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The Company and its subsidiaries (together \u201cEntra\u201d or \u201cthe Group\u201d) is one of Norway\u2019s leading commercial real estate companies, focusing on high-quality, flexible office buildings with central locations. The Group owns and manages 102 (96) buildings with a total area of approximately 1.6 million (1.5 million) square metres. As of 31.12.22 the real estate portfolio had a market value of around 79 billion (68 billion). The public sector represents 56 per cent (56 per cent) of the total customer portfolio. Entra\u2019s strategic areas are Oslo (including Sandvika and Drammen), Bergen and Trondheim. Entra has its head office in Oslo. The consolidated financial statements were adopted by the Company\u2019s Board on 2 March 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-1": { "value": "NOTE 1\u2002GENERAL INFORMATION Entra ASA (\u201cthe Company\u201d) is listed on Oslo Stock Exchange with the ticker ENTRA. The Company and its subsidiaries (together \u201cEntra\u201d or \u201cthe Group\u201d) is one of Norway\u2019s leading commercial real estate companies, focusing on high-quality, flexible office buildings with central locations. The Group owns and manages 102 (96) buildings with a total area of approximately 1.6 million (1.5 million) square metres. As of 31.12.22 the real estate portfolio had a market value of around 79 billion (68 billion). The public sector represents 56 per cent (56 per cent) of the total customer portfolio. Entra\u2019s strategic areas are Oslo (including Sandvika and Drammen), Bergen and Trondheim. Entra has its head office in Oslo. The consolidated financial statements were adopted by the Company\u2019s Board on 2 March 2023 NOTE 2\u2002ACCOUNTING PRINCIPLES ACCOUNTING PRINCIPLES The most important accounting principles applied in the prepara- tion of the annual financial statements are described below. These principles are applied in the same way for all periods presented, unless otherwise indicated in the description. BASIC PRINCIPLES The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The consolidated financial statements have been prepared on the basis of the historical cost principle, with the following modifica- tions: investment properties as well as certain financial instruments have been measured at fair value. Financial instruments measured at fair value include the Group\u2019s derivatives. Presenting the accounts in accordance with IFRS requires the management to make certain assessments and assumptions. The application of the Group\u2019s accounting principles also requires management to exercise judgement. Estimates and subjective judgements are based on past experience and other factors that are considered appropriate. Actual results may deviate from these estimates. Estimates and underlying assumptions are continuously reas - sessed. Changes in accounting estimates are recognised in the period in which the changes occur if they apply only to that period. If the changes also apply to future periods, the impact is distributed over the current and future periods. Note 3 provides details on material items in the financial statements that are based on a significant amount of subjective judgement. The consolidated financial statements have been presented on the assumption of the Group being a going concern. Application of new and revised International Financial Reporting Standards (IFRSs) in 2022 New and amended standards adopted by the Group The accounting policies adopted, and methods of computation followed are consistent with those of the previous financial year, except for items disclosed below. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liabilit are substantially different from the terms of the original financial liability. These fees include only those paid or received between th borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The amendment ha no impact on the consolidated financial statements. New standards and interpretations not yet adopted by the Grou p None of the new accounting standards or interpretations that hav not yet come into effect are expected to have a significant impact on the Group\u2019s consolidated financial statements. CONSOLIDATION PRINCIPLES Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights ar sufficient to give it the practical ability to direct the relevant activi - ties of the investee unilaterally. The Group considers all relevant Notes facts and circumstances in assessing whether the Group\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 The size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Group, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and/or \u2022 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including vote patterns at previous shareholder\u2019s meetings. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase. The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration. Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred. If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss. Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subse- quent settlement is recognised in equity. For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses associated with the transaction are capitalised on the investment property. Such acquisitions are transactions to which the initial recognition exemption according to IAS 12 would apply, and no deferred tax would be recognised for taxable temporary differ- ences for the assets and liabilities acquired. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. For a subsidiary where main asset is an investment property, the net gain or loss associated with the loss of control of the subsidiary is presented as change in value of investment properties. Any investment retained is recognised at fair value. Intra-group transactions, balances and unrealised gains are eliminated. Unrealised losses are eliminated, but are considered evidence of impairment in terms of writing down the value of the transferred asset. If necessary, the accounting policies at subsidiar - ies are changed in order to bring them into line with the Group\u2019s accounting policies. Transactions with non-controlling interests Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity. If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly con- trolled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement. Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other sharehold- ers. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method. In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recog- nised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets. A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a reali- sation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity. Associates Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses. The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate. The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealized losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss. If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influ - ence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement. INVESTMENT PROPERTY Investment properties include completed investment properties and investment properties under construction. Investment proper- ties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value, based on market values estimated by independent appraisers. Initial measurement also takes into consideration the property\u2019s cost price, which includes direct transaction costs such as docu - ment duty and other public duties, legal fees and due diligence costs. Transaction costs associated with properties acquired through business combinations (as defined in IFRS 3) are expensed. Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits asso- ciated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred. When investment properties are divested, the difference between the net sales proceeds and carrying amount is recognised as change in value of investment properties. Investment properties are valued at each reporting date. The values are estimated by independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return. The required rate of return for each property is defined as being a long-term risk-free interest rate plus a property-specific risk supple- ment. The latter is defined on the basis of the property segment to which the property belongs, its location, standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term. Known market transactions with similar properties in the same geographical area are also taken into consideration. Changes in fair value, including gains and losses on sale of invest- ment properties, are recognised as \u201cChanges in value of investment properties\u201d. Investment properties held for sale Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable and the investment property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the investment property, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the investment property must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are measured at fair value in the same way as other invest- ment properties. Borrowing costs Borrowing costs for capital used to finance investment properties under construction are capitalised under the asset in question. When calculating the capitalised borrowing costs, the average inter- est rate on the company\u2019s debt portfolio over the course of the year is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the loan in question is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans taken out for specific projects are not included. REVENUE RECOGNITION Revenue from lease contracts The Group enters into lease agreements as a lessor with respect to its investment properties. Lease contracts where a significant proportion of the risks and benefits of ownership remain with Entra are classified as operating leases. Revenue recognition under a lease commences at the commencement of the lease. Rent payments for the leases are recognised in a straight line over the duration of the lease. In negotiating a new or renewed operating lease, Entra may provide incentives for the lessee to enter into the agreement. Examples of such incentives are rent exemptions or the reimbursement or assumption by the lessor of costs of the lessee (such as reloca - tion costs, leasehold improvement and costs associated with a pre-existing lease commitment of the lessee). Entra recognises the aggregate benefit of incentives as a reduction of rental income over the lease on a straight-line basis. The accrued loss of rent or costs is presented under other assets. Payments relating to the termina- tion of contracts are recognised in the period from the contract being entered into until the date of its termination. Rental income encompasses the fair value of the payments received for services that fall within the ordinary activities of the company. Rental income is presented net of VAT, rebates and discounts. Rental income from letting of inventory properties is presented as \u201cOther revenues\u201d. Costs for shared services provided to the tenants by external parties do not affect the result beyond costs for vacant premises and an administrative premium recognised as rental income. Shared costs are charged to tenants and presented net with payments on account from tenants. Shared costs are settled after the balance sheet date. Revenue from contracts with customers In determining the basis for revenue recognition from contracts with customers, the Group identifies the distinct performance obligations under the contracts, allocate the transaction price to each identified performance obligation and account for revenue as each performance obligation is met. Revenue from development of commercial properties, including transactions that are structured as sale of shares, are recognised over time according to the stage of completion if the buyer does not have the right to cancel a contract, and the Group as a seller can require a buyer to pay the consideration agreed in the contract even if the buyer acts to terminate a contract. A project\u2019s stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as percentage of total estimated costs. Contract assets related to non-invoiced revenue from such construction contracts are included in \u201cOther receivables and other current assets\u201d. Revenue from development of inventory properties for sale is recognised when the properties are handed over to the customer as the Group does not have an enforceable right to collect payment for the benefits performed to date. Service income for additional services to tenants is recognised in the period the service is performed. FINANCIAL INSTRUMENTS A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and FVTPL. For a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Further, the financial assets shall be held within a business model whose objective is to hold the financial assets in order to collect contractual cash flows. The majority of the Group\u2019s financial assets are classified as measured at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets. Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and meas- ured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and invest- ments in equity instruments are consequently measured at FVTPL. The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL. Trade receivables, contract assets and other financial assets Trade receivables, contract assets and other financial assets are classified as financial assets measured at amortised cost. Interes is ignored if it is insignificant. The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assump- tions made during the current reporting period. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement. Trade receivables, contract assets and other financial assets are classified as current assets, unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets. Cash and cash equivalents Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months. Financial derivatives The Group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on whic the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Regular payments are presented as interest and other finance expenses. Changes in the value of the derivative are presented under \u201cChanges in value of financial instruments\u201d. The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date. Trade payables and other non-interest bearing financial liabilities Trade payables and other non-interest bearing liabilities are classifie as financial liabilities at amortised cost, and are measured at fair valu upon initial recognition, and subsequently at amortised cost using th effective interest rate method. Interest is ignored if it is insignificant. Interest-bearing liabilities Interest-bearing liabilities are classified as financial liabilities at amor- tised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial. Interest bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balanc sheet date. LEASE CONTRACTS (THE GROUP AS A LESSEE) The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term. Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet. For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet. INTANGIBLE ASSETS Goodwill Goodwill is the difference between the cost and the fair value of the Group\u2019s share of net identifiable assets in an entity on the acquisition date. Goodwill arising from the acquisition of subsidiar- ies that constitute a business as defined in IFRS 3, is classified as an intangible asset. Gains and losses on the sale of an operation include the carrying amount of goodwill relating to the sold opera- tion. Goodwill arising from the purchase of shares in associates and jointly controlled entities is included under the investment in the associate or jointly controlled entity, and is tested for impairment as part of the carrying amount of the investment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. PENSIONS The Group has both defined benefit and defined contribution pension schemes. A defined benefit pension scheme is a pension arrangement that defines the pension payment an employee will receive on retirement. The pension benefit payable is dependent on a number of factors, such as the employee\u2019s age, number of years of membership in the Norwegian Public Service Pension Fund and salary level. The recognised pension obligation relating to defined benefit plans is the present value of the defined benefit on the balance sheet date less the fair value of the plan assets, calculated annually by an independent actuary. Changes to benefits payable under the pension plan are recognised in the income statement as they arise. Actuarial gains/losses result- ing from new information or changes to actuarial assumptions are recognised to comprehensive income in the period they arise. Contributions to defined contributions plans are recognised in the income statement in the period in which they accrue. SHARE BASED PAYMENTS The Group has a share-based incentive program for senior execu- tives (\u201cLTI\u201d). The LTI scheme is reported in accordance with IFRS 2. LTI remuneration is share-based and has a graded vesting period of three to five years after settlement, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. The fair value at the grant date is measured apply - ing Black-Scholes (BS) based on the market price. The fair value of the shares allocated through the LTI is calculated on the basis of the share price at grant date. The amount is recognised as payroll expenses and accrued for in the period from the grant date to the date when the shares are without any restrictions. SHARE DISCOUNTS Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctua - tions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation. TAX The tax expense consists of tax payable and deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity. Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax is defined using tax rates and laws which are enacted on the balance sheet date, and which are expected to be used when the deferred tax asset is realised or when the deferred tax is utilised. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be offset. Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway. Deferred tax liabilities are recognised for taxable temporary differ- ences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future. PROVISIONS The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability. In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements. Provisions are measured at the present value of expected pay - ments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract. INVENTORY PROPERTIES The Group\u2019s inventory properties comprise residential projects under zoning, development and construction. The residential projects under development and construction are intended for sale in the ordinary course of business. Properties under zoning for residential purposes may be handed over to other residential developers. Where the Group constructs the residential projects, the individual units are handed over to the purchaser when they are completed. Inventory properties may comprise properties held for resale, properties under development and construction, and completed units which are not sold. Inventory properties are measured at the lower of cost and net realisable value. OTHER OPERATING ASSETS (EQUIPMENT) Other operating assets are recognised at acquisition cost, less depreciation. The acquisition cost includes costs directly related to the acquisition of the asset. Other operating assets are depreciated in a straight line over their anticipated remaining useful life. The assets\u2019 remaining useful life and residual value are reassessed on each balance sheet date and changed if necessary. If the carrying amount of an asset is higher than its recoverable amount, the value of the asset is written down to the recoverable amount. Gains and losses on disposals are recognised through profit or loss, and are calculated as the difference between the sales price and the carrying amount at the time of disposal. CURRENCY The Group\u2019s presentation currency is NOK. This is also the functional currency of the parent company and all its subsidiaries. Foreign currency transactions are translated to NOK at the exchange rate on the date of the transaction. Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date. Non-monetary items that are measured at cos in a foreign currency are translated to NOK using the exchange rat on the transaction date. Non-monetary items that are measured at fair value in a foreign currency are translated to NOK using the exchange rate on the balance sheet date. Exchange rate fluctua - tions are recognised in profit or loss as they arise. SEGMENT INFORMATION Operating segments are reported in the same way as in internal reports to the Group\u2019s highest decision-making authority. The Group\u2019s highest decision-making authority, which is responsible fo allocating resources and assessing the profitability of the operatin segments, has been identified as the Board of Directors and the CEO. STATEMENT OF CASH FLOWS The statement of cash flows is prepared using the indirect method. This means that the statement is based on the Group\u2019s profit before tax in order to present cash flows from operating, investing and financing activities respectively. Interest on leases and net interest and fees paid on loans are presented as operating cash flows. Dividends paid to shareholders and non-controlling interests are presented under financing activities. DIVIDENDS Entra has a policy of semi-annual dividends. Dividend payments to the company\u2019s shareholders for the first half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Board of Directors. Dividend payments to the company\u2019s shareholders for the second half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Annual General Meeting. NOTE 3\u2002CRITICAL ACCOUNTING ESTIMATES AND SUBJECTIVE JUDGEMENTS The preparation of the Group\u2019s consolidated financial statements requires management to make a number of estimates and judge- ments that affect the reported amounts of revenues, expenses, assets and liabilities and may differ from future actual results. The estimates and judgements that are considered most critical and that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below. ACCOUNTING ESTIMATES Fair value of investment properties Investment properties are measured at their fair value based on external, independent valuations. Each quarter, all of Entra\u2019s investment properties are valued by two independent, external appraisers. The valuations as of 31 December 2022 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the portfolio in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuation. The valuations are performed on a property-by-property basis, assuming that the properties are sold individually over time. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash flows are calculated on the basis of cash flows from signed leases, as well as estimated future cash flows based on an expected market rent at the end of the lease terms. The fair value of investment properties is therefore mainly affected by expected market rents, discount rates, inflation and capex. The market rent for each property takes into account the prop- erty\u2019s location, situation, technical standard and leases signed for comparable properties in the area. For the duration of existing lease terms, the discount rate is mainly based on an assessment of the individual tenants\u2019 financial solidity and classification. After the end of the lease term, cash flows are discounted using a discount rate that takes into account the risks relating to letting and location. Inflation is estimated using the consensus of a selection of banks and official statistics. The project portfolio and development sites are valued based on the same principles, but with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. Unzone land is valued based on the appraisers\u2019 assumptions on the market value of the land using the best estimate on the zoning and development process. When carrying out their valuations, the appraisers receive compre- hensive details on the properties, lease contracts, floor space and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified verbally and in writing as and when required. Entra\u2019s management performs internal controls to ensure that all relevant information is included in the valuations and in order to fully understand the changes in value of investment properties from the previous period end. The information provided to the appraisers on a quarterly basis includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM clas- sification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the capex estimates, expected future market rents and the discount rates. The appraisers perform their valuations on the basis of the infor- mation they have received, and estimate future market rents, yields inflation and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the same segment (location, type of property, technical standard, mix of tenants etc.). Properties representing approximately 77 per cent of the market value of Entra\u2019s properties are, or are in the process of being, BREEAM certified. Environment-friendly office properties is in high demand in the letting market, and also in the property transaction market, considering the slow-down in the transaction market during the second half of 2022. The appraisers monitor the transaction market closely, and current transaction market trends indicate that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks, including physical and transition risks, is limited. Market transactions serve as important reference points for the appraisers, and the recent slow-down in the property transaction market has increased the level of uncertainty in the valuations. There has however in the last months of 2022 been agreed and completed transactions of relevance for Entra\u2019s portfolio, including the four properties sold by Entra in December 2022, which sup- ports the valuations as of 31 December 2022. The table below shows to what extent the value of the management property portfolio is affected by market rents and exit yields (mar- ket yields), assuming that all other factors are equal. However, there are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. Value change (NOK million) 1 % \u0394 Yield -0.75% -0.50% -0.25% - 0.25% 0.50% 0.75% % \u0394 Market rent -10.0% 9 499 3 153 -2 354 -7 178 -11 439 -15 230 -18 625 -5.0% 14 063 7 345 1 517 -3 589 -8 098 -12 110 -15 702 - 18 627 11 538 5 387 - -4 757 -8 989 -12 778 5.0% 23 192 15 730 9 257 3 589 -1 417 -5 869 -9 854 10.0% 27 756 19 922 13 128 7 178 1 924 -2 748 -6 930 1 Estimates by Newsec in conjunction with valuations as of 31 December 2022. Fair value of financial derivatives The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are valued at fair value in the Group\u2019s balance sheet. See note 8 for further information on the valuation of the Group\u2019s financial derivatives. SUBJECTIVE JUDGEMENTS Consolidation of entity in which the Group holds less than a majority of shares Entra considers that it controls Entra OPF Utvikling AS with a 50 per cent holding in the company. In this assessment, Entra has consid- ered all relevant facts and circumstances in assessing whether the voting rights are sufficient to give Entra power over the company. A key consideration is whether Entra has the practical ability to unilaterally direct the relevant activities that affect the amount of Entra\u2019s return. The relevant activities, including property manage - ment, ongoing maintenance and minor redevelopment projects, are directed by the Board of Directors in the company. The shareholder agreement includes certain provisions that restricts Entra from making significant changes to the business of the company. These provisions are not considered to give the co-investors power over the company, and are only considered to be protective rights. As Entra shall appoint the Chair of the Board of the company and the Chair has a double vote in the Board of Directors, Entra has concluded it controls this company. Accounting for acquisition On 12 January 2022, Entra acquired 100 per cent of the share capital of Oslo Areal AS, a non-listed company with a portfolio of 17 properties located within Entra\u2019s existing clusters, with the intention to give Entra control over those properties. Entra has applied the concentration test in IFRS 3 to the acquisition and concluded that it constitutes an acquisition of assets as substantially all of the fair value is concentrated in a group of similar identifiable assets, office properties within the same geographical area. NOTE 4\u2002FINANCIAL RISK MANAGEMENT All amounts in NOK million Governance structure, exposure and reporting The Board of Entra ASA has defined limits for the financial exposure of the Group through the financial policy. The financial policy regulates the following: \u2022 Allocation of responsibility for financial management \u2022 Overall limits and principles for management of financial exposure \u2022 Principles for borrowing \u2022 Definitions of financial risk parameters and key controls that must be in place to ensure adequate risk management \u2022 Requirements for reporting and monitoring. The Group\u2019s overall financial risk exposure is reported regularly to the Board. There is a responsibility and authority matrix for the Finance department, which defines authority for the day-to-day manage - ment of financial transactions within the overall framework of financial management. The Group must ensure that there is adequate operational risk management and internal control through clear areas of respon- sibility and allocation of duties. The procedures relate in particular to the management of financial exposure and the division of responsibility between the various roles in the Finance department and the department\u2019s financial systems. There are guidelines for managing financial exposure, which include checklists related to the control of current transactions. The finance department is continuously assessing the Group\u2019s financial risks and opportunities. Projections and simulations are made in the corporate financial model based on key assumptions on macroeconomic development, financial parameters and the property market. The simulations are intended to provide informa - tion for the Board and management in their monitoring of key financial figures for the Group. The Group\u2019s finance strategy shall ensure that the Group has financial flexibility and that it achieves competitive financial terms. The Group is exposed to financial risk and has defined the following relevant risk areas: \u2022 Financing risk \u2022 Capital management and solvency \u2022 Interest rate risk \u2022 Credit/counterparty risk \u2022 Currency risk Financing risk Financing risk is the risk that the Group will be unable to meet its financial obligations when they are due and that financing will not be available at a reasonable price. The Group seeks to limit financing risk through: \u2022 minimum level of committed capital to cover refinancing requirements \u2022 average time to maturity requirements for the group\u2019s financing \u2022 the use of various credit markets and counterparties \u2022 diversified maturity structure for the Group\u2019s financing Capital management and solvency The main purpose of the Group\u2019s capital management is to maintain a good balance between debt and equity, in order to maximise the value of the shares in the Group, while also maintaining a good credit rating and obtaining loan terms with lenders that reflect the risk profile of the Group. The Group has defined a target for the loan-to-value ratio which shall not exceed 50 per cent over time. There are covenants in the Group\u2019s loan agreements that specify requirements in relation to the company\u2019s financial strength. Interest rate risk Interest rate risk arises from the interest-bearing debt being affected by changes in market rates. Interest rate risk affects the Group\u2019s cash flows and the market value of the Group\u2019s liabilities. The main purpose of the Group\u2019s interest rate strategy is to ensure that the Group achieves the desired balance between the interest expense and interest rate risk. The Group\u2019s interest rate risk is managed within the following financial policy requirements: \u2022 minimum 40 per cent of the interest-bearing debt to be hedged at fixed interest rate. \u2022 average remaining time to maturity for interest rate hedges in the interval 2-6 years. \u2022 diversification of the maturity structure for fixed interest rates. Credit and counterparty risk Stable, predictable and long-term access to capital is critical for Entra. Entra considers that the ability of creditors to behave predictably over the long term is often dependent on their credit- worthiness. For this reason, Entra wants the Group\u2019s creditors to be of a strong credit quality and has established credit rating limits for the Group\u2019s creditors. The credit ratings of the Group\u2019s financial counterparties are continuously monitored. The fair value of all financial derivative assets as of 31 December 2022 was 698 million (254 million). Trade receivables at 31 December 2022 was 56 million (77 million), external loans was 110 million (3 million) and other long-term receivables was 92 million (85 million). The concentration of credit risk with respect to trade debtors is assessed to be low, as the majority of Entra\u2019s customers are paying their rent in advance. The creditworthiness of counterparties in construction contracts that give rise to contract assets and contracts with debtors that give rise to other receivables are thoroughly evaluated before entering into the contracts. Cash and bank deposits at 31 December 2022 amounted to 226 million (309 million). The deposits were placed with financial institu- tions with A-/A3 or better credit ratings. Currency risk The Group shall not incur any currency risk. The Group did not have any currency exposure on 31 December 2022. Financial covenants There are covenants in the Group\u2019s bank loan agreements specifying that the interest cover ratio (ICR) may not fall below 1.4 and that the loan-to-value of property (LTV) may not exceed 75 per cent. As of 31 December 2022, the Group was not in breach of any covenants. There are no covenants in relation to the Group\u2019s bond or commercial paper loans, but there are clauses of cross-default. MATURITY PROFILE OF ALL FINANCIAL INSTRUMENTS REMAINING TERM 31.12.2022 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Interest-bearing bank loans \u2013 principal - - 6 560 13 315 1 500 500 500 - 22 375 Interest-bearing bank loans \u2013 amortising 6 18 18 26 - - - - 68 Interest-bearing bank loans \u2013 estimated interest 238 715 895 953 98 62 21 - 2 983 Bonds \u2013 principal 425 1 154 924 5 629 2 594 6 815 - - 17 541 Bonds \u2013 estimated interest 126 408 454 813 541 349 - - 2 691 Commercial paper \u2013 principal 820 - - - - - - - 820 Commercial paper \u2013 estimated interest 7 - - - - - - - 7 Interest rate derivative liabilities -8 57 58 109 83 16 - - 316 Interest rate derivative assets -16 -77 -83 -113 -23 -40 - - -351 Lease liabilities 4 13 17 28 28 28 27 621 765 Trade payables 355 - - - - - - - 355 Other financial liabilities 78 - - - - - - - 78 Total 2 036 2 288 8 843 20 760 4 821 7 730 547 621 47 648 REMAINING TERM 31.12.2021 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Interest-bearing bank loans \u2013 principal - - 988 1 661 1 845 500 500 - 5 494 Interest-bearing bank loans \u2013 amortising 11 34 35 30 12 - - - 123 Interest-bearing bank loans \u2013 estimated interest 28 83 101 143 70 32 16 - 473 Bonds \u2013 principal - 2 345 1 579 2 524 4 623 4 900 3 915 - 19 886 Bonds \u2013 estimated interest 84 324 364 615 471 344 107 - 2 310 Commercial paper \u2013 principal 500 900 - - - - - - 1 400 Commercial paper \u2013 estimated interest 2 5 - - - - - - 8 Interest rate derivative liabilities 6 75 76 127 26 -25 -21 - 266 Interest rate derivative assets -4 -13 -28 -31 -40 -35 -33 - -184 Lease liabilities 6 15 21 42 26 20 20 362 511 Trade payables 465 - - - - - - - 465 Other financial liabilities 50 - - - - - - - 50 Total 1 149 3 769 3 136 5 112 7 034 5 736 4 503 362 30 800 The table is based on undiscounted contractual cash flows. The maturity analysis is based on the earliest possible redemption for instru- ments where the counterparty has a choice as to when to redeem the instrument. Estimated interest is based on the interest rate on the individual loan/ instrument on the balance sheet date. In order to manage its liquidity risk, the Group has available, unutilised credit facilities with Norwegian and international banks, as well as available liquid assets. UNUTILISED CREDIT FACILITIES TERM TO MATURITY 31.12.2022 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Unutilised credit facilities - - 180 6 280 - - - - 6 460 Total unutilised credit facilities - - 180 6 280 - - - - 6 460 UNUTILISED CREDIT FACILITIES TERM TO MATURITY 31.12.2021 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Unutilised credit facilities - - - 4 580 4 250 - - - 8 830 Total unutilised credit facilities - - - 4 580 4 250 - - - 8 830 At 31 December 2022, the Group had 184 million (277 million) of available liquid assets. See Note 22. Interest rate risk 49 per cent of the Group\u2019s liabilities are subject to fixed interest rates at 31 December 2022, compared to 47 per cent at 31 December 2021. The Group uses a variety of derivatives to adapt its portfolio to the chosen fixed rate structure. The choice of fixed interest profile is based on an evaluation of the Group\u2019s financial strength and its ability to generate long-term, stable cash flow. At 31 December 2022, the weighted average remaining term to maturity was 2.6 years (3.1 years). The average nominal interest rate was 3.70 per cent (2.25 per cent) at 31 December 2022. As of 31 December 2022, Entra\u2019s portfolio of fixed interest rate hedges had a total volume of 22,334 million (16,866 million) and an average term to maturity of 4.7 years (4.8 years). The table below shows the nominal value of outstanding current and non-current interest-bearing debt including derivatives. MATURITY STRUCTURE OF THE GROUP\u2019S EXPOSURE TO NOMINAL INTEREST RATE RISK As at 31.12.2022 31.12.2023 31.12.2024 31.12.2026 31.12.2028 31.12.2030 31.12.2032 31.12.2032+ Term to maturity Up to 1 year 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Percentage 5.9 18.4 46.5 10.0 17.9 1.2 - 100 Amount 2 399 7 504 18 992 4 094 7 315 500 - 40 804 As at 31.12.2021 31.12.2022 31.12.2023 31.12.2025 31.12.2027 31.12.2029 31.12.2031 31.12.2031+ Term to maturity Up to 1 year 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Percentage 13.9 9.7 15.7 24.3 20.1 16.4 - 100 Amount 3 745 2 599 4 216 6 528 5 400 4 415 - 26 903 KEY FIGURES FOR THE GROUP\u2019S FINANCIAL INSTRUMENTS 2022 2021 Nominal value of interest rate derivatives on the balance sheet date 1 21 010 15 160 of which - Fixed-to-variable swaps 1 3 900 4 300 - Variable-to-Fixed swaps 17 110 10 860 Range of fixed interest rates From 0.890% to 5.640% From 1.1050% to 5.640% Variable rate basis NIBOR NIBOR Average fixed rate excl. forward starting swaps 2.15% 1.99% Average fixed rate incl. forward starting swaps 2.18% 1.64% 1 3 900 million (4 300 million) of swaps linked to the fixed-interest bonds issued by the Group are included in the volume of interest rate swaps. These bonds are swapped to a variable rate in order to ensure that the Group is in a position to manage its interest rate fixing independently of the bonds. The real volume used for interest rate fixing is therefore 17 110 million (10 860 million). At 31 December 2022, the Group has no interest rate options or option-related products NOTE 5\u2002RISK LEASE MANAGEMENT All amounts in NOK million The Group mainly enters into lease contracts with fixed rent for the lease of property. Lease payments for the majority (98 per cent) of the contracts include 100 per cent CPI adjustments. THE GROUP\u2019S FUTURE ACCUMULATED RENT FROM NON-TERMINABLE OPERATIONAL LEASE CONTRACTS AT 31.12. 2022 2021 \u2264 1 year 3 168 2 792 1 year < 2 years 2 799 2 612 2 year < 3 years 2 497 2 384 3 year < 4 years 2 230 2 186 4 year < 5 years 2 026 1 904 \u2265 5 years 9 400 8 773 Total 1 22 120 20 651 THE GROUP\u2019S LEASE CONTRACTS AT 31.12 HAVE THE FOLLOWING MATURITY STRUCTURE MEASURED IN ANNUAL RENT 1 2022 2021 Remaining term No. of contracts Contract rent Contract rent, % No. of contracts Contract rent Contract rent, % \u2264 1 year 340 367 10 197 187 6 1 year < 5 years 284 1 142 32 238 955 33 5 years < 10 years 149 1 385 39 120 1 078 37 \u2265 10 years 46 642 18 48 689 24 Total 819 3 535 100 603 2 910 100 The table above shows the remaining non-terminable contractual rent for current leases without taking into account the impact of any options. 1 The rent is stated as the annualised contractual rent, and is therefore not reconcilable with the rental income for the year for accounting purposes. OTHER PARAMETERS RELATING TO THE GROUP\u2019S LEASE PORTFOLIO 2022 2021 Area (sqm) Occupancy (%) Wault (yrs) Share of public sector tenants (%) Area (sqm) Occupancy (%) Wault (yrs) Share of public sector tenants (%) Oslo 846 196 96.1 6.1 51 635 820 97.8 7.2 55 Bergen 141 951 96.4 4.6 85 115 695 98.0 5.0 51 Trondheim 152 190 97.1 5.6 61 152 188 98.7 6.3 77 Sandvika 132 785 98.3 6.2 46 98 989 99.6 6.8 54 Drammen 68 660 95.8 9.3 98 69 421 99.1 8.5 86 Stavanger 54 216 99.4 7.6 94 121 404 94.1 6.0 49 Total management portfolio 1 395 998 96.5 6.1 58 1 193 517 97.8 6.8 58 Project portfolio 110 040 10.0 37 154 090 9.6 36 Regulated development sites 89 587 0.5 - 109 847 0.4 - Total property portfolio 1 595 625 6.3 56 1 457 453 7.1 56 On account of the high occupancy rate, the high proportion of public sector tenants and the relatively long average remaining contract term, the risk to the Group\u2019s cash flow is considered low. There is no significant effect of the Covid-19 pandemic on rental income in 2022. NOTE 6\u2002SEGMENT INFORMATION All amounts in NOK million The Group has one main operational unit, led by the COO. The property portfolio is divided into six different geographic areas in Oslo, Bergen, Trondheim, Sandvika, Drammen and Sandvika, with management teams monitoring and following upon each area. The geographic units are supported by a Market and Property Development division and a Project Development division. In addition, Entra has group and support functions within accounting, finance, legal, investment, ICT, procurement, communication and HR. The geographic areas do not have their own profit responsibility. The geographical areas are instead followed up on economical and non-economical key figures (\u201ckey performance indicators\u201d). These key figures are analysed and reported by geographic area to the chief operating decision maker, that is the Board and CEO, for the purpose of resource allocation and assessment of segment performance. Hence, the Group report the segment information based upon these six geographic areas. No. of properties Area Occupancy Wault Market value 12 month rolling rent Net yield Market rent 31.12.2022 (#) (sqm) (%) (yrs) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 52 846 196 96.1 6.1 52 683 62 259 2 270 2 683 4.01 2 422 2 862 Bergen 10 141 951 96.4 4.6 6 931 48 824 332 2 336 4.37 368 2 593 Trondheim 10 152 190 97.1 5.6 5 591 36 735 322 2 119 5.39 301 1 979 Sandvika 10 132 785 98.3 6.2 4 612 34 729 264 1 985 5.42 244 1 837 Drammen 7 68 660 95.8 9.3 2 591 37 734 139 2 019 4.97 131 1 901 Stavanger 2 54 216 99.4 7.6 1 567 28 905 94 1 739 5.46 101 1 862 Total management portfolio 91 1 395 998 96.5 6.1 73 974 52 990 3 421 2 450 4.30 3 567 2 555 Project portfolio 8 110 040 10.0 4 031 36 636 Regulated development sites 3 89 587 0.5 566 6 315 Total property portfolio 102 1 595 625 6.3 78 571 49 242 The calculation of net yield is based on the appraisers\u2019 assumption of ownership costs, which at 31.12.22 corresponds to 6.7 per cent of market rent. The Groups 20 largest tenants accounts for approximately 45 per cent of the Group\u2019s total rental income. The Group does not have any tenants contributing to more than 10 per cent of the Group\u2019s rental income. No. of properties Area Occupancy Wault Market value 12 month rolling rent Net yield Market rent 31.12.2021 (#) (sqm) (%) (yrs) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 38 635 820 97.8 7.2 39 729 62 485 1 683 2 647 3.96 1 732 2 724 Trondheim 10 152 188 98.7 6.3 5 589 36 722 297 1 953 5.01 278 1 826 Bergen 8 115 695 98.0 5.0 5 560 48 056 251 2 168 4.16 292 2 523 Sandvika 9 98 989 99.6 6.8 3 267 33 006 177 1 783 5.14 159 1 608 Stavanger 7 121 404 94.1 6.0 3 249 26 762 175 1 441 4.89 189 1 559 Drammen 8 69 421 99.1 8.5 2 707 38 991 141 2 034 4.94 133 1 923 Total management portfolio 80 1 193 517 97.8 6.8 60 101 50 356 2 724 2 282 4.24 2 784 2 332 Project portfolio 11 154 090 9.6 6 463 41 943 Regulated development sites 5 109 847 0.4 984 8 956 Total property portfolio 96 1 457 453 7.1 67 547 46 346 NOTE 7\u2002CATEGORIES OF FINANCIAL INSTRUMENTS All amounts in NOK million 31.12.2022 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 38 091 38 091 - shares 344 344 Interest-bearing current liabilities 2 423 2 423 - other financial assets 191 191 Lease liabilities 268 268 Financial derivatives 698 698 Financial derivatives 310 310 Trade receivables 56 56 Other non-current liabilities 89 89 Other current receivables 525 525 Trade payables 355 355 Cash and cash equivalents 226 226 Other current liabilities 105 105 Total financial assets 997 1 042 2 040 Total financial liabilities 310 41 332 41 642 31.12.2021 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 22 788 22 788 - shares 32 32 Interest-bearing current liabilities 3 791 3 791 - other financial assets 88 88 Lease liabilities 221 221 Financial derivatives 254 254 Financial derivatives 355 355 Trade receivables 77 77 Other non-current liabilities 154 154 Other current receivables 295 295 Trade payables 465 465 Cash and cash equivalents 309 309 Other current liabilities 87 87 Total financial assets 768 286 1 054 Total financial liabilities 355 27 506 27 860 NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL ASSETS MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Loans to associates and jointly controlled entities 8 8 13 13 Other financial assets 191 191 88 88 Trade receivables 56 56 77 77 Total 255 255 178 178 INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL LIABILITIES MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Seller\u2019s credit and withheld purchase price 89 89 86 86 Subordinated loans - - 65 65 Total 89 89 151 151 The difference between the fair value and the amortised cost of interest-bearing liabilities is described in note 24. Other financial liabilities, except for the amounts above, are short term and the difference between the fair value and the amortised cost is marginal. NOTE 9\u2002OPERATING COSTS All amounts in NOK million 2022 2021 Operating costs Maintenance 22 29 Tax, leasehold, insurance 70 64 Letting and property administration 101 89 Direct property costs 69 52 Total operating costs 263 234 NOTE 10\u2002OTHER REVENUES All amounts in NOK million 2022 2021 Other revenues Sale of additional services provided to tenants 80 46 Rental income from inventory properties 26 25 Other revenues 6 2 Total other revenues 112 73 NOTE 11\u2002OTHER COSTS All amounts in NOK million 2022 2021 Other costs Costs related to additional services provided to tenants 56 25 Costs related to inventory properties 12 14 Other costs 17 4 Total other costs 85 43 NOTE 12\u2002ADMINISTRATIVE COSTS All amounts in NOK million 2022 2021 Administrative costs Payroll and personnel expenses 135 117 Office expenses, furnishings and equipment 37 34 Consultancy fees 27 52 Other administrative owner costs 11 7 Total administrative costs 210 210 NOTE 13\u2002PERSONNEL COSTS All amounts in NOK million 2022 2021 Salaries, performance-related pay and other taxable benefits 1 237 213 Employers\u2019 National Insurance contributions 36 31 Pension expenses 23 15 Other personnel costs 8 11 Total personnel costs 304 271 Of which capitalised on projects under development -58 -55 Of which shared costs distributed amongst tenants -62 -51 Total payroll and personnel costs 184 165 Of which classified as part of administrative costs 135 117 Of which classified as part of Letting and property administration under Operating expenses 49 47 Number of full-time equivalents 205 174 Number of employees at 31.12. 208 177 1 Salaries, performance-related pay and other taxable benefits includes a 24 million (19 million) provision for performance-related pay for all employees in 2022, which has not yet been paid out. REMUNERATION OF SENIOR EXECUTIVES The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash- based (STI - Short-Term Incentive) and share-based (LTI - Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. For further details on Entra\u2019s compensation policy and practice, refer to pages 89 to 92 in the corporate governance section of this annual report. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2022 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2022 Sonja Horn, CEO 3 802 4 041 1 416 1 340 133 184 7 114 Anders Olstad, CFO and Deputy CEO 3 194 3 401 1 243 1 104 133 179 6 059 Kjetil Hoff, COO 2 288 2 378 536 497 133 149 3 693 Per Ola Ulseth, EVP Project Development 2 128 2 213 505 521 133 154 3 527 Tore Bakken, EVP Market and Commercial Real Estate Development 2 108 2 193 444 520 133 153 3 443 Kristine Marie Hilberg, EVP HR and Organisation 1 726 1 794 416 358 133 143 2 843 Hallgeir \u00d8strem, EVP Legal and Procurement 2 649 2 733 629 277 133 166 3 939 Total 17 897 18 753 5 190 4 617 930 1 129 30 618 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2022, which will be paid out in 2023. 4 The LTI scheme for 2022 has a graded vesting period of three to five years after the settlement date in 2023, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2022 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2022. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2021 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2021 Sonja Horn, CEO 3 666 3 841 2 519 1 042 127 135 7 663 Anders Olstad, CFO and Deputy CEO 3 080 3 238 2 162 885 127 135 6 547 Kjetil Hoff, COO 2 207 2 262 514 337 127 135 3 375 Per Ola Ulseth, EVP Project Development 2 053 2 108 486 402 127 135 3 257 Tore Bakken, EVP Market and Commercial Real Estate Development 2 053 2 109 487 373 127 135 3 230 Kristine Marie Hilberg, EVP HR and Organisation 1 643 1 687 385 237 127 135 2 571 Hallgeir \u00d8strem, EVP Legal and Procurement from 1 July 2021 6 2 554 1 277 294 92 63 68 1 794 \u00c5se Lunde, EVP Digitalisation and Business Development until 30 June 2021 - 1 746 - 671 127 135 2 679 Total 17 259 18 269 6 845 4 040 950 1 013 31 117 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2021, paid out in 2022. 4 The LTI scheme for 2021 has a graded vesting period of three to five years after the settlement date in 2022, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2021 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. 6 Total remuneration reflects remuneration for the six months period Hallgeir \u00d8strem has been EVP Legal and Procurement. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2021. All amounts in NOK thousand Board fees Committee fees Total remuneration 2022 1 Total remuneration 2021 1 Board Ottar Ertzeid, Chair from 22 April 2022 367 46 414 - Hege Toft Karlsen, from 23 April 2021 288 77 365 245 Widar Salbuvik 288 102 390 360 Camilla AC Tepfers 288 - 288 268 Joacim Sj\u00f6berg from 22 April 2022 202 32 235 - Erling Nedkvitne, employee representative 2 288 46 334 308 Marit Rasmussen, employee representative from 30 April 2020 2 288 - 288 268 Siri Hatlen, Chair until 22 April 2022 156 20 176 562 Kjell Bjordal until 22 April 2022 86 14 100 324 Benedicte Schilbred Fasmer until 23 April 2021 - - - 75 Total 1 2 254 337 2 591 2 409 1 The overview of the remuneration of the Board of Directors shows remuneration earned in the financial year. 2 Does not include ordinary salary. The Board and committee members received no other compensation than what is set out in the table. The above amounts are subject to National Insurance contributions of 14.1 per cent. NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 1 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% NOTE 15\u2002INTANGIBLE ASSETS AND OTHER OPERATING ASSETS All amounts in NOK million 2022 2021 Intangible assets Goodwill Equipment Intangible assets Goodwill Equipment Acquisition cost at 01.01. 8 146 51 8 146 35 Acquisitions - - 5 - - 16 Reclassified to financial lease - - -13 - - - Disposals 1 -8 -146 -1 - - - Acquisition cost at 31.12. - - 42 8 146 51 Accumulated depreciation and write-downs at 01.01. 8 37 23 8 37 18 Depreciation and write-downs - - 4 - - 5 Disposals 1 -8 -37 -0 - - - Accumulated depreciation and write-downs at 31.12. - - 26 8 37 23 Carrying amount at 31.12. - - 16 - 109 28 1 Disposals of intangible assets and goodwill are related to the divestment of the subsidiary Hinna Park Eiendom. NOTE 16\u2002INVESTMENT PROPERTIES All amounts in NOK million VALUE OF INVESTMENT PROPERTIES 2022 2021 Closing balance at 31.12 previous period 67 655 56 867 Purchase of investment properties 13 531 3 500 Investment in the property portefolio 2 563 2 224 Capitalised borrowing costs 59 42 Sale of investment properties -2 654 -35 Change in value from investment properties -2 519 5 057 Closing balance at 31.12 78 634 67 655 Of which investment properties held for sale 1 230 87 Investment properties 77 404 67 568 Investment properties are valued at fair value based on independent external valuations. The valuation method is included at level 3 in the valuation hierarchy. Reference is made to note 8. For information about valuations and fair value calculations for investment properties, see note 3. The Group has certain right-of- use assets classified as investment properties, refer to note 27 for further information. The property S\u00f8rkedalsveien 6 in Oslo is classified as held for sale on 31 December 2022 as an agreement to divest the asset was signed in December 2022 with expected closing in June 2023. Certain other of the Group\u2019s properties are subject to purchase options, as described below. Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture on 22 April 2005, 15 October 2003 and 30 June 2005, respectively, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110/Observatoriegaten 1 in Oslo (the refur- bished buildings \u201cMagasinet\u201d and \u201cHalvbroren\u201d). The tenant has the right to acquire the refurbished buildings at expiry of each 25 year lease period (expiring on 6 June 2030 and 31 December 2029, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire \u201cHalvbroren\u201d if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2022, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements. Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF on 4 October 1979 relating to the Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right- of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry. Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u201cUiO\u201d) on 16 June 2016, the tenant has an option to acquire the property Kristian Augusts gate 15-21 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining wault of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest. If the option to acquire is called at the first possible point in time (after 15 years), the remaining rent compensation paid by UiO to Entra regarding St. Olavs Plass 5 (previous lease agreement), must be paid in full together with the purchase price for the property. Pursuant to the lease agreement and option agreement entered into between Entra and BI Norwegian Business School (\u201cBI\u201d) on 15 February 2016, the tenant has an option to acquire the company which owns the building Bratt\u00f8rkaia 16 in Trondheim in the years 2028, 2033 and 2038. The purchase price shall be based on a pre- agreed net yield. The net rent at the time of exercising the option, includes value added tax (vat) compensation. The option to acquire must be called twelve months ahead of the four points in time at the latest. Entra is developing a newbuild project in Holtermanns veg 1-13 in Trondheim, where the Norwegian Broadcasting Corporation (NRK) have signed a lease contract for 9 600 sqm. NRK will acquire 49 per cent of the SPV owing the rented section at estimated project completion in 2025. NOTE 17\u2002ASSOCIATES AND JOINTLY CONTROLLED ENTITES All amounts in NOK million Investments in associates and jointly controlled entities are recognised using the equity method. 31.12.2022 Acquisition date Business office Shareholding/ voting rights (%) Associated companies Ullandhaug Energi AS 07.07.2009 Stavanger 44.00 H2O Eiendom AS 02.12.2019 Oslo 25.00 Galleri Oslo Utvikling AS 24.10.2022 Oslo 46.77 Galleriet Drift AS 31.03.2022 Oslo 46.77 Jointly controlled entities Oslo S Utvikling AS 01.07.2004 Oslo 50.00 Rebel U2 AS 10.10.2019 Oslo 50.00 Galleri Oslo Invest AS 12.01.2022 Oslo 33.33 31.12.2021 Acquisition date Business office Shareholding/ voting rights (%) Associated companies Ullandhaug Energi AS 07.07.2009 Stavanger 44.00 H2O Eiendom AS 02.12.2019 Oslo 25.00 Jointly controlled entities Oslo S Utvikling AS 01.07.2004 Oslo 50.00 Hinna Park Facility Management AS 18.11.2016 Stavanger 50.00 Rebel U2 AS 10.10.2019 Oslo 50.00 MOVEMENT IN CARRYING AMOUNT OF ASSOCIATES AND JOINTLY CONTROLLED ENTITIES Classification Carrying amount 31.12.2021 Share of profit for 2022 Capital injection/ reduction/ Investment in or divestment of company Carrying amount 31.12.2022 Galleri Oslo Invest AS Jointly controlled entity - -6 - 163 157 Oslo S Utvikling AS Jointly controlled entity 850 -25 -125 - 701 Rebel U2 AS 1 Jointly controlled entity - - - - - Other jointly controlled entities and associates 22 9 9 -6 33 Total associates and jointly controlled entities 872 -22 -116 157 891 1 Entra\u2019s share of Rebel U2 AS\u2019 negative total comprehensive income for 2022 is recognised as a reduction in the carrying value of Entra\u2019s loan to Rebel U2 AS, which is considered part of the Group\u2019s interests in Rebel U2 AS. MOVEMENT IN CARRYING AMOUNT OF ASSOCIATES AND JOINTLY CONTROLLED ENTITIES Classification Carrying amount 31.12.2020 Share of profit for 2021 Capital injection/ reduction/ Investment in or divestment of company Carrying amount 31.12.2021 Oslo S Utvikling AS Jointly controlled entity 493 32 -150 476 850 Rebel U2 AS Jointly controlled entity 11 -11 - - - Other jointly controlled entities and associates 22 2 -2 - 22 Total associates and jointly controlled entities 527 22 -152 476 872 1 Changes in value consist of interest rate hedging instruments, plus calculated deferred tax on the change. AGGREGATE FINANCIAL INFORMATION FOR ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (Figures stated refer to Entra\u2019s ownership interest) 2022 2021 Revenue 70 220 Net operating income 21 9 Net income -43 26 Net value changes -10 - Profit before tax -53 26 Tax expense 11 -7 Profit after tax -42 19 Total comprehensive income 1 -42 19 Total assets 2 476 1 884 Shareholders equity 877 872 Non-controlling interests 42 42 Total liabilities 1 557 969 1 In addtion to Entra\u2019s ownership interest in Total comprehensive income for 2022, a gain of 6 million due to the sale of the JV Hinna Park Facility Management AS was recognised as Share of profit from associates and JVs. SUMMARISED FINANCIAL INFORMATION FOR SIGNIFICANT ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (100 PER CENT) Oslo S Utvikling AS is a property development company that is undertaking primarily residential development in Bj\u00f8rvika in Oslo\u2019s CBD East. In July 2021, Entra increased its share in OSU from 33.3 per cent to 50 per cent. Rebel U2 AS is the operator of the technology hub in Universitetsgata 2 in Oslo. The company offers full-service solutions, flexible and short term leases, co-working facilities as well as conference and event activity. Galleri Oslo Invest AS is a joint venture with the two other owners of Schweigaards gate 6-14 in Oslo (\u201cGalleri Oslo\u201d), owning and managing 10.6 per cent of the property. Oslo S Utvikling AS Rebel U2 AS Galleri Oslo Invest AS 1 2022 2021 2022 2021 2022 Income statement: Revenue 13 565 117 28 10 Cost of sales -22 -382 -73 -31 -1 Administrative costs -45 -44 -24 -14 -1 Net realised financials -10 -1 -59 -20 - Net income -64 138 -38 -37 8 Changes in value of investment properties - - - - -31 Changes in value of financial instruments - - - - - Profit before tax -64 138 -38 -37 -23 Tax expense 12 -33 8 8 5 Profit for the year -51 105 -30 -29 -18 Total comprehensive income -51 105 -30 -29 -18 Realisation of excess value - - - - - Entra\u2019s share of total comprehensive income -25 32 -15 -14 -6 Balance sheet: Current assets 3 333 2 455 29 44 18 of which cash and cash equivalents 53 52 16 31 15 Non-current assets 51 8 667 695 463 Current liabilities 2 226 186 63 58 6 of which current financial liabilities other than accounts payable and provisions 1 715 - - - - Non-current liabilities 149 968 682 700 - of which non-current financial liabilities other than accounts payable and provisions - 647 - - - Net assets 1 008 1 310 -48 -18 474 of which attributable to non-controlling interests 83 85 - - - RECONCILIATION OF CARRYING AMOUNT Oslo S Utvikling AS Rebel U2 AS Galleri Oslo Invest AS 1 2022 2021 2022 2021 2022 Net assets attributable to equity holders of the JV 926 1 225 -48 -18 474 Entra\u2019s shareholding in the JV 463 613 -24 -9 157 Excess value 238 238 - - - Carrying amount of Entra\u2019s shareholding 701 850 - - 157 NOTE 18\u2002LONG-TERM RECEIVABLES AND OTHER ASSETS All amounts in NOK million 2022 2021 External loans 110 3 Other long-term receivables 82 85 Financial assets at FVTPL 344 32 Other assets 111 105 Total long-term receivables and other assets 646 225 NOTE 19\u2002INVENTORY PROPERTIES Entra owns a development site at Bryn in Oslo. As part of the acquisition of the site, JM Norge AS agreed to acquire land expected to be zoned for residential development subject to detailed plan. The properties expected to be zoned for residential development are \u00d8stensj\u00f8veien 29 and Brynsveien 1, 2-4, 3, 6, 8 and 12. See notes 10 and 11 for information on rental income from letting of the properties and the related property costs. NOTE 20\u2002TRADE RECEIVABLES All amounts in NOK million TRADE RECEIVABLES 2022 2021 Trade receivables 65 85 Provision for bad debts -9 -8 Net trade receivables 56 77 Except the trade receivables from the joint venture Rebel U2 AS (see note 31 for further information), there is no concentration of credit risk with respect to trade debtors as the majority of Entra\u2019s customers are paying rent in advance. The age analysis of these trade receivables is as follows: 2022 2021 Up to 3 months 29 41 Over 3 months 30 21 Total overdue 59 62 NOTE 21\u2002OTHER RECEIVABLES AND OTHER CURRENT ASSETS All amounts in NOK million OTHER RECEIVABLES 2022 2021 Accrued interest 77 62 Accrued income, not invoiced 74 35 Advance payments and accruals 55 23 Other current receivables and assets 319 174 Total other receivables and other current assets 525 295 NOTE 22\u2002CASH AND BANK DEPOSITS All amounts in NOK million 2022 2021 Bank deposits 184 277 Restricted bank deposits 42 31 Total bank deposits 226 309 Restricted bank deposits relate to the withholding tax account and guarantees for loans. NOTE 23\u2002SHARE CAPITAL AND SHAREHOLDER INFORMATION Entra\u2019s share capital is 182,132,055 divided into 182,132,055 shares, with each share having a par value of 1.00. All the shares have been issued in accordance with the Norwegian Public Limited Companies Act and are fully paid. Entra has one class of shares. All shares provide equal rights, including the right to any dividends. Each of the shares carries one vote. There are no share options or other rights to subscribe for or acquire shares issued by Entra. At 31 December 2022, Entra owns none (2,087) of its own shares and has a total of 182,132,055 (182,129,968) shares outstanding. At 31 December 2022, Entra had 5,144 shareholders (4,524 shareholders). Norwegian investors held 11 per cent (10 per cent) of the share capital and foreign investors 89 per cent (90 per cent). Number of Par value Share capital shares (NOK) (NOK million) 31 December 2021 182 132 055 1 182 31 December 2022 182 132 055 1 182 Paid-in capital amounts to 3,706 million (3,706 million) and consists of 182 million (182 million) in share capital, of which nil (nil) is related to treasury shares, and 3,524 million (3,524 million) in other paid-in capital. Entra ASA has a share purchase scheme, offering all employees, including senior executives, the opportunity to purchase shares in Entra ASA at a discounted price. The shares are subject to two-year lock-in period. The purchase price in the employee offering was calculated as the volume weighted average share price the last 30 days (VWAP) until and including 21 April 2022 less a 25 per cent discount. A total of 51,185 (72,473) shares were acquired and sold to the employees in connection with the share purchase scheme in May 2022. In addition, a total of 22,914 (25,248) shares were awarded to senior executives in March 2022. For other changes in shareholders\u2019 equity, see the consolidated statements of changes in equity. The 20 largest shareholders as registered in the VPS as of 31 December 2022 were as follows: Shareholder No of shares per 31.12.2022 Shareholding % Country Castellum AB 60 710 624 33.3% Sweden Fastighets AB Balder 1 50 000 000 27.5% Sweden Skandinaviska Enskilda Banken (nominee) 12 577 772 6.9% Sweden Skandinaviska Enskilda Banken 2 917 091 1.6% Sweden SEB CMU/SECFIN pooled account 2 697 424 1.5% Sweden Danske Bank (nominee) 2 626 346 1.4% Sweden State Street Bank and Trust (nominee) 2 544 459 1.4% United States Goldman Sachs International (nominee) 2 031 766 1.1% United Kingdom Danske Invest Norske Aksjer Institusjon II 1 680 605 0.9% Norway The Bank of New York Mellon (nominee) 1 465 474 0.8% The Netherlands Folketrygdfondet 1 349 342 0.7% Norway State Street Bank and Trust (nominee) 1 184 329 0.7% United States JPMorgan Chase Bank (nominee) 1 098 941 0.6% United States Telenor Pensjonskasse 1 043 014 0.6% Norway Gjensidige Forsikring 1 000 000 0.5% Norway Citibank (nominee) 893 625 0.5% Ireland Citibank (nominee) 861 805 0.5% Ireland The Bank of New York Mellon (nominee) 777 541 0.4% United Kingdom Danske Invest Norske Aksjer Institusjon I 763 472 0.4% Norway J.P. Morgan (nominee) 750 000 0.4% Finland Total 20 largest shareholders 148 973 630 81.8% Total 182 132 055 100.0 1 As of 31 December 2022, Fastighets AB Balder held shares, in its own name and through nominees, equalling 39.9 per cent of the shares. SHARES HELD BY BOARD OF DIRECTORS AND SENIOR EXECUTIVES AT 31.12. 1 Shareholder Position Number of shares 2022 Number of shares 2021 Board of directors Ottar Ertzeid Chair from 22 April 2022 - Hege Toft Karlsen Vice Chair - - Widar Salbuvik Board member 20 000 20 000 Joakim Sj\u00f6berg Board member since 22 April 2022 - Camilla AC Tepfers Board member - - Marit Rasmussen Employee representative 454 454 Erling Nedkvitne Employee representative 14 533 13 406 Siri Hatlen Chair until 22 April 2022 1 163 Kjell Bjordal Vice Chair until 22 April 2022 50 000 Senior executives Sonja Horn CEO 46 721 38 491 Anders Olstad CFO and Deputy CEO 75 236 68 142 Kjetil Hoff COO 11 119 7 141 Per Ola Ulseth EVP Project Development 12 878 9 099 Hallgeir \u00d8strem EVP Legal and Procurement from 16 622 13 841 Tore Bakken EVP Market and Commercial Real Estate Development 8 985 6 333 Kristine Marie Hilberg EVP HR and Organisation 8 042 5 921 Shares held by board of directors and senior executives 214 590 233 991 1 Shareholding is stated in the table above only if the person has been a director or senior executive at 31.12 the applicable year. NOTE 24\u2002INTEREST BEARING LIABILITIES AND ACCRUED INTEREST All amounts in NOK million NON-CURRENT BORROWINGS Nominal value 2022 Market value 2022 Carrying amount 2022 Nominal value 2021 Market value 2021 Carrying amount 2021 Bank loans 22 419 22 419 22 388 5 572 5 572 5 551 Bonds 15 962 14 283 15 703 17 541 17 213 17 237 Total non-current borrowings 38 381 36 702 38 091 23 113 22 785 22 788 CURRENT BORROWINGS Nominal value 2022 Market value 2022 Carrying amount 2022 Nominal value 2021 Market value 2021 Carrying amount 2021 Bank loans 24 24 24 46 46 46 Bonds 1 579 1 572 1 579 2 345 2 354 2 345 Commercial papers 820 820 820 1 400 1 400 1 400 Total current borrowings 2 423 2 416 2 423 3 791 3 800 3 791 The average credit margin on the Group\u2019s borrowings at 31.12.2022 was 0.91 per cent (0.84 per cent). CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 31 December 2021 New liabilities Repayment Reclassification Net amortisation effects Change in fair value Other non-cash movements 31 December 2022 Non-current borrowings 22 788 28 480 -11 609 -1 603 36 - - 38 091 Current borrowings 3 791 2 420 -5 391 1 603 - - - 2 423 Non-current lease liabilities 210 - - - - - 53 264 Current lease liabilities 10 - -5 - - - -1 5 Financial derivatives 101 - - - - -488 - -387 Total liabilities from financing activities 26 900 30 900 -17 004 - 36 -488 52 40 396 THE GROUP\u2019S BONDS AND COMMERCIAL PAPERS ARE SUBJECT TO THE FOLLOWING TERMS THE GROUP\u2019S BONDS AT 31.12.2022 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0010670995 1 500 5.00% 08.02.2023 500 425 NO0010766389 1 500 2.45% 02.06.2023 1 100 470 NO0010774797 1 500 3M Nibor + 0.94% 22.09.2023 1 200 684 NO0010789464 1 500 3M Nibor + 0.86% 20.03.2024 1 195 924 NO0010852692 1 500 3M Nibor + 0.83% 22.05.2025 1 450 600 NO0010852684 1 500 2.79% 22.05.2026 1 200 579 NO0011094625 3 000 3M Nibor + 0.12% 10.09.2026 2 300 2 300 NO0011094641 4 000 2.00% 10.09.2029 1 400 1 400 NO0010886856 2 000 3M Nibor + 1.10% 29.06.2027 2 000 594 NO0010895964 2 000 1.66% 21.04.2028 2 000 2 000 NO0011017147 3 000 3M Nibor + 0.40% 07.06.2029 1 500 1 500 NO0011094633 3 000 1.50% 10.09.2026 1 150 1 150 NO0011041535 3 000 2.49% 01.02.2030 1 000 1 000 NO0010282031 1 100 4.62% 29.05.2030 1 100 1 100 NO0011079808 4 000 3M Nibor + 0.55% 20.11.2030 1 815 1 815 NO0011011256 2 000 1.96% 28.11.2025 1 000 1 000 17 541 THE GROUP\u2019S COMMERCIAL PAPERS AT 31.12.2022 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0012787250 170 4.20% 16.01.2023 170 170 NO0012793928 200 4.37% 27.03.2023 200 200 NO0012768508 450 4.79% 15.02.2023 450 450 820 THE GROUP\u2019S BONDS AT 31.12.2021 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0010740061 1 500 2.45% 13.06.2022 1 200 1 182 NO0010811649 1 500 3M Nibor + 0.72% 14.10.2022 1 300 1 163 NO0010670995 1 500 5.00% 08.02.2023 500 425 NO0010766389 1 500 2.45% 02.06.2023 1 100 470 NO0010774797 1 500 3M Nibor + 0.94% 22.09.2023 1 200 684 NO0010789464 1 500 3M Nibor + 0.86% 20.03.2024 1 195 924 NO0010852692 1 500 3M Nibor + 0.83% 22.05.2025 1 450 600 NO0010852684 1 500 2.79% 22.05.2026 1 200 579 NO0011094625 3 000 3M Nibor + 0.12% 10.09.2026 2 300 2 300 NO0011094641 4 000 2.00% 10.09.2029 1 400 1 400 NO0010886856 2 000 3M Nibor + 1.10% 29.06.2027 2 000 594 NO0010895964 2 000 1.66% 21.04.2028 2 000 2 000 NO0011017147 3 000 3M Nibor + 0.40% 07.06.2029 1 500 1 500 NO0011094633 3 000 1.50% 10.09.2026 1 150 1 150 NO0011041535 3 000 2.49% 01.02.2030 1 000 1 000 NO0010282031 1 100 4.62% 29.05.2030 1 100 1 100 NO0011079808 4 000 3M Nibor + 0.55% 20.11.2030 1 815 1 815 NO0011011256 2 000 1.96% 28.11.2025 1 000 1 000 19 886 1 Nominal values. THE GROUP\u2019S COMMERCIAL PAPERS AT 31.12.2021 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0011108292 500 0.94% 23.03.2022 500 500 NO0011128944 600 1.02% 21.04.2022 300 300 NO0011160376 600 1.20% 24.05.2022 600 600 1 400 1 Nominal values. SECURED FINANCING Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, which enables a broad and flexible financing mix. However, secured financing is arranged for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements. SECURED FINANCING AT 31.12.2022 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 2 307 653 653 Wholly-owned assets 10 593 6 100 1 100 Total secured financing 12 900 6 753 1 753 SECURED FINANCING AT 31.12.2021 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 4 219 1 697 1 697 Wholly-owned assets 2 449 1 100 1 100 Total secured financing 6 668 2 797 2 797 NOTE 25\u2002TAX All amounts in NOK million INCOME TAX EXPENSE 2022 2021 Tax payable 31 19 Change in deferred tax on profit and loss 71 1 433 Change in deferred tax on comprehensive income 4 -6 Income tax expense 106 1 445 INCOME TAX PAYABLE IS CALCULATED AS FOLLOWS 2022 2021 Profit before tax -467 6 825 Share of profit/loss at associates and jointly controlled entities 37 -19 Other permanent differences -149 27 Net effect of aquired losses carried forward in asset acquisitions -19 -274 Effect of negative revaluation below cost on asset acquisitions 1 1 066 - Changes in temporary differences -699 -6 436 Changes in loss carry-forwards 374 -49 Profit for tax purposes 143 73 Tax payable on the balance sheet 14 16 Tax payable on the balance sheet 14 16 1 No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2022 % 2021 % Profit for accounting purposes multiplied by nominal tax rate -103 22.0 1 501 22.0 Tax on share of profit/loss at associates and jointly controlled entities 8 -1.7 -4 -0.1 Tax on permanent differences 1 202 -43.2 6 0.1 Tax effect of re-measurement of recoverability of acquired tax losses -4 0.9 -54 -0.8 Profit/loss on disposal of deferred tax - - 3 0.4 Tax expense for accounting purposes 103 -22.1 1 452 21.7 1 The permanent differences in 2022 includes 235 million related to the negative revaluation below cost on asset acquisitions. DEFERRED INCOME TAX The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised: 2022 2021 Deferred tax liability 8 573 8 604 Deferred tax assets 356 298 Net deferred tax 8 216 8 307 The Group has not recognised a cumulative deferred tax liability in the amount of 2,180 million (362 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets. CHANGE IN DEFERRED TAX (+)/DEFERRED TAX ASSETS (-) Non- current assets Financial instruments Current assets Gains/ losses account Provisions Losses carried forward 1 Total 01.01.2021 7 124 -68 49 19 -52 -158 6 914 Recognised in profit and loss 1 409 50 8 -3 3 11 1 476 Recognised in comprehensive income - - - - -6 - -6 Losses carried forward acquired in asset acquisitions - - - - - -77 -77 31.12.2021 8 532 -17 56 15 -55 -224 8 307 Recognised in profit and loss 79 101 -6 -1 -21 -82 70 Recognised in comprehensive income - - - - 4 - 4 Losses carried forward acquired in asset acquisitions - - 1 - - - 1 Derecognition of tax positions in subsidiaries sold -187 - - -2 9 14 -165 31.12.2022 8 425 83 52 13 -64 -293 8 216 1 At year-end 2022, the losses carried forward for the Group\u2019s wholly-owned subsidiaries was 168 million (74 million). NOTE 26\u2002PENSIONS All amounts in NOK million The Group\u2019s pension scheme for new employees is a defined contribution scheme. The defined contribution scheme includes 199 (168) employees in the Group. The defined benefit pension scheme for the Group cover a total of 8 (13) current employees, 1 (nil) former employee and 73 (74) pensioners. The Group also has a contractual early-retirement scheme (AFP) from the age 62. At 31 December 2022, 3 (5) former employees had chosen to make use of the AFP scheme. The net pension liabilities associated with the AFP scheme amounted to 5 million (8 million), which is included under total pension liabilities in the table below. The Group\u2019s pension scheme satisfies the requirements of the Norwegian Act on Compulsory Occupational Pensions. The cost for the accounting period shows the employees\u2019 pension entitlement of the agreed future pension in the financial year. THE BALANCE SHEET LIABILITIES HAVE BEEN CALCULATED AS FOLLOWS 2022 2021 Present value of accrued pension liabilities in defined-benefit schemes in unit trusts 214 229 Fair value of pension scheme assets -129 -130 Employers\u2019 NICs accrued 12 14 Net pension liabilities on the balance sheet at 31.12 97 112 TOTAL COST RECOGNISED IN THE INCOME STATEMENT 2022 2021 Cost of pension benefits accrued during current period 2 1 Contribution scheme 22 20 Total pension benefits accrued during the period 24 22 Net interest expense 2 1 Total pension benefits accrued in income statement 26 23 Actuarial losses (-)/gains (+) accrued in comprehensive income -16 29 Total pension benefits accrued 10 52 The actuarial assumptions are based on generally accepted assumptions in the insurance industry with regard to demographic factors. The pension scheme assets are invested in government bonds. NOTE 27\u2002LEASES THE GROUP AS A LESSEE The Group has entered into certain operating leases of ground, parking lots and buildings classified as investment properties, with remaining lease terms between 9 and 80 years. The Group applies the fair value model to right-of-use assets associated with the property lease contracts. Right-of-use assets included in investment properties at 31 December 2022 was 1,131 million (1,003 million). The majority of the lease payments for Langkaia 1 in Oslo, where the lease agreement expires on 1 January 2031, are based on the turnover of the property. Only the fixed parts of the lease payments are included in the lease liability. Variable, turnover based lease payments for the property is included in Operating costs. See note 24 for details on the movements in lease liabilities during the period. Set out below are the amounts recognised in profit or loss: 2022 2021 Interest expense on lease liabilities 12 11 Expense relating to leases of low-value assets and short-term leases 3 1 Variable lease payments 11 16 Total amount recognised in profit or loss 26 28 The Group had total cash outflows for leases of 31 million in 2021 (37 million). Refer to note 4 for maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments as at 31 December 2022. THE GROUP AS A LESSOR The Group has entered into operating leases on its investment property portfolio. Refer to note 5 for the Group\u2019s future accumulated rent from non-terminable operational lease contracts, maturity structure and further details relating to the Group\u2019s lease portfolio. NOTE 28\u2002OTHER NON-CURRENT LIABILITIES All amounts in NOK million 2022 2021 Lease liabilities (note 27) 264 210 Pension liabilities (note 26) 97 112 Prepayments from customers 78 85 Subordinated loans - 65 Seller\u2019s credit and withheld purchase price 89 90 Other non-current liabilities 146 88 Total non-current liabilities 673 650 NOTE 29\u2002OTHER CURRENT LIABILITIES All amounts in NOK million 2022 2021 Accrued interest 237 154 Tenant prepayments 61 115 Lease liabilities (note 27) 5 10 Holiday pay owed 23 20 Public taxes and duties 26 17 Income tax payable 14 16 Provisions for current liabilities 27 22 Other liabilities 28 13 Total other current liabilites 421 367 NOTE 30\u2002SUBSIDIARIES All amounts in NOK million The Group comprises the following legal entities at 31 December 2022. All subsidiaries are incorporated in Norway. Subsidiaries of Entra ASA Akersgata 34-36 AS Entra OPF Utvikling AS 2 Langkaia 1 AS St. Olavs plass 5 AS Akersgata 51 AS Entra Service AS Lars Hilles gate 19 AS Stenersgata 1 AS Biskop Gunnerus\u2019 gate 14A AS Entra Simpli AS Lars Hilles gate 25 AS Stenersgata Parkering AS Biskop Gunnerus\u2019 gate 6 AS Entra Utleie AS Lilletorget 1 AS Sundtkvartalet AS Bispen AS Fredrik Selmers vei 4 AS Malmskriverveien 18-20 AS Surtningssue AS Bratt\u00f8rkaia 13B AS Fredrik Selmers vei 6 AS Malmskriverveien 2-4 AS Tordenskiolds gate 12 AS Bratt\u00f8rkaia AS Fyrstikkall\u00e9en 1 AS Marken 37 AS Tullinkvartalet AS Brynsengfaret 4 og 6 AS Grensesvingen 26 AS M\u00f8llendalsveien 1A AS Tvetenveien 22 AS Brynsengfaret 6CD AS Gr\u00f8nland 32 AS M\u00f8llendalsveien 6-8 AS Universitetsgata 2 AS Cort Adelers gate 30 AS Hagegata 22-24 AS Nils Hansens vei 20 AS Universitetsgata 1-9 AS Drammensveien 134 AS Hardangerj\u00f8kulen AS 4 Nonnesetergaten 4 AS Vahls gate 1-3 AS Drammensveien 134 P-Hus AS Holtermanns veg 1-13 AS Nyg\u00e5rdsgaten 93-97 AS Valkendorfsgaten 6 AS Drammensveien 134 Utearealer AS Holtermanns veg 70 AS Otto Sverdrups plass 4 AS Verkstedveien 1 Monier AS Dronningens gate 2 AS Kaigaten 9 AS Papirbredden Eiendom AS 1 Verkstedveien 3 AS Entra Bryn AS 3 Keysers gate 13 AS Professor Olav Hanssens vei 10 AS Wexelsplass Garasje AS Entra Eiendom AS Kj\u00f8rboparken AS Savoy Holding AS Entra Felleskost AS Kongens gate 87 AS Schweigaards gate 15 AS Entra Kultur 1 AS Kristian Augusts gate 13 AS Schweigaards gate 15B AS Entra Labs AS Lag\u00e5rdsveien 6 AS Schweigaards gate 16 AS Shares in subsidiaries owned through subsidiaries: Papirbredden Eiendom AS 1 Entra OPF Utvikling AS 2 Entra Bryn AS 3 Hardangerj\u00f8kulen AS 4 Gr\u00f8nland 51 AS Entra OPF Utvikling Holding AS Brynseng Eiendom AS Bl\u00e5isen AS Gr\u00f8nland 56 AS Lars Hilles gate 30 Holding AS Brynsveien 11/13 Eiendom AS Christian Krohgs gate 10 AS Gr\u00f8nland 58 AS Allehelgens gate 6 Holding AS Brynsveien 5 AS Christian Krohgs gate 2 AS Gr\u00f8nland 60 AS Lars Hilles gate 30 AS \u00d8stensj\u00f8veien 39/41 AS Drammensveien 131 AS Kreftings gate 33 AS Allehelgens gate 6 AS \u00d8stensj\u00f8veien 43 AS Grensesvingen 7 Eiendom AS Bryn Boligselskap AS Grensesvingen 7 ANS Brynsveien 1 AS Grenseveien 78 B AS Brynsveien 2-4 AS Karenslyst all\u00e9 7 AS Brynsveien 3 Eiendom AS L\u00f8kketangen 2-14B AS Brynsveien 3A ANS Nedre Vollgate 11 AS Brynsveien 3B ANS Pilestredet 33 AS Brynsveien 6 og 12 AS Schweigaards gate 6-14 AS \u00d8stensj\u00f8veien 29 AS Storgata 51 Oslo AS S\u00f8rkedalsveien 6 AS Tordenskioldsgate 6 AS Tullins gate 2 AS Tullinsgt 2 ANS Vestfjordgaten 4 AS 1 Papirbredden Eiendom AS is owned by Entra ASA with voting and owner shares of 60 per cent and Drammen Municipality with 40 per cent. 2 Entra ASA owns 50 per cent of the shares in Entra OPF Utvikling AS. The remaining 50 per cent is owned by Oslo Pensjonsforsikring AS. NON-CONTROLLING INTERESTS The following tables summarises the information relating to each of the Group\u2019s subsidiaries that have non-controlling interests (NCI), before any intra-group eliminations with the Group. 31.12.2022 Papirbredden Eiendom AS Entra OPF Utvikling AS Total NCI ownership interests 40% 50% Rental income 112 151 263 Net operating income 107 136 243 Net income 81 134 216 Changes in value of investment properties -19 -36 -56 Changes in value of financial instruments 9 - 9 Profit before tax 70 98 168 Tax -15 -21 -36 Profit for the period 55 77 132 Profit allocated to NCI 1 22 39 60 Current assets 14 28 42 Non-current assets 2 307 3 256 5 563 Current liabilities 48 4 61 Non-current liabilities 981 356 1 337 Equity 1 292 2 924 4 206 Equity attributable to NCI 517 1 462 1 978 Net cash flows from operating activities 62 133 195 Net cash flows from investment activities -8 - -8 Net cash flows from financing activities -61 -125 -186 Change in cash and cash equivalents -6 8 2 1 In addition to the profit in the table above, a profit of 5 million in Hinna Park Eiendom AS, which was sold in 2022, was allocated to NCI. 31.12.2021 Papirbredden Eiendom AS Hinna Park Eiendom AS Entra OPF Utvikling AS Total NCI ownership interests 40% 50% 50% Rental income 114 97 141 351 Net operating income 109 85 121 315 Net income 89 35 119 243 Changes in value of investment properties 129 243 200 572 Changes in value of financial instruments 8 8 - 16 Profit before tax 226 286 320 831 Tax -50 -59 -69 -178 Profit for the period 177 226 250 653 Profit allocated to NCI 71 113 125 309 Current assets 16 34 21 71 Non-current assets 2 318 2 083 3 291 7 693 Current liabilities 49 49 6 105 Non-current liabilities 1 013 1 441 335 2 789 Equity 1 272 628 2 970 4 870 Equity attributable to NCI 509 314 1 485 2 308 Net cash flows from operating activities 71 32 118 220 Net cash flows from investment activities -7 -503 -10 -520 Net cash flows from financing activities -61 470 -110 300 Change in cash and cash equivalents 3 -1 -2 -1 See note 3 for considerations regarding consolidation of entities in which the Group holds less than a majority of shares. NOTE 31\u2002RELATED PARTIES All amounts in NOK million The Group\u2019s transactions and balances with associates and jointly controlled entities in 2022 is mainly related to rental income, administrative fees, loans, interest payments on loans and dividends. 2022 2021 Income statement Rental income 85 37 Other revenues 4 2 Dividends 128 152 Balance sheet Receivables 28 42 Loans 8 13 NOTE 32\u2002AUDITOR\u2019S FEE All amounts in NOK thousand 2022 2021 Statutory audit 3 197 2 773 Tax advice - - Other services not related to auditing - - Other assurance services 734 304 Total auditor\u2019s fee (excl. VAT) 3 932 3 078 NOTE 33\u2002EARNINGS PER SHARE Basic earnings per share is calcuated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year. Entra has not issued options or other financial instruments which have a dilutive effect on outstanding shares. 2022 2021 Total comprehensive income for the year attributable to equity holders of Entra (NOKm) -621 5 042 Average number of outstanding shares 182 129 877 182 127 420 Basic earnings per share (NOK) -3.41 27.68 NOTE 34\u2002DIVIDEND PER SHARE AND DIVIDEND POLICY Entra targets distribution of approximately 60 per cent of the Group\u2019s Cash Earnings in dividends. Refer to the alternative performance measures section of the annual report for calculation of Cash Earnings. Entra\u2019s dividend policy is based on semi-annual dividend payments. In line with the dividend policy, the Board of Entra will propose to distribute a semi-annual dividend of 2.50 (2.60) per share for the second half of 2022. In October 2022, Entra paid out 2.60 per share (2.50 per share) for the first six months of 2022. For the financial year 2022, Entra will thus, pending approval from the Annual General Meeting, have paid out NOK 5.10 per share (5.10 per share), corresponding to 59 per cent of Cash Earnings. Dividend payments to the company\u2019s shareholders for the second half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Annual General Meeting. NOTE 35\u2002SUBSEQUENT EVENTS In March 2023, Entra sold the property Gr\u00f8nland 32 in Drammen for a price above book values as of 31 December 2022", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-154": { "value": "NOTE 2\u2002ACCOUNTING PRINCIPLES ACCOUNTING PRINCIPLES The most important accounting principles applied in the prepara- tion of the annual financial statements are described below. These principles are applied in the same way for all periods presented, unless otherwise indicated in the description. BASIC PRINCIPLES The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The consolidated financial statements have been prepared on the basis of the historical cost principle, with the following modifica- tions: investment properties as well as certain financial instruments have been measured at fair value. Financial instruments measured at fair value include the Group\u2019s derivatives. Presenting the accounts in accordance with IFRS requires the management to make certain assessments and assumptions. The application of the Group\u2019s accounting principles also requires management to exercise judgement. Estimates and subjective judgements are based on past experience and other factors that are considered appropriate. Actual results may deviate from these estimates. Estimates and underlying assumptions are continuously reas - sessed. Changes in accounting estimates are recognised in the period in which the changes occur if they apply only to that period. If the changes also apply to future periods, the impact is distributed over the current and future periods. Note 3 provides details on material items in the financial statements that are based on a significant amount of subjective judgement. The consolidated financial statements have been presented on the assumption of the Group being a going concern. Application of new and revised International Financial Reporting Standards (IFRSs) in 2022 New and amended standards adopted by the Group The accounting policies adopted, and methods of computation followed are consistent with those of the previous financial year, except for items disclosed below. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liabilit are substantially different from the terms of the original financial liability. These fees include only those paid or received between th borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The amendment ha no impact on the consolidated financial statements. New standards and interpretations not yet adopted by the Grou p None of the new accounting standards or interpretations that hav not yet come into effect are expected to have a significant impact on the Group\u2019s consolidated financial statements. CONSOLIDATION PRINCIPLES Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights ar sufficient to give it the practical ability to direct the relevant activi - ties of the investee unilaterally. The Group considers all relevant Consolidated financial statements Entra ASA facts and circumstances in assessing whether the Group\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 The size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Group, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and/or \u2022 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including vote patterns at previous shareholder\u2019s meetings. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase. The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration. Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred. If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss. Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subse- quent settlement is recognised in equity. For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses associated with the transaction are capitalised on the investment property. Such acquisitions are transactions to which the initial recognition exemption according to IAS 12 would apply, and no deferred tax would be recognised for taxable temporary differ- ences for the assets and liabilities acquired. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. For a subsidiary where main asset is an investment property, the net gain or loss associated with the loss of control of the subsidiary is presented as change in value of investment properties. Any investment retained is recognised at fair value. Intra-group transactions, balances and unrealised gains are eliminated. Unrealised losses are eliminated, but are considered evidence of impairment in terms of writing down the value of the transferred asset. If necessary, the accounting policies at subsidiar - ies are changed in order to bring them into line with the Group\u2019s accounting policies. Transactions with non-controlling interests Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity. If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly con- trolled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement. Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other sharehold- ers. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method. In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recog- nised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets. A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a reali- sation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity. Associates Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses. The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate. The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealized losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss. If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influ - ence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement. INVESTMENT PROPERTY Investment properties include completed investment properties and investment properties under construction. Investment proper- ties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value, based on market values estimated by independent appraisers. Initial measurement also takes into consideration the property\u2019s cost price, which includes direct transaction costs such as docu - ment duty and other public duties, legal fees and due diligence costs. Transaction costs associated with properties acquired through business combinations (as defined in IFRS 3) are expensed. Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits asso- ciated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred. When investment properties are divested, the difference between the net sales proceeds and carrying amount is recognised as change in value of investment properties. Investment properties are valued at each reporting date. The values are estimated by independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return. The required rate of return for each property is defined as being a long-term risk-free interest rate plus a property-specific risk supple- ment. The latter is defined on the basis of the property segment to which the property belongs, its location, standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term. Known market transactions with similar properties in the same geographical area are also taken into consideration. Changes in fair value, including gains and losses on sale of invest- ment properties, are recognised as \u201cChanges in value of investment properties\u201d. Investment properties held for sale Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable and the investment property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the investment property, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the investment property must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are measured at fair value in the same way as other invest- ment properties. Borrowing costs Borrowing costs for capital used to finance investment properties under construction are capitalised under the asset in question. When calculating the capitalised borrowing costs, the average inter- est rate on the company\u2019s debt portfolio over the course of the year is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the loan in question is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans taken out for specific projects are not included. REVENUE RECOGNITION Revenue from lease contracts The Group enters into lease agreements as a lessor with respect to its investment properties. Lease contracts where a significant proportion of the risks and benefits of ownership remain with Entra are classified as operating leases. Revenue recognition under a lease commences at the commencement of the lease. Rent payments for the leases are recognised in a straight line over the duration of the lease. In negotiating a new or renewed operating lease, Entra may provide incentives for the lessee to enter into the agreement. Examples of such incentives are rent exemptions or the reimbursement or assumption by the lessor of costs of the lessee (such as reloca - tion costs, leasehold improvement and costs associated with a pre-existing lease commitment of the lessee). Entra recognises the aggregate benefit of incentives as a reduction of rental income over the lease on a straight-line basis. The accrued loss of rent or costs is presented under other assets. Payments relating to the termina- tion of contracts are recognised in the period from the contract being entered into until the date of its termination. Rental income encompasses the fair value of the payments received for services that fall within the ordinary activities of the company. Rental income is presented net of VAT, rebates and discounts. Rental income from letting of inventory properties is presented as \u201cOther revenues\u201d. Costs for shared services provided to the tenants by external parties do not affect the result beyond costs for vacant premises and an administrative premium recognised as rental income. Shared costs are charged to tenants and presented net with payments on account from tenants. Shared costs are settled after the balance sheet date. Revenue from contracts with customers In determining the basis for revenue recognition from contracts with customers, the Group identifies the distinct performance obligations under the contracts, allocate the transaction price to each identified performance obligation and account for revenue as each performance obligation is met. Revenue from development of commercial properties, including transactions that are structured as sale of shares, are recognised over time according to the stage of completion if the buyer does not have the right to cancel a contract, and the Group as a seller can require a buyer to pay the consideration agreed in the contract even if the buyer acts to terminate a contract. A project\u2019s stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as percentage of total estimated costs. Contract assets related to non-invoiced revenue from such construction contracts are included in \u201cOther receivables and other current assets\u201d. Revenue from development of inventory properties for sale is recognised when the properties are handed over to the customer as the Group does not have an enforceable right to collect payment for the benefits performed to date. Service income for additional services to tenants is recognised in the period the service is performed. FINANCIAL INSTRUMENTS A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and FVTPL. For a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Further, the financial assets shall be held within a business model whose objective is to hold the financial assets in order to collect contractual cash flows. The majority of the Group\u2019s financial assets are classified as measured at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets. Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and meas- ured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and invest- ments in equity instruments are consequently measured at FVTPL. The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL. Trade receivables, contract assets and other financial assets Trade receivables, contract assets and other financial assets are classified as financial assets measured at amortised cost. Interes is ignored if it is insignificant. The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assump- tions made during the current reporting period. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement. Trade receivables, contract assets and other financial assets are classified as current assets, unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets. Cash and cash equivalents Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months. Financial derivatives The Group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on whic the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Regular payments are presented as interest and other finance expenses. Changes in the value of the derivative are presented under \u201cChanges in value of financial instruments\u201d. The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date. Trade payables and other non-interest bearing financial liabilities Trade payables and other non-interest bearing liabilities are classifie as financial liabilities at amortised cost, and are measured at fair valu upon initial recognition, and subsequently at amortised cost using th effective interest rate method. Interest is ignored if it is insignificant. Interest-bearing liabilities Interest-bearing liabilities are classified as financial liabilities at amor- tised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial. Interest bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balanc sheet date. LEASE CONTRACTS (THE GROUP AS A LESSEE) The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term. Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet. For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet. INTANGIBLE ASSETS Goodwill Goodwill is the difference between the cost and the fair value of the Group\u2019s share of net identifiable assets in an entity on the acquisition date. Goodwill arising from the acquisition of subsidiar- ies that constitute a business as defined in IFRS 3, is classified as an intangible asset. Gains and losses on the sale of an operation include the carrying amount of goodwill relating to the sold opera- tion. Goodwill arising from the purchase of shares in associates and jointly controlled entities is included under the investment in the associate or jointly controlled entity, and is tested for impairment as part of the carrying amount of the investment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. PENSIONS The Group has both defined benefit and defined contribution pension schemes. A defined benefit pension scheme is a pension arrangement that defines the pension payment an employee will receive on retirement. The pension benefit payable is dependent on a number of factors, such as the employee\u2019s age, number of years of membership in the Norwegian Public Service Pension Fund and salary level. The recognised pension obligation relating to defined benefit plans is the present value of the defined benefit on the balance sheet date less the fair value of the plan assets, calculated annually by an independent actuary. Changes to benefits payable under the pension plan are recognised in the income statement as they arise. Actuarial gains/losses result- ing from new information or changes to actuarial assumptions are recognised to comprehensive income in the period they arise. Contributions to defined contributions plans are recognised in the income statement in the period in which they accrue. SHARE BASED PAYMENTS The Group has a share-based incentive program for senior execu- tives (\u201cLTI\u201d). The LTI scheme is reported in accordance with IFRS 2. LTI remuneration is share-based and has a graded vesting period of three to five years after settlement, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. The fair value at the grant date is measured apply - ing Black-Scholes (BS) based on the market price. The fair value of the shares allocated through the LTI is calculated on the basis of the share price at grant date. The amount is recognised as payroll expenses and accrued for in the period from the grant date to the date when the shares are without any restrictions. SHARE DISCOUNTS Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctua - tions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation. TAX The tax expense consists of tax payable and deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity. Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax is defined using tax rates and laws which are enacted on the balance sheet date, and which are expected to be used when the deferred tax asset is realised or when the deferred tax is utilised. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be offset. Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway. Deferred tax liabilities are recognised for taxable temporary differ- ences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future. PROVISIONS The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability. In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements. Provisions are measured at the present value of expected pay - ments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract. INVENTORY PROPERTIES The Group\u2019s inventory properties comprise residential projects under zoning, development and construction. The residential projects under development and construction are intended for sale in the ordinary course of business. Properties under zoning for residential purposes may be handed over to other residential developers. Where the Group constructs the residential projects, the individual units are handed over to the purchaser when they are completed. Inventory properties may comprise properties held for resale, properties under development and construction, and completed units which are not sold. Inventory properties are measured at the lower of cost and net realisable value. OTHER OPERATING ASSETS (EQUIPMENT) Other operating assets are recognised at acquisition cost, less depreciation. The acquisition cost includes costs directly related to the acquisition of the asset. Other operating assets are depreciated in a straight line over their anticipated remaining useful life. The assets\u2019 remaining useful life and residual value are reassessed on each balance sheet date and changed if necessary. If the carrying amount of an asset is higher than its recoverable amount, the value of the asset is written down to the recoverable amount. Gains and losses on disposals are recognised through profit or loss, and are calculated as the difference between the sales price and the carrying amount at the time of disposal. CURRENCY The Group\u2019s presentation currency is NOK. This is also the functional currency of the parent company and all its subsidiaries. Foreign currency transactions are translated to NOK at the exchange rate on the date of the transaction. Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date. Non-monetary items that are measured at cos in a foreign currency are translated to NOK using the exchange rat on the transaction date. Non-monetary items that are measured at fair value in a foreign currency are translated to NOK using the exchange rate on the balance sheet date. Exchange rate fluctua - tions are recognised in profit or loss as they arise. SEGMENT INFORMATION Operating segments are reported in the same way as in internal reports to the Group\u2019s highest decision-making authority. The Group\u2019s highest decision-making authority, which is responsible fo allocating resources and assessing the profitability of the operatin segments, has been identified as the Board of Directors and the CEO. STATEMENT OF CASH FLOWS The statement of cash flows is prepared using the indirect method. This means that the statement is based on the Group\u2019s profit before tax in order to present cash flows from operating, investing and financing activities respectively. Interest on leases and net interest and fees paid on loans are presented as operating cash flows. Dividends paid to shareholders and non-controlling interests are presented under financing activities. DIVIDENDS Entra has a policy of semi-annual dividends. Dividend payments to the company\u2019s shareholders for the first half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Board of Directors. Dividend payments to the company\u2019s shareholders for the second half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-267": { "value": "BASIC PRINCIPLES The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The consolidated financial statements have been prepared on the basis of the historical cost principle, with the following modifica- tions: investment properties as well as certain financial instruments have been measured at fair value. Financial instruments measured at fair value include the Group\u2019s derivatives. Presenting the accounts in accordance with IFRS requires the management to make certain assessments and assumptions. The application of the Group\u2019s accounting principles also requires management to exercise judgement. Estimates and subjective judgements are based on past experience and other factors that are considered appropriate. Actual results may deviate from these estimates. Estimates and underlying assumptions are continuously reas - sessed. Changes in accounting estimates are recognised in the period in which the changes occur if they apply only to that period. If the changes also apply to future periods, the impact is distributed over the current and future periods. Note 3 provides details on material items in the financial statements that are based on a significant amount of subjective judgement. The consolidated financial statements have been presented on the assumption of the Group being a going concern. Application of new and revised International Financial Reporting Standards (IFRSs) in 2022 New and amended standards adopted by the Group The accounting policies adopted, and methods of computation followed are consistent with those of the previous financial year, except for items disclosed below. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liabilit are substantially different from the terms of the original financial liability. These fees include only those paid or received between th borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The amendment ha no impact on the consolidated financial statements. New standards and interpretations not yet adopted by the Grou None of the new accounting standards or interpretations that hav not yet come into effect are expected to have a significant impact on the Group\u2019s consolidated financial statements. CONSOLIDATION PRINCIPLES Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights ar sufficient to give it the practical ability to direct the relevant activi - ties of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 The size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Group, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and/or \u2022 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including vote patterns at previous shareholder\u2019s meetings. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase. The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration. Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred. If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss. Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subse- quent settlement is recognised in equity. For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses associated with the transaction are capitalised on the investment property. Such acquisitions are transactions to which the initial recognition exemption according to IAS 12 would apply, and no deferred tax would be recognised for taxable temporary differ- ences for the assets and liabilities acquired. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. For a subsidiary where main asset is an investment property, the net gain or loss associated with the loss of control of the subsidiary is presented as change in value of investment properties. Any investment retained is recognised at fair value. Intra-group transactions, balances and unrealised gains are eliminated. Unrealised losses are eliminated, but are considered evidence of impairment in terms of writing down the value of the transferred asset. If necessary, the accounting policies at subsidiar - ies are changed in order to bring them into line with the Group\u2019s accounting policies. Transactions with non-controlling interests Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity. If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly con- trolled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement. Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other sharehold- ers. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method. In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recog- nised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets. A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a reali- sation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity. Associates Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses. The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate. The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealized losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss. If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influ - ence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-273": { "value": "The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The consolidated financial statements have been prepared on the basis of the historical cost principle, with the following modifica- tions: investment properties as well as certain financial instruments have been measured at fair value. Financial instruments measured at fair value include the Group\u2019s derivatives. Presenting the accounts in accordance with IFRS requires the management to make certain assessments and assumptions. The application of the Group\u2019s accounting principles also requires management to exercise judgement. Estimates and subjective judgements are based on past experience and other factors that are considered appropriate. Actual results may deviate from these estimates. Estimates and underlying assumptions are continuously reas - sessed. Changes in accounting estimates are recognised in the period in which the changes occur if they apply only to that period. If the changes also apply to future periods, the impact is distributed over the current and future periods. Note 3 provides details on material items in the financial statements that are based on a significant amount of subjective judgement. The consolidated financial statements have been presented on the assumption of the Group being a going concern. Application of new and revised International Financial Reporting Standards (IFRSs) in 2022 New and amended standards adopted by the Group The accounting policies adopted, and methods of computation followed are consistent with those of the previous financial year, except for items disclosed below. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liabilit are substantially different from the terms of the original financial liability. These fees include only those paid or received between th borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The amendment ha no impact on the consolidated financial statements. New standards and interpretations not yet adopted by the Grou p None of the new accounting standards or interpretations that hav not yet come into effect are expected to have a significant impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-168": { "value": "The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-200": { "value": "The consolidated financial statements have been presented on the assumption of the Group being a going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-225": { "value": "Application of new and revised International Financial Reporting Standards (IFRSs) in 2022 New and amended standards adopted by the Group The accounting policies adopted, and methods of computation followed are consistent with those of the previous financial year, except for items disclosed below. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liabilit are substantially different from the terms of the original financial liability. These fees include only those paid or received between th borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The amendment ha no impact on the consolidated financial statements. New standards and interpretations not yet adopted by the Grou None of the new accounting standards or interpretations that hav not yet come into effect are expected to have a significant impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-201": { "value": "Application of new and revised International Financial Reporting Standards (IFRSs) in 2022 New and amended standards adopted by the Group The accounting policies adopted, and methods of computation followed are consistent with those of the previous financial year, except for items disclosed below. IFRS 9 Financial Instruments \u2013 Fees in the \u201910 per cent\u2019 test for derecognition of financial liabilities The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liabilit are substantially different from the terms of the original financial liability. These fees include only those paid or received between th borrower and the lender, including fees paid or received by either the borrower or lender on the other\u2019s behalf. The amendment ha no impact on the consolidated financial statements. New standards and interpretations not yet adopted by the Grou p None of the new accounting standards or interpretations that hav not yet come into effect are expected to have a significant impact on the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-169": { "value": "Subsidiaries Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights ar sufficient to give it the practical ability to direct the relevant activi - ties of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Group\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 The size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Group, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and/or \u2022 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including vote patterns at previous shareholder\u2019s meetings. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase. The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration. Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred. If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss. Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subse- quent settlement is recognised in equity. For accounting purposes, acquisitions of subsidiaries that do not constitute a business as defined in IFRS 3, such as acquisitions where substantially all of the fair value of the gross assets acquired is concentrated in a single property or group of similar properties, are treated as asset acquisitions. The cost of acquisition is then attributed to the individual identifiable assets and liabilities based on their relative fair values on the acquisition date. Expenses associated with the transaction are capitalised on the investment property. Such acquisitions are transactions to which the initial recognition exemption according to IAS 12 would apply, and no deferred tax would be recognised for taxable temporary differ- ences for the assets and liabilities acquired. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. For a subsidiary where main asset is an investment property, the net gain or loss associated with the loss of control of the subsidiary is presented as change in value of investment properties. Any investment retained is recognised at fair value. Intra-group transactions, balances and unrealised gains are eliminated. Unrealised losses are eliminated, but are considered evidence of impairment in terms of writing down the value of the transferred asset. If necessary, the accounting policies at subsidiar - ies are changed in order to bring them into line with the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-226": { "value": "The acquisition method is used to account for purchases of subsidiaries that constitute a business. The consideration given is measured at the fair value of the transferred assets, the equity instruments that have been issued, liabilities assumed on the transfer of control and direct costs relating to the actual purchase. The cost of acquisition also includes the fair value of all assets or liabilities that are the result of an agreement on contingent consideration. Identifiable purchased assets, assumed liabilities and contingent liabilities are recognised at fair value on the date of acquisition. The costs associated with the business combination are expensed when they are incurred. If the aggregate of the consideration, the carrying amount of non-controlling interests and the fair value on the acquisition date of any previously held ownership interests exceeds the fair value of the acquired entity\u2019s identifiable net assets, the difference is capitalised as goodwill. If the aggregate is less than the company\u2019s net assets, the difference is immediately recognised in profit or loss. Contingent consideration is recognised at fair value on the date of acquisition. Subsequent changes in the fair value of the contingent consideration are recognised in profit or loss or recognised as a change in other comprehensive income (OCI), if the contingent consideration is classified as an asset or a liability. Contingent consideration classified as equity is not remeasured, and subse- quent settlement is recognised in equity. Goodwill Goodwill is the difference between the cost and the fair value of the Group\u2019s share of net identifiable assets in an entity on the acquisition date. Goodwill arising from the acquisition of subsidiar- ies that constitute a business as defined in IFRS 3, is classified as an intangible asset. Gains and losses on the sale of an operation include the carrying amount of goodwill relating to the sold opera- tion. Goodwill arising from the purchase of shares in associates and jointly controlled entities is included under the investment in the associate or jointly controlled entity, and is tested for impairment as part of the carrying amount of the investment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-170": { "value": "Transactions with non-controlling interests Transactions with non-controlling interests in subsidiaries are treated as equity transactions. If shares are acquired from a non-controlling interest, the difference between the payment and the proportion of the carrying amount of the subsidiary\u2019s net assets attributable to the shares is recognised in the equity of the parent company\u2019s owners. Gains and losses arising from the sale of shares to non-controlling interests are similarly recognised in equity. If the Group loses control, any residual holding is remeasured at fair value through profit or loss (FVTPL). Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as an investment in an associate, in a jointly con- trolled entity or in a financial asset. Amounts previously included in OCI that relate to the company are treated as if the Group had disposed the underlying asset and liability. This may result in amounts that were previously included in OCI being reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-202": { "value": "Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other sharehold- ers. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method. In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recog- nised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets. A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a reali- sation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-171": { "value": "Joint arrangements Under IFRS 11, investments in joint arrangements are classified as either joint operations or joint ventures. In a joint arrangement, no single party controls the arrangement on its own. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. Entra classifies its investments based on an analysis of the degree of control and the underlying facts. This includes an assessment of voting rights, ownership structure and the relative strength, purchase and sale rights controlled by Entra and other sharehold- ers. Each individual investment is assessed. Upon changes in underlying facts and circumstances, a new assessment is made as to whether this is still a joint venture. Changes in contractual rights and obligations relating to the underlying asset or debt and changes in the shareholder agreement might lead to a shift in the accounting method. In joint ventures, the Group\u2019s share of the companies\u2019 profit/loss after tax, adjusted for amortisation of excess value, are presented on a separate line in the consolidated income statement. Where necessary, the accounts of joint ventures have been brought into line with the Group\u2019s accounting policies. Joint ventures are recog- nised in the consolidated accounts using the equity method, often referred to as one-line consolidation, and presented as non-current assets. A transaction that entails a change of control from an investment in a joint venture to an investment in a subsidiary is treated as a reali- sation and requires that a gain/loss at the time of derecognition of the joint venture has to be calculated and recognised in the income statement. Equity transactions in a joint venture is presented as an equity transaction in the Group\u2019s statement of changes in equity. Associates Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses. The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate. The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealized losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss. If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influ - ence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-203": { "value": "Associates Associates are companies over which the Group has significant influence but not control or joint control. Significant influence normally exists where the Group\u2019s investment represents between 20 and 50 per cent of the capital with voting rights. Investments in associates are accounted for using the equity method of accounting, after initially being recognised at cost. Investments in associates include any excess values and goodwill identified at the time of acquisition, less any subsequent impairment losses. The Group\u2019s share of the profit and loss of associates is recognised and added to the carrying amount of the investments. The Group\u2019s share of the comprehensive income of associates is recognised in the Group\u2019s comprehensive income and added to the carrying amount of the investments. The Group does not recognise its share of a loss if this would result in a negative carrying amount for the investment (including the entity\u2019s unsecured receivables), unless the Group has taken over obligations or made payments on behalf of the associate. The Group\u2019s share of unrealised gains on transactions between the Group and its associates is eliminated. This also applies to unrealized losses, unless there is a permanent loss of value. Where necessary, the accounts of associates have been brought into line with the Group\u2019s accounting policies. Gains and losses arising from the dilution of ownership interests in associates are recognised in profit or loss. If the Group no longer has significant influence, any residual holding is remeasured at FVTPL. Thereafter, the fair value is used as the acquisition cost for accounting purposes, and the holding is treated as a financial asset. Amounts relating to the company that were previously recognised in comprehensive income are treated as if the associate had disposed of the underlying assets and liabilities. This may result in amounts that were previously included in other comprehensive income being reclassified to the income statement. If the Group reduces its shareholding but retains significant influ - ence, a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-172": { "value": "INVESTMENT PROPERTY Investment properties include completed investment properties and investment properties under construction. Investment proper- ties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value, based on market values estimated by independent appraisers. Initial measurement also takes into consideration the property\u2019s cost price, which includes direct transaction costs such as docu - ment duty and other public duties, legal fees and due diligence costs. Transaction costs associated with properties acquired through business combinations (as defined in IFRS 3) are expensed. Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits asso- ciated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred. When investment properties are divested, the difference between the net sales proceeds and carrying amount is recognised as change in value of investment properties. Investment properties are valued at each reporting date. The values are estimated by independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return. The required rate of return for each property is defined as being a long-term risk-free interest rate plus a property-specific risk supple- ment. The latter is defined on the basis of the property segment to which the property belongs, its location, standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term. Known market transactions with similar properties in the same geographical area are also taken into consideration. Changes in fair value, including gains and losses on sale of invest- ment properties, are recognised as \u201cChanges in value of investment properties\u201d. Investment properties held for sale Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable and the investment property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the investment property, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the investment property must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are measured at fair value in the same way as other invest- ment properties. Borrowing costs Borrowing costs for capital used to finance investment properties under construction are capitalised under the asset in question. When calculating the capitalised borrowing costs, the average inter- est rate on the company\u2019s debt portfolio over the course of the year is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the loan in question is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans taken out for specific projects are not included. For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-268": { "value": "INVESTMENT PROPERTY Investment properties include completed investment properties and investment properties under construction. Investment proper- ties are held with the aim of achieving a long-term return from rental income or increase in value, or both. Investment properties are recognised at fair value, based on market values estimated by independent appraisers. Initial measurement also takes into consideration the property\u2019s cost price, which includes direct transaction costs such as docu - ment duty and other public duties, legal fees and due diligence costs. Transaction costs associated with properties acquired through business combinations (as defined in IFRS 3) are expensed. Subsequent expenditure is added to the investment property\u2019s carrying amount if it is probable that future financial benefits asso- ciated with the expenditure will flow to the Group and the expense can be measured reliably. Other maintenance costs are recorded through the income statement in the period in which they are incurred. When investment properties are divested, the difference between the net sales proceeds and carrying amount is recognised as change in value of investment properties. Investment properties are valued at each reporting date. The values are estimated by independent appraisers, and the carrying amount of the investment properties are based on the average of the appraisers\u2019 valuations. The valuations are based on each individual property\u2019s assumed future cash flows, and property values are arrived at by discounting cash flows with an individual risk-adjusted required rate of return. The required rate of return for each property is defined as being a long-term risk-free interest rate plus a property-specific risk supple- ment. The latter is defined on the basis of the property segment to which the property belongs, its location, standard, occupancy rate, tenants\u2019 financial reliability and remaining lease term. Known market transactions with similar properties in the same geographical area are also taken into consideration. Changes in fair value, including gains and losses on sale of invest- ment properties, are recognised as \u201cChanges in value of investment properties\u201d. Investment properties held for sale Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable and the investment property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the investment property, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the investment property must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are measured at fair value in the same way as other invest- ment properties. Borrowing costs Borrowing costs for capital used to finance investment properties under construction are capitalised under the asset in question. When calculating the capitalised borrowing costs, the average inter- est rate on the company\u2019s debt portfolio over the course of the year is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the loan in question is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans taken out for specific projects are not included. FINANCIAL INSTRUMENTS A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and FVTPL. For a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Further, the financial assets shall be held within a business model whose objective is to hold the financial assets in order to collect contractual cash flows. The majority of the Group\u2019s financial assets are classified as measured at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets. Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and meas- ured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and invest- ments in equity instruments are consequently measured at FVTPL. The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL. Financial derivatives The Group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on whic the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Regular payments are presented as interest and other finance expenses. Changes in the value of the derivative are presented under \u201cChanges in value of financial instruments\u201d. The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date. Trade payables and other non-interest bearing financial liabilities Trade payables and other non-interest bearing liabilities are classifie as financial liabilities at amortised cost, and are measured at fair valu upon initial recognition, and subsequently at amortised cost using th effective interest rate method. Interest is ignored if it is insignificant. Interest-bearing liabilities Interest-bearing liabilities are classified as financial liabilities at amor- tised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial. Interest bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balanc sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-227": { "value": "Investment properties held for sale Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable and the investment property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the investment property, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the investment property must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are measured at fair value in the same way as other invest- ment properties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-204": { "value": "Investment properties held for sale Investment properties are classified as held for sale if their carrying amount will be recovered through a sales transaction rather than through their continuing use. This condition is regarded as met if the sale is highly probable and the investment property is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the investment property, and an active programme to locate a buyer and complete the plan must have been initiated. Further, the investment property must be actively marketed for sale at a price that is reasonable in relation to its current fair value. In addition, the sale should be expected to qualify for recognition as a completed sale within one year from the date of classification. Investment properties classified as held for sale are measured at fair value in the same way as other invest- ment properties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-228": { "value": "Borrowing costs Borrowing costs for capital used to finance investment properties under construction are capitalised under the asset in question. When calculating the capitalised borrowing costs, the average inter- est rate on the company\u2019s debt portfolio over the course of the year is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the loan in question is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans taken out for specific projects are not included. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-241": { "value": "Borrowing costs Borrowing costs for capital used to finance investment properties under construction are capitalised under the asset in question. When calculating the capitalised borrowing costs, the average inter- est rate on the company\u2019s debt portfolio over the course of the year is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the loan in question is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans taken out for specific projects are not included. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-279": { "value": "Borrowing costs Borrowing costs for capital used to finance investment properties under construction are capitalised under the asset in question. When calculating the capitalised borrowing costs, the average inter- est rate on the company\u2019s debt portfolio over the course of the year is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the loan in question is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans taken out for specific projects are not included. Trade payables and other non-interest bearing financial liabilities Trade payables and other non-interest bearing liabilities are classifie as financial liabilities at amortised cost, and are measured at fair valu upon initial recognition, and subsequently at amortised cost using th effective interest rate method. Interest is ignored if it is insignificant. Interest-bearing liabilities Interest-bearing liabilities are classified as financial liabilities at amor- tised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-254": { "value": "Borrowing costs Borrowing costs for capital used to finance investment properties under construction are capitalised under the asset in question. When calculating the capitalised borrowing costs, the average inter- est rate on the company\u2019s debt portfolio over the course of the year is used, unless there is separate financing for the specific project. In such cases the specific borrowing cost for the loan in question is used. When calculating the average interest rate to be used for the capitalisation of borrowing costs, loans taken out for specific projects are not included. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-258": { "value": "REVENUE RECOGNITION Revenue from lease contracts The Group enters into lease agreements as a lessor with respect to its investment properties. Lease contracts where a significant proportion of the risks and benefits of ownership remain with Entra are classified as operating leases. Revenue recognition under a lease commences at the commencement of the lease. Rent payments for the leases are recognised in a straight line over the duration of the lease. In negotiating a new or renewed operating lease, Entra may provide incentives for the lessee to enter into the agreement. Examples of such incentives are rent exemptions or the reimbursement or assumption by the lessor of costs of the lessee (such as reloca - tion costs, leasehold improvement and costs associated with a pre-existing lease commitment of the lessee). Entra recognises the aggregate benefit of incentives as a reduction of rental income over the lease on a straight-line basis. The accrued loss of rent or costs is presented under other assets. Payments relating to the termina- tion of contracts are recognised in the period from the contract being entered into until the date of its termination. Rental income encompasses the fair value of the payments received for services that fall within the ordinary activities of the company. Rental income is presented net of VAT, rebates and discounts. Rental income from letting of inventory properties is presented as \u201cOther revenues\u201d. Costs for shared services provided to the tenants by external parties do not affect the result beyond costs for vacant premises and an administrative premium recognised as rental income. Shared costs are charged to tenants and presented net with payments on account from tenants. Shared costs are settled after the balance sheet date. Revenue from contracts with customers In determining the basis for revenue recognition from contracts with customers, the Group identifies the distinct performance obligations under the contracts, allocate the transaction price to each identified performance obligation and account for revenue as each performance obligation is met. Revenue from development of commercial properties, including transactions that are structured as sale of shares, are recognised over time according to the stage of completion if the buyer does not have the right to cancel a contract, and the Group as a seller can require a buyer to pay the consideration agreed in the contract even if the buyer acts to terminate a contract. A project\u2019s stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as percentage of total estimated costs. Contract assets related to non-invoiced revenue from such construction contracts are included in \u201cOther receivables and other current assets\u201d. Revenue from development of inventory properties for sale is recognised when the properties are handed over to the customer as the Group does not have an enforceable right to collect payment for the benefits performed to date. Service income for additional services to tenants is recognised in the period the service is performed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-206": { "value": "Revenue from lease contracts The Group enters into lease agreements as a lessor with respect to its investment properties. Lease contracts where a significant proportion of the risks and benefits of ownership remain with Entra are classified as operating leases. Revenue recognition under a lease commences at the commencement of the lease. Rent payments for the leases are recognised in a straight line over the duration of the lease. In negotiating a new or renewed operating lease, Entra may provide incentives for the lessee to enter into the agreement. Examples of such incentives are rent exemptions or the reimbursement or assumption by the lessor of costs of the lessee (such as reloca - tion costs, leasehold improvement and costs associated with a pre-existing lease commitment of the lessee). Entra recognises the aggregate benefit of incentives as a reduction of rental income over the lease on a straight-line basis. The accrued loss of rent or costs is presented under other assets. Payments relating to the termina- tion of contracts are recognised in the period from the contract being entered into until the date of its termination. Rental income encompasses the fair value of the payments received for services that fall within the ordinary activities of the company. Rental income is presented net of VAT, rebates and discounts. LEASE CONTRACTS (THE GROUP AS A LESSEE) The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term. Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet. For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-205": { "value": "FINANCIAL INSTRUMENTS A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and FVTPL. For a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Further, the financial assets shall be held within a business model whose objective is to hold the financial assets in order to collect contractual cash flows. The majority of the Group\u2019s financial assets are classified as measured at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets. Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and meas- ured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and invest- ments in equity instruments are consequently measured at FVTPL. The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL. Trade receivables, contract assets and other financial assets Trade receivables, contract assets and other financial assets are classified as financial assets measured at amortised cost. Interes is ignored if it is insignificant. The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assump- tions made during the current reporting period. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement. Trade receivables, contract assets and other financial assets are classified as current assets, unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets. Cash and cash equivalents Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months. Financial derivatives The Group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on whic the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Regular payments are presented as interest and other finance expenses. Changes in the value of the derivative are presented under \u201cChanges in value of financial instruments\u201d. The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date. Trade payables and other non-interest bearing financial liabilities Trade payables and other non-interest bearing liabilities are classifie as financial liabilities at amortised cost, and are measured at fair valu upon initial recognition, and subsequently at amortised cost using th effective interest rate method. Interest is ignored if it is insignificant. Interest-bearing liabilities Interest-bearing liabilities are classified as financial liabilities at amor- tised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial. Interest bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balanc sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-243": { "value": "Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and meas- ured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and invest- ments in equity instruments are consequently measured at FVTPL. The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-280": { "value": "Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and meas- ured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and invest- ments in equity instruments are consequently measured at FVTPL. Financial derivatives The Group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on whic the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Regular payments are presented as interest and other finance expenses. Changes in the value of the derivative are presented under \u201cChanges in value of financial instruments\u201d. The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-255": { "value": "Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and meas- ured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and invest- ments in equity instruments are consequently measured at FVTPL. Financial derivatives The Group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on whic the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Regular payments are presented as interest and other finance expenses. Changes in the value of the derivative are presented under \u201cChanges in value of financial instruments\u201d. The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date. Trade payables and other non-interest bearing financial liabilities Trade payables and other non-interest bearing liabilities are classifie as financial liabilities at amortised cost, and are measured at fair valu upon initial recognition, and subsequently at amortised cost using th effective interest rate method. Interest is ignored if it is insignificant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-275": { "value": "The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-256": { "value": "The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. Goodwill Goodwill is the difference between the cost and the fair value of the Group\u2019s share of net identifiable assets in an entity on the acquisition date. Goodwill arising from the acquisition of subsidiar- ies that constitute a business as defined in IFRS 3, is classified as an intangible asset. Gains and losses on the sale of an operation include the carrying amount of goodwill relating to the sold opera- tion. Goodwill arising from the purchase of shares in associates and jointly controlled entities is included under the investment in the associate or jointly controlled entity, and is tested for impairment as part of the carrying amount of the investment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-274": { "value": "Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL. Financial derivatives The Group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on whic the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Regular payments are presented as interest and other finance expenses. Changes in the value of the derivative are presented under \u201cChanges in value of financial instruments\u201d. The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date. Trade payables and other non-interest bearing financial liabilities Trade payables and other non-interest bearing liabilities are classifie as financial liabilities at amortised cost, and are measured at fair valu upon initial recognition, and subsequently at amortised cost using th effective interest rate method. Interest is ignored if it is insignificant. Interest-bearing liabilities Interest-bearing liabilities are classified as financial liabilities at amor- tised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial. Interest bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balanc sheet date. LEASE CONTRACTS (THE GROUP AS A LESSEE) The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease contracts in which it is the lessee, except for leases with a lease term of 12 months or less, and leases of low value assets (such as vehicles and technical and office equipment), for which the Group applies the applicable recognition exemptions. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the lease term. Only fixed payments are included in the initial measurement of the lease liability, and the lease term corresponds to the non-terminable period. The discount rate used to calculate the lease liability is determined, for each asset, based on the Group\u2019s incremental borrowing rate for leases with less than 15 years until maturity. For leases with more than 15 years until maturity, the discount rate is based on the properties\u2019 net yields, adjusted for features that affect Entra\u2019s incremental borrowing rate, such as tenant-specific factors and the length of the lease. The lease liability is presented as part of other liabilities in the balance sheet. For lease contracts where the leased properties meet the definition of investment properties in IAS 40, Entra applies the fair value model to the associated right-of-use assets. The right-of-use assets are measured by discounting the assumed future cash flows under the lease contracts. The discount rate used to calculate the right-of- use asset may be different from the discount rate used to calculate the lease liability. The right-of-use assets are presented as part of investment properties in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-257": { "value": "Financial liabilities are classified upon initial recognition as financial liabilities at FVTPL and financial liabilities at amortised cost. Financial liabilities at FVTPL comprise interest rate derivatives. Financial liabilities at amortised cost consist of liabilities that do not fall under the category at FVTPL. Trade receivables, contract assets and other financial assets Trade receivables, contract assets and other financial assets are classified as financial assets measured at amortised cost. Interes is ignored if it is insignificant. The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assump- tions made during the current reporting period. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement. Trade receivables, contract assets and other financial assets are classified as current assets, unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-229": { "value": "Trade receivables, contract assets and other financial assets Trade receivables, contract assets and other financial assets are classified as financial assets measured at amortised cost. Interes is ignored if it is insignificant. The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assump- tions made during the current reporting period. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement. Trade receivables, contract assets and other financial assets are classified as current assets, unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets. Cash and cash equivalents Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months. Financial derivatives The Group uses derivatives to manage its interest rate risk. Derivatives are initially recognised at fair value on the date on whic the contract was signed, and subsequently at fair value. Gains or losses on remeasurement at fair value are recognised in the income statement. Regular payments are presented as interest and other finance expenses. Changes in the value of the derivative are presented under \u201cChanges in value of financial instruments\u201d. The fair value of interest rate swaps is the estimated amount the Group would receive or pay to redeem the contracts on the balance sheet date. This amount will depend on interest rates and the contracts\u2019 remaining term to maturity. The derivatives are classified on the balance sheet as current or non-current, depending on whether they are expected to be redeemed under or over 12 months from the balance sheet date. A financial instrument is defined as being any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for another entity. Financial instruments are recognised on the transaction date, i.e., the date on which the Group commits to buying or selling the asset. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI, and FVTPL. For a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u201csolely payments of principal and interest\u201d (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Further, the financial assets shall be held within a business model whose objective is to hold the financial assets in order to collect contractual cash flows. The majority of the Group\u2019s financial assets are classified as measured at amortised cost. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other current receivables, cash and cash equivalents and other financial assets. Financial assets at FVTPL include financial assets held for trading, financial assets designated upon initial recognition at FVTPL, and financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held at FVTPL unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and meas- ured at FVTPL. The Group has elected not to present subsequent changes in the fair value of its equity investments in OCI, and invest- ments in equity instruments are consequently measured at FVTPL. The Group recognises an allowance for expected credit losses on all debt instruments not held at FVTPL. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-242": { "value": "Trade receivables, contract assets and other financial assets Trade receivables, contract assets and other financial assets are classified as financial assets measured at amortised cost. Interes is ignored if it is insignificant. The Group applies the simplified approach in IFRS 9 to measure the loss allowance at lifetime expected credit losses. A provision for bad debt is determined by estimating expected credit losses with reference to past default experience of the debtor and an analysis of the debtor\u2019s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate, and an assessment of both the current as well as the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assump- tions made during the current reporting period. Any subsequent payments received against accounts for which a provision has previously been made are recognised in the income statement. Trade receivables, contract assets and other financial assets are classified as current assets, unless they are due more than twelve months after the balance sheet date. If so, they are classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-244": { "value": "Cash and cash equivalents Cash and cash equivalents consist of bank deposits and other short-term, highly liquid investments with an original term to maturity of no more than three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-246": { "value": "Trade payables and other non-interest bearing financial liabilities Trade payables and other non-interest bearing liabilities are classifie as financial liabilities at amortised cost, and are measured at fair valu upon initial recognition, and subsequently at amortised cost using th effective interest rate method. Interest is ignored if it is insignificant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-230": { "value": "Interest-bearing liabilities Interest-bearing liabilities are classified as financial liabilities at amor- tised cost, and are measured at fair value upon initial recognition, and subsequently at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included as net realised financials in the statement of profit or loss. The liabilities are measured at their nominal value when the effect of discounting is immaterial. Interest bearing liabilities are classified as current liabilities when the debt is due for repayment less than 12 months from the balanc sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-173": { "value": "INTANGIBLE ASSETS Goodwill Goodwill is the difference between the cost and the fair value of the Group\u2019s share of net identifiable assets in an entity on the acquisition date. Goodwill arising from the acquisition of subsidiar- ies that constitute a business as defined in IFRS 3, is classified as an intangible asset. Gains and losses on the sale of an operation include the carrying amount of goodwill relating to the sold opera- tion. Goodwill arising from the purchase of shares in associates and jointly controlled entities is included under the investment in the associate or jointly controlled entity, and is tested for impairment as part of the carrying amount of the investment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-207": { "value": "Goodwill Goodwill is the difference between the cost and the fair value of the Group\u2019s share of net identifiable assets in an entity on the acquisition date. Goodwill arising from the acquisition of subsidiar- ies that constitute a business as defined in IFRS 3, is classified as an intangible asset. Gains and losses on the sale of an operation include the carrying amount of goodwill relating to the sold opera- tion. Goodwill arising from the purchase of shares in associates and jointly controlled entities is included under the investment in the associate or jointly controlled entity, and is tested for impairment as part of the carrying amount of the investment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-245": { "value": "Goodwill Goodwill is the difference between the cost and the fair value of the Group\u2019s share of net identifiable assets in an entity on the acquisition date. Goodwill arising from the acquisition of subsidiar- ies that constitute a business as defined in IFRS 3, is classified as an intangible asset. Gains and losses on the sale of an operation include the carrying amount of goodwill relating to the sold opera- tion. Goodwill arising from the purchase of shares in associates and jointly controlled entities is included under the investment in the associate or jointly controlled entity, and is tested for impairment as part of the carrying amount of the investment. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-174": { "value": "PENSIONS The Group has both defined benefit and defined contribution pension schemes. A defined benefit pension scheme is a pension arrangement that defines the pension payment an employee will receive on retirement. The pension benefit payable is dependent on a number of factors, such as the employee\u2019s age, number of years of membership in the Norwegian Public Service Pension Fund and salary level. The recognised pension obligation relating to defined benefit plans is the present value of the defined benefit on the balance sheet date less the fair value of the plan assets, calculated annually by an independent actuary. Changes to benefits payable under the pension plan are recognised in the income statement as they arise. Actuarial gains/losses result- ing from new information or changes to actuarial assumptions are recognised to comprehensive income in the period they arise. Contributions to defined contributions plans are recognised in the income statement in the period in which they accrue. SHARE BASED PAYMENTS The Group has a share-based incentive program for senior execu- tives (\u201cLTI\u201d). The LTI scheme is reported in accordance with IFRS 2. LTI remuneration is share-based and has a graded vesting period of three to five years after settlement, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. The fair value at the grant date is measured apply - ing Black-Scholes (BS) based on the market price. The fair value of the shares allocated through the LTI is calculated on the basis of the share price at grant date. The amount is recognised as payroll expenses and accrued for in the period from the grant date to the date when the shares are without any restrictions. SHARE DISCOUNTS Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctua - tions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-208": { "value": "SHARE DISCOUNTS Sales of shares to employees in Entra\u2019s share saving scheme are reported in accordance with IFRS 2. The recognised discount is calculated as the difference between market price and purchase price at the time of purchase, taking into account the agreed lock-in period for the shares. The effect of the agreed lock-in period is calculated as the value of a put option using the BS model. The assumptions relating to volatility are based on the actual fluctua - tions in the price of Entra\u2019s shares. There is no vesting period on the shares or the right to acquire shares. The share of the discount that represents the difference between the calculated BS value and the market value of the shares is recognised against equity and the remaining discount, which represents the difference between the paid amount for the shares by the employees and the BS value, is recognised as payroll expenses at the time of allocation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-210": { "value": "TAX The tax expense consists of tax payable and deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity. Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax is defined using tax rates and laws which are enacted on the balance sheet date, and which are expected to be used when the deferred tax asset is realised or when the deferred tax is utilised. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be offset. Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway. Deferred tax liabilities are recognised for taxable temporary differ- ences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-231": { "value": "TAX The tax expense consists of tax payable and deferred tax. Tax is charged to the income statement, except where it relates to items that are recognised in OCI or directly in equity. In such cases, the tax is either recognised in OCI or directly in equity. Deferred tax is calculated using the liability method for all temporary differences between the tax values and consolidated accounting values of assets and liabilities. Deferred tax liabilities are not calculated and recognised upon initial recognition of assets or liabilities obtained through an acquisition of a subsidiary not classified as a business combination. No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. Deferred tax is defined using tax rates and laws which are enacted on the balance sheet date, and which are expected to be used when the deferred tax asset is realised or when the deferred tax is utilised. A deferred tax asset is recognised to the extent that it is likely that future taxable profit will be available against which the temporary differences can be offset. Deferred tax is calculated and provided or reduced in the event of adjustments to the value of investment properties at a nominal tax rate of 22 per cent, reflecting the tax rate that would be applied on a direct sale of a property. Should a sale of a property be structured as a disposal of the subsidiary holding the asset, a different tax rate may apply. Currently, sales of companies are tax exempt in Norway. Deferred tax liabilities are recognised for taxable temporary differ- ences associated with investments in subsidiaries and associates, and interests in jointly controlled entities, except where the Group is able to control the reversal of the temporary differences and it is probable that the temporary difference will not be reversed in the foreseeable future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-177": { "value": "PROVISIONS The Group recognises provisions for legal claims when a legal or self-imposed obligation exists as a result of past events, when it is likely that an outflow of resources will be required to settle the obligation and its amount can be estimated with a sufficient degree of reliability. In cases where there are several obligations of the same nature, the likelihood of settlement is determined by assessing the Group as a whole. A provision for the Group is recognised even if there is little likelihood of settlement of the Group\u2019s individual elements. Provisions are measured at the present value of expected pay - ments to settle an obligation. A discount rate before tax is used which reflects the present market situation. Any increase in an obligation as a result of a changed time value is reported as a financial expense. A provision for onerous contracts is recognised when the expected benefits to be derived by Entra from a contract are lower than the unavoidable cost of meeting its obligations under the contract. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-175": { "value": "INVENTORY PROPERTIES The Group\u2019s inventory properties comprise residential projects under zoning, development and construction. The residential projects under development and construction are intended for sale in the ordinary course of business. Properties under zoning for residential purposes may be handed over to other residential developers. Where the Group constructs the residential projects, the individual units are handed over to the purchaser when they are completed. Inventory properties may comprise properties held for resale, properties under development and construction, and completed units which are not sold. Inventory properties are measured at the lower of cost and net realisable value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-178": { "value": "OTHER OPERATING ASSETS (EQUIPMENT) Other operating assets are recognised at acquisition cost, less depreciation. The acquisition cost includes costs directly related to the acquisition of the asset. Other operating assets are depreciated in a straight line over their anticipated remaining useful life. The assets\u2019 remaining useful life and residual value are reassessed on each balance sheet date and changed if necessary. If the carrying amount of an asset is higher than its recoverable amount, the value of the asset is written down to the recoverable amount. Gains and losses on disposals are recognised through profit or loss, and are calculated as the difference between the sales price and the carrying amount at the time of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-259": { "value": "Other operating assets are recognised at acquisition cost, less depreciation. The acquisition cost includes costs directly related to the acquisition of the asset. Other operating assets are depreciated in a straight line over their anticipated remaining useful life. The assets\u2019 remaining useful life and residual value are reassessed on each balance sheet date and changed if necessary. If the carrying amount of an asset is higher than its recoverable amount, the value of the asset is written down to the recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-209": { "value": "CURRENCY The Group\u2019s presentation currency is NOK. This is also the functional currency of the parent company and all its subsidiaries. Foreign currency transactions are translated to NOK at the exchange rate on the date of the transaction. Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date. Non-monetary items that are measured at cos in a foreign currency are translated to NOK using the exchange rat on the transaction date. Non-monetary items that are measured at fair value in a foreign currency are translated to NOK using the exchange rate on the balance sheet date. Exchange rate fluctua - tions are recognised in profit or loss as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-176": { "value": "CURRENCY The Group\u2019s presentation currency is NOK. This is also the functional currency of the parent company and all its subsidiaries. Foreign currency transactions are translated to NOK at the exchange rate on the date of the transaction. Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date. Non-monetary items that are measured at cos in a foreign currency are translated to NOK using the exchange rat on the transaction date. Non-monetary items that are measured at fair value in a foreign currency are translated to NOK using the exchange rate on the balance sheet date. Exchange rate fluctua - tions are recognised in profit or loss as they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-179": { "value": "SEGMENT INFORMATION Operating segments are reported in the same way as in internal reports to the Group\u2019s highest decision-making authority. The Group\u2019s highest decision-making authority, which is responsible fo allocating resources and assessing the profitability of the operatin segments, has been identified as the Board of Directors and the CEO. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-181": { "value": "STATEMENT OF CASH FLOWS The statement of cash flows is prepared using the indirect method. This means that the statement is based on the Group\u2019s profit before tax in order to present cash flows from operating, investing and financing activities respectively. Interest on leases and net interest and fees paid on loans are presented as operating cash flows. Dividends paid to shareholders and non-controlling interests are presented under financing activities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-182": { "value": "DIVIDENDS Entra has a policy of semi-annual dividends. Dividend payments to the company\u2019s shareholders for the first half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Board of Directors. Dividend payments to the company\u2019s shareholders for the second half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-211": { "value": "NOTE 3\u2002CRITICAL ACCOUNTING ESTIMATES AND SUBJECTIVE JUDGEMENTS The preparation of the Group\u2019s consolidated financial statements requires management to make a number of estimates and judge- ments that affect the reported amounts of revenues, expenses, assets and liabilities and may differ from future actual results. The estimates and judgements that are considered most critical and that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below. ACCOUNTING ESTIMATES Fair value of investment properties Investment properties are measured at their fair value based on external, independent valuations. Each quarter, all of Entra\u2019s investment properties are valued by two independent, external appraisers. The valuations as of 31 December 2022 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the portfolio in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuation. The valuations are performed on a property-by-property basis, assuming that the properties are sold individually over time. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash flows are calculated on the basis of cash flows from signed leases, as well as estimated future cash flows based on an expected market rent at the end of the lease terms. The fair value of investment properties is therefore mainly affected by expected market rents, discount rates, inflation and capex. The market rent for each property takes into account the prop- erty\u2019s location, situation, technical standard and leases signed for comparable properties in the area. For the duration of existing lease terms, the discount rate is mainly based on an assessment of the individual tenants\u2019 financial solidity and classification. After the end of the lease term, cash flows are discounted using a discount rate that takes into account the risks relating to letting and location. Inflation is estimated using the consensus of a selection of banks and official statistics. The project portfolio and development sites are valued based on the same principles, but with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. Unzone land is valued based on the appraisers\u2019 assumptions on the market value of the land using the best estimate on the zoning and development process. When carrying out their valuations, the appraisers receive compre- hensive details on the properties, lease contracts, floor space and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified verbally and in writing as and when required. Entra\u2019s management performs internal controls to ensure that all relevant information is included in the valuations and in order to fully understand the changes in value of investment properties from the previous period end. The information provided to the appraisers on a quarterly basis includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM clas- sification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the capex estimates, expected future market rents and the discount rates. The appraisers perform their valuations on the basis of the infor- mation they have received, and estimate future market rents, yields inflation and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the same segment (location, type of property, technical standard, mix of tenants etc.). Properties representing approximately 77 per cent of the market value of Entra\u2019s properties are, or are in the process of being, BREEAM certified. Environment-friendly office properties is in high demand in the letting market, and also in the property transaction market, considering the slow-down in the transaction market during the second half of 2022. The appraisers monitor the transaction market closely, and current transaction market trends indicate that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks, including physical and transition risks, is limited. Market transactions serve as important reference points for the appraisers, and the recent slow-down in the property transaction market has increased the level of uncertainty in the valuations. There has however in the last months of 2022 been agreed and completed transactions of relevance for Entra\u2019s portfolio, including the four properties sold by Entra in December 2022, which sup- ports the valuations as of 31 December 2022. The table below shows to what extent the value of the management property portfolio is affected by market rents and exit yields (mar- ket yields), assuming that all other factors are equal. However, there are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. Value change (NOK million) 1 % \u0394 Yield -0.75% -0.50% -0.25% - 0.25% 0.50% 0.75% % \u0394 Market rent -10.0% 9 499 3 153 -2 354 -7 178 -11 439 -15 230 -18 625 -5.0% 14 063 7 345 1 517 -3 589 -8 098 -12 110 -15 702 - 18 627 11 538 5 387 - -4 757 -8 989 -12 778 5.0% 23 192 15 730 9 257 3 589 -1 417 -5 869 -9 854 10.0% 27 756 19 922 13 128 7 178 1 924 -2 748 -6 930 1 Estimates by Newsec in conjunction with valuations as of 31 December 2022. Fair value of financial derivatives The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are valued at fair value in the Group\u2019s balance sheet. See note 8 for further information on the valuation of the Group\u2019s financial derivatives. SUBJECTIVE JUDGEMENTS Consolidation of entity in which the Group holds less than a majority of shares Entra considers that it controls Entra OPF Utvikling AS with a 50 per cent holding in the company. In this assessment, Entra has consid- ered all relevant facts and circumstances in assessing whether the voting rights are sufficient to give Entra power over the company. A key consideration is whether Entra has the practical ability to unilaterally direct the relevant activities that affect the amount of Entra\u2019s return. The relevant activities, including property manage - ment, ongoing maintenance and minor redevelopment projects, are directed by the Board of Directors in the company. The shareholder agreement includes certain provisions that restricts Entra from making significant changes to the business of the company. These provisions are not considered to give the co-investors power over the company, and are only considered to be protective rights. As Entra shall appoint the Chair of the Board of the company and the Chair has a double vote in the Board of Directors, Entra has concluded it controls this company. Accounting for acquisition On 12 January 2022, Entra acquired 100 per cent of the share capital of Oslo Areal AS, a non-listed company with a portfolio of 17 properties located within Entra\u2019s existing clusters, with the intention to give Entra control over those properties. Entra has applied the concentration test in IFRS 3 to the acquisition and concluded that it constitutes an acquisition of assets as substantially all of the fair value is concentrated in a group of similar identifiable assets, office properties within the same geographical area. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-232": { "value": "NOTE 3\u2002CRITICAL ACCOUNTING ESTIMATES AND SUBJECTIVE JUDGEMENTS The preparation of the Group\u2019s consolidated financial statements requires management to make a number of estimates and judge- ments that affect the reported amounts of revenues, expenses, assets and liabilities and may differ from future actual results. The estimates and judgements that are considered most critical and that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below. ACCOUNTING ESTIMATES Fair value of investment properties Investment properties are measured at their fair value based on external, independent valuations. Each quarter, all of Entra\u2019s investment properties are valued by two independent, external appraisers. The valuations as of 31 December 2022 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the portfolio in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuation. The valuations are performed on a property-by-property basis, assuming that the properties are sold individually over time. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash flows are calculated on the basis of cash flows from signed leases, as well as estimated future cash flows based on an expected market rent at the end of the lease terms. The fair value of investment properties is therefore mainly affected by expected market rents, discount rates, inflation and capex. The market rent for each property takes into account the prop- erty\u2019s location, situation, technical standard and leases signed for comparable properties in the area. For the duration of existing lease terms, the discount rate is mainly based on an assessment of the individual tenants\u2019 financial solidity and classification. After the end of the lease term, cash flows are discounted using a discount rate that takes into account the risks relating to letting and location. Inflation is estimated using the consensus of a selection of banks and official statistics. The project portfolio and development sites are valued based on the same principles, but with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. Unzone land is valued based on the appraisers\u2019 assumptions on the market value of the land using the best estimate on the zoning and development process. When carrying out their valuations, the appraisers receive compre- hensive details on the properties, lease contracts, floor space and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified verbally and in writing as and when required. Entra\u2019s management performs internal controls to ensure that all relevant information is included in the valuations and in order to fully understand the changes in value of investment properties from the previous period end. The information provided to the appraisers on a quarterly basis includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM clas- sification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the capex estimates, expected future market rents and the discount rates. The appraisers perform their valuations on the basis of the infor- mation they have received, and estimate future market rents, yields inflation and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the same segment (location, type of property, technical standard, mix of tenants etc.). Properties representing approximately 77 per cent of the market value of Entra\u2019s properties are, or are in the process of being, BREEAM certified. Environment-friendly office properties is in high demand in the letting market, and also in the property transaction market, considering the slow-down in the transaction market during the second half of 2022. The appraisers monitor the transaction market closely, and current transaction market trends indicate that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks, including physical and transition risks, is limited. Market transactions serve as important reference points for the appraisers, and the recent slow-down in the property transaction market has increased the level of uncertainty in the valuations. There has however in the last months of 2022 been agreed and completed transactions of relevance for Entra\u2019s portfolio, including the four properties sold by Entra in December 2022, which sup- ports the valuations as of 31 December 2022. The table below shows to what extent the value of the management property portfolio is affected by market rents and exit yields (mar- ket yields), assuming that all other factors are equal. However, there are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. Value change (NOK million) 1 % \u0394 Yield -0.75% -0.50% -0.25% - 0.25% 0.50% 0.75% % \u0394 Market rent -10.0% 9 499 3 153 -2 354 -7 178 -11 439 -15 230 -18 625 -5.0% 14 063 7 345 1 517 -3 589 -8 098 -12 110 -15 702 - 18 627 11 538 5 387 - -4 757 -8 989 -12 778 5.0% 23 192 15 730 9 257 3 589 -1 417 -5 869 -9 854 10.0% 27 756 19 922 13 128 7 178 1 924 -2 748 -6 930 1 Estimates by Newsec in conjunction with valuations as of 31 December 2022. Fair value of financial derivatives The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are valued at fair value in the Group\u2019s balance sheet. See note 8 for further information on the valuation of the Group\u2019s financial derivatives. SUBJECTIVE JUDGEMENTS Consolidation of entity in which the Group holds less than a majority of shares Entra considers that it controls Entra OPF Utvikling AS with a 50 per cent holding in the company. In this assessment, Entra has consid- ered all relevant facts and circumstances in assessing whether the voting rights are sufficient to give Entra power over the company. A key consideration is whether Entra has the practical ability to unilaterally direct the relevant activities that affect the amount of Entra\u2019s return. The relevant activities, including property manage - ment, ongoing maintenance and minor redevelopment projects, are directed by the Board of Directors in the company. The shareholder agreement includes certain provisions that restricts Entra from making significant changes to the business of the company. These provisions are not considered to give the co-investors power over the company, and are only considered to be protective rights. As Entra shall appoint the Chair of the Board of the company and the Chair has a double vote in the Board of Directors, Entra has concluded it controls this company. Accounting for acquisition On 12 January 2022, Entra acquired 100 per cent of the share capital of Oslo Areal AS, a non-listed company with a portfolio of 17 properties located within Entra\u2019s existing clusters, with the intention to give Entra control over those properties. Entra has applied the concentration test in IFRS 3 to the acquisition and concluded that it constitutes an acquisition of assets as substantially all of the fair value is concentrated in a group of similar identifiable assets, office properties within the same geographical area. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-269": { "value": "NOTE 3\u2002CRITICAL ACCOUNTING ESTIMATES AND SUBJECTIVE JUDGEMENTS The preparation of the Group\u2019s consolidated financial statements requires management to make a number of estimates and judge- ments that affect the reported amounts of revenues, expenses, assets and liabilities and may differ from future actual results. The estimates and judgements that are considered most critical and that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below. ACCOUNTING ESTIMATES Fair value of investment properties Investment properties are measured at their fair value based on external, independent valuations. Each quarter, all of Entra\u2019s investment properties are valued by two independent, external appraisers. The valuations as of 31 December 2022 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the portfolio in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuation. The valuations are performed on a property-by-property basis, assuming that the properties are sold individually over time. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash flows are calculated on the basis of cash flows from signed leases, as well as estimated future cash flows based on an expected market rent at the end of the lease terms. The fair value of investment properties is therefore mainly affected by expected market rents, discount rates, inflation and capex. The market rent for each property takes into account the prop- erty\u2019s location, situation, technical standard and leases signed for comparable properties in the area. For the duration of existing lease terms, the discount rate is mainly based on an assessment of the individual tenants\u2019 financial solidity and classification. After the end of the lease term, cash flows are discounted using a discount rate that takes into account the risks relating to letting and location. Inflation is estimated using the consensus of a selection of banks and official statistics. The project portfolio and development sites are valued based on the same principles, but with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. Unzone land is valued based on the appraisers\u2019 assumptions on the market value of the land using the best estimate on the zoning and development process. When carrying out their valuations, the appraisers receive compre- hensive details on the properties, lease contracts, floor space and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified verbally and in writing as and when required. Entra\u2019s management performs internal controls to ensure that all relevant information is included in the valuations and in order to fully understand the changes in value of investment properties from the previous period end. The information provided to the appraisers on a quarterly basis includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM clas- sification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the capex estimates, expected future market rents and the discount rates. The appraisers perform their valuations on the basis of the infor- mation they have received, and estimate future market rents, yields inflation and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the same segment (location, type of property, technical standard, mix of tenants etc.). Properties representing approximately 77 per cent of the market value of Entra\u2019s properties are, or are in the process of being, BREEAM certified. Environment-friendly office properties is in high demand in the letting market, and also in the property transaction market, considering the slow-down in the transaction market during the second half of 2022. The appraisers monitor the transaction market closely, and current transaction market trends indicate that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks, including physical and transition risks, is limited. Market transactions serve as important reference points for the appraisers, and the recent slow-down in the property transaction market has increased the level of uncertainty in the valuations. There has however in the last months of 2022 been agreed and completed transactions of relevance for Entra\u2019s portfolio, including the four properties sold by Entra in December 2022, which sup- ports the valuations as of 31 December 2022. The table below shows to what extent the value of the management property portfolio is affected by market rents and exit yields (mar- ket yields), assuming that all other factors are equal. However, there are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. Value change (NOK million) 1 % \u0394 Yield -0.75% -0.50% -0.25% - 0.25% 0.50% 0.75% % \u0394 Market rent -10.0% 9 499 3 153 -2 354 -7 178 -11 439 -15 230 -18 625 -5.0% 14 063 7 345 1 517 -3 589 -8 098 -12 110 -15 702 - 18 627 11 538 5 387 - -4 757 -8 989 -12 778 5.0% 23 192 15 730 9 257 3 589 -1 417 -5 869 -9 854 10.0% 27 756 19 922 13 128 7 178 1 924 -2 748 -6 930 1 Estimates by Newsec in conjunction with valuations as of 31 December 2022. Fair value of financial derivatives The Group uses interest rate derivatives and fixed rate loans to manage the interest rate risk. The financial derivatives are valued at fair value in the Group\u2019s balance sheet. See note 8 for further information on the valuation of the Group\u2019s financial derivatives. SUBJECTIVE JUDGEMENTS Consolidation of entity in which the Group holds less than a majority of shares Entra considers that it controls Entra OPF Utvikling AS with a 50 per cent holding in the company. In this assessment, Entra has consid- ered all relevant facts and circumstances in assessing whether the voting rights are sufficient to give Entra power over the company. A key consideration is whether Entra has the practical ability to unilaterally direct the relevant activities that affect the amount of Entra\u2019s return. The relevant activities, including property manage - ment, ongoing maintenance and minor redevelopment projects, are directed by the Board of Directors in the company. The shareholder agreement includes certain provisions that restricts Entra from making significant changes to the business of the company. These provisions are not considered to give the co-investors power over the company, and are only considered to be protective rights. As Entra shall appoint the Chair of the Board of the company and the Chair has a double vote in the Board of Directors, Entra has concluded it controls this company. Accounting for acquisition On 12 January 2022, Entra acquired 100 per cent of the share capital of Oslo Areal AS, a non-listed company with a portfolio of 17 properties located within Entra\u2019s existing clusters, with the intention to give Entra control over those properties. Entra has applied the concentration test in IFRS 3 to the acquisition and concluded that it constitutes an acquisition of assets as substantially all of the fair value is concentrated in a group of similar identifiable assets, office properties within the same geographical area. NOTE 7\u2002CATEGORIES OF FINANCIAL INSTRUMENTS All amounts in NOK million 31.12.2022 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 38 091 38 091 - shares 344 344 Interest-bearing current liabilities 2 423 2 423 - other financial assets 191 191 Lease liabilities 268 268 Financial derivatives 698 698 Financial derivatives 310 310 Trade receivables 56 56 Other non-current liabilities 89 89 Other current receivables 525 525 Trade payables 355 355 Cash and cash equivalents 226 226 Other current liabilities 105 105 Total financial assets 997 1 042 2 040 Total financial liabilities 310 41 332 41 642 31.12.2021 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 22 788 22 788 - shares 32 32 Interest-bearing current liabilities 3 791 3 791 - other financial assets 88 88 Lease liabilities 221 221 Financial derivatives 254 254 Financial derivatives 355 355 Trade receivables 77 77 Other non-current liabilities 154 154 Other current receivables 295 295 Trade payables 465 465 Cash and cash equivalents 309 309 Other current liabilities 87 87 Total financial assets 768 286 1 054 Total financial liabilities 355 27 506 27 860 NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL ASSETS MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Loans to associates and jointly controlled entities 8 8 13 13 Other financial assets 191 191 88 88 Trade receivables 56 56 77 77 Total 255 255 178 178 INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL LIABILITIES MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Seller\u2019s credit and withheld purchase price 89 89 86 86 Subordinated loans - - 65 65 Total 89 89 151 151 The difference between the fair value and the amortised cost of interest-bearing liabilities is described in note 24. Other financial liabilities, except for the amounts above, are short term and the difference between the fair value and the amortised cost is marginal. NOTE 16\u2002INVESTMENT PROPERTIES All amounts in NOK million VALUE OF INVESTMENT PROPERTIES 2022 2021 Closing balance at 31.12 previous period 67 655 56 867 Purchase of investment properties 13 531 3 500 Investment in the property portefolio 2 563 2 224 Capitalised borrowing costs 59 42 Sale of investment properties -2 654 -35 Change in value from investment properties -2 519 5 057 Closing balance at 31.12 78 634 67 655 Of which investment properties held for sale 1 230 87 Investment properties 77 404 67 568 Investment properties are valued at fair value based on independent external valuations. The valuation method is included at level 3 in the valuation hierarchy. Reference is made to note 8. For information about valuations and fair value calculations for investment properties, see note 3. The Group has certain right-of- use assets classified as investment properties, refer to note 27 for further information. The property S\u00f8rkedalsveien 6 in Oslo is classified as held for sale on 31 December 2022 as an agreement to divest the asset was signed in December 2022 with expected closing in June 2023. Certain other of the Group\u2019s properties are subject to purchase options, as described below. Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture on 22 April 2005, 15 October 2003 and 30 June 2005, respectively, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110/Observatoriegaten 1 in Oslo (the refur- bished buildings \u201cMagasinet\u201d and \u201cHalvbroren\u201d). The tenant has the right to acquire the refurbished buildings at expiry of each 25 year lease period (expiring on 6 June 2030 and 31 December 2029, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire \u201cHalvbroren\u201d if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2022, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements. Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF on 4 October 1979 relating to the Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right- of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry. Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u201cUiO\u201d) on 16 June 2016, the tenant has an option to acquire the property Kristian Augusts gate 15-21 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining wault of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest. If the option to acquire is called at the first possible point in time (after 15 years), the remaining rent compensation paid by UiO to Entra regarding St. Olavs Plass 5 (previous lease agreement), must be paid in full together with the purchase price for the property. Pursuant to the lease agreement and option agreement entered into between Entra and BI Norwegian Business School (\u201cBI\u201d) on 15 February 2016, the tenant has an option to acquire the company which owns the building Bratt\u00f8rkaia 16 in Trondheim in the years 2028, 2033 and 2038. The purchase price shall be based on a pre- agreed net yield. The net rent at the time of exercising the option, includes value added tax (vat) compensation. The option to acquire must be called twelve months ahead of the four points in time at the latest. Entra is developing a newbuild project in Holtermanns veg 1-13 in Trondheim, where the Norwegian Broadcasting Corporation (NRK) have signed a lease contract for 9 600 sqm. NRK will acquire 49 per cent of the SPV owing the rented section at estimated project completion in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-155": { "value": "NOTE 3\u2002CRITICAL ACCOUNTING ESTIMATES AND SUBJECTIVE JUDGEMENTS The preparation of the Group\u2019s consolidated financial statements requires management to make a number of estimates and judge- ments that affect the reported amounts of revenues, expenses, assets and liabilities and may differ from future actual results. The estimates and judgements that are considered most critical and that have a significant inherent risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below. ACCOUNTING ESTIMATES Fair value of investment properties Investment properties are measured at their fair value based on external, independent valuations. Each quarter, all of Entra\u2019s investment properties are valued by two independent, external appraisers. The valuations as of 31 December 2022 were obtained from Newsec and Cushman & Wakefield Realkapital, and the market value of the portfolio in Entra\u2019s balance sheet is based on the average of the appraisers\u2019 valuation. The valuations are performed on a property-by-property basis, assuming that the properties are sold individually over time. The valuations are performed using the discounted cash flow method, which involves discounting future cash flows over a specified period using an estimated discount rate and then adding a residual value at the end of the period. Future cash flows are calculated on the basis of cash flows from signed leases, as well as estimated future cash flows based on an expected market rent at the end of the lease terms. The fair value of investment properties is therefore mainly affected by expected market rents, discount rates, inflation and capex. The market rent for each property takes into account the prop- erty\u2019s location, situation, technical standard and leases signed for comparable properties in the area. For the duration of existing lease terms, the discount rate is mainly based on an assessment of the individual tenants\u2019 financial solidity and classification. After the end of the lease term, cash flows are discounted using a discount rate that takes into account the risks relating to letting and location. Inflation is estimated using the consensus of a selection of banks and official statistics. The project portfolio and development sites are valued based on the same principles, but with deduction for remaining investments and perceived risks as of valuation date, including, but not limited to, construction and letting risks. Unzone land is valued based on the appraisers\u2019 assumptions on the market value of the land using the best estimate on the zoning and development process. When carrying out their valuations, the appraisers receive compre- hensive details on the properties, lease contracts, floor space and details of any vacant premises, and up-to-date and comprehensive information about all ongoing and planned projects. The appraisers also normally conduct site visits of all properties every year. Any uncertainties relating to the properties, projects and leases are also clarified verbally and in writing as and when required. Entra\u2019s management performs internal controls to ensure that all relevant information is included in the valuations and in order to fully understand the changes in value of investment properties from the previous period end. The information provided to the appraisers on a quarterly basis includes sustainability and energy related information on the properties such as the properties\u2019 energy consumption, energy performance certificates, main source of heating, BREEAM clas- sification and planned investments in energy saving measures, with an estimate of the associated savings. The estimated effect of this information is reflected in the capex estimates, expected future market rents and the discount rates. The appraisers perform their valuations on the basis of the infor- mation they have received, and estimate future market rents, yields inflation and other relevant parameters. Each individual property is assessed in terms of its market position, rental income (contractual
rents versus market rents) and ownership costs, with estimates
being made for anticipated vacancy levels and the need for
alterations and upgrades. The remaining term of the leases is also
assessed for risk, along with any special clauses in the contracts.
Each property is also compared with recently sold properties in the
same segment (location, type of property, technical standard, mix of
tenants etc.).
Properties representing approximately 77 per cent of the market
value of Entra\u2019s properties are, or are in the process of being,
BREEAM certified. Environment-friendly office properties is in high
demand in the letting market, and also in the property transaction
market, considering the slow-down in the transaction market during
the second half of 2022. The appraisers monitor the transaction
market closely, and current transaction market trends indicate
that the potential short-term adverse effect on the market values
of Entra\u2019s property portfolio due to climate-related risks, including
physical and transition risks, is limited.
Market transactions serve as important reference points for the
appraisers, and the recent slow-down in the property transaction
market has increased the level of uncertainty in the valuations.
There has however in the last months of 2022 been agreed and
completed transactions of relevance for Entra\u2019s portfolio, including
the four properties sold by Entra in December 2022, which sup
-
ports the valuations as of 31 December 2022.
The table below shows to what extent the value of the management
property portfolio is affected by market rents and exit yields (mar
-
ket yields), assuming that all other factors are equal. However, there
are interrelationships between these variables, and it is expected
that a change in one variable may influence the other variable.
Value change (NOK million)
1
% \u0394 Yield
-0.75% -0.50% -0.25% - 0.25% 0.50% 0.75%
% \u0394 Market rent
-10.0% 9 499 3 153 -2 354 -7 178 -11 439 -15 230 -18 625
-5.0% 14 063 7 345 1 517 -3 589 -8 098 -12 110 -15 702
- 18 627 11 538 5 387 - -4 757 -8 989 -12 778
5.0% 23 192 15 730 9 257 3 589 -1 417 -5 869 -9 854
10.0% 27 756 19 922 13 128 7 178 1 924 -2 748 -6 930
1
Estimates by Newsec in conjunction with valuations as of 31 December 2022.
Fair value of financial derivatives
The Group uses interest rate derivatives and fixed rate loans to
manage the interest rate risk. The financial derivatives are valued
at fair value in the Group\u2019s balance sheet. See note 8 for further
information on the valuation of the Group\u2019s financial derivatives.
SUBJECTIVE JUDGEMENTS
Consolidation of entity in which the Group
holds less than a majority of shares
Entra considers that it controls Entra OPF Utvikling AS with a 50 per
cent holding in the company. In this assessment, Entra has consid
-
ered all relevant facts and circumstances in assessing whether the
voting rights are sufficient to give Entra power over the company.
A key consideration is whether Entra has the practical ability to
unilaterally direct the relevant activities that affect the amount of
Entra\u2019s return. The relevant activities, including property manage
-
ment, ongoing maintenance and minor redevelopment projects, are
directed by the Board of Directors in the company. The shareholder
agreement includes certain provisions that restricts Entra from
making significant changes to the business of the company. These
provisions are not considered to give the co-investors power over
the company, and are only considered to be protective rights. As
Entra shall appoint the Chair of the Board of the company and
the Chair has a double vote in the Board of Directors, Entra has
concluded it controls this company.
Accounting for acquisition
On 12 January 2022, Entra acquired 100 per cent of the share
capital of Oslo Areal AS, a non-listed company with a portfolio of 17
properties located within Entra\u2019s existing clusters, with the intention
to give Entra control over those properties. Entra has applied the
concentration test in IFRS 3 to the acquisition and concluded that
it constitutes an acquisition of assets as substantially all of the fair
value is concentrated in a group of similar identifiable assets, office
properties within the same geographical area.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-180": { "value": "
Fair value of investment properties
Investment properties are measured at their fair value based on
external, independent valuations.
Each quarter, all of Entra\u2019s investment properties are valued by two
independent, external appraisers. The valuations as of 31 December
2022 were obtained from Newsec and Cushman & Wakefield
Realkapital, and the market value of the portfolio in Entra\u2019s balance
sheet is based on the average of the appraisers\u2019 valuation. The
valuations are performed on a property-by-property basis, assuming
that the properties are sold individually over time. The valuations
are performed using the discounted cash flow method, which
involves discounting future cash flows over a specified period using
an estimated discount rate and then adding a residual value at the
end of the period. Future cash flows are calculated on the basis of
cash flows from signed leases, as well as estimated future cash flows
based on an expected market rent at the end of the lease terms.
The fair value of investment properties is therefore mainly affected
by expected market rents, discount rates, inflation and capex.
The market rent for each property takes into account the prop
-
erty\u2019s location, situation, technical standard and leases signed for
comparable properties in the area. For the duration of existing
lease terms, the discount rate is mainly based on an assessment of
the individual tenants\u2019 financial solidity and classification. After the
end of the lease term, cash flows are discounted using a discount
rate that takes into account the risks relating to letting and location.
Inflation is estimated using the consensus of a selection of banks
and official statistics. The project portfolio and development sites
are valued based on the same principles, but with deduction for
remaining investments and perceived risks as of valuation date,
including, but not limited to, construction and letting risks. Unzone
land is valued based on the appraisers\u2019 assumptions on the
market value of the land using the best estimate on the zoning and
development process.
When carrying out their valuations, the appraisers receive compre
-
hensive details on the properties, lease contracts, floor space and
details of any vacant premises, and up-to-date and comprehensive
information about all ongoing and planned projects. The appraisers
also normally conduct site visits of all properties every year. Any
uncertainties relating to the properties, projects and leases are
also clarified verbally and in writing as and when required. Entra\u2019s
management performs internal controls to ensure that all relevant
information is included in the valuations and in order to fully
understand the changes in value of investment properties from the
previous period end.
The information provided to the appraisers on a quarterly basis
includes sustainability and energy related information on the
properties such as the properties\u2019 energy consumption, energy
performance certificates, main source of heating, BREEAM clas
-
sification and planned investments in energy saving measures, with
an estimate of the associated savings. The estimated effect of this
information is reflected in the capex estimates, expected future
market rents and the discount rates.
The appraisers perform their valuations on the basis of the infor
-
mation they have received, and estimate future market rents, yields
inflation and other relevant parameters. Each individual property is
assessed in terms of its market position, rental income (contractual
rents versus market rents) and ownership costs, with estimates being made for anticipated vacancy levels and the need for alterations and upgrades. The remaining term of the leases is also assessed for risk, along with any special clauses in the contracts. Each property is also compared with recently sold properties in the same segment (location, type of property, technical standard, mix of tenants etc.). Properties representing approximately 77 per cent of the market value of Entra\u2019s properties are, or are in the process of being, BREEAM certified. Environment-friendly office properties is in high demand in the letting market, and also in the property transaction market, considering the slow-down in the transaction market during the second half of 2022. The appraisers monitor the transaction market closely, and current transaction market trends indicate that the potential short-term adverse effect on the market values of Entra\u2019s property portfolio due to climate-related risks, including physical and transition risks, is limited. Market transactions serve as important reference points for the appraisers, and the recent slow-down in the property transaction market has increased the level of uncertainty in the valuations. There has however in the last months of 2022 been agreed and completed transactions of relevance for Entra\u2019s portfolio, including the four properties sold by Entra in December 2022, which sup- ports the valuations as of 31 December 2022. The table below shows to what extent the value of the management property portfolio is affected by market rents and exit yields (mar- ket yields), assuming that all other factors are equal. However, there are interrelationships between these variables, and it is expected that a change in one variable may influence the other variable. Value change (NOK million) 1 % \u0394 Yield -0.75% -0.50% -0.25% - 0.25% 0.50% 0.75% % \u0394 Market rent -10.0% 9 499 3 153 -2 354 -7 178 -11 439 -15 230 -18 625 -5.0% 14 063 7 345 1 517 -3 589 -8 098 -12 110 -15 702 - 18 627 11 538 5 387 - -4 757 -8 989 -12 778 5.0% 23 192 15 730 9 257 3 589 -1 417 -5 869 -9 854 10.0% 27 756 19 922 13 128 7 178 1 924 -2 748 -6 930 1 Estimates by Newsec in conjunction with valuations as of 31 December 2022. NOTE 16\u2002INVESTMENT PROPERTIES All amounts in NOK million VALUE OF INVESTMENT PROPERTIES 2022 2021 Closing balance at 31.12 previous period 67 655 56 867 Purchase of investment properties 13 531 3 500 Investment in the property portefolio 2 563 2 224 Capitalised borrowing costs 59 42 Sale of investment properties -2 654 -35 Change in value from investment properties -2 519 5 057 Closing balance at 31.12 78 634 67 655 Of which investment properties held for sale 1 230 87 Investment properties 77 404 67 568 Investment properties are valued at fair value based on independent external valuations. The valuation method is included at level 3 in the valuation hierarchy. Reference is made to note 8. For information about valuations and fair value calculations for investment properties, see note 3. The Group has certain right-of- use assets classified as investment properties, refer to note 27 for further information. The property S\u00f8rkedalsveien 6 in Oslo is classified as held for sale on 31 December 2022 as an agreement to divest the asset was signed in December 2022 with expected closing in June 2023. Certain other of the Group\u2019s properties are subject to purchase options, as described below. Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture on 22 April 2005, 15 October 2003 and 30 June 2005, respectively, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110/Observatoriegaten 1 in Oslo (the refur- bished buildings \u201cMagasinet\u201d and \u201cHalvbroren\u201d). The tenant has the right to acquire the refurbished buildings at expiry of each 25 year lease period (expiring on 6 June 2030 and 31 December 2029, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire \u201cHalvbroren\u201d if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2022, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the
capitalised future rental income based on the assumption that the
lease agreements are continuously prolonged in accordance with
the renewal clause in the lease agreements.
Pursuant to the ground lease agreement entered into between
Entra and Oslo Havn KF on 4 October 1979 relating to the Langkaia
1 in Oslo, the ground lessor has an option to acquire the buildings
without any compensation and free of any encumbrances upon
expiry of the ground lease agreement on 1 January 2031. The right-
of-use asset is presented as part of investment properties on the
balance sheet. As the right-of-use asset is valued based on the cash
flow until expiry of the ground lease agreement (i.e., no residual
value), there will be an ongoing decrease in the balance sheet value
until expiry.
Pursuant to the lease agreement entered into between Entra and
the University of Oslo (\u201cUiO\u201d) on 16 June 2016, the tenant has an
option to acquire the property Kristian Augusts gate 15-21 (building
and land) in Oslo in 2034 and in 2044. The purchase price shall
be based on a gross market yield at time of calling the option and
valued at a remaining wault of fifteen years of the lease agreement.
The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per
cent). The option to acquire must be called twelve months ahead of
the two points in time at the latest. If the option to acquire is called
at the first possible point in time (after 15 years), the remaining
rent compensation paid by UiO to Entra regarding St. Olavs Plass 5
(previous lease agreement), must be paid in full together with the
purchase price for the property.
Pursuant to the lease agreement and option agreement entered
into between Entra and BI Norwegian Business School (\u201cBI\u201d) on 15
February 2016, the tenant has an option to acquire the company
which owns the building Bratt\u00f8rkaia 16 in Trondheim in the years
2028, 2033 and 2038. The purchase price shall be based on a pre-
agreed net yield. The net rent at the time of exercising the option,
includes value added tax (vat) compensation. The option to acquire
must be called twelve months ahead of the four points in time at
the latest.
Entra is developing a newbuild project in Holtermanns veg 1-13 in
Trondheim, where the Norwegian Broadcasting Corporation (NRK)
have signed a lease contract for 9 600 sqm. NRK will acquire 49
per cent of the SPV owing the rented section at estimated project
completion in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-156": { "value": "NOTE 4\u2002FINANCIAL RISK MANAGEMENT All amounts in NOK million Governance structure, exposure and reporting The Board of Entra ASA has defined limits for the financial exposure of the Group through the financial policy. The financial policy regulates the following: \u2022 Allocation of responsibility for financial management \u2022 Overall limits and principles for management of financial exposure \u2022 Principles for borrowing \u2022 Definitions of financial risk parameters and key controls that must be in place to ensure adequate risk management \u2022 Requirements for reporting and monitoring. The Group\u2019s overall financial risk exposure is reported regularly to the Board. There is a responsibility and authority matrix for the Finance department, which defines authority for the day-to-day manage - ment of financial transactions within the overall framework of financial management. The Group must ensure that there is adequate operational risk management and internal control through clear areas of respon- sibility and allocation of duties. The procedures relate in particular to the management of financial exposure and the division of responsibility between the various roles in the Finance department and the department\u2019s financial systems. There are guidelines for managing financial exposure, which include checklists related to the control of current transactions. The finance department is continuously assessing the Group\u2019s financial risks and opportunities. Projections and simulations are made in the corporate financial model based on key assumptions on macroeconomic development, financial parameters and the property market. The simulations are intended to provide informa - tion for the Board and management in their monitoring of key financial figures for the Group. The Group\u2019s finance strategy shall ensure that the Group has financial flexibility and that it achieves competitive financial terms. The Group is exposed to financial risk and has defined the following relevant risk areas: \u2022 Financing risk \u2022 Capital management and solvency \u2022 Interest rate risk \u2022 Credit/counterparty risk \u2022 Currency risk Financing risk Financing risk is the risk that the Group will be unable to meet its financial obligations when they are due and that financing will not be available at a reasonable price. The Group seeks to limit financing risk through: \u2022 minimum level of committed capital to cover refinancing requirements \u2022 average time to maturity requirements for the group\u2019s financing \u2022 the use of various credit markets and counterparties \u2022 diversified maturity structure for the Group\u2019s financing Capital management and solvency The main purpose of the Group\u2019s capital management is to maintain a good balance between debt and equity, in order to maximise the value of the shares in the Group, while also maintaining a good credit rating and obtaining loan terms with lenders that reflect the risk profile of the Group. The Group has defined a target for the loan-to-value ratio which shall not exceed 50 per cent over time. There are covenants in the Group\u2019s loan agreements that specify requirements in relation to the company\u2019s financial strength. Interest rate risk Interest rate risk arises from the interest-bearing debt being affected by changes in market rates. Interest rate risk affects the Group\u2019s cash flows and the market value of the Group\u2019s liabilities. The main purpose of the Group\u2019s interest rate strategy is to ensure that the Group achieves the desired balance between the interest expense and interest rate risk. The Group\u2019s interest rate risk is managed within the following financial policy requirements: \u2022 minimum 40 per cent of the interest-bearing debt to be hedged at fixed interest rate. \u2022 average remaining time to maturity for interest rate hedges in the interval 2-6 years. \u2022 diversification of the maturity structure for fixed interest rates. Credit and counterparty risk Stable, predictable and long-term access to capital is critical for Entra. Entra considers that the ability of creditors to behave predictably over the long term is often dependent on their credit- worthiness. For this reason, Entra wants the Group\u2019s creditors to be of a strong credit quality and has established credit rating limits for the Group\u2019s creditors. The credit ratings of the Group\u2019s financial counterparties are continuously monitored. The fair value of all financial derivative assets as of 31 December 2022 was 698 million (254 million). Trade receivables at 31 December 2022 was 56 million (77 million), external loans was 110 million (3 million) and other long-term receivables was 92 million (85 million). The concentration of credit risk with respect to trade debtors is assessed to be low, as the majority of Entra\u2019s customers are paying their rent in advance. The creditworthiness of counterparties in construction contracts that give rise to contract assets and contracts with debtors that give rise to other receivables are thoroughly evaluated before entering into the contracts. Cash and bank deposits at 31 December 2022 amounted to 226 million (309 million). The deposits were placed with financial institu- tions with A-/A3 or better credit ratings. Currency risk The Group shall not incur any currency risk. The Group did not have any currency exposure on 31 December 2022. Financial covenants There are covenants in the Group\u2019s bank loan agreements specifying that the interest cover ratio (ICR) may not fall below 1.4 and that the loan-to-value of property (LTV) may not exceed 75 per cent. As of 31 December 2022, the Group was not in breach of any covenants. There are no covenants in relation to the Group\u2019s bond or commercial paper loans, but there are clauses of cross-default. MATURITY PROFILE OF ALL FINANCIAL INSTRUMENTS REMAINING TERM 31.12.2022 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Interest-bearing bank loans \u2013 principal - - 6 560 13 315 1 500 500 500 - 22 375 Interest-bearing bank loans \u2013 amortising 6 18 18 26 - - - - 68 Interest-bearing bank loans \u2013 estimated interest 238 715 895 953 98 62 21 - 2 983 Bonds \u2013 principal 425 1 154 924 5 629 2 594 6 815 - - 17 541 Bonds \u2013 estimated interest 126 408 454 813 541 349 - - 2 691 Commercial paper \u2013 principal 820 - - - - - - - 820 Commercial paper \u2013 estimated interest 7 - - - - - - - 7 Interest rate derivative liabilities -8 57 58 109 83 16 - - 316 Interest rate derivative assets -16 -77 -83 -113 -23 -40 - - -351 Lease liabilities 4 13 17 28 28 28 27 621 765 Trade payables 355 - - - - - - - 355 Other financial liabilities 78 - - - - - - - 78 Total 2 036 2 288 8 843 20 760 4 821 7 730 547 621 47 648 REMAINING TERM 31.12.2021 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Interest-bearing bank loans \u2013 principal - - 988 1 661 1 845 500 500 - 5 494 Interest-bearing bank loans \u2013 amortising 11 34 35 30 12 - - - 123 Interest-bearing bank loans \u2013 estimated interest 28 83 101 143 70 32 16 - 473 Bonds \u2013 principal - 2 345 1 579 2 524 4 623 4 900 3 915 - 19 886 Bonds \u2013 estimated interest 84 324 364 615 471 344 107 - 2 310 Commercial paper \u2013 principal 500 900 - - - - - - 1 400 Commercial paper \u2013 estimated interest 2 5 - - - - - - 8 Interest rate derivative liabilities 6 75 76 127 26 -25 -21 - 266 Interest rate derivative assets -4 -13 -28 -31 -40 -35 -33 - -184 Lease liabilities 6 15 21 42 26 20 20 362 511 Trade payables 465 - - - - - - - 465 Other financial liabilities 50 - - - - - - - 50 Total 1 149 3 769 3 136 5 112 7 034 5 736 4 503 362 30 800 The table is based on undiscounted contractual cash flows. The maturity analysis is based on the earliest possible redemption for instru- ments where the counterparty has a choice as to when to redeem the instrument. Estimated interest is based on the interest rate on the individual loan/ instrument on the balance sheet date. In order to manage its liquidity risk, the Group has available, unutilised credit facilities with Norwegian and international banks, as well as available liquid assets. UNUTILISED CREDIT FACILITIES TERM TO MATURITY 31.12.2022 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Unutilised credit facilities - - 180 6 280 - - - - 6 460 Total unutilised credit facilities - - 180 6 280 - - - - 6 460 UNUTILISED CREDIT FACILITIES TERM TO MATURITY 31.12.2021 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Unutilised credit facilities - - - 4 580 4 250 - - - 8 830 Total unutilised credit facilities - - - 4 580 4 250 - - - 8 830 At 31 December 2022, the Group had 184 million (277 million) of available liquid assets. See Note 22. Interest rate risk 49 per cent of the Group\u2019s liabilities are subject to fixed interest rates at 31 December 2022, compared to 47 per cent at 31 December 2021. The Group uses a variety of derivatives to adapt its portfolio to the chosen fixed rate structure. The choice of fixed interest profile is based on an evaluation of the Group\u2019s financial strength and its ability to generate long-term, stable cash flow. At 31 December 2022, the weighted average remaining term to maturity was 2.6 years (3.1 years). The average nominal interest rate was 3.70 per cent (2.25 per cent) at 31 December 2022. As of 31 December 2022, Entra\u2019s portfolio of fixed interest rate hedges had a total volume of 22,334 million (16,866 million) and an average term to maturity of 4.7 years (4.8 years). The table below shows the nominal value of outstanding current and non-current interest-bearing debt including derivatives. MATURITY STRUCTURE OF THE GROUP\u2019S EXPOSURE TO NOMINAL INTEREST RATE RISK As at 31.12.2022 31.12.2023 31.12.2024 31.12.2026 31.12.2028 31.12.2030 31.12.2032 31.12.2032+ Term to maturity Up to 1 year 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Percentage 5.9 18.4 46.5 10.0 17.9 1.2 - 100 Amount 2 399 7 504 18 992 4 094 7 315 500 - 40 804 As at 31.12.2021 31.12.2022 31.12.2023 31.12.2025 31.12.2027 31.12.2029 31.12.2031 31.12.2031+ Term to maturity Up to 1 year 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Percentage 13.9 9.7 15.7 24.3 20.1 16.4 - 100 Amount 3 745 2 599 4 216 6 528 5 400 4 415 - 26 903 KEY FIGURES FOR THE GROUP\u2019S FINANCIAL INSTRUMENTS 2022 2021 Nominal value of interest rate derivatives on the balance sheet date 1 21 010 15 160 of which - Fixed-to-variable swaps 1 3 900 4 300 - Variable-to-Fixed swaps 17 110 10 860 Range of fixed interest rates From 0.890% to 5.640% From 1.1050% to 5.640% Variable rate basis NIBOR NIBOR Average fixed rate excl. forward starting swaps 2.15% 1.99% Average fixed rate incl. forward starting swaps 2.18% 1.64% 1 3 900 million (4 300 million) of swaps linked to the fixed-interest bonds issued by the Group are included in the volume of interest rate swaps. These bonds are swapped to a variable rate in order to ensure that the Group is in a position to manage its interest rate fixing independently of the bonds. The real volume used for interest rate fixing is therefore 17 110 million (10 860 million). At 31 December 2022, the Group has no interest rate options or option-related products", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-212": { "value": "NOTE 4\u2002FINANCIAL RISK MANAGEMENT All amounts in NOK million Governance structure, exposure and reporting The Board of Entra ASA has defined limits for the financial exposure of the Group through the financial policy. The financial policy regulates the following: \u2022 Allocation of responsibility for financial management \u2022 Overall limits and principles for management of financial exposure \u2022 Principles for borrowing \u2022 Definitions of financial risk parameters and key controls that must be in place to ensure adequate risk management \u2022 Requirements for reporting and monitoring. The Group\u2019s overall financial risk exposure is reported regularly to the Board. There is a responsibility and authority matrix for the Finance department, which defines authority for the day-to-day manage - ment of financial transactions within the overall framework of financial management. The Group must ensure that there is adequate operational risk management and internal control through clear areas of respon- sibility and allocation of duties. The procedures relate in particular to the management of financial exposure and the division of responsibility between the various roles in the Finance department and the department\u2019s financial systems. There are guidelines for managing financial exposure, which include checklists related to the control of current transactions. The finance department is continuously assessing the Group\u2019s financial risks and opportunities. Projections and simulations are made in the corporate financial model based on key assumptions on macroeconomic development, financial parameters and the property market. The simulations are intended to provide informa - tion for the Board and management in their monitoring of key financial figures for the Group. The Group\u2019s finance strategy shall ensure that the Group has financial flexibility and that it achieves competitive financial terms. The Group is exposed to financial risk and has defined the following relevant risk areas: \u2022 Financing risk \u2022 Capital management and solvency \u2022 Interest rate risk \u2022 Credit/counterparty risk \u2022 Currency risk Financing risk Financing risk is the risk that the Group will be unable to meet its financial obligations when they are due and that financing will not be available at a reasonable price. The Group seeks to limit financing risk through: \u2022 minimum level of committed capital to cover refinancing requirements \u2022 average time to maturity requirements for the group\u2019s financing \u2022 the use of various credit markets and counterparties \u2022 diversified maturity structure for the Group\u2019s financing Capital management and solvency The main purpose of the Group\u2019s capital management is to maintain a good balance between debt and equity, in order to maximise the value of the shares in the Group, while also maintaining a good credit rating and obtaining loan terms with lenders that reflect the risk profile of the Group. The Group has defined a target for the loan-to-value ratio which shall not exceed 50 per cent over time. There are covenants in the Group\u2019s loan agreements that specify requirements in relation to the company\u2019s financial strength. Interest rate risk Interest rate risk arises from the interest-bearing debt being affected by changes in market rates. Interest rate risk affects the Group\u2019s cash flows and the market value of the Group\u2019s liabilities. The main purpose of the Group\u2019s interest rate strategy is to ensure that the Group achieves the desired balance between the interest expense and interest rate risk. The Group\u2019s interest rate risk is managed within the following financial policy requirements: \u2022 minimum 40 per cent of the interest-bearing debt to be hedged at fixed interest rate. \u2022 average remaining time to maturity for interest rate hedges in the interval 2-6 years. \u2022 diversification of the maturity structure for fixed interest rates. Credit and counterparty risk Stable, predictable and long-term access to capital is critical for Entra. Entra considers that the ability of creditors to behave predictably over the long term is often dependent on their credit- worthiness. For this reason, Entra wants the Group\u2019s creditors to be of a strong credit quality and has established credit rating limits for the Group\u2019s creditors. The credit ratings of the Group\u2019s financial counterparties are continuously monitored. The fair value of all financial derivative assets as of 31 December 2022 was 698 million (254 million). Trade receivables at 31 December 2022 was 56 million (77 million), external loans was 110 million (3 million) and other long-term receivables was 92 million (85 million). The concentration of credit risk with respect to trade debtors is assessed to be low, as the majority of Entra\u2019s customers are paying their rent in advance. The creditworthiness of counterparties in construction contracts that give rise to contract assets and contracts with debtors that give rise to other receivables are thoroughly evaluated before entering into the contracts. Cash and bank deposits at 31 December 2022 amounted to 226 million (309 million). The deposits were placed with financial institu- tions with A-/A3 or better credit ratings. Currency risk The Group shall not incur any currency risk. The Group did not have any currency exposure on 31 December 2022. Financial covenants There are covenants in the Group\u2019s bank loan agreements specifying that the interest cover ratio (ICR) may not fall below 1.4 and that the loan-to-value of property (LTV) may not exceed 75 per cent. As of 31 December 2022, the Group was not in breach of any covenants. There are no covenants in relation to the Group\u2019s bond or commercial paper loans, but there are clauses of cross-default. MATURITY PROFILE OF ALL FINANCIAL INSTRUMENTS REMAINING TERM 31.12.2022 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Interest-bearing bank loans \u2013 principal - - 6 560 13 315 1 500 500 500 - 22 375 Interest-bearing bank loans \u2013 amortising 6 18 18 26 - - - - 68 Interest-bearing bank loans \u2013 estimated interest 238 715 895 953 98 62 21 - 2 983 Bonds \u2013 principal 425 1 154 924 5 629 2 594 6 815 - - 17 541 Bonds \u2013 estimated interest 126 408 454 813 541 349 - - 2 691 Commercial paper \u2013 principal 820 - - - - - - - 820 Commercial paper \u2013 estimated interest 7 - - - - - - - 7 Interest rate derivative liabilities -8 57 58 109 83 16 - - 316 Interest rate derivative assets -16 -77 -83 -113 -23 -40 - - -351 Lease liabilities 4 13 17 28 28 28 27 621 765 Trade payables 355 - - - - - - - 355 Other financial liabilities 78 - - - - - - - 78 Total 2 036 2 288 8 843 20 760 4 821 7 730 547 621 47 648 REMAINING TERM 31.12.2021 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Interest-bearing bank loans \u2013 principal - - 988 1 661 1 845 500 500 - 5 494 Interest-bearing bank loans \u2013 amortising 11 34 35 30 12 - - - 123 Interest-bearing bank loans \u2013 estimated interest 28 83 101 143 70 32 16 - 473 Bonds \u2013 principal - 2 345 1 579 2 524 4 623 4 900 3 915 - 19 886 Bonds \u2013 estimated interest 84 324 364 615 471 344 107 - 2 310 Commercial paper \u2013 principal 500 900 - - - - - - 1 400 Commercial paper \u2013 estimated interest 2 5 - - - - - - 8 Interest rate derivative liabilities 6 75 76 127 26 -25 -21 - 266 Interest rate derivative assets -4 -13 -28 -31 -40 -35 -33 - -184 Lease liabilities 6 15 21 42 26 20 20 362 511 Trade payables 465 - - - - - - - 465 Other financial liabilities 50 - - - - - - - 50 Total 1 149 3 769 3 136 5 112 7 034 5 736 4 503 362 30 800 The table is based on undiscounted contractual cash flows. The maturity analysis is based on the earliest possible redemption for instru- ments where the counterparty has a choice as to when to redeem the instrument. Estimated interest is based on the interest rate on the individual loan/ instrument on the balance sheet date. In order to manage its liquidity risk, the Group has available, unutilised credit facilities with Norwegian and international banks, as well as available liquid assets. UNUTILISED CREDIT FACILITIES TERM TO MATURITY 31.12.2022 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Unutilised credit facilities - - 180 6 280 - - - - 6 460 Total unutilised credit facilities - - 180 6 280 - - - - 6 460 UNUTILISED CREDIT FACILITIES TERM TO MATURITY 31.12.2021 Under 3 months 4-12 months 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Unutilised credit facilities - - - 4 580 4 250 - - - 8 830 Total unutilised credit facilities - - - 4 580 4 250 - - - 8 830 At 31 December 2022, the Group had 184 million (277 million) of available liquid assets. See Note 22. Interest rate risk 49 per cent of the Group\u2019s liabilities are subject to fixed interest rates at 31 December 2022, compared to 47 per cent at 31 December 2021. The Group uses a variety of derivatives to adapt its portfolio to the chosen fixed rate structure. The choice of fixed interest profile is based on an evaluation of the Group\u2019s financial strength and its ability to generate long-term, stable cash flow. At 31 December 2022, the weighted average remaining term to maturity was 2.6 years (3.1 years). The average nominal interest rate was 3.70 per cent (2.25 per cent) at 31 December 2022. As of 31 December 2022, Entra\u2019s portfolio of fixed interest rate hedges had a total volume of 22,334 million (16,866 million) and an average term to maturity of 4.7 years (4.8 years). The table below shows the nominal value of outstanding current and non-current interest-bearing debt including derivatives. MATURITY STRUCTURE OF THE GROUP\u2019S EXPOSURE TO NOMINAL INTEREST RATE RISK As at 31.12.2022 31.12.2023 31.12.2024 31.12.2026 31.12.2028 31.12.2030 31.12.2032 31.12.2032+ Term to maturity Up to 1 year 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Percentage 5.9 18.4 46.5 10.0 17.9 1.2 - 100 Amount 2 399 7 504 18 992 4 094 7 315 500 - 40 804 As at 31.12.2021 31.12.2022 31.12.2023 31.12.2025 31.12.2027 31.12.2029 31.12.2031 31.12.2031+ Term to maturity Up to 1 year 1-2 years 2-4 years 4-6 years 6-8 years 8-10 years Over 10 years Total Percentage 13.9 9.7 15.7 24.3 20.1 16.4 - 100 Amount 3 745 2 599 4 216 6 528 5 400 4 415 - 26 903 KEY FIGURES FOR THE GROUP\u2019S FINANCIAL INSTRUMENTS 2022 2021 Nominal value of interest rate derivatives on the balance sheet date 1 21 010 15 160 of which - Fixed-to-variable swaps 1 3 900 4 300 - Variable-to-Fixed swaps 17 110 10 860 Range of fixed interest rates From 0.890% to 5.640% From 1.1050% to 5.640% Variable rate basis NIBOR NIBOR Average fixed rate excl. forward starting swaps 2.15% 1.99% Average fixed rate incl. forward starting swaps 2.18% 1.64% 1 3 900 million (4 300 million) of swaps linked to the fixed-interest bonds issued by the Group are included in the volume of interest rate swaps. These bonds are swapped to a variable rate in order to ensure that the Group is in a position to manage its interest rate fixing independently of the bonds. The real volume used for interest rate fixing is therefore 17 110 million (10 860 million). At 31 December 2022, the Group has no interest rate options or option-related products ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-183": { "value": "Financing risk Financing risk is the risk that the Group will be unable to meet its financial obligations when they are due and that financing will not be available at a reasonable price. The Group seeks to limit financing risk through: \u2022 minimum level of committed capital to cover refinancing requirements \u2022 average time to maturity requirements for the group\u2019s financing \u2022 the use of various credit markets and counterparties \u2022 diversified maturity structure for the Group\u2019s financing ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-184": { "value": "Capital management and solvency The main purpose of the Group\u2019s capital management is to maintain a good balance between debt and equity, in order to maximise the value of the shares in the Group, while also maintaining a good credit rating and obtaining loan terms with lenders that reflect the risk profile of the Group. The Group has defined a target for the loan-to-value ratio which shall not exceed 50 per cent over time. There are covenants in the Group\u2019s loan agreements that specify requirements in relation to the company\u2019s financial strength. Credit and counterparty risk Stable, predictable and long-term access to capital is critical for Entra. Entra considers that the ability of creditors to behave predictably over the long term is often dependent on their credit- worthiness. For this reason, Entra wants the Group\u2019s creditors to be of a strong credit quality and has established credit rating limits for the Group\u2019s creditors. The credit ratings of the Group\u2019s financial counterparties are continuously monitored. The fair value of all financial derivative assets as of 31 December 2022 was 698 million (254 million). Trade receivables at 31 December 2022 was 56 million (77 million), external loans was 110 million (3 million) and other long-term receivables was 92 million (85 million). The concentration of credit risk with respect to trade debtors is assessed to be low, as the majority of Entra\u2019s customers are paying their rent in advance. The creditworthiness of counterparties in construction contracts that give rise to contract assets and contracts with debtors that give rise to other receivables are thoroughly evaluated before entering into the contracts. Cash and bank deposits at 31 December 2022 amounted to 226 million (309 million). The deposits were placed with financial institu- tions with A-/A3 or better credit ratings. NOTE 20\u2002TRADE RECEIVABLES All amounts in NOK million TRADE RECEIVABLES 2022 2021 Trade receivables 65 85 Provision for bad debts -9 -8 Net trade receivables 56 77 Except the trade receivables from the joint venture Rebel U2 AS (see note 31 for further information), there is no concentration of credit risk with respect to trade debtors as the majority of Entra\u2019s customers are paying rent in advance. The age analysis of these trade receivables is as follows: 2022 2021 Up to 3 months 29 41 Over 3 months 30 21 Total overdue 59 62 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-185": { "value": "Interest rate risk Interest rate risk arises from the interest-bearing debt being affected by changes in market rates. Interest rate risk affects the Group\u2019s cash flows and the market value of the Group\u2019s liabilities. The main purpose of the Group\u2019s interest rate strategy is to ensure that the Group achieves the desired balance between the interest expense and interest rate risk. The Group\u2019s interest rate risk is managed within the following financial policy requirements: \u2022 minimum 40 per cent of the interest-bearing debt to be hedged at fixed interest rate. \u2022 average remaining time to maturity for interest rate hedges in the interval 2-6 years. \u2022 diversification of the maturity structure for fixed interest rates. Currency risk The Group shall not incur any currency risk. The Group did not have any currency exposure on 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-213": { "value": "
NOTE 5\u2002RISK LEASE MANAGEMENT
All amounts in NOK million
The Group mainly enters into lease contracts with fixed rent for the lease of property. Lease payments for the majority (98 per cent) of the
contracts include 100 per cent CPI adjustments.
THE GROUP\u2019S FUTURE ACCUMULATED RENT FROM NON-TERMINABLE OPERATIONAL LEASE CONTRACTS AT 31.12.
2022 2021
\u2264 1 year 3 168 2 792
1 year < 2 years 2 799 2 612
2 year < 3 years 2 497 2 384
3 year < 4 years 2 230 2 186
4 year < 5 years 2 026 1 904
\u2265 5 years 9 400 8 773
Total
1
22 120 20 651
THE GROUP\u2019S LEASE CONTRACTS AT 31.12 HAVE THE FOLLOWING MATURITY STRUCTURE MEASURED IN ANNUAL RENT
1
2022 2021
Remaining term
No. of
contracts
Contract
rent
Contract
rent, %
No. of
contracts
Contract
rent
Contract
rent, %
\u2264 1 year 340 367 10 197 187 6
1 year < 5 years 284 1 142 32 238 955 33
5 years < 10 years 149 1 385 39 120 1 078 37
\u2265 10 years 46 642 18 48 689 24
Total 819 3 535 100 603 2 910 100
The table above shows the remaining non-terminable contractual rent for current leases without taking into account the impact of any options.
1
The rent is stated as the annualised contractual rent, and is therefore not reconcilable with the rental income for the year for accounting purposes.
OTHER PARAMETERS RELATING TO THE GROUP\u2019S LEASE PORTFOLIO
2022 2021
Area
(sqm)
Occupancy
(%)
Wault
(yrs)
Share of
public sector
tenants (%)
Area
(sqm)
Occupancy
(%)
Wault
(yrs)
Share of
public sector
tenants (%)
Oslo 846 196 96.1 6.1 51 635 820 97.8 7.2 55
Bergen 141 951 96.4 4.6 85 115 695 98.0 5.0 51
Trondheim 152 190 97.1 5.6 61 152 188 98.7 6.3 77
Sandvika 132 785 98.3 6.2 46 98 989 99.6 6.8 54
Drammen 68 660 95.8 9.3 98 69 421 99.1 8.5 86
Stavanger 54 216 99.4 7.6 94 121 404 94.1 6.0 49
Total management portfolio 1 395 998 96.5 6.1 58 1 193 517 97.8 6.8 58
Project portfolio 110 040 10.0 37 154 090 9.6 36
Regulated development sites 89 587 0.5 - 109 847 0.4 -
Total property portfolio 1 595 625 6.3 56 1 457 453 7.1 56
On account of the high occupancy rate, the high proportion of public sector tenants and the relatively long average remaining contract term,
the risk to the Group\u2019s cash flow is considered low. There is no significant effect of the Covid-19 pandemic on rental income in 2022.
Certain other of the Group\u2019s properties are subject to purchase options, as described below. Pursuant to the lease agreements entered into between Entra and the Norwegian Ministry of Culture on 22 April 2005, 15 October 2003 and 30 June 2005, respectively, the tenant has an option to acquire the three buildings comprising the National Library in Henrik Ibsens gate 110/Observatoriegaten 1 in Oslo (the refur- bished buildings \u201cMagasinet\u201d and \u201cHalvbroren\u201d). The tenant has the right to acquire the refurbished buildings at expiry of each 25 year lease period (expiring on 6 June 2030 and 31 December 2029, respectively). The leases include an unlimited number of 25-year extension periods, at market rents. Further, the tenant has the right, upon six months\u2019 notice, to acquire \u201cHalvbroren\u201d if the tenant itself leases and uses more than 50 per cent of the building. As of 31 December 2022, the tenant leased and used more of the building than the threshold. The purchase price for all three buildings shall equal the market value of the buildings based on the capitalised future rental income based on the assumption that the lease agreements are continuously prolonged in accordance with the renewal clause in the lease agreements. Pursuant to the ground lease agreement entered into between Entra and Oslo Havn KF on 4 October 1979 relating to the Langkaia 1 in Oslo, the ground lessor has an option to acquire the buildings without any compensation and free of any encumbrances upon expiry of the ground lease agreement on 1 January 2031. The right- of-use asset is presented as part of investment properties on the balance sheet. As the right-of-use asset is valued based on the cash flow until expiry of the ground lease agreement (i.e., no residual value), there will be an ongoing decrease in the balance sheet value until expiry. Pursuant to the lease agreement entered into between Entra and the University of Oslo (\u201cUiO\u201d) on 16 June 2016, the tenant has an option to acquire the property Kristian Augusts gate 15-21 (building and land) in Oslo in 2034 and in 2044. The purchase price shall be based on a gross market yield at time of calling the option and valued at a remaining wault of fifteen years of the lease agreement. The gross yield has a cap at 5.25 per cent (gross yield < 5.25 per cent). The option to acquire must be called twelve months ahead of the two points in time at the latest. If the option to acquire is called at the first possible point in time (after 15 years), the remaining rent compensation paid by UiO to Entra regarding St. Olavs Plass 5 (previous lease agreement), must be paid in full together with the purchase price for the property. Pursuant to the lease agreement and option agreement entered into between Entra and BI Norwegian Business School (\u201cBI\u201d) on 15 February 2016, the tenant has an option to acquire the company which owns the building Bratt\u00f8rkaia 16 in Trondheim in the years 2028, 2033 and 2038. The purchase price shall be based on a pre- agreed net yield. The net rent at the time of exercising the option, includes value added tax (vat) compensation. The option to acquire must be called twelve months ahead of the four points in time at the latest. Entra is developing a newbuild project in Holtermanns veg 1-13 in Trondheim, where the Norwegian Broadcasting Corporation (NRK) have signed a lease contract for 9 600 sqm. NRK will acquire 49 per cent of the SPV owing the rented section at estimated project completion in 2025.
NOTE 27\u2002LEASES
THE GROUP AS A LESSEE
The Group has entered into certain operating leases of ground, parking lots and buildings classified as investment properties, with remaining
lease terms between 9 and 80 years. The Group applies the fair value model to right-of-use assets associated with the property lease
contracts. Right-of-use assets included in investment properties at 31 December 2022 was 1,131 million (1,003 million).
The majority of the lease payments for Langkaia 1 in Oslo, where the lease agreement expires on 1 January 2031, are based on the turnover
of the property. Only the fixed parts of the lease payments are included in the lease liability. Variable, turnover based lease payments for
the property is included in Operating costs.
See note 24 for details on the movements in lease liabilities during the period.
Set out below are the amounts recognised in profit or loss: 2022 2021 Interest expense on lease liabilities 12 11 Expense relating to leases of low-value assets and short-term leases 3 1 Variable lease payments 11 16 Total amount recognised in profit or loss 26 28 The Group had total cash outflows for leases of 31 million in 2021 (37 million). Refer to note 4 for maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments as at 31 December 2022. THE GROUP AS A LESSOR The Group has entered into operating leases on its investment property portfolio. Refer to note 5 for the Group\u2019s future accumulated rent from non-terminable operational lease contracts, maturity structure and further details relating to the Group\u2019s lease portfolio. NOTE 28\u2002OTHER NON-CURRENT LIABILITIES All amounts in NOK million 2022 2021 Lease liabilities (note 27) 264 210 Pension liabilities (note 26) 97 112 Prepayments from customers 78 85 Subordinated loans - 65 Seller\u2019s credit and withheld purchase price 89 90 Other non-current liabilities 146 88 Total non-current liabilities 673 650 NOTE 29\u2002OTHER CURRENT LIABILITIES All amounts in NOK million 2022 2021 Accrued interest 237 154 Tenant prepayments 61 115 Lease liabilities (note 27) 5 10 Holiday pay owed 23 20 Public taxes and duties 26 17 Income tax payable 14 16 Provisions for current liabilities 27 22 Other liabilities 28 13 Total other current liabilites 421 367 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-157": { "value": "NOTE 5\u2002RISK LEASE MANAGEMENT All amounts in NOK million The Group mainly enters into lease contracts with fixed rent for the lease of property. Lease payments for the majority (98 per cent) of the contracts include 100 per cent CPI adjustments. THE GROUP\u2019S FUTURE ACCUMULATED RENT FROM NON-TERMINABLE OPERATIONAL LEASE CONTRACTS AT 31.12. 2022 2021 \u2264 1 year 3 168 2 792 1 year < 2 years 2 799 2 612 2 year < 3 years 2 497 2 384 3 year < 4 years 2 230 2 186 4 year < 5 years 2 026 1 904 \u2265 5 years 9 400 8 773 Total 1 22 120 20 651 THE GROUP\u2019S LEASE CONTRACTS AT 31.12 HAVE THE FOLLOWING MATURITY STRUCTURE MEASURED IN ANNUAL RENT 1 2022 2021 Remaining term No. of contracts Contract rent Contract rent, % No. of contracts Contract rent Contract rent, % \u2264 1 year 340 367 10 197 187 6 1 year < 5 years 284 1 142 32 238 955 33 5 years < 10 years 149 1 385 39 120 1 078 37 \u2265 10 years 46 642 18 48 689 24 Total 819 3 535 100 603 2 910 100 The table above shows the remaining non-terminable contractual rent for current leases without taking into account the impact of any options. 1 The rent is stated as the annualised contractual rent, and is therefore not reconcilable with the rental income for the year for accounting purposes. OTHER PARAMETERS RELATING TO THE GROUP\u2019S LEASE PORTFOLIO 2022 2021 Area (sqm) Occupancy (%) Wault (yrs) Share of public sector tenants (%) Area (sqm) Occupancy (%) Wault (yrs) Share of public sector tenants (%) Oslo 846 196 96.1 6.1 51 635 820 97.8 7.2 55 Bergen 141 951 96.4 4.6 85 115 695 98.0 5.0 51 Trondheim 152 190 97.1 5.6 61 152 188 98.7 6.3 77 Sandvika 132 785 98.3 6.2 46 98 989 99.6 6.8 54 Drammen 68 660 95.8 9.3 98 69 421 99.1 8.5 86 Stavanger 54 216 99.4 7.6 94 121 404 94.1 6.0 49 Total management portfolio 1 395 998 96.5 6.1 58 1 193 517 97.8 6.8 58 Project portfolio 110 040 10.0 37 154 090 9.6 36 Regulated development sites 89 587 0.5 - 109 847 0.4 - Total property portfolio 1 595 625 6.3 56 1 457 453 7.1 56 On account of the high occupancy rate, the high proportion of public sector tenants and the relatively long average remaining contract term, the risk to the Group\u2019s cash flow is considered low. There is no significant effect of the Covid-19 pandemic on rental income in 2022. NOTE 6\u2002SEGMENT INFORMATION All amounts in NOK million The Group has one main operational unit, led by the COO. The property portfolio is divided into six different geographic areas in Oslo, Bergen, Trondheim, Sandvika, Drammen and Sandvika, with management teams monitoring and following upon each area. The geographic units are supported by a Market and Property Development division and a Project Development division. In addition, Entra has group and support functions within accounting, finance, legal, investment, ICT, procurement, communication and HR. The geographic areas do not have their own profit responsibility. The geographical areas are instead followed up on economical and non-economical key figures (\u201ckey performance indicators\u201d). These key figures are analysed and reported by geographic area to the chief operating decision maker, that is the Board and CEO, for the purpose of resource allocation and assessment of segment performance. Hence, the Group report the segment information based upon these six geographic areas. No. of properties Area Occupancy Wault Market value 12 month rolling rent Net yield Market rent 31.12.2022 (#) (sqm) (%) (yrs) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 52 846 196 96.1 6.1 52 683 62 259 2 270 2 683 4.01 2 422 2 862 Bergen 10 141 951 96.4 4.6 6 931 48 824 332 2 336 4.37 368 2 593 Trondheim 10 152 190 97.1 5.6 5 591 36 735 322 2 119 5.39 301 1 979 Sandvika 10 132 785 98.3 6.2 4 612 34 729 264 1 985 5.42 244 1 837 Drammen 7 68 660 95.8 9.3 2 591 37 734 139 2 019 4.97 131 1 901 Stavanger 2 54 216 99.4 7.6 1 567 28 905 94 1 739 5.46 101 1 862 Total management portfolio 91 1 395 998 96.5 6.1 73 974 52 990 3 421 2 450 4.30 3 567 2 555 Project portfolio 8 110 040 10.0 4 031 36 636 Regulated development sites 3 89 587 0.5 566 6 315 Total property portfolio 102 1 595 625 6.3 78 571 49 242 The calculation of net yield is based on the appraisers\u2019 assumption of ownership costs, which at 31.12.22 corresponds to 6.7 per cent of market rent. The Groups 20 largest tenants accounts for approximately 45 per cent of the Group\u2019s total rental income. The Group does not have any tenants contributing to more than 10 per cent of the Group\u2019s rental income. No. of properties Area Occupancy Wault Market value 12 month rolling rent Net yield Market rent 31.12.2021 (#) (sqm) (%) (yrs) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 38 635 820 97.8 7.2 39 729 62 485 1 683 2 647 3.96 1 732 2 724 Trondheim 10 152 188 98.7 6.3 5 589 36 722 297 1 953 5.01 278 1 826 Bergen 8 115 695 98.0 5.0 5 560 48 056 251 2 168 4.16 292 2 523 Sandvika 9 98 989 99.6 6.8 3 267 33 006 177 1 783 5.14 159 1 608 Stavanger 7 121 404 94.1 6.0 3 249 26 762 175 1 441 4.89 189 1 559 Drammen 8 69 421 99.1 8.5 2 707 38 991 141 2 034 4.94 133 1 923 Total management portfolio 80 1 193 517 97.8 6.8 60 101 50 356 2 724 2 282 4.24 2 784 2 332 Project portfolio 11 154 090 9.6 6 463 41 943 Regulated development sites 5 109 847 0.4 984 8 956 Total property portfolio 96 1 457 453 7.1 67 547 46 346
NOTE 10\u2002OTHER REVENUES
All amounts in NOK million
2022 2021
Other revenues
Sale of additional services provided to tenants 80 46
Rental income from inventory properties 26 25
Other revenues 6 2
Total other revenues 112 73
NOTE 20\u2002TRADE RECEIVABLES All amounts in NOK million TRADE RECEIVABLES 2022 2021 Trade receivables 65 85 Provision for bad debts -9 -8 Net trade receivables 56 77 Except the trade receivables from the joint venture Rebel U2 AS (see note 31 for further information), there is no concentration of credit risk with respect to trade debtors as the majority of Entra\u2019s customers are paying rent in advance. The age analysis of these trade receivables is as follows: 2022 2021 Up to 3 months 29 41 Over 3 months 30 21 Total overdue 59 62
NOTE 21\u2002OTHER RECEIVABLES AND OTHER CURRENT ASSETS
All amounts in NOK million
OTHER RECEIVABLES
2022 2021
Accrued interest 77 62
Accrued income, not invoiced 74 35
Advance payments and accruals 55 23
Other current receivables and assets 319 174
Total other receivables and other current assets 525 295
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-186": { "value": "NOTE 6\u2002SEGMENT INFORMATION All amounts in NOK million The Group has one main operational unit, led by the COO. The property portfolio is divided into six different geographic areas in Oslo, Bergen, Trondheim, Sandvika, Drammen and Sandvika, with management teams monitoring and following upon each area. The geographic units are supported by a Market and Property Development division and a Project Development division. In addition, Entra has group and support functions within accounting, finance, legal, investment, ICT, procurement, communication and HR. The geographic areas do not have their own profit responsibility. The geographical areas are instead followed up on economical and non-economical key figures (\u201ckey performance indicators\u201d). These key figures are analysed and reported by geographic area to the chief operating decision maker, that is the Board and CEO, for the purpose of resource allocation and assessment of segment performance. Hence, the Group report the segment information based upon these six geographic areas. No. of properties Area Occupancy Wault Market value 12 month rolling rent Net yield Market rent 31.12.2022 (#) (sqm) (%) (yrs) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 52 846 196 96.1 6.1 52 683 62 259 2 270 2 683 4.01 2 422 2 862 Bergen 10 141 951 96.4 4.6 6 931 48 824 332 2 336 4.37 368 2 593 Trondheim 10 152 190 97.1 5.6 5 591 36 735 322 2 119 5.39 301 1 979 Sandvika 10 132 785 98.3 6.2 4 612 34 729 264 1 985 5.42 244 1 837 Drammen 7 68 660 95.8 9.3 2 591 37 734 139 2 019 4.97 131 1 901 Stavanger 2 54 216 99.4 7.6 1 567 28 905 94 1 739 5.46 101 1 862 Total management portfolio 91 1 395 998 96.5 6.1 73 974 52 990 3 421 2 450 4.30 3 567 2 555 Project portfolio 8 110 040 10.0 4 031 36 636 Regulated development sites 3 89 587 0.5 566 6 315 Total property portfolio 102 1 595 625 6.3 78 571 49 242 The calculation of net yield is based on the appraisers\u2019 assumption of ownership costs, which at 31.12.22 corresponds to 6.7 per cent of market rent. The Groups 20 largest tenants accounts for approximately 45 per cent of the Group\u2019s total rental income. The Group does not have any tenants contributing to more than 10 per cent of the Group\u2019s rental income. No. of properties Area Occupancy Wault Market value 12 month rolling rent Net yield Market rent 31.12.2021 (#) (sqm) (%) (yrs) (NOKm) (NOK/sqm) (NOKm) (NOK/sqm) (%) (NOKm) (NOK/sqm) Oslo 38 635 820 97.8 7.2 39 729 62 485 1 683 2 647 3.96 1 732 2 724 Trondheim 10 152 188 98.7 6.3 5 589 36 722 297 1 953 5.01 278 1 826 Bergen 8 115 695 98.0 5.0 5 560 48 056 251 2 168 4.16 292 2 523 Sandvika 9 98 989 99.6 6.8 3 267 33 006 177 1 783 5.14 159 1 608 Stavanger 7 121 404 94.1 6.0 3 249 26 762 175 1 441 4.89 189 1 559 Drammen 8 69 421 99.1 8.5 2 707 38 991 141 2 034 4.94 133 1 923 Total management portfolio 80 1 193 517 97.8 6.8 60 101 50 356 2 724 2 282 4.24 2 784 2 332 Project portfolio 11 154 090 9.6 6 463 41 943 Regulated development sites 5 109 847 0.4 984 8 956 Total property portfolio 96 1 457 453 7.1 67 547 46 346 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-158": { "value": "NOTE 7\u2002CATEGORIES OF FINANCIAL INSTRUMENTS All amounts in NOK million 31.12.2022 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 38 091 38 091 - shares 344 344 Interest-bearing current liabilities 2 423 2 423 - other financial assets 191 191 Lease liabilities 268 268 Financial derivatives 698 698 Financial derivatives 310 310 Trade receivables 56 56 Other non-current liabilities 89 89 Other current receivables 525 525 Trade payables 355 355 Cash and cash equivalents 226 226 Other current liabilities 105 105 Total financial assets 997 1 042 2 040 Total financial liabilities 310 41 332 41 642 31.12.2021 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 22 788 22 788 - shares 32 32 Interest-bearing current liabilities 3 791 3 791 - other financial assets 88 88 Lease liabilities 221 221 Financial derivatives 254 254 Financial derivatives 355 355 Trade receivables 77 77 Other non-current liabilities 154 154 Other current receivables 295 295 Trade payables 465 465 Cash and cash equivalents 309 309 Other current liabilities 87 87 Total financial assets 768 286 1 054 Total financial liabilities 355 27 506 27 860 NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL ASSETS MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Loans to associates and jointly controlled entities 8 8 13 13 Other financial assets 191 191 88 88 Trade receivables 56 56 77 77 Total 255 255 178 178 INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL LIABILITIES MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Seller\u2019s credit and withheld purchase price 89 89 86 86 Subordinated loans - - 65 65 Total 89 89 151 151 The difference between the fair value and the amortised cost of interest-bearing liabilities is described in note 24. Other financial liabilities, except for the amounts above, are short term and the difference between the fair value and the amortised cost is marginal. NOTE 24\u2002INTEREST BEARING LIABILITIES AND ACCRUED INTEREST All amounts in NOK million NON-CURRENT BORROWINGS Nominal value 2022 Market value 2022 Carrying amount 2022 Nominal value 2021 Market value 2021 Carrying amount 2021 Bank loans 22 419 22 419 22 388 5 572 5 572 5 551 Bonds 15 962 14 283 15 703 17 541 17 213 17 237 Total non-current borrowings 38 381 36 702 38 091 23 113 22 785 22 788 CURRENT BORROWINGS Nominal value 2022 Market value 2022 Carrying amount 2022 Nominal value 2021 Market value 2021 Carrying amount 2021 Bank loans 24 24 24 46 46 46 Bonds 1 579 1 572 1 579 2 345 2 354 2 345 Commercial papers 820 820 820 1 400 1 400 1 400 Total current borrowings 2 423 2 416 2 423 3 791 3 800 3 791 The average credit margin on the Group\u2019s borrowings at 31.12.2022 was 0.91 per cent (0.84 per cent). CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 31 December 2021 New liabilities Repayment Reclassification Net amortisation effects Change in fair value Other non-cash movements 31 December 2022 Non-current borrowings 22 788 28 480 -11 609 -1 603 36 - - 38 091 Current borrowings 3 791 2 420 -5 391 1 603 - - - 2 423 Non-current lease liabilities 210 - - - - - 53 264 Current lease liabilities 10 - -5 - - - -1 5 Financial derivatives 101 - - - - -488 - -387 Total liabilities from financing activities 26 900 30 900 -17 004 - 36 -488 52 40 396 THE GROUP\u2019S BONDS AND COMMERCIAL PAPERS ARE SUBJECT TO THE FOLLOWING TERMS THE GROUP\u2019S BONDS AT 31.12.2022 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0010670995 1 500 5.00% 08.02.2023 500 425 NO0010766389 1 500 2.45% 02.06.2023 1 100 470 NO0010774797 1 500 3M Nibor + 0.94% 22.09.2023 1 200 684 NO0010789464 1 500 3M Nibor + 0.86% 20.03.2024 1 195 924 NO0010852692 1 500 3M Nibor + 0.83% 22.05.2025 1 450 600 NO0010852684 1 500 2.79% 22.05.2026 1 200 579 NO0011094625 3 000 3M Nibor + 0.12% 10.09.2026 2 300 2 300 NO0011094641 4 000 2.00% 10.09.2029 1 400 1 400 NO0010886856 2 000 3M Nibor + 1.10% 29.06.2027 2 000 594 NO0010895964 2 000 1.66% 21.04.2028 2 000 2 000 NO0011017147 3 000 3M Nibor + 0.40% 07.06.2029 1 500 1 500 NO0011094633 3 000 1.50% 10.09.2026 1 150 1 150 NO0011041535 3 000 2.49% 01.02.2030 1 000 1 000 NO0010282031 1 100 4.62% 29.05.2030 1 100 1 100 NO0011079808 4 000 3M Nibor + 0.55% 20.11.2030 1 815 1 815 NO0011011256 2 000 1.96% 28.11.2025 1 000 1 000 17 541 THE GROUP\u2019S COMMERCIAL PAPERS AT 31.12.2022 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0012787250 170 4.20% 16.01.2023 170 170 NO0012793928 200 4.37% 27.03.2023 200 200 NO0012768508 450 4.79% 15.02.2023 450 450 820 THE GROUP\u2019S BONDS AT 31.12.2021 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0010740061 1 500 2.45% 13.06.2022 1 200 1 182 NO0010811649 1 500 3M Nibor + 0.72% 14.10.2022 1 300 1 163 NO0010670995 1 500 5.00% 08.02.2023 500 425 NO0010766389 1 500 2.45% 02.06.2023 1 100 470 NO0010774797 1 500 3M Nibor + 0.94% 22.09.2023 1 200 684 NO0010789464 1 500 3M Nibor + 0.86% 20.03.2024 1 195 924 NO0010852692 1 500 3M Nibor + 0.83% 22.05.2025 1 450 600 NO0010852684 1 500 2.79% 22.05.2026 1 200 579 NO0011094625 3 000 3M Nibor + 0.12% 10.09.2026 2 300 2 300 NO0011094641 4 000 2.00% 10.09.2029 1 400 1 400 NO0010886856 2 000 3M Nibor + 1.10% 29.06.2027 2 000 594 NO0010895964 2 000 1.66% 21.04.2028 2 000 2 000 NO0011017147 3 000 3M Nibor + 0.40% 07.06.2029 1 500 1 500 NO0011094633 3 000 1.50% 10.09.2026 1 150 1 150 NO0011041535 3 000 2.49% 01.02.2030 1 000 1 000 NO0010282031 1 100 4.62% 29.05.2030 1 100 1 100 NO0011079808 4 000 3M Nibor + 0.55% 20.11.2030 1 815 1 815 NO0011011256 2 000 1.96% 28.11.2025 1 000 1 000 19 886 1 Nominal values. THE GROUP\u2019S COMMERCIAL PAPERS AT 31.12.2021 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0011108292 500 0.94% 23.03.2022 500 500 NO0011128944 600 1.02% 21.04.2022 300 300 NO0011160376 600 1.20% 24.05.2022 600 600 1 400 1 Nominal values. SECURED FINANCING Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, which enables a broad and flexible financing mix. However, secured financing is arranged for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements. SECURED FINANCING AT 31.12.2022 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 2 307 653 653 Wholly-owned assets 10 593 6 100 1 100 Total secured financing 12 900 6 753 1 753 SECURED FINANCING AT 31.12.2021 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 4 219 1 697 1 697 Wholly-owned assets 2 449 1 100 1 100 Total secured financing 6 668 2 797 2 797 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-187": { "value": "NOTE 7\u2002CATEGORIES OF FINANCIAL INSTRUMENTS All amounts in NOK million 31.12.2022 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 38 091 38 091 - shares 344 344 Interest-bearing current liabilities 2 423 2 423 - other financial assets 191 191 Lease liabilities 268 268 Financial derivatives 698 698 Financial derivatives 310 310 Trade receivables 56 56 Other non-current liabilities 89 89 Other current receivables 525 525 Trade payables 355 355 Cash and cash equivalents 226 226 Other current liabilities 105 105 Total financial assets 997 1 042 2 040 Total financial liabilities 310 41 332 41 642 31.12.2021 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 22 788 22 788 - shares 32 32 Interest-bearing current liabilities 3 791 3 791 - other financial assets 88 88 Lease liabilities 221 221 Financial derivatives 254 254 Financial derivatives 355 355 Trade receivables 77 77 Other non-current liabilities 154 154 Other current receivables 295 295 Trade payables 465 465 Cash and cash equivalents 309 309 Other current liabilities 87 87 Total financial assets 768 286 1 054 Total financial liabilities 355 27 506 27 860 NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL ASSETS MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Loans to associates and jointly controlled entities 8 8 13 13 Other financial assets 191 191 88 88 Trade receivables 56 56 77 77 Total 255 255 178 178 INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL LIABILITIES MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Seller\u2019s credit and withheld purchase price 89 89 86 86 Subordinated loans - - 65 65 Total 89 89 151 151 The difference between the fair value and the amortised cost of interest-bearing liabilities is described in note 24. Other financial liabilities, except for the amounts above, are short term and the difference between the fair value and the amortised cost is marginal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-214": { "value": "NOTE 7\u2002CATEGORIES OF FINANCIAL INSTRUMENTS All amounts in NOK million 31.12.2022 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 38 091 38 091 - shares 344 344 Interest-bearing current liabilities 2 423 2 423 - other financial assets 191 191 Lease liabilities 268 268 Financial derivatives 698 698 Financial derivatives 310 310 Trade receivables 56 56 Other non-current liabilities 89 89 Other current receivables 525 525 Trade payables 355 355 Cash and cash equivalents 226 226 Other current liabilities 105 105 Total financial assets 997 1 042 2 040 Total financial liabilities 310 41 332 41 642 31.12.2021 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 22 788 22 788 - shares 32 32 Interest-bearing current liabilities 3 791 3 791 - other financial assets 88 88 Lease liabilities 221 221 Financial derivatives 254 254 Financial derivatives 355 355 Trade receivables 77 77 Other non-current liabilities 154 154 Other current receivables 295 295 Trade payables 465 465 Cash and cash equivalents 309 309 Other current liabilities 87 87 Total financial assets 768 286 1 054 Total financial liabilities 355 27 506 27 860 NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL ASSETS MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Loans to associates and jointly controlled entities 8 8 13 13 Other financial assets 191 191 88 88 Trade receivables 56 56 77 77 Total 255 255 178 178 INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL LIABILITIES MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Seller\u2019s credit and withheld purchase price 89 89 86 86 Subordinated loans - - 65 65 Total 89 89 151 151 The difference between the fair value and the amortised cost of interest-bearing liabilities is described in note 24. Other financial liabilities, except for the amounts above, are short term and the difference between the fair value and the amortised cost is marginal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-247": { "value": "NOTE 7\u2002CATEGORIES OF FINANCIAL INSTRUMENTS All amounts in NOK million 31.12.2022 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 38 091 38 091 - shares 344 344 Interest-bearing current liabilities 2 423 2 423 - other financial assets 191 191 Lease liabilities 268 268 Financial derivatives 698 698 Financial derivatives 310 310 Trade receivables 56 56 Other non-current liabilities 89 89 Other current receivables 525 525 Trade payables 355 355 Cash and cash equivalents 226 226 Other current liabilities 105 105 Total financial assets 997 1 042 2 040 Total financial liabilities 310 41 332 41 642 31.12.2021 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 22 788 22 788 - shares 32 32 Interest-bearing current liabilities 3 791 3 791 - other financial assets 88 88 Lease liabilities 221 221 Financial derivatives 254 254 Financial derivatives 355 355 Trade receivables 77 77 Other non-current liabilities 154 154 Other current receivables 295 295 Trade payables 465 465 Cash and cash equivalents 309 309 Other current liabilities 87 87 Total financial assets 768 286 1 054 Total financial liabilities 355 27 506 27 860 NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 31 December 2021 New liabilities Repayment Reclassification Net amortisation effects Change in fair value Other non-cash movements 31 December 2022 Non-current borrowings 22 788 28 480 -11 609 -1 603 36 - - 38 091 Current borrowings 3 791 2 420 -5 391 1 603 - - - 2 423 Non-current lease liabilities 210 - - - - - 53 264 Current lease liabilities 10 - -5 - - - -1 5 Financial derivatives 101 - - - - -488 - -387 Total liabilities from financing activities 26 900 30 900 -17 004 - 36 -488 52 40 396 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-260": { "value": "NOTE 7\u2002CATEGORIES OF FINANCIAL INSTRUMENTS All amounts in NOK million 31.12.2022 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 38 091 38 091 - shares 344 344 Interest-bearing current liabilities 2 423 2 423 - other financial assets 191 191 Lease liabilities 268 268 Financial derivatives 698 698 Financial derivatives 310 310 Trade receivables 56 56 Other non-current liabilities 89 89 Other current receivables 525 525 Trade payables 355 355 Cash and cash equivalents 226 226 Other current liabilities 105 105 Total financial assets 997 1 042 2 040 Total financial liabilities 310 41 332 41 642 31.12.2021 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 22 788 22 788 - shares 32 32 Interest-bearing current liabilities 3 791 3 791 - other financial assets 88 88 Lease liabilities 221 221 Financial derivatives 254 254 Financial derivatives 355 355 Trade receivables 77 77 Other non-current liabilities 154 154 Other current receivables 295 295 Trade payables 465 465 Cash and cash equivalents 309 309 Other current liabilities 87 87 Total financial assets 768 286 1 054 Total financial liabilities 355 27 506 27 860 NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL ASSETS MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Loans to associates and jointly controlled entities 8 8 13 13 Other financial assets 191 191 88 88 Trade receivables 56 56 77 77 Total 255 255 178 178 INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL LIABILITIES MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Seller\u2019s credit and withheld purchase price 89 89 86 86 Subordinated loans - - 65 65 Total 89 89 151 151 The difference between the fair value and the amortised cost of interest-bearing liabilities is described in note 24. Other financial liabilities, except for the amounts above, are short term and the difference between the fair value and the amortised cost is marginal. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-233": { "value": "NOTE 7\u2002CATEGORIES OF FINANCIAL INSTRUMENTS All amounts in NOK million 31.12.2022 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 38 091 38 091 - shares 344 344 Interest-bearing current liabilities 2 423 2 423 - other financial assets 191 191 Lease liabilities 268 268 Financial derivatives 698 698 Financial derivatives 310 310 Trade receivables 56 56 Other non-current liabilities 89 89 Other current receivables 525 525 Trade payables 355 355 Cash and cash equivalents 226 226 Other current liabilities 105 105 Total financial assets 997 1 042 2 040 Total financial liabilities 310 41 332 41 642 31.12.2021 Financial assets at amortised cost Financial assets at FVTPL Total Financial liabilities at FVTPL Financial liabilities at amortised cost Total Assets Liabilities Financial investments Interest-bearing non-current liabilities 22 788 22 788 - shares 32 32 Interest-bearing current liabilities 3 791 3 791 - other financial assets 88 88 Lease liabilities 221 221 Financial derivatives 254 254 Financial derivatives 355 355 Trade receivables 77 77 Other non-current liabilities 154 154 Other current receivables 295 295 Trade payables 465 465 Cash and cash equivalents 309 309 Other current liabilities 87 87 Total financial assets 768 286 1 054 Total financial liabilities 355 27 506 27 860 NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-276": { "value": "NOTE 8\u2002INFORMATION ABOUT FAIR VALUE All amounts in NOK million Investment properties are valued at fair value based on independent external valuations. Financial derivatives are measured at fair value using valuation methods where the significant parameters are obtained from quoted market data. Refer to note 3 for further information on techniques applied in the measurement of fair value of investment properties and derivatives. The Group uses the following hierarchy to classify assets and liabilities, based on the valuation methods used to measure and disclose their fair value. Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities. Level 2: Other techniques where all of the parameters that have a significant impact on measuring fair value are either directly or indirectly observable. Level 3: Valuation techniques that use parameters that significantly affect the valuation, but which are not observable. ASSETS MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 77 404 - - 77 404 - Investment properties held for sale 1 230 - - 1 230 - Derivatives 698 - 698 - - Equity instruments 344 - - 344 Total 79 676 - 698 78 977 LIABILITIES MEASURED AT FAIR VALUE 31.12.2022 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 310 - 310 - Total 310 - 310 - ASSETS MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Assets at fair value through profit or loss - Investment properties 67 568 - - 67 568 - Investment properties held for sale 87 - - 87 - Derivatives 254 - 254 - - Equity instruments 32 - - 32 Total 67 941 - 254 67 687 LIABILITIES MEASURED AT FAIR VALUE 31.12.2021 Level 1 Level 2 Level 3 Liabilities at fair value through profit or loss - Derivatives 355 - 355 - Total 355 - 355 - INFORMATION ABOUT THE FAIR VALUE OF FINANCIAL ASSETS MEASURED AT AMORTISED COST 2022 2021 Fair value Carrying amount Fair value Carrying amount Loans to associates and jointly controlled entities 8 8 13 13 Other financial assets 191 191 88 88 Trade receivables 56 56 77 77 Total 255 255 178 178 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-159": { "value": "NOTE 9\u2002OPERATING COSTS All amounts in NOK million 2022 2021 Operating costs Maintenance 22 29 Tax, leasehold, insurance 70 64 Letting and property administration 101 89 Direct property costs 69 52 Total operating costs 263 234 NOTE 11\u2002OTHER COSTS All amounts in NOK million 2022 2021 Other costs Costs related to additional services provided to tenants 56 25 Costs related to inventory properties 12 14 Other costs 17 4 Total other costs 85 43 NOTE 12\u2002ADMINISTRATIVE COSTS All amounts in NOK million 2022 2021 Administrative costs Payroll and personnel expenses 135 117 Office expenses, furnishings and equipment 37 34 Consultancy fees 27 52 Other administrative owner costs 11 7 Total administrative costs 210 210 NOTE 13\u2002PERSONNEL COSTS All amounts in NOK million 2022 2021 Salaries, performance-related pay and other taxable benefits 1 237 213 Employers\u2019 National Insurance contributions 36 31 Pension expenses 23 15 Other personnel costs 8 11 Total personnel costs 304 271 Of which capitalised on projects under development -58 -55 Of which shared costs distributed amongst tenants -62 -51 Total payroll and personnel costs 184 165 Of which classified as part of administrative costs 135 117 Of which classified as part of Letting and property administration under Operating expenses 49 47 Number of full-time equivalents 205 174 Number of employees at 31.12. 208 177 1 Salaries, performance-related pay and other taxable benefits includes a 24 million (19 million) provision for performance-related pay for all employees in 2022, which has not yet been paid out. REMUNERATION OF SENIOR EXECUTIVES The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash- based (STI - Short-Term Incentive) and share-based (LTI - Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. For further details on Entra\u2019s compensation policy and practice, refer to pages 89 to 92 in the corporate governance section of this annual report. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2022 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2022 Sonja Horn, CEO 3 802 4 041 1 416 1 340 133 184 7 114 Anders Olstad, CFO and Deputy CEO 3 194 3 401 1 243 1 104 133 179 6 059 Kjetil Hoff, COO 2 288 2 378 536 497 133 149 3 693 Per Ola Ulseth, EVP Project Development 2 128 2 213 505 521 133 154 3 527 Tore Bakken, EVP Market and Commercial Real Estate Development 2 108 2 193 444 520 133 153 3 443 Kristine Marie Hilberg, EVP HR and Organisation 1 726 1 794 416 358 133 143 2 843 Hallgeir \u00d8strem, EVP Legal and Procurement 2 649 2 733 629 277 133 166 3 939 Total 17 897 18 753 5 190 4 617 930 1 129 30 618 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2022, which will be paid out in 2023. 4 The LTI scheme for 2022 has a graded vesting period of three to five years after the settlement date in 2023, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2022 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2022. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2021 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2021 Sonja Horn, CEO 3 666 3 841 2 519 1 042 127 135 7 663 Anders Olstad, CFO and Deputy CEO 3 080 3 238 2 162 885 127 135 6 547 Kjetil Hoff, COO 2 207 2 262 514 337 127 135 3 375 Per Ola Ulseth, EVP Project Development 2 053 2 108 486 402 127 135 3 257 Tore Bakken, EVP Market and Commercial Real Estate Development 2 053 2 109 487 373 127 135 3 230 Kristine Marie Hilberg, EVP HR and Organisation 1 643 1 687 385 237 127 135 2 571 Hallgeir \u00d8strem, EVP Legal and Procurement from 1 July 2021 6 2 554 1 277 294 92 63 68 1 794 \u00c5se Lunde, EVP Digitalisation and Business Development until 30 June 2021 - 1 746 - 671 127 135 2 679 Total 17 259 18 269 6 845 4 040 950 1 013 31 117 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2021, paid out in 2022. 4 The LTI scheme for 2021 has a graded vesting period of three to five years after the settlement date in 2022, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2021 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. 6 Total remuneration reflects remuneration for the six months period Hallgeir \u00d8strem has been EVP Legal and Procurement. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2021. All amounts in NOK thousand Board fees Committee fees Total remuneration 2022 1 Total remuneration 2021 1 Board Ottar Ertzeid, Chair from 22 April 2022 367 46 414 - Hege Toft Karlsen, from 23 April 2021 288 77 365 245 Widar Salbuvik 288 102 390 360 Camilla AC Tepfers 288 - 288 268 Joacim Sj\u00f6berg from 22 April 2022 202 32 235 - Erling Nedkvitne, employee representative 2 288 46 334 308 Marit Rasmussen, employee representative from 30 April 2020 2 288 - 288 268 Siri Hatlen, Chair until 22 April 2022 156 20 176 562 Kjell Bjordal until 22 April 2022 86 14 100 324 Benedicte Schilbred Fasmer until 23 April 2021 - - - 75 Total 1 2 254 337 2 591 2 409 1 The overview of the remuneration of the Board of Directors shows remuneration earned in the financial year. 2 Does not include ordinary salary. The Board and committee members received no other compensation than what is set out in the table. The above amounts are subject to National Insurance contributions of 14.1 per cent. NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 1 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-188": { "value": "NOTE 9\u2002OPERATING COSTS All amounts in NOK million 2022 2021 Operating costs Maintenance 22 29 Tax, leasehold, insurance 70 64 Letting and property administration 101 89 Direct property costs 69 52 Total operating costs 263 234 NOTE 11\u2002OTHER COSTS All amounts in NOK million 2022 2021 Other costs Costs related to additional services provided to tenants 56 25 Costs related to inventory properties 12 14 Other costs 17 4 Total other costs 85 43 NOTE 12\u2002ADMINISTRATIVE COSTS All amounts in NOK million 2022 2021 Administrative costs Payroll and personnel expenses 135 117 Office expenses, furnishings and equipment 37 34 Consultancy fees 27 52 Other administrative owner costs 11 7 Total administrative costs 210 210 NOTE 13\u2002PERSONNEL COSTS All amounts in NOK million 2022 2021 Salaries, performance-related pay and other taxable benefits 1 237 213 Employers\u2019 National Insurance contributions 36 31 Pension expenses 23 15 Other personnel costs 8 11 Total personnel costs 304 271 Of which capitalised on projects under development -58 -55 Of which shared costs distributed amongst tenants -62 -51 Total payroll and personnel costs 184 165 Of which classified as part of administrative costs 135 117 Of which classified as part of Letting and property administration under Operating expenses 49 47 Number of full-time equivalents 205 174 Number of employees at 31.12. 208 177 1 Salaries, performance-related pay and other taxable benefits includes a 24 million (19 million) provision for performance-related pay for all employees in 2022, which has not yet been paid out. REMUNERATION OF SENIOR EXECUTIVES The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash- based (STI - Short-Term Incentive) and share-based (LTI - Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. For further details on Entra\u2019s compensation policy and practice, refer to pages 89 to 92 in the corporate governance section of this annual report. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2022 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2022 Sonja Horn, CEO 3 802 4 041 1 416 1 340 133 184 7 114 Anders Olstad, CFO and Deputy CEO 3 194 3 401 1 243 1 104 133 179 6 059 Kjetil Hoff, COO 2 288 2 378 536 497 133 149 3 693 Per Ola Ulseth, EVP Project Development 2 128 2 213 505 521 133 154 3 527 Tore Bakken, EVP Market and Commercial Real Estate Development 2 108 2 193 444 520 133 153 3 443 Kristine Marie Hilberg, EVP HR and Organisation 1 726 1 794 416 358 133 143 2 843 Hallgeir \u00d8strem, EVP Legal and Procurement 2 649 2 733 629 277 133 166 3 939 Total 17 897 18 753 5 190 4 617 930 1 129 30 618 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2022, which will be paid out in 2023. 4 The LTI scheme for 2022 has a graded vesting period of three to five years after the settlement date in 2023, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2022 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2022. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2021 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2021 Sonja Horn, CEO 3 666 3 841 2 519 1 042 127 135 7 663 Anders Olstad, CFO and Deputy CEO 3 080 3 238 2 162 885 127 135 6 547 Kjetil Hoff, COO 2 207 2 262 514 337 127 135 3 375 Per Ola Ulseth, EVP Project Development 2 053 2 108 486 402 127 135 3 257 Tore Bakken, EVP Market and Commercial Real Estate Development 2 053 2 109 487 373 127 135 3 230 Kristine Marie Hilberg, EVP HR and Organisation 1 643 1 687 385 237 127 135 2 571 Hallgeir \u00d8strem, EVP Legal and Procurement from 1 July 2021 6 2 554 1 277 294 92 63 68 1 794 \u00c5se Lunde, EVP Digitalisation and Business Development until 30 June 2021 - 1 746 - 671 127 135 2 679 Total 17 259 18 269 6 845 4 040 950 1 013 31 117 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2021, paid out in 2022. 4 The LTI scheme for 2021 has a graded vesting period of three to five years after the settlement date in 2022, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2021 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. 6 Total remuneration reflects remuneration for the six months period Hallgeir \u00d8strem has been EVP Legal and Procurement. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2021. All amounts in NOK thousand Board fees Committee fees Total remuneration 2022 1 Total remuneration 2021 1 Board Ottar Ertzeid, Chair from 22 April 2022 367 46 414 - Hege Toft Karlsen, from 23 April 2021 288 77 365 245 Widar Salbuvik 288 102 390 360 Camilla AC Tepfers 288 - 288 268 Joacim Sj\u00f6berg from 22 April 2022 202 32 235 - Erling Nedkvitne, employee representative 2 288 46 334 308 Marit Rasmussen, employee representative from 30 April 2020 2 288 - 288 268 Siri Hatlen, Chair until 22 April 2022 156 20 176 562 Kjell Bjordal until 22 April 2022 86 14 100 324 Benedicte Schilbred Fasmer until 23 April 2021 - - - 75 Total 1 2 254 337 2 591 2 409 1 The overview of the remuneration of the Board of Directors shows remuneration earned in the financial year. 2 Does not include ordinary salary. The Board and committee members received no other compensation than what is set out in the table. The above amounts are subject to National Insurance contributions of 14.1 per cent. NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 1 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-234": { "value": "NOTE 9\u2002OPERATING COSTS All amounts in NOK million 2022 2021 Operating costs Maintenance 22 29 Tax, leasehold, insurance 70 64 Letting and property administration 101 89 Direct property costs 69 52 Total operating costs 263 234 NOTE 10\u2002OTHER REVENUES All amounts in NOK million 2022 2021 Other revenues Sale of additional services provided to tenants 80 46 Rental income from inventory properties 26 25 Other revenues 6 2 Total other revenues 112 73 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-215": { "value": "NOTE 9\u2002OPERATING COSTS All amounts in NOK million 2022 2021 Operating costs Maintenance 22 29 Tax, leasehold, insurance 70 64 Letting and property administration 101 89 Direct property costs 69 52 Total operating costs 263 234 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-189": { "value": "NOTE 10\u2002OTHER REVENUES All amounts in NOK million 2022 2021 Other revenues Sale of additional services provided to tenants 80 46 Rental income from inventory properties 26 25 Other revenues 6 2 Total other revenues 112 73 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-216": { "value": "NOTE 12\u2002ADMINISTRATIVE COSTS All amounts in NOK million 2022 2021 Administrative costs Payroll and personnel expenses 135 117 Office expenses, furnishings and equipment 37 34 Consultancy fees 27 52 Other administrative owner costs 11 7 Total administrative costs 210 210 NOTE 13\u2002PERSONNEL COSTS All amounts in NOK million 2022 2021 Salaries, performance-related pay and other taxable benefits 1 237 213 Employers\u2019 National Insurance contributions 36 31 Pension expenses 23 15 Other personnel costs 8 11 Total personnel costs 304 271 Of which capitalised on projects under development -58 -55 Of which shared costs distributed amongst tenants -62 -51 Total payroll and personnel costs 184 165 Of which classified as part of administrative costs 135 117 Of which classified as part of Letting and property administration under Operating expenses 49 47 Number of full-time equivalents 205 174 Number of employees at 31.12. 208 177 1 Salaries, performance-related pay and other taxable benefits includes a 24 million (19 million) provision for performance-related pay for all employees in 2022, which has not yet been paid out. REMUNERATION OF SENIOR EXECUTIVES The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash- based (STI - Short-Term Incentive) and share-based (LTI - Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. For further details on Entra\u2019s compensation policy and practice, refer to pages 89 to 92 in the corporate governance section of this annual report. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2022 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2022 Sonja Horn, CEO 3 802 4 041 1 416 1 340 133 184 7 114 Anders Olstad, CFO and Deputy CEO 3 194 3 401 1 243 1 104 133 179 6 059 Kjetil Hoff, COO 2 288 2 378 536 497 133 149 3 693 Per Ola Ulseth, EVP Project Development 2 128 2 213 505 521 133 154 3 527 Tore Bakken, EVP Market and Commercial Real Estate Development 2 108 2 193 444 520 133 153 3 443 Kristine Marie Hilberg, EVP HR and Organisation 1 726 1 794 416 358 133 143 2 843 Hallgeir \u00d8strem, EVP Legal and Procurement 2 649 2 733 629 277 133 166 3 939 Total 17 897 18 753 5 190 4 617 930 1 129 30 618 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2022, which will be paid out in 2023. 4 The LTI scheme for 2022 has a graded vesting period of three to five years after the settlement date in 2023, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2022 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2022. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2021 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2021 Sonja Horn, CEO 3 666 3 841 2 519 1 042 127 135 7 663 Anders Olstad, CFO and Deputy CEO 3 080 3 238 2 162 885 127 135 6 547 Kjetil Hoff, COO 2 207 2 262 514 337 127 135 3 375 Per Ola Ulseth, EVP Project Development 2 053 2 108 486 402 127 135 3 257 Tore Bakken, EVP Market and Commercial Real Estate Development 2 053 2 109 487 373 127 135 3 230 Kristine Marie Hilberg, EVP HR and Organisation 1 643 1 687 385 237 127 135 2 571 Hallgeir \u00d8strem, EVP Legal and Procurement from 1 July 2021 6 2 554 1 277 294 92 63 68 1 794 \u00c5se Lunde, EVP Digitalisation and Business Development until 30 June 2021 - 1 746 - 671 127 135 2 679 Total 17 259 18 269 6 845 4 040 950 1 013 31 117 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2021, paid out in 2022. 4 The LTI scheme for 2021 has a graded vesting period of three to five years after the settlement date in 2022, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2021 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. 6 Total remuneration reflects remuneration for the six months period Hallgeir \u00d8strem has been EVP Legal and Procurement. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2021. All amounts in NOK thousand Board fees Committee fees Total remuneration 2022 1 Total remuneration 2021 1 Board Ottar Ertzeid, Chair from 22 April 2022 367 46 414 - Hege Toft Karlsen, from 23 April 2021 288 77 365 245 Widar Salbuvik 288 102 390 360 Camilla AC Tepfers 288 - 288 268 Joacim Sj\u00f6berg from 22 April 2022 202 32 235 - Erling Nedkvitne, employee representative 2 288 46 334 308 Marit Rasmussen, employee representative from 30 April 2020 2 288 - 288 268 Siri Hatlen, Chair until 22 April 2022 156 20 176 562 Kjell Bjordal until 22 April 2022 86 14 100 324 Benedicte Schilbred Fasmer until 23 April 2021 - - - 75 Total 1 2 254 337 2 591 2 409 1 The overview of the remuneration of the Board of Directors shows remuneration earned in the financial year. 2 Does not include ordinary salary. The Board and committee members received no other compensation than what is set out in the table. The above amounts are subject to National Insurance contributions of 14.1 per cent. Entra ASA has a share purchase scheme, offering all employees, including senior executives, the opportunity to purchase shares in Entra ASA at a discounted price. The shares are subject to two-year lock-in period. The purchase price in the employee offering was calculated as the volume weighted average share price the last 30 days (VWAP) until and including 21 April 2022 less a 25 per cent discount. A total of 51,185 (72,473) shares were acquired and sold to the employees in connection with the share purchase scheme in May 2022. In addition, a total of 22,914 (25,248) shares were awarded to senior executives in March 2022. NOTE 26\u2002PENSIONS All amounts in NOK million The Group\u2019s pension scheme for new employees is a defined contribution scheme. The defined contribution scheme includes 199 (168) employees in the Group. The defined benefit pension scheme for the Group cover a total of 8 (13) current employees, 1 (nil) former employee and 73 (74) pensioners. The Group also has a contractual early-retirement scheme (AFP) from the age 62. At 31 December 2022, 3 (5) former employees had chosen to make use of the AFP scheme. The net pension liabilities associated with the AFP scheme amounted to 5 million (8 million), which is included under total pension liabilities in the table below. The Group\u2019s pension scheme satisfies the requirements of the Norwegian Act on Compulsory Occupational Pensions. The cost for the accounting period shows the employees\u2019 pension entitlement of the agreed future pension in the financial year. THE BALANCE SHEET LIABILITIES HAVE BEEN CALCULATED AS FOLLOWS 2022 2021 Present value of accrued pension liabilities in defined-benefit schemes in unit trusts 214 229 Fair value of pension scheme assets -129 -130 Employers\u2019 NICs accrued 12 14 Net pension liabilities on the balance sheet at 31.12 97 112 TOTAL COST RECOGNISED IN THE INCOME STATEMENT 2022 2021 Cost of pension benefits accrued during current period 2 1 Contribution scheme 22 20 Total pension benefits accrued during the period 24 22 Net interest expense 2 1 Total pension benefits accrued in income statement 26 23 Actuarial losses (-)/gains (+) accrued in comprehensive income -16 29 Total pension benefits accrued 10 52 The actuarial assumptions are based on generally accepted assumptions in the insurance industry with regard to demographic factors. The pension scheme assets are invested in government bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-248": { "value": "NOTE 12\u2002ADMINISTRATIVE COSTS All amounts in NOK million 2022 2021 Administrative costs Payroll and personnel expenses 135 117 Office expenses, furnishings and equipment 37 34 Consultancy fees 27 52 Other administrative owner costs 11 7 Total administrative costs 210 210 NOTE 13\u2002PERSONNEL COSTS All amounts in NOK million 2022 2021 Salaries, performance-related pay and other taxable benefits 1 237 213 Employers\u2019 National Insurance contributions 36 31 Pension expenses 23 15 Other personnel costs 8 11 Total personnel costs 304 271 Of which capitalised on projects under development -58 -55 Of which shared costs distributed amongst tenants -62 -51 Total payroll and personnel costs 184 165 Of which classified as part of administrative costs 135 117 Of which classified as part of Letting and property administration under Operating expenses 49 47 Number of full-time equivalents 205 174 Number of employees at 31.12. 208 177 Salaries, performance-related pay and other taxable benefits includes a 24 million (19 million) provision for performance-related pay for all employees in 2022, which has not yet been paid out. REMUNERATION OF SENIOR EXECUTIVES The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash- based (STI - Short-Term Incentive) and share-based (LTI - Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. For further details on Entra\u2019s compensation policy and practice, refer to pages 89 to 92 in the corporate governance section of this annual report. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2022 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2022 Sonja Horn, CEO 3 802 4 041 1 416 1 340 133 184 7 114 Anders Olstad, CFO and Deputy CEO 3 194 3 401 1 243 1 104 133 179 6 059 Kjetil Hoff, COO 2 288 2 378 536 497 133 149 3 693 Per Ola Ulseth, EVP Project Development 2 128 2 213 505 521 133 154 3 527 Tore Bakken, EVP Market and Commercial Real Estate Development 2 108 2 193 444 520 133 153 3 443 Kristine Marie Hilberg, EVP HR and Organisation 1 726 1 794 416 358 133 143 2 843 Hallgeir \u00d8strem, EVP Legal and Procurement 2 649 2 733 629 277 133 166 3 939 Total 17 897 18 753 5 190 4 617 930 1 129 30 618 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2022, which will be paid out in 2023. 4 The LTI scheme for 2022 has a graded vesting period of three to five years after the settlement date in 2023, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2022 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2022. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2021 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2021 Sonja Horn, CEO 3 666 3 841 2 519 1 042 127 135 7 663 Anders Olstad, CFO and Deputy CEO 3 080 3 238 2 162 885 127 135 6 547 Kjetil Hoff, COO 2 207 2 262 514 337 127 135 3 375 Per Ola Ulseth, EVP Project Development 2 053 2 108 486 402 127 135 3 257 Tore Bakken, EVP Market and Commercial Real Estate Development 2 053 2 109 487 373 127 135 3 230 Kristine Marie Hilberg, EVP HR and Organisation 1 643 1 687 385 237 127 135 2 571 Hallgeir \u00d8strem, EVP Legal and Procurement from 1 July 2021 6 2 554 1 277 294 92 63 68 1 794 \u00c5se Lunde, EVP Digitalisation and Business Development until 30 June 2021 - 1 746 - 671 127 135 2 679 Total 17 259 18 269 6 845 4 040 950 1 013 31 117 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2021, paid out in 2022. 4 The LTI scheme for 2021 has a graded vesting period of three to five years after the settlement date in 2022, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2021 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. 6 Total remuneration reflects remuneration for the six months period Hallgeir \u00d8strem has been EVP Legal and Procurement. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2021. All amounts in NOK thousand Board fees Committee fees Total remuneration 2022 1 Total remuneration 2021 1 Board Ottar Ertzeid, Chair from 22 April 2022 367 46 414 - Hege Toft Karlsen, from 23 April 2021 288 77 365 245 Widar Salbuvik 288 102 390 360 Camilla AC Tepfers 288 - 288 268 Joacim Sj\u00f6berg from 22 April 2022 202 32 235 - Erling Nedkvitne, employee representative 2 288 46 334 308 Marit Rasmussen, employee representative from 30 April 2020 2 288 - 288 268 Siri Hatlen, Chair until 22 April 2022 156 20 176 562 Kjell Bjordal until 22 April 2022 86 14 100 324 Benedicte Schilbred Fasmer until 23 April 2021 - - - 75 Total 1 2 254 337 2 591 2 409 1 The overview of the remuneration of the Board of Directors shows remuneration earned in the financial year. 2 Does not include ordinary salary. The Board and committee members received no other compensation than what is set out in the table. The above amounts are subject to National Insurance contributions of 14.1 per cent. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-270": { "value": "NOTE 13\u2002PERSONNEL COSTS All amounts in NOK million 2022 2021 Salaries, performance-related pay and other taxable benefits 1 237 213 Employers\u2019 National Insurance contributions 36 31 Pension expenses 23 15 Other personnel costs 8 11 Total personnel costs 304 271 Of which capitalised on projects under development -58 -55 Of which shared costs distributed amongst tenants -62 -51 Total payroll and personnel costs 184 165 Of which classified as part of administrative costs 135 117 Of which classified as part of Letting and property administration under Operating expenses 49 47 Number of full-time equivalents 205 174 Number of employees at 31.12. 208 177 1 Salaries, performance-related pay and other taxable benefits includes a 24 million (19 million) provision for performance-related pay for all employees in 2022, which has not yet been paid out. REMUNERATION OF SENIOR EXECUTIVES The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash- based (STI - Short-Term Incentive) and share-based (LTI - Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. For further details on Entra\u2019s compensation policy and practice, refer to pages 89 to 92 in the corporate governance section of this annual report. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2022 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2022 Sonja Horn, CEO 3 802 4 041 1 416 1 340 133 184 7 114 Anders Olstad, CFO and Deputy CEO 3 194 3 401 1 243 1 104 133 179 6 059 Kjetil Hoff, COO 2 288 2 378 536 497 133 149 3 693 Per Ola Ulseth, EVP Project Development 2 128 2 213 505 521 133 154 3 527 Tore Bakken, EVP Market and Commercial Real Estate Development 2 108 2 193 444 520 133 153 3 443 Kristine Marie Hilberg, EVP HR and Organisation 1 726 1 794 416 358 133 143 2 843 Hallgeir \u00d8strem, EVP Legal and Procurement 2 649 2 733 629 277 133 166 3 939 Total 17 897 18 753 5 190 4 617 930 1 129 30 618 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2022, which will be paid out in 2023. 4 The LTI scheme for 2022 has a graded vesting period of three to five years after the settlement date in 2023, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2022 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2022. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2021 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2021 Sonja Horn, CEO 3 666 3 841 2 519 1 042 127 135 7 663 Anders Olstad, CFO and Deputy CEO 3 080 3 238 2 162 885 127 135 6 547 Kjetil Hoff, COO 2 207 2 262 514 337 127 135 3 375 Per Ola Ulseth, EVP Project Development 2 053 2 108 486 402 127 135 3 257 Tore Bakken, EVP Market and Commercial Real Estate Development 2 053 2 109 487 373 127 135 3 230 Kristine Marie Hilberg, EVP HR and Organisation 1 643 1 687 385 237 127 135 2 571 Hallgeir \u00d8strem, EVP Legal and Procurement from 1 July 2021 6 2 554 1 277 294 92 63 68 1 794 \u00c5se Lunde, EVP Digitalisation and Business Development until 30 June 2021 - 1 746 - 671 127 135 2 679 Total 17 259 18 269 6 845 4 040 950 1 013 31 117 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2021, paid out in 2022. 4 The LTI scheme for 2021 has a graded vesting period of three to five years after the settlement date in 2022, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2021 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. 6 Total remuneration reflects remuneration for the six months period Hallgeir \u00d8strem has been EVP Legal and Procurement. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-261": { "value": "REMUNERATION OF SENIOR EXECUTIVES The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash- based (STI - Short-Term Incentive) and share-based (LTI - Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. For further details on Entra\u2019s compensation policy and practice, refer to pages 89 to 92 in the corporate governance section of this annual report. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2022 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2022 Sonja Horn, CEO 3 802 4 041 1 416 1 340 133 184 7 114 Anders Olstad, CFO and Deputy CEO 3 194 3 401 1 243 1 104 133 179 6 059 Kjetil Hoff, COO 2 288 2 378 536 497 133 149 3 693 Per Ola Ulseth, EVP Project Development 2 128 2 213 505 521 133 154 3 527 Tore Bakken, EVP Market and Commercial Real Estate Development 2 108 2 193 444 520 133 153 3 443 Kristine Marie Hilberg, EVP HR and Organisation 1 726 1 794 416 358 133 143 2 843 Hallgeir \u00d8strem, EVP Legal and Procurement 2 649 2 733 629 277 133 166 3 939 Total 17 897 18 753 5 190 4 617 930 1 129 30 618 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2022, which will be paid out in 2023. 4 The LTI scheme for 2022 has a graded vesting period of three to five years after the settlement date in 2023, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2022 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2022. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2021 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2021 Sonja Horn, CEO 3 666 3 841 2 519 1 042 127 135 7 663 Anders Olstad, CFO and Deputy CEO 3 080 3 238 2 162 885 127 135 6 547 Kjetil Hoff, COO 2 207 2 262 514 337 127 135 3 375 Per Ola Ulseth, EVP Project Development 2 053 2 108 486 402 127 135 3 257 Tore Bakken, EVP Market and Commercial Real Estate Development 2 053 2 109 487 373 127 135 3 230 Kristine Marie Hilberg, EVP HR and Organisation 1 643 1 687 385 237 127 135 2 571 Hallgeir \u00d8strem, EVP Legal and Procurement from 1 July 2021 6 2 554 1 277 294 92 63 68 1 794 \u00c5se Lunde, EVP Digitalisation and Business Development until 30 June 2021 - 1 746 - 671 127 135 2 679 Total 17 259 18 269 6 845 4 040 950 1 013 31 117 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2021, paid out in 2022. 4 The LTI scheme for 2021 has a graded vesting period of three to five years after the settlement date in 2022, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2021 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. 6 Total remuneration reflects remuneration for the six months period Hallgeir \u00d8strem has been EVP Legal and Procurement. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2021. SHARES HELD BY BOARD OF DIRECTORS AND SENIOR EXECUTIVES AT 31.12. 1 Shareholder Position Number of shares 2022 Number of shares 2021 Board of directors Ottar Ertzeid Chair from 22 April 2022 - Hege Toft Karlsen Vice Chair - - Widar Salbuvik Board member 20 000 20 000 Joakim Sj\u00f6berg Board member since 22 April 2022 - Camilla AC Tepfers Board member - - Marit Rasmussen Employee representative 454 454 Erling Nedkvitne Employee representative 14 533 13 406 Siri Hatlen Chair until 22 April 2022 1 163 Kjell Bjordal Vice Chair until 22 April 2022 50 000 Senior executives Sonja Horn CEO 46 721 38 491 Anders Olstad CFO and Deputy CEO 75 236 68 142 Kjetil Hoff COO 11 119 7 141 Per Ola Ulseth EVP Project Development 12 878 9 099 Hallgeir \u00d8strem EVP Legal and Procurement from 16 622 13 841 Tore Bakken EVP Market and Commercial Real Estate Development 8 985 6 333 Kristine Marie Hilberg EVP HR and Organisation 8 042 5 921 Shares held by board of directors and senior executives 214 590 233 991 1 Shareholding is stated in the table above only if the person has been a director or senior executive at 31.12 the applicable year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-235": { "value": "REMUNERATION OF SENIOR EXECUTIVES The total remuneration of the CEO and other Senior Executives consists of a fixed package of salary and benefits supplemented by cash- based (STI - Short-Term Incentive) and share-based (LTI - Long-Term Incentive) variable remuneration plans, share purchase scheme (on the same terms as all other employees), pension and insurance arrangements. For further details on Entra\u2019s compensation policy and practice, refer to pages 89 to 92 in the corporate governance section of this annual report. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2022 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2022 Sonja Horn, CEO 3 802 4 041 1 416 1 340 133 184 7 114 Anders Olstad, CFO and Deputy CEO 3 194 3 401 1 243 1 104 133 179 6 059 Kjetil Hoff, COO 2 288 2 378 536 497 133 149 3 693 Per Ola Ulseth, EVP Project Development 2 128 2 213 505 521 133 154 3 527 Tore Bakken, EVP Market and Commercial Real Estate Development 2 108 2 193 444 520 133 153 3 443 Kristine Marie Hilberg, EVP HR and Organisation 1 726 1 794 416 358 133 143 2 843 Hallgeir \u00d8strem, EVP Legal and Procurement 2 649 2 733 629 277 133 166 3 939 Total 17 897 18 753 5 190 4 617 930 1 129 30 618 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2022, which will be paid out in 2023. 4 The LTI scheme for 2022 has a graded vesting period of three to five years after the settlement date in 2023, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2022 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2022. OVERVIEW OF TOTAL REMUNERATION OF SENIOR EXECUTIVES IN 2021 All amounts in NOK thousand Base salary 1 Paid salaries 2 Cash-based variable remune- ration\u20093 Share-based variable remune- ration\u20094 Pension costs Other benefits 5 Total remuneration 2021 Sonja Horn, CEO 3 666 3 841 2 519 1 042 127 135 7 663 Anders Olstad, CFO and Deputy CEO 3 080 3 238 2 162 885 127 135 6 547 Kjetil Hoff, COO 2 207 2 262 514 337 127 135 3 375 Per Ola Ulseth, EVP Project Development 2 053 2 108 486 402 127 135 3 257 Tore Bakken, EVP Market and Commercial Real Estate Development 2 053 2 109 487 373 127 135 3 230 Kristine Marie Hilberg, EVP HR and Organisation 1 643 1 687 385 237 127 135 2 571 Hallgeir \u00d8strem, EVP Legal and Procurement from 1 July 2021 6 2 554 1 277 294 92 63 68 1 794 \u00c5se Lunde, EVP Digitalisation and Business Development until 30 June 2021 - 1 746 - 671 127 135 2 679 Total 17 259 18 269 6 845 4 040 950 1 013 31 117 1 Base salary reflects the annual base salary as of 31 December. 2 The main difference between base salary and paid salaries is that paid salaries includes holiday pay on cash-based variable remuneration. 3 Includes the provision based on targets met in 2021, paid out in 2022. 4 The LTI scheme for 2021 has a graded vesting period of three to five years after the settlement date in 2022, whereof 1/3 is vested after three years, another 1/3 after four years and the remaining 1/3 after five years. LTI is reported on expensed basis. As such, the earned LTI for 2021 also includes a portion of LTI earned in previous years. 5 Other benefits include benefits in kind such as a car allowance, telephone and insurance coverage. 6 Total remuneration reflects remuneration for the six months period Hallgeir \u00d8strem has been EVP Legal and Procurement. The above amounts are subject to National Insurance contributions of 14.1 per cent. No loans were given by Entra to senior executives as of 31 December 2021. Entra ASA has a share purchase scheme, offering all employees, including senior executives, the opportunity to purchase shares in Entra ASA at a discounted price. The shares are subject to two-year lock-in period. The purchase price in the employee offering was calculated as the volume weighted average share price the last 30 days (VWAP) until and including 21 April 2022 less a 25 per cent discount. A total of 51,185 (72,473) shares were acquired and sold to the employees in connection with the share purchase scheme in May 2022. In addition, a total of 22,914 (25,248) shares were awarded to senior executives in March 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-217": { "value": "NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 1 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-249": { "value": "NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 1 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-262": { "value": "NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-271": { "value": "NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-277": { "value": "NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 1 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-236": { "value": "NOTE 14\u2002NET REALISED FINANCIALS All amounts in NOK million 2022 202 1 Interest income 13 6 Other finance income 4 1 Interest expenses on borrowings -1 067 -541 - of which capitalised borrowing costs 59 42 Interest expenses on lease liabilities (note 27) -12 -11 Commitment fees -15 -19 Other finance expenses -78 -30 Total interest and other finance expense -1 095 -551 Average interest on capitalised borrowing costs 3.23% 2.33% ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-160": { "value": "NOTE 15\u2002INTANGIBLE ASSETS AND OTHER OPERATING ASSETS All amounts in NOK million 2022 2021 Intangible assets Goodwill Equipment Intangible assets Goodwill Equipment Acquisition cost at 01.01. 8 146 51 8 146 35 Acquisitions - - 5 - - 16 Reclassified to financial lease - - -13 - - - Disposals 1 -8 -146 -1 - - - Acquisition cost at 31.12. - - 42 8 146 51 Accumulated depreciation and write-downs at 01.01. 8 37 23 8 37 18 Depreciation and write-downs - - 4 - - 5 Disposals 1 -8 -37 -0 - - - Accumulated depreciation and write-downs at 31.12. - - 26 8 37 23 Carrying amount at 31.12. - - 16 - 109 28 1 Disposals of intangible assets and goodwill are related to the divestment of the subsidiary Hinna Park Eiendom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-190": { "value": "NOTE 15\u2002INTANGIBLE ASSETS AND OTHER OPERATING ASSETS All amounts in NOK million 2022 2021 Intangible assets Goodwill Equipment Intangible assets Goodwill Equipment Acquisition cost at 01.01. 8 146 51 8 146 35 Acquisitions - - 5 - - 16 Reclassified to financial lease - - -13 - - - Disposals 1 -8 -146 -1 - - - Acquisition cost at 31.12. - - 42 8 146 51 Accumulated depreciation and write-downs at 01.01. 8 37 23 8 37 18 Depreciation and write-downs - - 4 - - 5 Disposals 1 -8 -37 -0 - - - Accumulated depreciation and write-downs at 31.12. - - 26 8 37 23 Carrying amount at 31.12. - - 16 - 109 28 1 Disposals of intangible assets and goodwill are related to the divestment of the subsidiary Hinna Park Eiendom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-218": { "value": "NOTE 15\u2002INTANGIBLE ASSETS AND OTHER OPERATING ASSETS All amounts in NOK million 2022 2021 Intangible assets Goodwill Equipment Intangible assets Goodwill Equipment Acquisition cost at 01.01. 8 146 51 8 146 35 Acquisitions - - 5 - - 16 Reclassified to financial lease - - -13 - - - Disposals 1 -8 -146 -1 - - - Acquisition cost at 31.12. - - 42 8 146 51 Accumulated depreciation and write-downs at 01.01. 8 37 23 8 37 18 Depreciation and write-downs - - 4 - - 5 Disposals 1 -8 -37 -0 - - - Accumulated depreciation and write-downs at 31.12. - - 26 8 37 23 Carrying amount at 31.12. - - 16 - 109 28 1 Disposals of intangible assets and goodwill are related to the divestment of the subsidiary Hinna Park Eiendom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-251": { "value": "NOTE 15\u2002INTANGIBLE ASSETS AND OTHER OPERATING ASSETS All amounts in NOK million 2022 2021 Intangible assets Goodwill Equipment Intangible assets Goodwill Equipment Acquisition cost at 01.01. 8 146 51 8 146 35 Acquisitions - - 5 - - 16 Reclassified to financial lease - - -13 - - - Disposals 1 -8 -146 -1 - - - Acquisition cost at 31.12. - - 42 8 146 51 Accumulated depreciation and write-downs at 01.01. 8 37 23 8 37 18 Depreciation and write-downs - - 4 - - 5 Disposals 1 -8 -37 -0 - - - Accumulated depreciation and write-downs at 31.12. - - 26 8 37 23 Carrying amount at 31.12. - - 16 - 109 28 1 Disposals of intangible assets and goodwill are related to the divestment of the subsidiary Hinna Park Eiendom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-264": { "value": "NOTE 15\u2002INTANGIBLE ASSETS AND OTHER OPERATING ASSETS All amounts in NOK million 2022 2021 Intangible assets Goodwill Equipment Intangible assets Goodwill Equipment Acquisition cost at 01.01. 8 146 51 8 146 35 Acquisitions - - 5 - - 16 Reclassified to financial lease - - -13 - - - Disposals 1 -8 -146 -1 - - - Acquisition cost at 31.12. - - 42 8 146 51 Accumulated depreciation and write-downs at 01.01. 8 37 23 8 37 18 Depreciation and write-downs - - 4 - - 5 Disposals 1 -8 -37 -0 - - - Accumulated depreciation and write-downs at 31.12. - - 26 8 37 23 Carrying amount at 31.12. - - 16 - 109 28 1 Disposals of intangible assets and goodwill are related to the divestment of the subsidiary Hinna Park Eiendom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-237": { "value": "NOTE 15\u2002INTANGIBLE ASSETS AND OTHER OPERATING ASSETS All amounts in NOK million 2022 2021 Intangible assets Goodwill Equipment Intangible assets Goodwill Equipment Acquisition cost at 01.01. 8 146 51 8 146 35 Acquisitions - - 5 - - 16 Reclassified to financial lease - - -13 - - - Disposals 1 -8 -146 -1 - - - Acquisition cost at 31.12. - - 42 8 146 51 Accumulated depreciation and write-downs at 01.01. 8 37 23 8 37 18 Depreciation and write-downs - - 4 - - 5 Disposals 1 -8 -37 -0 - - - Accumulated depreciation and write-downs at 31.12. - - 26 8 37 23 Carrying amount at 31.12. - - 16 - 109 28 1 Disposals of intangible assets and goodwill are related to the divestment of the subsidiary Hinna Park Eiendom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-250": { "value": "All amounts in NOK million VALUE OF INVESTMENT PROPERTIES 2022 2021 Closing balance at 31.12 previous period 67 655 56 867 Purchase of investment properties 13 531 3 500 Investment in the property portefolio 2 563 2 224 Capitalised borrowing costs 59 42 Sale of investment properties -2 654 -35 Change in value from investment properties -2 519 5 057 Closing balance at 31.12 78 634 67 655 Of which investment properties held for sale 1 230 87 Investment properties 77 404 67 568 The property S\u00f8rkedalsveien 6 in Oslo is classified as held for sale on 31 December 2022 as an agreement to divest the asset was signed in December 2022 with expected closing in June 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-263": { "value": "All amounts in NOK million VALUE OF INVESTMENT PROPERTIES 2022 2021 Closing balance at 31.12 previous period 67 655 56 867 Purchase of investment properties 13 531 3 500 Investment in the property portefolio 2 563 2 224 Capitalised borrowing costs 59 42 Sale of investment properties -2 654 -35 Change in value from investment properties -2 519 5 057 Closing balance at 31.12 78 634 67 655 Of which investment properties held for sale 1 230 87 Investment properties 77 404 67 568 The property S\u00f8rkedalsveien 6 in Oslo is classified as held for sale on 31 December 2022 as an agreement to divest the asset was signed in December 2022 with expected closing in June 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-161": { "value": "NOTE 17\u2002ASSOCIATES AND JOINTLY CONTROLLED ENTITES All amounts in NOK million Investments in associates and jointly controlled entities are recognised using the equity method. 31.12.2022 Acquisition date Business office Shareholding/ voting rights (%) Associated companies Ullandhaug Energi AS 07.07.2009 Stavanger 44.00 H2O Eiendom AS 02.12.2019 Oslo 25.00 Galleri Oslo Utvikling AS 24.10.2022 Oslo 46.77 Galleriet Drift AS 31.03.2022 Oslo 46.77 Jointly controlled entities Oslo S Utvikling AS 01.07.2004 Oslo 50.00 Rebel U2 AS 10.10.2019 Oslo 50.00 Galleri Oslo Invest AS 12.01.2022 Oslo 33.33 31.12.2021 Acquisition date Business office Shareholding/ voting rights (%) Associated companies Ullandhaug Energi AS 07.07.2009 Stavanger 44.00 H2O Eiendom AS 02.12.2019 Oslo 25.00 Jointly controlled entities Oslo S Utvikling AS 01.07.2004 Oslo 50.00 Hinna Park Facility Management AS 18.11.2016 Stavanger 50.00 Rebel U2 AS 10.10.2019 Oslo 50.00 MOVEMENT IN CARRYING AMOUNT OF ASSOCIATES AND JOINTLY CONTROLLED ENTITIES Classification Carrying amount 31.12.2021 Share of profit for 2022 Capital injection/ reduction/ Investment in or divestment of company Carrying amount 31.12.2022 Galleri Oslo Invest AS Jointly controlled entity - -6 - 163 157 Oslo S Utvikling AS Jointly controlled entity 850 -25 -125 - 701 Rebel U2 AS 1 Jointly controlled entity - - - - - Other jointly controlled entities and associates 22 9 9 -6 33 Total associates and jointly controlled entities 872 -22 -116 157 891 1 Entra\u2019s share of Rebel U2 AS\u2019 negative total comprehensive income for 2022 is recognised as a reduction in the carrying value of Entra\u2019s loan to Rebel U2 AS, which is considered part of the Group\u2019s interests in Rebel U2 AS. MOVEMENT IN CARRYING AMOUNT OF ASSOCIATES AND JOINTLY CONTROLLED ENTITIES Classification Carrying amount 31.12.2020 Share of profit for 2021 Capital injection/ reduction/ Investment in or divestment of company Carrying amount 31.12.2021 Oslo S Utvikling AS Jointly controlled entity 493 32 -150 476 850 Rebel U2 AS Jointly controlled entity 11 -11 - - - Other jointly controlled entities and associates 22 2 -2 - 22 Total associates and jointly controlled entities 527 22 -152 476 872 1 Changes in value consist of interest rate hedging instruments, plus calculated deferred tax on the change. AGGREGATE FINANCIAL INFORMATION FOR ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (Figures stated refer to Entra\u2019s ownership interest) 2022 2021 Revenue 70 220 Net operating income 21 9 Net income -43 26 Net value changes -10 - Profit before tax -53 26 Tax expense 11 -7 Profit after tax -42 19 Total comprehensive income 1 -42 19 Total assets 2 476 1 884 Shareholders equity 877 872 Non-controlling interests 42 42 Total liabilities 1 557 969 1 In addtion to Entra\u2019s ownership interest in Total comprehensive income for 2022, a gain of 6 million due to the sale of the JV Hinna Park Facility Management AS was recognised as Share of profit from associates and JVs. SUMMARISED FINANCIAL INFORMATION FOR SIGNIFICANT ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (100 PER CENT) Oslo S Utvikling AS is a property development company that is undertaking primarily residential development in Bj\u00f8rvika in Oslo\u2019s CBD East. In July 2021, Entra increased its share in OSU from 33.3 per cent to 50 per cent. Rebel U2 AS is the operator of the technology hub in Universitetsgata 2 in Oslo. The company offers full-service solutions, flexible and short term leases, co-working facilities as well as conference and event activity. Galleri Oslo Invest AS is a joint venture with the two other owners of Schweigaards gate 6-14 in Oslo (\u201cGalleri Oslo\u201d), owning and managing 10.6 per cent of the property. Oslo S Utvikling AS Rebel U2 AS Galleri Oslo Invest AS 1 2022 2021 2022 2021 2022 Income statement: Revenue 13 565 117 28 10 Cost of sales -22 -382 -73 -31 -1 Administrative costs -45 -44 -24 -14 -1 Net realised financials -10 -1 -59 -20 - Net income -64 138 -38 -37 8 Changes in value of investment properties - - - - -31 Changes in value of financial instruments - - - - - Profit before tax -64 138 -38 -37 -23 Tax expense 12 -33 8 8 5 Profit for the year -51 105 -30 -29 -18 Total comprehensive income -51 105 -30 -29 -18 Realisation of excess value - - - - - Entra\u2019s share of total comprehensive income -25 32 -15 -14 -6 Balance sheet: Current assets 3 333 2 455 29 44 18 of which cash and cash equivalents 53 52 16 31 15 Non-current assets 51 8 667 695 463 Current liabilities 2 226 186 63 58 6 of which current financial liabilities other than accounts payable and provisions 1 715 - - - - Non-current liabilities 149 968 682 700 - of which non-current financial liabilities other than accounts payable and provisions - 647 - - - Net assets 1 008 1 310 -48 -18 474 of which attributable to non-controlling interests 83 85 - - - RECONCILIATION OF CARRYING AMOUNT Oslo S Utvikling AS Rebel U2 AS Galleri Oslo Invest AS 1 2022 2021 2022 2021 2022 Net assets attributable to equity holders of the JV 926 1 225 -48 -18 474 Entra\u2019s shareholding in the JV 463 613 -24 -9 157 Excess value 238 238 - - - Carrying amount of Entra\u2019s shareholding 701 850 - - 157 NOTE 31\u2002RELATED PARTIES All amounts in NOK million The Group\u2019s transactions and balances with associates and jointly controlled entities in 2022 is mainly related to rental income, administrative fees, loans, interest payments on loans and dividends. 2022 2021 Income statement Rental income 85 37 Other revenues 4 2 Dividends 128 152 Balance sheet Receivables 28 42 Loans 8 13 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-191": { "value": "NOTE 17\u2002ASSOCIATES AND JOINTLY CONTROLLED ENTITES All amounts in NOK million Investments in associates and jointly controlled entities are recognised using the equity method. 31.12.2022 Acquisition date Business office Shareholding/ voting rights (%) Associated companies Ullandhaug Energi AS 07.07.2009 Stavanger 44.00 H2O Eiendom AS 02.12.2019 Oslo 25.00 Galleri Oslo Utvikling AS 24.10.2022 Oslo 46.77 Galleriet Drift AS 31.03.2022 Oslo 46.77 Jointly controlled entities Oslo S Utvikling AS 01.07.2004 Oslo 50.00 Rebel U2 AS 10.10.2019 Oslo 50.00 Galleri Oslo Invest AS 12.01.2022 Oslo 33.33 31.12.2021 Acquisition date Business office Shareholding/ voting rights (%) Associated companies Ullandhaug Energi AS 07.07.2009 Stavanger 44.00 H2O Eiendom AS 02.12.2019 Oslo 25.00 Jointly controlled entities Oslo S Utvikling AS 01.07.2004 Oslo 50.00 Hinna Park Facility Management AS 18.11.2016 Stavanger 50.00 Rebel U2 AS 10.10.2019 Oslo 50.00 MOVEMENT IN CARRYING AMOUNT OF ASSOCIATES AND JOINTLY CONTROLLED ENTITIES Classification Carrying amount 31.12.2021 Share of profit for 2022 Capital injection/ reduction/ Investment in or divestment of company Carrying amount 31.12.2022 Galleri Oslo Invest AS Jointly controlled entity - -6 - 163 157 Oslo S Utvikling AS Jointly controlled entity 850 -25 -125 - 701 Rebel U2 AS 1 Jointly controlled entity - - - - - Other jointly controlled entities and associates 22 9 9 -6 33 Total associates and jointly controlled entities 872 -22 -116 157 891 1 Entra\u2019s share of Rebel U2 AS\u2019 negative total comprehensive income for 2022 is recognised as a reduction in the carrying value of Entra\u2019s loan to Rebel U2 AS, which is considered part of the Group\u2019s interests in Rebel U2 AS. MOVEMENT IN CARRYING AMOUNT OF ASSOCIATES AND JOINTLY CONTROLLED ENTITIES Classification Carrying amount 31.12.2020 Share of profit for 2021 Capital injection/ reduction/ Investment in or divestment of company Carrying amount 31.12.2021 Oslo S Utvikling AS Jointly controlled entity 493 32 -150 476 850 Rebel U2 AS Jointly controlled entity 11 -11 - - - Other jointly controlled entities and associates 22 2 -2 - 22 Total associates and jointly controlled entities 527 22 -152 476 872 1 Changes in value consist of interest rate hedging instruments, plus calculated deferred tax on the change. AGGREGATE FINANCIAL INFORMATION FOR ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (Figures stated refer to Entra\u2019s ownership interest) 2022 2021 Revenue 70 220 Net operating income 21 9 Net income -43 26 Net value changes -10 - Profit before tax -53 26 Tax expense 11 -7 Profit after tax -42 19 Total comprehensive income 1 -42 19 Total assets 2 476 1 884 Shareholders equity 877 872 Non-controlling interests 42 42 Total liabilities 1 557 969 1 In addtion to Entra\u2019s ownership interest in Total comprehensive income for 2022, a gain of 6 million due to the sale of the JV Hinna Park Facility Management AS was recognised as Share of profit from associates and JVs. SUMMARISED FINANCIAL INFORMATION FOR SIGNIFICANT ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (100 PER CENT) Oslo S Utvikling AS is a property development company that is undertaking primarily residential development in Bj\u00f8rvika in Oslo\u2019s CBD East. In July 2021, Entra increased its share in OSU from 33.3 per cent to 50 per cent. Rebel U2 AS is the operator of the technology hub in Universitetsgata 2 in Oslo. The company offers full-service solutions, flexible and short term leases, co-working facilities as well as conference and event activity. Galleri Oslo Invest AS is a joint venture with the two other owners of Schweigaards gate 6-14 in Oslo (\u201cGalleri Oslo\u201d), owning and managing 10.6 per cent of the property. Oslo S Utvikling AS Rebel U2 AS Galleri Oslo Invest AS 1 2022 2021 2022 2021 2022 Income statement: Revenue 13 565 117 28 10 Cost of sales -22 -382 -73 -31 -1 Administrative costs -45 -44 -24 -14 -1 Net realised financials -10 -1 -59 -20 - Net income -64 138 -38 -37 8 Changes in value of investment properties - - - - -31 Changes in value of financial instruments - - - - - Profit before tax -64 138 -38 -37 -23 Tax expense 12 -33 8 8 5 Profit for the year -51 105 -30 -29 -18 Total comprehensive income -51 105 -30 -29 -18 Realisation of excess value - - - - - Entra\u2019s share of total comprehensive income -25 32 -15 -14 -6 Balance sheet: Current assets 3 333 2 455 29 44 18 of which cash and cash equivalents 53 52 16 31 15 Non-current assets 51 8 667 695 463 Current liabilities 2 226 186 63 58 6 of which current financial liabilities other than accounts payable and provisions 1 715 - - - - Non-current liabilities 149 968 682 700 - of which non-current financial liabilities other than accounts payable and provisions - 647 - - - Net assets 1 008 1 310 -48 -18 474 of which attributable to non-controlling interests 83 85 - - - RECONCILIATION OF CARRYING AMOUNT Oslo S Utvikling AS Rebel U2 AS Galleri Oslo Invest AS 1 2022 2021 2022 2021 2022 Net assets attributable to equity holders of the JV 926 1 225 -48 -18 474 Entra\u2019s shareholding in the JV 463 613 -24 -9 157 Excess value 238 238 - - - Carrying amount of Entra\u2019s shareholding 701 850 - - 157 NOTE 31\u2002RELATED PARTIES All amounts in NOK million The Group\u2019s transactions and balances with associates and jointly controlled entities in 2022 is mainly related to rental income, administrative fees, loans, interest payments on loans and dividends. 2022 2021 Income statement Rental income 85 37 Other revenues 4 2 Dividends 128 152 Balance sheet Receivables 28 42 Loans 8 13 ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-238": { "value": "NOTE 17\u2002ASSOCIATES AND JOINTLY CONTROLLED ENTITES All amounts in NOK million Investments in associates and jointly controlled entities are recognised using the equity method. 31.12.2022 Acquisition date Business office Shareholding/ voting rights (%) Associated companies Ullandhaug Energi AS 07.07.2009 Stavanger 44.00 H2O Eiendom AS 02.12.2019 Oslo 25.00 Galleri Oslo Utvikling AS 24.10.2022 Oslo 46.77 Galleriet Drift AS 31.03.2022 Oslo 46.77 Jointly controlled entities Oslo S Utvikling AS 01.07.2004 Oslo 50.00 Rebel U2 AS 10.10.2019 Oslo 50.00 Galleri Oslo Invest AS 12.01.2022 Oslo 33.33 31.12.2021 Acquisition date Business office Shareholding/ voting rights (%) Associated companies Ullandhaug Energi AS 07.07.2009 Stavanger 44.00 H2O Eiendom AS 02.12.2019 Oslo 25.00 Jointly controlled entities Oslo S Utvikling AS 01.07.2004 Oslo 50.00 Hinna Park Facility Management AS 18.11.2016 Stavanger 50.00 Rebel U2 AS 10.10.2019 Oslo 50.00 MOVEMENT IN CARRYING AMOUNT OF ASSOCIATES AND JOINTLY CONTROLLED ENTITIES Classification Carrying amount 31.12.2021 Share of profit for 2022 Capital injection/ reduction/ Investment in or divestment of company Carrying amount 31.12.2022 Galleri Oslo Invest AS Jointly controlled entity - -6 - 163 157 Oslo S Utvikling AS Jointly controlled entity 850 -25 -125 - 701 Rebel U2 AS 1 Jointly controlled entity - - - - - Other jointly controlled entities and associates 22 9 9 -6 33 Total associates and jointly controlled entities 872 -22 -116 157 891 1 Entra\u2019s share of Rebel U2 AS\u2019 negative total comprehensive income for 2022 is recognised as a reduction in the carrying value of Entra\u2019s loan to Rebel U2 AS, which is considered part of the Group\u2019s interests in Rebel U2 AS. MOVEMENT IN CARRYING AMOUNT OF ASSOCIATES AND JOINTLY CONTROLLED ENTITIES Classification Carrying amount 31.12.2020 Share of profit for 2021 Capital injection/ reduction/ Investment in or divestment of company Carrying amount 31.12.2021 Oslo S Utvikling AS Jointly controlled entity 493 32 -150 476 850 Rebel U2 AS Jointly controlled entity 11 -11 - - - Other jointly controlled entities and associates 22 2 -2 - 22 Total associates and jointly controlled entities 527 22 -152 476 872 1 Changes in value consist of interest rate hedging instruments, plus calculated deferred tax on the change. AGGREGATE FINANCIAL INFORMATION FOR ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (Figures stated refer to Entra\u2019s ownership interest) 2022 2021 Revenue 70 220 Net operating income 21 9 Net income -43 26 Net value changes -10 - Profit before tax -53 26 Tax expense 11 -7 Profit after tax -42 19 Total comprehensive income 1 -42 19 Total assets 2 476 1 884 Shareholders equity 877 872 Non-controlling interests 42 42 Total liabilities 1 557 969 1 In addtion to Entra\u2019s ownership interest in Total comprehensive income for 2022, a gain of 6 million due to the sale of the JV Hinna Park Facility Management AS was recognised as Share of profit from associates and JVs. SUMMARISED FINANCIAL INFORMATION FOR SIGNIFICANT ASSOCIATES AND JOINTLY CONTROLLED ENTITIES (100 PER CENT) Oslo S Utvikling AS is a property development company that is undertaking primarily residential development in Bj\u00f8rvika in Oslo\u2019s CBD East. In July 2021, Entra increased its share in OSU from 33.3 per cent to 50 per cent. Rebel U2 AS is the operator of the technology hub in Universitetsgata 2 in Oslo. The company offers full-service solutions, flexible and short term leases, co-working facilities as well as conference and event activity. Galleri Oslo Invest AS is a joint venture with the two other owners of Schweigaards gate 6-14 in Oslo (\u201cGalleri Oslo\u201d), owning and managing 10.6 per cent of the property. Oslo S Utvikling AS Rebel U2 AS Galleri Oslo Invest AS 1 2022 2021 2022 2021 2022 Income statement: Revenue 13 565 117 28 10 Cost of sales -22 -382 -73 -31 -1 Administrative costs -45 -44 -24 -14 -1 Net realised financials -10 -1 -59 -20 - Net income -64 138 -38 -37 8 Changes in value of investment properties - - - - -31 Changes in value of financial instruments - - - - - Profit before tax -64 138 -38 -37 -23 Tax expense 12 -33 8 8 5 Profit for the year -51 105 -30 -29 -18 Total comprehensive income -51 105 -30 -29 -18 Realisation of excess value - - - - - Entra\u2019s share of total comprehensive income -25 32 -15 -14 -6 Balance sheet: Current assets 3 333 2 455 29 44 18 of which cash and cash equivalents 53 52 16 31 15 Non-current assets 51 8 667 695 463 Current liabilities 2 226 186 63 58 6 of which current financial liabilities other than accounts payable and provisions 1 715 - - - - Non-current liabilities 149 968 682 700 - of which non-current financial liabilities other than accounts payable and provisions - 647 - - - Net assets 1 008 1 310 -48 -18 474 of which attributable to non-controlling interests 83 85 - - - RECONCILIATION OF CARRYING AMOUNT Oslo S Utvikling AS Rebel U2 AS Galleri Oslo Invest AS 1 2022 2021 2022 2021 2022 Net assets attributable to equity holders of the JV 926 1 225 -48 -18 474 Entra\u2019s shareholding in the JV 463 613 -24 -9 157 Excess value 238 238 - - - Carrying amount of Entra\u2019s shareholding 701 850 - - 157 NOTE 31\u2002RELATED PARTIES All amounts in NOK million The Group\u2019s transactions and balances with associates and jointly controlled entities in 2022 is mainly related to rental income, administrative fees, loans, interest payments on loans and dividends. 2022 2021 Income statement Rental income 85 37 Other revenues 4 2 Dividends 128 152 Balance sheet Receivables 28 42 Loans 8 13 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-162": { "value": "NOTE 18\u2002LONG-TERM RECEIVABLES AND OTHER ASSETS All amounts in NOK million 2022 2021 External loans 110 3 Other long-term receivables 82 85 Financial assets at FVTPL 344 32 Other assets 111 105 Total long-term receivables and other assets 646 225 NOTE 19\u2002INVENTORY PROPERTIES Entra owns a development site at Bryn in Oslo. As part of the acquisition of the site, JM Norge AS agreed to acquire land expected to be zoned for residential development subject to detailed plan. The properties expected to be zoned for residential development are \u00d8stensj\u00f8veien 29 and Brynsveien 1, 2-4, 3, 6, 8 and 12. See notes 10 and 11 for information on rental income from letting of the properties and the related property costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-219": { "value": "NOTE 18\u2002LONG-TERM RECEIVABLES AND OTHER ASSETS All amounts in NOK million 2022 2021 External loans 110 3 Other long-term receivables 82 85 Financial assets at FVTPL 344 32 Other assets 111 105 Total long-term receivables and other assets 646 225 NOTE 20\u2002TRADE RECEIVABLES All amounts in NOK million TRADE RECEIVABLES 2022 2021 Trade receivables 65 85 Provision for bad debts -9 -8 Net trade receivables 56 77 Except the trade receivables from the joint venture Rebel U2 AS (see note 31 for further information), there is no concentration of credit risk with respect to trade debtors as the majority of Entra\u2019s customers are paying rent in advance. The age analysis of these trade receivables is as follows: 2022 2021 Up to 3 months 29 41 Over 3 months 30 21 Total overdue 59 62 NOTE 21\u2002OTHER RECEIVABLES AND OTHER CURRENT ASSETS All amounts in NOK million OTHER RECEIVABLES 2022 2021 Accrued interest 77 62 Accrued income, not invoiced 74 35 Advance payments and accruals 55 23 Other current receivables and assets 319 174 Total other receivables and other current assets 525 295 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-239": { "value": "NOTE 18\u2002LONG-TERM RECEIVABLES AND OTHER ASSETS All amounts in NOK million 2022 2021 External loans 110 3 Other long-term receivables 82 85 Financial assets at FVTPL 344 32 Other assets 111 105 Total long-term receivables and other assets 646 225 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-192": { "value": "NOTE 18\u2002LONG-TERM RECEIVABLES AND OTHER ASSETS All amounts in NOK million 2022 2021 External loans 110 3 Other long-term receivables 82 85 Financial assets at FVTPL 344 32 Other assets 111 105 Total long-term receivables and other assets 646 225 NOTE 19\u2002INVENTORY PROPERTIES Entra owns a development site at Bryn in Oslo. As part of the acquisition of the site, JM Norge AS agreed to acquire land expected to be zoned for residential development subject to detailed plan. The properties expected to be zoned for residential development are \u00d8stensj\u00f8veien 29 and Brynsveien 1, 2-4, 3, 6, 8 and 12. See notes 10 and 11 for information on rental income from letting of the properties and the related property costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-220": { "value": "NOTE 19\u2002INVENTORY PROPERTIES Entra owns a development site at Bryn in Oslo. As part of the acquisition of the site, JM Norge AS agreed to acquire land expected to be zoned for residential development subject to detailed plan. The properties expected to be zoned for residential development are \u00d8stensj\u00f8veien 29 and Brynsveien 1, 2-4, 3, 6, 8 and 12. See notes 10 and 11 for information on rental income from letting of the properties and the related property costs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-252": { "value": "NOTE 20\u2002TRADE RECEIVABLES All amounts in NOK million TRADE RECEIVABLES 2022 2021 Trade receivables 65 85 Provision for bad debts -9 -8 Net trade receivables 56 77 Except the trade receivables from the joint venture Rebel U2 AS (see note 31 for further information), there is no concentration of credit risk with respect to trade debtors as the majority of Entra\u2019s customers are paying rent in advance. The age analysis of these trade receivables is as follows: 2022 2021 Up to 3 months 29 41 Over 3 months 30 21 Total overdue 59 62 NOTE 29\u2002OTHER CURRENT LIABILITIES All amounts in NOK million 2022 2021 Accrued interest 237 154 Tenant prepayments 61 115 Lease liabilities (note 27) 5 10 Holiday pay owed 23 20 Public taxes and duties 26 17 Income tax payable 14 16 Provisions for current liabilities 27 22 Other liabilities 28 13 Total other current liabilites 421 367 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-193": { "value": "NOTE 21\u2002OTHER RECEIVABLES AND OTHER CURRENT ASSETS All amounts in NOK million OTHER RECEIVABLES 2022 2021 Accrued interest 77 62 Accrued income, not invoiced 74 35 Advance payments and accruals 55 23 Other current receivables and assets 319 174 Total other receivables and other current assets 525 295 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-253": { "value": "NOTE 21\u2002OTHER RECEIVABLES AND OTHER CURRENT ASSETS All amounts in NOK million OTHER RECEIVABLES 2022 2021 Accrued interest 77 62 Accrued income, not invoiced 74 35 Advance payments and accruals 55 23 Other current receivables and assets 319 174 Total other receivables and other current assets 525 295 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-221": { "value": "NOTE 22\u2002CASH AND BANK DEPOSITS All amounts in NOK million 2022 2021 Bank deposits 184 277 Restricted bank deposits 42 31 Total bank deposits 226 309 Restricted bank deposits relate to the withholding tax account and guarantees for loans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-163": { "value": "NOTE 23\u2002SHARE CAPITAL AND SHAREHOLDER INFORMATION Entra\u2019s share capital is 182,132,055 divided into 182,132,055 shares, with each share having a par value of 1.00. All the shares have been issued in accordance with the Norwegian Public Limited Companies Act and are fully paid. Entra has one class of shares. All shares provide equal rights, including the right to any dividends. Each of the shares carries one vote. There are no share options or other rights to subscribe for or acquire shares issued by Entra. At 31 December 2022, Entra owns none (2,087) of its own shares and has a total of 182,132,055 (182,129,968) shares outstanding. At 31 December 2022, Entra had 5,144 shareholders (4,524 shareholders). Norwegian investors held 11 per cent (10 per cent) of the share capital and foreign investors 89 per cent (90 per cent). Number of Par value Share capital shares (NOK) (NOK million) 31 December 2021 182 132 055 1 182 31 December 2022 182 132 055 1 182 Paid-in capital amounts to 3,706 million (3,706 million) and consists of 182 million (182 million) in share capital, of which nil (nil) is related to treasury shares, and 3,524 million (3,524 million) in other paid-in capital. Entra ASA has a share purchase scheme, offering all employees, including senior executives, the opportunity to purchase shares in Entra ASA at a discounted price. The shares are subject to two-year lock-in period. The purchase price in the employee offering was calculated as the volume weighted average share price the last 30 days (VWAP) until and including 21 April 2022 less a 25 per cent discount. A total of 51,185 (72,473) shares were acquired and sold to the employees in connection with the share purchase scheme in May 2022. In addition, a total of 22,914 (25,248) shares were awarded to senior executives in March 2022. For other changes in shareholders\u2019 equity, see the consolidated statements of changes in equity. The 20 largest shareholders as registered in the VPS as of 31 December 2022 were as follows: Shareholder No of shares per 31.12.2022 Shareholding % Country Castellum AB 60 710 624 33.3% Sweden Fastighets AB Balder 1 50 000 000 27.5% Sweden Skandinaviska Enskilda Banken (nominee) 12 577 772 6.9% Sweden Skandinaviska Enskilda Banken 2 917 091 1.6% Sweden SEB CMU/SECFIN pooled account 2 697 424 1.5% Sweden Danske Bank (nominee) 2 626 346 1.4% Sweden State Street Bank and Trust (nominee) 2 544 459 1.4% United States Goldman Sachs International (nominee) 2 031 766 1.1% United Kingdom Danske Invest Norske Aksjer Institusjon II 1 680 605 0.9% Norway The Bank of New York Mellon (nominee) 1 465 474 0.8% The Netherlands Folketrygdfondet 1 349 342 0.7% Norway State Street Bank and Trust (nominee) 1 184 329 0.7% United States JPMorgan Chase Bank (nominee) 1 098 941 0.6% United States Telenor Pensjonskasse 1 043 014 0.6% Norway Gjensidige Forsikring 1 000 000 0.5% Norway Citibank (nominee) 893 625 0.5% Ireland Citibank (nominee) 861 805 0.5% Ireland The Bank of New York Mellon (nominee) 777 541 0.4% United Kingdom Danske Invest Norske Aksjer Institusjon I 763 472 0.4% Norway J.P. Morgan (nominee) 750 000 0.4% Finland Total 20 largest shareholders 148 973 630 81.8% Total 182 132 055 100.0 1 As of 31 December 2022, Fastighets AB Balder held shares, in its own name and through nominees, equalling 39.9 per cent of the shares. SHARES HELD BY BOARD OF DIRECTORS AND SENIOR EXECUTIVES AT 31.12. 1 Shareholder Position Number of shares 2022 Number of shares 2021 Board of directors Ottar Ertzeid Chair from 22 April 2022 - Hege Toft Karlsen Vice Chair - - Widar Salbuvik Board member 20 000 20 000 Joakim Sj\u00f6berg Board member since 22 April 2022 - Camilla AC Tepfers Board member - - Marit Rasmussen Employee representative 454 454 Erling Nedkvitne Employee representative 14 533 13 406 Siri Hatlen Chair until 22 April 2022 1 163 Kjell Bjordal Vice Chair until 22 April 2022 50 000 Senior executives Sonja Horn CEO 46 721 38 491 Anders Olstad CFO and Deputy CEO 75 236 68 142 Kjetil Hoff COO 11 119 7 141 Per Ola Ulseth EVP Project Development 12 878 9 099 Hallgeir \u00d8strem EVP Legal and Procurement from 16 622 13 841 Tore Bakken EVP Market and Commercial Real Estate Development 8 985 6 333 Kristine Marie Hilberg EVP HR and Organisation 8 042 5 921 Shares held by board of directors and senior executives 214 590 233 991 1 Shareholding is stated in the table above only if the person has been a director or senior executive at 31.12 the applicable year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-222": { "value": "NOTE 24\u2002INTEREST BEARING LIABILITIES AND ACCRUED INTEREST All amounts in NOK million NON-CURRENT BORROWINGS Nominal value 2022 Market value 2022 Carrying amount 2022 Nominal value 2021 Market value 2021 Carrying amount 2021 Bank loans 22 419 22 419 22 388 5 572 5 572 5 551 Bonds 15 962 14 283 15 703 17 541 17 213 17 237 Total non-current borrowings 38 381 36 702 38 091 23 113 22 785 22 788 CURRENT BORROWINGS Nominal value 2022 Market value 2022 Carrying amount 2022 Nominal value 2021 Market value 2021 Carrying amount 2021 Bank loans 24 24 24 46 46 46 Bonds 1 579 1 572 1 579 2 345 2 354 2 345 Commercial papers 820 820 820 1 400 1 400 1 400 Total current borrowings 2 423 2 416 2 423 3 791 3 800 3 791 The average credit margin on the Group\u2019s borrowings at 31.12.2022 was 0.91 per cent (0.84 per cent). CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 31 December 2021 New liabilities Repayment Reclassification Net amortisation effects Change in fair value Other non-cash movements 31 December 2022 Non-current borrowings 22 788 28 480 -11 609 -1 603 36 - - 38 091 Current borrowings 3 791 2 420 -5 391 1 603 - - - 2 423 Non-current lease liabilities 210 - - - - - 53 264 Current lease liabilities 10 - -5 - - - -1 5 Financial derivatives 101 - - - - -488 - -387 Total liabilities from financing activities 26 900 30 900 -17 004 - 36 -488 52 40 396 THE GROUP\u2019S BONDS AND COMMERCIAL PAPERS ARE SUBJECT TO THE FOLLOWING TERMS THE GROUP\u2019S BONDS AT 31.12.2022 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0010670995 1 500 5.00% 08.02.2023 500 425 NO0010766389 1 500 2.45% 02.06.2023 1 100 470 NO0010774797 1 500 3M Nibor + 0.94% 22.09.2023 1 200 684 NO0010789464 1 500 3M Nibor + 0.86% 20.03.2024 1 195 924 NO0010852692 1 500 3M Nibor + 0.83% 22.05.2025 1 450 600 NO0010852684 1 500 2.79% 22.05.2026 1 200 579 NO0011094625 3 000 3M Nibor + 0.12% 10.09.2026 2 300 2 300 NO0011094641 4 000 2.00% 10.09.2029 1 400 1 400 NO0010886856 2 000 3M Nibor + 1.10% 29.06.2027 2 000 594 NO0010895964 2 000 1.66% 21.04.2028 2 000 2 000 NO0011017147 3 000 3M Nibor + 0.40% 07.06.2029 1 500 1 500 NO0011094633 3 000 1.50% 10.09.2026 1 150 1 150 NO0011041535 3 000 2.49% 01.02.2030 1 000 1 000 NO0010282031 1 100 4.62% 29.05.2030 1 100 1 100 NO0011079808 4 000 3M Nibor + 0.55% 20.11.2030 1 815 1 815 NO0011011256 2 000 1.96% 28.11.2025 1 000 1 000 17 541 THE GROUP\u2019S COMMERCIAL PAPERS AT 31.12.2022 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0012787250 170 4.20% 16.01.2023 170 170 NO0012793928 200 4.37% 27.03.2023 200 200 NO0012768508 450 4.79% 15.02.2023 450 450 820 THE GROUP\u2019S BONDS AT 31.12.2021 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0010740061 1 500 2.45% 13.06.2022 1 200 1 182 NO0010811649 1 500 3M Nibor + 0.72% 14.10.2022 1 300 1 163 NO0010670995 1 500 5.00% 08.02.2023 500 425 NO0010766389 1 500 2.45% 02.06.2023 1 100 470 NO0010774797 1 500 3M Nibor + 0.94% 22.09.2023 1 200 684 NO0010789464 1 500 3M Nibor + 0.86% 20.03.2024 1 195 924 NO0010852692 1 500 3M Nibor + 0.83% 22.05.2025 1 450 600 NO0010852684 1 500 2.79% 22.05.2026 1 200 579 NO0011094625 3 000 3M Nibor + 0.12% 10.09.2026 2 300 2 300 NO0011094641 4 000 2.00% 10.09.2029 1 400 1 400 NO0010886856 2 000 3M Nibor + 1.10% 29.06.2027 2 000 594 NO0010895964 2 000 1.66% 21.04.2028 2 000 2 000 NO0011017147 3 000 3M Nibor + 0.40% 07.06.2029 1 500 1 500 NO0011094633 3 000 1.50% 10.09.2026 1 150 1 150 NO0011041535 3 000 2.49% 01.02.2030 1 000 1 000 NO0010282031 1 100 4.62% 29.05.2030 1 100 1 100 NO0011079808 4 000 3M Nibor + 0.55% 20.11.2030 1 815 1 815 NO0011011256 2 000 1.96% 28.11.2025 1 000 1 000 19 886 1 Nominal values. THE GROUP\u2019S COMMERCIAL PAPERS AT 31.12.2021 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0011108292 500 0.94% 23.03.2022 500 500 NO0011128944 600 1.02% 21.04.2022 300 300 NO0011160376 600 1.20% 24.05.2022 600 600 1 400 1 Nominal values. SECURED FINANCING Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, which enables a broad and flexible financing mix. However, secured financing is arranged for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements. SECURED FINANCING AT 31.12.2022 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 2 307 653 653 Wholly-owned assets 10 593 6 100 1 100 Total secured financing 12 900 6 753 1 753 SECURED FINANCING AT 31.12.2021 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 4 219 1 697 1 697 Wholly-owned assets 2 449 1 100 1 100 Total secured financing 6 668 2 797 2 797 ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-272": { "value": "NOTE 24\u2002INTEREST BEARING LIABILITIES AND ACCRUED INTEREST All amounts in NOK million NON-CURRENT BORROWINGS Nominal value 2022 Market value 2022 Carrying amount 2022 Nominal value 2021 Market value 2021 Carrying amount 2021 Bank loans 22 419 22 419 22 388 5 572 5 572 5 551 Bonds 15 962 14 283 15 703 17 541 17 213 17 237 Total non-current borrowings 38 381 36 702 38 091 23 113 22 785 22 788 CURRENT BORROWINGS Nominal value 2022 Market value 2022 Carrying amount 2022 Nominal value 2021 Market value 2021 Carrying amount 2021 Bank loans 24 24 24 46 46 46 Bonds 1 579 1 572 1 579 2 345 2 354 2 345 Commercial papers 820 820 820 1 400 1 400 1 400 Total current borrowings 2 423 2 416 2 423 3 791 3 800 3 791 The average credit margin on the Group\u2019s borrowings at 31.12.2022 was 0.91 per cent (0.84 per cent). CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES 31 December 2021 New liabilities Repayment Reclassification Net amortisation effects Change in fair value Other non-cash movements 31 December 2022 Non-current borrowings 22 788 28 480 -11 609 -1 603 36 - - 38 091 Current borrowings 3 791 2 420 -5 391 1 603 - - - 2 423 Non-current lease liabilities 210 - - - - - 53 264 Current lease liabilities 10 - -5 - - - -1 5 Financial derivatives 101 - - - - -488 - -387 Total liabilities from financing activities 26 900 30 900 -17 004 - 36 -488 52 40 396 THE GROUP\u2019S BONDS AND COMMERCIAL PAPERS ARE SUBJECT TO THE FOLLOWING TERMS THE GROUP\u2019S BONDS AT 31.12.2022 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0010670995 1 500 5.00% 08.02.2023 500 425 NO0010766389 1 500 2.45% 02.06.2023 1 100 470 NO0010774797 1 500 3M Nibor + 0.94% 22.09.2023 1 200 684 NO0010789464 1 500 3M Nibor + 0.86% 20.03.2024 1 195 924 NO0010852692 1 500 3M Nibor + 0.83% 22.05.2025 1 450 600 NO0010852684 1 500 2.79% 22.05.2026 1 200 579 NO0011094625 3 000 3M Nibor + 0.12% 10.09.2026 2 300 2 300 NO0011094641 4 000 2.00% 10.09.2029 1 400 1 400 NO0010886856 2 000 3M Nibor + 1.10% 29.06.2027 2 000 594 NO0010895964 2 000 1.66% 21.04.2028 2 000 2 000 NO0011017147 3 000 3M Nibor + 0.40% 07.06.2029 1 500 1 500 NO0011094633 3 000 1.50% 10.09.2026 1 150 1 150 NO0011041535 3 000 2.49% 01.02.2030 1 000 1 000 NO0010282031 1 100 4.62% 29.05.2030 1 100 1 100 NO0011079808 4 000 3M Nibor + 0.55% 20.11.2030 1 815 1 815 NO0011011256 2 000 1.96% 28.11.2025 1 000 1 000 17 541 THE GROUP\u2019S COMMERCIAL PAPERS AT 31.12.2022 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0012787250 170 4.20% 16.01.2023 170 170 NO0012793928 200 4.37% 27.03.2023 200 200 NO0012768508 450 4.79% 15.02.2023 450 450 820 THE GROUP\u2019S BONDS AT 31.12.2021 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0010740061 1 500 2.45% 13.06.2022 1 200 1 182 NO0010811649 1 500 3M Nibor + 0.72% 14.10.2022 1 300 1 163 NO0010670995 1 500 5.00% 08.02.2023 500 425 NO0010766389 1 500 2.45% 02.06.2023 1 100 470 NO0010774797 1 500 3M Nibor + 0.94% 22.09.2023 1 200 684 NO0010789464 1 500 3M Nibor + 0.86% 20.03.2024 1 195 924 NO0010852692 1 500 3M Nibor + 0.83% 22.05.2025 1 450 600 NO0010852684 1 500 2.79% 22.05.2026 1 200 579 NO0011094625 3 000 3M Nibor + 0.12% 10.09.2026 2 300 2 300 NO0011094641 4 000 2.00% 10.09.2029 1 400 1 400 NO0010886856 2 000 3M Nibor + 1.10% 29.06.2027 2 000 594 NO0010895964 2 000 1.66% 21.04.2028 2 000 2 000 NO0011017147 3 000 3M Nibor + 0.40% 07.06.2029 1 500 1 500 NO0011094633 3 000 1.50% 10.09.2026 1 150 1 150 NO0011041535 3 000 2.49% 01.02.2030 1 000 1 000 NO0010282031 1 100 4.62% 29.05.2030 1 100 1 100 NO0011079808 4 000 3M Nibor + 0.55% 20.11.2030 1 815 1 815 NO0011011256 2 000 1.96% 28.11.2025 1 000 1 000 19 886 1 Nominal values. THE GROUP\u2019S COMMERCIAL PAPERS AT 31.12.2021 ISIN Issue limit Coupon rate Term to maturity Amount issued 1 Net balance 1 NO0011108292 500 0.94% 23.03.2022 500 500 NO0011128944 600 1.02% 21.04.2022 300 300 NO0011160376 600 1.20% 24.05.2022 600 600 1 400 1 Nominal values. SECURED FINANCING Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, which enables a broad and flexible financing mix. However, secured financing is arranged for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements. SECURED FINANCING AT 31.12.2022 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 2 307 653 653 Wholly-owned assets 10 593 6 100 1 100 Total secured financing 12 900 6 753 1 753 SECURED FINANCING AT 31.12.2021 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 4 219 1 697 1 697 Wholly-owned assets 2 449 1 100 1 100 Total secured financing 6 668 2 797 2 797 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-194": { "value": "SECURED FINANCING Entra\u2019s financing is mainly based on negative pledge of the Group\u2019s assets, which enables a broad and flexible financing mix. However, secured financing is arranged for part of the Group\u2019s assets according to defined carve-out clauses in the loan agreements. SECURED FINANCING AT 31.12.2022 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 2 307 653 653 Wholly-owned assets 10 593 6 100 1 100 Total secured financing 12 900 6 753 1 753 SECURED FINANCING AT 31.12.2021 Pledged assets Secured debt instruments Utilised secured debt instruments Partly-owned assets 4 219 1 697 1 697 Wholly-owned assets 2 449 1 100 1 100 Total secured financing 6 668 2 797 2 797 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-164": { "value": "NOTE 25\u2002TAX All amounts in NOK million INCOME TAX EXPENSE 2022 2021 Tax payable 31 19 Change in deferred tax on profit and loss 71 1 433 Change in deferred tax on comprehensive income 4 -6 Income tax expense 106 1 445 INCOME TAX PAYABLE IS CALCULATED AS FOLLOWS 2022 2021 Profit before tax -467 6 825 Share of profit/loss at associates and jointly controlled entities 37 -19 Other permanent differences -149 27 Net effect of aquired losses carried forward in asset acquisitions -19 -274 Effect of negative revaluation below cost on asset acquisitions 1 1 066 - Changes in temporary differences -699 -6 436 Changes in loss carry-forwards 374 -49 Profit for tax purposes 143 73 Tax payable on the balance sheet 14 16 Tax payable on the balance sheet 14 16 1 No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2022 % 2021 % Profit for accounting purposes multiplied by nominal tax rate -103 22.0 1 501 22.0 Tax on share of profit/loss at associates and jointly controlled entities 8 -1.7 -4 -0.1 Tax on permanent differences 1 202 -43.2 6 0.1 Tax effect of re-measurement of recoverability of acquired tax losses -4 0.9 -54 -0.8 Profit/loss on disposal of deferred tax - - 3 0.4 Tax expense for accounting purposes 103 -22.1 1 452 21.7 1 The permanent differences in 2022 includes 235 million related to the negative revaluation below cost on asset acquisitions. DEFERRED INCOME TAX The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised: 2022 2021 Deferred tax liability 8 573 8 604 Deferred tax assets 356 298 Net deferred tax 8 216 8 307 The Group has not recognised a cumulative deferred tax liability in the amount of 2,180 million (362 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets. CHANGE IN DEFERRED TAX (+)/DEFERRED TAX ASSETS (-) Non- current assets Financial instruments Current assets Gains/ losses account Provisions Losses carried forward 1 Total 01.01.2021 7 124 -68 49 19 -52 -158 6 914 Recognised in profit and loss 1 409 50 8 -3 3 11 1 476 Recognised in comprehensive income - - - - -6 - -6 Losses carried forward acquired in asset acquisitions - - - - - -77 -77 31.12.2021 8 532 -17 56 15 -55 -224 8 307 Recognised in profit and loss 79 101 -6 -1 -21 -82 70 Recognised in comprehensive income - - - - 4 - 4 Losses carried forward acquired in asset acquisitions - - 1 - - - 1 Derecognition of tax positions in subsidiaries sold -187 - - -2 9 14 -165 31.12.2022 8 425 83 52 13 -64 -293 8 216 1 At year-end 2022, the losses carried forward for the Group\u2019s wholly-owned subsidiaries was 168 million (74 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-195": { "value": "NOTE 25\u2002TAX All amounts in NOK million INCOME TAX EXPENSE 2022 2021 Tax payable 31 19 Change in deferred tax on profit and loss 71 1 433 Change in deferred tax on comprehensive income 4 -6 Income tax expense 106 1 445 INCOME TAX PAYABLE IS CALCULATED AS FOLLOWS 2022 2021 Profit before tax -467 6 825 Share of profit/loss at associates and jointly controlled entities 37 -19 Other permanent differences -149 27 Net effect of aquired losses carried forward in asset acquisitions -19 -274 Effect of negative revaluation below cost on asset acquisitions 1 1 066 - Changes in temporary differences -699 -6 436 Changes in loss carry-forwards 374 -49 Profit for tax purposes 143 73 Tax payable on the balance sheet 14 16 Tax payable on the balance sheet 14 16 1 No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2022 % 2021 % Profit for accounting purposes multiplied by nominal tax rate -103 22.0 1 501 22.0 Tax on share of profit/loss at associates and jointly controlled entities 8 -1.7 -4 -0.1 Tax on permanent differences 1 202 -43.2 6 0.1 Tax effect of re-measurement of recoverability of acquired tax losses -4 0.9 -54 -0.8 Profit/loss on disposal of deferred tax - - 3 0.4 Tax expense for accounting purposes 103 -22.1 1 452 21.7 1 The permanent differences in 2022 includes 235 million related to the negative revaluation below cost on asset acquisitions. DEFERRED INCOME TAX The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised: 2022 2021 Deferred tax liability 8 573 8 604 Deferred tax assets 356 298 Net deferred tax 8 216 8 307 The Group has not recognised a cumulative deferred tax liability in the amount of 2,180 million (362 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets. CHANGE IN DEFERRED TAX (+)/DEFERRED TAX ASSETS (-) Non- current assets Financial instruments Current assets Gains/ losses account Provisions Losses carried forward 1 Total 01.01.2021 7 124 -68 49 19 -52 -158 6 914 Recognised in profit and loss 1 409 50 8 -3 3 11 1 476 Recognised in comprehensive income - - - - -6 - -6 Losses carried forward acquired in asset acquisitions - - - - - -77 -77 31.12.2021 8 532 -17 56 15 -55 -224 8 307 Recognised in profit and loss 79 101 -6 -1 -21 -82 70 Recognised in comprehensive income - - - - 4 - 4 Losses carried forward acquired in asset acquisitions - - 1 - - - 1 Derecognition of tax positions in subsidiaries sold -187 - - -2 9 14 -165 31.12.2022 8 425 83 52 13 -64 -293 8 216 1 At year-end 2022, the losses carried forward for the Group\u2019s wholly-owned subsidiaries was 168 million (74 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-240": { "value": "NOTE 25\u2002TAX All amounts in NOK million INCOME TAX EXPENSE 2022 2021 Tax payable 31 19 Change in deferred tax on profit and loss 71 1 433 Change in deferred tax on comprehensive income 4 -6 Income tax expense 106 1 445 INCOME TAX PAYABLE IS CALCULATED AS FOLLOWS 2022 2021 Profit before tax -467 6 825 Share of profit/loss at associates and jointly controlled entities 37 -19 Other permanent differences -149 27 Net effect of aquired losses carried forward in asset acquisitions -19 -274 Effect of negative revaluation below cost on asset acquisitions 1 1 066 - Changes in temporary differences -699 -6 436 Changes in loss carry-forwards 374 -49 Profit for tax purposes 143 73 Tax payable on the balance sheet 14 16 Tax payable on the balance sheet 14 16 1 No reduction in deferred tax liability is recognised on subsequent negative value changes below cost for investment properties acquired in transactions accounted for as asset acquisitions on initial recognition, if the changes are within the unrecognised deferred tax liabilities. The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: 2022 % 2021 % Profit for accounting purposes multiplied by nominal tax rate -103 22.0 1 501 22.0 Tax on share of profit/loss at associates and jointly controlled entities 8 -1.7 -4 -0.1 Tax on permanent differences 1 202 -43.2 6 0.1 Tax effect of re-measurement of recoverability of acquired tax losses -4 0.9 -54 -0.8 Profit/loss on disposal of deferred tax - - 3 0.4 Tax expense for accounting purposes 103 -22.1 1 452 21.7 1 The permanent differences in 2022 includes 235 million related to the negative revaluation below cost on asset acquisitions. DEFERRED INCOME TAX The Group has offset deferred tax assets and deferred tax liabilities on the balance sheet as the Group has a legally enforceable right to set off current tax assets against current tax liabilities, and the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority. The following net value was recognised: 2022 2021 Deferred tax liability 8 573 8 604 Deferred tax assets 356 298 Net deferred tax 8 216 8 307 The Group has not recognised a cumulative deferred tax liability in the amount of 2,180 million (362 million) relating to acquisitions of subsidiaries, which were accounted for as acquisitions of assets of groups of assets. CHANGE IN DEFERRED TAX (+)/DEFERRED TAX ASSETS (-) Non- current assets Financial instruments Current assets Gains/ losses account Provisions Losses carried forward 1 Total 01.01.2021 7 124 -68 49 19 -52 -158 6 914 Recognised in profit and loss 1 409 50 8 -3 3 11 1 476 Recognised in comprehensive income - - - - -6 - -6 Losses carried forward acquired in asset acquisitions - - - - - -77 -77 31.12.2021 8 532 -17 56 15 -55 -224 8 307 Recognised in profit and loss 79 101 -6 -1 -21 -82 70 Recognised in comprehensive income - - - - 4 - 4 Losses carried forward acquired in asset acquisitions - - 1 - - - 1 Derecognition of tax positions in subsidiaries sold -187 - - -2 9 14 -165 31.12.2022 8 425 83 52 13 -64 -293 8 216 1 At year-end 2022, the losses carried forward for the Group\u2019s wholly-owned subsidiaries was 168 million (74 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-165": { "value": "NOTE 26\u2002PENSIONS All amounts in NOK million The Group\u2019s pension scheme for new employees is a defined contribution scheme. The defined contribution scheme includes 199 (168) employees in the Group. The defined benefit pension scheme for the Group cover a total of 8 (13) current employees, 1 (nil) former employee and 73 (74) pensioners. The Group also has a contractual early-retirement scheme (AFP) from the age 62. At 31 December 2022, 3 (5) former employees had chosen to make use of the AFP scheme. The net pension liabilities associated with the AFP scheme amounted to 5 million (8 million), which is included under total pension liabilities in the table below. The Group\u2019s pension scheme satisfies the requirements of the Norwegian Act on Compulsory Occupational Pensions. The cost for the accounting period shows the employees\u2019 pension entitlement of the agreed future pension in the financial year. THE BALANCE SHEET LIABILITIES HAVE BEEN CALCULATED AS FOLLOWS 2022 2021 Present value of accrued pension liabilities in defined-benefit schemes in unit trusts 214 229 Fair value of pension scheme assets -129 -130 Employers\u2019 NICs accrued 12 14 Net pension liabilities on the balance sheet at 31.12 97 112 TOTAL COST RECOGNISED IN THE INCOME STATEMENT 2022 2021 Cost of pension benefits accrued during current period 2 1 Contribution scheme 22 20 Total pension benefits accrued during the period 24 22 Net interest expense 2 1 Total pension benefits accrued in income statement 26 23 Actuarial losses (-)/gains (+) accrued in comprehensive income -16 29 Total pension benefits accrued 10 52 The actuarial assumptions are based on generally accepted assumptions in the insurance industry with regard to demographic factors. The pension scheme assets are invested in government bonds. NOTE 27\u2002LEASES THE GROUP AS A LESSEE The Group has entered into certain operating leases of ground, parking lots and buildings classified as investment properties, with remaining lease terms between 9 and 80 years. The Group applies the fair value model to right-of-use assets associated with the property lease contracts. Right-of-use assets included in investment properties at 31 December 2022 was 1,131 million (1,003 million). The majority of the lease payments for Langkaia 1 in Oslo, where the lease agreement expires on 1 January 2031, are based on the turnover of the property. Only the fixed parts of the lease payments are included in the lease liability. Variable, turnover based lease payments for the property is included in Operating costs. See note 24 for details on the movements in lease liabilities during the period. Set out below are the amounts recognised in profit or loss: 2022 2021 Interest expense on lease liabilities 12 11 Expense relating to leases of low-value assets and short-term leases 3 1 Variable lease payments 11 16 Total amount recognised in profit or loss 26 28 The Group had total cash outflows for leases of 31 million in 2021 (37 million). Refer to note 4 for maturity profile of the Group\u2019s lease liabilities based on contractual undiscounted payments as at 31 December 2022. THE GROUP AS A LESSOR The Group has entered into operating leases on its investment property portfolio. Refer to note 5 for the Group\u2019s future accumulated rent from non-terminable operational lease contracts, maturity structure and further details relating to the Group\u2019s lease portfolio. NOTE 28\u2002OTHER NON-CURRENT LIABILITIES All amounts in NOK million 2022 2021 Lease liabilities (note 27) 264 210 Pension liabilities (note 26) 97 112 Prepayments from customers 78 85 Subordinated loans - 65 Seller\u2019s credit and withheld purchase price 89 90 Other non-current liabilities 146 88 Total non-current liabilities 673 650 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-278": { "value": "NOTE 28\u2002OTHER NON-CURRENT LIABILITIES All amounts in NOK million 2022 2021 Lease liabilities (note 27) 264 210 Pension liabilities (note 26) 97 112 Prepayments from customers 78 85 Subordinated loans - 65 Seller\u2019s credit and withheld purchase price 89 90 Other non-current liabilities 146 88 Total non-current liabilities 673 650 NOTE 29\u2002OTHER CURRENT LIABILITIES All amounts in NOK million 2022 2021 Accrued interest 237 154 Tenant prepayments 61 115 Lease liabilities (note 27) 5 10 Holiday pay owed 23 20 Public taxes and duties 26 17 Income tax payable 14 16 Provisions for current liabilities 27 22 Other liabilities 28 13 Total other current liabilites 421 367 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-166": { "value": "NOTE 29\u2002OTHER CURRENT LIABILITIES All amounts in NOK million 2022 2021 Accrued interest 237 154 Tenant prepayments 61 115 Lease liabilities (note 27) 5 10 Holiday pay owed 23 20 Public taxes and duties 26 17 Income tax payable 14 16 Provisions for current liabilities 27 22 Other liabilities 28 13 Total other current liabilites 421 367 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-196": { "value": "NOTE 29\u2002OTHER CURRENT LIABILITIES All amounts in NOK million 2022 2021 Accrued interest 237 154 Tenant prepayments 61 115 Lease liabilities (note 27) 5 10 Holiday pay owed 23 20 Public taxes and duties 26 17 Income tax payable 14 16 Provisions for current liabilities 27 22 Other liabilities 28 13 Total other current liabilites 421 367 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-265": { "value": "NOTE 29\u2002OTHER CURRENT LIABILITIES All amounts in NOK million 2022 2021 Accrued interest 237 154 Tenant prepayments 61 115 Lease liabilities (note 27) 5 10 Holiday pay owed 23 20 Public taxes and duties 26 17 Income tax payable 14 16 Provisions for current liabilities 27 22 Other liabilities 28 13 Total other current liabilites 421 367 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-197": { "value": "NOTE 30\u2002SUBSIDIARIES All amounts in NOK million The Group comprises the following legal entities at 31 December 2022. All subsidiaries are incorporated in Norway. Subsidiaries of Entra ASA Akersgata 34-36 AS Entra OPF Utvikling AS 2 Langkaia 1 AS St. Olavs plass 5 AS Akersgata 51 AS Entra Service AS Lars Hilles gate 19 AS Stenersgata 1 AS Biskop Gunnerus\u2019 gate 14A AS Entra Simpli AS Lars Hilles gate 25 AS Stenersgata Parkering AS Biskop Gunnerus\u2019 gate 6 AS Entra Utleie AS Lilletorget 1 AS Sundtkvartalet AS Bispen AS Fredrik Selmers vei 4 AS Malmskriverveien 18-20 AS Surtningssue AS Bratt\u00f8rkaia 13B AS Fredrik Selmers vei 6 AS Malmskriverveien 2-4 AS Tordenskiolds gate 12 AS Bratt\u00f8rkaia AS Fyrstikkall\u00e9en 1 AS Marken 37 AS Tullinkvartalet AS Brynsengfaret 4 og 6 AS Grensesvingen 26 AS M\u00f8llendalsveien 1A AS Tvetenveien 22 AS Brynsengfaret 6CD AS Gr\u00f8nland 32 AS M\u00f8llendalsveien 6-8 AS Universitetsgata 2 AS Cort Adelers gate 30 AS Hagegata 22-24 AS Nils Hansens vei 20 AS Universitetsgata 1-9 AS Drammensveien 134 AS Hardangerj\u00f8kulen AS 4 Nonnesetergaten 4 AS Vahls gate 1-3 AS Drammensveien 134 P-Hus AS Holtermanns veg 1-13 AS Nyg\u00e5rdsgaten 93-97 AS Valkendorfsgaten 6 AS Drammensveien 134 Utearealer AS Holtermanns veg 70 AS Otto Sverdrups plass 4 AS Verkstedveien 1 Monier AS Dronningens gate 2 AS Kaigaten 9 AS Papirbredden Eiendom AS 1 Verkstedveien 3 AS Entra Bryn AS 3 Keysers gate 13 AS Professor Olav Hanssens vei 10 AS Wexelsplass Garasje AS Entra Eiendom AS Kj\u00f8rboparken AS Savoy Holding AS Entra Felleskost AS Kongens gate 87 AS Schweigaards gate 15 AS Entra Kultur 1 AS Kristian Augusts gate 13 AS Schweigaards gate 15B AS Entra Labs AS Lag\u00e5rdsveien 6 AS Schweigaards gate 16 AS Shares in subsidiaries owned through subsidiaries: Papirbredden Eiendom AS 1 Entra OPF Utvikling AS 2 Entra Bryn AS 3 Hardangerj\u00f8kulen AS 4 Gr\u00f8nland 51 AS Entra OPF Utvikling Holding AS Brynseng Eiendom AS Bl\u00e5isen AS Gr\u00f8nland 56 AS Lars Hilles gate 30 Holding AS Brynsveien 11/13 Eiendom AS Christian Krohgs gate 10 AS Gr\u00f8nland 58 AS Allehelgens gate 6 Holding AS Brynsveien 5 AS Christian Krohgs gate 2 AS Gr\u00f8nland 60 AS Lars Hilles gate 30 AS \u00d8stensj\u00f8veien 39/41 AS Drammensveien 131 AS Kreftings gate 33 AS Allehelgens gate 6 AS \u00d8stensj\u00f8veien 43 AS Grensesvingen 7 Eiendom AS Bryn Boligselskap AS Grensesvingen 7 ANS Brynsveien 1 AS Grenseveien 78 B AS Brynsveien 2-4 AS Karenslyst all\u00e9 7 AS Brynsveien 3 Eiendom AS L\u00f8kketangen 2-14B AS Brynsveien 3A ANS Nedre Vollgate 11 AS Brynsveien 3B ANS Pilestredet 33 AS Brynsveien 6 og 12 AS Schweigaards gate 6-14 AS \u00d8stensj\u00f8veien 29 AS Storgata 51 Oslo AS S\u00f8rkedalsveien 6 AS Tordenskioldsgate 6 AS Tullins gate 2 AS Tullinsgt 2 ANS Vestfjordgaten 4 AS 1 Papirbredden Eiendom AS is owned by Entra ASA with voting and owner shares of 60 per cent and Drammen Municipality with 40 per cent. 2 Entra ASA owns 50 per cent of the shares in Entra OPF Utvikling AS. The remaining 50 per cent is owned by Oslo Pensjonsforsikring AS. NON-CONTROLLING INTERESTS The following tables summarises the information relating to each of the Group\u2019s subsidiaries that have non-controlling interests (NCI), before any intra-group eliminations with the Group. 31.12.2022 Papirbredden Eiendom AS Entra OPF Utvikling AS Total NCI ownership interests 40% 50% Rental income 112 151 263 Net operating income 107 136 243 Net income 81 134 216 Changes in value of investment properties -19 -36 -56 Changes in value of financial instruments 9 - 9 Profit before tax 70 98 168 Tax -15 -21 -36 Profit for the period 55 77 132 Profit allocated to NCI 1 22 39 60 Current assets 14 28 42 Non-current assets 2 307 3 256 5 563 Current liabilities 48 4 61 Non-current liabilities 981 356 1 337 Equity 1 292 2 924 4 206 Equity attributable to NCI 517 1 462 1 978 Net cash flows from operating activities 62 133 195 Net cash flows from investment activities -8 - -8 Net cash flows from financing activities -61 -125 -186 Change in cash and cash equivalents -6 8 2 1 In addition to the profit in the table above, a profit of 5 million in Hinna Park Eiendom AS, which was sold in 2022, was allocated to NCI. 31.12.2021 Papirbredden Eiendom AS Hinna Park Eiendom AS Entra OPF Utvikling AS Total NCI ownership interests 40% 50% 50% Rental income 114 97 141 351 Net operating income 109 85 121 315 Net income 89 35 119 243 Changes in value of investment properties 129 243 200 572 Changes in value of financial instruments 8 8 - 16 Profit before tax 226 286 320 831 Tax -50 -59 -69 -178 Profit for the period 177 226 250 653 Profit allocated to NCI 71 113 125 309 Current assets 16 34 21 71 Non-current assets 2 318 2 083 3 291 7 693 Current liabilities 49 49 6 105 Non-current liabilities 1 013 1 441 335 2 789 Equity 1 272 628 2 970 4 870 Equity attributable to NCI 509 314 1 485 2 308 Net cash flows from operating activities 71 32 118 220 Net cash flows from investment activities -7 -503 -10 -520 Net cash flows from financing activities -61 470 -110 300 Change in cash and cash equivalents 3 -1 -2 -1 See note 3 for considerations regarding consolidation of entities in which the Group holds less than a majority of shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-223": { "value": "NON-CONTROLLING INTERESTS The following tables summarises the information relating to each of the Group\u2019s subsidiaries that have non-controlling interests (NCI), before any intra-group eliminations with the Group. 31.12.2022 Papirbredden Eiendom AS Entra OPF Utvikling AS Total NCI ownership interests 40% 50% Rental income 112 151 263 Net operating income 107 136 243 Net income 81 134 216 Changes in value of investment properties -19 -36 -56 Changes in value of financial instruments 9 - 9 Profit before tax 70 98 168 Tax -15 -21 -36 Profit for the period 55 77 132 Profit allocated to NCI 1 22 39 60 Current assets 14 28 42 Non-current assets 2 307 3 256 5 563 Current liabilities 48 4 61 Non-current liabilities 981 356 1 337 Equity 1 292 2 924 4 206 Equity attributable to NCI 517 1 462 1 978 Net cash flows from operating activities 62 133 195 Net cash flows from investment activities -8 - -8 Net cash flows from financing activities -61 -125 -186 Change in cash and cash equivalents -6 8 2 1 In addition to the profit in the table above, a profit of 5 million in Hinna Park Eiendom AS, which was sold in 2022, was allocated to NCI. 31.12.2021 Papirbredden Eiendom AS Hinna Park Eiendom AS Entra OPF Utvikling AS Total NCI ownership interests 40% 50% 50% Rental income 114 97 141 351 Net operating income 109 85 121 315 Net income 89 35 119 243 Changes in value of investment properties 129 243 200 572 Changes in value of financial instruments 8 8 - 16 Profit before tax 226 286 320 831 Tax -50 -59 -69 -178 Profit for the period 177 226 250 653 Profit allocated to NCI 71 113 125 309 Current assets 16 34 21 71 Non-current assets 2 318 2 083 3 291 7 693 Current liabilities 49 49 6 105 Non-current liabilities 1 013 1 441 335 2 789 Equity 1 272 628 2 970 4 870 Equity attributable to NCI 509 314 1 485 2 308 Net cash flows from operating activities 71 32 118 220 Net cash flows from investment activities -7 -503 -10 -520 Net cash flows from financing activities -61 470 -110 300 Change in cash and cash equivalents 3 -1 -2 -1 See note 3 for considerations regarding consolidation of entities in which the Group holds less than a majority of shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-224": { "value": "NOTE 31\u2002RELATED PARTIES All amounts in NOK million The Group\u2019s transactions and balances with associates and jointly controlled entities in 2022 is mainly related to rental income, administrative fees, loans, interest payments on loans and dividends. 2022 2021 Income statement Rental income 85 37 Other revenues 4 2 Dividends 128 152 Balance sheet Receivables 28 42 Loans 8 13 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-167": { "value": "NOTE 32\u2002AUDITOR\u2019S FEE All amounts in NOK thousand 2022 2021 Statutory audit 3 197 2 773 Tax advice - - Other services not related to auditing - - Other assurance services 734 304 Total auditor\u2019s fee (excl. VAT) 3 932 3 078 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-198": { "value": "NOTE 33\u2002EARNINGS PER SHARE Basic earnings per share is calcuated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares outstanding during the year. Entra has not issued options or other financial instruments which have a dilutive effect on outstanding shares. 2022 2021 Total comprehensive income for the year attributable to equity holders of Entra (NOKm) -621 5 042 Average number of outstanding shares 182 129 877 182 127 420 Basic earnings per share (NOK) -3.41 27.68 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-199": { "value": "NOTE 34\u2002DIVIDEND PER SHARE AND DIVIDEND POLICY Entra targets distribution of approximately 60 per cent of the Group\u2019s Cash Earnings in dividends. Refer to the alternative performance measures section of the annual report for calculation of Cash Earnings. Entra\u2019s dividend policy is based on semi-annual dividend payments. In line with the dividend policy, the Board of Entra will propose to distribute a semi-annual dividend of 2.50 (2.60) per share for the second half of 2022. In October 2022, Entra paid out 2.60 per share (2.50 per share) for the first six months of 2022. For the financial year 2022, Entra will thus, pending approval from the Annual General Meeting, have paid out NOK 5.10 per share (5.10 per share), corresponding to 59 per cent of Cash Earnings. Dividend payments to the company\u2019s shareholders for the second half year are classified as debt from the date on which a resolution regarding the dividend is passed by the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-266": { "value": "NOTE 35\u2002SUBSEQUENT EVENTS In March 2023, Entra sold the property Gr\u00f8nland 32 in Drammen for a price above book values as of 31 December 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-7": { "value": "Entra", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-9": { "value": "Allmennaksjeselskap (English: Public Limited Liability Company)", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-8": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-5": { "value": "Post box 52, \u00d8kern, 0508 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-10": { "value": "Greater Oslo region", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-6": { "value": "Entra is a leading owner, manager and developer of office properties and owns a large portfolio of centrally located high quality properties in the largest cities in Norway", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "Entra ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-4": { "value": "Entra ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-11": { "value": "N/A", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:549300APU14LQKTYCH34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }