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"fact-340": {
"value": "The group Accounting principles and notes to the accounts",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-341": {
"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, France, Lithuania, Czech Republic, Canada and through associated companies in Germany, France, Sweden and Poland. 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 17 April for publishing on 18 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-1": {
"value": "BEWI ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-2": {
"value": "produce, market and sell packaging, components and insulation solutions",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-3": {
"value": "Sweden, Finland, Denmark, Norway, Iceland the Netherlands, Belgium, Portugal, Spain, Poland, Germany, UK, France, Lithuania, Czech Republic, Canada and through associated companies in Germany, France, Sweden and Poland. ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-4": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-5": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-6": {
"value": "Trondheim, Norway,",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-7": {
"value": "Dyre Halses gate 1A, 7042 Trondheim",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-8": {
"value": "BEWI ASA\u2019s",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-342": {
"value": "Note 02 Summary of key accounting principles The key accounting policies applied in these consolidated accounts are stated below. The policies have consistently been applied for all periods unless otherwise specified. All amounts are reported in million Euro, (million EUR), unless otherwise specified. The information in brackets concerns previous years. 2.1 Basis for preparation The consolidated accounts for the BEWI ASA group (\u201cBEWI ASA\u201d) have been prepared in accordance with IFRS\u00ae Accounting Standards and interpretations from the IFRS Interpretations Committee (IFRS IC), as adopted by the EU. Preparing reports compliant to IFRS requires certain critical estimates to be made, and management need to make judgements when applying the group\u2019s accounting policies. Complex areas, areas where judgements materi- ally affects the accounting outcome and assumptions and estimates that are significant to the consolidated accounts, are stated in note 4. No new IFRS standards or amendments to standards have been added in 2023 that have required changes in the accounting or measurement policies. 2.2 Segment reporting Operating segments are identified in a manner consistent with the internal reporting provided to the chief operating decision-maker, which is the executive committee. The group has identified four segments to be reported: RAW, Insulation & Construction, Packaging & Components and Circular. 2.3 Associated companies Holdings in associated companies are reported using the equity method. 2.4 Translation of foreign 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 In general, exchange rate gains and losses arising from payments of transactions in foreign currency and from translations of monetary assets and liabilities in foreign currency are reported in operating income. However, exchange rate gains and losses arising from borrowings and cash and cash equivalents are reported as financial incomes and expenses. 2.5 Intangible assets Goodwill 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 carry a useful life and are reported at the acquisition cost less accumulated amortisation and impairment. Customer relations, trademarks and technology Customer relations, trademarks and technology assets have all been acquired through business combinations and measured 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 amortisation 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 unless they are product names. Many of the trademarks in the groups balance sheet are therefore currently assessed as having an indefinite useful life. Trademarks and goodwill are tested annually for impairment 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\u201316 yr. Technology 6.5\u201310 yr. Product names 20 yr. 2.6 Tangible assets Depreciation is recognised on a straight-line basis over the useful life to the calculated residual value. Such deprecia- tions are carried out according 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. 2.7 Inventory The inventory is reported at the lower of the cost and net realisable value. Cost is determined using the first-in- first-out method. Cost also includes expenses relating to the acquisition, as well as for bringing the goods to their current location and condition. 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 are included in several balance sheet items. 2.8.1 Classification The group classifies its financial assets and liabilities in the following categories: Financial assets at fair value through profit or loss Financial assets at fair value through profit and loss are shares and participation rights in subsidiaries, associates and joint ventures. Derivatives are recognised at fair value through profit or loss. Positive fair values of 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 interest and principal on the instrument. These are measured at amortised cost in accordance with the effective interest method. Accounts receivables are included in this cate- gory, however due to the short maturity they are measured at nominal amounts less estimated credit losses. 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 include bond loans, liabilities to credit institutions, liabilities regard- ing financial leasing and account payables. The classification is made in accordance with the purpose of obtaining the financial asset or liability upon recogni- tion. 2.8.2 Recognition and initial measurement Financial assets are initially recognised at fair value plus transaction costs for all financial assets not at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed. Financial assets are recog- nised 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 obligations of the instrument. Financial liabilities are removed from the balance sheet when the obligation under the agreement is completed or otherwise extinguished. 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 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 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 tax 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. Deferred 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. 2.10 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, normally 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 25. 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 corporate 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. Share-based incentive programme 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, taking 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 adjusted in subsequent periods to reflect the actual number of vested options and shares. 2.11 Revenue recognition and net sales BEWI sells products for insulation to the construction industry as well as packaging solutions to 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 the product is delivered to a customer. Delivery is deemed to have taken place when the products have arrived at the location defined by the shipment terms. Net sales in the Income Statement consist of sale of goods and services in the ordinary course of business, traded goods sold, and deduction of customer discounts and bonuses. 2.12 Leases 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. 2.13 Government grants 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. 2.14 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:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-344": {
"value": "2.1 Basis for preparation The consolidated accounts for the BEWI ASA group (\u201cBEWI ASA\u201d) have been prepared in accordance with IFRS\u00ae Accounting Standards and interpretations from the IFRS Interpretations Committee (IFRS IC), as adopted by the EU. Preparing reports compliant to IFRS requires certain critical estimates to be made, and management need to make judgements when applying the group\u2019s accounting policies. Complex areas, areas where judgements materi- ally affects the accounting outcome and assumptions and estimates that are significant to the consolidated accounts, are stated in note 4. No new IFRS standards or amendments to standards have been added in 2023 that have required changes in the accounting or measurement policies. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-9": {
"value": "BEWI ASA group ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-347": {
"value": "2.2 Segment reporting Operating segments are identified in a manner consistent with the internal reporting provided to the chief operating decision-maker, which is the executive committee. The group has identified four segments to be reported: RAW, Insulation & Construction, Packaging & Components and Circular",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-346": {
"value": "2.3 Associated companies Holdings in associated companies are reported using the equity method",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-345": {
"value": "2.4 Translation of foreign 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 currencyTransactions and balance sheet items In general, exchange rate gains and losses arising from payments of transactions in foreign currency and from translations of monetary assets and liabilities in foreign currency are reported in operating income. However, exchange rate gains and losses arising from borrowings and cash and cash equivalents are reported as financial incomes and expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-351": {
"value": "2.5 Intangible assets Goodwill 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-348": {
"value": "Patents/ Licences/ IT
Patents, licences & IT carry a useful life and are reported
at the acquisition cost less accumulated amortisation and
impairment.
Customer relations, trademarks and technology
Customer relations, trademarks and technology assets
have all been acquired through business combinations and
measured 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 amortisation 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 unless they are product names.
Many of the trademarks in the groups balance sheet
are therefore currently assessed as having an indefinite
useful life. Trademarks and goodwill are tested annually
for impairment 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\u201316 yr.
Technology 6.5\u201310 yr.
Product names 20 yr.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-367": {
"value": "2.6 Tangible assets Depreciation is recognised on a straight-line basis over the useful life to the calculated residual value. Such deprecia- tions are carried out according 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:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-350": {
"value": "2.6 Tangible assets Depreciation is recognised on a straight-line basis over the useful life to the calculated residual value. Such deprecia- tions are carried out according 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-349": {
"value": "2.7 Inventory The inventory is reported at the lower of the cost and net realisable value. Cost is determined using the first-in- first-out method. Cost also includes expenses relating to the acquisition, as well as for bringing the goods to their current location and condition. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-352": {
"value": "2.8 Financial instruments Financial instruments are included in several balance sheet items. 2.8.1 Classification The group classifies its financial assets and liabilities in the following categories: Financial assets at fair value through profit or loss Financial assets at fair value through profit and loss are shares and participation rights in subsidiaries, associates and joint ventures. Derivatives are recognised at fair value through profit or loss. Positive fair values of 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 interest and principal on the instrument. These are measured at amortised cost in accordance with the effective interest method. Accounts receivables are included in this cate- gory, however due to the short maturity they are measured at nominal amounts less estimated credit losses. 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 include bond loans, liabilities to credit institutions, liabilities regard- ing financial leasing and account payables. The classification is made in accordance with the purpose of obtaining the financial asset or liability upon recogni- tion. 2.8.2 Recognition and initial measurement Financial assets are initially recognised at fair value plus transaction costs for all financial assets not at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed. Financial assets are recog- nised 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 obligations of the instrument. Financial liabilities are removed from the balance sheet when the obligation under the agreement is completed or otherwise extinguished. 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-366": {
"value": "2.8.1 Classification The group classifies its financial assets and liabilities in the following categories: Financial assets at fair value through profit or loss Financial assets at fair value through profit and loss are shares and participation rights in subsidiaries, associates and joint ventures. Derivatives are recognised at fair value through profit or loss. Positive fair values of 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 interest and principal on the instrument. These are measured at amortised cost in accordance with the effective interest method. Accounts receivables are included in this cate- gory, however due to the short maturity they are measured at nominal amounts less estimated credit losses. 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 include bond loans, liabilities to credit institutions, liabilities regard- ing financial leasing and account payables. The classification is made in accordance with the purpose of obtaining the financial asset or liability upon recogni- tion. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-368": {
"value": "2.8.2 Recognition and initial measurement Financial assets are initially recognised at fair value plus transaction costs for all financial assets not at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed. Financial assets are recog- nised 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 obligations of the instrument. Financial liabilities are removed from the balance sheet when the obligation under the agreement is completed or otherwise extinguished. Loans and receivables and other financial liabilities are, after the acquisition date, reported at the amortised cost calculated using the effective interest method ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-365": {
"value": "2.8.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-355": {
"value": "2.9 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 tax 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. Deferred 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-354": {
"value": "2.10 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, normally 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 25. 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 corporate 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-353": {
"value": "Share-based incentive programme 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, taking 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 adjusted in subsequent periods to reflect the actual number of vested options and shares",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-357": {
"value": "2.11 Revenue recognition and net sales BEWI sells products for insulation to the construction industry as well as packaging solutions to 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 the product is delivered to a customer. Delivery is deemed to have taken place when the products have arrived at the location defined by the shipment terms. Net sales in the Income Statement consist of sale of goods and services in the ordinary course of business, traded goods sold, and deduction of customer discounts and bonuses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-358": {
"value": "2.12 Leases 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-356": {
"value": "2.13 Government grants 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-359": {
"value": "2.14 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-343": {
"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 mainly 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 cur-
rency 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 financial commit-
ments 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 subsidiaries. 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 of short-term deriva-
tives 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. The derivative assets are reported as Other financial assets in the balance sheet and the derivative liabilities as Other
financial liabilities.
million EUR 0-6 months 7-12 months 2-3 yr. 3-4 yr. 4-5 yr.
As of 31 Dec 2023
Derivative asset 2.1 0.3 1.1 0.1 -
Derivative liability -0.0 - -3.2 - -
Total 2.1 0.3 -2.1 0.1 -
As of 31 Dec 2022
Derivative asset 0.6 0.0 - 7.7 -
Derivative liability -0.4 - - - -
Total 0.2 0.0 - 7.7 -
In a few cases, where all formal requirements have been met, hedge accounting has been applied on cash flow hedges of
operational cash flows. As at 31 December 2023, EUR 3.0 million in cash flows due within three months from the balance sheet
day were hedged by using FX forwards. This gave rise to an unrealised loss of EUR 0.1 million, which was recognised in other
comprehensive income.
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 fluctuated by 5 per cent against all other currencies in the group, the impact on adjusted EBITDA would have been +/- EUR 1.7 million in 2023 (EUR 1.3 million). This assumes that all other variables are held constant and ignores any compensating 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 24 Borrowings. The Group\u2019s lending, limited to loans to associated companies, is exposed to changes in Euribor, as described in Note 15 Shares in associates. 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 1.7 million in 2023 (EUR 1.2 million). Price risk The group is exposed to price risks in relation to shareholdings other than shares held in group companies or associated compa- nies. Such other shareholdings are valued at fair value. The exposure has mainly been related to shares in KMC Properties ASA, a company listed on Oslo Bors. These shares were part of the consideration received in the sale and leaseback transactions in the Netherlands in 2020 and in Finland and Denmark in 2023, but were all sold in December 2023. The corporate bonds are listed on Nasdaq Stockholm, and the group is therefore exposed to fluctuations 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 financial 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 creditworthiness, 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. In case no relevant credit risk can be assessed and no credit limit established, only prepayments are accepted. The application of credit limits is monitored regu- larly. 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 17 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 pre- sented in note 16 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 increased to a total of EUR 150 million in 2022. The facility is now provided by two banks and runs until 2025 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 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. A major part of such liabilities by the end of 2022 derived from the acquisition of Jackon Holding AS, which had utilised facilities in the amount of EUR 90.8 million as per 31 December 2022. During 2023, the external liabilities originating from the acquisition of Jackon Holding AS were settled and replaced by additional utilisation of BEWI\u2019s RCF. The amounts in the table below are the agreed, undiscounted cash flows.
As of 31 Dec 2023
million EUR <1 yr. 1\u20132 yr. 2\u20135 yr. >5 yr.
Bond loans - - 250.0 -
Liabilities to credit institutions 7.4 122.0 3.0 -
Overdraft 4.4 - - -
Accounts payables 81.6 - - -
Other non-current liabilities - 0.4
Liabilities leases 33.4 31.4 82.4 181.1
Total 126.8 153.8 335.4 181.1
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
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 2023
Carrying
amountmillion EUR Level 1 Level 2 Level 3 Total
Financial assets measured at fair value through profit and loss
Participation in other companies - - 0.5 0.5 0.5
Derivative asset - 3.6 - 3.6 3.6
Total - 3.6 0.5 4.1 4.1
Financial liabilities measured at amortised cost
Bond loan 235.0 - - 235.0 247.9
Total 235.0 - - 235.0 247.9
Financial liabilities measured at fair value through other comprehensive income
Derivative liabilities - 0.1 - 0.1 0.1
Total - 0.1 - 0.1 0.1
Financial liabilities measured at fair value through profit and loss
Derivative liability - 3.2 - 3.2 3.2
Other financial non-current liabilities - - 0.4 0.4 0.4
Total - 3.2 0.4 3.6 3.6
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
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 2022 0.5 0.7
Settlement - -0.3
Fair value adjustment through profit and loss 0.0 -
As of 31 Dec 2023 0.5 0.4
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
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 24. 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 2023 31 Dec 2022 Total interest-bearing liabilities (A) 611.2 598.2 Cash and cash equivalents (B) 63.6 47.5 Net debt including IFRS 16 (A-B) 547.6 550.7 Effect of IFRS 16 leasing liabilities (C) 216.6 168.4 Net debt excluding IFRS 16 (A-B-C) 331.1 382.3 Total equity (D) 415.7 429.8 Capital employed (A-B+D) 963.3 980.5 Average capital employed (E) 983.7 629.1 Adjusted EBITA (F) 53.5 96.1 Return on capital employed (F/E) 5.4% 15.3% Net debt including IFRS 16 leasing liabilities has remained stable between 2022 and 2023. Higher leasing liabilities in 2023, mainly from the sale and leaseback transactions, are offset by higher cash by the end of the year. Excluding IFRS 16 leasing liabilities, net debt is lower by the end of 2023, explained by the improved cash position. Average capital employed is however higher in 2023, explained by the many acquisitions in 2022, especially the acquisition of Jackon Holding AS in the fourth quarter of that year, which only had a full effect on the average number in 2023. Return on capital employed decreased from 15.3% in 2022 to 5.4% in 2023, mainly explained by the higher average capital employed in 2023, combined with a lower EBITA following the market downturn and the fact that all synergy potential from the business acquisitions is not yet visible.",
"dimensions": {
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}
},
"fact-360": {
"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 cur- rency 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 financial commit- ments 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 subsidiaries. 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 of short-term deriva- tives 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. The derivative assets are reported as Other financial assets in the balance sheet and the derivative liabilities as Other financial liabilities. million EUR 0-6 months 7-12 months 2-3 yr. 3-4 yr. 4-5 yr. As of 31 Dec 2023 Derivative asset 2.1 0.3 1.1 0.1 - Derivative liability -0.0 - -3.2 - - Total 2.1 0.3 -2.1 0.1 - As of 31 Dec 2022 Derivative asset 0.6 0.0 - 7.7 - Derivative liability -0.4 - - - - Total 0.2 0.0 - 7.7 - In a few cases, where all formal requirements have been met, hedge accounting has been applied on cash flow hedges of operational cash flows. As at 31 December 2023, EUR 3.0 million in cash flows due within three months from the balance sheet day were hedged by using FX forwards. This gave rise to an unrealised loss of EUR 0.1 million, which was recognised in other comprehensive income. 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 oreign 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 fluctuated by 5 per cent against all other currencies in the group, the impact on adjusted EBITDA would have been +/- EUR 1.7 million in 2023 (EUR 1.3 million). This assumes that all other variables are held constant and ignores any compensating 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 24 Borrowings. The Group\u2019s lending, limited to loans to associated companies, is exposed to changes in Euribor, as described in Note 15 Shares in associates. 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 1.7 million in 2023 (EUR 1.2 million). Price risk The group is exposed to price risks in relation to shareholdings other than shares held in group companies or associated compa- nies. Such other shareholdings are valued at fair value. The exposure has mainly been related to shares in KMC Properties ASA, a company listed on Oslo Bors. These shares were part of the consideration received in the sale and leaseback transactions in the Netherlands in 2020 and in Finland and Denmark in 2023, but were all sold in December 2023. The corporate bonds are listed on Nasdaq Stockholm, and the group is therefore exposed to fluctuations 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-361": {
"value": "Credit risk Credit risk refers to the risk that a counterparty in a financial 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 creditworthiness, 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. In case no relevant credit risk can be assessed and no credit limit established, only prepayments are accepted. The application of credit limits is monitored regu- larly. 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 17 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 pre- sented in note 16 Financial instruments per category. ",
"dimensions": {
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-363": {
"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 increased to a total of EUR 150 million in 2022. The facility is now provided by two banks and runs until 2025 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 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. A major part of such liabilities by the end of 2022 derived from the acquisition of Jackon Holding AS, which had utilised facilities in the amount of EUR 90.8 million as per 31 December 2022. During 2023, the external liabilities originating from the acquisition of Jackon Holding AS were settled and replaced by additional utilisation of BEWI\u2019s RCF. ",
"dimensions": {
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-364": {
"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 24. 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 2023 31 Dec 2022
Total interest-bearing liabilities (A) 611.2 598.2
Cash and cash equivalents (B) 63.6 47.5
Net debt including IFRS 16 (A-B) 547.6 550.7
Effect of IFRS 16 leasing liabilities (C) 216.6 168.4
Net debt excluding IFRS 16 (A-B-C) 331.1 382.3
Total equity (D) 415.7 429.8
Capital employed (A-B+D) 963.3 980.5
Average capital employed (E) 983.7 629.1
Adjusted EBITA (F) 53.5 96.1
Return on capital employed (F/E) 5.4% 15.3%
Net debt including IFRS 16 leasing liabilities has remained stable between 2022 and 2023. Higher leasing liabilities in 2023,
mainly from the sale and leaseback transactions, are offset by higher cash by the end of the year. Excluding IFRS 16 leasing
liabilities, net debt is lower by the end of 2023, explained by the improved cash position. Average capital employed is however
higher in 2023, explained by the many acquisitions in 2022, especially the acquisition of Jackon Holding AS in the fourth quarter
of that year, which only had a full effect on the average number in 2023. Return on capital employed decreased from 15.3% in
2022 to 5.4% in 2023, mainly explained by the higher average capital employed in 2023, combined with a lower EBITA following
the market downturn and the fact that all synergy potential from the business acquisitions is not yet visible.
",
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-370": {
"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 assumptions contain a significant risk for material adjustments to carrying amounts of assets and liabilities during the following financial years are outlined below. a) Consideration of impairment need of goodwill and trademarks The group examines annually whether any impairment need for goodwill or trademarks is at hand, in accordance 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). b) Leases In determining the lease term, an estimation of each contract, including whether to include an extension option or not, is made. Contracts for production facilities, which is the major part of the leasing in the group, normally runs for 10-17 years. The determination of lease terms and how to treat extension options affect both the leasing liability and the right-of-use asset. A description of lease-terms is found in Note 8 Leasing. Determination of the rates at which the lease liabilities are discounted affects the lease liability and interest expense. It determines the discounting of lease liabilities and right-of-use assets recognised in the consolidated statement of financial position, as well as the split between interest expense and depreciation recognised in the consolidated comprehensive income statement over the lease term. How the group estimates its incremental borrowing rate, to measure lease liabilities at the present value of lease payments, is described in Note 24 Borrowings.",
"dimensions": {
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-371": {
"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 evaluating 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 & Construction, Packaging & Components and Circular. Sales
between segments take place on market terms.
million EUR
RAW Insulation & Construction Packaging & Components Circular Unallocated Elimination Total
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Internal net sales 129.0 142.0 2.4 4.0 3.1 10.0 11.7 0.7 0.0 0.0 -146.3 -156.8 0.0 0.0
External net sales 209.1 276.0 456.0 329.9 394.0 381.9 45.9 62.4 0.3 0.3 1 105.3 1 050.4
Net sales 338.1 418.0 458.4 333.9 397.1 391.9 57.7 63.1 0.3 0.3 -146.3 -156.8 1 105.3 1 050.4
Adj. EBITDA
1
24.1 57.0 40.6 31.1 52.0 48.3 -3.2 2.5 -4.7 -5.4 108.8 133.6
EBITDA 23.7 40.0 35.7 33.6 50.7 53.3 -3.4 2.6 -4.8 -14.2 101.9 115.2
EBITA 18.7 35.7 11.7 22.3 27.6 33.6 -6.1 0.9 -5.4 -14.8 46.6 77.7
EBIT 18.4 35.3 5.7 19.4 23.1 28.8 -7.0 0.3 -6.6 -15.8 33.5 68.0
Net financial items -42.5 -25.5
Income before tax -9.0 42.5
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 2023 2022
Share of income from associated companies
Adjusted EBITDA, EBITDA, EBITA and EBIT for Insulation & Construction 0.7 2.6
Adjusted EBITDA, EBITDA, EBITA and EBIT for Packaging & Components 0.0 0.1
Adjusted EBITDA, EBITDA, EBITA and EBIT for Circular 0.6 0.1
Capital gain/loss from sale of assets
EBITDA, EBITA and EBIT for Insulation & Construction -1.4 3.1
EBITDA, EBITA and EBIT for Packaging & Components 0.1 5.2
EBITDA, EBITA and EBIT for RAW - 0.1
EBITDA, EBITA and EBIT for Circular 0.0 1.2
Restructuring costs
EBITDA, EBITA and EBIT for Insulation & Construction -3.4 -
EBITDA, EBITA and EBIT for Packaging & Components -1.0 -
EBITDA, EBITA and EBIT for Circular -0.2 -
Impairment tangible assets
EBITA and EBIT for Insulation & Construction -1.8 -0.3
EBITA and EBIT for Packaging & Components -0.6 -
EBITA and EBIT for RAW - -0.6
EBITA and EBIT for Circular - 0.0
Impairment other intangible assets except goodwill
EBIT for Insulation & Construction - 0.0
EBIT for Packaging & Components - -0.1
Net sales per country (Customers\u2019 geography) 2023 2022
Finland 44.9 54.2
Sweden 89.8 73.8
Denmark 76.0 73.2
Norway 211.7 193.0
Portugal & Spain 65.0 73.6
Iceland 24.8 25.2
Baltics 30.8 33.1
UK 85.3 57.6
Germany 132.3 101.0
Poland 52.2 44.8
Russia - 14.0
the Netherlands 127.0 154.3
Belgium 35.1 38.6
France 49.0 36.1
Czech Republic 10.5 12.6
Romania 7.6 12.2
Slovakia 9.8 11.4
Faroe Islands 5.0 2.9
Italy 5.0 5.3
Switzerland 4.8 0.7
Austria 4.2 5.8
Other 34.7 27.1
Total 1 105.3 1 050.4
",
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-372": {
"value": "Net sales per country (Customers\u2019 geography) 2023 2022 Finland 44.9 54.2 Sweden 89.8 73.8 Denmark 76.0 73.2 Norway 211.7 193.0 Portugal & Spain 65.0 73.6 Iceland 24.8 25.2 Baltics 30.8 33.1 UK 85.3 57.6 Germany 132.3 101.0 Poland 52.2 44.8 Russia - 14.0 the Netherlands 127.0 154.3 Belgium 35.1 38.6 France 49.0 36.1 Czech Republic 10.5 12.6 Romania 7.6 12.2 Slovakia 9.8 11.4 Faroe Islands 5.0 2.9 Italy 5.0 5.3 Switzerland 4.8 0.7 Austria 4.2 5.8 Other 34.7 27.1 Total 1 105.3 1 050.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-373": {
"value": "Note 06 Employee remuneration etc. million EUR 2023 2022 Salary and other remuneration 1 -149.6 -108.4 Social security expenses 2 -24.4 -14.9 Pension costs \u2013 defined contribution plans -8.8 -8.3 Pension costs \u2013 defined benefit plans -0.1 -0.1 Total remunerations to employees -182.9 -131.7 The costs in the table above reflects costs for own employees. 1 whereoff -0.2 (-0.6) is a cost for sharebased payments. 2 whereoff 0.7 (0.8) is an income for sharebased payments. Average number of employees with geographical breakdown by country 2023 2022 Average number of employees Whereof men Average number of employees Whereof men Sweden 302 221 232 163 Finland 221 176 166 135 Denmark 259 168 258 169 Norway 411 336 285 207 Iceland 14 9 14 11 the Netherlands 497 445 486 425 Belgium 90 84 88 81 Portugal 196 93 203 119 Spain 68 65 5 4 Poland 237 155 264 172 Germany 503 402 227 165 UK 181 127 99 70 France 11 10 2 2 Lithuania 104 82 37 30 Czech Republic 20 17 - - Canada 9 2 6 1 Switzerland 1 1 - - Austria 1 1 - - Total 3 125 2 394 2 372 1 754 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 2023\u201331 Dec 2023 1 Jan 2022\u201331 Dec 2022 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 6 members of the board, whereof 3 women Gunnar Syvertsen (chairman) 0.05 - - 0.06 - - Stig Waernes - - - 0.03 - - Christina Schauman 0.03 - - 0.04 - - Ann-Lise Aukner 0.03 - - 0.03 - - Rik Dobbeleare 0.03 - - 0.03 - - Andreas Mj\u00f8lner Akselsen 0.03 - - 0.00 - - Pernille Skarstein Christensen 0.02 - - - - - Total 0.19 - - 0.18 - - CEO Christian Bekken 0.27 0.01 0.01 0.27 0.09 0.01 Other Senior Executives 2 1.12 0.06 0.23 0.74 0.26 0.19 Total 1.38 0.07 0.24 1.01 0.35 0.20 Consultancy services board members Gunnar Syvertsen 0.09 - - 0.10 - - Rik Dobbeleare 0.12 - - 0.06 - - Andreas Mj\u00f8lner Akselsen 0.15 - - - - - 1 The executive management has been extended with one new employee as from 1 September 2023. The costs are included in the numbers above from this date. 2 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. No such recharge took place in 2023. 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 22. 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 mutual notice period of 6 months in the agreement. If the agreement is terminated by the company, the employee is in addition to the notice period entitled to 12 months severance pay. The sever- ance pay is deductable to other income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-374": {
"value": "Average number of employees with geographical breakdown by country 2023 2022 Average number of employees Whereof men Average number of employees Whereof men Sweden 302 221 232 163 Finland 221 176 166 135 Denmark 259 168 258 169 Norway 411 336 285 207 Iceland 14 9 14 11 the Netherlands 497 445 486 425 Belgium 90 84 88 81 Portugal 196 93 203 119 Spain 68 65 5 4 Poland 237 155 264 172 Germany 503 402 227 165 UK 181 127 99 70 France 11 10 2 2 Lithuania 104 82 37 30 Czech Republic 20 17 - - Canada 9 2 6 1 Switzerland 1 1 - - Austria 1 1 - - Total 3 125 2 394 2 372 1 754 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-375": {
"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 2023\u201331 Dec 2023 1 Jan 2022\u201331 Dec 2022 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 6 members of the board, whereof 3 women Gunnar Syvertsen (chairman) 0.05 - - 0.06 - - Stig Waernes - - - 0.03 - - Christina Schauman 0.03 - - 0.04 - - Ann-Lise Aukner 0.03 - - 0.03 - - Rik Dobbeleare 0.03 - - 0.03 - - Andreas Mj\u00f8lner Akselsen 0.03 - - 0.00 - - Pernille Skarstein Christensen 0.02 - - - - - Total 0.19 - - 0.18 - - CEO Christian Bekken 0.27 0.01 0.01 0.27 0.09 0.01 Other Senior Executives 2 1.12 0.06 0.23 0.74 0.26 0.19 Total 1.38 0.07 0.24 1.01 0.35 0.20 Consultancy services board members Gunnar Syvertsen 0.09 - - 0.10 - - Rik Dobbeleare 0.12 - - 0.06 - - Andreas Mj\u00f8lner Akselsen 0.15 - - - - - 1 The executive management has been extended with one new employee as from 1 September 2023. The costs are included in the numbers above from this date. 2 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. No such recharge took place in 2023. 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 22. 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 mutual notice period of 6 months in the agreement. If the agreement is terminated by the company, the employee is in addition to the notice period entitled to 12 months severance pay. The sever- ance pay is deductable to other income.Executive Management Person Title Shares Options Shares held by related parties Christian Bekken 1 Chief Executive Officer 84 986 200 000 97 968 128 Marie Danielsson 2 Chief Financial Officer 185 452 250 000 Jonas Siljesk\u00e4r Chief Operating Officer 124 126 200 000 Petra Brantmark Chief Legal Officer 17 450 91 452 Roger Olofsson Chief Human Resources Officer 5 952 125 000 Charlotte Knudsen Chief Communications and IR Officer 42 681 91 000 5 458 Camilla Bjerkli Chief Sustainability Officer 37 202 31 250 1 Christian is part of the Bekken family, the majority owner of BEWI Invest AS, the majority owner of BEWI ASA, holding 97 958 328 shares on 31.12.2023. Christian was a director of the board of BEWI Invest AS on 31.12.2023 and until 7 February 2024. 2 Marie was a director of the board of BEWI Invest AS, the majority owner of BEWI ASA on 31.12.2023 and until 7 February 2024. BEWI Invest is however not considered a related party of Marie",
"dimensions": {
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-376": {
"value": "Note 07 Remunerations to auditors million EUR 2023 2022 PwC \u2013 The audit assignment -1.2 -0.6 \u2013 Audit activities other than the audit assignment 0.0 0.0 \u2013 Tax advice - - \u2013 Other services - -0.7 Total -1.2 -1.4 Other accounting firms than PwC \u2013 The audit assignment -0.5 -0.2 \u2013 Audit activities other than the audit assignment -0.1 -0.2 \u2013 Tax advice -0.2 0.0 \u2013 Other services 0.0 -0.2 Total -0.8 -0.7 For 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-377": {
"value": "Note 08 Leasing Lease-terms and extension 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 10-17 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 24 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 2023 2022 Depreciations and amortisations -20.1 -13.1 Interest expense -11.1 -6.1 Total -31.2 -19.2 Lease expenses for lease contracts not capitalised in accordance with IFRS 16 million EUR 2023 2022 Lease expense short-term leases -1.2 -0.3 Lease expense low-value assets -0.5 -0.4 Lease expense variable leases -1.5 -0.9 Total -3.2 -1.5 Cash flow from leases million EUR 2023 2022 Recognised in operating cash flow Operating income -3.2 -1.5 Interest paid -11.1 -6.1 Cash flow from financing activities Repayment of borrowings -17.0 -11.7 Total -31.2 -19.3 In 2023, six real estate properties were divested to the Norwegian listed company KMC Properties ASA in sale and leaseback transactions. The proceeds comprised a combination of cash and shares in KMC Properties ASA. The transactions gave rise to a capital gain of EUR 1.3 million. The lease terms run for 17 years, with options to extend the lease terms for another five years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-378": {
"value": "Note 09 Financial income and expense million EUR 2023 2022 Interest revenue 5.4 1.8 Other financial income 0.4 0.2 Total financial income 5.8 2.0 Interest expenses -44.6 -20.7 Fair value adjustments shares and participations -3.1 -6.7 Other financing costs - 0.2 Fair value change derivatives -7.4 8.3 Exchange rate losses 6.7 -8.5 Total financial expense -48.3 -27.4 Total financial income and expense - net -42.5 -25.5 EUR -1.1 million (2022: EUR -1.2 million) of the interest expenses were attributable to amortisation of financing cost. Fair value adjustments shares and participations are attributable to the shares in KMC Properties ASA, which were divested during the year. The shares were remeasured at fair value until the date of divestment and there was consequently no gain or loss from the divestment. Net financial income and expense per category of financial instrument million EUR 2023 2022 Financial assets and liabilities measured at fair value through profit and loss -10.5 1.7 Financial assets and liabilities measured at amortised cost -32.0 -27.2 -42.5 -25.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-379": {
"value": "Note 10 Exchange differences \u2013 net Exchange differences have been reported in the income statement as follows: million EUR 2023 2022 Other operating expenses -0.6 -0.8 Fair value change derivatives 0.1 0.5 Total exchange difference in other operating expenses -0.4 -0.3 Exchange rate losses 6.7 -8.5 Fair value change derivatives -7.4 8.3 Total financial income and expense (note 9) -0.6 -0.2 Exchange differences - net -1.0 -0.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-380": {
"value": "Note 11 Income tax Tax income and expense in income statement million EUR 2023 2022 Tax income(+)/expense(-) comprises; Current tax income(+)/expense(-) this year -18.1 -25.4 Adjustment recognised in current year in relation to current tax of prior years -0.4 -1.0 Deferred tax income(+)/expense(-) 11.9 19.2 Total tax income(+)/expense(-) -6.6 -7.2 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 2023 2022 Profit/loss before tax from continuing operations -9.0 42.5 Tax income(+)/expense(-) calculated at norwegian corporate income tax rate 2.0 -9.4 Difference between corporate tax rate in Norway and other countries -0.6 -0.6 Effect of revenue that is exempt from taxation 0.5 12.8 Effect of non-deductible expenses -3.5 -5.9 Effect of tax losses and tax offsets not recognised as deferred tax assets -2.1 -3.1 Effect of previously unrecognised deferred tax attributable to tax losses carry forward, tax credits and temporary differences 0.2 0.0 Effect of utilisation of tax losses carry forward 0.3 - Effect of write-downs and reversals of deferred tax balances -1.9 0.0 Effect on deferred tax balances due to change in tax rate -0.2 0.0 Effect of witholding tax -0.6 - Adjustment recognised in current year in relation to current tax of prior years -0.4 -1.0 Other -0.3 0.0 Total tax income(+)/expense(-) in profit or loss -6.6 -7.2 Recognised in other comprehensive income million EUR 2023 2022 Deferred tax Tax on remeasurement of defined benefit obligation 0.3 0.8 Total 0.3 0.8 Deferred tax assets and liabilities 2023 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 1.4 - - 1.3 1.1 - 0.0 3.8 Intangible assets -31.1 - - -3.2 1.3 - 0.4 -32.7 Tangible assets -22.5 - - -0.1 10.6 - 0.2 -11.7 Inventories -0.1 - - -0.3 -0.3 - 0.0 -0.7 Untaxed reserves -0.7 - - -0.4 -0.1 - - -1.2 Pension assets and liabilities -0.5 - - 0.0 0.2 0.3 0.0 0.0 Provisions 0.0 - - 0.0 0.0 - - 0.0 Other -0.3 - - 0.0 -0.9 - - -1.2 Total net deferred tax assets and liabilities -53.8 - - -2.6 11.9 0.3 0.6 -43.5 The reclassification of EUR 2.6 million in the table above is attributable to finalised acquisition analyses during the year, related to acquisitions in 2022, in which a preliminary goodwill allocation was reduced and tangible and intangible assets increased, leading to higher deferred tax liabilities. 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 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. EUR 3.7 million of those losses have no due date and the remaining EUR 0.1 million fall due in 2027. Tax losses carry forward corresponding to a tax value of EUR 13.8 million (EUR 14.6 million) were not recognised as deferred tax assets. None of these have a due date. The tax losses carry forward by the end of 2022 were attributable to Sweden, Germany, Norway, Spain and Poland. In addition, tax credits attributable to deferred interest deductions corresponding to a tax value of EUR 2.8 million (EUR 2.5 million) falling due between 2026 and 2029, were not recognised as deferred tax assets. In the balance sheet, the deferred tax liability and the deferred tax asset attributable to IFRS 16 are reported on a net basis. The amount of the net deferred tax asset 2023-12-31 amounts to EUR 4.2 million (4.6), of which the total deferred tax liability amounts to EUR 43.4 million (31.9) and the total deferred tax asset amounts to EUR 47.6 million (36.5). BEWI is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Norway, the jurisdiction in which BEWI ASA is incorporated, and will come into effect from 1 January 2025. Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposures. The group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendment to IAS 12 issued in May 2023. Under the legislation, BEWI is liable to pay a top-up tax for the difference between the GloBE effective tax rate per jurisdiction and the 15% minimum rate. If the requirements in transitional rules called \u201csafe harbour\u201d are met during a transition period, no top-up tax is applicable and a simplified reporting process will be applicable for the tax jurisdictions that meet the require- ments. BEWI is in the process of assessing its exposure to the Pillar Two legislation when it comes into effect. This assessments indicates that all tax jurisdictions meet the requirement for the transitional \u201csafe harbour\u201d rules. BEWI is currently engaged with tax specialists to assist the company with applying the legislation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-381": {
"value": "Deferred tax assets and liabilities 2023 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 1.4 - - 1.3 1.1 - 0.0 3.8 Intangible assets -31.1 - - -3.2 1.3 - 0.4 -32.7 Tangible assets -22.5 - - -0.1 10.6 - 0.2 -11.7 Inventories -0.1 - - -0.3 -0.3 - 0.0 -0.7 Untaxed reserves -0.7 - - -0.4 -0.1 - - -1.2 Pension assets and liabilities -0.5 - - 0.0 0.2 0.3 0.0 0.0 Provisions 0.0 - - 0.0 0.0 - - 0.0 Other -0.3 - - 0.0 -0.9 - - -1.2 Total net deferred tax assets and liabilities -53.8 - - -2.6 11.9 0.3 0.6 -43.5 The reclassification of EUR 2.6 million in the table above is attributable to finalised acquisition analyses during the year, related to acquisitions in 2022, in which a preliminary goodwill allocation was reduced and tangible and intangible assets increased, leading to higher deferred tax liabilities. 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 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. EUR 3.7 million of those losses have no due date and the remaining EUR 0.1 million fall due in 2027. Tax losses carry forward corresponding to a tax value of EUR 13.8 million (EUR 14.6 million) were not recognised as deferred tax assets. None of these have a due date. The tax losses carry forward by the end of 2022 were attributable to Sweden, Germany, Norway, Spain and Poland. In addition, tax credits attributable to deferred interest deductions corresponding to a tax value of EUR 2.8 million (EUR 2.5 million) falling due between 2026 and 2029, were not recognised as deferred tax assets. In the balance sheet, the deferred tax liability and the deferred tax asset attributable to IFRS 16 are reported on a net basis. The amount of the net deferred tax asset 2023-12-31 amounts to EUR 4.2 million (4.6), of which the total deferred tax liability amounts to EUR 43.4 million (31.9) and the total deferred tax asset amounts to EUR 47.6 million (36.5). BEWI is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Norway, the jurisdiction in which BEWI ASA is incorporated, and will come into effect from 1 January 2025. Since the Pillar Two legislation was not effective at the reporting date, the group has no related current tax exposures. The group applies the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendment to IAS 12 issued in May 2023. Under the legislation, BEWI is liable to pay a top-up tax for the difference between the GloBE effective tax rate per jurisdiction and the 15% minimum rate. If the requirements in transitional rules called \u201csafe harbour\u201d are met during a transition period, no top-up tax is applicable and a simplified reporting process will be applicable for the tax jurisdictions that meet the require- ments. BEWI is in the process of assessing its exposure to the Pillar Two legislation when it comes into effect. This assessments indicates that all tax jurisdictions meet the requirement for the transitional \u201csafe harbour\u201d rules. BEWI is currently engaged with tax specialists to assist the company with applying the legislation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-382": {
"value": "Note 12 Intangible assets
million EUR Goodwill Trademark
Customer
relations Technology
Patents,
licences & IT Total
As of 1 January 2022
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
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
million EUR Goodwill Trademark
Customer
relations Technology
Patents,
licences & IT Total
Financial year 2023
Carrying amount brought forward 262.8 48.1 68.4 8.7 10.0 398.0
Exchange differences -3.8 -0.2 -0.8 -0.1 0.0 -5.4
Acquisitions - 0.0 - 0.1 8.2 8.3
Through acquired business - - - - - -
Divestment of business - - - - - -
Reclassifications
1
-14.5 0.1 13.3 - -0.1 -1.1
Writedown - - - - - -
Disposals - - - 0.0 - 0.0
Amortisations - -0.8 -8.9 -1.8 -1.5 -13.0
Carrying amount carried forward 244.5 47.3 72.0 7.0 16.6 387.3
As of 31 December 2023
Acquisition costs 245.5 48.2 107.7 14.9 27.3 443.5
Accumulated amortisations/write-downs -1.0 -0.9 -35.7 -7.9 -10.7 -56.2
Carrying amount 244.5 47.3 72.0 7.0 16.6 387.3
1
Reclassification in the table above is due to finalised acquistions anlyses during the year, related to acquistions in 2022.
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 2023 31 Dec 2022 RAW 30.0 10.4 Insulation & Construction Nordics 22.3 4.6 Insulation & Construction Netherlands & Belgium 25.4 25.4 Insulation & Construction Lithuania 9.0 9.0 Insulation & Construction UK 10.3 11.2 Insulation & Construction Spain 10.6 - Insulation & Construction Germany 24.5 - Packaging & Components Sweden 3.5 0.8 Packaging & Components Denmark 11.9 9.8 Packaging & Components Netherlands 1.7 1.7 Packaging & Components Norway 56.0 47.5 Packaging & Components Finland 2.7 - Packaging & Components Portugal & Spain 5.4 5.4 Packaging & Components UK 1.2 - Automotive 6.2 5.9 Circular 23.9 24.4 Goodwill not divided on segment, pending PPA (attributable to Jackon acquisition) - 106.8 Total 244.5 262.8 Trademarks million EUR 31 Dec 2023 31 Dec 2022 RAW 0.6 0.6 Insulation & Construction Nordics 8.3 0.4 Insulation & Construction Netherlands & Belgium 7.6 7.6 Insulation & Construction Lithuania 2.6 2.6 Insulation & Construction UK 2.4 2.4 Insulation & Construction Spain 1.9 - Insulation & Construction Germany 4.3 - Packaging & Components Denmark 5.0 5.1 Packaging & Components Netherlands 2.3 2.3 Packaging & Components Norway 5.6 6.0 Packaging & Components Portugal & Spain 1.1 1.1 Automotive 2.8 2.6 Circular 2.7 2.8 Trademark not divided on segment, pending PPA (attributable to Jackon acquisition) - 14.7 Total 47.3 48.1 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 budget and strategic plans for the coming three years, approved by the senior executives, and if applicable extrapolated for an additional two-year period, assuming a prudent increase in both revenue and costs of 2.0 per cent or more for most cash generating units. The estimates are based on the executive management\u2019s experience and historical data. The discount rate after tax amounts to 8.2 per cent (8.6 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 2023. An increase in the discount rate of 1 percentage point would indicate an impairment of EUR 14.6 million, mainly due to a lower starting point in the impairment tests as a result of the economic downturn in the building and insulation industry. A reduced cash flow of 10 per cent would not change the outcome of the tests. Risks related to climate change has not impacted the impairment tests negatively. Tangible fixed assets of EUR 2.4 million were written down in 2023 (EUR 0.8 million), based on an individual assessment for those assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-383": {
"value": "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 2023 31 Dec 2022
RAW 30.0 10.4
Insulation & Construction Nordics 22.3 4.6
Insulation & Construction Netherlands & Belgium 25.4 25.4
Insulation & Construction Lithuania 9.0 9.0
Insulation & Construction UK 10.3 11.2
Insulation & Construction Spain 10.6 -
Insulation & Construction Germany 24.5 -
Packaging & Components Sweden 3.5 0.8
Packaging & Components Denmark 11.9 9.8
Packaging & Components Netherlands 1.7 1.7
Packaging & Components Norway 56.0 47.5
Packaging & Components Finland 2.7 -
Packaging & Components Portugal & Spain 5.4 5.4
Packaging & Components UK 1.2 -
Automotive 6.2 5.9
Circular 23.9 24.4
Goodwill not divided on segment, pending PPA (attributable to Jackon acquisition) - 106.8
Total 244.5 262.8
Trademarks
million EUR 31 Dec 2023 31 Dec 2022
RAW 0.6 0.6
Insulation & Construction Nordics 8.3 0.4
Insulation & Construction Netherlands & Belgium 7.6 7.6
Insulation & Construction Lithuania 2.6 2.6
Insulation & Construction UK 2.4 2.4
Insulation & Construction Spain 1.9 -
Insulation & Construction Germany 4.3 -
Packaging & Components Denmark 5.0 5.1
Packaging & Components Netherlands 2.3 2.3
Packaging & Components Norway 5.6 6.0
Packaging & Components Portugal & Spain 1.1 1.1
Automotive 2.8 2.6
Circular 2.7 2.8
Trademark not divided on segment, pending PPA (attributable to Jackon acquisition) - 14.7
Total 47.3 48.1
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 budget and strategic plans for the coming three years,
approved by the senior executives, and if applicable extrapolated for an additional two-year period, assuming a prudent
increase in both revenue and costs of 2.0 per cent or more for most cash generating units. The estimates are based on the
executive management\u2019s experience and historical data. The discount rate after tax amounts to 8.2 per cent (8.6 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 2023.
An increase in the discount rate of 1 percentage point would indicate an impairment of EUR 14.6 million, mainly due to a lower
starting point in the impairment tests as a result of the economic downturn in the building and insulation industry. A reduced
cash flow of 10 per cent would not change the outcome of the tests. Risks related to climate change has not impacted the
impairment tests negatively. Tangible fixed assets of EUR 2.4 million were written down in 2023 (EUR 0.8 million), based on an
individual assessment for those assets.
137137
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsWithIndefiniteUsefulLifeExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-384": {
"value": "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 2023 31 Dec 2022 RAW 30.0 10.4 Insulation & Construction Nordics 22.3 4.6 Insulation & Construction Netherlands & Belgium 25.4 25.4 Insulation & Construction Lithuania 9.0 9.0 Insulation & Construction UK 10.3 11.2 Insulation & Construction Spain 10.6 - Insulation & Construction Germany 24.5 - Packaging & Components Sweden 3.5 0.8 Packaging & Components Denmark 11.9 9.8 Packaging & Components Netherlands 1.7 1.7 Packaging & Components Norway 56.0 47.5 Packaging & Components Finland 2.7 - Packaging & Components Portugal & Spain 5.4 5.4 Packaging & Components UK 1.2 - Automotive 6.2 5.9 Circular 23.9 24.4 Goodwill not divided on segment, pending PPA (attributable to Jackon acquisition) - 106.8 Total 244.5 262.8 Trademarks million EUR 31 Dec 2023 31 Dec 2022 RAW 0.6 0.6 Insulation & Construction Nordics 8.3 0.4 Insulation & Construction Netherlands & Belgium 7.6 7.6 Insulation & Construction Lithuania 2.6 2.6 Insulation & Construction UK 2.4 2.4 Insulation & Construction Spain 1.9 - Insulation & Construction Germany 4.3 - Packaging & Components Denmark 5.0 5.1 Packaging & Components Netherlands 2.3 2.3 Packaging & Components Norway 5.6 6.0 Packaging & Components Portugal & Spain 1.1 1.1 Automotive 2.8 2.6 Circular 2.7 2.8 Trademark not divided on segment, pending PPA (attributable to Jackon acquisition) - 14.7 Total 47.3 48.1 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 budget and strategic plans for the coming three years, approved by the senior executives, and if applicable extrapolated for an additional two-year period, assuming a prudent increase in both revenue and costs of 2.0 per cent or more for most cash generating units. The estimates are based on the executive management\u2019s experience and historical data. The discount rate after tax amounts to 8.2 per cent (8.6 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 2023. An increase in the discount rate of 1 percentage point would indicate an impairment of EUR 14.6 million, mainly due to a lower starting point in the impairment tests as a result of the economic downturn in the building and insulation industry. A reduced cash flow of 10 per cent would not change the outcome of the tests. Risks related to climate change has not impacted the impairment tests negatively. Tangible fixed assets of EUR 2.4 million were written down in 2023 (EUR 0.8 million), based on an individual assessment for those assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-385": {
"value": "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 budget and strategic plans for the coming three years, approved by the senior executives, and if applicable extrapolated for an additional two-year period, assuming a prudent increase in both revenue and costs of 2.0 per cent or more for most cash generating units. The estimates are based on the executive management\u2019s experience and historical data. The discount rate after tax amounts to 8.2 per cent (8.6 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 2023. An increase in the discount rate of 1 percentage point would indicate an impairment of EUR 14.6 million, mainly due to a lower starting point in the impairment tests as a result of the economic downturn in the building and insulation industry. A reduced cash flow of 10 per cent would not change the outcome of the tests. Risks related to climate change has not impacted the impairment tests negatively. Tangible fixed assets of EUR 2.4 million were written down in 2023 (EUR 0.8 million), based on an individual assessment for those assets. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfImpairmentLossRecognisedOrReversedByClassOfAssetsAndByReportableSegment",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-386": {
"value": "Note 13 Tangible assets million EUR Buildings 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 2022 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 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 million EUR Buildings 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 2023 Carrying amount brought forward 238.6 178.0 28.2 23.9 468.8 Exchange differences -2.4 -3.7 -0.1 -0.1 -6.3 Acquisitions 3.1 23.2 0.2 16.6 43.1 Capitalised leases 70.8 8.4 3.5 - 82.7 Writedown -1.9 -0.5 - - -2.4 Reclassifications 1 6.3 5.2 -3.4 -4.5 3.7 Disposals -49.9 -0.8 -0.7 - -51.4 Depreciations -20.0 -27.1 -5.8 -0.1 -53.0 Carrying amount carried forward 244.6 182.8 22.0 35.9 485.3 As of 31 December 2023 Acquisition costs 311.0 430.8 60.1 36.0 837.9 Accumulated depreciations/write-downs -66.3 -248.1 -38.1 -0.1 -352.6 Carrying amount 244.6 182.8 22.0 35.9 485.3 Amounts above attributable to leases: Depreciations 2023 -15.4 -1.9 -2.9 - -20.1 Carrying amount 31 December 2023 190.0 16.8 7.3 - 214.1 Depreciations 2022 -9.6 -1.5 -2.0 - -13.1 Carrying amount 31 December 2022 140.1 5.6 7.0 - 152.7 1 The reclassification of EUR 3.7 million in the table above and the EUR -1.1 million reclassification in the note for intangible assets amounts to a net of EUR 2.6 million. That is due to finalised acquisition analyses during the year, related to acquisitions in 2022, in which a preliminary goodwill allocation was reduced and tangible and intangible assets increased also leading to higher deferred tax liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-387": {
"value": "Note 14 Business acquisitions Cash flow from acquisition of business million EUR 2023 2022 Cash consideration -0.2 -228.0 Cash in acquired business - -2.9 Total cash out/-inflow -0.2 -230.9 Business acquisitions during the year In February 2023, BEWI acquired the remaining 25% of the shares in Poredo Holding BV for a cash consideration. The company, located in the Netherlands, is working with converted recycled EPS within the Circular segment. In March 2023, a minor cash adjustment, in favour of BEWI, was made to the purchase price of Aislamientos y Envases S.L. \u201c(Aislenvas\u201d), acquired in December 2022. The net effect of these two transactions resulted in a net cash outflow of EUR 0.2 million. Business acquisitions 2022 In October 2022, BEWI acquired Jackon Holding AS. A preliminary acquisition analysis was presented in the annual report for 2022. During the second quarter of 2023, the acquisition analysis was finalised, leading to the below changes to identified assets and liabilities and goodwill. In December 2022, Aislamientos y Envases S.L. was acquired. A preliminary acquisition analysis was prepared and presented in the annual report for 2022 in a table together with a group of other acquisitions during that year. During the second quarter of 2023, the acquisition analysis was finalised, leading to the below changes to identified assets and liabilities and goodwill. Jackon Holding AS Aislamientos y Envases S.L. million EUR Preliminary Change Final Preliminary Change Final Goodwill 94.2 -10.4 83.8 14.7 -4.1 10.6 Trademark 15.1 -1.8 13.3 0.0 1.9 1.9 Customer relations 8.9 8.9 0.0 4.4 4.4 Other intangible assets 1.0 -0.1 0.9 0.1 - 0.1 Property, plant and equipment 247.0 3.7 250.7 1.3 - 1.3 Other fixed assets 2.0 - 2.0 0.7 - 0.7 Deferred tax liability -39.9 -0.9 -40.8 0.0 -1.6 -1.6 Non-controlling interest - - - -0.9 -0.9 -1.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-388": {
"value": "Note 15 Shares in associates
Name
Carrying
amount
31 Dec 2022
Through
acquired
business Sold Dividend
Share of
income
Exchange
difference
Carrying
amount
31 Dec 2023
HIRSCH Porozell GmbH 5.8 - - -2.0 0.7 -0.1 4.4
HIRSCH France SAS 5.5 - - 0.1 - 5.6
BEWI EPS ehf. 0.8 - -0.8 - 0.0 - 0.0
Energij\u00e4garna &
Dorocell AB 1.0 - - - -0.1 - 1.0
Remondis Technology
Sp\u00f3lka z o.o - - - -0.2 0.6 - 0.4
Total 13.2 - -0.8 -2.2 1.3 -0.1 11.4
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 &
Dorocell AB - 1.0 - - - - 1.0
Total 13.8 1.1 -2.1 -2.0 2.8 -0.2 13.2
Non-current receivables associates 31 Dec 2023 31 Dec 2022
As of 1 January - 4.2
Loans repaid - -2.3
Acquired as a subsidiary - -1.9
As of 31 December - -
Summarised financial information for associates
2023 Net sales EBITDA
Operating profit
(EBIT) Net profit
HIRSCH Porozell GmbH 101.7 5.4 1.8 2.1
HIRSCH France SAS 70.1 5.5 0.4 0.2
Energij\u00e4garna & Dorocell AB 5.1 -0.1 -0.1 -0.1
Remondis Technology Sp\u00f3lka z o.o 4.3 1.3 1.2 0.9
31 Dec 2023
Non-current
assets Current assets
Non-current
liabilities Current liabilities Net debt
HIRSCH Porozell GmbH 35.9 26.8 17.1 12.1 7.0
HIRSCH France SAS 32.8 21.8 21.0 15.6 12.7
Energij\u00e4garna & Dorocell AB 0.0 2.3 - 0.5 -0.6
Remondis Technology Sp\u00f3lka z o.o 0.5 1.3 0.0 0.5 -0.6
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.
Energij\u00e4garna & Dorocell 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 & Dorocell AB is owned by Jackon AB.
Remondis Technology Sp\u00f3lka z o.o (34 per cent ownership)
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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-389": {
"value": "Note 16 Financial instruments per category 31 December 2023 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 - 0.0 0.0 Participations in other companies 0.5 - 0.5 Accounts receivables - 129.3 129.3 Current derivative assets 3.6 - 3.6 Cash and cash equivalents - 63.6 63.6 Total 4.1 192.9 197.0 31 December 2023 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 - 247.9 247.9 Non-current liabilities to credit institutions - 125.0 125.0 Non-current liabilities leases - 201.3 201.3 Current liabilities to credit institutions - 7.4 7.4 Overdraft facillity - 4.4 4.4 Current liabilities leases - 24.8 24.8 Current derivative liability 3.2 - 3.2 Account payables - 81.6 81.6 Total 3.2 692.4 695.6 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-390": {
"value": "Note 16 Financial instruments per category 31 December 2023 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 - 0.0 0.0 Participations in other companies 0.5 - 0.5 Accounts receivables - 129.3 129.3 Current derivative assets 3.6 - 3.6 Cash and cash equivalents - 63.6 63.6 Total 4.1 192.9 197.0 31 December 2023 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 - 247.9 247.9 Non-current liabilities to credit institutions - 125.0 125.0 Non-current liabilities leases - 201.3 201.3 Current liabilities to credit institutions - 7.4 7.4 Overdraft facillity - 4.4 4.4 Current liabilities leases - 24.8 24.8 Current derivative liability 3.2 - 3.2 Account payables - 81.6 81.6 Total 3.2 692.4 695.6 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-391": {
"value": "Note 17 Account receivables million EUR 31 Dec 2023 31 Dec 2022 Accounts receivables 130.7 158.0 Deducted: loss allowance -1.4 -1.4 Accounts receivables - net 129.3 156.7 The ageing analysis of all account receivables is clear from below: million EUR 31 Dec 2023 31 Dec 2022 Not yet matured 102.1 124.9 1\u201330 days 20.7 24.6 31\u201360 3.4 3.8 > 61 days 4.5 4.8 Deducted: loss allowance -1.4 -1.4 Accounts receivables - net 129.3 156.7 31 Dec 2023 31 Dec 2022 Matured account receivables not part of the provisions for loss allowance 27.2 31.8 Carrying amounts, per currency, for account receivables and other receivables are the following: million EUR 31 Dec 2023 31 Dec 2022 SEK 13.7 15.8 EUR 59.2 73.8 GBP 11.1 11.6 NOK 26.3 32.7 DKK 17.3 18.3 ISK 1.0 1.3 USD 0.4 2.4 CAD 0.1 0.6 PLN 0.1 0.1 Other 0.0 0.1 129.3 156.7 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-392": {
"value": "Note 18 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 550.6 million (EUR 568.4 million). EUR 0.8 million (EUR 1.1 million) was expensed as write-downs of inventory in 2023. The group reversed EUR 0.2 million (EUR 0.6 million) in 2023 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-393": {
"value": "Note 20 Share capital The number of shares as of December 31, 2023 amounted to 191 722 290, 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 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 New share issue 18 Feb 2023 374 298 374 298 191 722 290 191 722 290 1.00 As of 31 Dec 2023 191 722 290 191 722 290 1.00 On the 9 of 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, by use of the authorisation granted by the general meeting on 16 November 2020. 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 2023, 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. Following the exercise of share options by option holders under the company\u2019s share option programme, the board of direc- tors resolved to increase the company\u2019s share capital by NOK 374 298, by the issuance of 374 298 new shares on the 18:th of February 2023 at a subscription price of NOK 22.96 per share, by use of the authorisation granted by the general meeting on 16 November 2020. Largest shareholders Name Shares Per cent BEWI Invest AS 1 97 958 328 51.09 HAAS AS 32 070 000 16.73 Kverva Industrier AS 15 292 424 7.98 M2 Asset Management AB 6 453 939 3.37 J.P. Morgan SE 4 874 234 2.54 Skandinaviska Enskilda Banken AB 4 580 615 2.39 Interactive Brokers LLC 2 284 097 1.19 Union Bancaire Privee, UBP SA 2 165 467 1.13 BNP Paribas 1 301 160 0.68 Nordnet Bank AB 1 287 829 0.67 Other 23 454 197 12.23 Total 191 722 290 100.00 1 BEWI Invest AS are owned by members of the Bekken family.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-394": {
"value": "Note 19 Prepaid expenses and accrued income million EUR 31 Dec 2023 31 Dec 2022 Prepaid energy tax expenses 0.6 0.6 Accrued bonus and discounts 1.1 1.1 Other items 12.5 10.9 Total 14.2 12.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-395": {
"value": "Note 21 Cash flow hedge reserve million EUR 31 Dec 2023 31 Dec 2022 As of 1 January - - Fair value changes -0.1 - As of 31 December -0.1 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutAmountsThatAffectedStatementOfComprehensiveIncomeAsResultOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-396": {
"value": "Note 22 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 2023 represents 1.0 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: 2023 2022 Outstanding as of 1 January 2 373 500 2 762 500 Granted during the year - 40 000 Adjusted - - Exercised -374 298 -429 000 Terminated - - Outstanding as of 31 December 1 999 202 2 373 500 Vested and exercisable 1 999 202 972 250 During the exercise window in March 2023 (2022), 374 298 shares (429 000) were issued at a subscription price of 22.96 (24.06). The average share price at the time of exercise was NOK 43.27 (61.26).",
"dimensions": {
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"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-397": {
"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 2023 represents 1.0 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-398": {
"value": "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: 2023 2022 Outstanding as of 1 January 2 373 500 2 762 500 Granted during the year - 40 000 Adjusted - - Exercised -374 298 -429 000 Terminated - - Outstanding as of 31 December 1 999 202 2 373 500 Vested and exercisable 1 999 202 972 250 During the exercise window in March 2023 (2022), 374 298 shares (429 000) were issued at a subscription price of 22.96 (24.06). The average share price at the time of exercise was NOK 43.27 (61.26)",
"dimensions": {
"concept": "ifrs-full:ExplanationOfEffectOfSharebasedPaymentsOnProfitOrLoss",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-399": {
"value": "Note 23 Earnings per share million EUR 2023 2022 Profit for the period attributable to parent company shareholders (million EUR) -18.0 34.4 Average number of shares 191 672 042 164 109 723 Effect on options to employees 752 508 1 381 172 Diluted average number of shares 192 424 550 165 490 895 Earnings per share (EPS), basic (EUR) -0.09 0.21 Earnings per share (EPS), diluted (EUR) -0.09 0.21 Earnings per share (EPS), basic (NOK) -1.08 2.12 Earnings per share (EPS), diluted (NOK) -1.08 2.10 EPS in NOK is calculated using the average rate in the period. The number shares outstanding have increased from 191 347 992 to 191 722 290 compared to 31 December 2022 in a new share issue in February 2023. Earnings per share is calculated by dividing profit attributable to parent company shareholders bythe weighted number of ordinary shares during the period. Based on the financial accounts for 2022, the board proposed to the general meeting to distribute dividends of NOK 0.60 per share. The proposal was approved by the general meeting on 1 June 2023. The dividends were not distributed during 2023. For the financial year of 2023, the board does not propose any dividend.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-400": {
"value": "Based on the financial accounts for 2022, the board proposed to the general meeting to distribute dividends of NOK 0.60 per share. The proposal was approved by the general meeting on 1 June 2023. The dividends were not distributed during 2023. For the financial year of 2023, the board does not propose any dividend",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-401": {
"value": "Note 24 Borrowings
Interest-bearing liabilities
million EUR 31 Dec 2023 31 Dec 2022
Non-current
Bond loan 247.9 246.9
Liabilities to credit institutions 125.0 87.8
Liabilities leases 201.3 150.4
Other non-current liabilities 0.4 0.7
Total long-term borrowings 574.6 485.8
Current
Liabilities to credit institutions 7.4 69.5
Liabilities leases 24.8 20.1
Overdraft 4.4 22.8
Total current borrowings 36.6 112.4
Total borrowings 611.2 598.2
Specification of net debt
Net debt by the end of the reporting period, million EUR 31 Dec 2023 31 Dec 2022
Interest-bearing liabilities 611.2 598.2
Cash and cash equivalents 63.6 47.5
Net debt in including IFRS 16 547.6 550.7
Adding back IFRS 16 leasing liabilities -216.6 -168.4
Net debt excluding IFRS 16 331.0 382.3
Change in net debt, million EUR 31 Dec 2023 31 Dec 2022
Change in interest-bearing liabilities 13.0 259.4
Change in cash and cash equivalents
Impact from cash flow for the period -16.7 91.9
Impact from exchange differences 0.6 2.9
Change in net debt including IFRS 16 -3.1 354.3
Adding back change in IFRS 16 leasing liabilities -48.1 -92.3
Change in net debt excluding IFRS 16 -51.2 262.0
Change in interest-bearing liabilities Bond loan
Liabilities
to credit
institutions
Liabilities
leasing
Other
financial
non-current
liabilities Overdraft Total
Interest-bearing liabilities as of
31 December 2022 246.9 157.3 170.5 0.7 22.8 598.2
Cash flow affecting changes
Borrowings - 64.9 - - - 64.9
Repayment of loans -0.1 -86.3 - -0.2 -17.6 -104.2
Repayment of leasing liabilities - - -16.9 - - -16.9
Total cash flow in financing activities -0.1 -21.4 -16.9 -0.2 -17.6 -56.2
Changes not affecting cash flow
Capitalised leasing - - 76.7 - - 76.7
Amortisation financing costs 1.1 - - - - 1.1
Exchange differences - -3.5 -4.2 -0.1 -0.8 -8.6
Total changes not affecting cash flow 1.1 -3.5 72.5 -0.1 -0.8 69.2
Total change 1.0 -24.9 55.6 -0.3 -18.4 13.0
Interest-bearing liabilities as of
31 December 2023 247.9 132.4 226.1 0.4 4.4 611.2
Cash outflow from capitalised financing costs incurred in 2023, related to the bond loan, have been classified as cash outflow
from repayment of loans in the cash flow statement and in the table above.
Change in interest-bearing liabilities Bond loan
Liabilities
to credit
institutions
Liabilities
leasing
Other
financial
non-current
liabilities 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
Cash outflow from capitalised financing costs incurred in 2022, related to the bond loan, have been classified as cash outflow
from repayment of loans in the cash flow statement and in the table above.
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 2023 2022 2023 2022
EUR 65 million Euribor 3 m + 3.15% 6.95-7.11% 2.86-5.12% 7.45% 3.66%
Liabilities to credit institutions
The group has a Revolving Credit Facility (RCF). The facility was increased during 2022 to a total of EUR 150 million and is
granted by two banks. As part of this facility, one of the participating banks is providing an overdraft facility. As at 31 December
2023 the RCF was utilised by EUR equivivalent 119.2 million (EUR 59.8 million). Interest on utilised amount ranged between
4.1% - 6.0% during the year. As at 31 December 2023, nothing of the overdraft was utlised (EUR 6.3 million). Interest on utilised
overdraft during the year ranged betewen 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 0.8% - 7.7% during 2023. A majority of the liabilities from aquired companies to credit insti-
tutions as at 31 December 2022, as well as the ovedraft recognised at that date, were attributable to the acquisition of Jackon
Holding AS. During 2023, the liabilities related to the acquisition of Jackon Holding AS were settled.
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, the rating and when the lease commenced, the
discount rates vary from 2.3-9.2% for contracts maturing within 1-3 years to 4.4-12.9% for contracts maturing after 10 years.
million EUR 31 Dec 2023 31 Dec 2022
Overdraft facility (equivalent amount in million EUR) 150.0 150
Overdraft utilised 119.2 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 is been in compliance with the loan agreements in both 2023 and 2022. 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 2023 31 Dec 2022
million EUR Incl. IFRS 16 Excl. IFRS 16 Incl. IFRS 16 Excl. IFRS 16
SEK 160.1 119.1 78.7 40.7
EUR 325.0 261.9 307.0 275.7
NOK 80.0 7.9 174.0 107.5
DKK 26.8 - 20.2 1.2
GBP 17.6 4.2 17.4 3.8
Other 1.7 1.5 0.9 0.9
611.2 394.6 598.2 429.8
Maturity
The tables below presents the maturity of the discounted cash flows of the group\u2019s interest-bearing liabilities.
As of 31 December 2023 < 1 yr. 1\u20132 yr. 2\u20135 yr. > 5 yr.
Bond loans - - 247.9 -
Liabilities to credit institutions 7.4 122.0 3.0 0.0
Liabilities leases 24.8 24.0 58.6 118.7
Other financial non-current liabilities - 0.4 - -
Overdraft 4.4 - - -
Total 36.6 146.4 309.5 118.7
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
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-402": {
"value": "Note 25 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 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 Present value of funded obligations -32.9 -32.4 - - Fair value of plan assets 34.4 34.8 - - 1.5 2.3 - - Present value of unfunded obligations - - -1.0 -0.9 Net asset(+)/liability(-) as of 31 December 1.5 2.3 -1.0 -0.9 Net pension asset United Kingdom 2.8 2.6 - - 2.8 2.6 - - Pension obligations and other long-term benefits Netherlands - - -1.0 -0.9 Finland -0.2 -0.2 - - Norway 0.0 0.0 - - United Kingdom -1.0 - - - -1.2 -0.2 -1.0 -0.9 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 2023 2022 2023 2022 Costs of service during the current year 0.0 -0.1 -0.1 -0.1 Past service cost 0.0 - - - Net Interest income/expense -0.5 0.1 0.0 0.0 Total reported in the income statement -0.6 0.1 -0.1 -0.1 Return on plan assets excluding amounts included in interest expenses/income -0.6 -18.0 - - Actuarial gains/losses from changes in demographic assumptions 0.4 -0.2 - - Actuarial gains/losses from changes in financial assumptions -0.6 14.8 - - Experience based gains/losses -0.4 -0.8 - - Total reported in other comprehensive income -1.2 -4.2 - - Defined benefit pension plans Other long-term benefits Change in present value of the obligation 31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 As of 1 January -32.4 -49.6 -0.9 -1.1 Current service cost 0.0 -0.1 -0.1 -0.1 Interest cost -1.5 -0.9 0.0 0.0 Actuarial gains/losses -0.6 13.8 - - Benefits paid 2.0 2.3 0.1 0.0 Settlements 0.3 0.0 -0.1 0.2 Exchange rate differences -0.6 2.0 - - As of 31 December -32.9 -32.4 -1.0 -0.9 Defined benefit pension plans Other long-term benefits Change in fair value of plan assets 31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 As of 1 January 34.8 56.0 - - Interest income 1.7 1.0 - - Return on plan assets excluding amounts included in interest expenses/income -0.6 -18.0 - - Contributions by the employer 0.3 0.3 - - Benefits paid -2.0 -2.3 - - Settlements -0.3 0.0 - - Exchange rate differences 0.6 -2.2 - - As of 31 December 34.4 34.8 - - The most critical assumptions for the defined benefit pensions were: 31 Dec 2023 31 Dec 2022 United Kingdom Discount rate 4.50-4.80% 4.70-5.00% Salary increase n/a n/a Inflation (based on CPI and RPI assumption) 2.80-3.30% 2.90-3.40% Pension increase (based on CPI and RPI assumptions) 1.90-3.20% 1.80-3.20% Finland Discount rate 3.25% 3.75% Salary increase 2.75% 3.10% Inflation 2.25% 2.60% Norway Discount rate 3.10% 3.20% Salary increase 3.50% 3.75% G-regulering 3.25% 3.50% 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 2023 31 Dec 2022 Discount rate 3.25% 3.40% Salary increase 2.30% 2.70% 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% 1.5 -1.6 Salary increase 0.50% 0.0 0.0 Pension increase 0.25% -0.9 1.0 For the financial year of 2024, the defined pension plan fees are expected to amount to EUR 0.3 million. Plan asset allocation 31 Dec 2023 31 Dec 2022 Bonds 12.2 12.3 Equities 5.1 5.7 Hedge funds and alternatives 15.5 15.2 Insurance contracts 1.0 0.9 Real estate 0.0 0.1 Cash 0.6 0.6 34.4 34.8 Analysis of expected undiscounted payments of defined benefits 31 Dec 2023 31 Dec 2022 Within 1 year 2.9 2.1 1\u20132 years 2.3 2.0 3\u20135 years 7.0 6.8 5 years or more 43.6 43.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-403": {
"value": "Note 25 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 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 Present value of funded obligations -32.9 -32.4 - - Fair value of plan assets 34.4 34.8 - - 1.5 2.3 - - Present value of unfunded obligations - - -1.0 -0.9 Net asset(+)/liability(-) as of 31 December 1.5 2.3 -1.0 -0.9 Net pension asset United Kingdom 2.8 2.6 - - 2.8 2.6 - - Pension obligations and other long-term benefits Netherlands - - -1.0 -0.9 Finland -0.2 -0.2 - - Norway 0.0 0.0 - - United Kingdom -1.0 - - - -1.2 -0.2 -1.0 -0.9 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 2023 2022 2023 2022 Costs of service during the current year 0.0 -0.1 -0.1 -0.1 Past service cost 0.0 - - - Net Interest income/expense -0.5 0.1 0.0 0.0 Total reported in the income statement -0.6 0.1 -0.1 -0.1 Return on plan assets excluding amounts included in interest expenses/income -0.6 -18.0 - - Actuarial gains/losses from changes in demographic assumptions 0.4 -0.2 - - Actuarial gains/losses from changes in financial assumptions -0.6 14.8 - - Experience based gains/losses -0.4 -0.8 - - Total reported in other comprehensive income -1.2 -4.2 - - Defined benefit pension plans Other long-term benefits Change in present value of the obligation 31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 As of 1 January -32.4 -49.6 -0.9 -1.1 Current service cost 0.0 -0.1 -0.1 -0.1 Interest cost -1.5 -0.9 0.0 0.0 Actuarial gains/losses -0.6 13.8 - - Benefits paid 2.0 2.3 0.1 0.0 Settlements 0.3 0.0 -0.1 0.2 Exchange rate differences -0.6 2.0 - - As of 31 December -32.9 -32.4 -1.0 -0.9 Defined benefit pension plans Other long-term benefits Change in fair value of plan assets 31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022 As of 1 January 34.8 56.0 - - Interest income 1.7 1.0 - - Return on plan assets excluding amounts included in interest expenses/income -0.6 -18.0 - - Contributions by the employer 0.3 0.3 - - Benefits paid -2.0 -2.3 - - Settlements -0.3 0.0 - - Exchange rate differences 0.6 -2.2 - - As of 31 December 34.4 34.8 - - The most critical assumptions for the defined benefit pensions were: 31 Dec 2023 31 Dec 2022 United Kingdom Discount rate 4.50-4.80% 4.70-5.00% Salary increase n/a n/a Inflation (based on CPI and RPI assumption) 2.80-3.30% 2.90-3.40% Pension increase (based on CPI and RPI assumptions) 1.90-3.20% 1.80-3.20% Finland Discount rate 3.25% 3.75% Salary increase 2.75% 3.10% Inflation 2.25% 2.60% Norway Discount rate 3.10% 3.20% Salary increase 3.50% 3.75% G-regulering 3.25% 3.50% 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 2023 31 Dec 2022 Discount rate 3.25% 3.40% Salary increase 2.30% 2.70% 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% 1.5 -1.6 Salary increase 0.50% 0.0 0.0 Pension increase 0.25% -0.9 1.0 For the financial year of 2024, the defined pension plan fees are expected to amount to EUR 0.3 million. Plan asset allocation 31 Dec 2023 31 Dec 2022 Bonds 12.2 12.3 Equities 5.1 5.7 Hedge funds and alternatives 15.5 15.2 Insurance contracts 1.0 0.9 Real estate 0.0 0.1 Cash 0.6 0.6 34.4 34.8 Analysis of expected undiscounted payments of defined benefits 31 Dec 2023 31 Dec 2022 Within 1 year 2.9 2.1 1\u20132 years 2.3 2.0 3\u20135 years 7.0 6.8 5 years or more 43.6 43.7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-404": {
"value": "Note 26 Other provisions 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 Restoration of environment Restructuring measures Health benefits Staff benefits Guarantee Total As of 1 January 2023 0.1 0.0 - 0.0 0.3 0.4 Reported in the income statement: \u2013 additional provisions 0.0 4.8 - - 0.1 4.9 Exchange differences - 0.1 - - -0.0 0.0 Utilised durig the year - -2.6 - - -0.2 -2.7 As of 31 December 2023 0.1 2.3 - 0.0 0.1 2.5 million EUR 31 Dec 2023 31 Dec 2022 Long-term provision 0.2 0.1 Short-term provision 2.3 0.2 Total provision 2.5 0.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-405": {
"value": "Note 27 Accrued expenses and deferred income million EUR 31 Dec 2023 31 Dec 2022 Accrued wage debt 6.4 8.6 Accrued social security fees 3.4 4.6 Accrued holiday pay including social security fees 14.2 13.9 Accrued customer bonuses 15.9 20.0 Accrued interest 1.9 1.7 Other items 18.7 48.4 Total 60.4 97.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-406": {
"value": "Note 28 Contingent liabilities million EUR 31 Dec 2023 31 Dec 2022 Guarantees to suppliers 73.3 21.7 Total 73.3 21.7 Parent guarantee towards suppliers of subsidiaries. The amount stated above is the maximum amount according to the guarantee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-407": {
"value": "Note 29 Pledged assets The carrying amount of assets pledged as security for current and non-current borrowings are: million EUR 31 Dec 2023 31 Dec 2022 Non-current Property mortgages Freehold land and buildings 12.9 15.4 Current Floating charge Cash an cash equivalents 0.1 0.1 Receivables 4.2 9.4 Financial assets at fair value through profit or loss 4.9 4.5 Plant and equipment 3.1 4.1 Business morgage 4.6 2.9 Total 29.8 36.4 The group have a bond loan and and a revolving credit facilty that are unsecured. The group also have liabilities such as local liabilities to credit institutions, overdraft facilities and liabilites in form of lease contracts in some of its companies to an amount of 17.6 MEUR. The pledged asset above are securitys for these loans. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-408": {
"value": "Note 30 Related parties Christian Bekken, CEO of BEWI ASA, is together with other members of the Bekken family major shareholders of BEWI ASA through Bekken Invest AS and BEWI Invest AS. Companies owned by the Bekken family are related parties to BEWI ASA. Other related parties are BEWI\u2019s associated companies, for example the two 34 per cent owned companies Hirsch France SAS and Hirsch Porozell GmbH. Transactions with the related parties\u2019 companies are presented in the tables below. 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 2023 is presented in the table below. Board of Directors Person Title Shares Options Shares held by related parties Gunnar Syvertsen1 Chair 180 506 - - Kristina Schauman Director 193 452 - - Ann-Lise Aukner Director - - - Rik Dobbelaere Director 98 497 - - Andreas M. Akselsen 2 Director 9 000 - 32 070 000 Pernille Skarstein Christensen 3 Director - - - 1 Gunnar was chairman of the board of BEWI Invest AS, majority owner of BEWI ASA, holding 97 958 328 shares on 31.12.2023 and until 7 February 2024. 2 Andreas is the owner of 45 per cent of HAAS AS, the third largest shareholder of BEWI ASA, holding 32 070 000 shares per 31.12.2023. 3 Pernille is investment director of Kverva AS, the third largest shareholder of BEWI ASA, holding 15 292 424 shares per 31.12.2023. Kverva is however not considered a related party of Pernille. Executive Management Person Title Shares Options Shares held by related parties Christian Bekken 1 Chief Executive Officer 84 986 200 000 97 968 128 Marie Danielsson 2 Chief Financial Officer 185 452 250 000 Jonas Siljesk\u00e4r Chief Operating Officer 124 126 200 000 Petra Brantmark Chief Legal Officer 17 450 91 452 Roger Olofsson Chief Human Resources Officer 5 952 125 000 Charlotte Knudsen Chief Communications and IR Officer 42 681 91 000 5 458 Camilla Bjerkli Chief Sustainability Officer 37 202 31 250 1 Christian is part of the Bekken family, the majority owner of BEWI Invest AS, the majority owner of BEWI ASA, holding 97 958 328 shares on 31.12.2023. Christian was a director of the board of BEWI Invest AS on 31.12.2023 and until 7 February 2024. 2 Marie was a director of the board of BEWI Invest AS, the majority owner of BEWI ASA on 31.12.2023 and until 7 February 2024. BEWI Invest is however not considered a related party of Marie. Transactions impacting the income statement million EUR 2023 2022 Sale of goods to: HIRSCH France SAS 21.9 25.6 HIRSCH Porozell GmbH 29.0 46.2 Jablite Group Ltd - 3.6 Inoplast s.r.o. - 4.3 BEWI EPS ehf 0.7 - Energij\u00e4garna och Dorocell AB 1.1 - Bekken owned companies 0.0 0.4 Total 52.7 80.1 Other income from: Inoplast s.r.o. - 0.6 Bekken owned companies 0.3 0.3 Total 0.3 0.9 Purchase of goods from: Inoplast s.r.o. - 4.5 Remondis Technology Sp\u00f3lka z o.o. 4.4 4.2 Total 4.4 8.7 Interest Income from: Hirsch France SAS - 0.1 Jablite Group Ltd - 0.0 Total - 0.1 Rental expenses to: Bekken owned companies 18.6 11.4 Total 18.6 11.4 Other external costs to: Bekken owned companies 0.2 0.1 Total 0.2 0.1 The transactions were conducted on normal market terms. Transactions impacting the balance sheet million EUR 31 Dec 2023 31 Dec 2022 Non-current receivable Bekken owned companies 0.0 0.1 Total 0.0 0.1 Current receivables Bekken owned companies 0.1 1.8 HIRSCH Porozell GmbH 0.1 0.1 Total 0.2 1.9 Current liabilities Bekken owned companies 0.0 0.3 Total 0.0 0.3 In 2023, six real estate properties were divested to the Norwegian listed company KMC Properties ASA in sale and leaseback transactions. The proceeds comprised a combination of cash and shares in KMC Properties ASA. The first group of properties, valued at NOK 348 million, were located in Finland and Denmark. The remaning two peroperties, located in Germany and Belgium, were valued at EUR 16.9 million. The transactions gave rise to a capital gain of EUR 1.3 million. The lease terms run for 17 years, with options to extend the lease terms for another five years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-410": {
"value": "Transactions impacting the income statement million EUR 2023 2022 Sale of goods to: HIRSCH France SAS 21.9 25.6 HIRSCH Porozell GmbH 29.0 46.2 Jablite Group Ltd - 3.6 Inoplast s.r.o. - 4.3 BEWI EPS ehf 0.7 - Energij\u00e4garna och Dorocell AB 1.1 - Bekken owned companies 0.0 0.4 Total 52.7 80.1 Other income from: Inoplast s.r.o. - 0.6 Bekken owned companies 0.3 0.3 Total 0.3 0.9 Purchase of goods from: Inoplast s.r.o. - 4.5 Remondis Technology Sp\u00f3lka z o.o. 4.4 4.2 Total 4.4 8.7 Interest Income from: Hirsch France SAS - 0.1 Jablite Group Ltd - 0.0 Total - 0.1 Rental expenses to: Bekken owned companies 18.6 11.4 Total 18.6 11.4 Other external costs to: Bekken owned companies 0.2 0.1 Total 0.2 0.1 Transactions impacting the balance sheet million EUR 31 Dec 2023 31 Dec 2022 Non-current receivable Bekken owned companies 0.0 0.1 Total 0.0 0.1 Current receivables Bekken owned companies 0.1 1.8 HIRSCH Porozell GmbH 0.1 0.1 Total 0.2 1.9 Current liabilities Bekken owned companies 0.0 0.3 Total 0.0 0.3 In 2023, six real estate properties were divested to the Norwegian listed company KMC Properties ASA in sale and leaseback transactions. The proceeds comprised a combination of cash and shares in KMC Properties ASA. The first group of properties, valued at NOK 348 million, were located in Finland and Denmark. The remaning two peroperties, located in Germany and Belgium, were valued at EUR 16.9 million. The transactions gave rise to a capital gain of EUR 1.3 million. The lease terms run for 17 years, with options to extend the lease terms for another five years",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-411": {
"value": "Note 32 Subsequent events There are no subsequent events to report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:254900N95EUYYZZA5F19",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}