31 Decem-
ber 2023 consists of one share class with a total
of 60 017 415 shares with a face value of NOK 0.10
with a total share capital of NOK 6 001 74.50
\n \n
Number of shares
2023
2022
Ordinary shares
Fully paid
60 017 415
58 901 139
Total number of shares
60 017 415
58 901 139
Movements in ordinary shares
\n \n
Number of
Amounts in NOK million
shares
Par value
Share premium
Total
Balance 1 January 2022
58 459 302
5.8
308.8
314.6
Ordinary issue
441 837
0.0
11.2
33.5
Balance 31 December 2022
58 901 139
5.9
319.9
325.8
Ordinary issue
1 116 276
0.1
47.8
47.9
Balance 31 December 2023
60 017 415
6.0
367.7
373.7
In 2023 and based on the authorisations granted
at the Annual General Meeting in May 2023 and
2022, board of directors resolved to increase the
company's share capital in connection with the
following events, each with a par value of NOK
0.10:
^
The acquisitions of CPS AS, Seahorse
Geomatics Inc and Ping Digital Signal
Processing Inc., through the issuance of a total
of 760 397 consideration shares to the sellers
^
The incentive share purchase programmes to
employees through the issuance of 263 572
new shares
^
The exercise of restricted stock units by the
executive management through the issuance of
92 307 new shares
Treasury shares
At the Annual General Meeting in 2023, the board
of directors was granted the authorisation to
acquire treasury shares by up to 10 per cent of the
share capital on behalf of the company.
In connection with incentive programmes, NOR-
BIT ASA purchased 26\u00a0728 shares from primary
insiders to cover tax liabilities.
At 31 December
2023, the company held 43 560 treasury shares.
\n \n
Number of shares
2023
2022
Treasury shares
Balance at 1 January
16 832
0
Own shares purchased
26 728
16 832
Balance at 31 December
43 560
16 832
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12324": { "value": "NOTE 24
Share capital and shareholder information
Share capital and share premium
The share capital in NORBIT ASA as per 31 Decem-
ber 2023 consists of one share class with a total
of 60 017 415 shares with a face value of NOK 0.10
with a total share capital of NOK 6 001 74.50
\n \n
Number of shares
2023
2022
Ordinary shares
Fully paid
60 017 415
58 901 139
Total number of shares
60 017 415
58 901 139
Movements in ordinary shares
\n \n
Number of
Amounts in NOK million
shares
Par value
Share premium
Total
Balance 1 January 2022
58 459 302
5.8
308.8
314.6
Ordinary issue
441 837
0.0
11.2
33.5
Balance 31 December 2022
58 901 139
5.9
319.9
325.8
Ordinary issue
1 116 276
0.1
47.8
47.9
Balance 31 December 2023
60 017 415
6.0
367.7
373.7
In 2023 and based on the authorisations granted
at the Annual General Meeting in May 2023 and
2022, board of directors resolved to increase the
company's share capital in connection with the
following events, each with a par value of NOK
0.10:
^
The acquisitions of CPS AS, Seahorse
Geomatics Inc and Ping Digital Signal
Processing Inc., through the issuance of a total
of 760 397 consideration shares to the sellers
^
The incentive share purchase programmes to
employees through the issuance of 263 572
new shares
^
The exercise of restricted stock units by the
executive management through the issuance of
92 307 new shares
Treasury shares
At the Annual General Meeting in 2023, the board
of directors was granted the authorisation to
acquire treasury shares by up to 10 per cent of the
share capital on behalf of the company.
In connection with incentive programmes, NOR-
BIT ASA purchased 26\u00a0728 shares from primary
insiders to cover tax liabilities.
At 31 December
2023, the company held 43 560 treasury shares.
\n \n
Number of shares
2023
2022
Treasury shares
Balance at 1 January
16 832
0
Own shares purchased
26 728
16 832
Balance at 31 December
43 560
16 832
RETAINED EARNINGS
Movements in retained earnings were as follows:
\n \n
Amounts in NOK million
2023
2022
Balance at 1 January
273.5
183.3
Net pro\ufb01t for the period
185.3
106.7
Other comprehensive income
4.0
1.5
Treasury shares
(1.4)
(0.5)
Dividends
(41.6)
(17.5)
Balance at 31 December
419.7
273.5
The shareholders in NORBIT ASA were as follows at 31 December 2023:
\n \n
Shareholder
Shares
Pecentage
VHF INVEST AS
7 686 495
12.8%
Petors AS
(100% owned by CEO Per J\u00f8rgen Weisethaunet)
7 022 868
11.7%
Reitan Kapital AS
5 829 083
9.7%
Draupnir Invest AS
5 102 949
8.5%
The Bank of New York Mellon SA/NV
3 227 909
5.4%
Esmar AS
3 162 286
5.3%
Eidco AS
3 062 286
5.1%
J.P. Morgan SE
2 953 946
4.9%
Danske Invest Norge Vekst
971 400
1.6%
Danske Bank A/S (of which 819\u00a0370 shares controlled by BUD Peter K. Eriksen)
825 129
1.4%
J.P. Morgan SE
820 392
1.4%
Avanza Bank AB
791 207
1.3%
The Bank of New York Mellon SA/NV
776 645
1.3%
Clearstream Banking S.A.
758 863
1.3%
Usegi AS
(100% owned by CTO Arild S\u00f8raunet)
721 989
1.2%
Sonstad AS
679 000
1.1%
Carnegie Investment Bank AB
647 541
1.1%
J.P. Morgan SE
605 154
1.0%
Citibank
561 397
0.9%
Nordnet Bank AB
535 400
0.9%
Total 20 largest
46 741 939
77.9%
Other
13 275 476
22.1%
Total outstanding shares
60 017 415
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12486": { "value": "Treasury shares
At the Annual General Meeting in 2023, the board
of directors was granted the authorisation to
acquire treasury shares by up to 10 per cent of the
share capital on behalf of the company.
In connection with incentive programmes, NOR-
BIT ASA purchased 26\u00a0728 shares from primary
insiders to cover tax liabilities.
At 31 December
2023, the company held 43 560 treasury shares.
\n \n
Number of shares
2023
2022
Treasury shares
Balance at 1 January
16 832
0
Own shares purchased
26 728
16 832
Balance at 31 December
43 560
16 832
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12803": { "value": "NOTE 25
Related parties
Related party relationships are those involving con-
trol (either direct or indirect), joint control or signif-
icant in\ufb02uence. Related parties are in a position to
enter into transactions with the company that would
not be undertaken between unrelated parties. All
transactions with related parties in NORBIT have
been based on arm\u2019s length basis.
Transactions with management and board directors
During 2023, the group purchased legal services
of NOK 1.7 million from Pr\u00e9tor Advokat AS, in which
Director Tom Solberg is one of the partners.
Nesta Eiendom AS, a company owned 50 per
cent by Petors Estate AS, has entered into an
agreement with NORBIT EMS AS, whereby NOR-
BIT EMS AS leases storage facilities from Nesta
Eiendom AS. The consideration paid was NOK
0.1 million in 2023. Petors Estate AS is owned 100
per cent by Petors AS, which again is 100 per cent
owned by CEO Per J\u00f8rgen Weisethaunet.
There were no other related party transactions
between the company and the parties in the man-
agement or the board in 2023 or 2022.
Transactions with associates
Below summarises the transactions and balance
sheet items with associates.
\n \n
Amounts in NOK million
2023
2022
Trade receivables
0.0
0.9
Trade payables
0.3
0.6
Revenues
0.0
4.5
Operating expenses
4.3
4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f12868": { "value": "NOTE 26
Share-based arrangements
Share incentive programmes to employees
At the general meeting held 4 May 2023, the board
of directors was granted an authorisation to increase
NORBIT ASA\u2019s share capital by up to 2.0 per cent
of the share capital to be used to issue share to the
group\u2019s employees in connection with incentive pro-
grammes. The authorisation is valid until the annual
general meeting to be held 6 May 2024.
In July 2023, the board of directors approved and
implemented an incentive share purchase pro-
grammes for all eligible employees in NORBIT for
the \ufb01scal year 2023, which also included the exec-
utive management team, but not the board of direc-
tors.
The programme was a share matching programmes,
where eligible participants were o\ufb00ered the oppor-
tunity to acquire shares at market value, and in
turn, obtain a right to receive compensation in new
shares equivalent to their invested amount after
24 months if certain conditions are met. Shares are
subject to a lock-up. The o\ufb00er price was set to NOK
56.49, corresponding to the \ufb01ve-day average vol-
ume weighted price of NORBIT ASA\u2019s share prior to
26 June. Financing was provided for the participants
for up to NOK 25 000 per employee.
In connection with the programme, the board
of directors resolved to issue new 142 727 new
shares. In addition, the board of directors awarded
shares to eligible employees who participated in
the share matching programme in 2021. A total of
120 845 shares were issued at par value as a result
of the award.
Share-based remuneration to corporate management
In accordance with the authorisation granted at
the company\u2019s annual general meeting, the board
of directors has implemented a share-based
incentive programmes for corporate management
consisting of the award and issuance of restricted
stock units (\u2018RSU\u2019). One RSU granted gives a con-
tingent entitlement to one NORBIT ASA share
free of charge. The number of RSUs awarded are
based on a set of predetermined and measurable
performance criteria in the accruing year and the
group\u2019s achievements of certain quantitative and
qualitative goals. Each RSU granted is restricted
and follows a vesting schedule. The RSUs granted
will vest over a period of three years following
the accrual year, where 1/3 of the RSUs will vest
immediately after the \ufb01rst general meeting fol-
lowing the accruing year, 1/3 is released the year
after, and the \ufb01nal 1/3 released 12 months after
that. The fair value of the RSU entitlements is
established when they are awarded and charged
to pro\ufb01t and loss over the vesting period.
As of December 31, 2023, there were 131 197
restricted stock units ('RSUs') outstanding. The
RSUs will vest in the second quarter of 2024 and
2025. In 2023, NOK 12.6 million was charged to
the pro\ufb01t and loss through a combination of paid
and accrued compensation.
Movements of of the number of RSUs outstanding
\n \n
Number of RSUs
2023
2022
1 January
106 840
0
Granted during the yer
116 664
183 395
Released during the year
(92 307)
(61 129)
Cancelled
0
(15 426)
Adjustments
0
0
Total
131 197
106 840
Outstanding RSUs in the executive management team
\n \n
Outstanding
Outstanding
Number of RSUs
per 1 January
Granted
Released
Cancelled
Adjustments
per 31 December
Per J\u00f8rgen Weisethaunet (Group CEO)
26 713
28 535
(22 868)
0
0
32 380
Per Kristian Reppe (Group CFO)
18 106
20 838
(15 999)
0
0
22 945
Peter K. Eriksen (BUD Oceans)
28 226
31 982
(24 774)
0
0
35 435
Stein M. Beyer (Group COO)
18 455
18 768
(15 484)
0
0
21 739
Julie Dahl Benum (Director of strategy and ESG)
0
0
0
0
0
0
Arild S\u00f8raunet (Group CTO)
15 340
16 541
(13 183)
0
0
18 698
Total
106 840
116 664
(92 307)
-
-
131 197
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13144": { "value": "NOTE 27
Remuneration to the board of directors and executive management
Remuneration to the board of directors
Compensation to the members of the board of
directors is set out below, referring to the actual
expenses paid in the year.
The board\u2019s remuneration is determined by the
general meeting after receiving proposal from
the nomination committee. The remuneration
comprises of a \ufb01xed payment for board member-
ship and work in sub-committees. In addition,
the board members are compensated for travel
expenses. NORBIT is responsible for payment of
social security taxes, as well as costs for directors\u2019
and o\ufb03cer\u2019s liability insurance.
The remuneration to the board members is not
performance-related nor include share option
elements. The board does not participate in
incentive programmes available to employees
in the group or any other share-based incentive
schemes.
For further information, refer to NORBIT\u2019s Remu-
neration Report to be published to the general
meeting 6 May 2024.
Board of directors compensation 2023
\n \n
Amounts in NOK thousand
2023
2022
Finn Haugan
- chair
545
540
Bente Avnung Landsnes - deputy chair
395
375
Trond Tuvstein - director
250
250
Magnus Reitan - direcetor
195
0
Christina Hallin - director
175
0
Tom Solberg - deputy director / former director
92
190
Marit Collin - former director
0
190
Remuneration to the members of the executive
management team
Compensation to the executive management team
consists of a \ufb01xed salary, variable pay, pension ben-
e\ufb01ts and non-\ufb01nancial bene\ufb01ts. In accordance with
the guidelines, a ceiling has been set for variable
pay and performance bonus remuneration.
No member of the executive management team
receive remuneration for directorships in the group
entities. The executive management team has no
special pension and insurance plans. There are no
performance-based pension plans. No loans, pre-
payments or other forms of credit issued to any
members of the executive personnel other than
\ufb01nancing available through the incentive pro-
grammes open for all eligible employees in the
group.
Compensation to the executive management
team for 2023 and 2022 is set out below. For fur-
ther information, refer to NORBIT\u2019s Remuneration
Report to be published to the general meeting 6
May 2024, in accordance with the Norwegian Pub-
lic Limited Liability Companies Act Section 6-16b
and related regulations. The report will also include
information related to derogation and deviation to
the guidelines as approved by the general meeting
6 May 2023, if any.
\n \n
Fixed salary paid
Variable pay
Pension
Other
Performance-
Amounts in NOK million
Year
Salary
1)
bene\ufb01ts
bene\ufb01ts
based bonus
2)
Other bonus
3)
Total
Per J\u00f8rgen Weisethaunet
2023
3.3
0.1
0.0
1.6
0.0
5.0
Group CEO and business unit director Connectivity
2022
3.1
0.1
0.0
1.3
0.0
4.5
Per Kristian Reppe
2023
2.5
0.1
0.1
1.1
0.5
4.4
Group CFO
2022
2.3
0.1
0.0
0.9
0.0
3.3
Arild S\u00f8raunet
2023
1.8
0.1
0.0
0.9
0.0
2.9
Group CTO
2022
1.8
0.1
0.0
0.8
0.0
2.7
Peter Koldgaard Eriksen
2023
3.9
0.1
0.0
1.4
0.6
6.0
Business unit director Oceans
4)
2022
3.4
0.1
0.1
1.4
0.0
5.1
Julie Dahl Benum
2023
1.4
0.1
0.0
0.0
0.0
1.5
Director of strategy and ESG
2022
0.0
0.0
0.0
0.0
0.0
0.0
Stein Martin Beyer
2023
2.1
0.1
0.1
1.1
0.0
3.4
Group COO
2022
2.0
0.1
0.1
0.9
0.0
3.1
Peter Tschulik
2023
0.0
0.0
1.9
0.0
0.0
1.9
Former business unit director Connectivity
5)
2022
1.8
0.0
0.0
0.2
0.0
2.0
1) Salaries as expensed, excluding social security taxes.
2) Variable performance-based cash and equity bonus during the year under the incentive programme to executive management, excluding social security expenses and as expensed.
3) Other cash bonus in the year outside the incentive programme to executive management, excluding social security expenses.
4) Remuneration in USD, translated to NOK.
5) 2022 renumeration from 1.1-30.11. Remuneration in EUR, translated to NOK. 2023 renumeration is severance payment from 1.1.-30.11.
Directors\u2019 and executive management\u2019s shareholding
The following number of shares is owned by the
directors and the members of the executive man-
agement and their related parties as of 31 Decem-
ber 2023. In connection with incentive programme
for all employees in NORBIT, certain members of
the corporate management team participated in the
programme, whereas part of these shares acquired
are subject to a lock-up of 24-months.
\n \n
Shares
Shares not
Total
subject
subject to
shares at
Name
to lock-up
lock-up
year-end
Percentage
Board of directors
Finn Haugan (direct and through MIFI AS)
-
93 998
93 998
0.16%
Bente Avnung Landsnes
-
69 473
69 473
0.12%
Trond Tuvstein (through TTU Invest AS)
-
32 894
32 894
0.05%
Magnus Reitan (through Reitan Kapital AS)
-
5 829 083
5 829 083
9.71%
Christina Hallin
-
-
-
0.00%
Tom Solberg (through Mariteam AS) - deputy director
-
46 052
46 052
0.08%
Total shares held by Board of Directors
-
6 071 500
6 071 500
10.12%
Executive Management
Per J\u00f8rgen Weisethaunet (through Petors AS)
-
7 031 239
7 031 239
11.72%
Per Kristian Reppe
20 885
45 816
66 701
0.11%
Peter K. Eriksen (through Danske Bank A/S)
26 157
793 213
819 370
1.37%
Stein M. Beyer
8 956
307 502
316 458
0.53%
Arild S\u00f8raunet (ownership through Usegi AS)
-
739 448
739 448
1.23%
Julie Dahl Benum
1 150
-
1 150
0.00%
Total shares held by Executive Management
57 148
8 917 218
8 974 366
14.95%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13807": { "value": "NOTE 28
Contingencies and claims
The group was not involved in any material contin-
gencies or legal claims at 31 December 2023 or 31
December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13811": { "value": "The group was not involved in any material contin-
gencies or legal claims at 31 December 2023 or 31
December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13818": { "value": "NOTE 29
Government grants
The group received government grants of a total of
NOK 8.3 million in 2023 (NOK 14.1 million in 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f13852": { "value": "STATEMENT OF INCOME \u2013 NORBIT ASA \n \n
Amounts in NOK million
Note
2023
2022
Revenue
3
29.2
31.0
Employee bene\ufb01t expenses
4
57.2
38.7
Depreciation and amortisation expenses
5
1.3
1.1
Other operating expenses
6
24.2
30.7
Operating pro\ufb01t
(53.5)
(39.5)
Financial income
7
332.0
168.4
Financial expenses
7
21.8
7.8
Net \ufb01nancial items
310.2
160.6
Pro\ufb01t before tax
256.7
121.2
Income tax expense
8
54.9
28.4
Pro\ufb01t for the period
201.8
92.8
Allocated to:
Dividends
9
152.9
41.2
Transferred to/from other equity
9
48.9
51.6
Total allocation
201.8
92.8
STATEMENT OF FINANCIAL POSITION \u2013 NORBIT ASA
\n\n \n
Amounts in NOK million
Note
31.12.2023
31.12.2022
ASSETS
O\ufb03ce equipment
5
3.3
2.3
Intangible assets
5
1.2
0.8
Deferred tax asset
8
0.2
0.1
Investments in associated companies
10
0.0
0.0
Investments in subsidiaries
10
327.5
272.8
Loan to group companies
10
194.0
158.8
Investment in shares
5.8
0.5
Total non-current assets
532.1
435.4
Trade receivables
0.1
2.3
Receivables on group companies
10
476.9
428.0
Other receivables
3.4
2.4
Cash and cash equivalents
11
1.4
1.1
Total current assets
481.7
433.8
Total assets
1 013.8
869.2
\n\n \n
Amounts in NOK million
Note
31.12.2023
31.12.2022
LIABILITIES
Trade payables
3.3
2.2
Interest-bearing borrowings
12
37.1
140.6
Tax payable
8
56.4
12.0
Other current liabilities
190.0
92.6
Total current liabilities
269.7
247.5
Other borrowings
0.0
2.6
Interest-bearing borrowings
12
102.9
90.0
Total non-current liabilities
120.0
92.6
Total liabilities
389.7
340.1
EQUITY
Share capital
9
6.0
5.9
Share premium
9
367.7
319.9
Other equity
9
250.4
203.3
Total equity
624.1
529.1
Total equity and liabilities
1 013.8
869.2
\n
Trondheim, Norway, 8 April 2024
\n
The board of directors and CEO
\n
NORBIT ASA
\n
Finn Haugan
Bente Avnung Landsnes
Christina Hallin
\n
Chair of the board
Deputy chair of the board
Director
\n
Trond Tuvstein
Magnus Reitan
Per J\u00f8rgen Weisethaunet
\n
Director
Director
Chief executive o\ufb03cer
STATEMENT OF CASH FLOWS \u2013 NORBIT ASA
\n\n \n
Amounts in NOK million
Note
2023
2022
Cash \ufb02ow from operations
Pro\ufb01t before income taxes
256.7
121.2
Taxes paid in the period
(10.4)
(8.4)
Depreciation and amortisation expenses
5
1.3
1.1
Changes in other operating assets and liabilities
(4.4)
46.2
Net cash generated by operating activities
243.1
160.2
Cash \ufb02ow from investments
Payments for o\ufb03ce equipment and intangible assets
5
(2.6)
(1.1)
Purchase of shares and investments in other group companies
(29.3)
(25.6)
Payment of group receivables (long/short term)
(35.2)
(67.7)
Net cash (used in)/generated by investing activities
(67.1)
(94.4)
Cash \ufb02ow from \ufb01nancing
Payment for share buy-back costs
(1.4)
(0.5)
Proceeds from issue of equity instruments of the company
9
8.1
9.6
Net change in overdraft facility
12
(120.6)
54.0
Repayment of borrowings
(90.0)
0.0
Proceeds from borrowings
12
120.0
30.0
Payment to group companies
10
(50.1)
(141.2)
Dividends paid
9
(41.6)
(17.5)
Net cash (used in)/generated by \ufb01nancing activities
(175.7)
(65.6)
Net change in cash and cash equivalents
0.3
0.1
Net increase in cash and cash equivalents
0.3
0.1
Cash and cash equivalents at the beginning of the period
1.1
1.0
Cash and cash equivalents at the end of the period
11
1.4
1.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f16510": { "value": "Stiklestadveien 1
NO-7041 Trondheim
\nNorway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }