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"value": "The group Accounting principles and notes to the accounts",
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"value": "Note 01 General information BEWI ASA (the parent company) and its subsidiaries (together, the group) produce, market and sell packaging, components and insulation solutions. The parent company conducts its business through subsidiaries in Sweden, Finland, Denmark, Norway, Iceland the Netherlands, Belgium, Portugal Spain, Poland, Germany, UK and through associated companies in Germany, France, Czech Republic, Lithuania, Canada and the UK. The parent company is a public limited company regis- tered in Norway, with head office located in Trondheim, Norway, and address Dyre Halses gate 1A, 7042 Trondheim. BEWI ASA\u2019s registration number is 925 437 948. The board of directors approved these consolidated accounts on 24 April for publishing on 25 April 2023.",
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"language": "en",
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"value": "BEWI ASA",
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"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "produce, market and sell packaging, components and insulation solutions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Sweden, Finland, Denmark, Norway, Iceland the Netherlands, Belgium, Portugal Spain, Poland, Germany, UK and through associated companies in Germany, France, Czech Republic, Lithuania, Canada and the UK. ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Norway",
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"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Trondheim, Norway",
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"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Dyre Halses gate 1A, 7042 Trondheim.",
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"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
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"value": "BEWI ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
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"value": "Note 02 Summary of key accounting principles The key accounting principles applied in these consol- idated accounts are stated below. The principles have consistently been applied for all reported financial years, unless otherwise specified. All amounts are reported in million Euro, (million EUR), unless otherwise specified. The information in brackets concerns previous years. 2.1 Reasons for the method of preparation of the reports The consolidated accounts for the BEWI ASA group (\u201cBEWI ASA\u201d) have been prepared in accordance with the Norwegian Annual Accounts Act (norsk regnskapslov), and International Financial Reporting Standards (IFRS) as well as interpretations from the IFRS Interpretations Committee (IFRS IC), in the form they have been adopted by the EU. The accounts have been prepared using the cost value principle. Preparing reports compliant to IFRS requires certain estimates for accounting purposes to be made. It requires the executive management to make certain assessments when applying the group\u2019s accounting principles. The complex areas, areas in which a high degree of assess- ments are required, or in which assumptions and estimates are significant to the consolidated accounts, are stated in note 4. No new IFRS standards or amendments to standards have been added in 2021 that have required changes in the accounting or measurement principles. CONSOLIDATED ACCOUNTS Basic accounting principles 2.2 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Executive Committee is the chief operating decision-maker, responsible for assessing the financial position of the group and strategic deci- sion-making. The executive management has assessed the operating segments based on the information considered by the board of directors which is the basis of the alloca- tion of resources and assessment of performances. The group has identified four segments to be reported; RAW, Insulation, Packaging & Components and Circular. Subsidiaries The subsidiaries are all companies over which the group exercises the controlling influence. The group controls a company when exposed to or entitled to variable return from its holdings in the company and carries the ability to influence the return through its control of the company. Subsidiaries are included in the consolidated accounts from the date on which the controlling influence is trans- ferred to the group. They are excluded from the date on which the controlling influence ceases to be. The acquisition method is applied for accounting for the group\u2019s business combinations. The purchase considera- tion for the acquisition of a subsidiary is made up of the fair value of assets transferred, the group\u2019s liabilities to prior equity holders of the acquired company, and the new shares issued by the group. The consideration also includes the fair value of all liabilities pertinent to a con- tingent considera-tion agreement. Identifiable acquired assets and assumed liabilities in a business combination are initially valued at fair value on the acquisition date. For each acquisition, i.e. on an acquisition-to-acquisition basis, the Group determines whether non-controlling interests in the acquired company is reported at fair value or at the proportional share of the reported value of the acquired company\u2019s identifiable net assets. Expenses pertinent to an acquisition are carried as an expense as they arise. Each contingent consideration to be transferred by the group is reported at fair value on the acquisition date. Subsequent variations of the fair value of a contingent consideration are reported in accordance with IFRS 9 in the income statement. Goodwill is initially valued to the amount with which the total consideration and any fair value for the non-con- trolling interests on the acquisition date exceeds the fair value of the identifiable acquired net assets. Should the consideration be lower than the fair value of the acquired company\u2019s net assets, the difference is reported in the income statement. Intra-group transactions, balance sheet items, revenue and expenses from intra-group transactions are eliminated. The accounting principles for the subsidiaries have, when applicable, been altered to guarantee a consistent applica- tion of the group\u2019s principles. Associated companies Associated companies are companies over which the group has a significant but not controlling influence, which generally is relevant for holdings ranging from 20 per cent to 50 per cent of the votes. Holdings in associated compa- nies are reported using the equity method. The equity method entails initially reporting the holdings in associated companies at the acquisition cost on the consolidated balance sheet. The carrying amount is increased or decreased thereafter, in order to take into account the group\u2019s share of the net profits and other comprehensive income from its associated companies after the acquisition date. The group\u2019s share of the profit forms part of the consolidated net income and the group\u2019s share of the comprehensive income forms part of the group\u2019s comprehensive income. Dividends from associated companies are reported as a reduction to the investment\u2019s carrying amount. Should the group\u2019s share of the loss of an associated company be equal to or exceed the holdings in that associated company (including all long-term liabilities who are de facto part of the group\u2019s net investment in the associated company), the group does not report any more losses, provided that the group has not incurred obligations or made payments on behalf of the associated company. Unrealised gains on transaction between the group and its associated companies are eliminated to the extent of the group\u2019s holdings in associated companies. Unrealised losses are eliminated, provided that the transaction is not an indication of impairment of the asset being transferred. The accounting principles for associated companies have been adjusted when required in order to guarantee accordance with the group\u2019s accounting principles. 2.3 Translation of currencies Functional currency and presentation currency The units of the group use their local currencies as functional currency as they have been defined as the currencies used in the primary economic environment in which the respective units mainly are active. In the consolidated accounts, Euro (EUR) is utilised, as the group\u2019s presentation currency. Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the exchange rates on the date of the transaction. Exchange rate gains and losses arising from payments of such transactions and from translations of monetary assets and liabilities in foreign currency at the rate on the balance sheet day, are reported in the operat- ing income section of the income statement. Exchange rate gains and losses arising from borrowings and cash and cash equivalents are reported in the income statement as financial incomes and expenses. Translation of foreign group companies Profits and financial positions for all group companies not using the presentation currency as functional currency are translated to the group\u2019s presentation currency. Assets and liabilities for each balance sheet are translated from the foreign unit\u2019s functional currency to the group\u2019s presenta- tion currency, Euro, at the exchange rate on the balance sheet day. Revenue and expenses for each income state- ment is translated to Euro at the average rate at the time of each transaction. Translation differences arising from currency translation of foreign operations are reported in other comprehensive income. 2.4 Intangible assets Goodwill Goodwill arises when subsidiaries are acquired and repre- sent the amount with which the purchase consideration exceeds BEWiSynbra\u2019s share of the fair value of identifiable assets, liabilities and contingent liabilities of the acquired company. In order to recognise impairment need, goodwill acquired in business combinations is allocated to cash generating units who are expected to be favoured by the synergies from the acquisition. Each unit or group of units to which goodwill has been allocated represents the lowest level in which the goodwill is monitored in the internal governance. Goodwill is monitored per cash generating unit. Goodwill is tested for impairment annually or more frequently should certain events or changes to conditions indicate a possible impairment need. The carrying value of goodwill is compared to the recoverable amount, which is the higher of fair value less costs of disposal and value in use. Any impairment is immediately reported as an expense and is not reversed. Patents/ Licences/ IT Patents, licences & IT acquired separately are reported at the acquisition cost. Patents, licences & IT acquired through a business combination are reported at fair value on the acquisition date. IT mainly includes costs for the development of identifiable and unique software products controlled by the company. Patents, licences & IT carry a useful life and are reported at the acquisition cost less accumulated amortisation and impairment. Customer relations, trademark and technology These intangible assets have all been acquired through business combinations and are reported at fair value on the acquisition date. Customer relations and technology have a fixed useful life and are for subsequent periods reported at the acquisition cost less accumulated amor- tisation and impairment. The useful life of trademarks acquired through business combinations is evaluated and determined in each acquisition. Net cash flows generated by trademarks are not expected to cease in the foreseeable future. The trademarks in the groups balance sheet is therefore deemed to carry an indefinite useful life. Trademarks and goodwill are tested annually for impair- ment as described above. Trademarks are for subsequent periods reported at the acquisition cost less any write- down from impairment. Useful lives for the group\u2019s intangible assets: Patents/Licences 5 yr. Customer relations 8\u201315 yr. Technology 6.5\u201310 yr. 2.5 Tangible assets Tangible assets are reported at the acquisition cost less accumulated depreciation and write-down from impairment. Expenses directly attributable to the acquisi- tion may be included in the acquisition cost. Incremental costs are either added to the asset\u2019s carrying amount or reported as a separate asset, as appropriate. Assets are only added in the event that their future economic benefits will be of use to the group and that the acquisition cost can be reliably measured. The carrying amount of a replaced com- ponent is taken off the balance sheet. Other maintenance and reparations are reported as expenses in the income statement during the period in which they arise. Land is not depreciated. Depreciation of other assets is recognised on a straight-line basis over the useful life to the calculated residual value. Such depreciations are carried out accord- ing to the following: Buildings 10\u201365 yr. Frameworks, foundations 64\u201384 yr. Frame supplements, interior walls 50 yr. Heating, sanitary, electricity, front, roof 40 yr. Interior surface finish/rental preparation 10 yr. Ventilation 20 yr. Elevator/transportation 25 yr. Control system and surveillance 15 yr. Other property components 50 yr. Ground installations (facilities) 20 yr. Plant and machinery 5\u201318 yr. Equipment, tools, fixtures and fittings 3\u201310 yr. The assets\u2019 residual value and useful life are assessed at the end of each reporting period and are adjusted when required. An asset\u2019s carrying amount is immediately impaired to the recoverable amount when the carrying amount exceeds its recoverable amount. Gains and losses arising from a disposal of a tangible asset are determined through comparing the sale proceeds to the carrying amount. 2.6 Impairment of non-financial assets Intangible assets with an indefinite useful life are not amortised but are assessed annually to determine the impairment need. Depreciat-ed and amortised assets are assessed with respect to the impairment if events or changed conditions indicate that the carrying amount is not recoverable. Impairments are undertaken for the amount with which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is equal to the higher of the asset\u2019s fair value less selling expenses and its value in use. Assets are grouped at the lowest level of separate identifiable cash flows (cash generating units), when assessing the impairment need. Assets previously impaired, other than goodwill, are assessed for reversal for each balance sheet day. 2.7 Inventory The inventory is reported at the lower of the acquisition cost and the realisable value. The acquisition cost is determined through the first-in-first-out method. The acquisition cost also includes expenses relating to the acquisition, as well as for bringing the goods to their current location and condition. The acquisition cost for the company\u2019s semi-finished or finished products is the sum of the direct production costs and the production overhead (based on normal production capacity). 2.8 Financial instruments Financial instruments recur in several different balance sheet items and are described below. 2.8.1 Classification The group classifies its financial assets and liabilities in the following categories: Financial assets at fair value through profit and loss, financial assets measured at amortised cost, financial liabilities measured at fair value through profit and loss and financial liabilities measured at amortised cost. The classification is chosen in accordance with the purpose of obtaining the financial asset or liability. Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss are shares and participations other than shares in subsidiaries, associates and joint ventures. The shares in KMC Properties ASA, listed on Oslo stock exchange are included in this category. Derivatives are recognised at fair value through profit and loss. Positive fair value changes in derivatives are reported as financial assets. Financial assets measured at amortised cost Financial assets measured at amortised cost are financial instruments where the business model is to collect cash flows. The contractual cash flows are solely payments of principal and interest and are valued at amortised cost in accordance with the effective interest meth-od. Accounts receivables are included in this category. Financial liabilities at fair value through profit and loss Financial liabilities at fair value through profit and loss are normally limited to derivatives and earnouts from business acquisitions. Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost are all other financial instruments, such as the bond loans, liabilities to credit institutions, liabilities regarding financial leasing and account payables. 2.8.2 Reporting and valuation Financial assets are initially recognised at fair value plus transaction costs for all financial assets not at fair value through profit and loss. Financial assets at fair value through profit and loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are recognised when the group becomes a party to the contractual provisions of the instrument. Regular purchases and sales of financial assets are recognised on the settlement date. Financial assets are removed from the balance sheet when the right to obtain cash flows from the instrument has expired and the group has transferred all essential risk and benefits in conjunction with the ownership. Financial liabilities are recognised when the group becomes bound to the contractual obli- gations of the instrument. Financial liabilities are removed from the balance sheet when the obligation under the agreement is completed or otherwise extin-guished. Loans and receivables and other financial liabilities are, after the acquisition date, reported at the amortised cost calculated using the effective interest method. 2.8.3 Offsetting financial instruments Financial assets and liabilities are offset and reported with a net amount on the balance sheet, only when there is a legal right to offset the carrying amounts and an intention to settle them with a net amount or to simultaneously realise the asset and settle the debt. 2.8.4 Impairments of financial instrument At each balance sheet date, financial assets measured at amortised cost are assessed for impairment based on Expected Credit Losses (ECL). ECLs are the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that the group expects to receive, discounted at the original effective interest rate. Allowances for trade receivables are always equal to lifetime ECL. 2.9 Account receivables Account receivables are financial instruments that include amounts payable by customers for operationally sold goods and services. They are classified as current assets when payment is expected within a year. Should payment be expected beyond that period, they are reported as non-current assets. Account receivables are initially reported at fair value, subsequently at amortised cost calculated using the effective interest method less any provisions for impairment. 2.10 Cash and cash equivalents Cash and cash equivalents include, on the balance sheet as well as in the cash flow statement, cash and bank balances. 2.11 Share capital Ordinary shares are classified as equity. Transaction costs directly attributable to the new issue of ordinary shares are reported in equity net after tax as a deduction from the proceeds from the issue. 2.12 Account payables Account payables are financial instruments in conjunction with obligations to pay for goods and services for opera- tions acquired from the suppliers. Account payables are reported as current liabilities when they mature within a year. Should they mature beyond that period, they are reported as long-term liabilities. Account payables are initially reported at fair value and subsequently at amor- tised cost using the effective interest method. 2.12 Borrowings Liabilities to credit institutions and liabilities to associated companies are initially reported at fair value, net after transaction costs. Borrowings are subsequently reported at amortised cost. Any difference between the obtained amount (net after transaction cost) and the repayment amount is reported in the income statement distributed over the loan period, using the effective interest method. Bank overdraft facilities are reported as liabilities to credit institutions in the current liabilities section of the balance sheet. 2.13 Provisions Provisions are reported when the group is legally or constructively obligated following prior events, wherever probable that an outflow of resources is required to clear the commitment and the amount is reliably calculated. Provided that similar commitments exist, the probability of an outflow of resources at the clearing to be required is assessed for the entire group of similar commitments. A provision is reported even in the event of low probability of an outflow regarding a particular item in the group of commitments. The provisions are reported at the present value of the amount expected to be required for fulfilling the obligation. A discount rate before tax is utilised hereby, reflecting the current market assessment of the time-dependent value of money and risks connected to the provision. The increase of provision pertinent to the passing of time is reported as an interest expense. 2.14 Current and deferred tax The period\u2019s tax expenses include current and deferred tax. The current tax expense is calculated on the basis of the tax regulations in force on the balance sheet day in the countries in which the parent company and its subsidiaries are active and generate taxable revenue. Deferred tax is reported, in accordance with the balance sheet method, for all temporary differences between the written-down value of assets and liabilities and the carrying amount of the consolidated accounts. Deferred tax is calculated with the application of the tax rates in force on the balance sheet day and the rates expected to be in force when the tax asset is realised or the tax liability is cleared. De-ferred tax assets on carry forwards are reported to the extent likely that future fiscal surplus will be available, against which the deficits may be exploited. Deferred tax assets and liabilities are offset in the event of a legal right to offset for the tax referrals in question, the tax deferrals are attributable to taxes debited by one tax authority, apply to one or several tax subjects and there is an intention to clear the balances through net payments. 2.15 Employee remuneration Pension commitments The group has several post-employment benefit plans, including defined benefit plans, of which the majority of the pension schemes are defined contribution plans. A defined contribution plan is a pension plan according to which the group pays a fixed fee to a separate legal entity. The group carries no legal or constructive obligations to pay additional fees should the entity lack sufficient resources to remunerate all employees what they are due as a result of their service, in the current or prior periods. The fee is reported as a personnel cost when matured. A defined benefit plan is a pension plan without defined contribution. Defined benefit plans normally set out an amount for the employee to receive upon retirement, nor-mally based on one or several factors such as age, period of service and salary. The group provides defined benefit plans for a limited number of people, in Finland, in the UK, and in Norway. These plans are further described in note 26. In addition, the group provides other long-term benefits in the Netherlands for long-term service (Jubilee fund), calculated in the same manner as a defined benefit plan. The liability reported on the balance sheet in conjunction with the defined benefit pension plan is the present value of the defined benefit commitment at the end of the reporting period less the plan assets\u2019 fair value. The defined benefit pension commitment is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit liability is determined through discounting future estimated cash flows using the interest rate for investment grade corpo-rate bonds or housing bonds issued in the same currency as the benefits, with terms comparable to the pension commitment in question. The net interest is calculated by applying discounted interest charges to defined benefit plans and for the fair value of the plan assets. The current service cost is included in the personnel costs and the net interest among financial items. Revaluation gains and losses as a result of adjustments in accordance with experience and changes to actuarial estimates are reported in other comprehensive income for the period during which they arise. They are part of the profit carried forward in the changes to consolidated equity and the balance sheet. Costs for service in prior periods are reported in the income statement. Compensation at termination of employment Compensation at termination of employment is due when an employee\u2019s employment is terminated by the group before the normal time of retirement or when an employee accepts voluntary withdrawal in exchange for such compensation. The group reports compensations at termination at the first of these points of time: a) when the group no longer has the option to withdraw the com- pensation offer and; and b) when the company reports expenses for a restructuring within the scope of IAS 37 and implies payments of severance. Compensa-tions at termi- nation are calculated based on the number of employees expected to accept the offer encouraging voluntary withdrawal, in the event that such an offer has been made. Benefits maturing more than 12 months after the end of the reporting period are discounted at present value. Share based payments In 2020, the parent company BEWI ASA implemented a share-based incentive programme, entitling the par- ticipants to subscribe for shares in BEWI ASA during a three-year period. The fair value of the share options issued is determined at the grant date in accordance with the Black & Scholes valuation model, tak-ing into consideration the terms and conditions that are related to the share price. The value is recognised in the income statement as a personnel cost allocated over the vesting period with a corresponding increase in equity. The recognised cost corresponds to the fair value of the estimated number of share options that are expected to vest. This cost is ad-justed in subsequent periods to reflect the actual number of vested options and shares. 2.16 Revenue recognition The group follows a five-step model for recognising income that is based on when control of a good or service is passed to the customer. The core principle is that an entity is to recognise revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model comprises the following steps: Step 1: Identify the contract with the customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price and Step 5: Recognise revenue \u2013 over time or point in time. As to Step 5, revenue is recognised when a company has satisfied a performance obligation, which is when control of the underlying goods or services has been passed to the customer. The amount recognised as revenue corresponds to the amount allocated to the satis-fied performance obligations. A performance obligation can be satisfied over time or at a point in time. Revenue is recognised over time if the customer simultaneously receives and consumes all of the benefits provided by the company as the company performs; the company\u2019s performance creates or enhances an asset that the customer controls; or the company\u2019s performance does not create an asset with an alternative use to the company and the company has an enforceable right to payment for performance completed to date. If a perfor-mance obligation does not meet one of these criteria to be recognised over time, revenue is recognised at one specific point in time. This takes place when control of a good or service is passed to the customer. Factors that may indicate the point in time at which control passes include: the company has transferred physical possession of the asset; the company has a present right to payment for the asset; the customer has accepted the good or service; the customer has the significant risks and rewards related to the ownership of the asset; and the customer has legal title to the asset. BEWI sells products for insulation for the construction industry as well as packaging solutions for the manufactur- ing industry and food producers. Virtually all of these sales transactions meet the definition of a point in time revenue recognition. The sales are reported as revenue when a group company has delivered the product to a customer. Delivery is deemed to have taken place when the products have arrived at the indicated location, as defined by the shipment terms. 2.17 Interest revenue Interest revenue is reported using the effective interest method. 2.18 Leases According to IFRS 16 a lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability rep-resenting its obligation to make lease payments. Each lease payment is apportioned to interest and amor- tisation of the lease liability. The interest is recognised as a financial expense in income statement, apportioned over the lease term so that each period is charged with an amount reflecting a fixed interest rate on the underlying lease liability. The right-of-use asset is measured at cost, which reflects the value of the lease liability, plus any initial direct expenditure, plus obligations for disassembly, removal or recovery at the end of the lease. In general, the right-of-use asset is depreciated on a straight-line basis over the term of the lease or, given an option to extend, the period during the lessee expects to use the asset. The group has decided to apply the practical expedients for short-term leases and low-value assets. This means that contracts with shorter maturities than 12 months and leases of low value (value of assets when it is new of less than EUR 5 000) are not included in the calculation of right-of-use assets or leasing liabilities but continue to be reported with straight-line expense over the lease term. Examples of low value assets are computers, printers and copiers. Lease liabilities are initially measured at the present value of future lease payments. Lease payments are discounted by the lease\u2019s implicit interest rate, if the implicit interest rate can be easily determined, but the typical method is for the group to use the incremental borrowing rate. Future lease payments calculated at present value consist of fixed payments. Lease liabilities that fall due within 12 months are classified as current liabilities and liabilities that fall due after 12 months as non-current liabilities. Upon determin- ing the term for a lease, extension options are taken into account if it is likely that they will be exercised. 2.19 Government grants Government grants are recognised when there is a reason- able assurance that the grants will be received and that the Company will comply with the conditions attached to them. Government grants are recognised in profit or loss on a systematic basis over the periods in which the related expenses, which the grants are intended to compensate for, are recognised. Government grants are recognised as a reduction of such related expenses. Government grants received for investments are recognised in the balance sheet as a reduction of the booked value of the asset. 2.20 Dividends Dividends to the parent company\u2019s shareholders are reported as liabilities in the consolidated financial reports for the period in which the dividends have been approved by the parent company\u2019s shareholders. 2.21 Cash flow statement Cash flow statement is prepared using the indirect method. The reported cash flow solely contains transac- tions giving rise to payments.",
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"value": "2.1 Reasons for the method of preparation of the reports The consolidated accounts for the BEWI ASA group (\u201cBEWI ASA\u201d) have been prepared in accordance with the Norwegian Annual Accounts Act (norsk regnskapslov), and International Financial Reporting Standards (IFRS) as well as interpretations from the IFRS Interpretations Committee (IFRS IC), in the form they have been adopted by the EU. The accounts have been prepared using the cost value principle. Preparing reports compliant to IFRS requires certain estimates for accounting purposes to be made. It requires the executive management to make certain assessments when applying the group\u2019s accounting principles. The complex areas, areas in which a high degree of assess- ments are required, or in which assumptions and estimates are significant to the consolidated accounts, are stated in note 4. No new IFRS standards or amendments to standards have been added in 2021 that have required changes in the accounting or measurement principles. ",
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"fact-8": {
"value": "BEWI ASA group ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-337": {
"value": "2.2 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Executive Committee is the chief operating decision-maker, responsible for assessing the financial position of the group and strategic deci- sion-making. The executive management has assessed the operating segments based on the information considered by the board of directors which is the basis of the alloca- tion of resources and assessment of performances. The group has identified four segments to be reported; RAW, Insulation, Packaging & Components and Circular",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "Subsidiaries The subsidiaries are all companies over which the group exercises the controlling influence. The group controls a company when exposed to or entitled to variable return from its holdings in the company and carries the ability to influence the return through its control of the company. Subsidiaries are included in the consolidated accounts from the date on which the controlling influence is trans- ferred to the group. They are excluded from the date on which the controlling influence ceases to be. The acquisition method is applied for accounting for the group\u2019s business combinations. The purchase considera- tion for the acquisition of a subsidiary is made up of the fair value of assets transferred, the group\u2019s liabilities to prior equity holders of the acquired company, and the new shares issued by the group. The consideration also includes the fair value of all liabilities pertinent to a con- tingent considera-tion agreement. Identifiable acquired assets and assumed liabilities in a business combination are initially valued at fair value on the acquisition date. For each acquisition, i.e. on an acquisition-to-acquisition basis, the Group determines whether non-controlling interests in the acquired company is reported at fair value or at the proportional share of the reported value of the acquired company\u2019s identifiable net assets. Expenses pertinent to an acquisition are carried as an expense as they arise. Each contingent consideration to be transferred by the group is reported at fair value on the acquisition date. Subsequent variations of the fair value of a contingent consideration are reported in accordance with IFRS 9 in the income statement. Goodwill is initially valued to the amount with which the total consideration and any fair value for the non-con- trolling interests on the acquisition date exceeds the fair value of the identifiable acquired net assets. Should the consideration be lower than the fair value of the acquired company\u2019s net assets, the difference is reported in the income statement. Intra-group transactions, balance sheet items, revenue and expenses from intra-group transactions are eliminated. The accounting principles for the subsidiaries have, when applicable, been altered to guarantee a consistent applica- tion of the group\u2019s principles. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "The acquisition method is applied for accounting for the group\u2019s business combinations. The purchase considera- tion for the acquisition of a subsidiary is made up of the fair value of assets transferred, the group\u2019s liabilities to prior equity holders of the acquired company, and the new shares issued by the group. The consideration also includes the fair value of all liabilities pertinent to a con- tingent considera-tion agreement. Identifiable acquired assets and assumed liabilities in a business combination are initially valued at fair value on the acquisition date. For each acquisition, i.e. on an acquisition-to-acquisition basis, the Group determines whether non-controlling interests in the acquired company is reported at fair value or at the proportional share of the reported value of the acquired company\u2019s identifiable net assets. Expenses pertinent to an acquisition are carried as an expense as they arise. Each contingent consideration to be transferred by the group is reported at fair value on the acquisition date. Subsequent variations of the fair value of a contingent consideration are reported in accordance with IFRS 9 in the income statement. Goodwill is initially valued to the amount with which the total consideration and any fair value for the non-con- trolling interests on the acquisition date exceeds the fair value of the identifiable acquired net assets. Should the consideration be lower than the fair value of the acquired company\u2019s net assets, the difference is reported in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-342": {
"value": "Associated companies Associated companies are companies over which the group has a significant but not controlling influence, which generally is relevant for holdings ranging from 20 per cent to 50 per cent of the votes. Holdings in associated compa- nies are reported using the equity method. The equity method entails initially reporting the holdings in associated companies at the acquisition cost on the consolidated balance sheet. The carrying amount is increased or decreased thereafter, in order to take into account the group\u2019s share of the net profits and other comprehensive income from its associated companies after the acquisition date. The group\u2019s share of the profit forms part of the consolidated net income and the group\u2019s share of the comprehensive income forms part of the group\u2019s comprehensive income. Dividends from associated companies are reported as a reduction to the investment\u2019s carrying amount. Should the group\u2019s share of the loss of an associated company be equal to or exceed the holdings in that associated company (including all long-term liabilities who are de facto part of the group\u2019s net investment in the associated company), the group does not report any more losses, provided that the group has not incurred obligations or made payments on behalf of the associated company. Unrealised gains on transaction between the group and its associated companies are eliminated to the extent of the group\u2019s holdings in associated companies. Unrealised losses are eliminated, provided that the transaction is not an indication of impairment of the asset being transferred. The accounting principles for associated companies have been adjusted when required in order to guarantee accordance with the group\u2019s accounting principles. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-339": {
"value": "2.3 Translation of currencies Functional currency and presentation currency The units of the group use their local currencies as functional currency as they have been defined as the currencies used in the primary economic environment in which the respective units mainly are active. In the consolidated accounts, Euro (EUR) is utilised, as the group\u2019s presentation currency. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-340": {
"value": "Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the exchange rates on the date of the transaction. Exchange rate gains and losses arising from payments of such transactions and from translations of monetary assets and liabilities in foreign currency at the rate on the balance sheet day, are reported in the operat- ing income section of the income statement. Exchange rate gains and losses arising from borrowings and cash and cash equivalents are reported in the income statement as financial incomes and expenses. Translation of foreign group companies Profits and financial positions for all group companies not using the presentation currency as functional currency are translated to the group\u2019s presentation currency. Assets and liabilities for each balance sheet are translated from the foreign unit\u2019s functional currency to the group\u2019s presenta- tion currency, Euro, at the exchange rate on the balance sheet day. Revenue and expenses for each income state- ment is translated to Euro at the average rate at the time of each transaction. Translation differences arising from currency translation of foreign operations are reported in other comprehensive income",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-341": {
"value": "2.4 Intangible assets Goodwill Goodwill arises when subsidiaries are acquired and repre- sent the amount with which the purchase consideration exceeds BEWiSynbra\u2019s share of the fair value of identifiable assets, liabilities and contingent liabilities of the acquired company. In order to recognise impairment need, goodwill acquired in business combinations is allocated to cash generating units who are expected to be favoured by the synergies from the acquisition. Each unit or group of units to which goodwill has been allocated represents the lowest level in which the goodwill is monitored in the internal governance. Goodwill is monitored per cash generating unit. Goodwill is tested for impairment annually or more frequently should certain events or changes to conditions indicate a possible impairment need. The carrying value of goodwill is compared to the recoverable amount, which is the higher of fair value less costs of disposal and value in use. Any impairment is immediately reported as an expense and is not reversed",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-347": {
"value": "Patents/ Licences/ IT
Patents, licences & IT acquired separately are reported
at the acquisition cost. Patents, licences & IT acquired
through a business combination are reported at fair value
on the acquisition date. IT mainly includes costs for the
development of identifiable and unique software products
controlled by the company. Patents, licences & IT carry
a useful life and are reported at the acquisition cost less
accumulated amortisation and impairment.
Customer relations, trademark and technology
These intangible assets have all been acquired through
business combinations and are reported at fair value on
the acquisition date. Customer relations and technology
have a fixed useful life and are for subsequent periods
reported at the acquisition cost less accumulated amor-
tisation and impairment. The useful life of trademarks
acquired through business combinations is evaluated
and determined in each acquisition. Net cash flows
generated by trademarks are not expected to cease in the
foreseeable future. The trademarks in the groups balance
sheet is therefore deemed to carry an indefinite useful life.
Trademarks and goodwill are tested annually for impair-
ment as described above. Trademarks are for subsequent
periods reported at the acquisition cost less any write-
down from impairment.
Useful lives for the group\u2019s intangible assets:
Patents/Licences 5 yr.
Customer relations 8\u201315 yr.
Technology 6.5\u201310 yr.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "2.5 Tangible assets Tangible assets are reported at the acquisition cost less accumulated depreciation and write-down from impairment. Expenses directly attributable to the acquisi- tion may be included in the acquisition cost. Incremental costs are either added to the asset\u2019s carrying amount or reported as a separate asset, as appropriate. Assets are only added in the event that their future economic benefits will be of use to the group and that the acquisition cost can be reliably measured. The carrying amount of a replaced com- ponent is taken off the balance sheet. Other maintenance and reparations are reported as expenses in the income statement during the period in which they arise. Land is not depreciated. Depreciation of other assets is recognised on a straight-line basis over the useful life to the calculated residual value. Such depreciations are carried out accord- ing to the following: Buildings 10\u201365 yr. Frameworks, foundations 64\u201384 yr. Frame supplements, interior walls 50 yr. Heating, sanitary, electricity, front, roof 40 yr. Interior surface finish/rental preparation 10 yr. Ventilation 20 yr. Elevator/transportation 25 yr. Control system and surveillance 15 yr. Other property components 50 yr. Ground installations (facilities) 20 yr. Plant and machinery 5\u201318 yr. Equipment, tools, fixtures and fittings 3\u201310 yr. The assets\u2019 residual value and useful life are assessed at the end of each reporting period and are adjusted when required. An asset\u2019s carrying amount is immediately impaired to the recoverable amount when the carrying amount exceeds its recoverable amount. Gains and losses arising from a disposal of a tangible asset are determined through comparing the sale proceeds to the carrying amount. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-345": {
"value": "Depreciation of other assets is recognised on a straight-line basis over the useful life to the calculated residual value. Such depreciations are carried out accord- ing to the following: Buildings 10\u201365 yr. Frameworks, foundations 64\u201384 yr. Frame supplements, interior walls 50 yr. Heating, sanitary, electricity, front, roof 40 yr. Interior surface finish/rental preparation 10 yr. Ventilation 20 yr. Elevator/transportation 25 yr. Control system and surveillance 15 yr. Other property components 50 yr. Ground installations (facilities) 20 yr. Plant and machinery 5\u201318 yr. Equipment, tools, fixtures and fittings 3\u201310 yr",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-343": {
"value": "2.6 Impairment of non-financial assets Intangible assets with an indefinite useful life are not amortised but are assessed annually to determine the impairment need. Depreciat-ed and amortised assets are assessed with respect to the impairment if events or changed conditions indicate that the carrying amount is not recoverable. Impairments are undertaken for the amount with which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is equal to the higher of the asset\u2019s fair value less selling expenses and its value in use. Assets are grouped at the lowest level of separate identifiable cash flows (cash generating units), when assessing the impairment need. Assets previously impaired, other than goodwill, are assessed for reversal for each balance sheet day. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-344": {
"value": "2.7 Inventory The inventory is reported at the lower of the acquisition cost and the realisable value. The acquisition cost is determined through the first-in-first-out method. The acquisition cost also includes expenses relating to the acquisition, as well as for bringing the goods to their current location and condition. The acquisition cost for the company\u2019s semi-finished or finished products is the sum of the direct production costs and the production overhead (based on normal production capacity). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-346": {
"value": "2.8 Financial instruments Financial instruments recur in several different balance sheet items and are described below. 2.8.1 Classification The group classifies its financial assets and liabilities in the following categories: Financial assets at fair value through profit and loss, financial assets measured at amortised cost, financial liabilities measured at fair value through profit and loss and financial liabilities measured at amortised cost. The classification is chosen in accordance with the purpose of obtaining the financial asset or liability. Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss are shares and participations other than shares in subsidiaries, associates and joint ventures. The shares in KMC Properties ASA, listed on Oslo stock exchange are included in this category. Derivatives are recognised at fair value through profit and loss. Positive fair value changes in derivatives are reported as financial assets. Financial assets measured at amortised cost Financial assets measured at amortised cost are financial instruments where the business model is to collect cash flows. The contractual cash flows are solely payments of principal and interest and are valued at amortised cost in accordance with the effective interest meth-od. Accounts receivables are included in this category. Financial liabilities at fair value through profit and loss Financial liabilities at fair value through profit and loss are normally limited to derivatives and earnouts from business acquisitions. Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost are all other financial instruments, such as the bond loans, liabilities to credit institutions, liabilities regarding financial leasing and account payables. 2.8.2 Reporting and valuation Financial assets are initially recognised at fair value plus transaction costs for all financial assets not at fair value through profit and loss. Financial assets at fair value through profit and loss are initially recognised at fair value and transaction costs are expensed in the income statement. Financial assets are recognised when the group becomes a party to the contractual provisions of the instrument. Regular purchases and sales of financial assets are recognised on the settlement date. Financial assets are removed from the balance sheet when the right to obtain cash flows from the instrument has expired and the group has transferred all essential risk and benefits in conjunction with the ownership. Financial liabilities are recognised when the group becomes bound to the contractual obli- gations of the instrument. Financial liabilities are removed from the balance sheet when the obligation under the agreement is completed or otherwise extin-guished. Loans and receivables and other financial liabilities are, after the acquisition date, reported at the amortised cost calculated using the effective interest method. 2.8.3 Offsetting financial instruments Financial assets and liabilities are offset and reported with a net amount on the balance sheet, only when there is a legal right to offset the carrying amounts and an intention to settle them with a net amount or to simultaneously realise the asset and settle the debt. 2.8.4 Impairments of financial instrument At each balance sheet date, financial assets measured at amortised cost are assessed for impairment based on Expected Credit Losses (ECL). ECLs are the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that the group expects to receive, discounted at the original effective interest rate. Allowances for trade receivables are always equal to lifetime ECL. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "2.8.1 Classification The group classifies its financial assets and liabilities in the following categories: Financial assets at fair value through profit and loss, financial assets measured at amortised cost, financial liabilities measured at fair value through profit and loss and financial liabilities measured at amortised cost. The classification is chosen in accordance with the purpose of obtaining the financial asset or liability. Financial assets at fair value through profit and loss Financial assets at fair value through profit and loss are shares and participations other than shares in subsidiaries, associates and joint ventures. The shares in KMC Properties ASA, listed on Oslo stock exchange are included in this category. Derivatives are recognised at fair value through profit and loss. Positive fair value changes in derivatives are reported as financial assets. Financial assets measured at amortised cost Financial assets measured at amortised cost are financial instruments where the business model is to collect cash flows. The contractual cash flows are solely payments of principal and interest and are valued at amortised cost in accordance with the effective interest meth-od. Accounts receivables are included in this category. Financial liabilities at fair value through profit and loss Financial liabilities at fair value through profit and loss are normally limited to derivatives and earnouts from business acquisitions. Financial liabilities measured at amortised cost Financial liabilities measured at amortised cost are all other financial instruments, such as the bond loans, liabilities to credit institutions, liabilities regarding financial leasing and account payables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "2.8.3 Offsetting financial instruments Financial assets and liabilities are offset and reported with a net amount on the balance sheet, only when there is a legal right to offset the carrying amounts and an intention to settle them with a net amount or to simultaneously realise the asset and settle the debt. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "2.8.4 Impairments of financial instrument At each balance sheet date, financial assets measured at amortised cost are assessed for impairment based on Expected Credit Losses (ECL). ECLs are the difference between all contractual cash flows that are due in accordance with the contract and all the cash flows that the group expects to receive, discounted at the original effective interest rate. Allowances for trade receivables are always equal to lifetime ECL",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "2.9 Account receivables Account receivables are financial instruments that include amounts payable by customers for operationally sold goods and services. They are classified as current assets when payment is expected within a year. Should payment be expected beyond that period, they are reported as non-current assets. Account receivables are initially reported at fair value, subsequently at amortised cost calculated using the effective interest method less any provisions for impairment. Note 18 Account receivables million EUR 31 Dec 2022 31 Dec 2021 Accounts receivables 158.0 99.8 Deducted: provisions for impairment for doubtful receivables -1.4 -1.0 Accounts receivables - net 156.7 98.8 The ageing analysis of all account receivables is clear from below: million EUR 31 Dec 2022 31 Dec 2021 Not yet matured 124.9 86.3 1\u201330 days 24.6 10.4 31\u201360 3.8 1.7 > 61 days 4.8 1.5 Deducted: provisions for impairment for doubtful receivables -1.4 -1.0 Accounts receivables - net 156.7 98.8 31 Dec 2022 31 Dec 2021 Matured account receivables not part of the provisions for impairment for doubtful receivables 31.8 12.6 Carrying amounts, per currency, for account receivables and other receivables are the following: million EUR 31 Dec 2022 31 Dec 2021 SEK 15.8 8.1 EUR 73.8 56.5 GBP 11.6 0.8 NOK 32.7 16.9 DKK 18.3 14.9 ISK 1.3 1.3 USD 2.4 - CAD 0.6 - PLN 0.1 - Other 0.1 0.4 156.7 98.8 The group is applying the simplified approach for estimating credit losses. Estimated life-time cash shortfalls is the basis for calculating credit losses for accounts receivables. For this purpose, accounts receivables are grouped based on certain char- acteristics. The principles for writing off accounts receivables are based on prerequisites such as insolvency, failed legal and other collection processes, credit risk assessments based on credit information provided by credit agencies, identified payment behavior, company specific information such as changes in company management or lost contracts and macro-economic outlook for industries and countries. Credit losses on accounts receivables are reported in operating income. Reversals of prior credit losses are also reported in operating income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-348": {
"value": "2.10 Cash and cash equivalents Cash and cash equivalents include, on the balance sheet as well as in the cash flow statement, cash and bank balances",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "2.11 Share capital Ordinary shares are classified as equity. Transaction costs directly attributable to the new issue of ordinary shares are reported in equity net after tax as a deduction from the proceeds from the issue. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "2.12 Account payables Account payables are financial instruments in conjunction with obligations to pay for goods and services for opera- tions acquired from the suppliers. Account payables are reported as current liabilities when they mature within a year. Should they mature beyond that period, they are reported as long-term liabilities. Account payables are initially reported at fair value and subsequently at amor- tised cost using the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-349": {
"value": "2.12 Borrowings Liabilities to credit institutions and liabilities to associated companies are initially reported at fair value, net after transaction costs. Borrowings are subsequently reported at amortised cost. Any difference between the obtained amount (net after transaction cost) and the repayment amount is reported in the income statement distributed over the loan period, using the effective interest method. Bank overdraft facilities are reported as liabilities to credit institutions in the current liabilities section of the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "2.13 Provisions Provisions are reported when the group is legally or constructively obligated following prior events, wherever probable that an outflow of resources is required to clear the commitment and the amount is reliably calculated. Provided that similar commitments exist, the probability of an outflow of resources at the clearing to be required is assessed for the entire group of similar commitments. A provision is reported even in the event of low probability of an outflow regarding a particular item in the group of commitments. The provisions are reported at the present value of the amount expected to be required for fulfilling the obligation. A discount rate before tax is utilised hereby, reflecting the current market assessment of the time-dependent value of money and risks connected to the provision. The increase of provision pertinent to the passing of time is reported as an interest expense",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "2.14 Current and deferred tax The period\u2019s tax expenses include current and deferred tax. The current tax expense is calculated on the basis of the tax regulations in force on the balance sheet day in the countries in which the parent company and its subsidiaries are active and generate taxable revenue. Deferred tax is reported, in accordance with the balance sheet method, for all temporary differences between the written-down value of assets and liabilities and the carrying amount of the consolidated accounts. Deferred tax is calculated with the application of the tax rates in force on the balance sheet day and the rates expected to be in force when the tax asset is realised or the tax liability is cleared. De-ferred tax assets on carry forwards are reported to the extent likely that future fiscal surplus will be available, against which the deficits may be exploited",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "Deferred tax assets and liabilities are offset in the event of a legal right to offset for the tax referrals in question, the tax deferrals are attributable to taxes debited by one tax authority, apply to one or several tax subjects and there is an intention to clear the balances through net payments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "2.15 Employee remuneration Pension commitments The group has several post-employment benefit plans, including defined benefit plans, of which the majority of the pension schemes are defined contribution plans. A defined contribution plan is a pension plan according to which the group pays a fixed fee to a separate legal entity. The group carries no legal or constructive obligations to pay additional fees should the entity lack sufficient resources to remunerate all employees what they are due as a result of their service, in the current or prior periods. The fee is reported as a personnel cost when matured. A defined benefit plan is a pension plan without defined contribution. Defined benefit plans normally set out an amount for the employee to receive upon retirement, nor-mally based on one or several factors such as age, period of service and salary. The group provides defined benefit plans for a limited number of people, in Finland, in the UK, and in Norway. These plans are further described in note 26. In addition, the group provides other long-term ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "Compensation at termination of employment Compensation at termination of employment is due when an employee\u2019s employment is terminated by the group before the normal time of retirement or when an employee accepts voluntary withdrawal in exchange for such compensation. The group reports compensations at termination at the first of these points of time: a) when the group no longer has the option to withdraw the com- pensation offer and; and b) when the company reports expenses for a restructuring within the scope of IAS 37 and implies payments of severance. Compensa-tions at termi- nation are calculated based on the number of employees expected to accept the offer encouraging voluntary withdrawal, in the event that such an offer has been made. Benefits maturing more than 12 months after the end of the reporting period are discounted at present value",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "Share based payments
In 2020, the parent company BEWI ASA implemented
a share-based incentive programme, entitling the par-
ticipants to subscribe for shares in BEWI ASA during a
three-year period.
The fair value of the share options issued is determined
at the grant date in accordance with the Black & Scholes
valuation model, tak-ing into consideration the terms and
conditions that are related to the share price.
The value is recognised in the income statement as a
personnel cost allocated over the vesting period with a
corresponding increase in equity.
The recognised cost corresponds to the fair value of the
estimated number of share options that are expected to
vest. This cost is ad-justed in subsequent periods to reflect
the actual number of vested options and shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "2.16 Revenue recognition The group follows a five-step model for recognising income that is based on when control of a good or service is passed to the customer. The core principle is that an entity is to recognise revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The five-step model comprises the following steps: Step 1: Identify the contract with the customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price and Step 5: Recognise revenue \u2013 over time or point in time. As to Step 5, revenue is recognised when a company has satisfied a performance obligation, which is when control of the underlying goods or services has been passed to the customer. The amount recognised as revenue corresponds to the amount allocated to the satis-fied performance obligations. A performance obligation can be satisfied over time or at a point in time. Revenue is recognised over time if the customer simultaneously receives and consumes all of the benefits provided by the company as the company performs; the company\u2019s performance creates or enhances an asset that the customer controls; or the company\u2019s performance does not create an asset with an alternative use to the company and the company has an enforceable right to payment for performance completed to date. If a perfor-mance obligation does not meet one of these criteria to be recognised over time, revenue is recognised at one specific point in time. This takes place when control of a good or service is passed to the customer. Factors that may indicate the point in time at which control passes include: the company has transferred physical possession of the asset; the company has a present right to payment for the asset; the customer has accepted the good or service; the customer has the significant risks and rewards related to the ownership of the asset; and the customer has legal title to the asset. BEWI sells products for insulation for the construction industry as well as packaging solutions for the manufactur- ing industry and food producers. Virtually all of these sales transactions meet the definition of a point in time revenue recognition. The sales are reported as revenue when a group company has delivered the product to a customer. Delivery is deemed to have taken place when the products have arrived at the indicated location, as defined by the shipment terms. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "2.17 Interest revenue Interest revenue is reported using the effective interest method",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "2.18 Leases According to IFRS 16 a lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability rep-resenting its obligation to make lease payments. Each lease payment is apportioned to interest and amor- tisation of the lease liability. The interest is recognised as a financial expense in income statement, apportioned over the lease term so that each period is charged with an amount reflecting a fixed interest rate on the underlying lease liability. The right-of-use asset is measured at cost, which reflects the value of the lease liability, plus any initial direct expenditure, plus obligations for disassembly, removal or recovery at the end of the lease. In general, the right-of-use asset is depreciated on a straight-line basis over the term of the lease or, given an option to extend, the period during the lessee expects to use the asset. The group has decided to apply the practical expedients for short-term leases and low-value assets. This means that contracts with shorter maturities than 12 months and leases of low value (value of assets when it is new of less than EUR 5 000) are not included in the calculation of right-of-use assets or leasing liabilities but continue to be reported with straight-line expense over the lease term. Examples of low value assets are computers, printers and copiers. Lease liabilities are initially measured at the present value of future lease payments. Lease payments are discounted by the lease\u2019s implicit interest rate, if the implicit interest rate can be easily determined, but the typical method is for the group to use the incremental borrowing rate. Future lease payments calculated at present value consist of fixed payments. Lease liabilities that fall due within 12 months are classified as current liabilities and liabilities that fall due after 12 months as non-current liabilities. Upon determin- ing the term for a lease, extension options are taken into account if it is likely that they will be exercised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "2.19 Government grants Government grants are recognised when there is a reason- able assurance that the grants will be received and that the Company will comply with the conditions attached to them. Government grants are recognised in profit or loss on a systematic basis over the periods in which the related expenses, which the grants are intended to compensate for, are recognised. Government grants are recognised as a reduction of such related expenses. Government grants received for investments are recognised in the balance sheet as a reduction of the booked value of the asset. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "2.20 Dividends Dividends to the parent company\u2019s shareholders are reported as liabilities in the consolidated financial reports for the period in which the dividends have been approved by the parent company\u2019s shareholders",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-363": {
"value": "2.21 Cash flow statement Cash flow statement is prepared using the indirect method. The reported cash flow solely contains transac- tions giving rise to payments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "Note 03 Financial risk management
3.1 Financial risk factors
The group is through its activities exposed to several
different risks: market risks (currency risk, interest rate risk
and price risk), credit risk and liquidity risk. The group\u2019s
comprehensive financial risk management is focused on
the unpredictability of the financial markets and strives to
minimise any adverse effect on the consolidated profits.
The use of derivative financial instruments has so far been
limited to mitigation of currency exposure on intra-group
borrowing and lending. The risk management is controlled
by the central finance department and the treasury
function within that department. The finance department
identifies, evaluates and hedges financial risks in close
cooperation with the group\u2019s operative units.
Currency risk
The group operates in the Nordic countries, in continental
Europe, in the UK and in North America and is mainly
exposed to currency risk arising from currency exposure to
the Swedish Krona (SEK), the Danish Krona (DKK) and the
Norwegian Krona (NOK). Currency risks arise from both
transaction exposure and translation exposure. Transaction
exposure should, when possible, be centralised and
managed by the group\u2019s central treasury function.
Transaction exposure
Transaction exposure arises when revenues and costs are
incurred in different currencies and exposes the group to
changes in net cash flow due to fluctuations in exchange rates.
This is applicable to both operational cash flows and to finan-
cial commitments that will end in a cash outflow. Transaction
exposure also arises on fair value changes on existing balance
sheet items in foreign currency, such as trade receivables
and liabilities and borrowing and lending, when these items
are revalued on the balance sheet date or when settled. The
largest transaction exposure to operational cash flows is
attributable to raw material purchases in Sweden and Norway,
which are done in EUR. As DKK is pegged to the EUR, Denmark
is not subject to that same exposure. In addition, there is also a
minor exposure between other currency pairs where sales or
purchases are concluded in foreign currencies. The largest fair
value exposure on the balance sheet is related to intra-group
loans, mainly EUR denominated, from Sweden to its subsidi-
aries. However, the main sources of funding for the group, the
bond loan and the overdraft facility, are denominated in EUR
to match the intragroup loans to subsidiaries predominately
located in the Euro area.
The following measures are taken by BEWI to reduce the
transaction exposure:
\u2022 For raw material purchases from the Euro area into
the Nordics, price and currency clauses are in general
incorporated into customer agreements.
\u2022 Intra-group trade receivables and liabilities should be
settled within a limited time-frame.
\u2022 The group\u2019s external borrowing should be matched to
the currency of intra-group lending to subsidiaries.
\u2022 Bank balances in foreign currency should be
exchanged to local currency as soon as possible .
Transaction exposure to operational cash flows are only
to a limited extent hedged by using derivatives. However,
to the extent that there is a major net exposure in any
currency from borrowing and lending, that balance sheet
exposure should be hedged by using forward contracts or swaps. Net balance sheet exposure has been managed by a combination short-term derivatives and long-term derivatives, depending on the nature of the exposure. The net fair value of derivate contracts used for hedging transaction exposure, as of 31 December, is presented in the table below. All short-term derivatives in the table below mature within 6 months. million EUR 0-6 months 7-12 months 3-4 yr. 4-5 yr. As of 31 Dec 2022 Derivative asset 0.6 0.0 7.7 - Derivative liability -0.4 - - - Total 0.2 0.0 7.7 - As of 31 Dec 2021 Derivative asset 0.2 - - - Derivative liability -0.2 - -0.2 -0.3 Total -0.0 - -0.2 -0.3 Translation exposure Translation exposure arises when the income statements and balance sheets of foreign operations are translated to EUR, the presentation currency of the group\u2019s financial statements. The reported net sales and profit of the group, as well as the net assets of the group, are consequently exposed to changes in exchange rates between EUR and the currencies of the group\u2019s foreign operations. The translation exposure is not hedged, but the group strives to have a balance in major currencies between net debt, equity and EBITDA to reduce volatility in the balance sheet and key financial ratios. A sensitivity analysis shows that if EUR would have fluctu- ated by 5 per cent against all other currencies in the group, the impact on adjusted EBITDA would have been +/- EUR 1.3 million in 2022 (EUR 1.1 million). This assumes that all other variables are held constant and ignores any compen- sating effects from transaction exposure, for example the impact from raw material purchases. Interest rate risk Interest rate risk is the risk that changes in market interest rates will have a negative impact on cash flow or fair value of financial assets and liabilities. Cash flow risk arises from changes in variable interest rates, whereas fair value risk arises from changes in fixed interest rates. It is the policy of the group to limit the interest rate risk to cash flow risk by restricting the allowed average interest duration for both borrowing and financial investments. The group\u2019s borrowing is primarily exposed to changes in Euribor through the bond loan, and short term interest rates in SEk and NOK, as further outlined in Note 25 Borrowings. The group\u2019s lending, limited to loans to associated companies, is exposed to changes in Euribor, as described in Note 16 Investments in associated companies. In the event that the interest rate would fluctuate up or down by 50 basis points, all other variables held constant, the impact on net profit would have been +/- EUR 1.2 million in 2022 (EUR 0.8 million). Price risk The group is exposed to price risks in relation to share- holdings other than shares held in group companies or associated companies. Such other shareholdings are valued at fair value. The exposure is mainly related to shares in KMC Properties ASA, a company listed on Oslo B\u00f8rs. These shares were part of the consideration received in the sale and leaseback transaction in the Netherlands in 2020. The corporate bonds are listed on Nasdaq Stockholm, and the group is therefore exposed to fluctu- ations of the market value if the repurchase clause in the bond agreement would be utilised. Credit risk Credit risk refers to the risk that a counterparty in a finan- cial transaction may not fulfil its obligations. It is a risk applicable to trade receivables, lending and to cash and cash equivalents. Credit risks are managed by the central treasury function, except for credit risks related to accounts receivables, which are managed locally by the subsidiaries or business units. Each subsidiary or business unit shall monitor and analyse the credit risks for each new customer before standard terms for payment and delivery are offered. If customers are credit rated by independent credit rating agencies, these credit ratings are utilised. In the event that no independent credit rating exists, the group company undertakes a risk assessment of the customer\u2019s credit- worthiness, in which the customer\u2019s financial position is considered, as well as previous experience and other factors. Individual risk limits are determined on the basis of internal or external credit ratings. The application of credit limits is monitored regularly. The credit-term is normally 30 days, but both shorter and longer terms are applied, depending on the customer and local practices. A breakdown of maturity for accounts receivables, as well as description of the principles for estimating credit losses, are presented in note 18 Accounts receivables. To minimise the credit risk for cash and cash equivalents, only banks and financial institutions with strong credit rating from independent credit rating agencies are accepted. The maximum credit risk exposure corresponds to the financial assets presented in note 17 Financial instruments per category. Liquidity risk Liquidity risk is the risk that the group does not have access to adequate financing on acceptable terms at any given point in time. This requires a combination of short-term monitoring of cash flow and securing short and long-term financing of the group. Cash flow forecasts are prepared by the group\u2019s operating companies and are closely monitored by the treasury department. The group should always have a sufficient liquidity reserve to meet the short-term operating needs. In order to balance seasonal effects in operating cash flow, and managing other short term funding needs mainly related to change in working capital, the group has secured an revolving credit facility (RCF). The facility was originally EUR 80 million and in 2022 an accordion option for an increase of 20 million was exercised and the RCF was increased with additional 50 million to a total of EUR 150 million. The facility is now provided by two banks and runs until 2024 and includes the option to extend the facility further in time. Part of the total RCF frame has been utilized for an overdraft facility provided by one of the banks For the long-term financing of the group, BEWI has out- standing issued a EUR 250 million five year sustainability linked bond that matures on 3 September 2026, with a possibility for BEWI to unilaterally decide on an early redemption after 3 March 2025 of 50 per cent of the bonds outstanding at that date. A detailed description of the terms for the bond loans is given in note 24 Borrowings. In addition to the centrally negotiated borrowings, there are also a few liabilities to credit institutions and overdraft facilities in companies acquired, that have not been subject refinancing post acquisition. The major part is derived from the acquisition of Jackon Holding AS which has utilized facilities in the amount of EUR 90.8 million as per 31 December 2022. The amounts in the table below are the agreed, undis- counted cash flows. As of 31 Dec 2022 million EUR <1 yr. 1\u20132 yr. 2\u20135 yr. >5 yr. Bond loans - - 250.0 - Liabilities to credit institutions 69.5 82.3 4.9 0.6 Overdraft 22.7 - - - Accounts payables 83.5 - - - Liabilities leases 25.0 24.0 62.2 124.4 Total 200.8 106.2 317.1 125.0 As of 31 Dec 2021 million EUR <1 yr. 1\u20132 yr. 2\u20135 yr. >5 yr. Bond loans - - 250.0 - Liabilities to credit institutions 3.0 2.7 7.1 - Overdraft 0.8 - - - Accounts payables 89.7 - - - Liabilities leases 14.8 13.3 33.5 40.9 Total 108.3 16.0 290.6 40.9 The undiscounted cash flow for liabilities leases correspond to the future lease payments reflected in the calculation of the discounted lease liability in accordance with IFRS 16. 3.2 Fair value The table below presents the fair value of financial instruments measured at fair value though profit and loss, or, which is the case with the bond loans, fair value of financial instruments measured at amortised cost. The carrying amount of the group\u2019s other financial assets and liabilities is considered to constitute a good approximation of fair value, since they carry floating interest rates or are of a current nature. As of 31 Dec 2022 Carrying amountmillion EUR Level 1 Level 2 Level 3 Total Financial assets measured at fair value through profit and loss Participation in other companies 5.5 - 0.5 6.0 6.0 Derivative asset - 8.3 - 8.3 8.3 Total 5.5 8.3 0.5 14.3 14.3 Financial liabilities measured at amortised cost Bond loan 240.6 - - 240.6 246.9 Total 240.6 - - 240.6 246.9 Financial liabilities measured at fair value through profit and loss Derivative liability 0.4 - - 0.4 0.4 Other financial non-current liabilities - - 0.7 0.7 0.7 Total 0.4 - 0.7 1.1 1.1 As of 31 Dec 2021
Carrying
amountmillion EUR Level 1 Level 2 Level 3 Total
Financial assets measured at fair value through profit and loss
Participation in other companies 9.2 - 0.6 9.8 9.8
Derivative asset - 0.2 - 0.2 0.2
Total 9.2 0.2 0.6 10.0 10.0
Financial liabilities measured at amortised cost
Bond loan 252.5 - - 252.5 246.1
Total 252.5 - - 252.5 246.1
Financial liabilities measured at fair value through profit and loss
Derivative liability - 0.7 - 0.7 0.7
Other financial non-current liabilities - 3.8 3.8 3.8
Total - 0.7 3.8 4.5 4.5
Level 1 \u2013 Listed prices (unadjusted) on an active market for identical assets and liabilities.
Level 2 \u2013 Other observable data for the asset or liability that is listed prices included at level 1, either directly (as price) or
indirectly (derived from price).
Level 3 \u2013 Data for the asset or liability that is not based observable market data.
Level 3 \u2013 Changes during the period, million EUR
Participation in other
companies
Other financial
non-current liabilities
As of 31 Dec 2021 0.6 3.8
Acquisitions - 0.7
Use of option to acquire BEWI Cellpack A/S - -6.7
Fair value adjustment through profit and loss -0.1 2.9
As of 31 Dec 2022 0.5 0.7
Level 3 \u2013 Changes during the period, million EUR
Participation in other
companies
Other financial
non-current liabilities
As of 31 Dec 2020 0.3 -
Acquisitions 0.5 3.8
Fair value adjustment through profit and loss -0.2 -
As of 31 Dec 2021 0.6 3.8
Other financial non-current liabilities of EUR 3.8 million corresponds to the estimated value of the option to acquire non-
controlling interest in BEWI Cellpack A/S (former Honeycomb Cellpack A/S), as further outlined in note 14.
3.3 Capital management The group\u2019s capital is defined as capital employed, which comprises total equity and net debt. The objective for the capital structure is to guarantee the group\u2019s capacity to continue its operations and to support a profitable growth through a combi- nation of M&A activities and organic growth, with the aim to continue generating return to shareholders and benefits to other stakeholders. This should be achieved through an optimal capital structure that reduces the cost of capital. In order to maintain or adjust the capital structure, the group may: alter the dividend to shareholders, reimburse capital to shareholders, issue new shares, raise new loans or dispose of assets. The capital is assessed on the basis of the return on capital employed. Net debt is defined as interest-bearing liabilities less cash and cash equivalents. Net debt is calculated both with and without the effect from IFRS 16 Leases, as the covenants stated in the revolving credit facility agreement and the bond loan agreement are based on a net debt calculation excluding the effect of IFRS 16. For the sake of calculating capital employed, net debt includes the effect of IFRS 16. For more information on the components of interest-bearing liabilities, please refer to note 25. Return on capital employed is calculated as rolling 12 months adjusted EBITA (earnings before interest, tax and amortisations after adding back items affecting comparability) as a percentage of average capital employed during the same period, where the average is calculated with each quarter during the measurement period as a measuring point. million EUR 31 Dec 2022 31 Dec 2021 Total interest-bearing liabilities (A) 598.2 338.7 Cash and cash equivalents (B) 47.5 142.3 Net debt including IFRS 16 (A-B) 550.7 196.4 Effect of IFRS 16 leasing liabilities (C) 168.4 76.1 Net debt excluding IFRS 16 (A-B-C) 382.3 120.3 Total equity (D) 429.8 262.2 Capital employed (A-B+D) 980.5 382.5 Average capital employed (E) 629.1 409.6 Adjusted EBITA (F) 96.1 78.8 Return on capital employed (F/E) 15.3% 19.2% The increase in net debt from 2021 to 2022 is mainly attributable to the business acquisitions during the year. The increase in capital employed from 2021 to 2022 was further impacted by the increase in equity, to a large extent attributable to the profit for the year and the new shares issues. Return on capital employed decreased from 2021 to 2022, mainly explained by the fact that business acquisitions have only contributed to the consolidated EBITA after the acquisition date, whereas the full effect on capital employed from the acquisitions is recognised immediately.",
"dimensions": {
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}
},
"fact-364": {
"value": "Currency risk The group operates in the Nordic countries, in continental Europe, in the UK and in North America and is mainly exposed to currency risk arising from currency exposure to the Swedish Krona (SEK), the Danish Krona (DKK) and the Norwegian Krona (NOK). Currency risks arise from both transaction exposure and translation exposure. Transaction exposure should, when possible, be centralised and managed by the group\u2019s central treasury function. Transaction exposure Transaction exposure arises when revenues and costs are incurred in different currencies and exposes the group to changes in net cash flow due to fluctuations in exchange rates. This is applicable to both operational cash flows and to finan- cial commitments that will end in a cash outflow. Transaction exposure also arises on fair value changes on existing balance sheet items in foreign currency, such as trade receivables and liabilities and borrowing and lending, when these items are revalued on the balance sheet date or when settled. The largest transaction exposure to operational cash flows is attributable to raw material purchases in Sweden and Norway, which are done in EUR. As DKK is pegged to the EUR, Denmark is not subject to that same exposure. In addition, there is also a minor exposure between other currency pairs where sales or purchases are concluded in foreign currencies. The largest fair value exposure on the balance sheet is related to intra-group loans, mainly EUR denominated, from Sweden to its subsidi- aries. However, the main sources of funding for the group, the bond loan and the overdraft facility, are denominated in EUR to match the intragroup loans to subsidiaries predominately located in the Euro area. The following measures are taken by BEWI to reduce the transaction exposure: \u2022 For raw material purchases from the Euro area into the Nordics, price and currency clauses are in general incorporated into customer agreements. \u2022 Intra-group trade receivables and liabilities should be settled within a limited time-frame. \u2022 The group\u2019s external borrowing should be matched to the currency of intra-group lending to subsidiaries. \u2022 Bank balances in foreign currency should be exchanged to local currency as soon as possible Transaction exposure to operational cash flows are only to a limited extent hedged by using derivatives. However, to the extent that there is a major net exposure in any currency from borrowing and lending, that balance sheetexposure should be hedged by using forward contracts or swaps. Net balance sheet exposure has been managed by a combination short-term derivatives and long-term derivatives, depending on the nature of the exposure. The net fair value of derivate contracts used for hedging transaction exposure, as of 31 December, is presented in the table below. All short-term derivatives in the table below mature within 6 months. million EUR 0-6 months 7-12 months 3-4 yr. 4-5 yr. As of 31 Dec 2022 Derivative asset 0.6 0.0 7.7 - Derivative liability -0.4 - - - Total 0.2 0.0 7.7 - As of 31 Dec 2021 Derivative asset 0.2 - - - Derivative liability -0.2 - -0.2 -0.3 Total -0.0 - -0.2 -0.3 Translation exposure Translation exposure arises when the income statements and balance sheets of foreign operations are translated to EUR, the presentation currency of the group\u2019s financial statements. The reported net sales and profit of the group, as well as the net assets of the group, are consequently exposed to changes in exchange rates between EUR and the currencies of the group\u2019s foreign operations. The translation exposure is not hedged, but the group strives to have a balance in major currencies between net debt, equity and EBITDA to reduce volatility in the balance sheet and key financial ratios. A sensitivity analysis shows that if EUR would have fluctu- ated by 5 per cent against all other currencies in the group, the impact on adjusted EBITDA would have been +/- EUR 1.3 million in 2022 (EUR 1.1 million). This assumes that all other variables are held constant and ignores any compen- sating effects from transaction exposure, for example the impact from raw material purchases. Interest rate risk Interest rate risk is the risk that changes in market interest rates will have a negative impact on cash flow or fair value of financial assets and liabilities. Cash flow risk arises from changes in variable interest rates, whereas fair value risk arises from changes in fixed interest rates. It is the policy of the group to limit the interest rate risk to cash flow risk by restricting the allowed average interest duration for both borrowing and financial investments. The group\u2019s borrowing is primarily exposed to changes in Euribor through the bond loan, and short term interest rates in SEk and NOK, as further outlined in Note 25 Borrowings. The group\u2019s lending, limited to loans to associated companies, is exposed to changes in Euribor, as described in Note 16 Investments in associated companies. In the event that the interest rate would fluctuate up or down by 50 basis points, all other variables held constant, the impact on net profit would have been +/- EUR 1.2 million in 2022 (EUR 0.8 million). Price risk The group is exposed to price risks in relation to share- holdings other than shares held in group companies or associated companies. Such other shareholdings are valued at fair value. The exposure is mainly related to shares in KMC Properties ASA, a company listed on Oslo B\u00f8rs. These shares were part of the consideration received in the sale and leaseback transaction in the Netherlands in 2020. The corporate bonds are listed on Nasdaq Stockholm, and the group is therefore exposed to fluctu- ations of the market value if the repurchase clause in the bond agreement would be utilised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "Credit risk Credit risk refers to the risk that a counterparty in a finan- cial transaction may not fulfil its obligations. It is a risk applicable to trade receivables, lending and to cash and cash equivalents. Credit risks are managed by the central treasury function, except for credit risks related to accounts receivables, which are managed locally by the subsidiaries or business units. Each subsidiary or business unit shall monitor and analyse the credit risks for each new customer before standard terms for payment and delivery are offered. If customers are credit rated by independent credit rating agencies, these credit ratings are utilised. In the event that no independent credit rating exists, the group company undertakes a risk assessment of the customer\u2019s credit- worthiness, in which the customer\u2019s financial position is considered, as well as previous experience and other factors. Individual risk limits are determined on the basis of internal or external credit ratings. The application of credit limits is monitored regularly. The credit-term is normally 30 days, but both shorter and longer terms are applied, depending on the customer and local practices. A breakdown of maturity for accounts receivables, as well as description of the principles for estimating credit losses, are presented in note 18 Accounts receivables. To minimise the credit risk for cash and cash equivalents, only banks and financial institutions with strong credit rating from independent credit rating agencies are accepted. The maximum credit risk exposure corresponds to the financial assets presented in note 17 Financial instruments per category. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "Liquidity risk Liquidity risk is the risk that the group does not have access to adequate financing on acceptable terms at any given point in time. This requires a combination of short-term monitoring of cash flow and securing short and long-term financing of the group. Cash flow forecasts are prepared by the group\u2019s operating companies and are closely monitored by the treasury department. The group should always have a sufficient liquidity reserve to meet the short-term operating needs. In order to balance seasonal effects in operating cash flow, and managing other short term funding needs mainly related to change in working capital, the group has secured an revolving credit facility (RCF). The facility was originally EUR 80 million and in 2022 an accordion option for an increase of 20 million was exercised and the RCF was increased with additional 50 million to a total of EUR 150 million. The facility is now provided by two banks and runs until 2024 and includes the option to extend the facility further in time. Part of the total RCF frame has been utilized for an overdraft facility provided by one of the banks For the long-term financing of the group, BEWI has out- standing issued a EUR 250 million five year sustainability linked bond that matures on 3 September 2026, with a possibility for BEWI to unilaterally decide on an early redemption after 3 March 2025 of 50 per cent of the bonds outstanding at that date. A detailed description of the terms for the bond loans is given in note 24 Borrowings. In addition to the centrally negotiated borrowings, there are also a few liabilities to credit institutions and overdraft facilities in companies acquired, that have not been subject refinancing post acquisition. The major part is derived from the acquisition of Jackon Holding AS which has utilized facilities in the amount of EUR 90.8 million as per 31 December 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "3.3 Capital management
The group\u2019s capital is defined as capital employed, which comprises total equity and net debt. The objective for the capital
structure is to guarantee the group\u2019s capacity to continue its operations and to support a profitable growth through a combi-
nation of M&A activities and organic growth, with the aim to continue generating return to shareholders and benefits to other
stakeholders. This should be achieved through an optimal capital structure that reduces the cost of capital. In order to maintain
or adjust the capital structure, the group may: alter the dividend to shareholders, reimburse capital to shareholders, issue new
shares, raise new loans or dispose of assets. The capital is assessed on the basis of the return on capital employed. Net debt is
defined as interest-bearing liabilities less cash and cash equivalents. Net debt is calculated both with and without the effect
from IFRS 16 Leases, as the covenants stated in the revolving credit facility agreement and the bond loan agreement are based
on a net debt calculation excluding the effect of IFRS 16. For the sake of calculating capital employed, net debt includes the
effect of IFRS 16. For more information on the components of interest-bearing liabilities, please refer to note 25. Return on
capital employed is calculated as rolling 12 months adjusted EBITA (earnings before interest, tax and amortisations after adding
back items affecting comparability) as a percentage of average capital employed during the same period, where the average is
calculated with each quarter during the measurement period as a measuring point.
million EUR 31 Dec 2022 31 Dec 2021
Total interest-bearing liabilities (A) 598.2 338.7
Cash and cash equivalents (B) 47.5 142.3
Net debt including IFRS 16 (A-B) 550.7 196.4
Effect of IFRS 16 leasing liabilities (C) 168.4 76.1
Net debt excluding IFRS 16 (A-B-C) 382.3 120.3
Total equity (D) 429.8 262.2
Capital employed (A-B+D) 980.5 382.5
Average capital employed (E) 629.1 409.6
Adjusted EBITA (F) 96.1 78.8
Return on capital employed (F/E) 15.3% 19.2%
The increase in net debt from 2021 to 2022 is mainly attributable to the business acquisitions during the year. The increase in
capital employed from 2021 to 2022 was further impacted by the increase in equity, to a large extent attributable to the profit
for the year and the new shares issues. Return on capital employed decreased from 2021 to 2022, mainly explained by the fact
that business acquisitions have only contributed to the consolidated EBITA after the acquisition date, whereas the full effect on
capital employed from the acquisitions is recognised immediately.
",
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"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "Note 04 Critical accounting estimates and assessments Estimates and assessments are continuously evaluated and are prepared on the basis of historical experience and other factors, including expectations regarding future events deemed reasonable under existing condition. 4.1 Critical accounting estimates and assessments The group makes estimates and assumptions about the future. Accounting estimates will, by definition, rarely be equivalent to the actual result. The estimates and assump- tions contain a significant risk for material adjustments to carrying amounts of assets and liabilities during the following financial years are outlined below. (a) Inventory obsolescence The inventory is valued at the acquisition cost, in accord- ance with the first-in-first-out method. The acquisition costs for the company\u2019s semi-finished or finished products are generally calculated as the sum of raw material carried forward, other direct production costs and a reasonable production overhead (based on normal production capac- ity). When assessing whether obsolescence of the goods should be calculated during the manufacturing process or when the goods is finished, the executive management has concluded that no obsolescence is in question for the company\u2019s products, seeing as they are standard products with a high turnover rate, products only manufactured following a customer order and that any defect goods may be restored to raw material and thereby be reused. The carrying amount for the inventory amounts to EUR 167.6 million as of 31 December 2022 (81.0). (b) Consideration of impairment need of goodwill and trademarks The group examines annually whether any impairment need for goodwill or trademarks is at hand, in accord- ance with the accounting principle set out in note 2. Recoverable amounts have been determined on the basis of calculations of values in use. These calculations include certain estimates to be carried out (see note 12 Intangible assets). (c) Pension benefits The present value of the pension commitment is pertinent to several factors determined on an actuarial basis using a number of assumptions. The assumptions utilised to deter- mine the net cost (revenue) for pension benefits include the discount rate. Each change to these assumptions will affect the pension commitments\u2019 carrying amounts. The group stipulates the appropriate discount rate at the end of each year. This will be the rate utilised for determining the present value of assessed future payments expected to be required in order to clear the pension commitment. When determining the appropriate discount rate, the group considers the rates of the investment grade corpo- rate bonds issued in the same currency as the benefits, with terms comparable to the pension commitment in question. Other critical assumptions with regard to the pension commitment are in part based on existing market conditions. Additional information is given in note 26.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "Note 05 Net sales distribution and segment information
Operating segments are reported in a manner that
corresponds with the internal reporting submitted to the
chief operating decision maker. The Executive Committee
constitutes the chief operating decision maker for the BEWI
group and takes strategic decisions in addition to evaluat-
ing the group\u00b4s financial position and earnings.
Group management has determined the operating
segments based on the information that is reviewed by
the Executive Committee and used for the purposes of
allocating resources and assessing performance. The
Executive Committee assesses the operations based on
four operating segments: RAW, Insulation, Packaging &
Components and Circular. Sales between segments take
place on market terms.
million EUR 2022 2021
RAW
Segment revenue 418.0 347.9
Intra-group revenue -142.0 -104.6
Revenue from external customers 276.0 243.3
Insulation
Segment revenue 333.9 195.4
Intra-group revenue -4.0 -2.8
Revenue from external customers 329.9 192.7
Packaging & Components
Segment revenue 391.9 295.6
Intra-group revenue -10.0 -6.9
Revenue from external customers 381.9 288.7
Circular
Segment revenue 63.1 24.0
Intra-group revenue -0.7 -0.6
Revenue from external customers 62.4 23.4
million EUR 2022 2021
Unallocated
Segment revenue 0.3 0.1
Intra-group revenue 0.0 0.0
Revenue from external customers 0.3 0.1
Total
Total segment revenue 1 207.3 863.1
Total intra-group revenue -156.8 -114.9
Total revenue from external customers 1 050.4 748.2
Adjusted EBITDA
1
RAW 57.0 54.1
Insulation 31.1 21.6
Packaging & Components 48.3 40.3
Circular 2.5 0.6
Unallocated -5.4 -7.6
Total adjusted EBITDA 133.6 109.0
EBITDA
RAW 40.0 54.2
Insulation 33.6 22.5
Packaging & Components 53.3 39.9
Circular 2.6 0.3
Unallocated -14.2 -11.4
Total EBITDA 115.2 105.5
million EUR 2022 2021
EBITA
RAW 35.7 50.0
Insulation 22.3 14.6
Packaging & Components 33.6 23.3
Circular 0.9 -0.7
Unallocated -14.8 -11.8
Total EBITA 77.7 75.4
EBIT
RAW 35.3 49.6
Insulation 19.4 12.6
Packaging & Components 28.8 18.8
Circular 0.3 -0.7
Unallocated -15.8 -12.6
Total EBIT 68.0 67.8
Net financial items -25.5 -18.8
Income before tax 42.5 49.0
1
Normalised earnings before interest, tax, depreciation and amortisations (i.e. items affecting comparability and deviations are added back). Adjusted EBITDA is a
key performance indicator that the group considers relevant for understanding earnings adjusted for items that affect comparability. For more information see
section \u201cAlternative performance measures not defined by IFRS\u201d.
Specification of impact from specific amounts on the segmentation 2022 2021 Share of income from associated companies Adjusted EBITDA, EBITDA, EBITA and EBIT for Insulation 2.6 4.7 Adjusted EBITDA, EBITDA, EBITA and EBIT for Packaging & Components 0.1 0.0 Adjusted EBITDA, EBITDA, EBITA and EBIT for Circular 0.1 0.0 Capital gain/loss from sale of assets EBITDA, EBITA and EBIT for Insulation 3.1 0.9 EBITDA, EBITA and EBIT for Packaging & Components 5.2 0.0 EBITDA, EBITA and EBIT for RAW 0.1 0.1 EBITDA, EBITA and EBIT for Circular 1.2 -0.1 EBITDA, EBITA and EBIT for Unallocated - 0.0 Impairment tangible assets EBITA and EBIT for Insulation -0.3 - EBITA and EBIT for Packaging & Components - -0.8 EBITA and EBIT for RAW -0.6 -0.2 EBITA and EBIT for Circular 0.0 0.0 Impairment other intangible assets except goodwill EBIT for Insulation 0.0 - EBIT for Packaging & Components -0.1 - Net sales per country External segment revenue by country (selling company\u2019s sales) 2022 2021 RAW Total Finland 51.2 125.8 Total Netherlands 219.2 117.5 Total Germany 5.5 - Total RAW 276.0 243.3 Packaging & Components and Insulation Total Finland 30.0 21.3 Total Sweden 65.3 57.1 Total Denmark 83.5 70.3 Total Norway 213.3 164.9 Total Netherlands & Belgium 185.2 129.8 Total Germany, Switzerland & France 39.9 6.6 Total United Kingdom 37.0 - Total Portugal & Spain 25.4 21.8 Total Polen 23.6 9.6 Total Lithuania 8.7 - Total P&C and Insulation 711.8 481.4 Circular Total Belgium 2.8 2.6 Total Sweden 8.1 6.3 Total Denmark 2.2 2.2 Total Norway 0.0 0.1 Total Netherlands 5.2 3.4 Total Portugal 10.0 6.6 Total United Kingdom 20.4 2.2 Total USA & Canada 13.6 - Total Circular 62.4 23.4 Total Unallocated 0.3 0.1 Total Group 1 050.4 748.2 Net sales per country (Customers\u2019 geography) 2022 2021
Total Finland 54.2 34.0
Total Sweden 73.8 62.2
Total Denmark 73.2 61.9
Total Norway 193.0 154.1
Total Portugal & Spain 73.6 45.0
Total Iceland 25.2 22.0
Total Baltics 33.1 14.3
Total UK 57.6 20.2
Total Germany 101.0 58.0
Total Poland 44.8 39.0
Total Russia 14.0 29.2
Total Netherlands 154.3 117.3
Total Belgium 38.6 13.6
Total France 36.1 28.4
Total Other 77.9 49.2
Total Group 1 050.4 748.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "Net sales per country
External segment revenue by country (selling company\u2019s sales) 2022 2021
RAW
Total Finland 51.2 125.8
Total Netherlands 219.2 117.5
Total Germany 5.5 -
Total RAW 276.0 243.3
Packaging & Components and Insulation
Total Finland 30.0 21.3
Total Sweden 65.3 57.1
Total Denmark 83.5 70.3
Total Norway 213.3 164.9
Total Netherlands & Belgium 185.2 129.8
Total Germany, Switzerland & France 39.9 6.6
Total United Kingdom 37.0 -
Total Portugal & Spain 25.4 21.8
Total Polen 23.6 9.6
Total Lithuania 8.7 -
Total P&C and Insulation 711.8 481.4
Circular
Total Belgium 2.8 2.6
Total Sweden 8.1 6.3
Total Denmark 2.2 2.2
Total Norway 0.0 0.1
Total Netherlands 5.2 3.4
Total Portugal 10.0 6.6
Total United Kingdom 20.4 2.2
Total USA & Canada 13.6 -
Total Circular 62.4 23.4
Total Unallocated 0.3 0.1
Total Group 1 050.4 748.2
Net sales per country (Customers\u2019 geography) 2022 2021 Total Finland 54.2 34.0 Total Sweden 73.8 62.2 Total Denmark 73.2 61.9 Total Norway 193.0 154.1 Total Portugal & Spain 73.6 45.0 Total Iceland 25.2 22.0 Total Baltics 33.1 14.3 Total UK 57.6 20.2 Total Germany 101.0 58.0 Total Poland 44.8 39.0 Total Russia 14.0 29.2 Total Netherlands 154.3 117.3 Total Belgium 38.6 13.6 Total France 36.1 28.4 Total Other 77.9 49.2 Total Group 1 050.4 748.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "Note 06 Employee remuneration etc. million EUR 2022 2021 Salary and other remuneration -108.4 -82.5 Social security expenses -14.9 -12.5 Pension costs \u2013 defined contribution plans -8.3 -8.0 Pension costs \u2013 defined benefit plans -0.1 -0.1 Total remunerations to employees -131.7 -103.1 The costs in the table above reflects costs for own employees. Average number of employees with geographical breakdown by country 2022 2021 Average number of employees Whereof men Average number of employees Whereof men Sweden 232 163 199 137 Finland 166 135 154 126 Denmark 258 169 287 187 Norway 285 207 237 180 Island 14 11 14 11 Netherlands 486 425 329 297 Belgium 88 81 16 15 Portugal 203 119 208 124 Spain 5 4 5 4 Poland 264 172 136 87 Germany 227 165 73 49 UK 99 70 4 2 France 2 2 - - Lithuania 37 30 - - Canada 6 1 - - The Group in total 2 372 1 754 1 662 1 219 Remuneration to senior executives The senior executives comprise of the board of directors, CEO of BEWI ASA and managers in the executive management 1 directly reporting to the CEO and remunerations for those applies to: BEWI ASA 1 Jan 2022\u201331 Dec 2022 1 Jan 2021\u201331 Dec 2021 million EUR Basic salary incl. benefits/ board fees Variable remuneration Retirement compensation Basic salary incl. benefits/ board fees Variable remuneration Retirement compensation Board of Directors 5 members of the board, whereof 2 women Gunnar Syvertsen (chairman) 0.06 - - 0.07 - - Stig Waernes 2 0.03 - - 0.02 - - Christina Schauman 0.04 - - 0.05 - - Ann-Lise Aukner 0.03 - - 0.04 - - Rik Dobbeleare 0.03 - - 0.02 - - Andreas Mj\u00f8lner Akselsen 0.00 - - - - - Total 0.18 - - 0.19 - - CEO Christian Bekken 0.27 0.09 0.01 0.24 0.09 0.00 Other Senior Executives 3 0.74 0.26 0.19 0.55 0.24 0.16 Total 1.01 0.35 0.20 0.79 0.33 0.16 Consultancy services board members Gunnar Syvertsen 0.10 - - 0.10 - - Andreas Mj\u00f8lner Akselsen 0.00 - - - - - Rik Dobbeleare 0.06 - - - - - 1 The Executive management has been extended with three new employees as from 1 October 2022. They are included in the numbers above from this date. 2 Stig W\u00e6rnes left the board upon completion of the Jackon transaction 19 October 2022, and was replaced by Andreas M. Akselsen. 3 EUR 0.2 million of the remuneration to other executives in 2022 was recharged to KMC Properties ASA, a company related to the Bekken family, for services rendered on behalf of that company. Share-based incentive programme In November 2020, the parent company BEWI ASA implemented a share-based incentive programme, entitling the participants to subscribe for shares in BEWI ASA during a three-year period. The purpose of the programme is to further align the interests of the company and its shareholders by providing incentives in the form of awards to employees to motivate them to contribute materially to the success and profitability of the company. The features of the programme are further described in note 23. The CEO of BEWi ASA and other senior executives, at the time of grant date, were granted 250 000 share options each. The three persons added to the excecutive management in 2022 were granted 125 000 share options each at grant date in 2020. Severance pay Subject to the CEO\u2019s employment agreement, there is a notice period of 12 months if the agreement is terminated by the company and a notice period of 6 months if the agreement is terminated by the employee. The employee is entitled to receive unchanged salary and other fringe benefits during the period of notice, however the salary is deductible to other income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "Average number of employees with geographical breakdown by country 2022 2021 Average number of employees Whereof men Average number of employees Whereof men Sweden 232 163 199 137 Finland 166 135 154 126 Denmark 258 169 287 187 Norway 285 207 237 180 Island 14 11 14 11 Netherlands 486 425 329 297 Belgium 88 81 16 15 Portugal 203 119 208 124 Spain 5 4 5 4 Poland 264 172 136 87 Germany 227 165 73 49 UK 99 70 4 2 France 2 2 - - Lithuania 37 30 - - Canada 6 1 - - The Group in total 2 372 1 754 1 662 1 219 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "Remuneration to senior executives The senior executives comprise of the board of directors, CEO of BEWI ASA and managers in the executive management 1 directly reporting to the CEO and remunerations for those applies to: BEWI ASA 1 Jan 2022\u201331 Dec 2022 1 Jan 2021\u201331 Dec 2021 million EUR Basic salary incl. benefits/ board fees Variable remuneration Retirement compensation Basic salary incl. benefits/ board fees Variable remuneration Retirement compensation Board of Directors 5 members of the board, whereof 2 women Gunnar Syvertsen (chairman) 0.06 - - 0.07 - - Stig Waernes 2 0.03 - - 0.02 - - Christina Schauman 0.04 - - 0.05 - - Ann-Lise Aukner 0.03 - - 0.04 - - Rik Dobbeleare 0.03 - - 0.02 - - Andreas Mj\u00f8lner Akselsen 0.00 - - - - - Total 0.18 - - 0.19 - - CEO Christian Bekken 0.27 0.09 0.01 0.24 0.09 0.00 Other Senior Executives 3 0.74 0.26 0.19 0.55 0.24 0.16 Total 1.01 0.35 0.20 0.79 0.33 0.16 Consultancy services board members Gunnar Syvertsen 0.10 - - 0.10 - - Andreas Mj\u00f8lner Akselsen 0.00 - - - - - Rik Dobbeleare 0.06 - - - - - 1 The Executive management has been extended with three new employees as from 1 October 2022. They are included in the numbers above from this date. 2 Stig W\u00e6rnes left the board upon completion of the Jackon transaction 19 October 2022, and was replaced by Andreas M. Akselsen. 3 EUR 0.2 million of the remuneration to other executives in 2022 was recharged to KMC Properties ASA, a company related to the Bekken family, for services rendered on behalf of that company. Share-based incentive programme In November 2020, the parent company BEWI ASA implemented a share-based incentive programme, entitling the participants to subscribe for shares in BEWI ASA during a three-year period. The purpose of the programme is to further align the interests of the company and its shareholders by providing incentives in the form of awards to employees to motivate them to contribute materially to the success and profitability of the company. The features of the programme are further described in note 23. The CEO of BEWi ASA and other senior executives, at the time of grant date, were granted 250 000 share options each. The three persons added to the excecutive management in 2022 were granted 125 000 share options each at grant date in 2020. Severance pay Subject to the CEO\u2019s employment agreement, there is a notice period of 12 months if the agreement is terminated by the company and a notice period of 6 months if the agreement is terminated by the employee. The employee is entitled to receive unchanged salary and other fringe benefits during the period of notice, however the salary is deductible to other income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "Note 07 Remunerations to auditors million EUR 2022 2021 PwC \u2013 The audit assignment -0.6 -0.7 \u2013 Audit activities other than the audit assignment 0.0 -0.1 \u2013 Tax advice - 0.0 \u2013 Other services -0.7 -0.1 Total -1.4 -0.9 Other accounting firms than PwC \u2013 The audit assignment -0.2 -0.1 \u2013 Audit activities other than the audit assignment -0.2 - \u2013 Tax advice 0.0 - \u2013 Other services -0.2 - Total -0.7 -0.1 For 2021 and 2022 audit activities other than the audit assignment from PwC and other services mainly includes costs related to the Jackon transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "Note 08 Leasing Lease-terms and purchase options The group leases buildings (e.g. production facilities, warehouses, offices), machinery (e.g. gas facilities, compressors, moulding machines) and equipment (e.g. cars, trucks, fork-lifts). Contracts for production facilities normally run for 10-12 years, but there are exceptions with both shorter and longer lease terms. Separate warehouses are normally leased for 1\u20132 years, with a few exceptions. In case a warehouse rent is paid based on usage, for example pallet space used, it is treated as variable and not subject to capitalisation in accordance with IFRS 16. Office space is normally leased for three years. Based on the assumption that a business cycle lasts for eight years and that predictions beyond that period are difficult, extension options for contracts for production facilities expiring after that time-frame are not considered when assessing the lease-term, unless specific condi- tions are present. Extension options for warehouses and offices are not reflected. The lease term for other assets vary, but normally range between 3\u20135 years. Purchase options are considered in the capitalised amount if deemed reasonably certain that such an option will be exercised, but this is not common. Extensions options are reflected when it is deemed reasonable that they will be exercised. Discount rate, liability and carrying amount Discount rates applied and total leasing liability are described in note 25 Borrowings. Maturity dates for the undiscounted values are presented in note 3 Financial risk management. Carrying amounts and depreciations of the assets capitalised are presented in note 12 Intangible assets and note 13 Tangible assets. Lease expenses for lease contracts capitalised in accordance with IFRS 16 million EUR 2022 2021 Depreciations and amortisations -13.1 -11.3 Interest expense -6.1 -4.9 Total -19.2 -16.2 Lease expenses for lease contracts not capitalised in accordance with IFRS 16 million EUR 2022 2021 Lease expense short-term leases -0.3 -0.4 Lease expense low-value assets -0.4 -0.5 Lease expense variable leases -0.9 -0.3 Total -1.5 -1.2 Cash flow from leases million EUR 2022 2021 Recognised in operating cash flow Operating income -1.5 -1.2 Interest paid -6.1 -4.9 Cash flow from financing activities Repayment of borrowings -11.7 -11.3 Total -19.3 -17.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "Note 09 Financial income and expense million EUR 2022 2021 Interest revenue 1.8 0.3 Other financial income 0.2 0.1 Total financial income 2.0 0.4 Interest expenses -20.7 -12.7 Fair value adjustments shares and participations -6.7 -0.6 Other financing costs 0.2 -5.7 Fair value change derivatives 8.3 -0.2 Exchange rate losses -8.5 0.0 Total financial expense -27.4 -19.2 Total financial income and expense - net -25.5 -18.8 EUR -1.2 million (2021: EUR -1.0 million) of the interest expenses were attributable to amortisation of financing cost. In 2021 -5.6 million of financing costs was attributable to bond repurchase premium, early consent fee and expensed financing costs in connection with the refinancing in 2021. Net financial income and expense per category of financial instrument million EUR 2022 2021 Financial assets and liabilities measured at fair value through profit and loss 1.7 -0.8 Financial assets and liabilities measured at amortised cost -27.2 -18.0 -25.5 -18.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "Note 10 Exchange differences \u2013 net Exchange differences have been reported in the income statement as follows: million EUR 2022 2021 Other operating expenses -0.8 -0.1 Fair value change derivatives 0.5 - Total exchange difference in other operating expenses -0.3 -0.1 Exchange rate losses -8.5 0.0 Fair value change derivatives 8.3 -0.2 Total financial income and expense (note 9) -0.2 -0.2 Exchange differences - net -0.5 -0.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "Note 11 Income tax Tax income and expense in income statement million EUR 2022 2021 Tax income(+)/expense(-) comprises; Current tax income(+)/expense(-) this year -25.4 -12.5 Adjustment recognised in current year in relation to current tax of prior years -1.0 - Deferred tax income(+)/expense(-) 19.2 -2.1 Total tax income(+)/expense(-) -7.2 -14.6 The income tax attributable to the income before taxes differs from the theoretical amount that would have arisen from the application of the local tax rates on income before tax in the group companies, as follows: million EUR 2022 2021 Profit/loss before tax from continuing operations 42.5 49.0 Tax income(+)/expense(-) calculated at the local tax rate -10.0 -12.5 Effect of revenue that is exempt from taxation 12.8 2.4 Effect of non-deductible expenses -5.9 -1.0 Effect of tax losses and tax offsets not recognised as deferred tax assets -3.1 -3.6 Effect of previously unrecognised deferred tax attributable to tax losses carry forward, tax credits and temporary differences 0.0 0.1 Effect of write-downs and reversals of deferred tax balances 0.0 -0.1 Effect on deferred tax balances due to change in tax rate 0.0 0.0 Adjustment recognised in current year in relation to current tax of prior years -1.0 - Other 0.0 0.1 Total tax income(+)/expense(-) in profit or loss -7.2 -14.6 Recognised in other comprehensive income million EUR 2022 2021 Deferred tax Tax on remeasurement of defined benefit obligation 0.8 -0.8 Total 0.8 -0.8 Deferred tax assets and liabilities 2022 million EUR Opening balance Through acquired business Through divested business Reclassi- ficaton Reported in profit/loss Reported in other compre- hensive income Exchange differ- ences Closing balance Deferred tax in balance sheet is attributable to: Tax losses carry forward 0.3 0.9 - - 0.2 - 0.0 1.4 Intangible assets -19.1 -11.5 - -2.5 1.1 - 0.9 -31.1 Tangible assets -2.4 -37.9 0.3 - 16.9 - 0.6 -22.5 Inventories -0.4 0.0 - - 0.3 - - -0.1 Untaxed reserves -0.1 -0.7 - - 0.1 - - -0.7 Pension assets and liabilities -1.3 - - - 0.0 0.8 0.0 -0.5 Provisions 0.0 - - - 0.0 - - 0.0 Other -0.8 - - - 0.5 - - -0.3 Total net deferred tax assets and liabilities -23.8 -49.2 0.3 -2.5 19.1 0.8 1.5 -53.8 The reclassification of EUR 2.5 million in the table above is attributable to a finalised acquisition analysis during the year, related to an acquisition in 2021, in which a preliminary goodwill allocation was reduced and intangible assets increased, leading to higher deferred tax liabilities. Deferred tax assets and liabilities 2021 million EUR Opening balance Through acquired business Through divested business Reclassi- ficaton Reported in profit/loss Reported in other compre- hensive income Exchange differ- ences Closin balanc Deferred tax in balance sheet is attributable to: Tax losses carry forward 2.5 - - - -2.2 - 0.0 0. Intangible assets -18.4 -0.9 0.2 -0.7 1.1 - -0.4 -19. Tangible assets 0.9 -4.4 -0.2 0.9 -0.1 - 0.5 -2. Inventories -0.2 - - - -0.2 - 0.0 -0. Untaxed reserves -0.3 0.1 - - 0.2 - -0.1 -0. Pension assets and liabilities -0.2 - - - -0.2 -0.8 -0.1 -1. Provisions 0.1 - - - 0.0 - -0.1 0. Other 0.0 -0.1 - -0.2 -0.7 - 0.1 -0. Total net deferred tax assets and liabilities -15.6 -5.3 0.0 0.0 -2.1 -0.8 -0.1 -23. Deferred tax assets are reported for tax losses carry forward or temporary differences to the extent that they are likely to be utlised against future taxable profits. All of the EUR 1.4 million of deferred tax assets attributable to tax losses carry forward have no due date. Tax losses carry forward corresponding to a tax value of EUR 14.6 million (EUR 12.0 million) were not recognised as deferred tax assets. EUR 13.8 million of those losses have no due date and the remaining EUR 0.8 million fall due between 2024 and 2032. The tax losses carry forward by the end of 2022 were attributable to Sweden, Finland, Germany, Norway and Poland. In addition, tax credits attributable to deferred interest deductions corresponding to a tax value of EUR 2.5 million (EUR 2.2 million) falling due between 2025 and 2027, were not recognised as deferred tax assets.",
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}
},
"fact-385": {
"value": "Deferred tax assets and liabilities 2022 million EUR Opening balance Through acquired business Through divested business Reclassi- ficaton Reported in profit/loss Reported in other compre- hensive income Exchange differ- ences Closing balance Deferred tax in balance sheet is attributable to: Tax losses carry forward 0.3 0.9 - - 0.2 - 0.0 1.4 Intangible assets -19.1 -11.5 - -2.5 1.1 - 0.9 -31.1 Tangible assets -2.4 -37.9 0.3 - 16.9 - 0.6 -22.5 Inventories -0.4 0.0 - - 0.3 - - -0.1 Untaxed reserves -0.1 -0.7 - - 0.1 - - -0.7 Pension assets and liabilities -1.3 - - - 0.0 0.8 0.0 -0.5 Provisions 0.0 - - - 0.0 - - 0.0 Other -0.8 - - - 0.5 - - -0.3 Total net deferred tax assets and liabilities -23.8 -49.2 0.3 -2.5 19.1 0.8 1.5 -53.8 The reclassification of EUR 2.5 million in the table above is attributable to a finalised acquisition analysis during the year, related to an acquisition in 2021, in which a preliminary goodwill allocation was reduced and intangible assets increased, leading to higher deferred tax liabilities. Deferred tax assets and liabilities 2021 million EUR Opening balance Through acquired business Through divested business Reclassi- ficaton Reported in profit/loss Reported in other compre- hensive income Exchange differ- ences Closin g balanc e Deferred tax in balance sheet is attributable to: Tax losses carry forward 2.5 - - - -2.2 - 0.0 0. 3 Intangible assets -18.4 -0.9 0.2 -0.7 1.1 - -0.4 -19. 1 Tangible assets 0.9 -4.4 -0.2 0.9 -0.1 - 0.5 -2. 4 Inventories -0.2 - - - -0.2 - 0.0 -0. 4 Untaxed reserves -0.3 0.1 - - 0.2 - -0.1 -0. 1 Pension assets and liabilities -0.2 - - - -0.2 -0.8 -0.1 -1. 3 Provisions 0.1 - - - 0.0 - -0.1 0. 0 Other 0.0 -0.1 - -0.2 -0.7 - 0.1 -0. 8 Total net deferred tax assets and liabilities -15.6 -5.3 0.0 0.0 -2.1 -0.8 -0.1 -23. 8 Deferred tax assets are reported for tax losses carry forward or temporary differences to the extent that they are likely to be utlised against future taxable profits. All of the EUR 1.4 million of deferred tax assets attributable to tax losses carry forward have no due date. Tax losses carry forward corresponding to a tax value of EUR 14.6 million (EUR 12.0 million) were not recognised as deferred tax assets. EUR 13.8 million of those losses have no due date and the remaining EUR 0.8 million fall due between 2024 and 2032. The tax losses carry forward by the end of 2022 were attributable to Sweden, Finland, Germany, Norway and Poland. In addition, tax credits attributable to deferred interest deductions corresponding to a tax value of EUR 2.5 million (EUR 2.2 million) falling due between 2025 and 2027, were not recognised as deferred tax assets.",
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}
},
"fact-386": {
"value": "Note 12 Intangible assets
million EUR Goodwill Trademark
Customer
relations Technology
Patents,
licences & IT Total
As of 1 January 2021
Acquisition costs 85.1 21.3 64.1 9.0 13.6 193.1
Accumulated amortisations/write-downs -1.2 0.0 -14.0 -3.2 -11.4 -29.8
Carrying amount 83.8 21.3 50.1 5.8 2.2 163.2
Financial year 2021
Carrying amount brought forward 83.8 21.3 50.1 5.8 2.2 163.2
Exchange differences 1.6 0.3 1.7 0.1 -0.1 3.6
Acquisitions 0.0 - - - 4.6 4.6
Through acquired business 28.7 2.6 - 0.8 1.1 33.1
Divestment of business -1.1 - -0.5 -0.7 -0.5 -2.9
Reclassifications 0.0 - - 0.0 - 0.0
Disposals 0.0 - - - -0.8 -0.8
Amortisations - - -5.7 -1.0 -0.9 -7.6
Carrying amount carried forward 113.0 24.3 45.5 4.8 5.7 193.3
As of 31 December 2021
Acquisition costs 114.1 24.4 65.3 9.5 13.5 226.7
Accumulated amortisations/write-downs -1.0 -0.1 -19.8 -4.7 -7.9 -33.5
Carrying amount 113.0 24.3 45.5 4.8 5.7 193.3
million EUR Goodwill Trademark
Customer
relations Technology
Patents,
licences & IT Total
Financial year 2022
Carrying amount brought forward 113.0 24.3 45.5 4.8 5.7 193.3
Exchange differences -3.0 -0.4 -1.8 0.0 0.0 -5.2
Acquisitions - - - - 4.6 4.6
Through acquired business 161.4 22.5 23.4 4.9 1.1 213.3
Divestment of business -1.0 - - - - -1.0
Reclassifications -7.6 1.7 8.3 0.4 - 2.8
Writedown - - - 0.0 -0.1 -0.1
Disposals - - - - - 0.0
Amortisations - 0.0 -7.0 -1.4 -1.2 -9.6
Carrying amount carried forward 262.8 48.1 68.4 8.7 10.0 398.0
As of 31 December 2022
Acquisition costs 263.8 48.2 95.2 14.9 19.2 441.2
Accumulated amortisations/write-downs -1.0 -0.1 -26.8 -6.1 -9.2 -43.2
Carrying amount 262.8 48.1 68.4 8.7 10.0 398.0
Of the amortisations above, EUR 0.1 million in 2022 (0.2) was attributable to leases. The carrying amount of capitalised leases as
of December 31, 2022 was EUR 0.0 million (0.2).
In March 2021 IFRS IC update included an agenda decision on configuration and customisation costs in a cloud computing
arrangement, impacting costs associated with a Software as a Service (SaaS) cloud arrangement. Key areas to consider are
whether these costs can be capitalised as an intangible asset or as a prepayment or whether they must be expensed when
incurred. BEWI has started the implementation of a cloud-based ERP system and is consequently impacted by this IFRS IC deci-
sion and BEWI has therefore undertaken an analysis of the contract with the software supplier and the nature of the different
components of the implementation costs, to fully understand the accounting treatment of these costs and whether something
should be expensed. Initially, all costs incurred had been capitalised and intangible assets. The analysis was completed in
2022, leading to EUR 2.0 million being expensed, EUR 1.6 million being reclassified from intangible assets to prepaid expense
and EUR 2.7 million remaining as intangible assets. The amount recognised in intangible assets is mainly related to costs for
ancillary systems and support systems, such as manufacturing executing systems, which despite their integration with the new
cloud-based ERP system are separate from the SaaS arrangement and contract. The prepaid expenses are mainly attributable
to customisations of the ERP system to BEWI specific requirements. By the end of 2022, costs amounting to EUR 6.9 million
incurred in this ERP implementation have been capitalised as an intangible asset.
Considerations of impairment need for goodwill and trademark
Goodwill and trademarks have an indefinite useful life and are monitored each cash generating unit by the executive manage-
ment. Goodwill and trademarks divided by cash generative unit are summarised as follows:
Goodwill
million EUR 31 Dec 2022 31 Dec 2021
RAW 10.4 10.8
Insulation Nordics 4.6 6.5
Insulation Finland - 0.7
Insulation Netherlands 20.9 20.9
Insulation Belgium 4.4 -
Insualtion Lithuania 9.0 -
Insualtion UK 11.2 -
Packaging & Components Sweden 2.6 2.8
Packaging & Components Denmark 9.8 9.8
Packaging & Components Netherlands 1.7 1.7
Packaging & Components Norway 47.5 33.0
Packaging & Components Portugal & Spain 5.4 5.4
Packaging & Components Poland 4.1 4.2
Circular 24.4 5.0
Goodwill not divided on segment, pending PPA 106.8 12.0
Total 262.8 113.0
Trademarks
million EUR 31 Dec 2022 31 Dec 2021
RAW 0.6 0.6
Insulation Netherlands 5.9 5.9
Insulation Nordics 0.4 0.7
Insulation UK 2.4 -
Insualtion Lithuania 2.6 -
Insulation Belgium 1.7 -
Packaging & Components Denmark 5.1 5.1
Packaging & Components Netherlands 2.3 2.3
Packaging & Components Norway 6.0 6.0
Packaging & Components Portugal & Spain 1.1 1.1
Packaging & Components Poland 2.6 2.6
Circular 2.8 -
Trademark not divided on segment, pending PPA (attributable to Jackson acquisition) 14.7 -
Total 48.1 24.3
The assumptions used for calculating the value in use are the same for goodwill and trademarks. The executive management
has assessed that revenue growth, operating margin, discount rate and long-term growth are the most critical assumptions in
the impairment assessment. The recoverable amount has been assessed based on estimates of the value in use. The estimates
are based on future estimated cash flow before tax based on financial budgets and business plans for the next year, approved
by the senior executives, and extrapolated for an additional four-year period, assuming a prudent increase in both revenue and
costs of 2.0 per cent or more in case there are specific circumstances, such as a turnaround case or a recovery from a macro
economic slowdown. This has been the case for the automotive business and for Insulation in the Nordics. The estimates are
based on the executive management\u2019s experience and historical data. The discount rate after tax amounts to 8.6 per cent (6.6
per cent). The long-term sustainable growth rate has been estimated at 2 per cent (2 per cent) for all cash generating units and
has been assessed in accordance with industry forecasts. No impairment of goodwill or intangible fixed assets was identified
in 2022. A change in the discount rate of 1 per cent or reduced cash flow of 10 per cent would not change the outcome of the
test. Tangible fixed assets of EUR 0.8 million were written down in 2022 (EUR 1.0 million), based on an individual assessment for
those assets.
",
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"fact-387": {
"value": "Note 12 Intangible assets million EUR Goodwill Trademark Customer relations Technology Patents, licences & IT Total As of 1 January 2021 Acquisition costs 85.1 21.3 64.1 9.0 13.6 193.1 Accumulated amortisations/write-downs -1.2 0.0 -14.0 -3.2 -11.4 -29.8 Carrying amount 83.8 21.3 50.1 5.8 2.2 163.2 Financial year 2021 Carrying amount brought forward 83.8 21.3 50.1 5.8 2.2 163.2 Exchange differences 1.6 0.3 1.7 0.1 -0.1 3.6 Acquisitions 0.0 - - - 4.6 4.6 Through acquired business 28.7 2.6 - 0.8 1.1 33.1 Divestment of business -1.1 - -0.5 -0.7 -0.5 -2.9 Reclassifications 0.0 - - 0.0 - 0.0 Disposals 0.0 - - - -0.8 -0.8 Amortisations - - -5.7 -1.0 -0.9 -7.6 Carrying amount carried forward 113.0 24.3 45.5 4.8 5.7 193.3 As of 31 December 2021 Acquisition costs 114.1 24.4 65.3 9.5 13.5 226.7 Accumulated amortisations/write-downs -1.0 -0.1 -19.8 -4.7 -7.9 -33.5 Carrying amount 113.0 24.3 45.5 4.8 5.7 193.3 million EUR Goodwill Trademark Customer relations Technology Patents, licences & IT Total Financial year 2022 Carrying amount brought forward 113.0 24.3 45.5 4.8 5.7 193.3 Exchange differences -3.0 -0.4 -1.8 0.0 0.0 -5.2 Acquisitions - - - - 4.6 4.6 Through acquired business 161.4 22.5 23.4 4.9 1.1 213.3 Divestment of business -1.0 - - - - -1.0 Reclassifications -7.6 1.7 8.3 0.4 - 2.8 Writedown - - - 0.0 -0.1 -0.1 Disposals - - - - - 0.0 Amortisations - 0.0 -7.0 -1.4 -1.2 -9.6 Carrying amount carried forward 262.8 48.1 68.4 8.7 10.0 398.0 As of 31 December 2022 Acquisition costs 263.8 48.2 95.2 14.9 19.2 441.2 Accumulated amortisations/write-downs -1.0 -0.1 -26.8 -6.1 -9.2 -43.2 Carrying amount 262.8 48.1 68.4 8.7 10.0 398.0 Of the amortisations above, EUR 0.1 million in 2022 (0.2) was attributable to leases. The carrying amount of capitalised leases as of December 31, 2022 was EUR 0.0 million (0.2). In March 2021 IFRS IC update included an agenda decision on configuration and customisation costs in a cloud computing arrangement, impacting costs associated with a Software as a Service (SaaS) cloud arrangement. Key areas to consider are whether these costs can be capitalised as an intangible asset or as a prepayment or whether they must be expensed when incurred. BEWI has started the implementation of a cloud-based ERP system and is consequently impacted by this IFRS IC deci- sion and BEWI has therefore undertaken an analysis of the contract with the software supplier and the nature of the different components of the implementation costs, to fully understand the accounting treatment of these costs and whether something should be expensed. Initially, all costs incurred had been capitalised and intangible assets. The analysis was completed in 2022, leading to EUR 2.0 million being expensed, EUR 1.6 million being reclassified from intangible assets to prepaid expense 121121",
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}
},
"fact-388": {
"value": "Note 13 Tangible assets million EUR Buildnings and land Plant and other technical machinery Equipment, tools, fixtures and fittings Construction in progress and advance payments for property, plant and equipment Total As of 1 January 2021 Acquisition costs 89.3 255.0 30.6 9.4 384.3 Accumulated depreciations/write-downs -19.3 -174.3 -20.4 -0.1 -214.0 Carrying amount 70.0 80.0 10.2 9.3 170.3 Financial year 2021 Carrying amount brought forward 70.0 80.8 10.2 9.3 170.3 Exchange differences 1.0 0.9 0.1 -0.1 1.9 Acquisitions 0.4 17.9 1.4 11.5 31.2 Capitalised leases 2.4 0.1 3.1 - 5.7 Through acquired business 26.9 7.8 1.5 1.7 37.8 Divestment of business -0.5 -0.3 - - -0.8 Writedown 0.0 -0.9 -0.0 - -1.0 Reclassifications 0.2 11.4 0.4 -12.0 0.0 Disposals 0.0 -0.3 -0.3 -0.2 -0.8 Depreciations -9.2 -16.1 -3.9 - -29.2 Carrying amount carried forward 91.3 101.3 12.4 10.1 215.1 As of 31 December 2021 Acquisition costs 123.5 300.8 40.3 10.1 474.8 Accumulated depreciations/write-downs -32.3 -199.5 -27.9 -0.0 -259.7 Carrying amount 91.3 101.3 12.4 10.1 215.1 million EUR Buildnings and land Plant and other technical machinery Equipment, tools, fixtures and fittings Construction in progress and advance payments for property, plant and equipment Total Financial year 2022 Carrying amount brought forward 91.3 101.3 12.4 10.1 215.1 Exchange differences -5.4 -2.8 -0.2 -0.1 -8.5 Acquisitions 1.5 18.1 4.3 13.8 37.8 Capitalised leases 73.5 0.4 2.2 - 76.1 Through acquired business 175.1 76.9 20.0 14.4 286.4 Divestment of business -1.5 -0.5 -2.7 -3.6 -8.3 Writedown 0.0 -0.8 0.0 - -0.8 Reclassifications 1.4 6.3 -1.2 -7.0 -0.4 Disposals -85.3 -0.8 -2.0 -3.8 -91.9 Depreciations -12.1 -20.1 -4.4 - -36.7 Carrying amount carried forward 238.6 178.0 28.2 23.9 468.8 As of 31 December 2022 Acquisition costs 283.0 398.5 60.5 24.0 766.0 Accumulated depreciations/write-downs -44.4 -220.5 -32.3 -0.0 -297.3 Carrying amount 238.6 178.0 28.2 23.9 468.8 Amounts above attributable to leases: Depreciations 2022 -9.6 -1.5 -2.0 -13.1 Of which is attributable to IFRS 16 -9.6 -0.3 -1.9 -11.8 Carrying amount 31 December 2022 140.1 5.6 7.0 152.7 Of which is attributable to IFRS 16 140.1 2.7 6.3 149.1 Depreciations 2021 -7.6 -1.9 -1.8 -11.3 Of which is attributable to IFRS 16 -7.6 -0.4 -1.8 -9.7 Carrying amount 31 December 2021 53.1 4.7 4.3 62.0 Of which is attributable to IFRS 16 52.7 0.3 4.3 57.4",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-389": {
"value": "Note 14 Business acquisitions
Cash flow from acquisition of business
million EUR 2022 2021
Cash consideration -228.0 -73.3
Cash in acquired business -2.9 19.3
Total cash out/-inflow -230.9 -54.0
Business acquisitions during the year
Jablite Group Ltd
On 18 May 2022, BEWI announced the signing of an agreement to acquire an additional 51 per cent of the leading UK based
insulation and packaging company Jablite Group (\u201cJablite\u201d), with an annual turnover of approximately GBP 40 million, thereby
becoming 100 per cent owner of the company. BEWI has held 49 per cent in Jablite since June 2020 and the company has until
the last acquisition been reported as an associated company in accordance with the equity method. The group is consolidated
as a subsidiary as from 1 June 2022. Jablite has approximately 50 years of experience from innovating and developing EPS
solutions for insulation and packaging. The group includes the manufacturer and supplier of solutions for insulation and civil
engineering named Jablite and the producer of packaging products named Styropack.
The adjusted acquisition analysis presented below gave rise to goodwill of EUR 11.7 million, which I related to synergies such
as future market growth opportunities and future cost savings. The main value adjustments were related to trademarks and
customer relations. Goodwill is not tax deductible. Until 31 December 2022, Jablite had contributed EUR 35.4 million to the
group\u2019s net sales, EUR 1.3 million to adjusted EBITDA and EUR 0.3 million to EBIT, excluding transaction costs and capital gains
from revaluation of shares in associate. Of this, EUR 0.4 million in adjusted EBITDA and EUR 0.3 million in EBIT are attributable to
Jablite\u2019s result when being an associated company. If the acquisition of the remaining 51 per cent of Jablite had taken place on
1 January, Jablite would have contributed EUR 58.6 million to the group\u2019s net sales, EUR 3.2 million to adjusted EBITDA and EUR
1.1 million to EBIT. Transaction costs amounted to EUR 0.3 million.
Amounts in million EUR Total
Cash consideration during the period 11.7
Capital gain from revaluation of shares in associate
2
9.7
Book value of shares in associate 1.6
Total 23.0
Recognised amount of identifiable assets and acquired liabilities assumed
Trademark 2.5
Customer relations 8.0
Other intangible assets 0.0
Property, plant and equipment 17.4
Other fixed assets 0.1
Inventory 4.3
Current receivables 11.4
Cash and cash equivalents 0.3
Non-current liabilities -15.1
Deferred tax liability -3.0
Current liabilities -14.5
Total identifiable net assets 11.4
Goodwill 11.7
Cash and cash equivalents in acquired business 0.3
Total cash outflow from acquisition of business during the period -11.5
1
The acquisition analysis is preliminary
2
BEWI owned 49 per cent of Jablite Group Ltd before the acquisition of the additional 51 per cent of the group. This is consequently a transaction of a business
combination achieved in stages. In a business combination achieved in stages, IFRS 3 states that the acquirer shall remeasure its previously held equity interest
in the acquiree at its acquisition-date fair value and recognise the resulting gain in the statement of income
Trondhjems Eskefabrikk AS, Berga Recycling Inc, Aislamientos y Envases, S.L. (\u201cAislenvas\u201d)
and Inoplast s.r.o. (\u201cInoplast)
On 12 April 2022, BEWI announced the signing of an agreement to acquire the Norwegian paper packaging company
Trondhjems Eskefabrikk AS. The company is consolidated as from 1 May. Trondhjems Eskefabrikk is manufacturing fibre-based
packaging products, such as carton boxes to the food industry, which are 100 per cent recyclable, and a significant share of
the raw material used is recycled fibres. The acquisition provides BEWI with an extended offering of recyclable and recycled
products, in line with the company\u2019s strategy to provide its customers with complementary solutions. Also, the acquisition
supports the company\u2019s sustainability target to increase the use of non-fossil raw materials. For 2021, Trondhjems Eskefabrikk
had revenues of approximately EUR 13.5 million, up from EUR 11.7 million for 2020.
On 10 June 2022, BEWI announced the signing of Berga Recycling Inc., a world leader in the purchase and sale of materials for
recycling. Berga\u2019s vision is to become the world\u2019s largest agency for materials for recycling. In 2021, the company purchased and
sold an annual volume of approximately 82 000 tonnes of materials for recycling through a network of hundreds of customers
globally. The trading is completed through an online trading platform, which is linked to Berga\u2019s comprehensive network of
logistic partners. Through the system, customers can track the delivery of the material, enabling improved planning throughout
the value chain and securing a seamless process from the completion of the transaction to the delivery of the material. For 2021,
Berga had sales revenues of approximately EUR 31 million, with an EBITDA margin of approximately 10 per cent. The company
has shown a sustained profitable growth of more than 20 per cent the last three years. The company is consolidated as from
1 June.
On 28 November 2022, BEWI announced that the company has entered an agreement to acquire 80 per cent of the leading
Spanish insulation company Aislenvas, on 7 December 2022 the transaction was finalised. Aislenvas operates three facilities, all
in the same industrial area, manufacturing a variety of EPS-based solutions. The company\u2019s key products are insulation solutions,
including EPS boards for underfloor heating and EPS panels for External Thermal Insulation Composite Systems (ETICS) used
to improve the energy efficiency for building renovations. In addition, Aislenvas provides a range of other EPS-based products,
such as packaging and industrial applications.In 2021, Aislenvas had revenues of approximately EUR 16.0 million, with an EBITDA
of EUR 3.5 million. From 2018 to 2021, Aislenvas recorded significant and profitable growth, mainly driven by increased demand
for underfloor heating products, increased sales for key customers and high retention rate for other customer. The company is
consolidated as from 31 December.
On 6 December 2022, BEWI announced the acquisition of an additional 66 per cent of the Czech recycling company Inoplast,
becoming owner of 100 per cent of the company. BEWI first announced its acquisition of 34 per cent of Inoplast in March 2021.
Inoplast specialises in recycling of plastics, mainly expanded polystyrene (EPS), but also other types of plastics. The company
has a recycling facility located approximately 35 km from Prague in the city of Slan\u00fd, with modern and versatile machinery,
allowing for recycling of various plastic waste. In addition to recycling EPS, the company recycles polypropylene (PP), HDPE
(high density polyethylene) film, PET, and various other plastics from production waste. The company is consolidated as from
31 December.
The combined acquisition analyses for these acquisitions is presented below and gave rise to a goodwill of EUR 48.6 million,
which relates to synergies such as future market growth opportunities and future cost savings. The main fair value adjustments
were related to trademark, customer relations and technology. Goodwill is not tax deductible. Until 31 December 2022, the
companies had contributed EUR 22.8 million to the group\u2019s net sales, EUR 3.5 million to adjusted EBITDA and EUR 2.1 million to
EBIT, excluding transaction costs. If the acquisition of the companies had taken place on 1 January, they would have contributed
EUR 42.2 million to the group\u2019s net sales, EUR 5.6 million to adjusted EBITDA and EUR 4.5 million to EBIT. Transaction related costs
amounted to EUR 2.3 million.
Amounts in million EUR Total
Cash consideration during the period 64.0
Promissory note 2.4
Capital gain from revaluation of shares in associate
2
1.1
Book value of shares in associate 0.4
Total 67.9
Recognised amount of identifiable assets and acquired liabilities assumed
Trademark 2.9
Customer relations 6.0
Technology 3.1
Other intangible assets 0.1
Property, plant and equipment 11.7
Other fixed assets 0.9
Inventory 3.8
Current receivables 12.2
Cash and cash equivalents 4.1
Non-current liabilities -9.1
Deferred tax liability -3.4
Current liabilities -12.1
Total identifiable net assets 20.2
Liabilities to non-controlling interests 0.9
Goodwill 48.6
Cash and cash equivalents in acquired business 4.1
Total cash outflow from acquisition of business during the period -59.9
1
The acquisition analyses are preliminary
2
BEWI owned 34 per cent of Inoplast before the acquisition of the additional 66 per cent of the group. This is consequently a transaction of a business combi-
nation achieved in stages. In a business combination achieved in stages, IFRS 3 states that the acquirer shall remeasure its previously held equity interest in the
acquiree at its acquisition-date fair value and recognise the resulting gain in the statement of income
UAB Baltijos Polistirenas (\u201cBalPol\u201d)
On 18 February 2022 BEWI announced entering a letter of intent to acquire 100 per cent of a Baltic insulation company. On
1 July 2022 BEWI announced that an agreement to acquire the company was signed and on 31 August 2022 the transaction was
finalised.
BalPol is the market leader in Lithuania for insulation solutions from expanded polystyrene (EPS) and PIR, and for EPS packaging
solutions. BalPol, which was established in 2002, has approximately 150 employees and currently operates two downstream
facilities, whereas one facility produces PIR and MW sandwich panels and PIR insulation boards, while the other produces
insulation solutions from EPS for construction and packaging products from EPS and EPE.
BalPol demonstrated solid growth and improved profitability in 2021, recording revenues of approximately EUR 31.0 million and
an EBITDA of approximately EUR 4.3 million. The increase is mainly explained by favourable market conditions, a broadened
product range and increases sales prices.
The total consideration for the shares in BalPol amounts to approximately EUR 29.2 million, of which 50 per cent has been paid
in cash and 50 per cent has been settled by the issuance of 2 238 188 consideration shares in BEWI at a share price of NOK 64.64
per share. The price per share is calculated based on a three (3) months weighted average price from 23 August 2022. The share
capital increase was resolved by the board of directors by use of the authorisation granted by the annual general meeting on
2 June 2022. The company is consolidated as from 1 September.
The adjusted acquisition analysis presented below gave rise to goodwill of EUR 9.0 million, which relates to synergies such as
future market growth opportunities and future cost savings. The main value adjustments were related to buildings & land,
trademark, and customer relations. Goodwill is not tax deductible. Until 31 December 2022, BalPol had contributed EUR 8.7
million to the group\u2019s net sales, EUR 0.5 million to adjusted EBITDA and EUR 0.1 million to EBIT, excluding transaction costs. If the
acquisition of BalPol had taken place on 1 January, BalPol would have contributed EUR 34.7 million to the group\u2019s net sales,
EUR 3.3 million to adjusted EBITDA and EUR 2.2 million to EBIT. Transaction costs amounted to EUR 0.1 million.
Amounts in million EUR Total
Cash consideration 14.4
Paid in shares 12.9
Total 27.4
Recognised amount of identifiable assets and acquired liabilities assumed
Trademark 2.6
Technology 0.0
Customer relations 10.1
Other intangible assets 0.0
Property, plant and equipment 8.6
Other fixed assets 0.7
Inventory 6.5
Current receivables 4.1
Cash and cash equivalents 0.1
Non-current liabilities -2.0
Deferred tax liability -3.0
Current liabilities -9.3
Total identifiable net assets 18.4
Goodwill 9.0
Cash and cash equivalents in acquired business 0.1
Total cash outflow from acquisition of business -14.3
1
The acquisition analysis is preliminary
Jackon Holding AS
In October 2021, BEWI received acceptance from all shareholders on its offer for the acquisition of the Norwegian family-owned
packaging and insulation company Jackon Holding.
On 12 October 2022, the company announced that it had received final approvals from all relevant competition authorities to
proceed with closing of the acquisition. The approval in Finland was conditional upon BEWI divesting two insulation facilities,
located in Tarvasjoki and Ruukki. The divestments were completed on 24 October 2022.
In Norway, the approval was conditional upon divestments of Jackon\u2019s packaging facility in Alta and the share (63 per cent) of
the packaging facility called Kasseriet in Gratangen. The divestments were completed on 26 October 2022. In total, revenues for
the four facilities divested represent less than two per cent of the combined company\u2019s annual turnover.
On 19 October, BEWI announced that the acquisition of Jackon was completed. On this date, BEWI issued 32 070 000 new shares
directed to the Akselsen family and their investment company HAAS AS, as consideration for their 50 per cent holding of the
shares of Jackon. The shares are subject to a 12-months lock-up from issuance. The shareholders holding the remaining 50 per
cent accepted received approximately NOK 1.3 billion in cash upon closing.
Jackon was consolidated from 1 November 2022.
At the time of the release of this report, the acquisition analysis for Jackon is preliminary and gave rise to goodwill of EUR 94.2
million. A complete acquisition analysis is expected to be presented in 2023, leading to fair value adjustments of intangible
assets and a corresponding change in goodwill. Goodwill is not tax deductible. Until 31 December 2022, Jackon had con-
tributed EUR 54.0 million to the group\u2019s net sales, EUR 1.5 million to adjusted EBITDA and EUR -0.4 million to EBIT, excluding
transaction costs. If the acquisition of Jackon had taken place on 1 January, Jackon would have contributed EUR 423.0 million to
the group\u2019s net sales, EUR 24.2 million to adjusted EBITDA and EUR 11.3 million to EBIT. Transaction costs amounted to EUR 7.9
million.
Amounts in million EUR Total
Cash consideration 128.9
Paid in shares 148.8
Total 277.6
Recognised amount of identifiable assets and acquired liabilities assumed
Trademark 15.1
Technology 1.9
Other intangible assets 1.0
Property, plant and equipment 247.0
Other fixed assets 2.0
Inventory 57.2
Current receivables 76.8
Cash and cash equivalents -7.4
Non-current liabilities -92.3
Deferred tax liability -39.9
Current liabilities -77.2
Total identifiable net assets 184.1
Liabilities to non-controlling interests -0.7
Goodwill 94.2
Cash and cash equivalents in acquired business -7.4
Total cash outflow from acquisition of business -136.3
1
The acquisition analysis is preliminary
IZOBLOK
On 2 November 2021, BEWI launched a tender offer for the acquisition of all outstanding shares in IZOBLOK. The offer was com-
pleted on 31 January 2022. Under the tender offer, BEWI received acceptances for a total of 121 870 shares at a price per share of
PLN 50.41, amounting to a total consideration of approximately EUR 1.3 million Settlement of the transaction was completed on
7 February 2022. After this transaction, BEWI owns (indirectly) 64.28 per cent of the shares, corresponding to 73.21 per cent of
the voting rights in IZOBLOK.
Other
In 2022, BEWI has also acquired non-controlling interests and settled final purchase price related to acquisitions carried out in
2021, leading to a total cash payment of EUR 7.5 million. This has not resulted in any changes to the fair value of acquired assets
and liabilities in business combinations.
Note 15 Sale of business
The acquisition of Jackon was conditional upon divestment of two insulation facilities in Finland and two packaging facilities
in Norway. In Finland, BEWI entered an agreement for the sale of the two insulation facilities located in Tarvasjoki and Ruukki. In
Norway, the agreement was entered into with the companies Kasseriet Alta AS and Kasseriet Holding AS for the sale of Jackon\u2019s
facility in Alta and its shares in Kasseriet AS in Gratangen (63 per cent) respectively. Until the date of divestment, the companies
contributed EUR 13.1 million to the group\u2019s net sales, EUR 1.0 million to adjusted EBITDA and EUR 0.8 million to EBIT in 2022.
million EUR Total
Cash consideration 8.1
Total 8.1
Recognised amount of identifiable assets and liabilities
Goodwill 1.0
Property, plant and equipment 8.3
Other fixed assets 0.1
Inventory 2.1
Current receivables 4.6
Cash and cash equivalents 0.3
Non-current liabilities -0.0
Deferred tax liability -0.3
Current liabilities -6.5
Total identifiable net assets 9.5
Cash and cash equivalents in sold business 0.3
Total cash inflow from sale of business 7.8
",
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"fact-390": {
"value": "Note 16 Shares in associates
Name
Carrying
amount
31 Dec 2021
Through
acquired
business
Acquired as
a subsidiary Dividend
Share of
income
Exchange
difference
Carrying
amount
31 Dec 2022
HIRSCH Porozell GmbH 4.8 - - -2.0 3.2 -0.1 5.8
HIRSCH France SAS 6.5 - - -0.9 -0.1 5.5
Jablite Group Ltd 1.4 - -1.7 - 0.3 - -
Inoplast S.R.O 0.3 - -0.4 - 0.1 - -
BEWI EPS ehf. 0.8 - - - - - 0.8
Energij\u00e4garna AB (E&D) - 1.0 - - - - 1.0
Total 13.8 1.1 -2.1 -2.0 2.8 -0.2 13.2
Name
Carrying
amount
31 Dec 2020
Acquisitions
during the
year
Acquired as
a subsidiary Dividend
Share of
income
Exchange
difference
Carrying
amount
31 Dec 2021
HIRSCH Porozell GmbH 2.4 - - -1.0 3.4 - 4.8
HIRSCH France SAS 5.4 - - - 0.9 0.1 6.5
Jablite Group Ltd 0.1 - - - 1.4 - 1.4
Inoplast S.R.O - 0.3 - - 0.0 - 0.3
BEWI EPS ehf. - 0.8 - - - - 0.8
Total 8.0 1.1 - -1.0 5.7 0.1 13.8
Share of income from Jablite Group Ltd in 2021 includes a positive amount of EUR 0.9 million, corresponding to BEWI\u2019s share of
reversal of negative goodwill.
Non-current receivables associates 31 Dec 2022 31 Dec 2021
As of 1 January 4.2 4.1
Loans repaid -2.3 -
Acquired as a subsidiary -1.9
Exchange rate difference - 0.1
As of 31 December - 4.2
Summarised financial information for associates
2022 Net sales EBITDA
Operating profit
(EBIT) Net profit
HIRSCH Porozell GmbH 144.9 17.8 14.4 9.3
HIRSCH France SAS 86.9 3.2 -3.0 -2.5
Jablite Group Ltd
1
22.5 1.5 1.3 0.8
Inoplast S.R.O 7.4 0.4 0.2 0.2
BEWI EPS ehf. - - - -
31 Dec 2022
Non-current
assets Current assets
Non-current
liabilities Current liabilities Net debt
HIRSCH Porozell GmbH 45.7 44.5 12.6 29.3 8.1
HIRSCH France SAS 35.8 26.3 25.9 18.1 13.6
Jablite Group Ltd 3.6 16.0 3.0 13.1 6.0
Inoplast S.R.O 2.6 1.1 - 2.4 1.2
BEWI EPS ehf. - - - - -
1
Net sales, EBITDA, EBIT and Net profit for Jablite Group Ltd referes to period January to May when Jablite was an associated company. The balance sheets items
in the table above are adjusted to reflect adjustments made by BEWI when the associates are included in the consolidated accounts by applying the equity
method. The balance sheets in the statutory accounts for these companies will therefore deviate to the table above for some of the items.
HIRSCH Porozell GmbH (34 per cent ownership)
In connection with the acquisition of Synbra in 2018, 66 per cent of Synbra\u2019s shares in the German company Isobouw GmbH
was divested to Hirsch Servo Group. At the same time, BEWI obtained 34 per cent in the newly incorporated company Hirsch
Porozell GmbH, which acquired Saint Gobain\u2019s insulation operations at four sites in Germany. The other 66 per cent is held by
Hirsch Servo Group. In 2019, Isobouw GmbH was merged into Hirsch Porozell GmbH and the combined company now operates
six insulation production sites in Germany.
Hirsch France SAS (34 per cent ownership)
On 31 December 2019, BEWI, together with Hirsch Servo Group, closed a deal in which six insulation production sites in France
and 49.9 per cent of the shares in the French company Issosol SAS were acquired from Placopatre SA, a subsidiary of Saint
Gobain. The acquisitions are done through a newly incorporated French company, Hirsch France SAS, 34 per cent owned by
BEWI and 66 per cent owned by Hirsch Servo Group.
BEWI EPS ehf. (49 per cent ownership)
BEWI owns 49% in the company BEWI EPS ehf. located on Iceland. The company has not yet commenced operations.
Energij\u00e4garna AB (49.8 per cent ownership)
In connection with the acquisition of Jackon, Energij\u00e4garna AB became part of BEWI Group as an associated company.
Erergij\u00e4garna AB is owned by Jackon AB.
Remondis Technology Sp. z.o.o.
BEWI owns 34% in the Polish recycling company Remondis Technology Sp. z.o.o since the acquisition of BEWi Drift Holding AS
in 2020. The company is, among other things, collecting and reusing EPS for recycling in extruders and selling the end products
to BEWI\u2019s RAW business.
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"fact-391": {
"value": "Note 17 Financial instruments per category 31 December 2022 million EUR Financial assets measured at fair value through profit and loss Financial assets measured at amortised cost Total Balance sheet assets Other long-term receivables - 0.1 0.1 Participations in other companies 6.1 - 6.1 Accounts receivables - 156.7 156.7 Current derivative assets 8.3 - 8.3 Cash and cash equivalents - 47.5 47.5 Total 14.4 204.3 218.7 31 December 2022 million EUR Financial liabilities measured at fair value through profit and loss Financial liabilities measured at amortised cost Total Balance sheet liabilities Non-current bond loan - 246.9 246.9 Non-current liabilities to credit institutions - 87.8 87.8 Non-current liabilities leases - 150.4 150.4 Current liabilities to credit institutions - 69.5 69.5 Overdraft facillity - 22.7 22.7 Current liabilities leases - 20.1 20.1 Current derivative liability 0.4 - 0.4 Account payables - 83.5 83.5 Total 0.4 681.0 681.4 31 December 2021 million EUR Financial assets measured at fair value through profit and loss Financial assets measured at amortised cost Total Balance sheet assets Other long-term receivables - 4.2 4.2 Participations in other companies 9.8 - 9.8 Accounts receivables - 98.8 98.8 Current derivative assets 0.2 - 0.2 Cash and cash equivalents - 142.3 142.3 Total 10.0 245.4 255.5 31 December 2021 million EUR Financial liabilities measured at fair value through profit and loss Financial liabilities measured at amortised cost Total Balance sheet liabilities Non-current bond loan - 246.1 246.1 Non-current liabilities to credit institutions - 9.8 9.8 Non-current liabilities leases - 66.1 66.1 Other financial non-current liabilites 1 4.3 - 4.3 Current liabilities to credit institutions - 3.0 3.0 Overdraft facillity - 0.8 0.8 Current liabilities leases - 13.0 13.0 Current derivative liability 0.2 - 0.2 Account payables - 89.7 89.7 Total 4.5 428.4 432.9 1 Other financial non-current liabilities include the option to acquire non-controlling interests, valued at EUR 3.8 million, and EUR 0.5 million in liabilities for non-current derivatives",
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},
"fact-393": {
"value": "Note 19 Inventory The expenditure for inventory carried as an expense forms part of the items raw materials and consumables and goods for resale in the income statement and amounts to EUR 568.4 million (EUR 397.1 million). EUR 1.1 million (EUR 1.2 million) was expensed as write-downs of inventory in 2022. The group reversed EUR 0.6 million (EUR 0.5 million) in 2022 of earlier write-downs of the inventory. The expense and reversed amount is reported in the item raw materials and consumables in the income statement.",
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"fact-394": {
"value": "Note 22 Share capital The number of shares as of December 31, 2022 amounted to 191 347 992, each with a par value of NOK 1. Each share entitles to one vote. All shares issued by the parent company are fully paid. Fully paid ordinary share Type of change Date of decision Changes in number of shares Change in share capital Total number of shares Total share capital (NOK) Par value (NOK) As of 31 Dec 2020 148 410 874 148 410 874 1.00 New share issue 6 May 2021 7 067 138 7 607 138 155 478 012 155 478 012 1.00 New share issue 7 Jul 2021 1 132 792 1 132 792 156 610 804 156 610 804 1.00 As of 31 Dec 2021 156 610 804 156 610 804 1.00 New share issue 9 Mar 2022 429 000 429 000 157 039 804 157 039 804 1.00 New share issue 9 Sep 2022 2 238 188 2 238 188 159 277 992 159 277 992 1.00 New share issue 19 Oct 2022 32 070 000 32 070 000 191 347 992 191 347 992 1.00 As of 31 Dec 2022 191 347 992 191 347 992 1.00 Following the authorisation from the extraordinary general meeting on 16 November 2020, the board of directors on 6 May 2021 resolved to issue 7 067 138 new shares for subscription price of NOK 28.30 in a private placement that raised NOK 200 million, equal to EUR 19.6 million. Net of transaction costs, equity increased by EUR 18.9 million. On the 3 June 2021, the annual general meeting of the company authorised the board of directors to increase the share capital of the company to inter alia strengthen the equity of the company, finance future growth and acquisitions and to increase the liquidity and spread of ownership in respect of the shares and for other purposes as the board of directors decides, by up to NOK 31 095 602, equivalent to 20% of the share capital at the time the authorisation was granted. The authorisation was valid until the annual general meeting in 2022, however expiring at the latest on 30 June 2022. Following the authorisation, the Board of Directors on 7 July 2021 resolved to issue 1 132 792 new shares for a subscription price of NOK 27.50 per share in a private placement, as part of the consideration for the shares in IZOBLOK, and directed towards the majority seller of that company. The new share issue increased equity by NOK 31.2 million, equal to EUR 3.1 million. On 2 March, following the exercise of share options by option holders under the company\u2019s share option programme, the board of directors resolved to increase the company\u2019s share capital by NOK 429 000, by the issuance of 429 000 new shares at a subscription price of NOK 24.06 per share. On the 16 of February 2022, an extra general meeting of the company authorised the board of directors to increase the share capital by up to 32 070 000 shares. The authorization could only be used in connection with the company\u2019s acquisition of shares in Jackon Holding AS. Following the authorisation, the board resolved to issue 32 070 000 for the subscription price of NOK 45.9925 on the 19 October 2022. On the 2 June 2022, the annual general meeting of the company authorised the board of directors to acquire shares in the company on one or more occasions. The total nominal value of shares acquired pursuant to this authorisation may not exceed NOK 15 703 980, equal to ten per cent of the company\u2019s share capital at the time the authorisation was given. The purchase price per share shall not be less than NOK 1 and not more than NOK 500. The purchase of own shares shall otherwise be com- pleted by the board of directors at its discretion. The authorisation is valid until the next annual general meeting, but not later than 30 June 2022. By 31 December 2022, no shares had been bought back. On the 2 June 2022, the annual general meeting of the company also authorised the board of directors to increase the share capital by 31 407 960 NOK. Within this aggregated amount, the authorisation may be used on more than one occasion to strengthen the equity of the company, finance future growth of the company\u2019s business, acquire companies with settlement in company\u2019s shares, increase the liquidity and spread the ownership in respect of the company\u2019s shares or for other purposes as the board decides. The authorisation is valid until the annual general meeting in 2023, and will in any cases expire 30 June 2023. Following the authorisation, the board of directors resolved to issue 2 238 188 new shares for the subscription price of 64.64 NOK per share in connection with the acqusition of UAB Baltijos Polistirenas. Largest shareholders Name Shares Per cent BEWI Invest AS 1 97 958 328 51.19 HAAS AS2 32 070 000 16.76 Kverva Industrier AS 15 292 424 7.99 J.P. Morgan SE 5 068 463 2.65 Skandinaviska Enskilda Banken AB 3 794 246 1.98 Nordea Bank Abp 3 585 405 1.87 M\uf645 Asset Management AB 2 943 258 1.54 AB SEB BANKAS 2 238 188 1.17 Union Bancaire Privee, UBP SA 2 165 467 1.13 Tredje AP-fonden 1 874 189 0.98 Other 24 358 024 12.73 Total 191 347 992 100.00 1 BEWI Invest AS is majority owned by members of the Bekken family. 2 HAAS AS is owned by members of the Akselsen family, including director of the board Andreas M. Akselsen.",
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"fact-395": {
"value": "Note 20 Prepaid expenses and accrued income million EUR 31 Dec 2022 31 Dec 2021 Prepaid energy tax expenses 0.6 0.4 Accrued bonus and discounts 1.1 0.5 Other items 10.9 4.0 Total 12.5 5.0",
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"fact-396": {
"value": "Note 21 Cash and cash equivalents million EUR 31 Dec 2022 31 Dec 2021 Bank balances 47.5 142.3",
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"fact-397": {
"value": "Note 23 Share-based incentive programme In November 2020, the board of directors exercised the authorisation given by the Extraordinary General Meeting on 16 November and launched a share-based incentive programme to a maximum of 25 key employees in the company, involving a maximum of 2 875 000 share options, and entitling the participants in the programme to subscribe for the same number of shares in the company during a three-year period. The number of share options outstanding as of 31 December 2022 represents 1.2 per cent of the number of shares outstanding as of that date. The purpose of the programme is to further align the interests of the company and its shareholders by providing incentives in the form of awards to employees to motivate them to contribute materially to the success and profitability of the company. This programme will also enable the company to attract and retain such employees. Settlement of the options may, at the discretion of the board of directors, be done by issuing new shares or by using, if available, shares bought back by the company. At grant date on 19 November 2020, 2 625 000 share options were granted to 22 key employees. The share options entitle the partici- pants to subscribe for shares at a pre-set strike price, which is adjusted for dividends paid. Strike price at grant date was NOK 24.48, equal to 110 per cent of the average share price during five days preceding the grant date on 19 November 2020. As of 31 December 2022 strike price was NOK 22.96 (24.06). The gain per option may however not exceed the strike price at the time of exercise, multiplied by three minus strike price at grant date. The number of exercisable options will be reduced proportionally so that the maximum gain does not exceed the maximum gain per option multiplied by the numbers of options granted. This gain is calculated based on the average share price five days prior to the period of exercise. In the event the company is not capable of delivering shares (for reasons being lack of approval in the general meeting or lack of board authorisation to issue shares or lack of own shares in the Company) following an exercise of options, the company shall fulfil its obligations under the programme towards participants other than Swedish residents by way of making a cash payment equal to the excess, if any, of the share price over the strike price, multiplied by the number of exercisable options. The options will vest in three tranches during a three-year period, as presented in the table below. The options are exercisable during a window period after the release of the quarterly reports for the fourth and second quarters. Options that are not exercised within 5 years from the date of grant will lapse and become void. Percentage of option programme vesting Vesting date Expiry date 20% 19 November 2021 19 November 2025 30% 19 November 2022 19 November 2025 50% 19 November 2023 19 November 2025 The fair value of each option at grant date was calculated at NOK 4.59 per option. The Black-Scholes model was used for calculation of fair value and the following assumptions were used: Number of options 2 625 000 Number of potential shares 2 625 000 Contractual life 5 years Strike price 24.48 Share price 22.10 Expected lifetime 3.30 years Volatility 34.32% Interest rate 0.321% Dividend 0.00 The total value of the options granted in 2020 was EUR 1.1 million. EUR 0.6 million (0.7) of that was recognised as personnel costs during the year. In addition, EUR 0.6 million in income due to reversal of accrual (1.8 expense in 2021) was recognised during the year in personnel costs related to social security charges. The change in the number of options outstanding during the year is presented in the table below: 2022 2021 Outstanding as of 1 January 2 762 500 2 625 000 Granted during the year 40 000 305 000 Adjusted - 7 500 Exercised -429 000 Terminated - -175 000 Outstanding as of 31 December 2 373 500 2 762 500 Vested but no exercised 972 250 562 500 During the exercise window in March 2022, 429 000 shares were issued at a subscription price of 24.06. The average share price at the time of exercise was NOK 61.26.",
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},
"fact-398": {
"value": "In November 2020, the board of directors exercised the authorisation given by the Extraordinary General Meeting on 16 November and launched a share-based incentive programme to a maximum of 25 key employees in the company, involving a maximum of 2 875 000 share options, and entitling the participants in the programme to subscribe for the same number of shares in the company during a three-year period. The number of share options outstanding as of 31 December 2022 represents 1.2 per cent of the number of shares outstanding as of that date. The purpose of the programme is to further align the interests of the company and its shareholders by providing incentives in the form of awards to employees to motivate them to contribute materially to the success and profitability of the company. This programme will also enable the company to attract and retain such employees. Settlement of the options may, at the discretion of the board of directors, be done by issuing new shares or by using, if available, shares bought back by the company. At grant date on 19 November 2020, 2 625 000 share options were granted to 22 key employees. The share options entitle the partici- pants to subscribe for shares at a pre-set strike price, which is adjusted for dividends paid. Strike price at grant date was NOK 24.48, equal to 110 per cent of the average share price during five days preceding the grant date on 19 November 2020. As of 31 December 2022 strike price was NOK 22.96 (24.06). The gain per option may however not exceed the strike price at the time of exercise, multiplied by three minus strike price at grant date. The number of exercisable options will be reduced proportionally so that the maximum gain does not exceed the maximum gain per option multiplied by the numbers of options granted. This gain is calculated based on the average share price five days prior to the period of exercise. In the event the company is not capable of delivering shares (for reasons being lack of approval in the general meeting or lack of board authorisation to issue shares or lack of own shares in the Company) following an exercise of options, the company shall fulfil its obligations under the programme towards participants other than Swedish residents by way of making a cash payment equal to the excess, if any, of the share price over the strike price, multiplied by the number of exercisable options. The options will vest in three tranches during a three-year period, as presented in the table below. The options are exercisable during a window period after the release of the quarterly reports for the fourth and second quarters. Options that are not exercised within 5 years from the date of grant will lapse and become void. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "Note 24 Earnings per share million EUR 2022 2021 Profit for the period attributable to parent company shareholders (million EUR) 34.4 35.7 Average number of shares 164 109 723 153 336 017 Effect on options to employees 1 381 172 780 351 Diluted average number of shares 165 490 895 154 116 368 Earnings per share (EPS), basic (EUR) 0.21 0.23 Earnings per share (EPS), diluted (EUR) 0.21 0.23 Earnings per share (EPS), basic (NOK) 2.12 2.37 Earnings per share (EPS), diluted (NOK) 2.10 2.36 EPS in NOK is calculated using the average rate in the period. The number shares outstanding have increased from 156 610 804 to 191 347 992 compared to 31 December 2021 in three new share issues, one in March 2022, one in September 2022 and one in December 2022. Earnings per share is calculated by dividing profit attributable to parent company shareholders by the weighted number of ordinary shares during the period. In 2022, BEWI ASA distributed dividends of NOK 1 . 1 0 per share based on the results for the financial year of 2021. The dividends were distributed on 18 November 2022, following completion of the Jackon transaction in October. On 15 February 2023, the board of directors of BEWI proposed to pay a dividend of NOK 0.6 0 per share for the financial year of 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "1.1",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"fact-401": {
"value": "0.6",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"fact-402": {
"value": "Note 25 Borrowings
Interest-bearing liabilities
million EUR 31 Dec 2022 31 Dec 2021
Non-current
Bond loan 246.9 246.1
Liabilities to credit institutions 87.8 9.8
Liabilities leases 150.4 66.1
Other non-current liabilities 0.7 -
Total long-term borrowings 485.8 322.0
Current
Liabilities to credit institutions 69.5 3.0
Liabilities leases 20.1 13.0
Overdraft 22.8 0.8
Total current borrowings 112.4 16.7
Total borrowings 598.2 338.7
Specification of net debt
Net debt by the end of the reporting period, million EUR 31 Dec 2022 31 Dec 2021
Interest-bearing liabilities 598.2 338.7
Cash and cash equivalents 47.5 -142.3
Net debt in including IFRS 16 550.7 196.4
Adding back IFRS 16 leasing liabilities -168.4 -76.1
Net debt excluding IFRS 16 382.3 120.3
Change in net debt, million EUR 31 Dec 2022 31 Dec 2021
Change in interest-bearing liabilities 259.4 117.2
Change in cash and cash equivalents
Impact from cash flow for the period 91.9 -89.1
Impact from exchange differences 2.9 -1.8
Change in net debt including IFRS 16 354.3 26.3
Adding back change in IFRS 16 leasing liabilities -92.3 2.4
Change in net debt excluding IFRS 16 262.0 28.7
Change in interest-bearing liabilities Bond loan
Liabilities
to credit
institutions
Liabilities
leasing
Factoring
debt Overdraft Total
Interest-bearing liabilities as of
31 December 2021 246.1 12.8 79.1 - 0.8 338.7
Cash flow affecting changes - - - - - -
Borrowings - 62.3 - - 22.7 85.0
Repayment of loans -0.3 -3.8 - - -1.4 -5.5
Repayment of leasing liabilities - - -12.8 - - -12.8
Total cash flow in financing activities -0.3 58.5 -12.8 - 21.3 66.7
Changes not affecting cash flow - - - - - -
Through acquisitions - 91.1 34.1 0.7 1.1 127.0
Through divestments - - -0.1 - - -0.1
Capitalised leasing - - 76.1 - - 76.1
Amortisation financing costs 1.1 - - - - 1.1
Exchange differences - -5.1 -6.0 - -0.4 -11.5
Total changes not affecting cash flow 1.1 86.0 104.1 0.7 0.7 192.6
Total change 0.8 144.5 91.3 0.7 22.0 259.4
Interest-bearing liabilities as of
31 December 2022 246.9 157.3 170.5 0.7 22.8 598.2
Change in interest-bearing liabilities Bond loan
Liabilities
to credit
institutions
Liabilities
leasing
Factoring
debt Overdraft Total
Interest-bearing liabilities as of
31 December 2020 137.9 1.8 81.5 - 0.4 221.6
Cash flow affecting changes
Borrowings 245.4 2.4 - - 0.3 248.1
Repayment of loans -140.0 -1.5 - - -0.4 -141.9
Repayment of leasing liabilities - - -11.4 - - -11.4
Total cash flow in financing activities 105.4 0.9 -11.4 - -0.1 94.8
Changes not affecting cash flow
Through acquisitions - 10.3 3.0 - 0.5 13.8
Through divestments - - -0.6 - - -0.6
Capitalised leasing - - 5.4 - - 5.4
Amortisation financing costs 2.8 - - - - 2.8
Exchange differences 0.0 -0.2 1.1 - - 0.9
Total changes not affecting cash flow 2.8 10.1 8.9 - 0.5 22.3
Total change 108.2 11.0 -2.5 - 0.4 117.1
Interest-bearing liabilities as of
31 December 2021 246.1 12.8 79.1 - 0.8 338.7
Bond loans
Frame Amount outstanding Date of issuance
Maturity/redemtion
date
EUR 250 million EUR 250 million 3 September 2021 3 September 2026
The EUR 250 million bond, which is unsecured and linked to a sustainability framework, matures on 3 September 2026, with a
possibility for BEWI to unilaterally decide on an early redemption after 3 March 2025 of 50 per cent of the bonds outstanding at
that date. Net of financing costs, BEWI received EUR 245.4 million in cash from the bond issued during the year. The bonds are
recognised under the effective interest method at amortised cost after deductions for transaction costs. Interest terms, as well
as nominal interest rates and average interest rates recognised during the quarter are presented in the table below.
Nominal interest Average interest
Bond loan Interest terms 2022 2021 2022 2021
EUR 65 million Euribor 3 m + 3.15% 2.86-5.12% 2.58-2.60% 3.66% 3.09%
Liabilities to credit institutions and factoring debt
The group has a Revolving Credit Facility.The facility was increased during 2022 to a total of EUR 150 million (from 80 million) and
is granted by two banks. As part of this facility on of the participating banks is providing an overfraft facility. As of 31 December
2022 the RCF was utilised by EUR equivivalent 59.8 million and interest range between 2.7% - 3.8% during the year and the
overdraft was utilised with 6.3 million EUR equivivalent with an interest range of 0.7% - 3.1%. Interest-bearing liabilities in
acquired subsidiaries are normally settled and refinanced internally after the acquisition. However, in a specific cases liabilities
to credit institutions in acquired companies, including overdraft facilities, have not been subject refinancing post acquisition.
Such liabilities to credit institutions have carried an interest in the range of 0.9% - 5.1% during 2022. As of 31 December 2022, a
majority of the liabilities from aquired companies to credit institutions, as well as the ovedraft recognised as of that date, were
attributable to the acquisition of Jackon Holding AS
Liabilities leases
For leases capitalised in accordance with IFRS 16, the interest rates used for discounting the future lease payments have been
based on the Group\u2019s bond trading and Euro benchmark spreads, adjusted for the fact that the lease liabilities are repaid over
the lease-term in contrast to the bonds that are repaid in full at maturity. Each company or relevant business unit has been
given a credit rating, derived from certain financial KPI\u2019s, based on Moody\u2019s methodology. These ratings have been applied to
the spreads to arrive at the discount rates. Depending on the lease-term and the rating, the discount rates vary from 1.2-8.2% for
contracts maturing within 1-3 years to 6.2-13.2% for contracts maturing after 10 years. For lease contracts already capitalised in
accordance with IAS 17 prior to the transition to IFRS 16, the discount rates have remained unchanged and range from 1.90-
7.14%, corresponding to the implicit rates of the contracts.
million EUR 31 Dec 2022 31 Dec 2021
Overdraft facility (equivalent amount in million EUR) 150 80
Overdraft utilised 59.8 -
Covenants and security provided
The revolving credit facility agreement and the terms and conditions for the bond loans state certain covenants that the
Group has to comply with, referred to as Leverage Ratio and Interest Coverage Ratio. Leverage Ratio is defined as net debt to
EBITDA and Interest Coverage Ratio as EBITDA to net finance charges, where both EBITDA and net finance charges are adjusted.
EBITDA is adjusted for non-recurring items, as defined in the loan agreements. The impact of IFRS 16 on net debt and EBITDA
is excluded in the covenant calculation. Compliance with the covenants is calculated on a regular basis with the respect to the
revolving credit facility agreement, whereas compliance in the bond loan agreements is triggered by certain events, such as
new financial indebtedness. The Group has not been in breach of any covenants in 2022 or 2021. The revolving credit facility is a
super senior credit facility and the bond loan is subordinated the revolving credit facility.
Liabilities to credit institutions and overdraft facilities not refinanced post acquisition, and arisen as a result of acquisitions in
2022, and some former aquisistions are subject to securities granted in the form of mortgages and pledges. The value at the
balance sheet day of the securities provided, is presented in note 29 Pledged assets.
Currency exposure
Carrying amounts per currency (in millions) for the Group\u2019s interest-bearing liabilities are as follows:
31 Dec 2022 31 Dec 2021
million EUR Incl. IFRS 16 Excl. IFRS 16 Incl. IFRS 16 Excl. IFRS 16
SEK 78.7 40.7 8.7 0.2
EUR 307.0 275.7 287.8 259.7
NOK 174.0 107.5 24.4 2.1
DKK 20.2 1.2 17.2 -
GBP 17.4 3.8 - -
Other 0.9 0.9 0.6 0.6
598.2 429.8 338.7 262.6
Maturity
The tables below presents the maturity of the discounted cash flows of the group\u2019s interest-bearing liabilities.
As of 31 December 2022 < 1 yr. 1\u20132 yr. 2\u20135 yr. > 5 yr.
Bond loans - - 246.9 -
Liabilities to credit institutions 69.5 82.3 4.9 0.6
Liabilities leases according to definition in IAS 17 0.9 0.8 0.4 0.1
Additional liabilities leases due to IFRS 16 19.3 18.0 46.1 84.9
Other non current liabilities - - 0.7 -
Overdraft 22.8 - - -
Total 112.5 101.1 299.0 85.6
As of 31 December 2021 < 1 yr. 1\u20132 yr. 2\u20135 yr. > 5 yr.
Bond loans - - 246.1 -
Liabilities to credit institutions 3.0 2.7 7.1 0.2
Liabilities leases according to definition in IAS 17 1.3 0.8 0.8 0.1
Additional liabilities leases due to IFRS 16 11.1 9.6 25.2 30.2
Overdraft 0.8 - - -
Total 16.2 13.1 279.2 30.3
",
"dimensions": {
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "Note 26 Pensions and similar obligations to employees The group provides defined benefit pension plans in Finland, Norway and in the UK. The defined benefit pension plans in the UK, which are closed for new participants, originate from the acquisition of Synbra and are related to Synbra\u2019s previous operations in the UK. Due to contractual obligations, the group had to pay a lump sum to the UK funds in 2018, following the change of ownership of Synbra. As a result, the fair value of plan assets in one of the funds exceed the present value of the pension obligation and a net pension asset is recognised on the balance sheet. The net pension asset is not subject to asset ceiling limitations. The defined benefit pension obligations, calculated in accordance with the Projected Unit Credit Method, are, among other things, based on estimated salary increases, apart from the UK funds, which are closed for new participants and where the existing participants are no longer employed by the group. In addition to the defined benefit pension plans, the group also provides other long-term benefits in the Netherlands through a so called Jubilee plan, which entitles the participants salary benefits for long-term service. The Jubilee plan is calculated in accordance with the Projected Unit Credit Method and is presented below as Other long-term benefits. The amounts reported on the balance sheet have been calculated as follows: Defined benefit pension plans Other long-term benefits million EUR 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 Present value of funded obligations -32.4 -49.6 - - Fair value of plan assets 34.8 56.0 - - 2.3 6.4 - - Present value of unfunded obligations - 0.0 -0.9 -1.1 Net asset(+)/liability(-) as of 31 December 2.3 6.4 -0.9 -1.1 Net pension asset United Kingdom 2.6 6.7 - - 2.6 6.7 - - Pension obligations and other long-term benefits Netherlands - - -0.9 -1.1 Finland -0.2 -0.3 - - Norway 0.0 0.0 - - United Kingdom - - - - -0.2 -0.3 -0.9 -1.1 The amounts reported on the balance sheet and changes in the defined benefit pension plans during the year are as follows: Defined benefit pension plans Other long-term benefits 2022 2021 2022 2021 Costs of service during the current year -0.1 -0.1 -0.1 0.0 Past service cost - - - - Net Interest income/expense 0.1 0.0 0.0 0.0 Total reported in the income statement 0.1 -0.1 -0.1 0.0 Return on plan assets excluding amounts included in interest expenses/income -18.0 2.2 - - Actuarial gains/losses from changes in demographic assumptions -0.2 0.2 - - Actuarial gains/losses from changes in financial assumptions 14.8 1.4 - - Experience based gains/losses -0.8 0.2 - - Total reported in other comprehensive income -4.2 4.0 - - Defined benefit pension plans Other long-term benefits Change in present value of the obligation 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 As of 1 January -49.6 -50.7 -1.1 -1.1 Current service cost -0.1 -0.1 -0.1 0.0 Interest cost -0.9 -0.7 0.0 0.0 Actuarial gains/losses 13.8 1.8 - - Benefits paid 2.3 1.9 0.0 0.0 Settlements 0.0 1.7 0.2 - Exchange rate differences 2.0 -3.5 - - As of 31 December -32.4 -49.6 -0.9 -1.1 Defined benefit pension plans Other long-term benefits Change in fair value of plan assets 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 As of 1 January 56.0 52.5 - - Interest income 1.0 0.7 - - Return on plan assets excluding amounts included in interest expenses/income -18.0 2.2 - - Contributions by the employer 0.3 0.3 - - Benefits paid -2.3 -0.2 - - Settlements 0.0 -3.3 - - Exchange rate differences -2.2 3.9 - - As of 31 December 34.8 56.0 - - The most critical assumptions for the defined benefit pensions were: 31 Dec 2022 31 Dec 2021 United Kingdom Discount rate 4.70-5.00% 1.85\u20131.90% Salary increase n/a n/a Inflation (based on CPI and RPI assumption) 2.90-3.40% 3.10\u20133.60% Pension increase (based on CPI and RPI assumptions) 1.80-3.20% 2.25\u20133.45% Finland Discount rate 3.75% 1.00% Salary increase 3.10% 2.60% Inflation 2.60% 2.10% Cost of living adjustments for pensions in payment - - Norway Discount rate 3.20% 1.90% Salary increase 3.75% 2.75% G-regulering 3.50% 2.50% The range in assumed inflation in the United Kingdom reflects different assumptions used for CPI versus RPI. The range in assumed pension increase in the UK reflects different limits linked to years in which the pension was accrued and different inflation metrics applied for those limits. The most critical assumptions for other long-term benefits were: 31 Dec 2022 31 Dec 2021 Discount rate 3.40% 0.60% Salary increase 2.70% 2.20% The sensitivity in the net defined benefit pension asset/liability for changes in essential assumptions are presented below (minus equals decrease in net asset/increase in net liability). Change in fair value of plan assets, million EUR Change Increase in assumption Decrease in assumption Discount rate 0.50% 1.7 -1.8 Salary increase 0.50% 0.0 0.0 Pension increase 0.25% -1.1 1.0 For the financial year of 2023, the defined pension plan fees are expected to amount to EUR 0.3 million. Plan asset allocation 31 Dec 2022 31 Dec 2021 Bonds 12.3 9.5 Equities 5.7 18.0 Hedge funds and alternatives 15.2 26.3 Insurance contracts 0.9 1.1 Real estate 0.1 0.1 Cash 0.6 1.0 34.8 56.0 Analysis of expected undiscounted payments of defined benefits 31 Dec 2022 31 Dec 2021 Within 1 year 2.1 2.0 1\u20132 years 2.0 2.2 3\u20135 years 6.8 6.9 5 years or more 43.7 49.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "Note 27 Other provisions million EUR Restoration of environment Restructuring measures Health benefits Staff benefits Guarantee Total As of 1 January 2021 0.1 0.4 0.1 0.0 0.1 0.7 Reported in the income statement: \u2013 additional provisions - 0.9 - - 0.1 1.0 Exchange differences - 0.0 - - - 0.0 Utilised durig the year - -0.7 -0.0 -0.1 -0.1 -0.9 As of 31 December 2021 0.1 0.6 0.0 0.0 0.1 0.9 million EUR Restoration of environment Restructuring measures Health benefits Staff benefits Guarantee Total As of 1 January 2022 0.1 0.6 0.0 0.0 0.1 0.9 Reported in the income statement: \u2013 additional provisions 0.0 0.5 - - 0.2 0.7 Exchange differences - 0.0 - - 0.0 0.0 Utilised durig the year - -1.1 -0.0 - -0.1 -1.2 As of 31 December 2022 0.1 0.0 - 0.0 0.3 0.4 million EUR 31 Dec 2022 31 Dec 2021 Long-term provision 0.1 0.1 Short-term provision 0.2 0.8 Total provision 0.4 0.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "Note 28 Accrued expenses and deferred income million EUR 31 Dec 2022 31 Dec 2021 Accrued wage debt 8.6 4.6 Accrued social security fees 4.6 3.8 Accrued holiday pay including social security fees 13.9 11.6 Accrued customer bonuses 20.0 8.7 Accrued interest 1.7 0.7 Other items 48.4 10.9 Total 97.3 40.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "Note 29 Contingent liabilities million EUR 31 Dec 2022 31 Dec 2021 Guarantees to suppliers 21.7 18.6 Total 27.7 18.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Note 30 Pledged assets million EUR 31 Dec 2022 31 Dec 2021 Business mortgages 2.9 2.4 Property mortgages 37.8 35.0 Other pledged assets 51.3 26.7 Total 92.0 64.0 Interest-bearing liabilities in acquired subsidiaries are normally settled and refinanced internally after the acquisition. However, in specific cases liabilities to credit institutions in acquired companies, including overdraft facilities, have not been refinanced post acquisition. The pleadged assets in 2021 and 2022 are attributable to those liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "Note 31 Related parties Christian Bekken, CEO of BEWI ASA, is together with other members of the Bekken family a majority shareholder of the company through Bekken Invest AS and BEWI Invest AS. Other related parties are the two 34 per cent owned associated companies Hirsch France SAS and Hirsch Porozell GmbH. Transactions with those companies are presented in the tables below. Inoplast S.R.O. was owned to 34 per cent for the full year 2022 and is included in the table below with regards to positions from the income statement. From 31 December 2022, Inoplast S.R.O. was consolidated as a subsidiary. Jablite Group Ltd was owned to 49 per cent until 30 May 2022 and is up until this date included in the table below. From 1 June 2022 Jablite Group Ltd is consolidated as a subsidiary. Information on remuneration of management and the board of directors is found in note 6. The number of shares in the company held by management and the board of directors as of 31 December 2022 is presented in the table below. Board of Directors Person Title Shares Options Shares held by related parties Gunnar Syvertsen 1 Chairman 5 952 - 155 729 Christina Schauman Director 5 952 - 187 500 Stig Waernes 2 Director - - - Anne-Lise Aukner Director - - - Rik Dobbeleare Director 98 497 - - Andreas M. Akselsen 2 Director - - 32 070 0003 1 Gunnar Syvertsen is chairman of the board of BEWI Invest AS, majority owned by the Bekken family and the owner of 97 958 328 shares per 31.12.2022. BEWI Invest is listed as a related party to Christian Bekken, but is also related to Mr Syvertsen. 2 Stig W\u00e6rnes left the board upon completion of the Jackon transaction 19 October 2022, and was replaced by Andreas M. Akselsen. 3 Shares held by HAAS AS, the investment company owned by the Akselsen family. Executive Management Person Title Shares Options Shares held by related parties Christian Bekken 1 Chief Executive Officer 25 952 200 000 97 958 328 Marie Danielsson Chief Financial Officer 185 452 250 000 - Jonas Siljesk\u00e4r Chief Operating Officer 124 126 200 000 - Petra Brantmark 2 General Counsel 8 902 91 452 5 458 Charlotte Knudsen 2 Director of IR and Communications 33 681 91 452 Roger Olofsson 2 CHRO 5 952 125 000 1 Christian Bekken owns 25 952 shares directly and is part of the Bekken family that holds 97 958 328 shares (directly or indirectly) through the family\u2019s indirect ownership in BEWI Invest AS. 2 Petra Brantmark, Roger Olofsson and Charlotte Knudsen became part of the Executive management team at 1st of October 2022. Transactions impacting the income statement million EUR 2022 2021 Sale of goods to: HIRSCH France SAS 25.6 18.8 HIRSCH Porozell GmbH 46.2 45.3 Jablite Group Ltd 3.6 7.9 Inoplast s.r.o. 4.3 2.9 Bekken owned companies 0.4 0.1 Total 80.1 74.9 Other income from: Inoplast s.r.o. 0.6 - Bekken owned companies 0.3 - Total 0.9 - Purchase of goods from: Inoplast s.r.o. 4.5 3.4 Bekken owned companies 4.2 3.1 Total 8.7 6.5 Interest Income from: Hirsch France SAS 0.1 0.1 Jablite Group Ltd 0.0 0.1 Total 0.1 0.2 Rental expenses to: Bekken owned companies 11.4 8.8 Total 11.4 8.8 Other external costs to: Bekken owned companies 0.1 0.1 Total 0.1 0.1 On 23 December 2021, the wholly owned subsidiary Biobe AS was sold to a company owned by members of Bekken family for a consideration of EUR 6.2 million, of which EUR 4.2 million was settled in cash and EUR 2.0 million in a short-term loan to the buyer. The loan was settled on 1 June 2022. The transactions were conducted on normal market terms. Transactions impacting the balance sheet million EUR 31 Dec 2022 31 Dec 2021 Non-current receivable Bekken owned companies 0.1 0.1 HIRSCH France SAS - 2.3 Jablite Group Ltd - 1.8 Total 0.1 4.2 Current receivables Bekken owned companies 1.8 4.1 HIRSCH Porozell GmbH 0.1 0.1 Inoplast s.r.o. - 0.6 Total 1.9 4.8 Current liabilities Bekken owned companies 0.3 - Inoplast s.r.o. - 0.6 Total 0.3 0.6 Interest terms for the lending to associated companies are presented in note 16 Shares in associates.",
"dimensions": {
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Note 33 Subsequent events Measures to adjust capacity and reduce costs in Nordic Insulation Following the combination with Jackon, and in response to the current market conditions, BEWI has initiated measures to optimize its production footprint and reduce capacity to current demand. This includes reduced shifts at several facilities, and temporary closure of one facility. In addition, the company has taken measures to reduce the cost base of its Nordic Insulation division. In total, the company expects annual savings of approximately EUR 5 million. Exercise of options and increase of share capital On 18 February 2023, BEWI announced that, following exercise of options by option holders under the company\u2019s share option programme, the board had resolved to increase the Company\u2019s share capital by NOK 374 298, by the issuance of 374 298 new shares at a subscription price of NOK 22.96 per share by use of the authorisation granted by the general meeting on 2 June 2022. Agreement to divest real estate for NOK 348 million On 31 March 2023, BEWI announced, with reference to the real estate transaction announced on 30 June 2022, that the company had entered an agreement with KMC Properties ASA for the divestment of four properties, of which three properties in Finland and one in Denmark valued at NOK 348.3 million. The purchase price will be settled in the form of an amount equal to approx. NOK 200.0 million in cash and NOK 148.3 million in 20 235 931 new shares in KMC Properties at a subscription price of NOK 7.33 per share. KMC Properties has an exclusive right to acquire the remaining part of the portfolio until 30 June 2023. Through the acquisition of the 20 235 931 new shares in KMC Properties, BEWI will increase in shareholding to a total of 28 807 359 shares corresponding to 8.4 per cent of the issued share capital of KMC Properties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}