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"value": "Notes Note Corporate information Hexagon Purus ASA, the parent of Hexagon Purus Group, is a public limited liability company with its registered office in Norway. The company\u2019s head- quarters is at Korsegata 4B, 6002 Aalesund, Norway. The Board of Directors authorized the annual report for publication on 25 April 2023. Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus\u2019 products are used in a variety of applications including light, medium, and heavy-duty vehicles, buses, maritime, rail and aerospace as well as hydrogen distribution, mobile refueling and ground storage. In addition to the parent Hexagon Purus ASA, the following companies are included in the consolidated financial statements of Hexagon Purus Group: Company Home country Registered office Ownership Votes Hexagon Technology H2 AS Norway Aalesund 100% 100% Hexagon Purus HK Holding AS Norway Aalesund 100% 100% Hexagon Purus Maritime AS Norway Aalesund 100% 100% Hexagon Purus Germany Holding GmbH Germany Herford 100% 100% Hexagon Purus GmbH Germany Kassel 100% 100% Hexagon Purus Real Estate GmbH Germany Kassel 100% 100% Wystrach GmbH Germany Weeze 100% 100% Wyrent GmbH Germany Weeze 100% 100% xperion E&E US Holding Inc. USA Heath, OH 100% 100% xperion E&E USA LLC USA Heath, OH 100% 100% Hexagon Purus North America Holdings Inc. USA Lincoln, NE 100% 100% Hexagon Purus LLC USA Lincoln, NE 100% 100% Hexagon MasterWorks Inc. USA Lincoln, NE 100% 100% Hexagon Purus Systems USA, LLC USA Costa Mesa, CA 100% 100% Hexagon Purus Systems Canada Ltd Canada Kelowna 100% 100% CIMC- Hexagon Hydrogen Energy Technologies Limited China Hong Kong 51% 51% CIMC- Hexagon Hydrogen Energy Technologies (Beijing) Co,, Ltd China Beijing 100% 100% CIMC- Hexagon Hydrogen Energy Technologies (Heibei) Co,, Ltd China Heibei 100% 100% Hexagon Purus (Beijing) Ltd. China Beijing 100% 100% Associates CIMC- Hexagon Hydrogen Energy Systems Limited China Hong Kong 49% 49% Cryoshelter LH2 GmbH Austria Dobl-Zwaring 40% 40% Hexagon Purus GmbH have transferred the CNG
LDV operations to Hexagon Composites ASA with
financial effect 1. October 2021.
In Hong Kong there are two entities established,
CIMC - Hexagon Hydrogen Energy Technologies
Limited and CIMC - Hexagon Hydrogen Energy
Systems Limited, where Hexagon Purus Group
holds a 51 per cent and 49 per cent ownership
respectively.
Hexagon Purus exited its direct ownership position
in Hyon AS but remains indirectly invested in the
company through its shareholding in Norwegian
Hydrogen AS. In December 2021, Norwegian
Hydrogen conducted a capital raise in which
Hexagon Purus\u2019 ownership was diluted from
21.0 per cent to 17.7 per cent. During 2022 Norwegian
Hydrogen AS raised approximately NOK 93 million
in private placements, and thus reducing Hexagon
Purus\u2019 ownership from 17.7 per cent to 14.2 per
cent. The Company has consequently from this
date reclassified the investment to a financial asset
(equity instrument) measured at fair value.
In August 2022 Hexagon Purus acquired a 40 per
cent stake of the shares in Cryoshelter LH2 GmbH.
Morten Holum is President & CEO of Hexagon
Purus Group and General Manager in Hexagon
Purus ASA.
Note Basis of preparation and other significant accounting policies
2.1 Basis of preparation of annual
financial statements
The consolidated annual financial statements of
the Group have been prepared in accordance with
International Financial Reporting Standards (IFRS)
as issued by the International Accounting Standards
Board (IASB) which have been adopted by the EU
and are mandatory for financial years beginning on
or after 1 January 2022, and Norwegian disclosure
requirements listed in the Norwegian Accounting
Act as of 31.12.2022.
The consolidated financial statements have been
prepared on a historical cost basis, with exception
for contingent considerations from business com-
binations, which are recognised to fair value over
profit and loss.
The consolidated financial statements have been
prepared on the basis of uniform accounting
principles for similar transactions and events under
otherwise similar circumstances.
2.2 Functional currency and
presentation currency
The functional currency is determined in each entity
in the Group based on the currency within the enti-
ty\u2019s primary economic environment. Transactions
in foreign currency are translated to functional
currency using the exchange rate at the date of the
transaction. At the end of each reporting period
foreign currency monetary items are translated
using the closing rate, non-monetary items that are
measured in terms of historical cost are translated
using the exchange rate at the date of the transac-
tion. Non-monetary items that are measured at fair
value in a foreign currency are translated using the
exchange rates at the date when the fair value was
measured. Changes in the exchange rate are recog-
nized continuously in the accounting period.
The Group\u2019s presentation currency is NOK. This is
also the Parent Company\u2019s functional currency. The
statement of financial position figures of entities
with a different functional currency are translated
at the exchange rate prevailing at the end of the
reporting period for balance sheet items, including
goodwill, and the exchange rate at the date of the
transaction for profit and loss items. The monthly
average exchange rates are used as an approxima-
tion of the transaction exchange rate. Translation
differences are recognized in other comprehensive
income (\u201cOCI\u201d).
When investments in foreign subsidiaries are sold,
the accumulated translation differences relating
to the subsidiary attributable to the equity holders
of the parent are recognized in the statement of
comprehensive income. When a loss of control,
significant influence or joint control is present
the accumulated exchange differences related
to investments allocated to controlled interests is
recognized in profit and loss.
When a partial disposal of a subsidiary (not loss of
control) is present the proportionate share of the
accumulated exchange differences is allocated to
non-controlling interests.
2.3 Basis of consolidation
The Group\u2019s consolidated financial statements
comprise Hexagon Purus ASA and its subsidiaries as
of 31 December 2022. Consolidation of a subsidiary
begins when the Group obtains control over the
subsidiary and ceases when the Group loses control
of the subsidiary. An entity has been assessed as
being controlled by the Group when the Group is
exposed to or have the rights to variable returns
from its involvement with the entity and has the
ability to use its power over the entity to affect the
amount of the Group\u2019s returns.
Thus, the Group controls an entity if, and only if, the
Group has all the following:
\u2022 power over the entity;
\u2022 exposure, or rights, to variable returns from its
involvement with the entity; and
\u2022 the ability to use its power over the entity to affect
the amount of the group\u2019s returns.
There is a presumption that if the Group has
the majority of the voting rights in an entity, the
entity is considered as a subsidiary. To support
this presumption and when the Group has less
than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and
circumstances in assessing whether it has power
over the entity, including ownership interests,
voting rights, ownership structure and relative
power, as well as options controlled by the Group
and shareholder\u2019s agreement or other contractual
agreements. Reference is made to other notes
which contains a list of the subsidiaries and also a
list of associates and joint ventures.
The assessments are done for each individual
investment. The Group re-assesses whether or not it
controls an entity if facts and circumstances indicate
that there are changes to one or more of the three
elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the
subsidiary and ceases when the Group loses control
of the subsidiary.
When necessary, adjustments are made to the
financial statements of subsidiaries to bring their
accounting policies into line with the Group\u2019s
accounting policies. All intra-group assets and
liabilities, equity, income, expenses and cash flows
relating to transactions between members of the
Group are eliminated in full on consolidation.
Non-controlling interests, when applicable, are
presented separately under equity in the Group\u2019s
balance sheet.
Business combinations
Business combinations are accounted for by using
the acquisition method, see also other note on
changes in the group structure. The cost of an
acquisition is measured as the aggregate of the
consideration transferred, which is measured at
acquisition date fair value and consist of cash,
consideration of shares issued and contingent
consideration. A contingent consideration is classi-
fied as a liability in accordance with IFRS 9 Financial
Instruments: Recognition and Measurement.
Subsequent changes in the fair value are recog-
nized in profit or loss.
When the Group acquires a business, it assesses
the assets and liabilities assumed for appropriate
classification and designation in accordance with
the contractual terms, economic circumstances and
pertinent conditions as at the acquisition date. The
acquired assets and liabilities are accounted for
by using fair value in the opening group balance
(unless other measurement principles should be
applied in accordance to IFRS 3). The initial account-
ing for a business combination can be changed if
new information about the fair value at the acquisi-
tion date is present. The allocation can be amended
within 12 months of the acquisition date. The
non-controlling interest is set to the non-controlling
interest\u2019s share of identifiable assets and liabilities.
The measurement principle is done for each busi-
ness combination separately.
When the business combination is achieved in
stages, the previously held equity interest is remeas-
ured at its acquisition date fair value. The resulting
gain or loss, if any, is recognized in profit and loss
net after transaction cost.
Common control transactions
For the purpose of preparing consolidated financial
statements of Hexagon Purus Group, the transfer
of entities or business into Hexagon Purus Group is
accounted under the pooling method of accounting
(predecessor accounting) using values reflected in
the consolidated financial statements of Hexagon
Group (which can be different from transaction
value in each entity). To present historical financial
information that is representative for the business
going forward, comparative financial information of
Hexagon Purus Group is restated to reflect historical
financial information of transferred entities and
businesses. Comparatives are those of the existing
businesses owned by Hexagon Purus Group as of
31 December 2022, subject to when the underlying
entities became part of the Hexagon Group. For
entities or businesses transferred out of Hexagon
Purus Group and into Hexagon Group (under
common control), are to be consolidated until
disposal in accordance with the requirements of
IFRS 10.
Acquired goodwill
Goodwill is initially measured at cost (being the
excess of the aggregate of the consideration
transferred and the amount recognized for
non-controlling interests and any previous interest
held over the net identifiable assets acquired
and liabilities assumed). After initial recognition,
goodwill is measured at cost less any accumulated
impairment losses.
Goodwill is not depreciated but is tested at least
annually for impairment. For the purpose of
impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated
to each of the Group\u2019s cash-generating units that
are expected to benefit from the combination,
irrespective of whether other assets or liabilities of
the acquiree are assigned to those units.
Transaction related issues Acquisition related costs are expensed as incurred and included in other operating expense. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Change in ownership without loss of control A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog- nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. Loss of control In cases where changes in the ownership interest of a subsidiary leads to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is rec- ognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost. The gain or loss is presented on a separate line included in operating expenses. Non-current assets held for sale and discontinued operations Non-current assets and groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been fulfilled when a sale is highly probable and the non-current asset (or groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classification date. Non-current assets and groups of non-current assets and liabilities which are classified as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. The estimates in discontinued operations are mainly related to the assessments made regarding the valuation of assets being part of the operation. This includes estimates of both tangible and intangible assets. In addition, there are estimates applied to allocate previously common and shared costs between the continuing and discontinuing opera- tion. To qualify the estimates made, the company has applied its best technological and manage- ment resources in addition to drawing on external resources where necessary. 2.4 Investments in associates and joint ventures Associates are entities where the Group has signifi- cant influence, but not control or joint control, over financial and operating management (normally a holding of between 20% and 50%). A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Under the equity method, the investments in an associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture and is recognized against profit/loss from investment in associates and joint ventures. If there is an indication that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec- ognized as share of profit of an associate and a joint venture in the statement of profit or loss. If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has incurred a legal or constructive obligation on behalf of the associate or joint venture. Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. 2.5 Current versus non-current classification The Group presents assets and liabilities in the consolidated statement of financial position as either current or non- current. The Group classifies an asset as current when it: \u2022 Expects to realize the asset, or intends to sell or consume it, in its normal operating cycle \u2022 Holds the asset primarily for the purpose of trading \u2022 Expects to realize the asset within twelve months after the reporting period Or \u2022 The asset is cash or a cash equivalent, unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current, including deferred tax assets. The Group classifies a liability as current when it: \u2022 Expects to settle the liability in its normal operating cycle \u2022 Holds the liability primarily for the purpose of trading \u2022 Is due to be settled within twelve months after the reporting period Or \u2022 It does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current, including deferred tax liabilities. 2.6 Cash and cash equivalents Cash consist of cash in hand and at bank. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months. Any positive balances against bank overdrafts are included as a component of cash in the cash flow statement. The cash flow statement has been prepared using the indirect method. Bank overdrafts are reported under short-term loans in the balance sheet. Received interest income is classified as investment activities and interest pay- ments is classified as financing activities in the cash flow statement. 2.7 Inventories Inventories are recognized at the lower of historical cost and net realizable value. Net realizable value is the estimated selling price (in the normal course of business) less the estimated costs of completion and the estimated cost necessary to make the sale. Cost is based on the average cost price, and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. Goods produced by the Group itself include variable and fixed costs that can be allocated based on normal capacity utilization. Where inventory items purchased internally in the Group contain an element of profit, this profit element is eliminated until the inventory items are sold out of the Group. 2.8 Property, Plant & Equipment Items of property, plant and equipment are valued at their cost, less accumulated depreciation and impairment losses. An asset is derecognized from the balance sheet on disposal or when it is with- drawn from use and no future economic benefits are expected from its disposal. The gain or loss on disposal is recognized in the income statement. The cost of an item of property, plant and equip- ment includes its original purchase price and all costs necessary to bring the asset to working condi- tion for its intended use. Subsequent expenditure on repair and maintenance of assets is recognized as an expense in the income statement, while expenses that are expected to generate future economic benefits are capitalized. The cost of a non-current asset is depreciated to the residual value over the asset\u2019s useful life. Depreciation is calculated on a straight-line basis. The following depreciation periods apply: \u2022 Buildings 10-20 years \u2022 Plant, machinery and equipment 3-15 years \u2022 Fixtures & fittings, motor vehicles 3-10 years If an item of property, plant and equipment has different parts with different useful lives, the parts are depreciated separately if the cost is significant in relation to the total cost of the item. The depreciation period and method are assessed annually. A residual value is estimated at each year- end, and changes to the estimated residual value is recognized as a change in an estimate. When the carrying amount of property, plant and equipment exceeds the estimated recoverable amount, the value is written down to the recoverable amount. Depreciation of an asset ceases at the date the asset is derecognized and classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5. Assets under construction are classified as property, plant and equipment and are carried at cost until its manufacture or development is completed. Assets under construction are not subject to depreciation until the assets are avalable for use. 2.9 Leases The Group has applied IFRS 16. At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The group as a lessee For contracts that constitute, or contain a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease com- ponents of the contract. At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which
it is the lessee, except for the following exemptions
applied:
\u2022 Short-term leases (defined as 12 months or less)
\u2022 Low value assets
For these leases, the Group recognizes the lease
payments as other operating expenses in the state-
ment of profit or loss when they incur.
The following depreciation periods apply:
\u2022 Buildings 2-10 years
\u2022 Plant, machinery and equipment 3-5 years
\u2022 Fixtures & fittings, motor vehicles 3-5 years
Lease liabilities
The lease liability is recognized at the commence-
ment date of the lease. The Group measures the
lease liability at the present value of the lease
payments for the right to use the underlying asset
during the lease term that are not paid at the com-
mencement date. The lease term represents the
non-cancellable period of the lease, together with
periods covered by an option either to extend or to
terminate the lease when the Group is reasonably
certain to exercise this option. In calculating the
present value of lease payments, the Group uses its
incremental borrowing rate at the lease commence-
ment date because the interest rate implicit in the
lease is not readily determinable.
The lease payments included in the measurement
comprise of:
\u2022 Fixed lease payments (including in-substance
fixed payments), less any lease incentives
receivable
\u2022 Variable lease payments that depend on an index
or a rate, initially measured using the index or
rate as at the commencement date
\u2022 Amount expected to be payable by the Group
under residual value guarantees
\u2022 The exercise price of a purchase option, if the
Group is reasonably certain to exercise that
option
\u2022 Payments of penalties for terminating the lease,
if the lease term reflects the Group exercising an
option to terminate the lease.
The lease liability is subsequently measured by
increasing the carrying amount to reflect interest on
the lease liability, reducing the carrying amount to
reflect the lease payments made and remeasuring
the carrying amount to reflect any reassessment
or lease modifications, or to reflect adjustments in
lease payments due to an adjustment in an index or
rate.
The Group does not include variable lease payments
in the lease liability. Instead, the Group recognizes
these variable lease expenses in profit or loss.
The Group presents its lease liabilities as separate
line items in the statement of financial position.
Right-of-use assets
The Group measures the right-of use asset at cost,
less any accumulated depreciation and impairment
losses, adjusted for any remeasurement of lease
liabilities.
The cost of the right-of-use asset comprise:
\u2022 The amount of the initial measurement of the
lease liability recognized
\u2022 Any lease payments made at or before the
commencement date, less any incentives received
\u2022 Any initial direct costs incurred by the Group. An
estimate of the costs to be incurred by the Group
in dismantling and removing the underlying
asset, restoring the site on which it is located or
restoring the underlying asset to the condition
required by the terms and conditions of the
lease, unless those costs are incurred to produce
inventories.
The Group applies the depreciation requirements
in IAS 16 Property, Plant and Equipment in depre-
ciating the right-of-use asset, except that the
right-of-use asset is depreciated from the com-
mencement date to the earlier of the lease term and
the remaining useful life of the right-of-use asset,
unless there is an option to purchase the asset
which has been determined to be exercised with
reasonably certainty, in which case the right of use
asset is depreciated over the expected economic life
of the underlying asset.
The Group applies IAS 36 Impairment of Assets
to determine whether the right-of-use asset is
impaired and to account for any impairment loss
identified.
2.10 Borrowing costs
Borrowing costs directly attributable to the acqui-
sition, construction or production of an asset that
necessarily takes a substantial period of time to get
ready for its intended use or sale are capitalized
as part of the cost of the asset. All other borrowing
costs are expensed in the period in which they
occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the
borrowing of funds.
2.11 Financial instruments
A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
Financial assets
The Group\u2019s financial assets are trade receivables,
cash and cash equivalents.
The classification of financial assets at initial recog-
nition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business
model for managing them. The Group classified its
financial assets as financial assets at amortized cost.
Financial assets at amortized cost
The Group measures financial assets at amortized
cost if both of the following conditions are met:
\u2022 The financial asset is held within a business
model with the objective to hold financial assets
in order to collect contractual cash flows and,
\u2022 The contractual terms of the financial asset give
rise on specified dates to cash flows that are
solely payments of principal and interest on the
principal amount outstanding
Financial assets at amortized cost are subsequently
measured using the effective interest (EIR) method
and are subject to impairment. Gains and losses
are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired, or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either \u2022 the Group has transferred substantially all the risks and rewards of the asset, or \u2022 the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial liabilities Financial liabilities are subsequently recognized at amortized cost, as loans and borrowings, payables. Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amor- tized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amorti- zation process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. Payables are measured at their nominal amount when the effect of discounting is not material. Contingent Consideration in business combinations is recognized and measured to fair value, and changes in fair value included in the statement for profit and loss. Derecognition of financial liabilities A financial liability is derecognized when the obli- gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog- nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Impairment of financial assets For trade receivables and contract assets, the Group uses a simplified approach to calculating expected credit losses (ECL). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on ECLs over the life of the trade receivable and the contract asset on each reporting date. The Group has established a provision matrix that is based on its historical credit losses, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con- sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta- tion of recovering the contractual cash flows. Further information on any impairment of financial assets is provided in notes 15 and 20.1. 2.12 Intangible assets Intangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment. Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred. The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate. Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively. Group management determines the useful lives and depreciation rates for items of intangible assets. The expected useful life of the Group\u2019s capitalized development cost and customer relationships is largely dependent on technological development and continued sales to customers. The present depreciation period is 5-20 years, but there is an uncertainty for the expected useful life in the inter- val between 10-20 years. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recovera- ble amount, which is the higher of its fair value less costs of disposal and its value in use. Patents and Licenses
Amounts paid for patents and licenses are rec-
ognized in the balance sheet and are amortized
on a straight-line basis over their useful life. The
expected useful life of patents and licenses varies
between 6 and 17 years.
Research and development cost
Expenses relating to research activities are recog-
nized in the statement of comprehensive income
as they incur. Expenses relating to development
activities (relating to the design and testing of new
or improved products) are capitalized to the extent
that the product or process is a commercially viable
and the Group has sufficient resources to complete
the development work. Expenses that are capital-
ized include the cost of materials, direct salary costs
and a share of the directly attributable common
expenses. Capitalized development costs are recog-
nized at their cost minus accumulated amortization
and impairment losses.
Research costs are expensed as incurred. The devel-
opment costs of projects (relating to the design and
testing of new or improved products) are capitalized
as intangible assets if all the following criteria are met:
1. it is technically feasible to complete the intangible
asset so that the asset will be available for use or
for future sale;
2. it is the management\u2019s intention to complete the
asset and use or sell it;
3. it is possible to use or sell the asset;
4. it can be demonstrated how the asset will gener-
ate future economic benefits;
5. technological and financial resources are avalable
to complete the asset;
6. the costs can be reliably measured
Other development costs are expensed as incurred.
Development costs that have previously been
expensed are not capitalized in subsequent periods.
Capitalized development costs are amortized on a
straight-line basis over the estimated useful life of
the asset. Capitalized development costs with an
indefinite useful life or related to projects under
development are tested annually for impairment in
accordance with IAS 36.
Customer relationships
Purchased customer contracts have a finite useful
life and are recognized at cost less amortization.
Customer contracts and technology are amortized
using the straight-line method over their estimated
useful lives.
2.13 Impairment of non-financial assets
Recognized goodwill is assessed annually for
impairment, in fourth quarter. Recoverable amounts
from cash-generating units are calculated based
on their value in use. When the recoverable amount
exceeds the carrying amount, capitalized goodwill
is maintained. When the recoverable amount is
lower than the carrying amount, capitalized goodwill
is written down to its recoverable amount. The
carrying amount consists of the units\u2019 total assets
less interest-free current liabilities and interest-free
non-current liabilities. The recoverable amount is
based on expected future cash flows for the relevant
unit based on the management\u2019s approved budget
and strategy figures for the next four years. These
are estimated based on current sales and margins
and the expected market development. For sub-
sequent periods it is assumed that there will be an
increase in the cash flows equivalent to expected
general growth within the various business areas.
There is uncertainty associated with the assump-
tions used as a basis in the preparation of budgets
for the calculation of value in use. These calculations
require the use of estimates and assumptions about
future income and expense trends. The recoverable
amount is sensitive to the discount rate used for the
discounted cash flow model as well as the expected
future cash-inflows and the growth rate. See note 3
and 10 for further information related to goodwill.
The expected future investment requirements for
the units are reflected in the calculations. These are
in accordance with the management\u2019s approved
budget and strategy. For the period beyond the
next four years, it is assumed that the re- invest-
ment requirement will be equivalent to expected
depreciation. Changes in working capital have been
assessed and adjusted in accordance with expected
developments.
When there are indications that a company\u2019s
assets (including goodwill) may be impaired, an
impairment test is conducted using the company\u2019s
weighted average capital cost (WACC) as an esti-
mate for the discount rate (= return on assets ratio).
Correspondingly, WACC is also used for annual
impairment testing. The WACC rate which is used
to discount future cash flows is based on 10-year
risk-free interest rates in the market, the company\u2019s
borrowing interest, beta factor, equity ratio and
market risk premium, adjusted for the liquidity risk
and size of the company.
Value in use is calculated by discounting future
cash flows. Present value calculations are based
on expected future cash flows for the different
cash-generating units, as described above and the
units are not expected to have a finite useful life.
The projections take into account substantial growth
in the cash flows into perpetuity.
Items of property, plant and equipment, right-
of-use assets, and intangible assets are tested for
impairment if there is reason to believe that future
earnings do not justify the asset\u2019s carrying amount.
The difference between the carrying amount and
the recoverable amount is recognized as an impair-
ment loss. The recoverable amount is the higher of
the fair value less costs to sell and the value in use.
When testing for impairment, non-current assets
are grouped at the lowest level at which it is possi-
ble to distinguish independent cash inflows (cash
generating units, CGU). A CGU is the smallest
identifiable group of assets that generates cash
inflows which are largely independent of the cash
inflows from other assets or groups of assets. At
each reporting date, the Group considers the
possibility of reversing previous impairment losses
on non-financial assets (except goodwill and other
intangible assets with an indefinite useful life).
Inassessing value in use, the estimated future cash
flows are discounted to their present value using a
pre-tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. 2.14 Provisions A provision is a liability of uncertain timing or amount. Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is significant, the provision is calculated by discount- ing estimated future cash flow using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifi- cally associated with the obligation. A provision for guarantees is recognized when the underlying products or services are sold. The provision is based on historical information about guarantees and a weighting of possible outcomes according to the likelihood of their occurrence. A provision for onerous contracts is recognized when the Group\u2019s expected economic benefits under the contract are lower than the unavoidable costs of meeting the obligations under the contract. Estimates related to product warranty provisions Management estimates the warranty provision using information on historical warranty costs and other relevant information relevant to future war- ranty claims. Factors that can influence estimated liabilities include the results of productivity and quality initiatives, as well as prices of , but not yet effective, are considered not relevant and not to have an impact on the consolidated financial state- ments of the Group. 2.15 Equity Financial instruments are classified as liabilities or equity in accordance with the underlying economic realities. Interest, dividend, gains and losses to a financial instrument classified as a liability will be presented as an expense or income. Amounts dis- tributed to holders of financial instruments that are classified as equity will be recorded directly in equity. Own shares In the event of a purchase of own shares, the pur- chase price and any directly associated costs are recognized as a change in equity. Own shares are reported as a reduction in equity. Gains or losses related to own share transactions are recognized directly in equity. Costs arising from equity transactions Transaction costs directly related to an equity trans- action are recognized directly in equity. 2.16 Revenue from contracts with customers The Group\u2019s main revenues come from the sale of its own mass-produced standard products and accompanied services. Revenue from contracts with customers is recog- nized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The products are mainly sold in relation to separately identifiable contracts with customers. Sale of goods (cylinders, products, system etc) Revenue from sale of goods is recognized at the point in time when control of the asset is trans- ferred to the customer, generally on delivery of the product. There are several payment terms, including upfront payment and secured payment, but the normal credit term is 30 to 60 days upon delivery. The Group considers whether there are other prom- ises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration and the existence of significant financing components. (i) Variable Consideration Some contracts with customers provide rights of return, trade discounts or volume rebates. The Group uses the expected value method to estimate the goods that will not be returned as this best predicts the amount of variable consideration to which the Group will be entitled. For trade discounts and volume rebates the sale of goods are measured at the fair value of the consideration received or receivable, net of allowances for trade discounts and volume rebates. If revenue cannot be reliably meas- ured, the Group defers revenue recognition until the uncertainty is resolved. The Group performs the assessment on individual contracts to determine the estimated variable consideration and related constraints. (ii) Significant financing component Generally, the Group sometimes receives short- term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. (iii) Warranty provision The Group typically provides warranties for general repairs and does not provide extended warranties or maintenance services in its contracts with customers. Such warranties are evaluated as assurance-type warranties which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Sale of services To some extent the Group provides other services in relation to reinspection and testing of products, in addition to non- recurring engineering and design or development. These services are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from services
over time using an input method to measure pro-
gress towards complete satisfaction of the service,
because the customer simultaneously receives and
consumes the benefits provided by the Group.
Funded development contracts
The Group has entered into and will enter into
funded development contracts with some custom-
ers for development services. The Group recognizes
revenue over time as the services are performed.
Progress is measured using an input method to
measure progress towards certain project mile-
stones as the customer simultaneously receives and
consumes the benefits provided by the Group.
Contract balances
(i) Contract assets
A contract asset is the right to consideration in
exchange for goods or services transferred to the
customer. If the Group performs by transferring
goods or services to a customer before the customer
pays consideration or before payment is due, a
contract asset is recognized for the earned consid-
eration that is conditional.
(ii) Trade receivable
A receivable represents the Group\u2019s right to an
amount of consideration that is unconditional (i.e.,
only the passage of time is required before payment
of the consideration is due).
(iii) Contract liability
A contract liability is the obligation to transfer goods
or services to a customer for which the Group has
received consideration (or an amount of consider-
ation is due) from the customer. If a customer pays
consideration before the Group transfers goods or
services to the customer, a contract liability is recog-
nized when the payment is made, or the payment
is due (whichever is earlier). Contract liabilities are
recognized as revenue when the Group performs
under the contract.
Cost to obtain a contract
The Group has elected to apply the optional prac-
tical expedient for costs to obtain a contract which
allows the Group to immediately expense such
costs when the related revenue is expected to be
recognized within one year. When revenue will be
recognized over several reporting periods the Group
recognizes incremental costs of obtaining a contract
with a customer as an asset, provided that the costs
are expected to be recovered throughout the con-
tract. The costs are amortized on a systematic basis
that is consistent with the transfer of the related
goods or services to the customer and subsequently
re-assessed at the end of each reporting period.
2.17 Employee benefits
Defined benefit pension plans
Defined benefit plans are valued at the present
value of accrued future pension benefits at the end
of the reporting period. Pension plan assets are
valued at their fair value.
The current service cost and net interest income/
costs are recognized immediately and is presented
as a payroll & social security expense in the income
statement. Net interest income/cost is calculated by
using the discount rate of the liability at the begin-
ning of the period on the net liability. Changes in
net pension liabilities as a result of payments of pre-
miums and pension payments have been taken into
consideration. The difference between the actual
return and the accounted return is recognized
continuously through other comprehensive income.
The pension cost is affecting the payroll & social
security costs in the income statement. Actuarial
gains and losses, including changes in value, both
for assets and liabilities, are recognized through
other comprehensive income. Actuarial gains and
losses are not reclassified over profit and loss.
Defined contribution pension plans
Pension premiums relating to defined contribution
plans are recognized as an expense as they are
incurred.
Share based payments
The Group has a share-based program for the
senior and key executives. The share-based
program for the senior and key executives is settled
in shares. The fair value of the issued instruments
is expensed over the vesting period which is over
the agreed-upon future service period and, where
applicable, the performance conditions are fulfilled.
The fair value of the performance share units (PSUs)
and restricted share units (RSUs) is measured at
grant date and calculated using the Black & Scholes
model or alternative generally accepted models
where relevant.
The cost of the employee share-based transaction is
expensed over the average vesting period. The value
of the issued PSUs and RSUs of the transactions
that are settled with equity instruments (settled
with the company\u2019s own shares) is recognized as
salary and personnel cost in profit and loss with a
corresponding increase in other paid-in capital.
Social security tax is recorded as a liability and is
recognized over the estimated vesting period.
Service and non-market performance conditions
are not taken into account when determining the
grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part
of the Group\u2019s best estimate of the number of
equity instruments that will ultimately vest. Market
performance conditions are reflected within the
grant date fair value. Any other conditions attached
to an award, but without an associated service
requirement, are considered to be non- vesting
conditions. Non-vesting conditions are reflected in
the fair value of an award and lead to an immediate
expensing of an award unless there are also service
and/or performance conditions.
When the terms of an equity-settled award are
modified, the minimum expense recognized is
the grant date fair value of the unmodified award,
provided the original vesting terms of the award
are met. An additional expense, measured as at
the date of modification, is recognized for any
modification that increases the total fair value of the
share-based payment transaction, or is otherwise
beneficial to the employee. Where an award is
cancelled by the entity or by the counterparty, any
remaining element of the fair value of the award is
expensed immediately through profit or loss.
2.18 Governmental grants
Government grants, including the Norwegian
Skattefunn, are recognized when there is reasona-
ble assurance that the Group will comply with the
conditions attaching to them, and that the grants
will be received.
Grants related to income are presented as
reductions of the expenses they are intended to
compensate.
Investment grants are capitalized and recognized
systematically over the asset\u2019s useful life. Investment
grants are recognized as deferred income. The
Group currently has grants with the United States
Department of Energy which is recognized as grant
income.
2.19 Income taxes
The tax expense consists of the tax payable and
changes to deferred tax. Deferred tax/tax assets
are calculated on all differences between the book
value and tax value of assets and liabilities, with the
exception of
\u2022 temporary differences linked to goodwill that are
not tax deductible
\u2022 temporary differences related to investments in
subsidiaries, associates or joint ventures when the
Group controls when the temporary differences
are to be reversed and this is not expected to take
place in the foreseeable future.
Deferred tax assets are recognized when it is prob-
able that the Group will have a sufficient profit for
tax purposes in subsequent periods to utilize the tax
asset. The Group recognize previously unrecognized
deferred tax assets to the extent it has become
probable that the Group can utilize the deferred tax
asset. Similarly, the Group will reduce a deferred tax
asset to the extent that the Group no longer regards
it as probable that it can utilize the deferred tax
asset.
Deferred tax and deferred tax assets are meas-
ured on the basis of the expected future tax rates
applicable to the companies in the Group where
temporary differences have arisen. Deferred tax
assets and liabilities are recognized at nominal
value and are classified as non-current assets and
non-current liabilities in the balance sheet. Deferred
tax is presented as a gross amount for the geo-
graphical countries in which the Group operates.
Deferred tax is recognized directly in other com-
prehensive income if the tax items relate to items
recognized in other comprehensive income.
Deferred tax is recognized directly in equity if the tax
items relate to items recognized directly in equity.
2.20 Events after the balance sheet date
New information on the Group\u2019s financial position
on the end of the reporting period which becomes
known after the reporting period is recorded in the
annual accounts. Events after the reporting period
that do not affect the Group\u2019s financial position on
the end of the reporting period but which will affect
the Group\u2019s financial position in the future are
disclosed if significant.
2.21 New accounting standards, interpretations
and amendments adopted by the group
The Group has not early adopted any standard,
interpretation or amendments that has been issued
but is not yet effective. Standards, interpretations
and amendments that are issued up to the date of
issuance of the consolidated financial statements,
but not yet effective are considered not relevant and
not to have an impact on the consolidated financial
statements of the Group.
Note Basis for consolidation and business combinations
The management has used estimates and assump-
tions that have affected assets, liabilities, income,
expenses and information on potential liabilities.
This particularly applies to the depreciation of
tangible and intangible fixed assets, impairment
of goodwill and evaluations related to acquisitions.
Future events may lead to these estimates being
changed. Estimates and their underlying assump-
tions are reviewed on a regular basis and are based
on best estimates and historical experience and
other factors, including forecast events that are
considered probable under current circumstance.
Changes in accounting estimates are recognized
during the period when the changes take place. If
the changes also apply to future periods, the effect
is divided among the present and future periods.
The Group prepares estimates and makes assump-
tions about the future. The accounting estimates
based on this process are, by definition, rarely com-
pletely in line with the final outcome. Estimates and
assumptions represent a risk of material changes in
the reported amounts of revenues, expenses, assets,
liabilities and equity over the next financial year.
The Group\u2019s most important accounting estimates
are related to the following items:
\u2022 Fair value of assets and liabilities at the time of
acquisition
\u2022 Impairment of goodwill
\u2022 Depreciation and impairment of property, plant &
equipment and intangible assets
\u2022 Capitalized development cost
\u2022 Contingent considerations
\u2022 Revenue from contracts with customers
\u2022 Leases
Fair value of assets and liabilities
at the time of acquisition
Fair value of assets and liabilities at the time of
acquisition The Group are required to allocate
the purchase price of acquired companies to the
assets acquired and liabilities assumed based on
their estimated fair values. For the acquisitions of
Wystrach GmbH and Wyrent GmbH in 2021 the
Group engaged a third-party appraisal firm to
assist the Group in determining the fair values of
the assets acquired and liabilities assumed. Such
valuations require management to make significant
judgments in selecting valuation methods, esti-
mates and assumptions. The significant purchased
intangible assets recorded by Hexagon Composites
included customer relationships, trade name and
technology. Critical estimates in the evaluations
for such intangible assets include, but are not
limited to, estimated average customer relationship
based on customer attrition, applying a relief from
royalty model using an appropriate royalty rate and
expected developments in technology and markets.
Management\u2019s estimates of fair value and useful
lives are based upon assumptions believed to be
reasonable, but which are inherently uncertain and
unpredictable and, as a result, actual results may
differ from estimates. Management\u2019s fair value
estimates are based on reasonable, but not entirely
certain, assumptions. See also note 4.
Impairment of goodwill
Recognized goodwill is assessed annually for
impairment. Recoverable amounts from cash-gen-
erating units are calculated based on their value
in use. There is uncertainty associated with the
assumptions used as a basis in the preparation of
budgets for the calculation of value in use. These
calculations require the use of estimates and
assumptions about future income and expense
trends. The recoverable amount is sensitive to the
discount rate used for the discounted cash flow
model as well as the expected future cash-inflows
and the growth rate.
Depreciation and impairment of property, plant &
equipment and intangible assets
Group management determines the useful lives
and depreciation rates for items of property, plant &
equipment. The expected useful life of the Group\u2019s
production equipment is largely dependent on
technological development. The present depreci-
ation period is 3-20 years, but an uncertainty exists
for the interval between 10-20 years.
Impairment exists when the carrying value of an
asset or cash generating unit exceeds its recovera-
ble amount, which is the higher of its fair value less
costs of disposal and its value in use.
Capitalized development cost
The Group capitalizes development costs for a
project in accordance with the Groups accounting
policy. Initial capitalization of costs is based on
management\u2019s judgement that technological and
economic feasibility is confirmed, usually when a
product development project has reached a defined
milestone according to project plan. In determining
the amounts to be capitalized, management makes
assumptions regarding the expected future cash
generation of the project, discount rates to be
applied and the expected period of benefits.
There is uncertainty about the date for when the
criteria for recognition of intangible assets are
satisfied and there is uncertainty associated with the
valuation and allocation of the cost of acquisition for
intangible assets.
Contingent considerations
As a part of business combinations, the purchase
price consideration may have to be estimated
dependent upon the content of the sale-and
purchase agreement, herein e.g., contingent con-
siderations. Such liabilities are subject to estimation
uncertainty as they typically are dependent upon
the financial performance of, and/or other quanti-
tative and qualitative events of the acquired entity.
Management uses significant judgement in the
valuation of such liabilities such as, but not limited
to, future profitability, discount rates and probability
of certain target achievement. Any subsequent
revaluations of said liabilities are recognized as fair
value adjustments through profit and loss.
Revenue from contracts with customers
A crucial estimate is related to determining the
timing of satisfaction of services and funded devel-
opment contracts.
The Group has concluded that revenue for services
and funded development contracts in most cases is
to be recognized over time because the customer
simultaneously receives and consumes the benefits
provided by the Group. The fact that another entity
would not need to re-perform the installation or the
defined milestones that the Group has provided
to date, demonstrates that the customer simulta-
neously receives and consumes the benefits of the
Group\u2019s performance as it performs.
The Group determined that the input method is the
best method in measuring progress of the services
and funded development contracts because there is
a direct relationship between the Group\u2019s effort (i.e.,
total costs incurred) and the transfer of service to
the customer. The Group recognizes revenue on the
basis of the total costs expended relative to the total
expected costs to complete the service and funded
development contract.
Leases
The group has several offices and other facilities
leases with options to extend the lease. The renewal
options have been included in the calculation of
the lease liability if management is reasonably
certain to exercise the option to renew the contract.
Management has used judgment when consid-
ering all relevant factors that create an economic
incentive to extend the lease. In this assessment
Management has considered the original lease term
and the significance of the underlying assets, i.e. the
offices and other facilities.
The Group cannot readily determine the interest
rate implicit in the lease, therefore, it uses its
incremental borrowing rate (IBR) to measure
lease liabilities. The IBR is the rate of interest that
the Group would have to pay to borrow over a
similar term, and with a similar security, the funds
necessary to obtain an asset of a similar value to
the right-of-use asset in a similar economic envi-
ronment. The IBR therefore reflects what the Group
\u2018would have to pay\u2019, which requires estimation
when no observable rates are available (such as
for subsidiaries that do not enter into financing
transactions). The Group estimates the IBR using
observable inputs (such as market interest rates)
when available and is required to make certain
entity-specific estimates (such as the subsidiary\u2019s
stand-alone credit rating).
Note Changes in the Group structure
Acquisition of Wystrach GmbH in 2021
On 10 November 2021 Hexagon Purus acquired 100 per cent of the
shares of Wystrach GmbH and Wyrent GmbH (\u201c\u201dWystrach\u201d\u201d). Wystrach
and Wyrent GmbH was reported as a part of the Purus segment in the
Hexagon Purus Group from November 2021.
The Transaction represented a step-change for Hexagon Purus Group
and reinforceed its position as a global leader in zero emission mobility
solutions. Wystrach brought significant systems assembly capacity and
knowhow, and complemented the capabilities of Hexagon Purus Group,
improving control of the value chain and accelerating time to market.
Combining two industry frontrunners increased scale, organizational
bandwidth and execution capabilities and put Hexagon Purus Group
in pole position to capitalize on the strong market growth expected for
hydrogen storage solutions.
The fair value of the identifiable assets and liabilities of Wystrach as at
the date of acquisition were:
(NOK 1 000)
Fair value
recognized on
acquisition
01.11.2021
ASSETS
Non-current assets
Intangible assets
Customer relationships 78 654
Technology 64 941
Software and licenses 1 533
Tangible assets
Land and land rights 22 260
Buildings 66 780
Technical equipment and machines 6 640
Other equipment, factory and office equipment 17 340
Right-of-use Assets 7 683
Current assets -
Inventories 170 560
Trade receivable 49 691
Other assets 59 536
Cash 1 277
Total assets 546 895
(NOK 1 000)
Fair value
recognized on
acquisition
01.11.2021
LIABILITIES
Liabilities to banks 48 458
Lease liabilities 7 683
Accruals for pensions and similar obligations 980
Deferred tax liabilities 44 837
Provisions 481
Trade payables 105 542
Payments received on account of orders 58 031
Income tax liabilities 7 436
Other liabilities 60 880
Total liabilities 334 328
Net identifiable assets and liabilities at fair value 212 571
Goodwill 187 369
Purchase consideration 399 936
The fair value of Wystrach was NOK 399.9 million. The acquisition was settled with MNOK 147.5 million in cash,
NOK 144.5 million in consideration shares in Hexagon Purus ASA, NOK 43.0 million in deferred payment and
contingent liabilities of NOK 64.9 million expected to be settled in cash in 2023 and 2024. Contingent considera-
tions are dependent upon revenue- and EBITDA targets of Wystrach in 2021, 2022 and 2023 and was recognised
as a best estimate of target achievement.
At the end of the reporting period 31.12.2022, there have been no changes to the fair value asessment.
Wystrach\u2019s contribution to the Group\u2019s revenue and EBITDA in 2021 was NOK 140 million and NOK 18 million
respectively. If the acquisition had taken place on 1 January 2021, the Group total revenue and profit after tax
would have amounted to NOK 662 million and NOK -356 million in 2021. Wystrach is included in the full year
2022.
Transaction costs of NOK 12.4 million were expensed as other operating expenses in the income statement and
are part of operating cash flows in the statement of cash flows 2021.
Note Discontinued operation
CNG LDV as discontinued operation
On 1 October 2021 the Compressed Natural Gas Light Duty Vehicle (CNG LDV) activities were transferred to
Hexagon Composites Group. This transfer established Hexagon Purus as a pure e-mobility business.
Condensed income statement (NOK 1 000)
As per
30.09.2021
Revenue 199 651
Expenses 212 323
Operating profit before depreciation (EBITDA) (12 672)
Depreciation and impairment 17 524
Operating profit (EBIT) (30 196)
Net finance 1 423
Profit before tax from discontinuing operations (31 619)
Tax 138
Post-tax profit/(loss) from discontinued operations (31 757)
Gain on disposal of discontinued operations before tax 23 205
Tax on disposal of discontinued operations -
Profit/(loss) after tax for the period from discontinued operations (8 552)
Note Operating segments
The chief operating decision maker of the Hexagon Purus Group is the CEO and the Board of Directors.
After the transfer of the CNG LDV operation (ref note 5), the Hexagon Purus Group consists of only one operating
segment.
The following tables present revenue and profit information as well as balance sheet information for the Purus
Group\u2019s operating segments:
(NOK 1 000) 2022 2021
Purus
Revenues from contracts with customers 958 636 505 797
Rental income 1 255 799
Other operating revenue 4 034 1 122
Total revenue 963 925 507 718
Segment operating profit before depreciation (EBITDA) (405 505) (271 777)
Segment operating profit (EBIT) (500 594) (324 875)
Segment assets 2 654 903 2 101 745
Segment liabilities 967 282 686 347
CNG LDV
1
Revenues from contracts with customers - 196 850
Other operating revenue - 2 801
Total revenue - 199 651
Segment operating profit before depreciation (EBITDA) - (12 672)
Segment operating profit (EBIT) - (30 196)
1
CNG LDV is reported as discontinued operation up to 1 October 2021. Ref note 5.
Revenue by region
(NOK 1 000) 2022 2021
Geographical regions
Norway - 382
Europe 754 677 344 012
North America 172 955 155 399
Latin America & the Caribbeans 836 -
Asia 34 872 7 651
Australia/Oceania 585 274
Total 963 925 507 718
Non-current assets by region
(NOK 1 000) 2022 2021
Geographical regions
Norway 135 540 82 844
Europe 1 050 578 939 445
North America 250 309 49 691
Asia 13 517 238
Total external 1 449 944 1 072 218
Non-current assets for this purpose consists of Property, Plant & Equipment, Right of use Assets and
Intangible Assets.
Investments by region 2022 2021 (NOK 1 000) Property, plant and equipment Intangible assets Property, plant and equipment Intangible assets Geographical regions Norway - 47 665 1 683 32 973 Europe 148 359 1 187 84 390 4 761 North America 81 200 727 21 371 - Asia 10 471 3 046 267 - Total 240 030 52 625 107 711 37 734 Note Revenue from contracts with customers Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers. The Group\u2019s customer base is relatively fragmented in terms of size and concentration such that the Group is not dependent on any single customer. Revenue recognition (NOK 1 000) 2022 2021 Sale of cylinders and systems 768 008 440 431 Sale of services and funded development 141 706 54 498 Other revenues 4 034 1 054 Contracts with customers at a point in time 913 748 495 983 Sale of cylinders and systems 4 882 3 441 Sale of services and funded development - - Other revenues - - Contracts with customers over time 4 882 3 441 Revenue from contracts with customers 918 630 499 424 Sale of cylinders and systems 42 351 2 736 Sale of services and funded development 1 689 4 691 Other revenues - 68 Rental income 1 255 799 Contracts with related parties 45 295 8 294 Total revenue 963 925 507 718 Type of goods or service Sale of cylinders and systems 815 241 446 608 Sale of services and funded development 143 395 59 189 Other revenues 4 034 1 122 Rental income 1 255 799 Total revenue from contracts with customers 963 925 507 718 (NOK 1 000) 2022 2021
Timing of revenue recognition
Goods transferred at a point in time 913 748 495 983
Services transferred over time 4 882 3 441
Transactions with related parties 44 040 7 495
Rental income 1 255 799
Total revenue from contracts with customers 963 925 507 718
1
CNG LDV is reported as discontinued operation in previous periods.
Contract balances (note 15)
(NOK 1 000) 2022 2021
Trade receivable 228 930 220 286
Contracts assets (accrued revenue) 9 488 4165
Contract liabilities 212 792 121 827
All contracts are for periods of one year or less, or are build based on time incurred. As permitted under IFRS 15,
the transaction price allocated to these unsatisfied contracts is not disclosed. The entire contract liabilities was
recognized in the subsequent period.
Note Payroll costs and number of employees
(NOK 1 000) Note 2022 2021
Salaries/fees 344 648 166 070
Contractors/hired personnel 37 516 14 832
Board remuneration 2 658 2 625
Share-based payments 15 776 7 691
Bonuses and incentive programs
24 25 807 14 639
Pension expense, defined-benefit plans
22 (686) 374
Pension expense, defined-contribution plans
22 6 798 3 100
Other personnel related expenses 11 201 3 085
Other social security costs 18 941 12 042
Capitalized personnel costs (development projects) (19 164) (14 856)
Payroll costs from continued operations 443 496 209 602
Payroll costs related to discontinued operation - 57 465
Number of full-time equivalents: 527 415
Hexagon Purus
Canada 69 49
China 11 -
Norway 18 7
Germany 372 304
USA 57 55
Total number of full-time equivalents 527 415
Capitalized payroll costs related to technology development projects amounted to MNOK 19.2 in 2022 and
MNOK 14.9 in 2021.
Capitalized expenses presented as part of other personnel related expenses.
Note Property, plant and equipment
Property, plant and equipment in Hexagon Purus Group
(NOK 1 000)
Buildings and
real estate
properties
Machinery
and
equipment
Assets
under
construction 2022 total
Fixed assets
Opening balance at cost price 138 110 212 849 81 604 432 563
Opening balance accumulated deprecations (38 253) (126 605) - (164 858)
Opening balance book value 99 857 86 245 81 604 267 705
Additions this year at cost price 1 033 65 813 173 185 240 030
Transfers from assets under construction - 25 226 (25 226) -
Deprecations this year (7 610) (26 020) - (33 630)
Impairments this year - (149) - (149)
Translation differences 5 353 8 765 9 721 23 839
Disposals - (2 806) - (2 806)
Closing balance 31 December 2022 98 633 157 073 239 284 494 990
Closing balance at cost price 144 496 309 847 239 284 693 627
Closing balance accumulated depreciations (45 863) (152 774) - (198 637)
Useful life 10-20 years 3-15 years
Depreciation method Straight-line Straight-line
(NOK 1 000)
Buildings and
real estate
properties
Machinery
and
equipment
Assets
under
construction 2021 total
Fixed assets
Opening balance at cost price 15 658 138 097 15 512 169 267
Opening balance accumulated deprecations (6 255) (86 377) - (92 632)
Opening balance book value 9 403 51 720 15 512 76 635
Additions this year at cost price 974 38 344 68 392 107 711
Additions at cost price from purchase of companies 118 455 49 661 - 168 116
Additions accumulated depreciation from purchase
of companies (29 415) (25 681) - (55 097)
Transfers from assets under construction 878 (878) -
Deprecations this year (2 583) (14 546) - (17 129)
Translation differences 3 023 (1 259) (1 422) 342
Disposals - (12 873) - (12 873)
Closing balance 31 December 2021 99 857 86 245 81 604 267 705
Closing balance at cost price 138 110 212 849 81 604 432 563
Closing balance accumulated depreciations (38 253) (126 605) - (164 858)
Useful life 10-20 years 3-15 years
Depreciation method Straight-line Straight-line
Note Intangible assets
Intangible assets in Hexagon Purus Group
(NOK 1 000)
Technology
and
development
Patents and
licenses
Customer
relation-
ships Goodwill 2022 total
Intangible assets
Opening balance at cost price 152 180 12 318 173 313 497 587 835 398
Opening balance accumulated amortizations (10 951) (4 546) (67 606) - (83 104)
Opening balance book value 141 228 7 772 105 707 497 587 752 294
Net additions this year at cost price 51 331 1 294 - - 52 625
Amortizations this year (14 820) (2 923) (19 163) - (36 906)
Translation differences 3 276 437 4 773 26 154 34 640
Closing balance 31 December 2022 181 015 6 581 91 316 523 741 802 654
Closing balance at cost price 206 787 14 050 178 086 523 741 922 664
Closing balance accumulated amortizations (25 772) (7 469) (86 770) - (120 010)
Useful life 5-20 years 6-17 years 7-9 years Indefinite
Amortization method Straight-line Straight-line Straight-line None
(NOK 1 000)
Technology
and
development
Patents and
licenses
Customer
relation-
ships Goodwill 2021 total
Intangible assets
Opening balance at cost price 53 044 7 111 95 425 323 107 478 687
Opening balance accumulated amortization (2 946) (2 646) (57 998) - (63 590)
Opening balance booked value 50 097 4 466 37 427 323 107 415 097
Net additions this year at cost price 33 323 4 412 - - 37 735
Additions from purchase of companies 64 941 1 533 78 654 187 369 332 497
Amortization this year (6 343) (1 901) (9 608) - (17 852)
Translation differences 871 (738) (766) (12 888) (13 521)
Disposals (1 662) - - - (1 662)
Closing balance 31 December 2021 141 228 7 772 105 707 497 587 752 294
Closing balance at cost price 152 180 12 318 173 313 497 587 835 398
Closing balance accumulated amortization (10 951) (4 546) (67 606) - (83 104)
Useful life 5-20 years 6-17 years 7-9 years Indefinite
Amortization method Straight-line Straight-line Straight-line None
Research & development costs totalling NOK 77 million (47) were expensed in 2022. The Group has received
government grants of NOK 2 million (2) in 2022, which has been offset against research and development costs.
Impairment testing of goodwill
The goodwill items of the following cash flow generating units are subject to impairment testing
(NOK 1 000) 2022 2021
Purus 523 741 497 587
Total goodwill 523 741 497 587
The most important assumptions for calculating value in use are related to estimates for operating revenues,
EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost
of capital before tax of 11.9 per cent has been used.
Hexagon Purus group initial business plan projections imply significant growth: NOK 4 to 5 billion in revenues by
2025 and double-digit EBITDA margins in the longer-term.
In this regard the following assumptions are used specifically in relation to the business activities for which the
historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage,
marine, rail and other cylinder applications at target revenue growth and attaining target EBITDA margin.
Sensitivity analysis for the goodwill
In connection with the impairment testing of goodwill as of 31 December 2022, the Group carried out sensitivity
analyses. The present value of the cash flow in the calculations made is, among other things, sensitive to changes
in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point.
Calculations have been made based on one of the estimated economic assumptions being changed and in
which the other economic assumptions remain unchanged.
The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Purus goodwill exceed
the recognized value with a comfortable headroom, and a reasonable change in key assumption (+ 1.0 per cent
for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use.
The market value of the groups equity measured by the share price on the Euronext Growth as of 31.12.2022 gives
a headroom of approximately NOK 3 700 million. The value in use is estimated to give an even higher headroom.
Note Leases
Right-of-use assets
(NOK 1 000)
Land and
buildings
Machinery and
equipment
Fixtures,
fittings,
vehicles 2022 total
2022
Opening balance at cost price 69 225 19 134 3 468 91 827
Opening balance accumulated deprecations (36 262) (906) (2 440) (39 608)
Opening balance 1 January 32 963 18 228 1 028 52 219
Additions this year at cost price 118 929 1 505 2 038 122 472
Derecognition (2 520) - - (2 520)
Deprecations this year (18 387) (4 937) (1 079) (24 404)
Translation differences 3 327 1 094 113 4 533
Closing balance 31 December 134 311 15 890 2 099 152 300
Useful life 3-10 years 2-7 years 2-5 years
Depreciation method Linear Linear Linear Linear
(NOK 1 000)
Land and
buildings
Machinery and
equipment
Fixtures,
fittings,
vehicles 2022 total
2021
Opening balance at cost price 52 579 - 2 413 54 992
Opening balance accumulated deprecations (22 922) - (1 613) (24 535)
Opening balance 1 January 29 657 - 801 30 457
Additions this year at cost price 19 961 12 072 312 32 345
Additions from purchase of companies - 7 101 798 7 899
Deprecations this year (16 383) (906) (827) (18 116)
Translation differences (272) (39) (56) (367)
Closing balance 31 Decemer 32 963 18 228 1 028 52 219
Useful life 3- 10 years 2 - 7 years 2 - 5 years
Depreciation method Linear Linear Linear Linear
Lease liabilities
(NOK 1 000) 2022 2021
Summary of lease liabilities
Opening balance 1 January 53 079 31 039
New lease liabilities recognized in the year 122 472 32 345
New lease liabilities from purchase of companies - 7 899
Derecognition (2 547) -
Cash payments for the principal portion of the lease liability (23 656) (17 606)
Cash payments for the interest portion of the lease liability (2 471) (913)
Interest expense on lease liabilities 2 471 913
Currency exchange differences 5 362 (598)
Lease liabilities 31 December 154 710 53 079
hereof:
Current lease liabilitiies 22 230 21 285
Non-current lease liabilities 132 479 31 794
Total lease liabilities 31 December 154 710 53 079
(NOK 1 000) 2022 2021
Lease liability cash flow (excl interests)
Less than a month 1 851 1 867
1-3 months 3 715 3 528
3-12 months 16 665 15 890
Less than 1 year 22 230 21 285
1-5 years 85 087 31794
More than 5 years 47 392 -
Total discounted lease liabilities 31 December 154 710 53 079
(NOK 1 000) 2022 2021
Lease interest expense cash flow
Less than a month 1 021 90
1-3 months 2 015 170
3-12 months 8 684 201
Less than 1 year 11 720 461
1-5 years 33 111 1 152
More than 5 years 13 448 -
Total lease interests following periods 58 280 1 612
(NOK 1 000) 2022 2021
Undiscounted cash outflow
Less than 1 year 2 871 1 957
1-2 years 5 730 3 698
2-3 years 25 348 16 091
3-4 years 33 950 21 746
4-5 years 118 199 32 946
More than 5 years 60 841 -
Total undiscounted lease liabilities 31 December 212 989 54 692
(NOK 1 1000) 2022 2021 Summary of cash outflows leases Cash payment for leases 26 127 18 519 Variable payments 8 508 1 936 Cash payments related to short term leases and leases of low value 259 210 Total cash outflow for leases 34 894 20 664 Some of the leases have options to extend the contract beyond the period used in the calculations. For most cases the probability of utilizing such options are not high enough to include options in the calculation of the leases. The leases do not contain any termination options that are considered significant for the calculations. The leases do not contain any restrictions on the Group\u2019s dividend policy or financing, and there are no require- ments to financial performance or ratios. The Group does not have significant residual value guarantees related to its leases to disclose. No operational risks related to leases are identified. As of 31 December 2022, there was one significant lease agreement which has not yet commenced and thus not yet reflected in the balance sheet. This relates to a production facility currently under construction in Kassel, Germany, which is expected to commence in the second half of 2023. The construction cost of the building is estimated to approximately NOK 400 million and the Group is committed to enter into a 15 year lease with an option to buy after 10 years. Note Investments in associates Country Business segment Ownership share 31.12.2021 Ownership share 31.12.2022 Accounting method Companies Norwegian Hydrogen AS 1 Norway Hexagon Purus 17.7% 14.2% Equity method 1 Cryoshelter LH2 GmbH 2 Austria Hexagon Purus - 40.0% Equity method CIMC Hexagon Hydrogen Energy Systems Ltd. 3 Hong Kong Hexagon Purus - 49.0% Equity method Hyon AS 4 Norway Hexagon Purus - - Equity method 1 Classified as an associated company and accounted for using the equity method in the period 01.01 - 31.08.22. As of 01.09, the investment is classified as an equity instrument at fair value through profit or loss. 2 Acquired on 01.08.2022 and classified as associated companies effective from the same date 3 Entity legally established in July 2022 and classified as an associated company effective from the same date 4 On 28.06.2021, Hexagon Purus ASA sold all shares in Hyon AS Reconciliation of associated companies in the P&L
Norwegian Hydrogen AS Cryoshelter LH2 GmbH
CIMC Hexagon Hydrogen
Energy Systems Hyon AS Total
(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Share of profit after tax (2 845) (2 922) (2 439) - (5 988) - - (35) (11 272) (2 957)
PPA amortizations associated companies - - - - - - - - -
Gain on loss of significant influence 63 159 - - - - - - - 63 159 -
Total profit/loss from investments in associated companies as per 31.12 60 314 (2 922) (2 439) - (5 988) - - (35) 51 887 (2 957)
Reconciliation of associated companies in the balance sheet
Norwegian Hydrogen AS Cryoshelter LH2 GmbH
CIMC Hexagon Hydrogen
Energy Systems Hyon AS Total
(NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Companies
Carrying value as at 01.01 7 024 2 066 - - - - - - 7 024 2 066
Purchase of shares - - 33 738 - - - - - 33 738 -
Share capital contribution - 7 880 - - 7 743 - - 700 7 743 8 580
Share of profit after tax incl. PPA amortizations (2 845) (2 922) (2 439) - (5 988) - - (35) (11 272) (2 957)
Dividends - - - - - - - - -
Sale of shares - - - - - - - (665) - (665)
Derecognition - loss of significant influence (4 179) - - - - - - - (4 179) -
Currency translation effects - - (41) - 16 - - - (25) -
Carrying value as per 31.12 - 7 024 31 258 - 1 771 - - - 33 029 7 024
Norwegian Hydrogen AS
Hexagon Purus ASA has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December
2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from
21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period
from 01.01.22 to 31.08.2022 retained its classification of Norwegian Hydrogen as an associated company due to
an assessment of still having significant influence in the entity. Important factors for this assessment have been
Board of Directors representation and being the 2
nd
largest shareholder of the entity in the same period.
On 27.08.2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private
placement, and thus reducing Hexagon Purus\u2019 ownership from 17.7 per cent to 15.0 per cent. Following this
private placement, the Company assessed that significant influence is no longer present, as the Company is now
the 3
rd
largest shareholder and the fact that the new shareholder has received two additional seats in the Board
of Directors, resulting in diluted decisional and strategical influence. The Company has consequently from this
date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of
Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, result-
ing in an accounting gain of NOK 63.1 million, recognized in profit/loss from investments in associates in the
income statement. At 31.12.2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a
result of a second private placement in the company in October 2022.
Cryoshelter LH2 GmbH
In April 2022, Hexagon announced an agreement to acquire a 40 per cent stake in Cryoshelter GmbH, an Austria
based company specialized in the development of cryogenic tank technology for liquid natural gas (LNG) and
liquid hydrogen (LH2). Upon closing, Cryoshelter GmbH were to be demerged into two separate legal entities,
Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH, in which Hexagon Purus were to acquire the LH2-
business.
On 01.08.2022, Hexagon Purus made a EUR 3.4 (NOK 34) million investment and acquired 40 per cent of the
shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5-10 years. As
of 01.08.2022, the said options do not give rise to any de-facto control and the investment is consequently
accounted for by using the equity method effective from 01.08.2022. The table below shows the initial assessment
of the purchase price allocation of the entity per 01.08.2022.The table below shows the purchase price allocation
per 01.08.2022.
Purchase price allocation
(NOK 1 1000)
Cryoshelter
LH2 GmbH
Non-current assets 203
Current assets 5 150
Non-current liabilities 3 946
Current liabilities 2 951
Equity as per 01.08.2022 (1 543)
Hexagon's share of equity (40%) (617)
Intangible assets (technology)
1
19 702
Goodwill 14 654
Hexagon's carrying value of the investment 33 738
1
The technology for liquid hydrogen tanks is still in the development phase
CIMC Hexagon Hydrogen Energy Systems Ltd.
In 2021, Hexagon Purus entered into an agreement with CIMC Enric, encompassing cylinder and systems produc-
tion for Fuel Cell Electric Vehicles (FCEVs) and hydrogen distribution in China and Southeast Asia.
In July 2022, CIMC Hexagon Energy Systems Ltd. was legally established and registered in Hong Kong, where
Hexagon Purus HK Holding AS, a wholly owned subsidiary of Hexagon Purus ASA, subscribed for 49 per cent of
the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51 per cent of the shares.
The entity is classified as an associate company and accounted for via the equity method as of 01.07.2022. CIMC
Hexagon Hydrogen Energy Technologies Ltd. was also legally established and registered in Hong Kong in July
2022. Hexagon Purus HK Holding AS holds a majority shareholding of 51 per cent in this entity while CIMC Enric
holds the remaining 49 per cent. As Hexagon Purus controls the entity, the entity is thus consolidated in the
Group accounts.
Note Non-current financial assets and other non-current assets
(NOK 1 000) 2022 2021
Loans (as lender)
1
13 193 -
Other shares
2
67 339 -
Other non-current assets 2 499 2 476
Total other non-current assets 83 030 2 476
1
Loans consists largely of 12.5 MNOK loans to the associated company Cryoshelter LH2 GmbH.
2
Other shares represent the fair value of Hexagon Purus\u00b4s shares in Norwegian Hydrogen AS. See note 12 for further information.
Note Inventories
(NOK 1 000) 2022 2021
Raw materials and consumables 195 047 182 866
Work in progress 107 224 67 453
Finished goods 29 947 10 916
Total inventories 332 218 261 235
Provision for obsolete inventory in balance sheet 16 711 6 795
Carrying amount of holdings used as pledged assets - -
Provisions for obsolete inventory in balance sheet, are presented net at each category of inventory.
Note Trade receivables
Trade receivables are recognized at transaction price and subsequently measured at initial recognized amount
less impairment losses.
(NOK 1 000) 2022 2021
Trade receivables 230 895 222 022
Provisions for loss (1 965) (1 736)
Trade receivables after provision for losses 228 930 220 286
Carrying amount of trade receivables used as pledged assets - -
Losses on trade receivables are classified as other operating expenses in the income statement. In the
assessment, consideration is made to guaranteed and insured amounts (see other note concerning credit risk).
Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract
assets using a provision matrix:
As of 31 December the company had the following ageing of trade receivables
Trade receivables
Contract
assets Not due
<30 days
past due
30-60
days
past due
60-90
days
past due
>90days
past due Total
2022
Expected credit loss rate 0.0% 0.4% 0.0% 7.3% 0.0% 8.3%
Carrying amount at default 9 488 180 357 33 531 7 595 1 494 7 916 230 895
Expected credit loss (751) (557) (657) (1 965)
Net carrying amount 9 488 179 607 33 531 7 038 1 494 7 260 228 930
2021
Expected credit loss rate 0.0% 0.0% 0.0% 0.7% 0.0% 21.7%
Carrying amount at default 4165 100 952 68 507 40167 5672 6 724 222 022
Expected credit loss (280) (1456) (1 736)
Net carrying amount 4 165 100 952 68 507 39 887 5 672 5 267 220 286
Changes in the provision for losses are as follows
(NOK 1 000) 2022 2021
Opening balance 1 January 1 736 935
Additions from purchase of companies - 535
Provision for losses for the year 652 830
Actual losses during the year (442) (537)
Translation differences 20 (27)
Closing balance 31 December 1 965 1 736
Credit risk and currency risk regarding trade receivables are described in more detail in note 20.
Note Other current assets
(NOK 1 000) 2022 2021
Other debtors 17 634 14 956
Prepaid expenses 50 712 44 231
Prepayment to suppliers 61 188 -
Entitlement to VAT sand sales tax 480 18 924
Entitlement to income tax refund 1 816 39
Other 4 730 2793
Total other current assets 136 560 80 943
Note Bank deposits, cash and cash equivalents (NOK 1 000) 2022 2021 Cash at bank and in hand 381 705 453 398 Undrawn Group overdraft facility 15 771 13 837 Restricted funds included in cash & cash equivalents 1 1 482 1182 1 Restricted funds represents bank deposits for tax deductions in Norway. Note Net financial items (NOK 1 000) 2022 2021 Interest income 8 111 1 625 Foreign exchange items 29 245 12 624 Total finance income continued operations 37 356 14 249 Loss on exchange items 16 634 24 185 Cost of interest on loans etc. 10 141 8 593 Cost of interest on lease liabilities 2 471 913 Other finance expense 303 - Total finance expense continued operations 29 548 33 691 Net financial items continued operations 7 808 (19 442) Finance income from discontinued operations - 667 Finance expense from discontinued operations - 2 090 Note Financial assets and financial liabilities Set out below, is an overview of financial assets, other than cash and short-term deposits, held by the Group as at 31 December 2022 and 31 December 2021. Financial assets (NOK 1 000) 2022 2021 Financial assets at amortized costs Trade receivables 228 930 220 286 Other non-current financial assets 13 193 2 476 Other current financial assets 24 660 36 712 Financial assets at fair value Other non-current financial assets 67 339 - Total 266 783 259 474 Total current 253 590 256 998 Total non-current 13 193 2 476 Financial liabilities Set out below is an overview of financial liabilities held by the Group as at 31 December 2022 and 31 December 2021. Financial liabilities (NOK 1 000) 2022 2021 Financial liabilities at amortized cost Trade and other payables 255 712 191 409 Non-current interest bearing loans and borrowings 39 358 42 126 Other non-current financial liabilities - 43 490 Other current financial liabilities 45 777 - Current interest bearing loans and borrowings 4 673 13 635 Financial liabilities at fair value Other non-current financial liabilities (Contingent liabilities) 39 789 65 616 Other current financial liabilities 29 275 - Total 414 584 356 276 Total current 335 437 205 044 Total non-current 79 147 151 232 Measurement of fair value
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Level 2 relates to currency- and interest rate swaps shown in note 13 and 4, is estimated based on calcu-
lating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads
as of the balance sheet date.
Level 3: Level 3 relates to contingent liabilities arising from acquisitions as shown in note 4 and unlisted equity
investments at fair value as shown in note 12 and 13. The fair value of contingent liabilities is estimated based on
expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of
unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations
derived from private placements undertaken in the companies.
Non- current interest-bearing liabilities are recognized in accordance with amortized cost.
Carrying amount and fair value of financial assets and financial liabilities
2022 2021
(NOK 1 000) Level Book value Fair value Book value Fair value
Financial assets
Other non-current financial assets 3 67 339 67 339 - -
Other non current assets 2 13 193 13 193 2 476 2 476
Other current financial assets 2 24 660 24 660 36 712 36 712
Total financial assets 105 191 105 191 39 188 39 188
Total current 24 660 24 660 36 712 36 712
Total non-current 80 531 80 531 2 476 2 476
Financial liabilities
Loan from financial institutions 2 44 030 39 028 55 761 55 761
Other non-current financial liabilities 3 39 789 39 789 109 106 109 106
Other current financial liabilities 3 75 051 75 051 - -
Total financial liabilities 158 870 153 868 164 867 164 867
Total current 79 723 74 721 205 044 205 044
Total non-current 79 147 79 147 151 232 151 232
The management assessed that the fair values of bank deposits, cash and cash equivalents, trade receivables,
other non- current assets, trade payables, and other current liabilities approximate their carrying amounts largely
due to the short- term maturities of these instruments.
Note Financial risk management
The Group\u2019s principal financial liabilities, comprise
interest bearing loans and borrowings, and trade
payables and other payables. The main purpose of
these financial liabilities is to finance the Group\u2019s
operation. The Group\u2019s principal financial assets
include trade receivables, cash and cash equivalents
that derive directly from its operations.
The Group is exposed to interest rate risk, liquidity
risk, currency risk and credit risk. The Group\u2019s man-
agement regularly evaluates these risks and defines
guidelines on appropriate financial risk governance
framework for the Group. Procedures for risk man-
agement are adopted by the board and carried out
by the chief financial officer in close cooperation
with the subsidiaries.
The Group may use financial instruments under its
strategy to hedge risks associated with interest rate
and foreign currency fluctuations. The Group is not
using any such instruments for the time being.
Credit risk
The Group is mainly exposed to credit risk asso-
ciated with trade receivables and contract assets.
The Group minimizes its exposure to credit risk by
ensuring that all parties requiring credit (primarily
trade receivables) are approved and undergo a
credit check.
Trade receivables amounted to NOK 229 million
(NOK 220 million). The subsidiary Hexagon Purus
GmbH applies credit insurance to covers parts of
the companies\u2019 receivables. Except for parts in
Hexagon Purus GmbH, trade receivables do not
have credit insurance. However, these are partly
covered through Letter of Credits and prepayments
from customers.
The Group has policies in place to ensure that sales
of products are made to customers with an appro-
priate credit history and that outstanding amounts
do not exceed the defined credit limits. Credit infor-
mation is also used in the group\u2019s regular appraisal
of new and existing customers.
The Group has not issued guarantees for third party
obligations.
The carrying amount of the financial assets, in
the balance sheet represents the maximum risk
exposure. The Group considers its maximum risk
exposure to be the carrying amount of its trade
receivables, contract assets and other current assets.
An impairment analysis is performed at each
reporting date using a provision matrix to measure
expected credit losses. The provision rates are based
on days past due for grouping of various customer
segments with similar loss patterns (i.e. geograph-
ical region, product type, customer type and rating,
coverage by letter of credit or prepayments or other
forms of credit insurance). The calculation reflects
the probability-weighted outcome and reasonable
and supportable information that is available at the
reporting date about past events, current conditions
and forecasts of future economic conditions.
Generally, trade receivables are written-off if past
due for more than one year and are not subject to
enforcement activity.
Note 15 provides information about the credit risk
exposure on the Group\u2019s trade receivables and
contract assets using a provision matrix.
Interest rate risk
The Group is exposed to interest rate risk from its
financing activities. The Group\u2019s interest-bearing
liabilities \u2013 from financial institutions have variable
interest rates, which means it is affected by changes
in interest rates. The Group has substantial amounts
in bank deposits at year-end. As the interest on
deposits are low for the time being, the risk related
to this part is considered limited.
In general, the aim of the Group\u2019s interest rate
risk management is to control interest expenses,
while also keeping the volatility of future interest
payments within acceptable limits. The Group\u2019s
strategy is for its finance departments to regularly
evaluate the interest rate exposure of Hexagon
Purus Group\u2019s assets and liabilities based on a total
assessment of interest expectations and risk profile.
The Group may use derivatives to adjust its effective
interest rate exposure, but has considered this
being unnecessary for the time being due to limited
volume of external financing.
The average effective interest rate on financial liabilites was as follows
2022 2021
Loan from related party - 5.2%
Loan from financial institutions 1.56% - 7.50% 1.56 - 5.50%
Leases 2.50% - 10.50% 1.50% - 4.88%
The following table shows the group\u2019s sensitivity to potential changes in interest rates for loans from financial institutions (loan from related party excluded). The calculations take into account all interest-bearing instruments and associated interest rate derivatives (if any) as of 31.12. Change in interest rates in base points Effect on profit/loss before tax (NOK 1 000) Gains or losses on interest rate derivatives in comprehensive income before tax (NOK 1 000) 2022 +100 (440) - (100) 440 - 2021 +100 (434) - (100) 434 - As of 31.12.2022 all of the outstanding interest-bearing loans have fixed interest, see note 26. Therefore the table above must be seen as an illustration of the net effect would have effected the profit/loss before tax. Liquidity risk Liquidity risk is the risk of the group not being in a position to fulfil its financial liabilities when they fall due. The group\u2019s strategy for managing liquidity risk is to set a level of available liquidity to enable it to discharge its finan- cial liabilities when they fall due, both under normal and unexpected circumstances, without risking unacceptable losses or damaging the group\u2019s reputation. The majority of excess liquidity is invested in bank deposits. Since the Group is in a process of investing heavily in a growing market and strategic expansion requires sub- stantial funding, a major risk is related to the ability of providing funds for the growth as and when needed. This is a major area of focus for the Group management. For this purpose there has been a private placement after the balance sheet date. Further process for long term financing of the Group can be expected in the months and years to come. 31 December 2022 Remaining period (NOK 1 000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years More than 5 years Total Repayment of bank loans 389 1 168 3 115 14 202 25 156 44 030 Interest on bank loans 75 226 604 3 304 3 953 8 162 Leases 1851 3 715 16 665 85 087 47 392 154 710 Interest on leases 1021 2015 8684 33 111 13 448 58 280 Other non-current financial liabilities 39 789 39 789 Other current financial liabilities 75 052 75 052 Trade payables 200 380 46 008 6 676 2 366 283 255 712 Total 203 716 53 133 110 794 177 860 90 232 635 735 31 December 2021 Remaining period (NOK 1 000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years More than 5 years Total Repayment of bank loans 368 1 103 2 942 19 130 22 996 46 539 Overdraft facility - - 8 637 - - 8 637 Loan from related party - - 585 - - 585 Interest on loans 87 260 693 3 510 1 850 6 400 Leases 1 867 3 528 15 475 32 209 - 53 079 Interest on leases 90 170 616 737 - 1 613 Other non-current financial liabilities - - - 109 106 - 109 106 Trade payables 134 647 55 140 1 623 - - 191 409 Total 137 058 60 201 30 571 164 692 24 846 417 368 Foreign exchange risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates
primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency).
As the Group has production and sales in different countries with different functional currencies, it is exposed
to currency risk associated with movements of the Norwegian krone against other currencies, while the Group\u2019s
presentation currency is NOK. The Group\u2019s profit after tax is also affected by currency movements, as the results
of foreign companies are translated to the Norwegian currency using the weighted average exchange rate for the
period.
Currency risk is calculated for each currency and takes into consideration assets and liabilities, off-balance sheet
obligations and highly probable purchases and sales in the relevant currency.
The Group can use forward contracts to reduce its currency risk from cash flows denominated in foreign curren-
cies. For the time being, the Group has no such contracts.
(NOK 1000)
Movement of
NOK against USD
Effect on profit/ loss
before tax
Effect on
OCI pre tax
2022 +10% (19 246) -
(10%) 19 246 -
2021 +10% (9 470) -
(10%) 9 470 -
(NOK 1000)
Movement of
NOK against EUR
Effect on profit/ loss
before tax
Effect on
OCI pre tax
2022 +10% (27 123) -
(10%) 27 123 -
2021 +10% (16 980) -
(10%) 16 980 -
The table explains the effect on the Group\u2019s profit/loss from +/- 10% change in EUR or USD.
Capital structure and equity
The main goal of the Hexagon Purus Group\u2019s capital structure management is to ensure it maintains a level of
equity which is reasonable in relation to the Group\u2019s operations and an acceptable credit rating. Hexagon Purus
Group is a growth company where large investments in business development will be necessary to achieve future
growth and profitability. Hence, the major financing element in the near future is expected to be equity or equi-
ty-linked financing.
It is targeted that the Group\u2019s shareholders shall receive a competitive return on their shares, mainly through
price increases in the Group\u2019s shares. The Group is not expecting to pay dividends based on financial perfor-
mance in the nearest periods.
The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco-
nomic conditions and prospects of short and medium-term growth. The Board of Directors as per 31 December
2022 was granted the power to increase the share capital by maximum NOK 9.050 million in face value. No other
changes to guidelines or capital structure is planned at the time of authorization of this report.
Note Short term provisions
(NOK 1 000) 2022 2021
Balance 1 January 12 882 17 162
Translation differences
Additions from purchase of companies - 431
Provisions for the year 28 480 1 753
Provisions used (and reversed) during the year (5 954) (4 693)
Provision held for sale
Warranty provision, other changes 2 819 (1 771)
Balance 31 December 38 227 12 882
The Group seeks to minimize the level of warranty or other claims from third parties through a diligent focus on
product quality. The Group also seeks to consistently recognize any potential impact of unanticipated events.
Provisions are made for both general and, if required, specific warranty claims on hydrogen cylinders or on deliv-
ered hydrogen- or battery systems.
Such provisions are typically based on
i) historical warranty costs levels for equivalent products and services,
ii) our assessment of any ongoing third-party legal disputes or quality related matters in the ordinary course of
business. In such cases, including products liability cases, the Group prepares estimates based on experience,
professional judgment of legal counsel, and other assumptions it believes to be reasonable. The Group also
recognizes an asset if insurance covers all or part of any recorded liability. As additional information becomes
available, potential liability related to pending litigation is reassessed and related estimates are updated., and
iii) a forward view based on the changing levels and complexity of our business activities within cylinder and
systems business areas respectively.
The warranty period is mostly one year from delivery with exceptions for individual contracts. The provision can
thereby be expected to be related to activity and new contracts.
Note Pensions
Pension plans in Hexagon Purus Group
The Norwegian companies in the group are legally obliged to have occupational pension arrangements under
the Norwegian Mandatory Occupational Pension Act. The Norwegian pension arrangements satisfy the require-
ments of this act. This arrangement is a defined contribution plan.
Our subsidiaries in the USA offer defined contribution plans subject to USA statutory requirements. The defined
contribution plans cover full-time employees and employer contributions range up to 6 per cent of defined
compensation subject to employee contributions. For some of the plans, there can also be an additional payment
at the end of the year in accordance with the terms of the defined contribution plan.
In Germany most employees are not covered by a pension plan. There is a historical defined benefit plan with
a very limited participation. The obligation for the defined benefit pension plans is calculated on a straight-line
basis. Unrealized gains and losses resulting from changes in actuarial assumptions are recognized in other com-
prehensive income. There are seven active and three retired in the pension plan. The pension liability is calculated
by an actuary. The net pension liability is presented below. Based on the limited participation and liability, the
plan is considered of low significance.
Summary of pension cost in the Group
(NOK 1 000) 2022 2021
Defined contribution pension plan 6 566 3 100
Defined benefit pension plan (453) 374
Total 6 113 3 474
Pension related assets and liabilities
(NOK 1 000) 2022 2021
Pension liabilities 1 439 1 892
Note Share capital and share premium
Share capital and shareholders
2022 2021
Ordinary shares of NOK 0.10 (2022/2021) 258 278 937 233 536 669
Total number of shares 258 278 937 233 536 669
The Company\u2019s share capital consists of one class of shares and is fully paid-up.
Changes in share capital and share premium
Number of shares Share capital (NOK 1 000) Share premium (NOK 1 000)
2022 2021 2022 2021 2022 2021
Ordinary shares
Issued and paid 1 January 233 536 669 229 092 239 23 354 22 909 1 383 817 1 594 022
Issued new share capital 24 742 268 4 444 430 2 474 444 597 526 143 628
Transaction cost (6 134)
Other changes (129)
Issued and paid, end of period 258 278 937 233 536 669 25 828 23 354 1 975 208 1 737 521
Transferred to share premium (432 328) (353 704)
Net total 1 542 880 1 383 817
The company does not hold any treasury shares.
On 23 November 2021 related to the closing of the Wystrach acquisition, the company issued 4 444 430 consideration shares to the previous shareholders of Wystrach GmbH.
On 15 February 2022, the Company issued 24 742 268 new shares in a private placement at the price of NOK 24.25 per share. The Company raised approximately NOK 600 million in gross proceeds.
On 1 March 2023, the Company issued 18 518 519 new shares in a private placement at the price of 27.00 per share. The Company raised approximately NOK 500 million in gross proceeds.
20 Largest shareholders as of 31 December 2022 Number of shares Shareholding HEXAGON COMPOSITES ASA 189 300 496 73.3% CLEARSTREAM BANKING S.A. 20 123 019 7.8% MITSUI & CO LTD 5 204 029 2.0% Deutsche Bank Aktiengesellschaft 4 525 609 1.8% FLAKK COMPOSITES AS 3 027 799 1.2% Citibank Europe plc 2 508 592 1.0% MP PENSJON PK 2 405 698 0.9% Nordnet Bank AB 1 636 317 0.6% The Bank of New York Mellon SA/NV 1 568 704 0.6% UBS Switzerland AG 1 462 050 0.6% BR\u00d8DR. B\u00d8CKMANN AS 1 363 120 0.5% The Bank of New York Mellon SA/NV 1 230 208 0.5% The Bank of New York Mellon SA/NV 984 120 0.4% State Street Bank and Trust Comp 831 287 0.3% KTF FINANS AS 756 950 0.3% Skandinaviska Enskilda Banken AB 700 444 0.3% Carnegie Investment Bank AB 566 788 0.2% SIX SAF AG 545 022 0.2% Saxo Bank A/S 545 021 0.2% State Street Bank and Trust Comp 504 563 0.2% Total 20 largest shareholders 239 789 836 92.8% Remainder 18 489 101 7.2% Total 258 278 937 100.0% Note Share-based payment Programs The Company has four share-based long-term incentive plans. The first plan is a management investment program with Performance Share Units (\u201cPSUs\u201d) matching. This plan is limited to four members of the executive management team. Each eligible employee will in 2024 be entitled to up to three new shares in the Company per share invested, at no consideration, provided he or she is still employed in the Company at such date. The entitlement depends on fulfilment of three criteria, one per matching share. One criterion is tied to increase in share price, one is tied to Company performance criteria, and one is tied to continued employment. On 14 December 2020, the Company announced that key members of Hexagon Purus\u2019 executive management team exercised their right to pur- chase the maximum number of shares allowable in the management investment program, equal to a total number of 210 621 shares. As part of this management investment program, the Company awarded up to 421 242 related PSUs and 210 621 Restricted Stock Units (\u201cRSUs\u201d) to the executives. The instruments are non-transferable and will vest in 2024 when the Board of Directors approve the annual accounts for 2023, subject to satisfaction of the applicable vesting conditions. Each vested instrument will give the holder the right to receive one share in the Company. The second share-based long term incentive plan is an employee RSU program, where 536 000 RSUs are currently issued to key personnel and management employees of the Group. Subject to satisfaction of the applicable vesting conditions, each RSU entitles eligible employees to receive such number of Hexagon Purus shares as corresponds to the number of RSUs vested at the date on which the Company\u2019s Board of Directors approves the Company\u2019s annual accounts for the financial year of 2023. The third share-based long term incentive plan is an employee PSU program, where 988 686 PSUs are currently issued to key personnel and management employees of the Group. Subject to satisfaction of the applicable vesting conditions and share price development, each PSU entitles eligible employees to receive up to twice the number of Hexagon
Purus shares as corresponds to the number of PSUs
vested on 3 March 2025.
The fourth share-based long term incentive plan
is an employee RSU program, where 85 260 RSUs
are currently issued to key personnel of the Group.
Subject to satisfaction of the applicable vesting
conditions, each RSU entitles eligible employees
to receive such number of Hexagon Purus shares
as corresponds to the number of RSUs on 3 March
2025.
The fair value of the RSUs and PSUs are calcu-
lated on the grant date, using the Black-Scholes
model and Monte Carlo simulation, and the cost
is recognized over the service period. Cost of the
RSU and PSU schemes, was NOK 15.8 million as of
31 December 2022 ( NOK 7.7 million). The unamor-
tized fair value of all outstanding RSUs and PSUs as
of 31 December 2022 is estimated to be NOK 38.0
million (NOK 18.8 million).
There are no cash settlement obligations.
Instruments 2022
RSU key personnel
(from 2020)
PSU executive
management
RSU executive
management
PSU Management
(from 2022)
RSU Key personnel
(from 2022)
Opening balance 2022, number of instruments 561 000 421 242 210 621 - -
Grants 5 000 - - 988 686 91 350
Lapsed/cancelled (30 000) - - - (6 090)
Closing balance 31.12.2022, number of instruments 536 000 421 242 210 621 988 686 85 260
Contractual life (remaining) 1.50 1.50 1.50 5.17 5.17
Contractual life
1
3.54 3.54 3.54 5.78 5.72
Strike price
1
- - - 0.10 0.10
Share price
1
27.30 27.30 27.30 32.14 27.76
Expected lifetime
1
3.54 3.54 3.54 2.99 -
Volatility
1
30.00% 30.00% - 49.31% 30.00% 62.25% -
Interest rate
1
0.390% 0.390% 0.390% 2.616% -
Dividend
1
- - - - -
FV per instrument
1
27.30 20.83 27.30 33.67 27.76
Instruments 2021 RSU key personnel
PSU executive
management
RSU executive
management
Opening balance 2021, number of instruments 485 000 421 242 210 621
Grants 91 000 - -
Lapsed/cancelled (15 000) - -
Closing balance 31.12.2021, number of instruments 561 000 421 242 210 621
Contractual life
1
2.50 2.50 2.50
Strike price
1
- - -
Share price
1
27.30 27.30 27.30
Expected lifetime
1
3.54 3.54 3.54
Volatility
1
30.00% 30.32% 30.00%
Interest rate
1
0.390% 0.390% 0.390%
Dividend
1
- - -
FV per instrument
1
27.30 20.83 27.30
1
Weighted average parameters at grant of instrument.
Note Earnings per share
Earnings per share is calculated by dividing profit for
the year by the weighted average number of shares
outstanding.
To calculate diluted earnings per share, the profit
and weighted average number of shares outstand-
ing is adjusted to accommodate all dilution effects
associated with share options. All share options
are taken into consideration in the \u201cdenominator\u201d,
and adjustments are made for recognized option
expenses in the numerator. In the calculations,
share options are considered to have been con-
verted at the grant date. Redeemed options are
included from the date of issue.
(NOK 1 000) Note 2022 2021
Profit/loss from continuing operations for the year flowing to holders of ordinary shares
Profit/loss for the year (431 518) (345 152)
Weighted average number of shares outstanding 31 December
Ordinary shares issued 1 January
23 233 536 669 229 092 239
Own shares - -
Issued new shares 24 742 268 4 444 430
Outstanding number of shares 31 December 258 278 937 233 536 669
Weighted average number of shares outstanding 31 December
1
258 278 937 233 536 669
Profit/loss per share (continuing operation) (1.67) (1.49)
Diluted number of shares outstanding 31 December
Ordinary shares issued 1 January
23 233 536 669 229 092 239
Own shares - -
Issued new shares 24 742 268 4 444 430
Effect of employee options issued - -
Outstanding shares 31 December adjusted for dilution effects 258 278 937 233 536 669
Weighted average number of shares outstanding 31 December adjusted for dilution effects 258 278 937 233 536 669
Diluted profit/loss per share (continuing operation) (1.67) (1.49)
1
Weighted average number of shares 31 December 2020 represented by closing balance 31 December 2020.
There are 2 241 809 instruments (including contingently issuable shares), consisting of 831 881 RSUs and 1 409 928 PSUs, that could potentially dilute basic earnings per share
in the future. These are not included in the calculation of diluted earnings per share because they are antidilutive for the periods presented.
Note Interest-bearing liabilities
(NOK 1 000) 2022 2021
Opening balance (loan from related party) 55 761 161 016
Settlement of loan with related party without cash effect - (142 615)
Repayment of loans (11 731) (21 755)
Additions of loans from acquired companies - 48 458
Proceeds from new loans - 10 657
Closing balance 31 December 44 030 55 761
As of 2022, the only interest-bearing loans are external secured loans related to Wystrach GmbH. Set out below is an overview of external non-current liabilities as of 31.12.2022.
Carrying amount
(NOK 1 000) Interest rate conditions Currency Maturity 2022 2021
Secured loans
Volksbank an der Niers eG 1.55% EUR 30.09.2036 6 575 7 169
Deutsche Bank AG 1.96% EUR 30.03.2037 12 983 14 154
Deutsche Bank AG 2.88% EUR 30.06.2033 15 090 16 403
Deutsche Bank AG 1.79% EUR 30.11.2025 4 710 4 401
Total non-current liabilities, not including 1
st
year\u2019s instalments 39 358 42 126
As of 31 December 2021
(NOK 1 000) 2023 2024 2025 2026 2027 Thereafter
Repayments structure for non-current liabilities (1
st
year as current) 4 672 4 672 3 324 3 103 3 103 25 156
Reconciliation for liabilities arising from financing activities (NOK 1 000) Financial liabilities Lease liabilities Total Liabilities 1 January 2021 161 016 31 039 192 055 Financing activities with cash settlement Repayment of loans and liabilities (21 755) - (21 755) Repayment of lease liabilities - (17 606) (17 606) Proceeds from loans and liabilities 10 657 - 10 657 Financing activities without cash settlement Additions from purchase of companies 48 458 7 899 56 357 Deferred payment and contingent liabilities 109 106 - 109 106 Transfer of CNG / LDV segment (142 615) (142 615) New lease liabilities 32 345 32 345 Exchange differences - (598) (598) Balance 31 December 2021 164 867 53 079 217 946 Liabilities 1 January 2022 164 867 53 079 217 946 Financing activities with cash settlement Repayment of loans and liabilities (11 731) - (11 731) Repayment of lease liabilities - (23 656) (23 656) Proceeds from loans and liabilities - - - Financing activities without cash settlement Additions from purchase of companies - - - Deferred payment and contingent liabilities - - - Transfer of CNG / LDV segment - - - New lease liabilities - 122 472 122 472 Exchange differences 5 735 5 362 11 096 Other transactions without cash settlement (2 547) (2 547) Balance 31 December 2022 158 871 154 710 313 581 Note Short-term interest-bearing loans (NOK 1 000) 2022 2021 Short term loan - 585 Secured current interest-bearing liabilities Overdraft facility - 8637 1 st year\u2019s instalments, non-current interest-bearing liabilities 4 673 4413 Total 4 673 13 635 1 st year\u2019s instalments, lease liabilities 22 230 21 285 The Group has overdraft facilities in two different banks in total EUR 1.5 million at disposal for the subsidiary Wystrach GmbH. The term for the overdraft facility is 3M EURIBOR + margin. Note Other current liabilities (NOK 1 000) 2022 2021 Public duties payable 679 5 910 Accrued expenses and other current liabilities 70 976 49 271 Other current liabilities 25 043 17 566 Total 96 699 72 747 Note Related parties disclosure
The Group\u2019s related parties consist of associates, main shareholders, members of the Board and management.
Transactions with associates (if any) are disclosed in another note.
Hexagon Composites ASA and Hexagon Purus ASA have historically had a close relationship. Hexagon Purus
ASA is at the time of these prepared financials statements as of 31 December 2022 owned 73 per cent of Hexagon
Composites ASA. The cooperation has included and still includes sharing of manufacturing resources, contract
manufacturing and exchange of capacity within all areas of business, process, product and system development.
In addition, there has been a tradition to share management and administrative resources for the benefit of
all parties having more and better solutions then otherwise would have been possible. All the transactions are
carried out as part of normal business and at arm\u2019s length prices and terms.
The Group transferred its CNG LDV operations to Hexagon Composites Group\u2019s Agility segment with financial
effect 1. October 2021. See note 5 for further information about the transaction.
The following table provides the total amount of transactions that have been entered into with related parties
during the year, as well as balances with related parties as at 31 December 2022 and 31 December 2021.
There are no sales to, purchases from, loans to, receivables or liabilities/payables to associated companies of the
Group, except for the investment in and loan to an associated company (see other note). The loan to Cryoshelter
LH2 GmbH amounts to NOK 12 541 thousand at 31.12.2022.
There are no sales to, purchases from, loans to, receivables or liabilities/payables to main shareholders and
members of the Board, except for the balances towards Hexagon Composites ASA and its subsidiaries as dis-
closed below.
There are no sales to, purchases from, loans to, receivables or liabilities/payables to key management personnel
of the Group, except for any short-term postings related to salary payout and remuneration of out-of-the pocket
expenses.
The Income statement includes the following amounts resulting from
transactions with Hexagon Composites ASA Group
(NOK 1 000) 2022 2021
Sales revenue 42 610 10 538
Cost of materials 215 048 181 159
Other operating expenses 65 608 37 577
Interest expenses from related parties 118 7 617
The balance sheet includes the following amounts resulting from
transactions with Hexagon Composites ASA Group
(NOK 1 000) 2022 2021
Trade receivables 42 760 46 631
Trade payables 83 607 50 150
Remuneration of the board and management
2022
NOK 1 000
Salaries
and fees Bonuses
Benefits
in kind
Paid pension
premium
Value of vested
instruments
Total remuneration
2022
Executive management 18 775 9 802 338 1 363 8 513 38 791
Board of directors 2 478 2 478
Total remuneration 21 253 9 802 338 1 363 8 513 41 269
2021
NOK 1 000
Salaries
and fees Bonuses
1
Benefits
in kind
Paid pension
premium
Value of vested
instruments
Total remuneration
2022
Executive management 11 510 5 252 311 715 2 047 19 836
Board of directors 2 403 2 403
Total remuneration 13 913 5 252 311 715 2 047 22 239
1
Bonuses earned in the financial year, related to the year 2020.
T he Executive Team is extended from 2022 implying the numbers are not directly comparable. Jannicke Hilland
resigned as a board member 18.07.2022.
The Chairman of the Board has no agreement relating to termination benefits. In his employment agree-
ment, the Group President has a period of notice of 6 months. He has an agreement for up to 12 months\u2019
severance pay. The management of the Group have a target-based bonus agreement. For further details, see
Remuneration Report for Hexagon Purus ASA.
Group management participates in the Company\u2019s general pension arrangements, which are described in
note 22 Pensions. The Group President participate in the Group\u2019s defined contribution plan.
Group management participate in the Company\u2019s share-based incentive scheme, which are described in note 24,
Share-based Payment. As of 31.12.2022 the Group President holds 115 (74) thousand shares, has 234 (147) thou-
sand provisional performance share units (PSUs) outstanding, and 73 (73) thousand restricted share units (RSUs)
outstanding. In addition, the Group President holds 34 (34) thousand provisional performance share units in
Hexagon Composites ASA. The Group CFO holds 60 (60) thousand restricted share units (RSUs) as per 31.12.2022.
and 65 (0) thousand performance share units (PSUs). In addition, the Group CFO holds 7 (7) thousand restricted
share units in Hexagon Composites ASA.
No loans have been made, or security provided for loans, to any member of Group management, the Board or
other elected standing committees or any of their related parties.
Shares owned by board members or related parties
2022 2021
Jon Erik Engeset (Chairman) 60 518 39 899
Espen Gundersen (Board member) 20 619 -
Rick Rashilla (Board member) 54 587 33 968
Knut Flakk (Board member) 4 781 061 4 698 587
Karen Romer (Board member) 2 334 272
Martha Kold Bakkevig 4 124 -
Jannicke Hilland 10 309 -
Shares held by key management personnel
2022 2021
Morten Holum - President and CEO 115 708 74 471
Salman Alam - CFO 8 247 -
Dilip Warrier - EVP Strategic Projects - -
Michael Kleschinski - EVP Light duty, Distribution & Cylinders 71 065 50 446
Todd Sloan - EVP Systems 45 787 45 787
Anne Lise Hjelseth - EVP People & Culture 41 237 -
Heiko Chudzik - EVP Operations 20 619 -
Frank H\u00e4berli - SVP Asia 60 664 50 355
Expensed auditor fees were divided among the following services (excl. VAT)
(NOK 1 000) 2022 2021
Statutory audit and auditing-related services 3 854 2 408
Other attestation services - 132
Tax advice 1 543 738
Other non-auditing services 17 172
Total 5 414 3 450
Note Income tax
Tax expense
(NOK 1 000) 2022 2021
Income tax payable in the income statement 122 1 433
Change in deferred tax in income statement (6 688) (4 097)
Foreign exchange translation effects on tax expense (2 815) 543
Tax expense (9 380) (2 120)
Income tax payable in the balance sheet 3 290 8 178
Prepaid tax abroad in the balance sheet 8 836
Settled tax not paid (3 173) -
Tax payable from acquired companies at acquisition date - (7 603)
FX translation effects (3) 23
Total income tax payable in the income statement 122 1 433
Nominal tax rates in Norway 22% 22%
(NOK 1 000) 2022 2021
Profit before tax (440 898) (347 273)
Tax based on nominal tax rate in Norway (96 998) (76 400)
Varying foreign tax rates vs. Norwegian tax rate (19 839) (11 357)
Other non-taxable income and non-taxable expenses 4 633 9 808
Not capitalized due to uncertainty 114 341 78 403
Other differences relating to foreign subsidiaries (305) 719
Reversal of capitalized tax asset - -
Share of profit/loss from associates (11 213) 651
Tax expense from prior periods - (3 944)
Tax expense in income statement from continuing operations (9 380) (2 120)
Tax related to discontinued operations - 138
Tax expense from continuing and discontinued operations (9 380) (1 982)
Deferred tax assets and deferred tax liabilities
Balance sheet Change in deferred tax in income statement
(NOK 1 000) 2022 2021 2022 2021
Deferred tax asset
Loss carried forward (216 049) (143 049) (73 000) (51 579)
Property, plant & equipment - - - 4 232
Intangible assets - - - 3 717
Inventories (8 246) (515) (7 731) (358)
Trade receivables - - - -
Provisions for liabilities/other current liabilities (7 419) (3 282) (4 137) 2 244
Other (5 085) (3 963) (1 122) (339)
Deferred tax asset\u2013 gross (236 799) (150 809) (85 990) (42 083)
Reduction of tax assets due to uncertainty 232 208 148 620 83 588 56 844
Deferred tax assets - net carrying amount (4 591) (2 189) (2 403) 14 761
Deferred tax liabilities
Property, plant & equipment 4 039 1 906 2 133 (3 543)
Intangible assets 44 090 50 485 (6 395) 39 257
Trade receivables 737 739 (2) 101
Pensions (overfunded) - 18 (18) (643)
Provisions for liabilities/other current liabilities 1 268 1 272 (4) (8 724)
Deferred tax liabilities \u2013 gross 50 134 54 419 (4 285) 26 447
Net recognized deferred tax liabilities/assets (-) 45 543 52 230 (6 688) 41 208
Change in deferred tax from purchase of companies / OCI - 45 305
Net change in deferred tax in income statement (6 688) (4 097)
Carrying amounts
Deferred tax asset - - - -
Deferred tax liabilities 45 543 52 230 - -
Net recognized deferred tax assets/ deferred tax liabilities 45 543 52 230 - -
The Group has a total loss carry forward of MNOK 1 171 (MNOK 737) as of December 31 2022, of which MNOK 592 (MNOK 376) are related to foreign activities. The loss carry forward are indefinitely. Deferred tax assets are recognized when it is probable that the Group will have sufficient taxable profit in subse- quent periods to utilize the tax assets. Deferred tax recognized in the statement of comprehensive income are as follows (NOK 1 000) 2022 2021 Actuarial gains/losses, pensions - - Derivatives - - Total - - Note Government grants (NOK 1 000) 2022 2021 Governmental grants related to income Governmental grants booked as deferred revenue - - Governmental grants reducing booked value of asset - 76 Total governmental grants related to income - 76 Governmental grants related to income Governmental grants presented as income 1 602 303 Governmental grants reducing R&D personnel cost 336 768 Governmental grants reducing R&D other costs - 872 Governmental grants presented as general cost reduction 493 - Total governmental grants related to income 2 431 1 943 Grant total governmental grants received 2 431 2 019 Note Purchasing commitments
The Group has the following commitments resulting from purchasing materials
(NOK 1 000) 2022 2021
First year - -
Second year - -
Thereafter - -
Total - -
The Group has the following commitments resulting from facility construction
(NOK 1 000) 2022 2021
First year 93 342 127 064
Second year - -
Thereafter 415 -
Total 93 757 127 064
The Group has the following commitments resulting from leases
(NOK 1 000) 2022 2021
First year 33 950 21 276
Second year 40 746 25 535
Thereafter 138 293 7 411
Total 212 989 54 222
Note Climate risk assessment
Climate change is among the most important megatrends affecting businesses across all sectors today. The
urgent need for a transition to a resource-efficient, low-carbon economy opens new business opportunities for
Hexagon Purus Group, as a solution provider in this space. The transition to a low-carbon economy will continue
to entail extensive policy, legal, technology, and market changes, with a potential to have significant impact
on Hexagon Purus Group\u2019s revenues. The Group has experienced an increasing demand for its zero emission
energy solutions in the last couple of years due to an increased global focus on climate change and -mitigation.
Hexagon Purus Group expects this focus to continue and expects strong sustainability-driven demand in all its
businesses in the years ahead. This climate-related opportunity has impacted the Company\u2019s goodwill impair-
ment tests by being an important driver for future revenue- and activity growth in the financial planning in these
tests. In addition, the climate-related opportunities also positively impact the Company\u2019s assessment of future
economic benefits expected to materialize from capitalized development projects.
Climate change also represents some level of physical risk to the Group in terms of severe climate events that
could damage business facilities or disrupt supply chains. The general level of risk and potential impact from
physical climate change for Hexagon Purus Group is, however, considered relatively low \u2013 the Group does not
have facilities on low-lying shorelines or floodplains or has a history of forest fires around its facilities. Hexagon
Purus Group has not identified material assets expected to have a significantly shorter life due to climate-related
risks.
Hexagon Purus Group strives to maximize the positive climate impact of its technologies by enabling the avoid-
ance of greenhouse gas emissions from both material production and waste management in the application of
those technologies. The most critical factors in Hexagon Purus Group\u2019s own greenhouse gas emissions are the
production processes which, throughout the value chain, can be reduced to further strengthen Hexagon\u2019s busi-
ness model. More information on climate and environmental risks and how these are managed can be found in
the ESG Report for Hexagon Composites ASA Group.
Note Exchange rates Exchange rate 1 Jan 2022 Average exchange rate 2022 Exchange rate 31 Dec 2022 USD 8.8078 9.6245 9.8573 CAD 6.9357 7.3847 7.2810 EUR 10.0013 10.1040 10.5138 HKD 1.1296 1.229 1.2681 CNY 1.3884 1.4278 1.4289 Note Events after the balance sheet date \u2022 Opened a new hydrogen cylinder manufacturing facility in Westminster, Maryland (U.S.). The 60 000 square foot facility will support the annual production of up to 10 000 cylinders for heavy duty vehicle applications and will employ up to 150 skilled workers. The new facility expands cylinder production capabilities and capacity and allows for further expansion. \u2022 Received an order for mobile hydrogen refueling stations and stationary storage from Deutsche Bahn, a leading provider of mobility and logistics services worldwide and the number one railway operator in Europe. The value of the order is approximately EUR 2.5 million (approximately NOK 25 million). \u2022 Selected by New Flyer for the third consecutive year, to provide Type 4 hydrogen storage cylin- ders for the serially produced Xcelior CHARGE H2 \u2122 fuel cell electric bus. The total value of the contract is estimated to be approximately USD 2.5 million (approximately NOK 25 million). \u2022 On 1 March 2023 the Company successfully raised total gross proceeds of approximately NOK 1 300 million. The Offering comprised of an Equity Private Placement raising gross proceeds of approxi- mately NOK 500 million through the issuance of 18 518 519 new shares (the \u201cNew Shares\u201d) at a price of NOK 27.00 and a Convertible Bond Private Placement, raising gross proceeds of approximately NOK 800 million (the \u201cConvertible Bonds\u201d). \u2022 In the Offering, Mitsui & Co., Ltd. (\u201cMitsui\u201d) subscribed for, and was allocated, NOK 500 million in the Convertible Bond Private Placement. In addition, Mitsui has entered into a deeper strategic alliance with the Company and has signed a Memorandum of Understanding (the \u201cMoU\u201d) whereby Mitsui intends to participate as an anchor investor in future capital raises for the years to come and become a long-term significant minority shareholder in the Company. The non-binding MoU expresses the parties\u2019 joint intentions and has a total monetary scope of up to NOK 2 000 million, including the NOK 500 million subscription in the Convertible Bond Private Placement. Future investments from Mitsui will be subject to, among other things, the Company\u2019s fulfilment of commercial and operational milestones agreed between the parties in good faith. \u2022 Signed an exclusive distribution agreement with Hino Trucks, where Hexagon Purus will produce complete battery electric heavy- duty trucks for the U.S. market, distributed exclusively through select qualifying dealers in Hino\u2019s network. The potential total value over the course of this agreement could reach approximately USD 2.0 billion. The distribution agreement replaces the binding letter of intent (BLOI) from Hino announced on 11 February 2022 \u2022 On 30 March 2023 the Company successfully transferred from Euronext Growth Oslo to the main list of the Oslo Stock Exchange. \u2022 Hexagon Purus Systems USA LLC, a subsidiary of Hexagon Purus ASA, signed a multi-year agreement for the supply of lithium-ion battery cells with Panasonic Energy. Panasonic will supply battery cells for Hexagon Purus\u2019 propri- etary battery systems for heavy-duty vehicles in North America. The supply of battery cells will commence in early 2026. As part of the supply agreement, Hexagon Purus will prepay approx- imately USD 43 million (approximately NOK 450 million) through 2025, subject to the achievement of certain milestones. This prepayment will secure battery cell capacity for Hexagon Purus out of Panasonic\u2019s production facility in Kansas. \u2022 Opened a new engineering and manufacturing facility for battery and hydrogen storage systems in Kelowna, Canada. The 60.000 square foot manufacturing facility will support the annual production of more than 1.000 battery systems for heavy-duty vehicle applications and will employ up to 150 engineers and assembly technicians. This is Hexagon Purus\u2019 second opening of a new manufacturing facility in 2023, following the successful opening of its new hydrogen cylinder production facility in Westminster, Maryland, USA in January. \u2022 There have been no other significant events after the balance sheet date that have not already been disclosed in this report. There have not been any other significant events after the balance sheet date that have not been previously disclosed in this report",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "Note Corporate information Hexagon Purus ASA, the parent of Hexagon Purus Group, is a public limited liability company with its registered office in Norway. The company\u2019s head- quarters is at Korsegata 4B, 6002 Aalesund, Norway. The Board of Directors authorized the annual report for publication on 25 April 2023. Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus\u2019 products are used in a variety of applications including light, medium, and heavy-duty vehicles, buses, maritime, rail and aerospace as well as hydrogen distribution, mobile refueling and ground storage. In addition to the parent Hexagon Purus ASA, the following companies are included in the consolidated financial statements of Hexagon Purus Group: Company Home country Registered office Ownership Votes Hexagon Technology H2 AS Norway Aalesund 100% 100% Hexagon Purus HK Holding AS Norway Aalesund 100% 100% Hexagon Purus Maritime AS Norway Aalesund 100% 100% Hexagon Purus Germany Holding GmbH Germany Herford 100% 100% Hexagon Purus GmbH Germany Kassel 100% 100% Hexagon Purus Real Estate GmbH Germany Kassel 100% 100% Wystrach GmbH Germany Weeze 100% 100% Wyrent GmbH Germany Weeze 100% 100% xperion E&E US Holding Inc. USA Heath, OH 100% 100% xperion E&E USA LLC USA Heath, OH 100% 100% Hexagon Purus North America Holdings Inc. USA Lincoln, NE 100% 100% Hexagon Purus LLC USA Lincoln, NE 100% 100% Hexagon MasterWorks Inc. USA Lincoln, NE 100% 100% Hexagon Purus Systems USA, LLC USA Costa Mesa, CA 100% 100% Hexagon Purus Systems Canada Ltd Canada Kelowna 100% 100% CIMC- Hexagon Hydrogen Energy Technologies Limited China Hong Kong 51% 51% CIMC- Hexagon Hydrogen Energy Technologies (Beijing) Co,, Ltd China Beijing 100% 100% CIMC- Hexagon Hydrogen Energy Technologies (Heibei) Co,, Ltd China Heibei 100% 100% Hexagon Purus (Beijing) Ltd. China Beijing 100% 100% Associates CIMC- Hexagon Hydrogen Energy Systems Limited China Hong Kong 49% 49% Cryoshelter LH2 GmbH Austria Dobl-Zwaring 40% 40% Hexagon Purus GmbH have transferred the CNG LDV operations to Hexagon Composites ASA with financial effect 1. October 2021. In Hong Kong there are two entities established, CIMC - Hexagon Hydrogen Energy Technologies Limited and CIMC - Hexagon Hydrogen Energy Systems Limited, where Hexagon Purus Group holds a 51 per cent and 49 per cent ownership respectively. Hexagon Purus exited its direct ownership position in Hyon AS but remains indirectly invested in the company through its shareholding in Norwegian Hydrogen AS. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. During 2022 Norwegian Hydrogen AS raised approximately NOK 93 million in private placements, and thus reducing Hexagon Purus\u2019 ownership from 17.7 per cent to 14.2 per cent. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. In August 2022 Hexagon Purus acquired a 40 per cent stake of the shares in Cryoshelter LH2 GmbH. Morten Holum is President & CEO of Hexagon Purus Group and General Manager in Hexagon Purus ASA. ",
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"fact-314": {
"value": "Note Corporate information Hexagon Purus ASA, the parent of Hexagon Purus Group, is a public limited liability company with its registered office in Norway. The company\u2019s head- quarters is at Korsegata 4B, 6002 Aalesund, Norway. The Board of Directors authorized the annual report for publication on 25 April 2023. Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus\u2019 products are used in a variety of applications including light, medium, and heavy-duty vehicles, buses, maritime, rail and aerospace as well as hydrogen distribution, mobile refueling and ground storage. In addition to the parent Hexagon Purus ASA, the following companies are included in the consolidated financial statements of Hexagon Purus Group: Company Home country Registered office Ownership Votes Hexagon Technology H2 AS Norway Aalesund 100% 100% Hexagon Purus HK Holding AS Norway Aalesund 100% 100% Hexagon Purus Maritime AS Norway Aalesund 100% 100% Hexagon Purus Germany Holding GmbH Germany Herford 100% 100% Hexagon Purus GmbH Germany Kassel 100% 100% Hexagon Purus Real Estate GmbH Germany Kassel 100% 100% Wystrach GmbH Germany Weeze 100% 100% Wyrent GmbH Germany Weeze 100% 100% xperion E&E US Holding Inc. USA Heath, OH 100% 100% xperion E&E USA LLC USA Heath, OH 100% 100% Hexagon Purus North America Holdings Inc. USA Lincoln, NE 100% 100% Hexagon Purus LLC USA Lincoln, NE 100% 100% Hexagon MasterWorks Inc. USA Lincoln, NE 100% 100% Hexagon Purus Systems USA, LLC USA Costa Mesa, CA 100% 100% Hexagon Purus Systems Canada Ltd Canada Kelowna 100% 100% CIMC- Hexagon Hydrogen Energy Technologies Limited China Hong Kong 51% 51% CIMC- Hexagon Hydrogen Energy Technologies (Beijing) Co,, Ltd China Beijing 100% 100% CIMC- Hexagon Hydrogen Energy Technologies (Heibei) Co,, Ltd China Heibei 100% 100% Hexagon Purus (Beijing) Ltd. China Beijing 100% 100% Associates CIMC- Hexagon Hydrogen Energy Systems Limited China Hong Kong 49% 49% Cryoshelter LH2 GmbH Austria Dobl-Zwaring 40% 40% Hexagon Purus GmbH have transferred the CNG LDV operations to Hexagon Composites ASA with financial effect 1. October 2021. In Hong Kong there are two entities established, CIMC - Hexagon Hydrogen Energy Technologies Limited and CIMC - Hexagon Hydrogen Energy Systems Limited, where Hexagon Purus Group holds a 51 per cent and 49 per cent ownership respectively. Hexagon Purus exited its direct ownership position in Hyon AS but remains indirectly invested in the company through its shareholding in Norwegian Hydrogen AS. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. During 2022 Norwegian Hydrogen AS raised approximately NOK 93 million in private placements, and thus reducing Hexagon Purus\u2019 ownership from 17.7 per cent to 14.2 per cent. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. In August 2022 Hexagon Purus acquired a 40 per cent stake of the shares in Cryoshelter LH2 GmbH. Morten Holum is President & CEO of Hexagon Purus Group and General Manager in Hexagon Purus ASA. ",
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"value": "public limited liability",
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"fact-303": {
"value": "registered office in Norway. The company\u2019s head-
",
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"value": "Norway",
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"fact-4": {
"value": "Korsegata 4B, 6002 Aalesund, Norway",
"dimensions": {
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"fact-304": {
"value": "Norway",
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"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
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"fact-392": {
"value": "The Board of Directors authorized the annual report for publication on 25 April 2023. ",
"dimensions": {
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"fact-5": {
"value": "Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus\u2019 products are used in a variety of applications including light, medium, and heavy-duty vehicles, buses, maritime, rail and aerospace as well as hydrogen distribution, mobile refueling and ground storage. ",
"dimensions": {
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"fact-6": {
"value": "In addition to the parent Hexagon Purus ASA, the following companies are included in the consolidated financial statements of Hexagon Purus Group: Company Home country Registered office Ownership Votes Hexagon Technology H2 AS Norway Aalesund 100% 100% Hexagon Purus HK Holding AS Norway Aalesund 100% 100% Hexagon Purus Maritime AS Norway Aalesund 100% 100% Hexagon Purus Germany Holding GmbH Germany Herford 100% 100% Hexagon Purus GmbH Germany Kassel 100% 100% Hexagon Purus Real Estate GmbH Germany Kassel 100% 100% Wystrach GmbH Germany Weeze 100% 100% Wyrent GmbH Germany Weeze 100% 100% xperion E&E US Holding Inc. USA Heath, OH 100% 100% xperion E&E USA LLC USA Heath, OH 100% 100% Hexagon Purus North America Holdings Inc. USA Lincoln, NE 100% 100% Hexagon Purus LLC USA Lincoln, NE 100% 100% Hexagon MasterWorks Inc. USA Lincoln, NE 100% 100% Hexagon Purus Systems USA, LLC USA Costa Mesa, CA 100% 100% Hexagon Purus Systems Canada Ltd Canada Kelowna 100% 100% CIMC- Hexagon Hydrogen Energy Technologies Limited China Hong Kong 51% 51% CIMC- Hexagon Hydrogen Energy Technologies (Beijing) Co,, Ltd China Beijing 100% 100% CIMC- Hexagon Hydrogen Energy Technologies (Heibei) Co,, Ltd China Heibei 100% 100% Hexagon Purus (Beijing) Ltd. China Beijing 100% 100% The Group\u2019s consolidated financial statements comprise Hexagon Purus ASA and its subsidiaries as of 31 December 2022. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. An entity has been assessed as being controlled by the Group when the Group is exposed to or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. ",
"dimensions": {
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"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-417": {
"value": "Associates
CIMC- Hexagon Hydrogen Energy Systems Limited China Hong Kong 49% 49%
Cryoshelter LH2 GmbH Austria Dobl-Zwaring 40% 40%
Note Investments in associates Country Business segment Ownership share 31.12.2021 Ownership share 31.12.2022 Accounting method Companies Norwegian Hydrogen AS 1 Norway Hexagon Purus 17.7% 14.2% Equity method 1 Cryoshelter LH2 GmbH 2 Austria Hexagon Purus - 40.0% Equity method CIMC Hexagon Hydrogen Energy Systems Ltd. 3 Hong Kong Hexagon Purus - 49.0% Equity method Hyon AS 4 Norway Hexagon Purus - - Equity method 1 Classified as an associated company and accounted for using the equity method in the period 01.01 - 31.08.22. As of 01.09, the investment is classified as an equity instrument at fair value through profit or loss. 2 Acquired on 01.08.2022 and classified as associated companies effective from the same date 3 Entity legally established in July 2022 and classified as an associated company effective from the same date 4 On 28.06.2021, Hexagon Purus ASA sold all shares in Hyon AS Reconciliation of associated companies in the P&L Norwegian Hydrogen AS Cryoshelter LH2 GmbH CIMC Hexagon Hydrogen Energy Systems Hyon AS Total (NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Share of profit after tax (2 845) (2 922) (2 439) - (5 988) - - (35) (11 272) (2 957) PPA amortizations associated companies - - - - - - - - - Gain on loss of significant influence 63 159 - - - - - - - 63 159 - Total profit/loss from investments in associated companies as per 31.12 60 314 (2 922) (2 439) - (5 988) - - (35) 51 887 (2 957) Reconciliation of associated companies in the balance sheet Norwegian Hydrogen AS Cryoshelter LH2 GmbH CIMC Hexagon Hydrogen Energy Systems Hyon AS Total (NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Companies Carrying value as at 01.01 7 024 2 066 - - - - - - 7 024 2 066 Purchase of shares - - 33 738 - - - - - 33 738 - Share capital contribution - 7 880 - - 7 743 - - 700 7 743 8 580 Share of profit after tax incl. PPA amortizations (2 845) (2 922) (2 439) - (5 988) - - (35) (11 272) (2 957) Dividends - - - - - - - - - Sale of shares - - - - - - - (665) - (665) Derecognition - loss of significant influence (4 179) - - - - - - - (4 179) - Currency translation effects - - (41) - 16 - - - (25) - Carrying value as per 31.12 - 7 024 31 258 - 1 771 - - - 33 029 7 024 Norwegian Hydrogen AS Hexagon Purus ASA has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period from 01.01.22 to 31.08.2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the 2 nd largest shareholder of the entity in the same period. On 27.08.2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private placement, and thus reducing Hexagon Purus\u2019 ownership from 17.7 per cent to 15.0 per cent. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the 3rd largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and strategical influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, result- ing in an accounting gain of NOK 63.1 million, recognized in profit/loss from investments in associates in the income statement. At 31.12.2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a result of a second private placement in the company in October 2022. Cryoshelter LH2 GmbH In April 2022, Hexagon announced an agreement to acquire a 40 per cent stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid natural gas (LNG) and liquid hydrogen (LH2). Upon closing, Cryoshelter GmbH were to be demerged into two separate legal entities, Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH, in which Hexagon Purus were to acquire the LH2- business. On 01.08.2022, Hexagon Purus made a EUR 3.4 (NOK 34) million investment and acquired 40 per cent of the shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5-10 years. As of 01.08.2022, the said options do not give rise to any de-facto control and the investment is consequently accounted for by using the equity method effective from 01.08.2022. The table below shows the initial assessment of the purchase price allocation of the entity per 01.08.2022.The table below shows the purchase price allocation per 01.08.2022. Purchase price allocation (NOK 1 1000) Cryoshelter LH2 GmbH Non-current assets 203 Current assets 5 150 Non-current liabilities 3 946 Current liabilities 2 951 Equity as per 01.08.2022 (1 543) Hexagon's share of equity (40%) (617) Intangible assets (technology) 1 19 702 Goodwill 14 654 Hexagon's carrying value of the investment 33 738 1 The technology for liquid hydrogen tanks is still in the development phase CIMC Hexagon Hydrogen Energy Systems Ltd. In 2021, Hexagon Purus entered into an agreement with CIMC Enric, encompassing cylinder and systems produc- tion for Fuel Cell Electric Vehicles (FCEVs) and hydrogen distribution in China and Southeast Asia. In July 2022, CIMC Hexagon Energy Systems Ltd. was legally established and registered in Hong Kong, where Hexagon Purus HK Holding AS, a wholly owned subsidiary of Hexagon Purus ASA, subscribed for 49 per cent of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51 per cent of the shares. The entity is classified as an associate company and accounted for via the equity method as of 01.07.2022. CIMC Hexagon Hydrogen Energy Technologies Ltd. was also legally established and registered in Hong Kong in July 2022. Hexagon Purus HK Holding AS holds a majority shareholding of 51 per cent in this entity while CIMC Enric holds the remaining 49 per cent. As Hexagon Purus controls the entity, the entity is thus consolidated in the Group accounts. ",
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"fact-7": {
"value": "Associates CIMC- Hexagon Hydrogen Energy Systems Limited China Hong Kong 49% 49% Cryoshelter LH2 GmbH Austria Dobl-Zwaring 40% 40% ",
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"fact-311": {
"value": "Note Basis of preparation and other significant accounting policies 2.1 Basis of preparation of annual financial statements The consolidated annual financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) which have been adopted by the EU and are mandatory for financial years beginning on or after 1 January 2022, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31.12.2022. The consolidated financial statements have been prepared on a historical cost basis, with exception for contingent considerations from business com- binations, which are recognised to fair value over profit and loss. The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. 2.2 Functional currency and presentation currency The functional currency is determined in each entity in the Group based on the currency within the enti- ty\u2019s primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transac- tion. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recog- nized continuously in the accounting period. The Group\u2019s presentation currency is NOK. This is also the Parent Company\u2019s functional currency. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit and loss items. The monthly average exchange rates are used as an approxima- tion of the transaction exchange rate. Translation differences are recognized in other comprehensive income (\u201cOCI\u201d). When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit and loss. When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. 2.3 Basis of consolidation The Group\u2019s consolidated financial statements comprise Hexagon Purus ASA and its subsidiaries as of 31 December 2022. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. An entity has been assessed as being controlled by the Group when the Group is exposed to or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. Thus, the Group controls an entity if, and only if, the Group has all the following: \u2022 power over the entity; \u2022 exposure, or rights, to variable returns from its involvement with the entity; and \u2022 the ability to use its power over the entity to affect the amount of the group\u2019s returns. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. Reference is made to other notes which contains a list of the subsidiaries and also a list of associates and joint ventures. The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests, when applicable, are presented separately under equity in the Group\u2019s balance sheet. Business combinations Business combinations are accounted for by using the acquisition method, see also other note on changes in the group structure. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value and consist of cash, consideration of shares issued and contingent consideration. A contingent consideration is classi- fied as a liability in accordance with IFRS 9 Financial Instruments: Recognition and Measurement. Subsequent changes in the fair value are recog- nized in profit or loss. When the Group acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance (unless other measurement principles should be applied in accordance to IFRS 3). The initial account- ing for a business combination can be changed if new information about the fair value at the acquisi- tion date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-controlling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each busi- ness combination separately. When the business combination is achieved in stages, the previously held equity interest is remeas- ured at its acquisition date fair value. The resulting gain or loss, if any, is recognized in profit and loss net after transaction cost. Common control transactions For the purpose of preparing consolidated financial statements of Hexagon Purus Group, the transfer of entities or business into Hexagon Purus Group is accounted under the pooling method of accounting (predecessor accounting) using values reflected in the consolidated financial statements of Hexagon Group (which can be different from transaction value in each entity). To present historical financial information that is representative for the business going forward, comparative financial information of Hexagon Purus Group is restated to reflect historical financial information of transferred entities and businesses. Comparatives are those of the existing businesses owned by Hexagon Purus Group as of 31 December 2022, subject to when the underlying entities became part of the Hexagon Group. For entities or businesses transferred out of Hexagon Purus Group and into Hexagon Group (under common control), are to be consolidated until disposal in accordance with the requirements of IFRS 10. Acquired goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Transaction related issues Acquisition related costs are expensed as incurred and included in other operating expense. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Change in ownership without loss of control A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog- nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. Loss of control In cases where changes in the ownership interest of a subsidiary leads to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is rec- ognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost. The gain or loss is presented on a separate line included in operating expenses. Non-current assets held for sale and discontinued operations Non-current assets and groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been fulfilled when a sale is highly probable and the non-current asset (or groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classification date. Non-current assets and groups of non-current assets and liabilities which are classified as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. The estimates in discontinued operations are mainly related to the assessments made regarding the valuation of assets being part of the operation. This includes estimates of both tangible and intangible assets. In addition, there are estimates applied to allocate previously common and shared costs between the continuing and discontinuing opera- tion. To qualify the estimates made, the company has applied its best technological and manage- ment resources in addition to drawing on external resources where necessary. 2.4 Investments in associates and joint ventures Associates are entities where the Group has signifi- cant influence, but not control or joint control, over financial and operating management (normally a holding of between 20% and 50%). A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Under the equity method, the investments in an associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture and is recognized against profit/loss from investment in associates and joint ventures. If there is an indication that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec- ognized as share of profit of an associate and a joint venture in the statement of profit or loss. If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has incurred a legal or constructive obligation on behalf of the associate or joint venture. Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. 2.5 Current versus non-current classification The Group presents assets and liabilities in the consolidated statement of financial position as either current or non- current. The Group classifies an asset as current when it: \u2022 Expects to realize the asset, or intends to sell or consume it, in its normal operating cycle \u2022 Holds the asset primarily for the purpose of trading \u2022 Expects to realize the asset within twelve months after the reporting period Or \u2022 The asset is cash or a cash equivalent, unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current, including deferred tax assets. The Group classifies a liability as current when it: \u2022 Expects to settle the liability in its normal operating cycle \u2022 Holds the liability primarily for the purpose of trading \u2022 Is due to be settled within twelve months after the reporting period Or \u2022 It does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current, including deferred tax liabilities. 2.6 Cash and cash equivalents Cash consist of cash in hand and at bank. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months. Any positive balances against bank overdrafts are included as a component of cash in the cash flow statement. The cash flow statement has been prepared using the indirect method. Bank overdrafts are reported under short-term loans in the balance sheet. Received interest income is classified as investment activities and interest pay- ments is classified as financing activities in the cash flow statement. 2.7 Inventories Inventories are recognized at the lower of historical cost and net realizable value. Net realizable value is the estimated selling price (in the normal course of business) less the estimated costs of completion and the estimated cost necessary to make the sale. Cost is based on the average cost price, and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. Goods produced by the Group itself include variable and fixed costs that can be allocated based on normal capacity utilization. Where inventory items purchased internally in the Group contain an element of profit, this profit element is eliminated until the inventory items are sold out of the Group. 2.8 Property, Plant & Equipment Items of property, plant and equipment are valued at their cost, less accumulated depreciation and impairment losses. An asset is derecognized from the balance sheet on disposal or when it is with- drawn from use and no future economic benefits are expected from its disposal. The gain or loss on disposal is recognized in the income statement. The cost of an item of property, plant and equip- ment includes its original purchase price and all costs necessary to bring the asset to working condi- tion for its intended use. Subsequent expenditure on repair and maintenance of assets is recognized as an expense in the income statement, while expenses that are expected to generate future economic benefits are capitalized. The cost of a non-current asset is depreciated to the residual value over the asset\u2019s useful life. Depreciation is calculated on a straight-line basis. The following depreciation periods apply: \u2022 Buildings 10-20 years \u2022 Plant, machinery and equipment 3-15 years \u2022 Fixtures & fittings, motor vehicles 3-10 years If an item of property, plant and equipment has different parts with different useful lives, the parts are depreciated separately if the cost is significant in relation to the total cost of the item. The depreciation period and method are assessed annually. A residual value is estimated at each year- end, and changes to the estimated residual value is recognized as a change in an estimate. When the carrying amount of property, plant and equipment exceeds the estimated recoverable amount, the value is written down to the recoverable amount. Depreciation of an asset ceases at the date the asset is derecognized and classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5. Assets under construction are classified as property, plant and equipment and are carried at cost until its manufacture or development is completed. Assets under construction are not subject to depreciation until the assets are avalable for use. 2.9 Leases The Group has applied IFRS 16. At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The group as a lessee For contracts that constitute, or contain a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease com- ponents of the contract. At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the Group recognizes the lease payments as other operating expenses in the state- ment of profit or loss when they incur. The following depreciation periods apply: \u2022 Buildings 2-10 years \u2022 Plant, machinery and equipment 3-5 years \u2022 Fixtures & fittings, motor vehicles 3-5 years Lease liabilities The lease liability is recognized at the commence- ment date of the lease. The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the com- mencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commence- ment date because the interest rate implicit in the lease is not readily determinable. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 Amount expected to be payable by the Group under residual value guarantees \u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in profit or loss. The Group presents its lease liabilities as separate line items in the statement of financial position. Right-of-use assets The Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability recognized \u2022 Any lease payments made at or before the commencement date, less any incentives received \u2022 Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depre- ciating the right-of-use asset, except that the right-of-use asset is depreciated from the com- mencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset, unless there is an option to purchase the asset which has been determined to be exercised with reasonably certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset. The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. 2.10 Borrowing costs Borrowing costs directly attributable to the acqui- sition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 2.11 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group\u2019s financial assets are trade receivables, cash and cash equivalents. The classification of financial assets at initial recog- nition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group classified its financial assets as financial assets at amortized cost. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired, or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either \u2022 the Group has transferred substantially all the risks and rewards of the asset, or \u2022 the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial liabilities Financial liabilities are subsequently recognized at amortized cost, as loans and borrowings, payables. Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amor- tized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amorti- zation process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. Payables are measured at their nominal amount when the effect of discounting is not material. Contingent Consideration in business combinations is recognized and measured to fair value, and changes in fair value included in the statement for profit and loss. Derecognition of financial liabilities A financial liability is derecognized when the obli- gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog- nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Impairment of financial assets For trade receivables and contract assets, the Group uses a simplified approach to calculating expected credit losses (ECL). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on ECLs over the life of the trade receivable and the contract asset on each reporting date. The Group has established a provision matrix that is based on its historical credit losses, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con- sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta- tion of recovering the contractual cash flows. Further information on any impairment of financial assets is provided in notes 15 and 20.1. 2.12 Intangible assets Intangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment. Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred. The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate. Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively. Group management determines the useful lives and depreciation rates for items of intangible assets. The expected useful life of the Group\u2019s capitalized development cost and customer relationships is largely dependent on technological development and continued sales to customers. The present depreciation period is 5-20 years, but there is an uncertainty for the expected useful life in the inter- val between 10-20 years. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recovera- ble amount, which is the higher of its fair value less costs of disposal and its value in use. Patents and Licenses Amounts paid for patents and licenses are rec- ognized in the balance sheet and are amortized on a straight-line basis over their useful life. The expected useful life of patents and licenses varies between 6 and 17 years. Research and development cost Expenses relating to research activities are recog- nized in the statement of comprehensive income as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is a commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capital- ized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recog- nized at their cost minus accumulated amortization and impairment losses. Research costs are expensed as incurred. The devel- opment costs of projects (relating to the design and testing of new or improved products) are capitalized as intangible assets if all the following criteria are met: 1. it is technically feasible to complete the intangible asset so that the asset will be available for use or for future sale; 2. it is the management\u2019s intention to complete the asset and use or sell it; 3. it is possible to use or sell the asset; 4. it can be demonstrated how the asset will gener- ate future economic benefits; 5. technological and financial resources are avalable to complete the asset; 6. the costs can be reliably measured Other development costs are expensed as incurred. Development costs that have previously been expensed are not capitalized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36. Customer relationships Purchased customer contracts have a finite useful life and are recognized at cost less amortization. Customer contracts and technology are amortized using the straight-line method over their estimated useful lives. 2.13 Impairment of non-financial assets Recognized goodwill is assessed annually for impairment, in fourth quarter. Recoverable amounts from cash-generating units are calculated based on their value in use. When the recoverable amount exceeds the carrying amount, capitalized goodwill is maintained. When the recoverable amount is lower than the carrying amount, capitalized goodwill is written down to its recoverable amount. The carrying amount consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market development. For sub- sequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas. There is uncertainty associated with the assump- tions used as a basis in the preparation of budgets for the calculation of value in use. These calculations require the use of estimates and assumptions about future income and expense trends. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate. See note 3 and 10 for further information related to goodwill. The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re- invest- ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments. When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti- mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company. Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account substantial growth in the cash flows into perpetuity. Items of property, plant and equipment, right- of-use assets, and intangible assets are tested for impairment if there is reason to believe that future earnings do not justify the asset\u2019s carrying amount. The difference between the carrying amount and the recoverable amount is recognized as an impair- ment loss. The recoverable amount is the higher of the fair value less costs to sell and the value in use. When testing for impairment, non-current assets are grouped at the lowest level at which it is possi- ble to distinguish independent cash inflows (cash generating units, CGU). A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group considers the possibility of reversing previous impairment losses on non-financial assets (except goodwill and other intangible assets with an indefinite useful life). Inassessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. 2.14 Provisions A provision is a liability of uncertain timing or amount. Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is significant, the provision is calculated by discount- ing estimated future cash flow using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifi- cally associated with the obligation. A provision for guarantees is recognized when the underlying products or services are sold. The provision is based on historical information about guarantees and a weighting of possible outcomes according to the likelihood of their occurrence. A provision for onerous contracts is recognized when the Group\u2019s expected economic benefits under the contract are lower than the unavoidable costs of meeting the obligations under the contract. Estimates related to product warranty provisions Management estimates the warranty provision using information on historical warranty costs and other relevant information relevant to future war- ranty claims. Factors that can influence estimated liabilities include the results of productivity and quality initiatives, as well as prices of , but not yet effective, are considered not relevant and not to have an impact on the consolidated financial state- ments of the Group. 2.15 Equity Financial instruments are classified as liabilities or equity in accordance with the underlying economic realities. Interest, dividend, gains and losses to a financial instrument classified as a liability will be presented as an expense or income. Amounts dis- tributed to holders of financial instruments that are classified as equity will be recorded directly in equity. Own shares In the event of a purchase of own shares, the pur- chase price and any directly associated costs are recognized as a change in equity. Own shares are reported as a reduction in equity. Gains or losses related to own share transactions are recognized directly in equity. Costs arising from equity transactions Transaction costs directly related to an equity trans- action are recognized directly in equity. 2.16 Revenue from contracts with customers The Group\u2019s main revenues come from the sale of its own mass-produced standard products and accompanied services. Revenue from contracts with customers is recog- nized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The products are mainly sold in relation to separately identifiable contracts with customers. Sale of goods (cylinders, products, system etc) Revenue from sale of goods is recognized at the point in time when control of the asset is trans- ferred to the customer, generally on delivery of the product. There are several payment terms, including upfront payment and secured payment, but the normal credit term is 30 to 60 days upon delivery. The Group considers whether there are other prom- ises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration and the existence of significant financing components. (i) Variable Consideration Some contracts with customers provide rights of return, trade discounts or volume rebates. The Group uses the expected value method to estimate the goods that will not be returned as this best predicts the amount of variable consideration to which the Group will be entitled. For trade discounts and volume rebates the sale of goods are measured at the fair value of the consideration received or receivable, net of allowances for trade discounts and volume rebates. If revenue cannot be reliably meas- ured, the Group defers revenue recognition until the uncertainty is resolved. The Group performs the assessment on individual contracts to determine the estimated variable consideration and related constraints. (ii) Significant financing component Generally, the Group sometimes receives short- term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. (iii) Warranty provision The Group typically provides warranties for general repairs and does not provide extended warranties or maintenance services in its contracts with customers. Such warranties are evaluated as assurance-type warranties which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Sale of services To some extent the Group provides other services in relation to reinspection and testing of products, in addition to non- recurring engineering and design or development. These services are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from services over time using an input method to measure pro- gress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Group. Funded development contracts The Group has entered into and will enter into funded development contracts with some custom- ers for development services. The Group recognizes revenue over time as the services are performed. Progress is measured using an input method to measure progress towards certain project mile- stones as the customer simultaneously receives and consumes the benefits provided by the Group. Contract balances (i) Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consid- eration that is conditional. (ii) Trade receivable A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). (iii) Contract liability A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consider- ation is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recog- nized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. Cost to obtain a contract The Group has elected to apply the optional prac- tical expedient for costs to obtain a contract which allows the Group to immediately expense such costs when the related revenue is expected to be recognized within one year. When revenue will be recognized over several reporting periods the Group recognizes incremental costs of obtaining a contract with a customer as an asset, provided that the costs are expected to be recovered throughout the con- tract. The costs are amortized on a systematic basis that is consistent with the transfer of the related goods or services to the customer and subsequently re-assessed at the end of each reporting period. 2.17 Employee benefits Defined benefit pension plans Defined benefit plans are valued at the present value of accrued future pension benefits at the end of the reporting period. Pension plan assets are valued at their fair value. The current service cost and net interest income/ costs are recognized immediately and is presented as a payroll & social security expense in the income statement. Net interest income/cost is calculated by using the discount rate of the liability at the begin- ning of the period on the net liability. Changes in net pension liabilities as a result of payments of pre- miums and pension payments have been taken into consideration. The difference between the actual return and the accounted return is recognized continuously through other comprehensive income. The pension cost is affecting the payroll & social security costs in the income statement. Actuarial gains and losses, including changes in value, both for assets and liabilities, are recognized through other comprehensive income. Actuarial gains and losses are not reclassified over profit and loss. Defined contribution pension plans Pension premiums relating to defined contribution plans are recognized as an expense as they are incurred. Share based payments The Group has a share-based program for the senior and key executives. The share-based program for the senior and key executives is settled in shares. The fair value of the issued instruments is expensed over the vesting period which is over the agreed-upon future service period and, where applicable, the performance conditions are fulfilled. The fair value of the performance share units (PSUs) and restricted share units (RSUs) is measured at grant date and calculated using the Black & Scholes model or alternative generally accepted models where relevant. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued PSUs and RSUs of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognized as salary and personnel cost in profit and loss with a corresponding increase in other paid-in capital. Social security tax is recorded as a liability and is recognized over the estimated vesting period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non- vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. 2.18 Governmental grants Government grants, including the Norwegian Skattefunn, are recognized when there is reasona- ble assurance that the Group will comply with the conditions attaching to them, and that the grants will be received. Grants related to income are presented as reductions of the expenses they are intended to compensate. Investment grants are capitalized and recognized systematically over the asset\u2019s useful life. Investment grants are recognized as deferred income. The Group currently has grants with the United States Department of Energy which is recognized as grant income. 2.19 Income taxes The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of \u2022 temporary differences linked to goodwill that are not tax deductible \u2022 temporary differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future. Deferred tax assets are recognized when it is prob- able that the Group will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset. Deferred tax and deferred tax assets are meas- ured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax assets and liabilities are recognized at nominal value and are classified as non-current assets and non-current liabilities in the balance sheet. Deferred tax is presented as a gross amount for the geo- graphical countries in which the Group operates. Deferred tax is recognized directly in other com- prehensive income if the tax items relate to items recognized in other comprehensive income. Deferred tax is recognized directly in equity if the tax items relate to items recognized directly in equity. 2.20 Events after the balance sheet date New information on the Group\u2019s financial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the Group\u2019s financial position on the end of the reporting period but which will affect the Group\u2019s financial position in the future are disclosed if significant. 2.21 New accounting standards, interpretations and amendments adopted by the group The Group has not early adopted any standard, interpretation or amendments that has been issued but is not yet effective. Standards, interpretations and amendments that are issued up to the date of issuance of the consolidated financial statements, but not yet effective are considered not relevant and not to have an impact on the consolidated financial statements of the Group. Earnings per share is calculated by dividing profit for the year by the weighted average number of shares outstanding. To calculate diluted earnings per share, the profit and weighted average number of shares outstand- ing is adjusted to accommodate all dilution effects associated with share options. All share options are taken into consideration in the \u201cdenominator\u201d, and adjustments are made for recognized option expenses in the numerator. In the calculations, share options are considered to have been con- verted at the grant date. Redeemed options are included from the date of issue. The Group\u2019s related parties consist of associates, main shareholders, members of the Board and management. Transactions with associates (if any) are disclosed in another note. Hexagon Composites ASA and Hexagon Purus ASA have historically had a close relationship. Hexagon Purus ASA is at the time of these prepared financials statements as of 31 December 2022 owned 73 per cent of Hexagon Composites ASA. The cooperation has included and still includes sharing of manufacturing resources, contract manufacturing and exchange of capacity within all areas of business, process, product and system development. In addition, there has been a tradition to share management and administrative resources for the benefit of all parties having more and better solutions then otherwise would have been possible. All the transactions are carried out as part of normal business and at arm\u2019s length prices and terms. The Group transferred its CNG LDV operations to Hexagon Composites Group\u2019s Agility segment with financial effect 1. October 2021. See note 5 for further information about the transaction. The following table provides the total amount of transactions that have been entered into with related parties during the year, as well as balances with related parties as at 31 December 2022 and 31 December 2021. There are no sales to, purchases from, loans to, receivables or liabilities/payables to associated companies of the Group, except for the investment in and loan to an associated company (see other note). The loan to Cryoshelter LH2 GmbH amounts to NOK 12 541 thousand at 31.12.2022. There are no sales to, purchases from, loans to, receivables or liabilities/payables to main shareholders and members of the Board, except for the balances towards Hexagon Composites ASA and its subsidiaries as dis- closed below. There are no sales to, purchases from, loans to, receivables or liabilities/payables to key management personnel of the Group, except for any short-term postings related to salary payout and remuneration of out-of-the pocket expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-315": {
"value": "2.1 Basis of preparation of annual financial statements The consolidated annual financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) which have been adopted by the EU and are mandatory for financial years beginning on or after 1 January 2022, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31.12.2022. The consolidated financial statements have been prepared on a historical cost basis, with exception for contingent considerations from business com- binations, which are recognised to fair value over profit and loss. The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-363": {
"value": "The consolidated annual financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) which have been adopted by the EU and are mandatory for financial years beginning on or after 1 January 2022, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31.12.2022. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "2.2 Functional currency and presentation currency The functional currency is determined in each entity in the Group based on the currency within the enti- ty\u2019s primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transac- tion. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recog- nized continuously in the accounting period. The Group\u2019s presentation currency is NOK. This is also the Parent Company\u2019s functional currency. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit and loss items. The monthly average exchange rates are used as an approxima- tion of the transaction exchange rate. Translation differences are recognized in other comprehensive income (\u201cOCI\u201d). When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit and loss. When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "2.2 Functional currency and presentation currency The functional currency is determined in each entity in the Group based on the currency within the enti- ty\u2019s primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transac- tion. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Changes in the exchange rate are recog- nized continuously in the accounting period. The Group\u2019s presentation currency is NOK. This is also the Parent Company\u2019s functional currency. The statement of financial position figures of entities with a different functional currency are translated at the exchange rate prevailing at the end of the reporting period for balance sheet items, including goodwill, and the exchange rate at the date of the transaction for profit and loss items. The monthly average exchange rates are used as an approxima- tion of the transaction exchange rate. Translation differences are recognized in other comprehensive income (\u201cOCI\u201d). When investments in foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary attributable to the equity holders of the parent are recognized in the statement of comprehensive income. When a loss of control, significant influence or joint control is present the accumulated exchange differences related to investments allocated to controlled interests is recognized in profit and loss. When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-316": {
"value": "2.3 Basis of consolidation The Group\u2019s consolidated financial statements comprise Hexagon Purus ASA and its subsidiaries as of 31 December 2022. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. An entity has been assessed as being controlled by the Group when the Group is exposed to or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. Thus, the Group controls an entity if, and only if, the Group has all the following: \u2022 power over the entity; \u2022 exposure, or rights, to variable returns from its involvement with the entity; and \u2022 the ability to use its power over the entity to affect the amount of the group\u2019s returns. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. Reference is made to other notes which contains a list of the subsidiaries and also a list of associates and joint ventures. The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests, when applicable, are presented separately under equity in the Group\u2019s balance sheet. Business combinations Business combinations are accounted for by using the acquisition method, see also other note on changes in the group structure. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value and consist of cash, consideration of shares issued and contingent consideration. A contingent consideration is classi- fied as a liability in accordance with IFRS 9 Financial Instruments: Recognition and Measurement. Subsequent changes in the fair value are recog- nized in profit or loss. When the Group acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance (unless other measurement principles should be applied in accordance to IFRS 3). The initial account- ing for a business combination can be changed if new information about the fair value at the acquisi- tion date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-controlling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each busi- ness combination separately. When the business combination is achieved in stages, the previously held equity interest is remeas- ured at its acquisition date fair value. The resulting gain or loss, if any, is recognized in profit and loss net after transaction cost. Common control transactions For the purpose of preparing consolidated financial statements of Hexagon Purus Group, the transfer of entities or business into Hexagon Purus Group is accounted under the pooling method of accounting (predecessor accounting) using values reflected in the consolidated financial statements of Hexagon Group (which can be different from transaction value in each entity). To present historical financial information that is representative for the business going forward, comparative financial information of Hexagon Purus Group is restated to reflect historical financial information of transferred entities and businesses. Comparatives are those of the existing businesses owned by Hexagon Purus Group as of 31 December 2022, subject to when the underlying entities became part of the Hexagon Group. For entities or businesses transferred out of Hexagon Purus Group and into Hexagon Group (under common control), are to be consolidated until disposal in accordance with the requirements of IFRS 10. Acquired goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Transaction related issues Acquisition related costs are expensed as incurred and included in other operating expense. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Change in ownership without loss of control A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog- nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. Loss of control In cases where changes in the ownership interest of a subsidiary leads to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is rec- ognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost. The gain or loss is presented on a separate line included in operating expenses. Non-current assets held for sale and discontinued operations Non-current assets and groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been fulfilled when a sale is highly probable and the non-current asset (or groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classification date. Non-current assets and groups of non-current assets and liabilities which are classified as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. The estimates in discontinued operations are mainly related to the assessments made regarding the valuation of assets being part of the operation. This includes estimates of both tangible and intangible assets. In addition, there are estimates applied to allocate previously common and shared costs between the continuing and discontinuing opera- tion. To qualify the estimates made, the company has applied its best technological and manage- ment resources in addition to drawing on external resources where necessary. Note Basis for consolidation and business combinations The management has used estimates and assump- tions that have affected assets, liabilities, income, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible and intangible fixed assets, impairment of goodwill and evaluations related to acquisitions. Future events may lead to these estimates being changed. Estimates and their underlying assump- tions are reviewed on a regular basis and are based on best estimates and historical experience and other factors, including forecast events that are considered probable under current circumstance. Changes in accounting estimates are recognized during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The Group prepares estimates and makes assump- tions about the future. The accounting estimates based on this process are, by definition, rarely com- pletely in line with the final outcome. Estimates and assumptions represent a risk of material changes in the reported amounts of revenues, expenses, assets, liabilities and equity over the next financial year. The Group\u2019s most important accounting estimates are related to the following items: \u2022 Fair value of assets and liabilities at the time of acquisition \u2022 Impairment of goodwill \u2022 Depreciation and impairment of property, plant & equipment and intangible assets \u2022 Capitalized development cost \u2022 Contingent considerations \u2022 Revenue from contracts with customers \u2022 Leases Fair value of assets and liabilities at the time of acquisition Fair value of assets and liabilities at the time of acquisition The Group are required to allocate the purchase price of acquired companies to the assets acquired and liabilities assumed based on their estimated fair values. For the acquisitions of Wystrach GmbH and Wyrent GmbH in 2021 the Group engaged a third-party appraisal firm to assist the Group in determining the fair values of the assets acquired and liabilities assumed. Such valuations require management to make significant judgments in selecting valuation methods, esti- mates and assumptions. The significant purchased intangible assets recorded by Hexagon Composites included customer relationships, trade name and technology. Critical estimates in the evaluations for such intangible assets include, but are not limited to, estimated average customer relationship based on customer attrition, applying a relief from royalty model using an appropriate royalty rate and expected developments in technology and markets. Management\u2019s estimates of fair value and useful lives are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Management\u2019s fair value estimates are based on reasonable, but not entirely certain, assumptions. See also note 4. Impairment of goodwill Recognized goodwill is assessed annually for impairment. Recoverable amounts from cash-gen- erating units are calculated based on their value in use. There is uncertainty associated with the assumptions used as a basis in the preparation of budgets for the calculation of value in use. These calculations require the use of estimates and assumptions about future income and expense trends. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate. Depreciation and impairment of property, plant & equipment and intangible assets Group management determines the useful lives and depreciation rates for items of property, plant & equipment. The expected useful life of the Group\u2019s production equipment is largely dependent on technological development. The present depreci- ation period is 3-20 years, but an uncertainty exists for the interval between 10-20 years. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recovera- ble amount, which is the higher of its fair value less costs of disposal and its value in use. Capitalized development cost The Group capitalizes development costs for a project in accordance with the Groups accounting policy. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to project plan. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. There is uncertainty about the date for when the criteria for recognition of intangible assets are satisfied and there is uncertainty associated with the valuation and allocation of the cost of acquisition for intangible assets. Contingent considerations As a part of business combinations, the purchase price consideration may have to be estimated dependent upon the content of the sale-and purchase agreement, herein e.g., contingent con- siderations. Such liabilities are subject to estimation uncertainty as they typically are dependent upon the financial performance of, and/or other quanti- tative and qualitative events of the acquired entity. Management uses significant judgement in the valuation of such liabilities such as, but not limited to, future profitability, discount rates and probability of certain target achievement. Any subsequent revaluations of said liabilities are recognized as fair value adjustments through profit and loss. Revenue from contracts with customers A crucial estimate is related to determining the timing of satisfaction of services and funded devel- opment contracts. The Group has concluded that revenue for services and funded development contracts in most cases is to be recognized over time because the customer simultaneously receives and consumes the benefits provided by the Group. The fact that another entity would not need to re-perform the installation or the defined milestones that the Group has provided to date, demonstrates that the customer simulta- neously receives and consumes the benefits of the Group\u2019s performance as it performs. The Group determined that the input method is the best method in measuring progress of the services and funded development contracts because there is a direct relationship between the Group\u2019s effort (i.e., total costs incurred) and the transfer of service to the customer. The Group recognizes revenue on the basis of the total costs expended relative to the total expected costs to complete the service and funded development contract. Leases The group has several offices and other facilities leases with options to extend the lease. The renewal options have been included in the calculation of the lease liability if management is reasonably certain to exercise the option to renew the contract. Management has used judgment when consid- ering all relevant factors that create an economic incentive to extend the lease. In this assessment Management has considered the original lease term and the significance of the underlying assets, i.e. the offices and other facilities. The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic envi- ronment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "Business combinations Business combinations are accounted for by using the acquisition method, see also other note on changes in the group structure. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value and consist of cash, consideration of shares issued and contingent consideration. A contingent consideration is classi- fied as a liability in accordance with IFRS 9 Financial Instruments: Recognition and Measurement. Subsequent changes in the fair value are recog- nized in profit or loss. When the Group acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance (unless other measurement principles should be applied in accordance to IFRS 3). The initial account- ing for a business combination can be changed if new information about the fair value at the acquisi- tion date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-controlling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each busi- ness combination separately. When the business combination is achieved in stages, the previously held equity interest is remeas- ured at its acquisition date fair value. The resulting gain or loss, if any, is recognized in profit and loss net after transaction cost. Common control transactions For the purpose of preparing consolidated financial statements of Hexagon Purus Group, the transfer of entities or business into Hexagon Purus Group is accounted under the pooling method of accounting (predecessor accounting) using values reflected in the consolidated financial statements of Hexagon Group (which can be different from transaction value in each entity). To present historical financial information that is representative for the business going forward, comparative financial information of Hexagon Purus Group is restated to reflect historical financial information of transferred entities and businesses. Comparatives are those of the existing businesses owned by Hexagon Purus Group as of 31 December 2022, subject to when the underlying entities became part of the Hexagon Group. For entities or businesses transferred out of Hexagon Purus Group and into Hexagon Group (under common control), are to be consolidated until disposal in accordance with the requirements of IFRS 10. Acquired goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Transaction related issues
Acquisition related costs are expensed as incurred
and included in other operating expense.
Any contingent consideration to be transferred by
the acquirer will be recognized at fair value at the
acquisition date. Profit or loss and each component
of other comprehensive income (OCI) are attributed
to the equity holders of the parent of the Group and
to the non-controlling interests, even if this results
in the non-controlling interests having a deficit
balance.
Change in ownership without loss of control
A change in the ownership interest of a subsidiary,
without a loss of control, is accounted for as an
equity transaction. The consideration is recog-
nized at fair value and the difference between
the consideration and the carrying amount of the
non-controlling interests is recognized at the equity
attributable to the parent.
Loss of control
In cases where changes in the ownership interest of a
subsidiary leads to loss of control, the consideration
is measured at fair value. Assets (including goodwill)
and liabilities of the subsidiary and non-controlling
interest at their carrying amounts are derecognized
at the date when the control is lost.
The fair value of the consideration received is rec-
ognized and any investment retained is recognized
at fair value. Gain or loss is recognized in profit and
loss at the date when the control is lost. The gain
or loss is presented on a separate line included in
operating expenses.
Non-current assets held for sale
and discontinued operations
Non-current assets and groups of non-current
assets and liabilities are classified as held for sale if
their carrying amount will be recovered through a
sales transaction instead of through continued use.
This is only regarded as having been fulfilled when
a sale is highly probable and the non-current asset
(or groups of non-current assets and liabilities) is
available for immediate sale in its present form. The
management must be committed to a sale and the
sale must be expected to be carried out within one
year after the classification date.
Non-current assets and groups of non-current
assets and liabilities which are classified as held for
sale are valued at the lower of their former carrying
amount or fair value minus sales costs.
The estimates in discontinued operations are mainly
related to the assessments made regarding the
valuation of assets being part of the operation. This
includes estimates of both tangible and intangible
assets. In addition, there are estimates applied
to allocate previously common and shared costs
between the continuing and discontinuing opera-
tion. To qualify the estimates made, the company
has applied its best technological and manage-
ment resources in addition to drawing on external
resources where necessary.
Note Basis for consolidation and business combinations The management has used estimates and assump- tions that have affected assets, liabilities, income, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible and intangible fixed assets, impairment of goodwill and evaluations related to acquisitions. Future events may lead to these estimates being changed. Estimates and their underlying assump- tions are reviewed on a regular basis and are based on best estimates and historical experience and other factors, including forecast events that are considered probable under current circumstance. Changes in accounting estimates are recognized during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The Group prepares estimates and makes assump- tions about the future. The accounting estimates based on this process are, by definition, rarely com- pletely in line with the final outcome. Estimates and assumptions represent a risk of material changes in the reported amounts of revenues, expenses, assets, liabilities and equity over the next financial year. The Group\u2019s most important accounting estimates are related to the following items: \u2022 Fair value of assets and liabilities at the time of acquisition \u2022 Impairment of goodwill \u2022 Depreciation and impairment of property, plant & equipment and intangible assets \u2022 Capitalized development cost \u2022 Contingent considerations \u2022 Revenue from contracts with customers \u2022 Leases Fair value of assets and liabilities at the time of acquisition Fair value of assets and liabilities at the time of acquisition The Group are required to allocate the purchase price of acquired companies to the assets acquired and liabilities assumed based on their estimated fair values. For the acquisitions of Wystrach GmbH and Wyrent GmbH in 2021 the Group engaged a third-party appraisal firm to assist the Group in determining the fair values of the assets acquired and liabilities assumed. Such valuations require management to make significant judgments in selecting valuation methods, esti- mates and assumptions. The significant purchased intangible assets recorded by Hexagon Composites included customer relationships, trade name and technology. Critical estimates in the evaluations for such intangible assets include, but are not limited to, estimated average customer relationship based on customer attrition, applying a relief from royalty model using an appropriate royalty rate and expected developments in technology and markets. Management\u2019s estimates of fair value and useful lives are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Management\u2019s fair value estimates are based on reasonable, but not entirely certain, assumptions. See also note 4. Impairment of goodwill Recognized goodwill is assessed annually for impairment. Recoverable amounts from cash-gen- erating units are calculated based on their value in use. There is uncertainty associated with the assumptions used as a basis in the preparation of budgets for the calculation of value in use. These calculations require the use of estimates and assumptions about future income and expense trends. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate. Depreciation and impairment of property, plant & equipment and intangible assets Group management determines the useful lives and depreciation rates for items of property, plant & equipment. The expected useful life of the Group\u2019s production equipment is largely dependent on technological development. The present depreci- ation period is 3-20 years, but an uncertainty exists for the interval between 10-20 years. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recovera- ble amount, which is the higher of its fair value less costs of disposal and its value in use. Capitalized development cost The Group capitalizes development costs for a project in accordance with the Groups accounting policy. Initial capitalization of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to project plan. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. There is uncertainty about the date for when the criteria for recognition of intangible assets are satisfied and there is uncertainty associated with the valuation and allocation of the cost of acquisition for intangible assets. Contingent considerations As a part of business combinations, the purchase price consideration may have to be estimated dependent upon the content of the sale-and purchase agreement, herein e.g., contingent con- siderations. Such liabilities are subject to estimation uncertainty as they typically are dependent upon the financial performance of, and/or other quanti- tative and qualitative events of the acquired entity. Management uses significant judgement in the valuation of such liabilities such as, but not limited to, future profitability, discount rates and probability of certain target achievement. Any subsequent revaluations of said liabilities are recognized as fair value adjustments through profit and loss. Revenue from contracts with customers A crucial estimate is related to determining the timing of satisfaction of services and funded devel- opment contracts. The Group has concluded that revenue for services and funded development contracts in most cases is to be recognized over time because the customer simultaneously receives and consumes the benefits provided by the Group. The fact that another entity would not need to re-perform the installation or the defined milestones that the Group has provided to date, demonstrates that the customer simulta- neously receives and consumes the benefits of the Group\u2019s performance as it performs. The Group determined that the input method is the best method in measuring progress of the services and funded development contracts because there is a direct relationship between the Group\u2019s effort (i.e., total costs incurred) and the transfer of service to the customer. The Group recognizes revenue on the basis of the total costs expended relative to the total expected costs to complete the service and funded development contract. Leases The group has several offices and other facilities leases with options to extend the lease. The renewal options have been included in the calculation of the lease liability if management is reasonably certain to exercise the option to renew the contract. Management has used judgment when consid- ering all relevant factors that create an economic incentive to extend the lease. In this assessment Management has considered the original lease term and the significance of the underlying assets, i.e. the offices and other facilities. The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (IBR) to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic envi- ronment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). Note Changes in the Group structure Acquisition of Wystrach GmbH in 2021 On 10 November 2021 Hexagon Purus acquired 100 per cent of the shares of Wystrach GmbH and Wyrent GmbH (\u201c\u201dWystrach\u201d\u201d). Wystrach and Wyrent GmbH was reported as a part of the Purus segment in the Hexagon Purus Group from November 2021. The Transaction represented a step-change for Hexagon Purus Group and reinforceed its position as a global leader in zero emission mobility solutions. Wystrach brought significant systems assembly capacity and knowhow, and complemented the capabilities of Hexagon Purus Group, improving control of the value chain and accelerating time to market. Combining two industry frontrunners increased scale, organizational bandwidth and execution capabilities and put Hexagon Purus Group in pole position to capitalize on the strong market growth expected for hydrogen storage solutions. The fair value of the identifiable assets and liabilities of Wystrach as at the date of acquisition were: (NOK 1 000) Fair value recognized on acquisition 01.11.2021 ASSETS Non-current assets Intangible assets Customer relationships 78 654 Technology 64 941 Software and licenses 1 533 Tangible assets Land and land rights 22 260 Buildings 66 780 Technical equipment and machines 6 640 Other equipment, factory and office equipment 17 340 Right-of-use Assets 7 683 Current assets - Inventories 170 560 Trade receivable 49 691 Other assets 59 536 Cash 1 277 Total assets 546 895 (NOK 1 000) Fair value recognized on acquisition 01.11.2021 LIABILITIES Liabilities to banks 48 458 Lease liabilities 7 683 Accruals for pensions and similar obligations 980 Deferred tax liabilities 44 837 Provisions 481 Trade payables 105 542 Payments received on account of orders 58 031 Income tax liabilities 7 436 Other liabilities 60 880 Total liabilities 334 328 Net identifiable assets and liabilities at fair value 212 571 Goodwill 187 369 Purchase consideration 399 936 The fair value of Wystrach was NOK 399.9 million. The acquisition was settled with MNOK 147.5 million in cash, NOK 144.5 million in consideration shares in Hexagon Purus ASA, NOK 43.0 million in deferred payment and contingent liabilities of NOK 64.9 million expected to be settled in cash in 2023 and 2024. Contingent considera- tions are dependent upon revenue- and EBITDA targets of Wystrach in 2021, 2022 and 2023 and was recognised as a best estimate of target achievement. At the end of the reporting period 31.12.2022, there have been no changes to the fair value asessment. Wystrach\u2019s contribution to the Group\u2019s revenue and EBITDA in 2021 was NOK 140 million and NOK 18 million respectively. If the acquisition had taken place on 1 January 2021, the Group total revenue and profit after tax would have amounted to NOK 662 million and NOK -356 million in 2021. Wystrach is included in the full year 2022. Transaction costs of NOK 12.4 million were expensed as other operating expenses in the income statement and are part of operating cash flows in the statement of cash flows 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "Business combinations Business combinations are accounted for by using the acquisition method, see also other note on changes in the group structure. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value and consist of cash, consideration of shares issued and contingent consideration. A contingent consideration is classi- fied as a liability in accordance with IFRS 9 Financial Instruments: Recognition and Measurement. Subsequent changes in the fair value are recog- nized in profit or loss. When the Group acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance (unless other measurement principles should be applied in accordance to IFRS 3). The initial account- ing for a business combination can be changed if new information about the fair value at the acquisi- tion date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-controlling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each busi- ness combination separately. When the business combination is achieved in stages, the previously held equity interest is remeas- ured at its acquisition date fair value. The resulting gain or loss, if any, is recognized in profit and loss net after transaction cost. Common control transactions For the purpose of preparing consolidated financial statements of Hexagon Purus Group, the transfer of entities or business into Hexagon Purus Group is accounted under the pooling method of accounting (predecessor accounting) using values reflected in the consolidated financial statements of Hexagon Group (which can be different from transaction value in each entity). To present historical financial information that is representative for the business going forward, comparative financial information of Hexagon Purus Group is restated to reflect historical financial information of transferred entities and businesses. Comparatives are those of the existing businesses owned by Hexagon Purus Group as of 31 December 2022, subject to when the underlying entities became part of the Hexagon Group. For entities or businesses transferred out of Hexagon Purus Group and into Hexagon Group (under common control), are to be consolidated until disposal in accordance with the requirements of IFRS 10. Acquired goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Transaction related issues Acquisition related costs are expensed as incurred and included in other operating expense. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Change in ownership without loss of control A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog- nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. Loss of control In cases where changes in the ownership interest of a subsidiary leads to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is rec- ognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost. The gain or loss is presented on a separate line included in operating expenses. Non-current assets held for sale and discontinued operations Non-current assets and groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been fulfilled when a sale is highly probable and the non-current asset (or groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classification date. Non-current assets and groups of non-current assets and liabilities which are classified as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. The estimates in discontinued operations are mainly related to the assessments made regarding the valuation of assets being part of the operation. This includes estimates of both tangible and intangible assets. In addition, there are estimates applied to allocate previously common and shared costs between the continuing and discontinuing opera- tion. To qualify the estimates made, the company has applied its best technological and manage- ment resources in addition to drawing on external resources where necessary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "Business combinations Business combinations are accounted for by using the acquisition method, see also other note on changes in the group structure. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value and consist of cash, consideration of shares issued and contingent consideration. A contingent consideration is classi- fied as a liability in accordance with IFRS 9 Financial Instruments: Recognition and Measurement. Subsequent changes in the fair value are recog- nized in profit or loss. When the Group acquires a business, it assesses the assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance (unless other measurement principles should be applied in accordance to IFRS 3). The initial account- ing for a business combination can be changed if new information about the fair value at the acquisi- tion date is present. The allocation can be amended within 12 months of the acquisition date. The non-controlling interest is set to the non-controlling interest\u2019s share of identifiable assets and liabilities. The measurement principle is done for each busi- ness combination separately. When the business combination is achieved in stages, the previously held equity interest is remeas- ured at its acquisition date fair value. The resulting gain or loss, if any, is recognized in profit and loss net after transaction cost. Common control transactions For the purpose of preparing consolidated financial statements of Hexagon Purus Group, the transfer of entities or business into Hexagon Purus Group is accounted under the pooling method of accounting (predecessor accounting) using values reflected in the consolidated financial statements of Hexagon Group (which can be different from transaction value in each entity). To present historical financial information that is representative for the business going forward, comparative financial information of Hexagon Purus Group is restated to reflect historical financial information of transferred entities and businesses. Comparatives are those of the existing businesses owned by Hexagon Purus Group as of 31 December 2022, subject to when the underlying entities became part of the Hexagon Group. For entities or businesses transferred out of Hexagon Purus Group and into Hexagon Group (under common control), are to be consolidated until disposal in accordance with the requirements of IFRS 10. Acquired goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Transaction related issues Acquisition related costs are expensed as incurred and included in other operating expense. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. Change in ownership without loss of control A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog- nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. Loss of control In cases where changes in the ownership interest of a subsidiary leads to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is rec- ognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost. The gain or loss is presented on a separate line included in operating expenses. Non-current assets held for sale and discontinued operations Non-current assets and groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been fulfilled when a sale is highly probable and the non-current asset (or groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classification date. Non-current assets and groups of non-current assets and liabilities which are classified as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. The estimates in discontinued operations are mainly related to the assessments made regarding the valuation of assets being part of the operation. This includes estimates of both tangible and intangible assets. In addition, there are estimates applied to allocate previously common and shared costs between the continuing and discontinuing opera- tion. To qualify the estimates made, the company has applied its best technological and manage- ment resources in addition to drawing on external resources where necessary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "Acquired goodwill Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities assumed). After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. 2.12 Intangible assets Intangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment. Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred. The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate. Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively. Group management determines the useful lives and depreciation rates for items of intangible assets. The expected useful life of the Group\u2019s capitalized development cost and customer relationships is largely dependent on technological development and continued sales to customers. The present depreciation period is 5-20 years, but there is an uncertainty for the expected useful life in the inter- val between 10-20 years. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recovera- ble amount, which is the higher of its fair value less costs of disposal and its value in use. Patents and Licenses Amounts paid for patents and licenses are rec- ognized in the balance sheet and are amortized on a straight-line basis over their useful life. The expected useful life of patents and licenses varies between 6 and 17 years. Research and development cost Expenses relating to research activities are recog- nized in the statement of comprehensive income as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is a commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capital- ized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recog- nized at their cost minus accumulated amortization and impairment losses. Research costs are expensed as incurred. The devel- opment costs of projects (relating to the design and testing of new or improved products) are capitalized as intangible assets if all the following criteria are met: 1. it is technically feasible to complete the intangible asset so that the asset will be available for use or for future sale; 2. it is the management\u2019s intention to complete the asset and use or sell it; 3. it is possible to use or sell the asset; 4. it can be demonstrated how the asset will gener- ate future economic benefits; 5. technological and financial resources are avalable to complete the asset; 6. the costs can be reliably measured Other development costs are expensed as incurred. Development costs that have previously been expensed are not capitalized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36. Customer relationships Purchased customer contracts have a finite useful life and are recognized at cost less amortization. Customer contracts and technology are amortized using the straight-line method over their estimated useful lives. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "Change in ownership without loss of control A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recog- nized at fair value and the difference between the consideration and the carrying amount of the non-controlling interests is recognized at the equity attributable to the parent. Loss of control In cases where changes in the ownership interest of a subsidiary leads to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. The fair value of the consideration received is rec- ognized and any investment retained is recognized at fair value. Gain or loss is recognized in profit and loss at the date when the control is lost. The gain or loss is presented on a separate line included in operating expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-305": {
"value": "Non-current assets held for sale and discontinued operations Non-current assets and groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been fulfilled when a sale is highly probable and the non-current asset (or groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classification date. Non-current assets and groups of non-current assets and liabilities which are classified as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. The estimates in discontinued operations are mainly related to the assessments made regarding the valuation of assets being part of the operation. This includes estimates of both tangible and intangible assets. In addition, there are estimates applied to allocate previously common and shared costs between the continuing and discontinuing opera- tion. To qualify the estimates made, the company has applied its best technological and manage- ment resources in addition to drawing on external resources where necessary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "Non-current assets held for sale and discontinued operations Non-current assets and groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sales transaction instead of through continued use. This is only regarded as having been fulfilled when a sale is highly probable and the non-current asset (or groups of non-current assets and liabilities) is available for immediate sale in its present form. The management must be committed to a sale and the sale must be expected to be carried out within one year after the classification date. Non-current assets and groups of non-current assets and liabilities which are classified as held for sale are valued at the lower of their former carrying amount or fair value minus sales costs. The estimates in discontinued operations are mainly related to the assessments made regarding the valuation of assets being part of the operation. This includes estimates of both tangible and intangible assets. In addition, there are estimates applied to allocate previously common and shared costs between the continuing and discontinuing opera- tion. To qualify the estimates made, the company has applied its best technological and manage- ment resources in addition to drawing on external resources where necessary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "2.4 Investments in associates and joint ventures
Associates are entities where the Group has signifi-
cant influence, but not control or joint control, over
financial and operating management (normally a
holding of between 20% and 50%).
A joint venture is a type of joint arrangement
whereby the parties that have joint control of the
arrangement have rights to the net assets of the
joint venture. Joint control is the contractually
agreed sharing of control of an arrangement,
which exists only when decisions about the relevant
activities require unanimous consent of the parties
sharing control.
The considerations made in determining whether
the Group has joint control or significant influence
over an entity are similar to those necessary to
determine control over subsidiaries. Associates and
joint ventures are accounted for using the equity
method from the date when significant influence or
joint control is achieved until such influence ceases.
Under the equity method, the investments in an
associates or joint ventures are initially recognized
at cost. The carrying amount of the investment
is adjusted to recognize changes in the Group\u2019s
share of net assets of the associate or joint venture
since the acquisition date. Goodwill relating to the
associate or joint venture is included in the carrying
amount of the investment and is not tested for
impairment individually.
The statement of profit or loss reflects the Group\u2019s
share of the results of operations of the associate or
joint venture. Any change in OCI of those investees
is presented as part of the Group\u2019s OCI. In addition,
when there has been a change recognized directly
in the equity of the associate or joint venture,
the Group recognizes its share of any changes,
when applicable, in the statement of changes in
equity. Unrealized gains and losses resulting from
transactions between the Group and the associate
or joint venture are eliminated to the extent of
the interest in the associate or joint venture and is
recognized against profit/loss from investment in
associates and joint ventures.
If there is an indication that the investment in the
associate or joint venture is impaired, the Group will
perform an impairment test of the carrying amount
of the investment. Any impairment losses are rec-
ognized as share of profit of an associate and a joint
venture in the statement of profit or loss.
If the Group\u2019s share of the loss equals or exceeds
the carrying amount of the associate or joint
venture, the carrying amount is set to zero and
further loss is not recognized unless the Group has
incurred a legal or constructive obligation on behalf
of the associate or joint venture.
Upon loss of significant influence over the associate
or joint control over the joint venture, and as such
the equity method ceases, the Group measures
and recognizes any retained investment at its fair
value. A new measurement of remaining ownership
interests will not be performed if the equity method
is still applicable, for example by transition from an
associate to a joint venture.
The Group bases its impairment calculation on
detailed budgets and forecast calculations, which
are prepared separately for each of the Group\u2019s
CGUs to which the individual assets are allocated.
These budgets and forecast calculations generally
cover a period of five years. A long-term growth rate
85
is calculated and applied to project future cash flows after the fifth year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "2.4 Investments in associates and joint ventures Associates are entities where the Group has signifi- cant influence, but not control or joint control, over financial and operating management (normally a holding of between 20% and 50%). A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Under the equity method, the investments in an associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture and is recognized against profit/loss from investment in associates and joint ventures. If there is an indication that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec- ognized as share of profit of an associate and a joint venture in the statement of profit or loss. If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has incurred a legal or constructive obligation on behalf of the associate or joint venture. Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "2.4 Investments in associates and joint ventures Associates are entities where the Group has signifi- cant influence, but not control or joint control, over financial and operating management (normally a holding of between 20% and 50%). A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The considerations made in determining whether the Group has joint control or significant influence over an entity are similar to those necessary to determine control over subsidiaries. Associates and joint ventures are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Under the equity method, the investments in an associates or joint ventures are initially recognized at cost. The carrying amount of the investment is adjusted to recognize changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment individually. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate or joint venture. Any change in OCI of those investees is presented as part of the Group\u2019s OCI. In addition, when there has been a change recognized directly in the equity of the associate or joint venture, the Group recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture and is recognized against profit/loss from investment in associates and joint ventures. If there is an indication that the investment in the associate or joint venture is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are rec- ognized as share of profit of an associate and a joint venture in the statement of profit or loss. If the Group\u2019s share of the loss equals or exceeds the carrying amount of the associate or joint venture, the carrying amount is set to zero and further loss is not recognized unless the Group has incurred a legal or constructive obligation on behalf of the associate or joint venture. Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognizes any retained investment at its fair value. A new measurement of remaining ownership interests will not be performed if the equity method is still applicable, for example by transition from an associate to a joint venture. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-320": {
"value": "2.5 Current versus non-current classification The Group presents assets and liabilities in the consolidated statement of financial position as either current or non- current. The Group classifies an asset as current when it: \u2022 Expects to realize the asset, or intends to sell or consume it, in its normal operating cycle \u2022 Holds the asset primarily for the purpose of trading \u2022 Expects to realize the asset within twelve months after the reporting period Or \u2022 The asset is cash or a cash equivalent, unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current, including deferred tax assets. The Group classifies a liability as current when it: \u2022 Expects to settle the liability in its normal operating cycle \u2022 Holds the liability primarily for the purpose of trading \u2022 Is due to be settled within twelve months after the reporting period Or \u2022 It does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current, including deferred tax liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-317": {
"value": "2.6 Cash and cash equivalents
Cash consist of cash in hand and at bank. Cash
equivalents are short-term liquid investments that
can be immediately converted into a known amount
of cash and have a maximum term to maturity of
three months. Any positive balances against bank
overdrafts are included as a component of cash in
the cash flow statement. The cash flow statement
has been prepared using the indirect method. Bank
overdrafts are reported under short-term loans
in the balance sheet. Received interest income is
classified as investment activities and interest pay-
ments is classified as financing activities in the cash
flow statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-318": {
"value": "2.7 Inventories
Inventories are recognized at the lower of historical
cost and net realizable value. Net realizable value
is the estimated selling price (in the normal course
of business) less the estimated costs of completion
and the estimated cost necessary to make the
sale. Cost is based on the average cost price, and
includes the costs incurred in acquiring the goods
and the costs of bringing the goods to their current
state and location. Goods produced by the Group
itself include variable and fixed costs that can be
allocated based on normal capacity utilization.
Where inventory items purchased internally in the
Group contain an element of profit, this profit
element is eliminated until the inventory items are
sold out of the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-319": {
"value": "2.8 Property, Plant & Equipment
Items of property, plant and equipment are valued
at their cost, less accumulated depreciation and
impairment losses. An asset is derecognized from
the balance sheet on disposal or when it is with-
drawn from use and no future economic benefits
are expected from its disposal. The gain or loss on
disposal is recognized in the income statement.
The cost of an item of property, plant and equip-
ment includes its original purchase price and all
costs necessary to bring the asset to working condi-
tion for its intended use. Subsequent expenditure
on repair and maintenance of assets is recognized
as an expense in the income statement, while
expenses that are expected to generate future
economic benefits are capitalized.
The cost of a non-current asset is depreciated to the
residual value over the asset\u2019s useful life.
Depreciation is calculated on a straight-line basis.
The following depreciation periods apply:
\u2022 Buildings 10-20 years
\u2022 Plant, machinery and equipment 3-15 years
\u2022 Fixtures & fittings, motor vehicles 3-10 years
If an item of property, plant and equipment has
different parts with different useful lives, the parts
are depreciated separately if the cost is significant in
relation to the total cost of the item.
The depreciation period and method are assessed
annually. A residual value is estimated at each year-
end, and changes to the estimated residual value
is recognized as a change in an estimate. When the
carrying amount of property, plant and equipment
exceeds the estimated recoverable amount, the
value is written down to the recoverable amount.
Depreciation of an asset ceases at the date the asset
is derecognized and classified as held for sale (or
included in a disposal group that is classified as held
for sale) in accordance with IFRS 5.
Assets under construction are classified as property,
plant and equipment and are carried at cost until its
manufacture or development is completed. Assets
under construction are not subject to depreciation
until the assets are avalable for use.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "2.8 Property, Plant & Equipment Items of property, plant and equipment are valued at their cost, less accumulated depreciation and impairment losses. An asset is derecognized from the balance sheet on disposal or when it is with- drawn from use and no future economic benefits are expected from its disposal. The gain or loss on disposal is recognized in the income statement. The cost of an item of property, plant and equip- ment includes its original purchase price and all costs necessary to bring the asset to working condi- tion for its intended use. Subsequent expenditure on repair and maintenance of assets is recognized as an expense in the income statement, while expenses that are expected to generate future economic benefits are capitalized. The cost of a non-current asset is depreciated to the residual value over the asset\u2019s useful life. Depreciation is calculated on a straight-line basis. The following depreciation periods apply: \u2022 Buildings 10-20 years \u2022 Plant, machinery and equipment 3-15 years \u2022 Fixtures & fittings, motor vehicles 3-10 years If an item of property, plant and equipment has different parts with different useful lives, the parts are depreciated separately if the cost is significant in relation to the total cost of the item. The depreciation period and method are assessed annually. A residual value is estimated at each year- end, and changes to the estimated residual value is recognized as a change in an estimate. When the carrying amount of property, plant and equipment exceeds the estimated recoverable amount, the value is written down to the recoverable amount. Depreciation of an asset ceases at the date the asset is derecognized and classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with IFRS 5. Assets under construction are classified as property, plant and equipment and are carried at cost until its manufacture or development is completed. Assets under construction are not subject to depreciation until the assets are avalable for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-306": {
"value": "Assets under construction are classified as property, plant and equipment and are carried at cost until its manufacture or development is completed. Assets under construction are not subject to depreciation until the assets are avalable for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-321": {
"value": "2.9 Leases
The Group has applied IFRS 16. At the inception of a
contract, The Group assesses whether the contract
is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control
the use of an identified asset for a period of time in
exchange for consideration.
The group as a lessee
For contracts that constitute, or contain a lease, the
Group separates lease components if it benefits
from the use of each underlying asset either on its
own or together with other resources that are readily
available, and the underlying asset is neither highly
dependent on, nor highly interrelated with, the
other underlying assets in the contract. The Group
then accounts for each lease component within the
contract as a lease separately from non-lease com-
ponents of the contract.
At the lease commencement date, the Group
recognizes a lease liability and corresponding
right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the Group recognizes the lease payments as other operating expenses in the state- ment of profit or loss when they incur. The following depreciation periods apply: \u2022 Buildings 2-10 years \u2022 Plant, machinery and equipment 3-5 years \u2022 Fixtures & fittings, motor vehicles 3-5 years Lease liabilities The lease liability is recognized at the commence- ment date of the lease. The Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the com- mencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commence- ment date because the interest rate implicit in the lease is not readily determinable. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 Amount expected to be payable by the Group under residual value guarantees \u2022 The exercise price of a purchase option, if the Group is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in profit or loss. The Group presents its lease liabilities as separate line items in the statement of financial position. Right-of-use assets The Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The cost of the right-of-use asset comprise: \u2022 The amount of the initial measurement of the lease liability recognized \u2022 Any lease payments made at or before the commencement date, less any incentives received \u2022 Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depre- ciating the right-of-use asset, except that the right-of-use asset is depreciated from the com- mencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset, unless there is an option to purchase the asset which has been determined to be exercised with reasonably certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset. The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-322": {
"value": "2.10 Borrowing costs Borrowing costs directly attributable to the acqui- sition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-323": {
"value": "2.11 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group\u2019s financial assets are trade receivables, cash and cash equivalents. The classification of financial assets at initial recog- nition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group classified its financial assets as financial assets at amortized cost. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Groups financial assets at amortized cost includes trade receivables and other short-term deposits. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired, or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either \u2022 the Group has transferred substantially all the risks and rewards of the asset, or \u2022 the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Financial liabilities Financial liabilities are subsequently recognized at amortized cost, as loans and borrowings, payables. Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amor- tized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amorti- zation process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. Payables are measured at their nominal amount when the effect of discounting is not material. Contingent Consideration in business combinations is recognized and measured to fair value, and changes in fair value included in the statement for profit and loss. Derecognition of financial liabilities A financial liability is derecognized when the obli- gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog- nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. Impairment of financial assets For trade receivables and contract assets, the Group uses a simplified approach to calculating expected credit losses (ECL). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on ECLs over the life of the trade receivable and the contract asset on each reporting date. The Group has established a provision matrix that is based on its historical credit losses, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con- sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta- tion of recovering the contractual cash flows. Further information on any impairment of financial assets is provided in notes 15 and 20.1. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "Financial assets The Group\u2019s financial assets are trade receivables, cash and cash equivalents. The classification of financial assets at initial recog- nition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group classified its financial assets as financial assets at amortized cost. Financial assets at amortized cost The Group measures financial assets at amortized cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and, \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
The Groups financial assets at amortized cost
includes trade receivables and other short-term
deposits. Trade receivables that do not contain a
significant financing component are measured
at the transaction price determined under IFRS 15
Revenue from contracts with customers.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a
financial asset or part of a group of similar financial
assets) is primarily derecognized (i.e., removed from
the Group\u2019s consolidated statement of financial
position) when:
\u2022 The rights to receive cash flows from the asset
have expired, or
\u2022 The Group has transferred its rights to receive
cash flows from the asset or has assumed an
obligation to pay the received cash flows in full
without material delay to a third party under a
\u2018pass-through\u2019 arrangement; and
either
\u2022 the Group has transferred substantially all the
risks and rewards of the asset, or
\u2022 the Group has neither transferred nor retained
substantially all the risks and rewards of the asset,
but has transferred control of the asset
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired, or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either \u2022 the Group has transferred substantially all the risks and rewards of the asset, or \u2022 the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Derecognition of financial liabilities A financial liability is derecognized when the obli- gation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecog- nition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "Financial liabilities
Financial liabilities are subsequently recognized at
amortized cost, as loans and borrowings, payables.
Loans, borrowings and payables
After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amor-
tized cost using the EIR method. Gains and losses
are recognized in profit or loss when the liabilities
are derecognized as well as through the EIR amorti-
zation process.
Amortized cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The
EIR amortization is included as finance costs in the
statement of profit or loss.
Payables are measured at their nominal amount
when the effect of discounting is not material.
Contingent Consideration in business combinations
is recognized and measured to fair value, and
changes in fair value included in the statement for
profit and loss.
Derecognition of financial liabilities
A financial liability is derecognized when the obli-
gation under the liability is discharged or cancelled
or expires. When an existing financial liability is
replaced by another from the same lender on
substantially different terms, or the terms of an
existing liability are substantially modified, such an
exchange or modification is treated as the derecog-
nition of the original liability and the recognition
of a new liability. The difference in the respective
carrying amounts is recognized in the statement of
profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "Loans, borrowings and payables After initial recognition, interest-bearing loans and borrowings are subsequently measured at amor- tized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amorti- zation process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. Payables are measured at their nominal amount when the effect of discounting is not material. Contingent Consideration in business combinations is recognized and measured to fair value, and changes in fair value included in the statement for profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "Impairment of financial assets
For trade receivables and contract assets, the Group
uses a simplified approach to calculating expected
credit losses (ECL). Therefore, the Group does not
track changes in credit risk, but instead recognizes
a loss allowance based on ECLs over the life of
the trade receivable and the contract asset on
each reporting date. The Group has established a
provision matrix that is based on its historical credit
losses, adjusted for forward-looking factors specific
to the debtors and the economic environment.
The Group considers a financial asset in default
when contractual payments are 90 days past due.
However, in certain cases, the Group may also con-
sider a financial asset to be in default when internal
or external information indicates that the Group
is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit
enhancements held by the Group. A financial asset
is written off when there is no reasonable expecta-
tion of recovering the contractual cash flows. Further
information on any impairment of financial assets is
provided in notes 15 and 20.1.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "Impairment of financial assets For trade receivables and contract assets, the Group uses a simplified approach to calculating expected credit losses (ECL). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on ECLs over the life of the trade receivable and the contract asset on each reporting date. The Group has established a provision matrix that is based on its historical credit losses, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also con- sider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expecta- tion of recovering the contractual cash flows. Further information on any impairment of financial assets is provided in notes 15 and 20.1. 2.13 Impairment of non-financial assets Recognized goodwill is assessed annually for impairment, in fourth quarter. Recoverable amounts from cash-generating units are calculated based on their value in use. When the recoverable amount exceeds the carrying amount, capitalized goodwill is maintained. When the recoverable amount is lower than the carrying amount, capitalized goodwill is written down to its recoverable amount. The carrying amount consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market development. For sub- sequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas. There is uncertainty associated with the assump- tions used as a basis in the preparation of budgets for the calculation of value in use. These calculations require the use of estimates and assumptions about future income and expense trends. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate. See note 3 and 10 for further information related to goodwill. The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re- invest- ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments. When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti- mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company. Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account substantial growth in the cash flows into perpetuity. Items of property, plant and equipment, right- of-use assets, and intangible assets are tested for impairment if there is reason to believe that future earnings do not justify the asset\u2019s carrying amount. The difference between the carrying amount and the recoverable amount is recognized as an impair- ment loss. The recoverable amount is the higher of the fair value less costs to sell and the value in use. When testing for impairment, non-current assets are grouped at the lowest level at which it is possi- ble to distinguish independent cash inflows (cash generating units, CGU). A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group considers the possibility of reversing previous impairment losses on non-financial assets (except goodwill and other intangible assets with an indefinite useful life). Inassessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions are
taken into account. If no such transactions can be
identified, an appropriate valuation model is used.
These calculations are corroborated by valuation
multiples, quoted share prices for publicly traded
companies or other available fair value indicators.
The Group bases its impairment calculation on
detailed budgets and forecast calculations, which
are prepared separately for each of the Group\u2019s
CGUs to which the individual assets are allocated.
These budgets and forecast calculations generally
cover a period of five years. A long-term growth rate
is calculated and applied to project future cash flows
after the fifth year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-324": {
"value": "2.12 Intangible assets Intangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment. Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred. The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate. Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively. Group management determines the useful lives and depreciation rates for items of intangible assets. The expected useful life of the Group\u2019s capitalized development cost and customer relationships is largely dependent on technological development and continued sales to customers. The present depreciation period is 5-20 years, but there is an uncertainty for the expected useful life in the inter- val between 10-20 years. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recovera- ble amount, which is the higher of its fair value less costs of disposal and its value in use. Patents and Licenses Amounts paid for patents and licenses are rec- ognized in the balance sheet and are amortized on a straight-line basis over their useful life. The expected useful life of patents and licenses varies between 6 and 17 years. Research and development cost Expenses relating to research activities are recog- nized in the statement of comprehensive income as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is a commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capital- ized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recog- nized at their cost minus accumulated amortization and impairment losses. Research costs are expensed as incurred. The devel- opment costs of projects (relating to the design and testing of new or improved products) are capitalized as intangible assets if all the following criteria are met: 1. it is technically feasible to complete the intangible asset so that the asset will be available for use or for future sale; 2. it is the management\u2019s intention to complete the asset and use or sell it; 3. it is possible to use or sell the asset; 4. it can be demonstrated how the asset will gener- ate future economic benefits; 5. technological and financial resources are avalable to complete the asset; 6. the costs can be reliably measured Other development costs are expensed as incurred. Development costs that have previously been expensed are not capitalized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36. Customer relationships Purchased customer contracts have a finite useful life and are recognized at cost less amortization. Customer contracts and technology are amortized using the straight-line method over their estimated useful lives. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "2.12 Intangible assets Intangible assets acquired independently are measured on initial recognition at cost. The cost of intangible assets acquired as part of a business combination is recognized at fair value in the Group\u2019s opening balance at the date of acquisition. Capitalized intangible assets are recognized at cost less any amortization and impairment. Internally generated intangible assets, with the exception of capitalized development expenses, are not capitalized, but expensed as incurred. The useful life is either finite or indefinite. Intangible assets with a finite useful life are amortized over their useful economic life and tested for impairment if there are any indications that the intangible asset may be impaired. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in accounting estimate. Intangible assets with an indefinite economic life are not amortized, but are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively. Group management determines the useful lives and depreciation rates for items of intangible assets. The expected useful life of the Group\u2019s capitalized development cost and customer relationships is largely dependent on technological development and continued sales to customers. The present depreciation period is 5-20 years, but there is an uncertainty for the expected useful life in the inter- val between 10-20 years. Impairment exists when the carrying value of an asset or cash generating unit exceeds its recovera- ble amount, which is the higher of its fair value less costs of disposal and its value in use. Patents and Licenses Amounts paid for patents and licenses are rec- ognized in the balance sheet and are amortized on a straight-line basis over their useful life. The expected useful life of patents and licenses varies between 6 and 17 years. Research and development cost Expenses relating to research activities are recog- nized in the statement of comprehensive income as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is a commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capital- ized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recog- nized at their cost minus accumulated amortization and impairment losses. Research costs are expensed as incurred. The devel- opment costs of projects (relating to the design and testing of new or improved products) are capitalized as intangible assets if all the following criteria are met: 1. it is technically feasible to complete the intangible asset so that the asset will be available for use or for future sale; 2. it is the management\u2019s intention to complete the asset and use or sell it; 3. it is possible to use or sell the asset; 4. it can be demonstrated how the asset will gener- ate future economic benefits; 5. technological and financial resources are avalable to complete the asset; 6. the costs can be reliably measured Other development costs are expensed as incurred. Development costs that have previously been expensed are not capitalized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36. Customer relationships Purchased customer contracts have a finite useful life and are recognized at cost less amortization. Customer contracts and technology are amortized using the straight-line method over their estimated useful lives. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "Research and development cost Expenses relating to research activities are recog- nized in the statement of comprehensive income as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is a commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capital- ized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recog- nized at their cost minus accumulated amortization and impairment losses. Research costs are expensed as incurred. The devel- opment costs of projects (relating to the design and testing of new or improved products) are capitalized as intangible assets if all the following criteria are met: 1. it is technically feasible to complete the intangible asset so that the asset will be available for use or for future sale; 2. it is the management\u2019s intention to complete the asset and use or sell it; 3. it is possible to use or sell the asset; 4. it can be demonstrated how the asset will gener- ate future economic benefits; 5. technological and financial resources are avalable to complete the asset; 6. the costs can be reliably measured Other development costs are expensed as incurred. Development costs that have previously been expensed are not capitalized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "Research and development cost Expenses relating to research activities are recog- nized in the statement of comprehensive income as they incur. Expenses relating to development activities (relating to the design and testing of new or improved products) are capitalized to the extent that the product or process is a commercially viable and the Group has sufficient resources to complete the development work. Expenses that are capital- ized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recog- nized at their cost minus accumulated amortization and impairment losses. Research costs are expensed as incurred. The devel- opment costs of projects (relating to the design and testing of new or improved products) are capitalized as intangible assets if all the following criteria are met: 1. it is technically feasible to complete the intangible asset so that the asset will be available for use or for future sale; 2. it is the management\u2019s intention to complete the asset and use or sell it; 3. it is possible to use or sell the asset; 4. it can be demonstrated how the asset will gener- ate future economic benefits; 5. technological and financial resources are avalable to complete the asset; 6. the costs can be reliably measured Other development costs are expensed as incurred. Development costs that have previously been expensed are not capitalized in subsequent periods. Capitalized development costs are amortized on a straight-line basis over the estimated useful life of the asset. Capitalized development costs with an indefinite useful life or related to projects under development are tested annually for impairment in accordance with IAS 36. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-325": {
"value": "2.13 Impairment of non-financial assets Recognized goodwill is assessed annually for impairment, in fourth quarter. Recoverable amounts from cash-generating units are calculated based on their value in use. When the recoverable amount exceeds the carrying amount, capitalized goodwill is maintained. When the recoverable amount is lower than the carrying amount, capitalized goodwill is written down to its recoverable amount. The carrying amount consists of the units\u2019 total assets less interest-free current liabilities and interest-free non-current liabilities. The recoverable amount is based on expected future cash flows for the relevant unit based on the management\u2019s approved budget and strategy figures for the next four years. These are estimated based on current sales and margins and the expected market development. For sub- sequent periods it is assumed that there will be an increase in the cash flows equivalent to expected general growth within the various business areas. There is uncertainty associated with the assump- tions used as a basis in the preparation of budgets for the calculation of value in use. These calculations require the use of estimates and assumptions about future income and expense trends. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate. See note 3 and 10 for further information related to goodwill. The expected future investment requirements for the units are reflected in the calculations. These are in accordance with the management\u2019s approved budget and strategy. For the period beyond the next four years, it is assumed that the re- invest- ment requirement will be equivalent to expected depreciation. Changes in working capital have been assessed and adjusted in accordance with expected developments. When there are indications that a company\u2019s assets (including goodwill) may be impaired, an impairment test is conducted using the company\u2019s weighted average capital cost (WACC) as an esti- mate for the discount rate (= return on assets ratio). Correspondingly, WACC is also used for annual impairment testing. The WACC rate which is used to discount future cash flows is based on 10-year risk-free interest rates in the market, the company\u2019s borrowing interest, beta factor, equity ratio and market risk premium, adjusted for the liquidity risk and size of the company. Value in use is calculated by discounting future cash flows. Present value calculations are based on expected future cash flows for the different cash-generating units, as described above and the units are not expected to have a finite useful life. The projections take into account substantial growth in the cash flows into perpetuity. Items of property, plant and equipment, right- of-use assets, and intangible assets are tested for impairment if there is reason to believe that future earnings do not justify the asset\u2019s carrying amount. The difference between the carrying amount and the recoverable amount is recognized as an impair- ment loss. The recoverable amount is the higher of the fair value less costs to sell and the value in use. When testing for impairment, non-current assets are grouped at the lowest level at which it is possi- ble to distinguish independent cash inflows (cash generating units, CGU). A CGU is the smallest identifiable group of assets that generates cash inflows which are largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group considers the possibility of reversing previous impairment losses on non-financial assets (except goodwill and other intangible assets with an indefinite useful life). Inassessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-326": {
"value": "2.14 Provisions
A provision is a liability of uncertain timing or
amount. Provisions are recognized when the Group
has a present obligation (legal or constructive) as
a result of a past event, and it is probable (more
likely than not) that a financial settlement will take
place as a result of this obligation and the size of
the amount can be measured reliably. If the effect is
significant, the provision is calculated by discount-
ing estimated future cash flow using a discount rate
before tax that reflects the market\u2019s pricing of the
time value of money and, if relevant, risks specifi-
cally associated with the obligation.
A provision for guarantees is recognized when
the underlying products or services are sold. The
provision is based on historical information about
guarantees and a weighting of possible outcomes
according to the likelihood of their occurrence. A
provision for onerous contracts is recognized when
the Group\u2019s expected economic benefits under the
contract are lower than the unavoidable costs of
meeting the obligations under the contract.
Estimates related to product warranty provisions
Management estimates the warranty provision
using information on historical warranty costs and
other relevant information relevant to future war-
ranty claims. Factors that can influence estimated
liabilities include the results of productivity and
quality initiatives, as well as prices of , but not yet
effective, are considered not relevant and not to
have an impact on the consolidated financial state-
ments of the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-327": {
"value": "2.15 Equity Financial instruments are classified as liabilities or equity in accordance with the underlying economic realities. Interest, dividend, gains and losses to a financial instrument classified as a liability will be presented as an expense or income. Amounts dis- tributed to holders of financial instruments that are classified as equity will be recorded directly in equity. Own shares In the event of a purchase of own shares, the pur- chase price and any directly associated costs are recognized as a change in equity. Own shares are reported as a reduction in equity. Gains or losses related to own share transactions are recognized directly in equity. Costs arising from equity transactions Transaction costs directly related to an equity trans- action are recognized directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "Own shares
In the event of a purchase of own shares, the pur-
chase price and any directly associated costs are
recognized as a change in equity. Own shares are
reported as a reduction in equity. Gains or losses
related to own share transactions are recognized
directly in equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-328": {
"value": "2.16 Revenue from contracts with customers The Group\u2019s main revenues come from the sale of its own mass-produced standard products and accompanied services. Revenue from contracts with customers is recog- nized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The products are mainly sold in relation to separately identifiable contracts with customers. Sale of goods (cylinders, products, system etc) Revenue from sale of goods is recognized at the point in time when control of the asset is trans- ferred to the customer, generally on delivery of the product. There are several payment terms, including upfront payment and secured payment, but the normal credit term is 30 to 60 days upon delivery. The Group considers whether there are other prom- ises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Group considers the effects of variable consideration and the existence of significant financing components. (i) Variable Consideration Some contracts with customers provide rights of return, trade discounts or volume rebates. The Group uses the expected value method to estimate the goods that will not be returned as this best predicts the amount of variable consideration to which the Group will be entitled. For trade discounts and volume rebates the sale of goods are measured at the fair value of the consideration received or receivable, net of allowances for trade discounts and volume rebates. If revenue cannot be reliably meas- ured, the Group defers revenue recognition until the uncertainty is resolved. The Group performs the assessment on individual contracts to determine the estimated variable consideration and related constraints. (ii) Significant financing component Generally, the Group sometimes receives short- term advances from its customers. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. (iii) Warranty provision The Group typically provides warranties for general repairs and does not provide extended warranties or maintenance services in its contracts with customers. Such warranties are evaluated as assurance-type warranties which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Sale of services To some extent the Group provides other services in relation to reinspection and testing of products, in addition to non- recurring engineering and design or development. These services are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from services over time using an input method to measure pro- gress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Group. Funded development contracts The Group has entered into and will enter into funded development contracts with some custom- ers for development services. The Group recognizes revenue over time as the services are performed. Progress is measured using an input method to measure progress towards certain project mile- stones as the customer simultaneously receives and consumes the benefits provided by the Group. Contract balances (i) Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consid- eration that is conditional. (ii) Trade receivable A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due). (iii) Contract liability A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consider- ation is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recog- nized when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. Cost to obtain a contract The Group has elected to apply the optional prac- tical expedient for costs to obtain a contract which allows the Group to immediately expense such costs when the related revenue is expected to be recognized within one year. When revenue will be recognized over several reporting periods the Group recognizes incremental costs of obtaining a contract with a customer as an asset, provided that the costs are expected to be recovered throughout the con- tract. The costs are amortized on a systematic basis that is consistent with the transfer of the related goods or services to the customer and subsequently re-assessed at the end of each reporting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-330": {
"value": "2.17 Employee benefits Defined benefit pension plans Defined benefit plans are valued at the present value of accrued future pension benefits at the end of the reporting period. Pension plan assets are valued at their fair value. The current service cost and net interest income/ costs are recognized immediately and is presented as a payroll & social security expense in the income statement. Net interest income/cost is calculated by using the discount rate of the liability at the begin- ning of the period on the net liability. Changes in net pension liabilities as a result of payments of pre- miums and pension payments have been taken into consideration. The difference between the actual return and the accounted return is recognized continuously through other comprehensive income. The pension cost is affecting the payroll & social security costs in the income statement. Actuarial gains and losses, including changes in value, both for assets and liabilities, are recognized through other comprehensive income. Actuarial gains and losses are not reclassified over profit and loss. Defined contribution pension plans Pension premiums relating to defined contribution plans are recognized as an expense as they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "Share based payments The Group has a share-based program for the senior and key executives. The share-based program for the senior and key executives is settled in shares. The fair value of the issued instruments is expensed over the vesting period which is over the agreed-upon future service period and, where applicable, the performance conditions are fulfilled. The fair value of the performance share units (PSUs) and restricted share units (RSUs) is measured at grant date and calculated using the Black & Scholes model or alternative generally accepted models where relevant. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued PSUs and RSUs of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognized as salary and personnel cost in profit and loss with a corresponding increase in other paid-in capital. Social security tax is recorded as a liability and is recognized over the estimated vesting period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non- vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-329": {
"value": "2.18 Governmental grants Government grants, including the Norwegian Skattefunn, are recognized when there is reasona- ble assurance that the Group will comply with the conditions attaching to them, and that the grants will be received. Grants related to income are presented as reductions of the expenses they are intended to compensate. Investment grants are capitalized and recognized systematically over the asset\u2019s useful life. Investment grants are recognized as deferred income. The Group currently has grants with the United States Department of Energy which is recognized as grant income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "2.19 Income taxes The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of \u2022 temporary differences linked to goodwill that are not tax deductible \u2022 temporary differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future. Deferred tax assets are recognized when it is prob- able that the Group will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset. Deferred tax and deferred tax assets are meas- ured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax assets and liabilities are recognized at nominal value and are classified as non-current assets and non-current liabilities in the balance sheet. Deferred tax is presented as a gross amount for the geo- graphical countries in which the Group operates. Deferred tax is recognized directly in other com- prehensive income if the tax items relate to items recognized in other comprehensive income. Deferred tax is recognized directly in equity if the tax items relate to items recognized directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-331": {
"value": "2.19 Income taxes The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of \u2022 temporary differences linked to goodwill that are not tax deductible \u2022 temporary differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future. Deferred tax assets are recognized when it is prob- able that the Group will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The Group recognize previously unrecognized deferred tax assets to the extent it has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce a deferred tax asset to the extent that the Group no longer regards it as probable that it can utilize the deferred tax asset. Deferred tax and deferred tax assets are meas- ured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen. Deferred tax assets and liabilities are recognized at nominal value and are classified as non-current assets and non-current liabilities in the balance sheet. Deferred tax is presented as a gross amount for the geo- graphical countries in which the Group operates. Deferred tax is recognized directly in other com- prehensive income if the tax items relate to items recognized in other comprehensive income. Deferred tax is recognized directly in equity if the tax items relate to items recognized directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-332": {
"value": "2.20 Events after the balance sheet date New information on the Group\u2019s financial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the Group\u2019s financial position on the end of the reporting period but which will affect the Group\u2019s financial position in the future are disclosed if significant. Note Events after the balance sheet date
\u2022 Opened a new hydrogen cylinder manufacturing
facility in Westminster, Maryland (U.S.). The 60
000 square foot facility will support the annual
production of up to 10 000 cylinders for heavy
duty vehicle applications and will employ up
to 150 skilled workers. The new facility expands
cylinder production capabilities and capacity and
allows for further expansion.
\u2022 Received an order for mobile hydrogen refueling
stations and stationary storage from Deutsche
Bahn, a leading provider of mobility and logistics
services worldwide and the number one railway
operator in Europe. The value of the order is
approximately EUR 2.5 million (approximately
NOK 25 million).
\u2022 Selected by New Flyer for the third consecutive
year, to provide Type 4 hydrogen storage cylin-
ders for the serially produced Xcelior CHARGE
H2 \u2122 fuel cell electric bus. The total value of the
contract is estimated to be approximately USD 2.5
million (approximately NOK 25 million).
\u2022 On 1 March 2023 the Company successfully raised
total gross proceeds of approximately NOK 1 300
million. The Offering comprised of an Equity Private
Placement raising gross proceeds of approxi-
mately NOK 500 million through the issuance
of 18 518 519 new shares (the \u201cNew Shares\u201d) at a
price of NOK 27.00 and a Convertible Bond Private
Placement, raising gross proceeds of approximately
NOK 800 million (the \u201cConvertible Bonds\u201d).
\u2022 In the Offering, Mitsui & Co., Ltd. (\u201cMitsui\u201d)
subscribed for, and was allocated,
NOK 500 million in the Convertible Bond
Private Placement. In addition, Mitsui has
entered into a deeper strategic alliance with
the Company and has signed a Memorandum
of Understanding (the \u201cMoU\u201d) whereby Mitsui
intends to participate as an anchor investor
in future capital raises for the years to come
and become a long-term significant minority
shareholder in the Company. The non-binding
MoU expresses the parties\u2019 joint intentions
and has a total monetary scope of up to
NOK 2 000 million, including the NOK 500
million subscription in the Convertible Bond
Private Placement. Future investments from
Mitsui will be subject to, among other things,
the Company\u2019s fulfilment of commercial and
operational milestones agreed between the
parties in good faith.
\u2022 Signed an exclusive distribution agreement
with Hino Trucks, where Hexagon Purus will
produce complete battery electric heavy-
duty trucks for the U.S. market, distributed
exclusively through select qualifying dealers
in Hino\u2019s network. The potential total value
over the course of this agreement could
reach approximately USD 2.0 billion. The
distribution agreement replaces the binding
letter of intent (BLOI) from Hino announced on
11 February 2022 .
\u2022 On 30 March 2023 the Company successfully
transferred from Euronext Growth Oslo to the
main list of the Oslo Stock Exchange.
\u2022 Hexagon Purus Systems USA LLC, a subsidiary
of Hexagon Purus ASA, signed a multi-year
agreement for the supply of lithium-ion battery
cells with Panasonic Energy. Panasonic will
supply battery cells for Hexagon Purus\u2019 propri-
etary battery systems for heavy-duty vehicles in
North America. The supply of battery cells will
commence in early 2026. As part of the supply
agreement, Hexagon Purus will prepay approx-
imately USD 43 million (approximately NOK 450
million) through 2025, subject to the achievement
of certain milestones. This prepayment will secure
battery cell capacity for Hexagon Purus out of
Panasonic\u2019s production facility in Kansas.
\u2022 Opened a new engineering and manufacturing
facility for battery and hydrogen storage systems
in Kelowna, Canada. The 60.000 square foot
manufacturing facility will support the annual
production of more than 1.000 battery systems for
heavy-duty vehicle applications and will employ
up to 150 engineers and assembly technicians.
This is Hexagon Purus\u2019 second opening of a new
manufacturing facility in 2023, following the
successful opening of its new hydrogen cylinder
production facility in Westminster, Maryland, USA
in January.
\u2022 There have been no other significant events after
the balance sheet date that have not already
been disclosed in this report.
There have not been any other significant events
after the balance sheet date that have not been
previously disclosed in this report.
",
"dimensions": {
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"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "2.21 New accounting standards, interpretations and amendments adopted by the group The Group has not early adopted any standard, interpretation or amendments that has been issued but is not yet effective. Standards, interpretations and amendments that are issued up to the date of issuance of the consolidated financial statements, but not yet effective are considered not relevant and not to have an impact on the consolidated financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-333": {
"value": "2.21 New accounting standards, interpretations and amendments adopted by the group The Group has not early adopted any standard, interpretation or amendments that has been issued but is not yet effective. Standards, interpretations and amendments that are issued up to the date of issuance of the consolidated financial statements, but not yet effective are considered not relevant and not to have an impact on the consolidated financial statements of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "Note Discontinued operation CNG LDV as discontinued operation On 1 October 2021 the Compressed Natural Gas Light Duty Vehicle (CNG LDV) activities were transferred to Hexagon Composites Group. This transfer established Hexagon Purus as a pure e-mobility business. Condensed income statement (NOK 1 000) As per 30.09.2021 Revenue 199 651 Expenses 212 323 Operating profit before depreciation (EBITDA) (12 672) Depreciation and impairment 17 524 Operating profit (EBIT) (30 196) Net finance 1 423 Profit before tax from discontinuing operations (31 619) Tax 138 Post-tax profit/(loss) from discontinued operations (31 757) Gain on disposal of discontinued operations before tax 23 205 Tax on disposal of discontinued operations - Profit/(loss) after tax for the period from discontinued operations (8 552) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "Note Discontinued operation CNG LDV as discontinued operation On 1 October 2021 the Compressed Natural Gas Light Duty Vehicle (CNG LDV) activities were transferred to Hexagon Composites Group. This transfer established Hexagon Purus as a pure e-mobility business. Condensed income statement (NOK 1 000) As per 30.09.2021 Revenue 199 651 Expenses 212 323 Operating profit before depreciation (EBITDA) (12 672) Depreciation and impairment 17 524 Operating profit (EBIT) (30 196) Net finance 1 423 Profit before tax from discontinuing operations (31 619) Tax 138 Post-tax profit/(loss) from discontinued operations (31 757) Gain on disposal of discontinued operations before tax 23 205 Tax on disposal of discontinued operations - Profit/(loss) after tax for the period from discontinued operations (8 552) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-334": {
"value": "Note Discontinued operation CNG LDV as discontinued operation On 1 October 2021 the Compressed Natural Gas Light Duty Vehicle (CNG LDV) activities were transferred to Hexagon Composites Group. This transfer established Hexagon Purus as a pure e-mobility business. Condensed income statement (NOK 1 000) As per 30.09.2021 Revenue 199 651 Expenses 212 323 Operating profit before depreciation (EBITDA) (12 672) Depreciation and impairment 17 524 Operating profit (EBIT) (30 196) Net finance 1 423 Profit before tax from discontinuing operations (31 619) Tax 138 Post-tax profit/(loss) from discontinued operations (31 757) Gain on disposal of discontinued operations before tax 23 205 Tax on disposal of discontinued operations - Profit/(loss) after tax for the period from discontinued operations (8 552) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "Note Operating segments The chief operating decision maker of the Hexagon Purus Group is the CEO and the Board of Directors. After the transfer of the CNG LDV operation (ref note 5), the Hexagon Purus Group consists of only one operating segment. The following tables present revenue and profit information as well as balance sheet information for the Purus Group\u2019s operating segments: (NOK 1 000) 2022 2021 Purus Revenues from contracts with customers 958 636 505 797 Rental income 1 255 799 Other operating revenue 4 034 1 122 Total revenue 963 925 507 718 Segment operating profit before depreciation (EBITDA) (405 505) (271 777) Segment operating profit (EBIT) (500 594) (324 875) Segment assets 2 654 903 2 101 745 Segment liabilities 967 282 686 347 CNG LDV 1 Revenues from contracts with customers - 196 850 Other operating revenue - 2 801 Total revenue - 199 651 Segment operating profit before depreciation (EBITDA) - (12 672) Segment operating profit (EBIT) - (30 196) 1 CNG LDV is reported as discontinued operation up to 1 October 2021. Ref note 5. Revenue by region (NOK 1 000) 2022 2021 Geographical regions Norway - 382 Europe 754 677 344 012 North America 172 955 155 399 Latin America & the Caribbeans 836 - Asia 34 872 7 651 Australia/Oceania 585 274 Total 963 925 507 718 Non-current assets by region (NOK 1 000) 2022 2021 Geographical regions Norway 135 540 82 844 Europe 1 050 578 939 445 North America 250 309 49 691 Asia 13 517 238 Total external 1 449 944 1 072 218 Non-current assets for this purpose consists of Property, Plant & Equipment, Right of use Assets and Intangible Assets. Investments by region 2022 2021 (NOK 1 000) Property, plant and equipment Intangible assets Property, plant and equipment Intangible assets Geographical regions Norway - 47 665 1 683 32 973 Europe 148 359 1 187 84 390 4 761 North America 81 200 727 21 371 - Asia 10 471 3 046 267 - Total 240 030 52 625 107 711 37 734 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "Note Operating segments The chief operating decision maker of the Hexagon Purus Group is the CEO and the Board of Directors. After the transfer of the CNG LDV operation (ref note 5), the Hexagon Purus Group consists of only one operating segment. The following tables present revenue and profit information as well as balance sheet information for the Purus Group\u2019s operating segments: (NOK 1 000) 2022 2021 Purus Revenues from contracts with customers 958 636 505 797 Rental income 1 255 799 Other operating revenue 4 034 1 122 Total revenue 963 925 507 718 Segment operating profit before depreciation (EBITDA) (405 505) (271 777) Segment operating profit (EBIT) (500 594) (324 875) Segment assets 2 654 903 2 101 745 Segment liabilities 967 282 686 347 CNG LDV 1 Revenues from contracts with customers - 196 850 Other operating revenue - 2 801 Total revenue - 199 651 Segment operating profit before depreciation (EBITDA) - (12 672) Segment operating profit (EBIT) - (30 196) 1 CNG LDV is reported as discontinued operation up to 1 October 2021. Ref note 5. Revenue by region (NOK 1 000) 2022 2021 Geographical regions Norway - 382 Europe 754 677 344 012 North America 172 955 155 399 Latin America & the Caribbeans 836 - Asia 34 872 7 651 Australia/Oceania 585 274 Total 963 925 507 718 Non-current assets by region (NOK 1 000) 2022 2021 Geographical regions Norway 135 540 82 844 Europe 1 050 578 939 445 North America 250 309 49 691 Asia 13 517 238 Total external 1 449 944 1 072 218 Non-current assets for this purpose consists of Property, Plant & Equipment, Right of use Assets and Intangible Assets. Investments by region
2022 2021
(NOK 1 000)
Property, plant
and equipment
Intangible
assets
Property, plant
and equipment
Intangible
assets
Geographical regions
Norway - 47 665 1 683 32 973
Europe 148 359 1 187 84 390 4 761
North America 81 200 727 21 371 -
Asia 10 471 3 046 267 -
Total 240 030 52 625 107 711 37 734
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "Note Revenue from contracts with customers Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers. The Group\u2019s customer base is relatively fragmented in terms of size and concentration such that the Group is not dependent on any single customer. Revenue recognition (NOK 1 000) 2022 2021 Sale of cylinders and systems 768 008 440 431 Sale of services and funded development 141 706 54 498 Other revenues 4 034 1 054 Contracts with customers at a point in time 913 748 495 983 Sale of cylinders and systems 4 882 3 441 Sale of services and funded development - - Other revenues - - Contracts with customers over time 4 882 3 441 Revenue from contracts with customers 918 630 499 424 Sale of cylinders and systems 42 351 2 736 Sale of services and funded development 1 689 4 691 Other revenues - 68 Rental income 1 255 799 Contracts with related parties 45 295 8 294 Total revenue 963 925 507 718 Type of goods or service Sale of cylinders and systems 815 241 446 608 Sale of services and funded development 143 395 59 189 Other revenues 4 034 1 122 Rental income 1 255 799 Total revenue from contracts with customers 963 925 507 718 (NOK 1 000) 2022 2021 Timing of revenue recognition Goods transferred at a point in time 913 748 495 983 Services transferred over time 4 882 3 441 Transactions with related parties 44 040 7 495 Rental income 1 255 799 Total revenue from contracts with customers 963 925 507 718 1 CNG LDV is reported as discontinued operation in previous periods. Contract balances (note 15) (NOK 1 000) 2022 2021 Trade receivable 228 930 220 286 Contracts assets (accrued revenue) 9 488 4165 Contract liabilities 212 792 121 827 All contracts are for periods of one year or less, or are build based on time incurred. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed. The entire contract liabilities was recognized in the subsequent period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-336": {
"value": "Note Revenue from contracts with customers Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers. The Group\u2019s customer base is relatively fragmented in terms of size and concentration such that the Group is not dependent on any single customer. Revenue recognition (NOK 1 000) 2022 2021 Sale of cylinders and systems 768 008 440 431 Sale of services and funded development 141 706 54 498 Other revenues 4 034 1 054 Contracts with customers at a point in time 913 748 495 983 Sale of cylinders and systems 4 882 3 441 Sale of services and funded development - - Other revenues - - Contracts with customers over time 4 882 3 441 Revenue from contracts with customers 918 630 499 424 Sale of cylinders and systems 42 351 2 736 Sale of services and funded development 1 689 4 691 Other revenues - 68 Rental income 1 255 799 Contracts with related parties 45 295 8 294 Total revenue 963 925 507 718 Type of goods or service Sale of cylinders and systems 815 241 446 608 Sale of services and funded development 143 395 59 189 Other revenues 4 034 1 122 Rental income 1 255 799 Total revenue from contracts with customers 963 925 507 718 (NOK 1 000) 2022 2021 Timing of revenue recognition Goods transferred at a point in time 913 748 495 983 Services transferred over time 4 882 3 441 Transactions with related parties 44 040 7 495 Rental income 1 255 799 Total revenue from contracts with customers 963 925 507 718 1 CNG LDV is reported as discontinued operation in previous periods. Contract balances (note 15) (NOK 1 000) 2022 2021 Trade receivable 228 930 220 286 Contracts assets (accrued revenue) 9 488 4165 Contract liabilities 212 792 121 827 All contracts are for periods of one year or less, or are build based on time incurred. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed. The entire contract liabilities was recognized in the subsequent period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "Note Payroll costs and number of employees (NOK 1 000) Note 2022 2021 Salaries/fees 344 648 166 070 Contractors/hired personnel 37 516 14 832 Board remuneration 2 658 2 625 Share-based payments 15 776 7 691 Bonuses and incentive programs 24 25 807 14 639 Pension expense, defined-benefit plans 22 (686) 374 Pension expense, defined-contribution plans 22 6 798 3 100 Other personnel related expenses 11 201 3 085 Other social security costs 18 941 12 042 Capitalized personnel costs (development projects) (19 164) (14 856) Payroll costs from continued operations 443 496 209 602 Payroll costs related to discontinued operation - 57 465 Number of full-time equivalents: 527 415 Hexagon Purus Canada 69 49 China 11 - Norway 18 7 Germany 372 304 USA 57 55 Total number of full-time equivalents 527 415 Capitalized payroll costs related to technology development projects amounted to MNOK 19.2 in 2022 and MNOK 14.9 in 2021. Capitalized expenses presented as part of other personnel related expenses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-337": {
"value": "Note Payroll costs and number of employees (NOK 1 000) Note 2022 2021 Salaries/fees 344 648 166 070 Contractors/hired personnel 37 516 14 832 Board remuneration 2 658 2 625 Share-based payments 15 776 7 691 Bonuses and incentive programs 24 25 807 14 639 Pension expense, defined-benefit plans 22 (686) 374 Pension expense, defined-contribution plans 22 6 798 3 100 Other personnel related expenses 11 201 3 085 Other social security costs 18 941 12 042 Capitalized personnel costs (development projects) (19 164) (14 856) Payroll costs from continued operations 443 496 209 602 Payroll costs related to discontinued operation - 57 465 Number of full-time equivalents: 527 415 Hexagon Purus Canada 69 49 China 11 - Norway 18 7 Germany 372 304 USA 57 55 Total number of full-time equivalents 527 415 Capitalized payroll costs related to technology development projects amounted to MNOK 19.2 in 2022 and MNOK 14.9 in 2021. Capitalized expenses presented as part of other personnel related expenses. Note Pensions Pension plans in Hexagon Purus Group The Norwegian companies in the group are legally obliged to have occupational pension arrangements under the Norwegian Mandatory Occupational Pension Act. The Norwegian pension arrangements satisfy the require- ments of this act. This arrangement is a defined contribution plan. Our subsidiaries in the USA offer defined contribution plans subject to USA statutory requirements. The defined contribution plans cover full-time employees and employer contributions range up to 6 per cent of defined compensation subject to employee contributions. For some of the plans, there can also be an additional payment at the end of the year in accordance with the terms of the defined contribution plan. In Germany most employees are not covered by a pension plan. There is a historical defined benefit plan with a very limited participation. The obligation for the defined benefit pension plans is calculated on a straight-line basis. Unrealized gains and losses resulting from changes in actuarial assumptions are recognized in other com- prehensive income. There are seven active and three retired in the pension plan. The pension liability is calculated by an actuary. The net pension liability is presented below. Based on the limited participation and liability, the plan is considered of low significance. Summary of pension cost in the Group (NOK 1 000) 2022 2021 Defined contribution pension plan 6 566 3 100 Defined benefit pension plan (453) 374 Total 6 113 3 474 Pension related assets and liabilities (NOK 1 000) 2022 2021 Pension liabilities 1 439 1 892 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "Note Property, plant and equipment Property, plant and equipment in Hexagon Purus Group (NOK 1 000) Buildings and real estate properties Machinery and equipment Assets under construction 2022 total Fixed assets Opening balance at cost price 138 110 212 849 81 604 432 563 Opening balance accumulated deprecations (38 253) (126 605) - (164 858) Opening balance book value 99 857 86 245 81 604 267 705 Additions this year at cost price 1 033 65 813 173 185 240 030 Transfers from assets under construction - 25 226 (25 226) - Deprecations this year (7 610) (26 020) - (33 630) Impairments this year - (149) - (149) Translation differences 5 353 8 765 9 721 23 839 Disposals - (2 806) - (2 806) Closing balance 31 December 2022 98 633 157 073 239 284 494 990 Closing balance at cost price 144 496 309 847 239 284 693 627 Closing balance accumulated depreciations (45 863) (152 774) - (198 637) Useful life 10-20 years 3-15 years Depreciation method Straight-line Straight-line (NOK 1 000) Buildings and real estate properties Machinery and equipment Assets under construction 2021 total Fixed assets Opening balance at cost price 15 658 138 097 15 512 169 267 Opening balance accumulated deprecations (6 255) (86 377) - (92 632) Opening balance book value 9 403 51 720 15 512 76 635 Additions this year at cost price 974 38 344 68 392 107 711 Additions at cost price from purchase of companies 118 455 49 661 - 168 116 Additions accumulated depreciation from purchase of companies (29 415) (25 681) - (55 097) Transfers from assets under construction 878 (878) - Deprecations this year (2 583) (14 546) - (17 129) Translation differences 3 023 (1 259) (1 422) 342 Disposals - (12 873) - (12 873) Closing balance 31 December 2021 99 857 86 245 81 604 267 705 Closing balance at cost price 138 110 212 849 81 604 432 563 Closing balance accumulated depreciations (38 253) (126 605) - (164 858) Useful life 10-20 years 3-15 years Depreciation method Straight-line Straight-line Impairment testing of goodwill The goodwill items of the following cash flow generating units are subject to impairment testing (NOK 1 000) 2022 2021 Purus 523 741 497 587 Total goodwill 523 741 497 587 The most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital before tax of 11.9 per cent has been used. Hexagon Purus group initial business plan projections imply significant growth: NOK 4 to 5 billion in revenues by 2025 and double-digit EBITDA margins in the longer-term. In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage, marine, rail and other cylinder applications at target revenue growth and attaining target EBITDA margin. Sensitivity analysis for the goodwill In connection with the impairment testing of goodwill as of 31 December 2022, the Group carried out sensitivity analyses. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged. The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Purus goodwill exceed the recognized value with a comfortable headroom, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use. The market value of the groups equity measured by the share price on the Euronext Growth as of 31.12.2022 gives a headroom of approximately NOK 3 700 million. The value in use is estimated to give an even higher headroom. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "Note Property, plant and equipment Property, plant and equipment in Hexagon Purus Group (NOK 1 000) Buildings and real estate properties Machinery and equipment Assets under construction 2022 total Fixed assets Opening balance at cost price 138 110 212 849 81 604 432 563 Opening balance accumulated deprecations (38 253) (126 605) - (164 858) Opening balance book value 99 857 86 245 81 604 267 705 Additions this year at cost price 1 033 65 813 173 185 240 030 Transfers from assets under construction - 25 226 (25 226) - Deprecations this year (7 610) (26 020) - (33 630) Impairments this year - (149) - (149) Translation differences 5 353 8 765 9 721 23 839 Disposals - (2 806) - (2 806) Closing balance 31 December 2022 98 633 157 073 239 284 494 990 Closing balance at cost price 144 496 309 847 239 284 693 627 Closing balance accumulated depreciations (45 863) (152 774) - (198 637) Useful life 10-20 years 3-15 years Depreciation method Straight-line Straight-line (NOK 1 000) Buildings and real estate properties Machinery and equipment Assets under construction 2021 total Fixed assets Opening balance at cost price 15 658 138 097 15 512 169 267 Opening balance accumulated deprecations (6 255) (86 377) - (92 632) Opening balance book value 9 403 51 720 15 512 76 635 Additions this year at cost price 974 38 344 68 392 107 711 Additions at cost price from purchase of companies 118 455 49 661 - 168 116 Additions accumulated depreciation from purchase of companies (29 415) (25 681) - (55 097) Transfers from assets under construction 878 (878) - Deprecations this year (2 583) (14 546) - (17 129) Translation differences 3 023 (1 259) (1 422) 342 Disposals - (12 873) - (12 873) Closing balance 31 December 2021 99 857 86 245 81 604 267 705 Closing balance at cost price 138 110 212 849 81 604 432 563 Closing balance accumulated depreciations (38 253) (126 605) - (164 858) Useful life 10-20 years 3-15 years Depreciation method Straight-line Straight-line ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-307": {
"value": "Property, plant and equipment in Hexagon Purus Group (NOK 1 000) Buildings and real estate properties Machinery and equipment Assets under construction 2022 total Fixed assets Opening balance at cost price 138 110 212 849 81 604 432 563 Opening balance accumulated deprecations (38 253) (126 605) - (164 858) Opening balance book value 99 857 86 245 81 604 267 705 Additions this year at cost price 1 033 65 813 173 185 240 030 Transfers from assets under construction - 25 226 (25 226) - Deprecations this year (7 610) (26 020) - (33 630) Impairments this year - (149) - (149) Translation differences 5 353 8 765 9 721 23 839 Disposals - (2 806) - (2 806) Closing balance 31 December 2022 98 633 157 073 239 284 494 990 Closing balance at cost price 144 496 309 847 239 284 693 627 Closing balance accumulated depreciations (45 863) (152 774) - (198 637) Useful life 10-20 years 3-15 years Depreciation method Straight-line Straight-line (NOK 1 000) Buildings and real estate properties Machinery and equipment Assets under construction 2021 total Fixed assets Opening balance at cost price 15 658 138 097 15 512 169 267 Opening balance accumulated deprecations (6 255) (86 377) - (92 632) Opening balance book value 9 403 51 720 15 512 76 635 Additions this year at cost price 974 38 344 68 392 107 711 Additions at cost price from purchase of companies 118 455 49 661 - 168 116 Additions accumulated depreciation from purchase of companies (29 415) (25 681) - (55 097) Transfers from assets under construction 878 (878) - Deprecations this year (2 583) (14 546) - (17 129) Translation differences 3 023 (1 259) (1 422) 342 Disposals - (12 873) - (12 873) Closing balance 31 December 2021 99 857 86 245 81 604 267 705 Closing balance at cost price 138 110 212 849 81 604 432 563 Closing balance accumulated depreciations (38 253) (126 605) - (164 858) Useful life 10-20 years 3-15 years Depreciation method Straight-line Straight-line Intangible assets in Hexagon Purus Group (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2022 total Intangible assets Opening balance at cost price 152 180 12 318 173 313 497 587 835 398 Opening balance accumulated amortizations (10 951) (4 546) (67 606) - (83 104) Opening balance book value 141 228 7 772 105 707 497 587 752 294 Net additions this year at cost price 51 331 1 294 - - 52 625 Amortizations this year (14 820) (2 923) (19 163) - (36 906) Translation differences 3 276 437 4 773 26 154 34 640 Closing balance 31 December 2022 181 015 6 581 91 316 523 741 802 654 Closing balance at cost price 206 787 14 050 178 086 523 741 922 664 Closing balance accumulated amortizations (25 772) (7 469) (86 770) - (120 010) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2021 total Intangible assets Opening balance at cost price 53 044 7 111 95 425 323 107 478 687 Opening balance accumulated amortization (2 946) (2 646) (57 998) - (63 590) Opening balance booked value 50 097 4 466 37 427 323 107 415 097 Net additions this year at cost price 33 323 4 412 - - 37 735 Additions from purchase of companies 64 941 1 533 78 654 187 369 332 497 Amortization this year (6 343) (1 901) (9 608) - (17 852) Translation differences 871 (738) (766) (12 888) (13 521) Disposals (1 662) - - - (1 662) Closing balance 31 December 2021 141 228 7 772 105 707 497 587 752 294 Closing balance at cost price 152 180 12 318 173 313 497 587 835 398 Closing balance accumulated amortization (10 951) (4 546) (67 606) - (83 104) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "Note Intangible assets Intangible assets in Hexagon Purus Group (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2022 total Intangible assets Opening balance at cost price 152 180 12 318 173 313 497 587 835 398 Opening balance accumulated amortizations (10 951) (4 546) (67 606) - (83 104) Opening balance book value 141 228 7 772 105 707 497 587 752 294 Net additions this year at cost price 51 331 1 294 - - 52 625 Amortizations this year (14 820) (2 923) (19 163) - (36 906) Translation differences 3 276 437 4 773 26 154 34 640 Closing balance 31 December 2022 181 015 6 581 91 316 523 741 802 654 Closing balance at cost price 206 787 14 050 178 086 523 741 922 664 Closing balance accumulated amortizations (25 772) (7 469) (86 770) - (120 010) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2021 total Intangible assets Opening balance at cost price 53 044 7 111 95 425 323 107 478 687 Opening balance accumulated amortization (2 946) (2 646) (57 998) - (63 590) Opening balance booked value 50 097 4 466 37 427 323 107 415 097 Net additions this year at cost price 33 323 4 412 - - 37 735 Additions from purchase of companies 64 941 1 533 78 654 187 369 332 497 Amortization this year (6 343) (1 901) (9 608) - (17 852) Translation differences 871 (738) (766) (12 888) (13 521) Disposals (1 662) - - - (1 662) Closing balance 31 December 2021 141 228 7 772 105 707 497 587 752 294 Closing balance at cost price 152 180 12 318 173 313 497 587 835 398 Closing balance accumulated amortization (10 951) (4 546) (67 606) - (83 104) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None Research & development costs totalling NOK 77 million (47) were expensed in 2022. The Group has received government grants of NOK 2 million (2) in 2022, which has been offset against research and development costs. Impairment testing of goodwill The goodwill items of the following cash flow generating units are subject to impairment testing (NOK 1 000) 2022 2021 Purus 523 741 497 587 Total goodwill 523 741 497 587 The most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital before tax of 11.9 per cent has been used. Hexagon Purus group initial business plan projections imply significant growth: NOK 4 to 5 billion in revenues by 2025 and double-digit EBITDA margins in the longer-term. In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage, marine, rail and other cylinder applications at target revenue growth and attaining target EBITDA margin. Sensitivity analysis for the goodwill In connection with the impairment testing of goodwill as of 31 December 2022, the Group carried out sensitivity analyses. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged. The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Purus goodwill exceed the recognized value with a comfortable headroom, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use. The market value of the groups equity measured by the share price on the Euronext Growth as of 31.12.2022 gives a headroom of approximately NOK 3 700 million. The value in use is estimated to give an even higher headroom. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "Note Intangible assets Intangible assets in Hexagon Purus Group (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2022 total Intangible assets Opening balance at cost price 152 180 12 318 173 313 497 587 835 398 Opening balance accumulated amortizations (10 951) (4 546) (67 606) - (83 104) Opening balance book value 141 228 7 772 105 707 497 587 752 294 Net additions this year at cost price 51 331 1 294 - - 52 625 Amortizations this year (14 820) (2 923) (19 163) - (36 906) Translation differences 3 276 437 4 773 26 154 34 640 Closing balance 31 December 2022 181 015 6 581 91 316 523 741 802 654 Closing balance at cost price 206 787 14 050 178 086 523 741 922 664 Closing balance accumulated amortizations (25 772) (7 469) (86 770) - (120 010) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2021 total Intangible assets Opening balance at cost price 53 044 7 111 95 425 323 107 478 687 Opening balance accumulated amortization (2 946) (2 646) (57 998) - (63 590) Opening balance booked value 50 097 4 466 37 427 323 107 415 097 Net additions this year at cost price 33 323 4 412 - - 37 735 Additions from purchase of companies 64 941 1 533 78 654 187 369 332 497 Amortization this year (6 343) (1 901) (9 608) - (17 852) Translation differences 871 (738) (766) (12 888) (13 521) Disposals (1 662) - - - (1 662) Closing balance 31 December 2021 141 228 7 772 105 707 497 587 752 294 Closing balance at cost price 152 180 12 318 173 313 497 587 835 398 Closing balance accumulated amortization (10 951) (4 546) (67 606) - (83 104) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None Research & development costs totalling NOK 77 million (47) were expensed in 2022. The Group has received government grants of NOK 2 million (2) in 2022, which has been offset against research and development costs. Impairment testing of goodwill The goodwill items of the following cash flow generating units are subject to impairment testing (NOK 1 000) 2022 2021 Purus 523 741 497 587 Total goodwill 523 741 497 587 The most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital before tax of 11.9 per cent has been used. Hexagon Purus group initial business plan projections imply significant growth: NOK 4 to 5 billion in revenues by 2025 and double-digit EBITDA margins in the longer-term. In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage, marine, rail and other cylinder applications at target revenue growth and attaining target EBITDA margin. Sensitivity analysis for the goodwill In connection with the impairment testing of goodwill as of 31 December 2022, the Group carried out sensitivity analyses. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged. The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Purus goodwill exceed the recognized value with a comfortable headroom, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use. The market value of the groups equity measured by the share price on the Euronext Growth as of 31.12.2022 gives a headroom of approximately NOK 3 700 million. The value in use is estimated to give an even higher headroom. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-339": {
"value": "Note Intangible assets Intangible assets in Hexagon Purus Group (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2022 total Intangible assets Opening balance at cost price 152 180 12 318 173 313 497 587 835 398 Opening balance accumulated amortizations (10 951) (4 546) (67 606) - (83 104) Opening balance book value 141 228 7 772 105 707 497 587 752 294 Net additions this year at cost price 51 331 1 294 - - 52 625 Amortizations this year (14 820) (2 923) (19 163) - (36 906) Translation differences 3 276 437 4 773 26 154 34 640 Closing balance 31 December 2022 181 015 6 581 91 316 523 741 802 654 Closing balance at cost price 206 787 14 050 178 086 523 741 922 664 Closing balance accumulated amortizations (25 772) (7 469) (86 770) - (120 010) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2021 total Intangible assets Opening balance at cost price 53 044 7 111 95 425 323 107 478 687 Opening balance accumulated amortization (2 946) (2 646) (57 998) - (63 590) Opening balance booked value 50 097 4 466 37 427 323 107 415 097 Net additions this year at cost price 33 323 4 412 - - 37 735 Additions from purchase of companies 64 941 1 533 78 654 187 369 332 497 Amortization this year (6 343) (1 901) (9 608) - (17 852) Translation differences 871 (738) (766) (12 888) (13 521) Disposals (1 662) - - - (1 662) Closing balance 31 December 2021 141 228 7 772 105 707 497 587 752 294 Closing balance at cost price 152 180 12 318 173 313 497 587 835 398 Closing balance accumulated amortization (10 951) (4 546) (67 606) - (83 104) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None Research & development costs totalling NOK 77 million (47) were expensed in 2022. The Group has received government grants of NOK 2 million (2) in 2022, which has been offset against research and development costs. Impairment testing of goodwill The goodwill items of the following cash flow generating units are subject to impairment testing (NOK 1 000) 2022 2021 Purus 523 741 497 587 Total goodwill 523 741 497 587 The most important assumptions for calculating value in use are related to estimates for operating revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital before tax of 11.9 per cent has been used. Hexagon Purus group initial business plan projections imply significant growth: NOK 4 to 5 billion in revenues by 2025 and double-digit EBITDA margins in the longer-term. In this regard the following assumptions are used specifically in relation to the business activities for which the historical goodwill attributable to Hexagon Purus arose, being hydrogen cylinders, distribution, ground storage, marine, rail and other cylinder applications at target revenue growth and attaining target EBITDA margin. Sensitivity analysis for the goodwill In connection with the impairment testing of goodwill as of 31 December 2022, the Group carried out sensitivity analyses. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate. The sensitivity analysis uses the economic assumptions referred to above as its starting point. Calculations have been made based on one of the estimated economic assumptions being changed and in which the other economic assumptions remain unchanged. The sensitivity analyses for the CGU demonstrate that recoverable amounts of Hexagon Purus goodwill exceed the recognized value with a comfortable headroom, and a reasonable change in key assumption (+ 1.0 per cent for WACC and - 2.0 per cent on EBITDA margin) would not cause the carrying amount to exceed value in use. The market value of the groups equity measured by the share price on the Euronext Growth as of 31.12.2022 gives a headroom of approximately NOK 3 700 million. The value in use is estimated to give an even higher headroom. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "Intangible assets in Hexagon Purus Group (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2022 total Intangible assets Opening balance at cost price 152 180 12 318 173 313 497 587 835 398 Opening balance accumulated amortizations (10 951) (4 546) (67 606) - (83 104) Opening balance book value 141 228 7 772 105 707 497 587 752 294 Net additions this year at cost price 51 331 1 294 - - 52 625 Amortizations this year (14 820) (2 923) (19 163) - (36 906) Translation differences 3 276 437 4 773 26 154 34 640 Closing balance 31 December 2022 181 015 6 581 91 316 523 741 802 654 Closing balance at cost price 206 787 14 050 178 086 523 741 922 664 Closing balance accumulated amortizations (25 772) (7 469) (86 770) - (120 010) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None (NOK 1 000) Technology and development Patents and licenses Customer relation- ships Goodwill 2021 total Intangible assets Opening balance at cost price 53 044 7 111 95 425 323 107 478 687 Opening balance accumulated amortization (2 946) (2 646) (57 998) - (63 590) Opening balance booked value 50 097 4 466 37 427 323 107 415 097 Net additions this year at cost price 33 323 4 412 - - 37 735 Additions from purchase of companies 64 941 1 533 78 654 187 369 332 497 Amortization this year (6 343) (1 901) (9 608) - (17 852) Translation differences 871 (738) (766) (12 888) (13 521) Disposals (1 662) - - - (1 662) Closing balance 31 December 2021 141 228 7 772 105 707 497 587 752 294 Closing balance at cost price 152 180 12 318 173 313 497 587 835 398 Closing balance accumulated amortization (10 951) (4 546) (67 606) - (83 104) Useful life 5-20 years 6-17 years 7-9 years Indefinite Amortization method Straight-line Straight-line Straight-line None Research & development costs totalling NOK 77 million (47) were expensed in 2022. The Group has received government grants of NOK 2 million (2) in 2022, which has been offset against research and development costs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-340": {
"value": "Note Leases Right-of-use assets (NOK 1 000) Land and buildings Machinery and equipment Fixtures, fittings, vehicles 2022 total 2022 Opening balance at cost price 69 225 19 134 3 468 91 827 Opening balance accumulated deprecations (36 262) (906) (2 440) (39 608) Opening balance 1 January 32 963 18 228 1 028 52 219 Additions this year at cost price 118 929 1 505 2 038 122 472 Derecognition (2 520) - - (2 520) Deprecations this year (18 387) (4 937) (1 079) (24 404) Translation differences 3 327 1 094 113 4 533 Closing balance 31 December 134 311 15 890 2 099 152 300 Useful life 3-10 years 2-7 years 2-5 years Depreciation method Linear Linear Linear Linear (NOK 1 000) Land and buildings Machinery and equipment Fixtures, fittings, vehicles 2022 total 2021 Opening balance at cost price 52 579 - 2 413 54 992 Opening balance accumulated deprecations (22 922) - (1 613) (24 535) Opening balance 1 January 29 657 - 801 30 457 Additions this year at cost price 19 961 12 072 312 32 345 Additions from purchase of companies - 7 101 798 7 899 Deprecations this year (16 383) (906) (827) (18 116) Translation differences (272) (39) (56) (367) Closing balance 31 Decemer 32 963 18 228 1 028 52 219 Useful life 3- 10 years 2 - 7 years 2 - 5 years Depreciation method Linear Linear Linear Linear Lease liabilities (NOK 1 000) 2022 2021 Summary of lease liabilities Opening balance 1 January 53 079 31 039 New lease liabilities recognized in the year 122 472 32 345 New lease liabilities from purchase of companies - 7 899 Derecognition (2 547) - Cash payments for the principal portion of the lease liability (23 656) (17 606) Cash payments for the interest portion of the lease liability (2 471) (913) Interest expense on lease liabilities 2 471 913 Currency exchange differences 5 362 (598) Lease liabilities 31 December 154 710 53 079 hereof: Current lease liabilitiies 22 230 21 285 Non-current lease liabilities 132 479 31 794 Total lease liabilities 31 December 154 710 53 079 (NOK 1 000) 2022 2021 Lease liability cash flow (excl interests) Less than a month 1 851 1 867 1-3 months 3 715 3 528 3-12 months 16 665 15 890 Less than 1 year 22 230 21 285 1-5 years 85 087 31794 More than 5 years 47 392 - Total discounted lease liabilities 31 December 154 710 53 079 (NOK 1 000) 2022 2021 Lease interest expense cash flow Less than a month 1 021 90 1-3 months 2 015 170 3-12 months 8 684 201 Less than 1 year 11 720 461 1-5 years 33 111 1 152 More than 5 years 13 448 - Total lease interests following periods 58 280 1 612 (NOK 1 000) 2022 2021 Undiscounted cash outflow Less than 1 year 2 871 1 957 1-2 years 5 730 3 698 2-3 years 25 348 16 091 3-4 years 33 950 21 746 4-5 years 118 199 32 946 More than 5 years 60 841 - Total undiscounted lease liabilities 31 December 212 989 54 692 (NOK 1 1000) 2022 2021
Summary of cash outflows leases
Cash payment for leases 26 127 18 519
Variable payments 8 508 1 936
Cash payments related to short term leases and leases of low value 259 210
Total cash outflow for leases 34 894 20 664
Some of the leases have options to extend the contract beyond the period used in the calculations. For most
cases the probability of utilizing such options are not high enough to include options in the calculation of the
leases. The leases do not contain any termination options that are considered significant for the calculations.
The leases do not contain any restrictions on the Group\u2019s dividend policy or financing, and there are no require-
ments to financial performance or ratios. The Group does not have significant residual value guarantees related
to its leases to disclose. No operational risks related to leases are identified.
As of 31 December 2022, there was one significant lease agreement which has not yet commenced and thus
not yet reflected in the balance sheet. This relates to a production facility currently under construction in Kassel,
Germany, which is expected to commence in the second half of 2023. The construction cost of the building is
estimated to approximately NOK 400 million and the Group is committed to enter into a 15 year lease with an
option to buy after 10 years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-341": {
"value": "Note Investments in associates
Country
Business
segment
Ownership
share
31.12.2021
Ownership
share
31.12.2022
Accounting
method
Companies
Norwegian Hydrogen AS
1
Norway Hexagon Purus 17.7% 14.2% Equity method
1
Cryoshelter LH2 GmbH
2
Austria Hexagon Purus - 40.0% Equity method
CIMC Hexagon Hydrogen
Energy Systems Ltd.
3
Hong Kong Hexagon Purus - 49.0% Equity method
Hyon AS
4
Norway Hexagon Purus - - Equity method
1
Classified as an associated company and accounted for using the equity method in the period 01.01 - 31.08.22. As of 01.09, the investment is
classified as an equity instrument at fair value through profit or loss.
2
Acquired on 01.08.2022 and classified as associated companies effective from the same date
3
Entity legally established in July 2022 and classified as an associated company effective from the same date
4
On 28.06.2021, Hexagon Purus ASA sold all shares in Hyon AS
Reconciliation of associated companies in the P&L Norwegian Hydrogen AS Cryoshelter LH2 GmbH CIMC Hexagon Hydrogen Energy Systems Hyon AS Total (NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Share of profit after tax (2 845) (2 922) (2 439) - (5 988) - - (35) (11 272) (2 957) PPA amortizations associated companies - - - - - - - - - Gain on loss of significant influence 63 159 - - - - - - - 63 159 - Total profit/loss from investments in associated companies as per 31.12 60 314 (2 922) (2 439) - (5 988) - - (35) 51 887 (2 957) Reconciliation of associated companies in the balance sheet Norwegian Hydrogen AS Cryoshelter LH2 GmbH CIMC Hexagon Hydrogen Energy Systems Hyon AS Total (NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Companies Carrying value as at 01.01 7 024 2 066 - - - - - - 7 024 2 066 Purchase of shares - - 33 738 - - - - - 33 738 - Share capital contribution - 7 880 - - 7 743 - - 700 7 743 8 580 Share of profit after tax incl. PPA amortizations (2 845) (2 922) (2 439) - (5 988) - - (35) (11 272) (2 957) Dividends - - - - - - - - - Sale of shares - - - - - - - (665) - (665) Derecognition - loss of significant influence (4 179) - - - - - - - (4 179) - Currency translation effects - - (41) - 16 - - - (25) - Carrying value as per 31.12 - 7 024 31 258 - 1 771 - - - 33 029 7 024 Norwegian Hydrogen AS Hexagon Purus ASA has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period from 01.01.22 to 31.08.2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the 2 nd largest shareholder of the entity in the same period. On 27.08.2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private placement, and thus reducing Hexagon Purus\u2019 ownership from 17.7 per cent to 15.0 per cent. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the 3rd largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and strategical influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, result- ing in an accounting gain of NOK 63.1 million, recognized in profit/loss from investments in associates in the income statement. At 31.12.2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a result of a second private placement in the company in October 2022. Cryoshelter LH2 GmbH In April 2022, Hexagon announced an agreement to acquire a 40 per cent stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid natural gas (LNG) and liquid hydrogen (LH2). Upon closing, Cryoshelter GmbH were to be demerged into two separate legal entities, Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH, in which Hexagon Purus were to acquire the LH2- business. On 01.08.2022, Hexagon Purus made a EUR 3.4 (NOK 34) million investment and acquired 40 per cent of the shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5-10 years. As of 01.08.2022, the said options do not give rise to any de-facto control and the investment is consequently accounted for by using the equity method effective from 01.08.2022. The table below shows the initial assessment of the purchase price allocation of the entity per 01.08.2022.The table below shows the purchase price allocation per 01.08.2022. Purchase price allocation (NOK 1 1000) Cryoshelter LH2 GmbH Non-current assets 203 Current assets 5 150 Non-current liabilities 3 946 Current liabilities 2 951 Equity as per 01.08.2022 (1 543) Hexagon's share of equity (40%) (617) Intangible assets (technology) 1 19 702 Goodwill 14 654 Hexagon's carrying value of the investment 33 738 1 The technology for liquid hydrogen tanks is still in the development phase CIMC Hexagon Hydrogen Energy Systems Ltd. In 2021, Hexagon Purus entered into an agreement with CIMC Enric, encompassing cylinder and systems produc- tion for Fuel Cell Electric Vehicles (FCEVs) and hydrogen distribution in China and Southeast Asia. In July 2022, CIMC Hexagon Energy Systems Ltd. was legally established and registered in Hong Kong, where Hexagon Purus HK Holding AS, a wholly owned subsidiary of Hexagon Purus ASA, subscribed for 49 per cent of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51 per cent of the shares. The entity is classified as an associate company and accounted for via the equity method as of 01.07.2022. CIMC Hexagon Hydrogen Energy Technologies Ltd. was also legally established and registered in Hong Kong in July 2022. Hexagon Purus HK Holding AS holds a majority shareholding of 51 per cent in this entity while CIMC Enric holds the remaining 49 per cent. As Hexagon Purus controls the entity, the entity is thus consolidated in the Group accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "Note Investments in associates Country Business segment Ownership share 31.12.2021 Ownership share 31.12.2022 Accounting method Companies Norwegian Hydrogen AS 1 Norway Hexagon Purus 17.7% 14.2% Equity method 1 Cryoshelter LH2 GmbH 2 Austria Hexagon Purus - 40.0% Equity method CIMC Hexagon Hydrogen Energy Systems Ltd. 3 Hong Kong Hexagon Purus - 49.0% Equity method Hyon AS 4 Norway Hexagon Purus - - Equity method 1 Classified as an associated company and accounted for using the equity method in the period 01.01 - 31.08.22. As of 01.09, the investment is classified as an equity instrument at fair value through profit or loss. 2 Acquired on 01.08.2022 and classified as associated companies effective from the same date 3 Entity legally established in July 2022 and classified as an associated company effective from the same date 4 On 28.06.2021, Hexagon Purus ASA sold all shares in Hyon AS Reconciliation of associated companies in the P&L Norwegian Hydrogen AS Cryoshelter LH2 GmbH CIMC Hexagon Hydrogen Energy Systems Hyon AS Total (NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Share of profit after tax (2 845) (2 922) (2 439) - (5 988) - - (35) (11 272) (2 957) PPA amortizations associated companies - - - - - - - - - Gain on loss of significant influence 63 159 - - - - - - - 63 159 - Total profit/loss from investments in associated companies as per 31.12 60 314 (2 922) (2 439) - (5 988) - - (35) 51 887 (2 957) Reconciliation of associated companies in the balance sheet Norwegian Hydrogen AS Cryoshelter LH2 GmbH CIMC Hexagon Hydrogen Energy Systems Hyon AS Total (NOK 1000) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Companies Carrying value as at 01.01 7 024 2 066 - - - - - - 7 024 2 066 Purchase of shares - - 33 738 - - - - - 33 738 - Share capital contribution - 7 880 - - 7 743 - - 700 7 743 8 580 Share of profit after tax incl. PPA amortizations (2 845) (2 922) (2 439) - (5 988) - - (35) (11 272) (2 957) Dividends - - - - - - - - - Sale of shares - - - - - - - (665) - (665) Derecognition - loss of significant influence (4 179) - - - - - - - (4 179) - Currency translation effects - - (41) - 16 - - - (25) - Carrying value as per 31.12 - 7 024 31 258 - 1 771 - - - 33 029 7 024 Norwegian Hydrogen AS Hexagon Purus ASA has been a shareholder of Norwegian Hydrogen AS since its inception in 2020. In December 2021, Norwegian Hydrogen conducted a capital raise in which Hexagon Purus\u2019 ownership was diluted from 21.0 per cent to 17.7 per cent. Despite having an ownership less than 20 per cent, the Company has in the period from 01.01.22 to 31.08.2022 retained its classification of Norwegian Hydrogen as an associated company due to an assessment of still having significant influence in the entity. Important factors for this assessment have been Board of Directors representation and being the 2 nd largest shareholder of the entity in the same period. On 27.08.2022, Norwegian Hydrogen AS announced that Mitsui & Co. Ltd invests NOK 70 million in a private placement, and thus reducing Hexagon Purus\u2019 ownership from 17.7 per cent to 15.0 per cent. Following this private placement, the Company assessed that significant influence is no longer present, as the Company is now the 3rd largest shareholder and the fact that the new shareholder has received two additional seats in the Board of Directors, resulting in diluted decisional and strategical influence. The Company has consequently from this date reclassified the investment to a financial asset (equity instrument) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen, derived from the said capital raise, is NOK 67.3 million, result- ing in an accounting gain of NOK 63.1 million, recognized in profit/loss from investments in associates in the income statement. At 31.12.2022, Hexagon Purus ownership share in Norwegian Hydrogen AS was 14 per cent, as a result of a second private placement in the company in October 2022. Cryoshelter LH2 GmbH In April 2022, Hexagon announced an agreement to acquire a 40 per cent stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid natural gas (LNG) and liquid hydrogen (LH2). Upon closing, Cryoshelter GmbH were to be demerged into two separate legal entities, Cryoshelter BioLNG GmbH and Cryoshelter LH2 GmbH, in which Hexagon Purus were to acquire the LH2- business. On 01.08.2022, Hexagon Purus made a EUR 3.4 (NOK 34) million investment and acquired 40 per cent of the shares in Cryoshelter LH2 GmbH, with options to acquire the remaining shares over the next 5-10 years. As of 01.08.2022, the said options do not give rise to any de-facto control and the investment is consequently accounted for by using the equity method effective from 01.08.2022. The table below shows the initial assessment of the purchase price allocation of the entity per 01.08.2022.The table below shows the purchase price allocation per 01.08.2022. Purchase price allocation (NOK 1 1000) Cryoshelter LH2 GmbH Non-current assets 203 Current assets 5 150 Non-current liabilities 3 946 Current liabilities 2 951 Equity as per 01.08.2022 (1 543) Hexagon's share of equity (40%) (617) Intangible assets (technology) 1 19 702 Goodwill 14 654 Hexagon's carrying value of the investment 33 738 1 The technology for liquid hydrogen tanks is still in the development phase CIMC Hexagon Hydrogen Energy Systems Ltd. In 2021, Hexagon Purus entered into an agreement with CIMC Enric, encompassing cylinder and systems produc- tion for Fuel Cell Electric Vehicles (FCEVs) and hydrogen distribution in China and Southeast Asia. In July 2022, CIMC Hexagon Energy Systems Ltd. was legally established and registered in Hong Kong, where Hexagon Purus HK Holding AS, a wholly owned subsidiary of Hexagon Purus ASA, subscribed for 49 per cent of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51 per cent of the shares. The entity is classified as an associate company and accounted for via the equity method as of 01.07.2022. CIMC Hexagon Hydrogen Energy Technologies Ltd. was also legally established and registered in Hong Kong in July 2022. Hexagon Purus HK Holding AS holds a majority shareholding of 51 per cent in this entity while CIMC Enric holds the remaining 49 per cent. As Hexagon Purus controls the entity, the entity is thus consolidated in the Group accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-342": {
"value": "Note Non-current financial assets and other non-current assets (NOK 1 000) 2022 2021 Loans (as lender) 1 13 193 - Other shares 2 67 339 - Other non-current assets 2 499 2 476 Total other non-current assets 83 030 2 476 1 Loans consists largely of 12.5 MNOK loans to the associated company Cryoshelter LH2 GmbH. 2 Other shares represent the fair value of Hexagon Purus\u00b4s shares in Norwegian Hydrogen AS. See note 12 for further information. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-343": {
"value": "Note Inventories (NOK 1 000) 2022 2021 Raw materials and consumables 195 047 182 866 Work in progress 107 224 67 453 Finished goods 29 947 10 916 Total inventories 332 218 261 235 Provision for obsolete inventory in balance sheet 16 711 6 795 Carrying amount of holdings used as pledged assets - - Provisions for obsolete inventory in balance sheet, are presented net at each category of inventory. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "Note Trade receivables Trade receivables are recognized at transaction price and subsequently measured at initial recognized amount less impairment losses. (NOK 1 000) 2022 2021 Trade receivables 230 895 222 022 Provisions for loss (1 965) (1 736) Trade receivables after provision for losses 228 930 220 286 Carrying amount of trade receivables used as pledged assets - - Losses on trade receivables are classified as other operating expenses in the income statement. In the assessment, consideration is made to guaranteed and insured amounts (see other note concerning credit risk). Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix: As of 31 December the company had the following ageing of trade receivables Trade receivables Contract assets Not due <30 days past due 30-60 days past due 60-90 days past due >90days past due Total 2022 Expected credit loss rate 0.0% 0.4% 0.0% 7.3% 0.0% 8.3% Carrying amount at default 9 488 180 357 33 531 7 595 1 494 7 916 230 895 Expected credit loss (751) (557) (657) (1 965) Net carrying amount 9 488 179 607 33 531 7 038 1 494 7 260 228 930 2021 Expected credit loss rate 0.0% 0.0% 0.0% 0.7% 0.0% 21.7% Carrying amount at default 4165 100 952 68 507 40167 5672 6 724 222 022 Expected credit loss (280) (1456) (1 736) Net carrying amount 4 165 100 952 68 507 39 887 5 672 5 267 220 286 Changes in the provision for losses are as follows (NOK 1 000) 2022 2021 Opening balance 1 January 1 736 935 Additions from purchase of companies - 535 Provision for losses for the year 652 830 Actual losses during the year (442) (537) Translation differences 20 (27) Closing balance 31 December 1 965 1 736 Credit risk and currency risk regarding trade receivables are described in more detail in note 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "Note Trade receivables Trade receivables are recognized at transaction price and subsequently measured at initial recognized amount less impairment losses. (NOK 1 000) 2022 2021 Trade receivables 230 895 222 022 Provisions for loss (1 965) (1 736) Trade receivables after provision for losses 228 930 220 286 Carrying amount of trade receivables used as pledged assets - - Losses on trade receivables are classified as other operating expenses in the income statement. In the assessment, consideration is made to guaranteed and insured amounts (see other note concerning credit risk). Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix: As of 31 December the company had the following ageing of trade receivables Trade receivables Contract assets Not due <30 days past due 30-60 days past due 60-90 days past due >90days past due Total 2022 Expected credit loss rate 0.0% 0.4% 0.0% 7.3% 0.0% 8.3% Carrying amount at default 9 488 180 357 33 531 7 595 1 494 7 916 230 895 Expected credit loss (751) (557) (657) (1 965) Net carrying amount 9 488 179 607 33 531 7 038 1 494 7 260 228 930 2021 Expected credit loss rate 0.0% 0.0% 0.0% 0.7% 0.0% 21.7% Carrying amount at default 4165 100 952 68 507 40167 5672 6 724 222 022 Expected credit loss (280) (1456) (1 736) Net carrying amount 4 165 100 952 68 507 39 887 5 672 5 267 220 286 Changes in the provision for losses are as follows (NOK 1 000) 2022 2021 Opening balance 1 January 1 736 935 Additions from purchase of companies - 535 Provision for losses for the year 652 830 Actual losses during the year (442) (537) Translation differences 20 (27) Closing balance 31 December 1 965 1 736 Credit risk and currency risk regarding trade receivables are described in more detail in note 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-344": {
"value": "Note Trade receivables Trade receivables are recognized at transaction price and subsequently measured at initial recognized amount less impairment losses. (NOK 1 000) 2022 2021 Trade receivables 230 895 222 022 Provisions for loss (1 965) (1 736) Trade receivables after provision for losses 228 930 220 286 Carrying amount of trade receivables used as pledged assets - - Losses on trade receivables are classified as other operating expenses in the income statement. In the assessment, consideration is made to guaranteed and insured amounts (see other note concerning credit risk). Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix: As of 31 December the company had the following ageing of trade receivables Trade receivables Contract assets Not due <30 days past due 30-60 days past due 60-90 days past due >90days past due Total 2022 Expected credit loss rate 0.0% 0.4% 0.0% 7.3% 0.0% 8.3% Carrying amount at default 9 488 180 357 33 531 7 595 1 494 7 916 230 895 Expected credit loss (751) (557) (657) (1 965) Net carrying amount 9 488 179 607 33 531 7 038 1 494 7 260 228 930 2021 Expected credit loss rate 0.0% 0.0% 0.0% 0.7% 0.0% 21.7% Carrying amount at default 4165 100 952 68 507 40167 5672 6 724 222 022 Expected credit loss (280) (1456) (1 736) Net carrying amount 4 165 100 952 68 507 39 887 5 672 5 267 220 286 Changes in the provision for losses are as follows (NOK 1 000) 2022 2021 Opening balance 1 January 1 736 935 Additions from purchase of companies - 535 Provision for losses for the year 652 830 Actual losses during the year (442) (537) Translation differences 20 (27) Closing balance 31 December 1 965 1 736 Credit risk and currency risk regarding trade receivables are described in more detail in note 20. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "Note Other current assets (NOK 1 000) 2022 2021 Other debtors 17 634 14 956 Prepaid expenses 50 712 44 231 Prepayment to suppliers 61 188 - Entitlement to VAT sand sales tax 480 18 924 Entitlement to income tax refund 1 816 39 Other 4 730 2793 Total other current assets 136 560 80 943 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-345": {
"value": "Note Other current assets (NOK 1 000) 2022 2021 Other debtors 17 634 14 956 Prepaid expenses 50 712 44 231 Prepayment to suppliers 61 188 - Entitlement to VAT sand sales tax 480 18 924 Entitlement to income tax refund 1 816 39 Other 4 730 2793 Total other current assets 136 560 80 943 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-346": {
"value": "Note Bank deposits, cash and cash equivalents
(NOK 1 000) 2022 2021
Cash at bank and in hand 381 705 453 398
Undrawn Group overdraft facility 15 771 13 837
Restricted funds included in cash & cash equivalents
1
1 482 1182
1
Restricted funds represents bank deposits for tax deductions in Norway.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-312": {
"value": "Note Net financial items (NOK 1 000) 2022 2021 Interest income 8 111 1 625 Foreign exchange items 29 245 12 624 Total finance income continued operations 37 356 14 249 Loss on exchange items 16 634 24 185 Cost of interest on loans etc. 10 141 8 593 Cost of interest on lease liabilities 2 471 913 Other finance expense 303 - Total finance expense continued operations 29 548 33 691 Net financial items continued operations 7 808 (19 442) Finance income from discontinued operations - 667 Finance expense from discontinued operations - 2 090 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "Note Net financial items (NOK 1 000) 2022 2021 Interest income 8 111 1 625 Foreign exchange items 29 245 12 624 Total finance income continued operations 37 356 14 249 Loss on exchange items 16 634 24 185 Cost of interest on loans etc. 10 141 8 593 Cost of interest on lease liabilities 2 471 913 Other finance expense 303 - Total finance expense continued operations 29 548 33 691 Net financial items continued operations 7 808 (19 442) Finance income from discontinued operations - 667 Finance expense from discontinued operations - 2 090 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "Note Net financial items (NOK 1 000) 2022 2021 Interest income 8 111 1 625 Foreign exchange items 29 245 12 624 Total finance income continued operations 37 356 14 249 Loss on exchange items 16 634 24 185 Cost of interest on loans etc. 10 141 8 593 Cost of interest on lease liabilities 2 471 913 Other finance expense 303 - Total finance expense continued operations 29 548 33 691 Net financial items continued operations 7 808 (19 442) Finance income from discontinued operations - 667 Finance expense from discontinued operations - 2 090 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "Note Net financial items (NOK 1 000) 2022 2021 Interest income 8 111 1 625 Foreign exchange items 29 245 12 624 Total finance income continued operations 37 356 14 249 Loss on exchange items 16 634 24 185 Cost of interest on loans etc. 10 141 8 593 Cost of interest on lease liabilities 2 471 913 Other finance expense 303 - Total finance expense continued operations 29 548 33 691 Net financial items continued operations 7 808 (19 442) Finance income from discontinued operations - 667 Finance expense from discontinued operations - 2 090 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "Note Net financial items (NOK 1 000) 2022 2021 Interest income 8 111 1 625 Foreign exchange items 29 245 12 624 Total finance income continued operations 37 356 14 249 Loss on exchange items 16 634 24 185 Cost of interest on loans etc. 10 141 8 593 Cost of interest on lease liabilities 2 471 913 Other finance expense 303 - Total finance expense continued operations 29 548 33 691 Net financial items continued operations 7 808 (19 442) Finance income from discontinued operations - 667 Finance expense from discontinued operations - 2 090 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-347": {
"value": "Note Net financial items (NOK 1 000) 2022 2021 Interest income 8 111 1 625 Foreign exchange items 29 245 12 624 Total finance income continued operations 37 356 14 249 Loss on exchange items 16 634 24 185 Cost of interest on loans etc. 10 141 8 593 Cost of interest on lease liabilities 2 471 913 Other finance expense 303 - Total finance expense continued operations 29 548 33 691 Net financial items continued operations 7 808 (19 442) Finance income from discontinued operations - 667 Finance expense from discontinued operations - 2 090 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-348": {
"value": "Note Financial assets and financial liabilities Set out below, is an overview of financial assets, other than cash and short-term deposits, held by the Group as at 31 December 2022 and 31 December 2021. Financial assets (NOK 1 000) 2022 2021 Financial assets at amortized costs Trade receivables 228 930 220 286 Other non-current financial assets 13 193 2 476 Other current financial assets 24 660 36 712 Financial assets at fair value Other non-current financial assets 67 339 - Total 266 783 259 474 Total current 253 590 256 998 Total non-current 13 193 2 476 Financial liabilities Set out below is an overview of financial liabilities held by the Group as at 31 December 2022 and 31 December 2021. Financial liabilities (NOK 1 000) 2022 2021 Financial liabilities at amortized cost Trade and other payables 255 712 191 409 Non-current interest bearing loans and borrowings 39 358 42 126 Other non-current financial liabilities - 43 490 Other current financial liabilities 45 777 - Current interest bearing loans and borrowings 4 673 13 635 Financial liabilities at fair value Other non-current financial liabilities (Contingent liabilities) 39 789 65 616 Other current financial liabilities 29 275 - Total 414 584 356 276 Total current 335 437 205 044 Total non-current 79 147 151 232 Measurement of fair value Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Level 2 relates to currency- and interest rate swaps shown in note 13 and 4, is estimated based on calcu- lating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date. Level 3: Level 3 relates to contingent liabilities arising from acquisitions as shown in note 4 and unlisted equity investments at fair value as shown in note 12 and 13. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies. Non- current interest-bearing liabilities are recognized in accordance with amortized cost. Carrying amount and fair value of financial assets and financial liabilities 2022 2021 (NOK 1 000) Level Book value Fair value Book value Fair value Financial assets Other non-current financial assets 3 67 339 67 339 - - Other non current assets 2 13 193 13 193 2 476 2 476 Other current financial assets 2 24 660 24 660 36 712 36 712 Total financial assets 105 191 105 191 39 188 39 188 Total current 24 660 24 660 36 712 36 712 Total non-current 80 531 80 531 2 476 2 476 Financial liabilities Loan from financial institutions 2 44 030 39 028 55 761 55 761 Other non-current financial liabilities 3 39 789 39 789 109 106 109 106 Other current financial liabilities 3 75 051 75 051 - - Total financial liabilities 158 870 153 868 164 867 164 867 Total current 79 723 74 721 205 044 205 044 Total non-current 79 147 79 147 151 232 151 232 The management assessed that the fair values of bank deposits, cash and cash equivalents, trade receivables, other non- current assets, trade payables, and other current liabilities approximate their carrying amounts largely due to the short- term maturities of these instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "Financial assets
(NOK 1 000) 2022 2021
Financial assets at amortized costs
Trade receivables 228 930 220 286
Other non-current financial assets 13 193 2 476
Other current financial assets 24 660 36 712
Financial assets at fair value
Other non-current financial assets 67 339 -
Total 266 783 259 474
Total current 253 590 256 998
Total non-current 13 193 2 476
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "Financial assets (NOK 1 000) 2022 2021 Financial assets at amortized costs Trade receivables 228 930 220 286 Other non-current financial assets 13 193 2 476 Other current financial assets 24 660 36 712 Financial assets at fair value Other non-current financial assets 67 339 - Total 266 783 259 474 Total current 253 590 256 998 Total non-current 13 193 2 476 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-313": {
"value": "Financial liabilities Set out below is an overview of financial liabilities held by the Group as at 31 December 2022 and 31 December 2021. Financial liabilities (NOK 1 000) 2022 2021 Financial liabilities at amortized cost Trade and other payables 255 712 191 409 Non-current interest bearing loans and borrowings 39 358 42 126 Other non-current financial liabilities - 43 490 Other current financial liabilities 45 777 - Current interest bearing loans and borrowings 4 673 13 635 Financial liabilities at fair value Other non-current financial liabilities (Contingent liabilities) 39 789 65 616 Other current financial liabilities 29 275 - Total 414 584 356 276 Total current 335 437 205 044 Total non-current 79 147 151 232 Carrying amount and fair value of financial assets and financial liabilities 2022 2021 (NOK 1 000) Level Book value Fair value Book value Fair value Financial assets Other non-current financial assets 3 67 339 67 339 - - Other non current assets 2 13 193 13 193 2 476 2 476 Other current financial assets 2 24 660 24 660 36 712 36 712 Total financial assets 105 191 105 191 39 188 39 188 Total current 24 660 24 660 36 712 36 712 Total non-current 80 531 80 531 2 476 2 476 Financial liabilities Loan from financial institutions 2 44 030 39 028 55 761 55 761 Other non-current financial liabilities 3 39 789 39 789 109 106 109 106 Other current financial liabilities 3 75 051 75 051 - - Total financial liabilities 158 870 153 868 164 867 164 867 Total current 79 723 74 721 205 044 205 044 Total non-current 79 147 79 147 151 232 151 232 The management assessed that the fair values of bank deposits, cash and cash equivalents, trade receivables, other non- current assets, trade payables, and other current liabilities approximate their carrying amounts largely due to the short- term maturities of these instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "Financial liabilities Set out below is an overview of financial liabilities held by the Group as at 31 December 2022 and 31 December 2021. Financial liabilities (NOK 1 000) 2022 2021 Financial liabilities at amortized cost Trade and other payables 255 712 191 409 Non-current interest bearing loans and borrowings 39 358 42 126 Other non-current financial liabilities - 43 490 Other current financial liabilities 45 777 - Current interest bearing loans and borrowings 4 673 13 635 Financial liabilities at fair value Other non-current financial liabilities (Contingent liabilities) 39 789 65 616 Other current financial liabilities 29 275 - Total 414 584 356 276 Total current 335 437 205 044 Total non-current 79 147 151 232 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "Financial liabilities (NOK 1 000) 2022 2021 Financial liabilities at amortized cost Trade and other payables 255 712 191 409 Non-current interest bearing loans and borrowings 39 358 42 126 Other non-current financial liabilities - 43 490 Other current financial liabilities 45 777 - Current interest bearing loans and borrowings 4 673 13 635 Financial liabilities at fair value Other non-current financial liabilities (Contingent liabilities) 39 789 65 616 Other current financial liabilities 29 275 - Total 414 584 356 276 Total current 335 437 205 044 Total non-current 79 147 151 232 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "Measurement of fair value Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Level 2 relates to currency- and interest rate swaps shown in note 13 and 4, is estimated based on calcu- lating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date. Level 3: Level 3 relates to contingent liabilities arising from acquisitions as shown in note 4 and unlisted equity investments at fair value as shown in note 12 and 13. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies. Non- current interest-bearing liabilities are recognized in accordance with amortized cost. Carrying amount and fair value of financial assets and financial liabilities 2022 2021 (NOK 1 000) Level Book value Fair value Book value Fair value Financial assets Other non-current financial assets 3 67 339 67 339 - - Other non current assets 2 13 193 13 193 2 476 2 476 Other current financial assets 2 24 660 24 660 36 712 36 712 Total financial assets 105 191 105 191 39 188 39 188 Total current 24 660 24 660 36 712 36 712 Total non-current 80 531 80 531 2 476 2 476 Financial liabilities Loan from financial institutions 2 44 030 39 028 55 761 55 761 Other non-current financial liabilities 3 39 789 39 789 109 106 109 106 Other current financial liabilities 3 75 051 75 051 - - Total financial liabilities 158 870 153 868 164 867 164 867 Total current 79 723 74 721 205 044 205 044 Total non-current 79 147 79 147 151 232 151 232 The management assessed that the fair values of bank deposits, cash and cash equivalents, trade receivables, other non- current assets, trade payables, and other current liabilities approximate their carrying amounts largely due to the short- term maturities of these instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Measurement of fair value Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Level 2 relates to currency- and interest rate swaps shown in note 13 and 4, is estimated based on calcu- lating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date. Level 3: Level 3 relates to contingent liabilities arising from acquisitions as shown in note 4 and unlisted equity investments at fair value as shown in note 12 and 13. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies. Non- current interest-bearing liabilities are recognized in accordance with amortized cost. Carrying amount and fair value of financial assets and financial liabilities 2022 2021 (NOK 1 000) Level Book value Fair value Book value Fair value Financial assets Other non-current financial assets 3 67 339 67 339 - - Other non current assets 2 13 193 13 193 2 476 2 476 Other current financial assets 2 24 660 24 660 36 712 36 712 Total financial assets 105 191 105 191 39 188 39 188 Total current 24 660 24 660 36 712 36 712 Total non-current 80 531 80 531 2 476 2 476 Financial liabilities Loan from financial institutions 2 44 030 39 028 55 761 55 761 Other non-current financial liabilities 3 39 789 39 789 109 106 109 106 Other current financial liabilities 3 75 051 75 051 - - Total financial liabilities 158 870 153 868 164 867 164 867 Total current 79 723 74 721 205 044 205 044 Total non-current 79 147 79 147 151 232 151 232 The management assessed that the fair values of bank deposits, cash and cash equivalents, trade receivables, other non- current assets, trade payables, and other current liabilities approximate their carrying amounts largely due to the short- term maturities of these instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-308": {
"value": "Measurement of fair value Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Level 2 relates to currency- and interest rate swaps shown in note 13 and 4, is estimated based on calcu- lating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date. Level 3: Level 3 relates to contingent liabilities arising from acquisitions as shown in note 4 and unlisted equity investments at fair value as shown in note 12 and 13. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies. Non- current interest-bearing liabilities are recognized in accordance with amortized cost. Carrying amount and fair value of financial assets and financial liabilities 2022 2021 (NOK 1 000) Level Book value Fair value Book value Fair value Financial assets Other non-current financial assets 3 67 339 67 339 - - Other non current assets 2 13 193 13 193 2 476 2 476 Other current financial assets 2 24 660 24 660 36 712 36 712 Total financial assets 105 191 105 191 39 188 39 188 Total current 24 660 24 660 36 712 36 712 Total non-current 80 531 80 531 2 476 2 476 Financial liabilities Loan from financial institutions 2 44 030 39 028 55 761 55 761 Other non-current financial liabilities 3 39 789 39 789 109 106 109 106 Other current financial liabilities 3 75 051 75 051 - - Total financial liabilities 158 870 153 868 164 867 164 867 Total current 79 723 74 721 205 044 205 044 Total non-current 79 147 79 147 151 232 151 232 The management assessed that the fair values of bank deposits, cash and cash equivalents, trade receivables, other non- current assets, trade payables, and other current liabilities approximate their carrying amounts largely due to the short- term maturities of these instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "Measurement of fair value Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: Level 2 relates to currency- and interest rate swaps shown in note 13 and 4, is estimated based on calcu- lating the net present value of future cash flows, using interest rate curves, exchange rates and currency spreads as of the balance sheet date. Level 3: Level 3 relates to contingent liabilities arising from acquisitions as shown in note 4 and unlisted equity investments at fair value as shown in note 12 and 13. The fair value of contingent liabilities is estimated based on expected achievement of earn-out targets and corresponding payments of acquired companies. The fair value of unlisted equity investments is estimated by using commonly used valuation techniques or by implicit valuations derived from private placements undertaken in the companies. Non- current interest-bearing liabilities are recognized in accordance with amortized cost. Carrying amount and fair value of financial assets and financial liabilities 2022 2021 (NOK 1 000) Level Book value Fair value Book value Fair value Financial assets Other non-current financial assets 3 67 339 67 339 - - Other non current assets 2 13 193 13 193 2 476 2 476 Other current financial assets 2 24 660 24 660 36 712 36 712 Total financial assets 105 191 105 191 39 188 39 188 Total current 24 660 24 660 36 712 36 712 Total non-current 80 531 80 531 2 476 2 476 Financial liabilities Loan from financial institutions 2 44 030 39 028 55 761 55 761 Other non-current financial liabilities 3 39 789 39 789 109 106 109 106 Other current financial liabilities 3 75 051 75 051 - - Total financial liabilities 158 870 153 868 164 867 164 867 Total current 79 723 74 721 205 044 205 044 Total non-current 79 147 79 147 151 232 151 232 The management assessed that the fair values of bank deposits, cash and cash equivalents, trade receivables, other non- current assets, trade payables, and other current liabilities approximate their carrying amounts largely due to the short- term maturities of these instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-349": {
"value": "Note Financial risk management The Group\u2019s principal financial liabilities, comprise interest bearing loans and borrowings, and trade payables and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operation. The Group\u2019s principal financial assets include trade receivables, cash and cash equivalents that derive directly from its operations. The Group is exposed to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s man- agement regularly evaluates these risks and defines guidelines on appropriate financial risk governance framework for the Group. Procedures for risk man- agement are adopted by the board and carried out by the chief financial officer in close cooperation with the subsidiaries. The Group may use financial instruments under its strategy to hedge risks associated with interest rate and foreign currency fluctuations. The Group is not using any such instruments for the time being. Credit risk The Group is mainly exposed to credit risk asso- ciated with trade receivables and contract assets. The Group minimizes its exposure to credit risk by ensuring that all parties requiring credit (primarily trade receivables) are approved and undergo a credit check. Trade receivables amounted to NOK 229 million (NOK 220 million). The subsidiary Hexagon Purus GmbH applies credit insurance to covers parts of the companies\u2019 receivables. Except for parts in Hexagon Purus GmbH, trade receivables do not have credit insurance. However, these are partly covered through Letter of Credits and prepayments from customers. The Group has policies in place to ensure that sales of products are made to customers with an appro- priate credit history and that outstanding amounts do not exceed the defined credit limits. Credit infor- mation is also used in the group\u2019s regular appraisal of new and existing customers. The Group has not issued guarantees for third party obligations. The carrying amount of the financial assets, in the balance sheet represents the maximum risk exposure. The Group considers its maximum risk exposure to be the carrying amount of its trade receivables, contract assets and other current assets. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of various customer segments with similar loss patterns (i.e. geograph- ical region, product type, customer type and rating, coverage by letter of credit or prepayments or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. Note 15 provides information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix. Interest rate risk The Group is exposed to interest rate risk from its financing activities. The Group\u2019s interest-bearing liabilities \u2013 from financial institutions have variable interest rates, which means it is affected by changes in interest rates. The Group has substantial amounts in bank deposits at year-end. As the interest on deposits are low for the time being, the risk related to this part is considered limited. In general, the aim of the Group\u2019s interest rate risk management is to control interest expenses, while also keeping the volatility of future interest payments within acceptable limits. The Group\u2019s strategy is for its finance departments to regularly evaluate the interest rate exposure of Hexagon Purus Group\u2019s assets and liabilities based on a total assessment of interest expectations and risk profile. The Group may use derivatives to adjust its effective interest rate exposure, but has considered this being unnecessary for the time being due to limited volume of external financing. The average effective interest rate on financial liabilites was as follows 2022 2021 Loan from related party - 5.2% Loan from financial institutions 1.56% - 7.50% 1.56 - 5.50% Leases 2.50% - 10.50% 1.50% - 4.88% The following table shows the group\u2019s sensitivity to potential changes in interest rates for loans from financial institutions (loan from related party excluded). The calculations take into account all interest-bearing instruments and associated interest rate derivatives (if any) as of 31.12. Change in interest rates in base points Effect on profit/loss before tax (NOK 1 000) Gains or losses on interest rate derivatives in comprehensive income before tax (NOK 1 000) 2022 +100 (440) - (100) 440 - 2021 +100 (434) - (100) 434 - As of 31.12.2022 all of the outstanding interest-bearing loans have fixed interest, see note 26. Therefore the table above must be seen as an illustration of the net effect would have effected the profit/loss before tax. Liquidity risk Liquidity risk is the risk of the group not being in a position to fulfil its financial liabilities when they fall due. The group\u2019s strategy for managing liquidity risk is to set a level of available liquidity to enable it to discharge its finan- cial liabilities when they fall due, both under normal and unexpected circumstances, without risking unacceptable losses or damaging the group\u2019s reputation. The majority of excess liquidity is invested in bank deposits. Since the Group is in a process of investing heavily in a growing market and strategic expansion requires sub- stantial funding, a major risk is related to the ability of providing funds for the growth as and when needed. This is a major area of focus for the Group management. For this purpose there has been a private placement after the balance sheet date. Further process for long term financing of the Group can be expected in the months and years to come. 31 December 2022 Remaining period (NOK 1 000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years More than 5 years Total Repayment of bank loans 389 1 168 3 115 14 202 25 156 44 030 Interest on bank loans 75 226 604 3 304 3 953 8 162 Leases 1851 3 715 16 665 85 087 47 392 154 710 Interest on leases 1021 2015 8684 33 111 13 448 58 280 Other non-current financial liabilities 39 789 39 789 Other current financial liabilities 75 052 75 052 Trade payables 200 380 46 008 6 676 2 366 283 255 712 Total 203 716 53 133 110 794 177 860 90 232 635 735 31 December 2021 Remaining period (NOK 1 000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years More than 5 years Total Repayment of bank loans 368 1 103 2 942 19 130 22 996 46 539 Overdraft facility - - 8 637 - - 8 637 Loan from related party - - 585 - - 585 Interest on loans 87 260 693 3 510 1 850 6 400 Leases 1 867 3 528 15 475 32 209 - 53 079 Interest on leases 90 170 616 737 - 1 613 Other non-current financial liabilities - - - 109 106 - 109 106 Trade payables 134 647 55 140 1 623 - - 191 409 Total 137 058 60 201 30 571 164 692 24 846 417 368 Foreign exchange risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency). As the Group has production and sales in different countries with different functional currencies, it is exposed to currency risk associated with movements of the Norwegian krone against other currencies, while the Group\u2019s presentation currency is NOK. The Group\u2019s profit after tax is also affected by currency movements, as the results of foreign companies are translated to the Norwegian currency using the weighted average exchange rate for the period. Currency risk is calculated for each currency and takes into consideration assets and liabilities, off-balance sheet obligations and highly probable purchases and sales in the relevant currency. The Group can use forward contracts to reduce its currency risk from cash flows denominated in foreign curren- cies. For the time being, the Group has no such contracts. (NOK 1000) Movement of NOK against USD Effect on profit/ loss before tax Effect on OCI pre tax 2022 +10% (19 246) - (10%) 19 246 - 2021 +10% (9 470) - (10%) 9 470 - (NOK 1000) Movement of NOK against EUR Effect on profit/ loss before tax Effect on OCI pre tax 2022 +10% (27 123) - (10%) 27 123 - 2021 +10% (16 980) - (10%) 16 980 - The table explains the effect on the Group\u2019s profit/loss from +/- 10% change in EUR or USD. Capital structure and equity The main goal of the Hexagon Purus Group\u2019s capital structure management is to ensure it maintains a level of equity which is reasonable in relation to the Group\u2019s operations and an acceptable credit rating. Hexagon Purus Group is a growth company where large investments in business development will be necessary to achieve future growth and profitability. Hence, the major financing element in the near future is expected to be equity or equi- ty-linked financing. It is targeted that the Group\u2019s shareholders shall receive a competitive return on their shares, mainly through price increases in the Group\u2019s shares. The Group is not expecting to pay dividends based on financial perfor- mance in the nearest periods. The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco- nomic conditions and prospects of short and medium-term growth. The Board of Directors as per 31 December 2022 was granted the power to increase the share capital by maximum NOK 9.050 million in face value. No other changes to guidelines or capital structure is planned at the time of authorization of this report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "Credit risk The Group is mainly exposed to credit risk asso- ciated with trade receivables and contract assets. The Group minimizes its exposure to credit risk by ensuring that all parties requiring credit (primarily trade receivables) are approved and undergo a credit check. Trade receivables amounted to NOK 229 million (NOK 220 million). The subsidiary Hexagon Purus GmbH applies credit insurance to covers parts of the companies\u2019 receivables. Except for parts in Hexagon Purus GmbH, trade receivables do not have credit insurance. However, these are partly covered through Letter of Credits and prepayments from customers. The Group has policies in place to ensure that sales of products are made to customers with an appro- priate credit history and that outstanding amounts do not exceed the defined credit limits. Credit infor- mation is also used in the group\u2019s regular appraisal of new and existing customers. The Group has not issued guarantees for third party obligations. The carrying amount of the financial assets, in the balance sheet represents the maximum risk exposure. The Group considers its maximum risk exposure to be the carrying amount of its trade receivables, contract assets and other current assets. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of various customer segments with similar loss patterns (i.e. geograph- ical region, product type, customer type and rating, coverage by letter of credit or prepayments or other forms of credit insurance). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year and are not subject to enforcement activity. Note 15 provides information about the credit risk exposure on the Group\u2019s trade receivables and contract assets using a provision matrix. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "Interest rate risk The Group is exposed to interest rate risk from its financing activities. The Group\u2019s interest-bearing liabilities \u2013 from financial institutions have variable interest rates, which means it is affected by changes in interest rates. The Group has substantial amounts in bank deposits at year-end. As the interest on deposits are low for the time being, the risk related to this part is considered limited. In general, the aim of the Group\u2019s interest rate risk management is to control interest expenses, while also keeping the volatility of future interest payments within acceptable limits. The Group\u2019s strategy is for its finance departments to regularly evaluate the interest rate exposure of Hexagon Purus Group\u2019s assets and liabilities based on a total assessment of interest expectations and risk profile. The Group may use derivatives to adjust its effective interest rate exposure, but has considered this being unnecessary for the time being due to limited volume of external financing. The average effective interest rate on financial liabilites was as follows 2022 2021 Loan from related party - 5.2% Loan from financial institutions 1.56% - 7.50% 1.56 - 5.50% Leases 2.50% - 10.50% 1.50% - 4.88% The following table shows the group\u2019s sensitivity to potential changes in interest rates for loans from financial
institutions (loan from related party excluded). The calculations take into account all interest-bearing instruments
and associated interest rate derivatives (if any) as of 31.12.
Change in interest rates
in base points
Effect on profit/loss before tax
(NOK 1 000)
Gains or losses on interest rate
derivatives in comprehensive
income before tax (NOK 1 000)
2022 +100 (440) -
(100) 440 -
2021 +100 (434) -
(100) 434 -
As of 31.12.2022 all of the outstanding interest-bearing loans have fixed interest, see note 26.
Therefore the table above must be seen as an illustration of the net effect would have effected the profit/loss
before tax.
Foreign exchange risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency). As the Group has production and sales in different countries with different functional currencies, it is exposed to currency risk associated with movements of the Norwegian krone against other currencies, while the Group\u2019s presentation currency is NOK. The Group\u2019s profit after tax is also affected by currency movements, as the results of foreign companies are translated to the Norwegian currency using the weighted average exchange rate for the period. Currency risk is calculated for each currency and takes into consideration assets and liabilities, off-balance sheet obligations and highly probable purchases and sales in the relevant currency. The Group can use forward contracts to reduce its currency risk from cash flows denominated in foreign curren- cies. For the time being, the Group has no such contracts. (NOK 1000) Movement of NOK against USD Effect on profit/ loss before tax Effect on OCI pre tax 2022 +10% (19 246) - (10%) 19 246 - 2021 +10% (9 470) - (10%) 9 470 - (NOK 1000) Movement of NOK against EUR Effect on profit/ loss before tax Effect on OCI pre tax 2022 +10% (27 123) - (10%) 27 123 - 2021 +10% (16 980) - (10%) 16 980 - The table explains the effect on the Group\u2019s profit/loss from +/- 10% change in EUR or USD. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "Liquidity risk Liquidity risk is the risk of the group not being in a position to fulfil its financial liabilities when they fall due. The group\u2019s strategy for managing liquidity risk is to set a level of available liquidity to enable it to discharge its finan- cial liabilities when they fall due, both under normal and unexpected circumstances, without risking unacceptable losses or damaging the group\u2019s reputation. The majority of excess liquidity is invested in bank deposits. Since the Group is in a process of investing heavily in a growing market and strategic expansion requires sub- stantial funding, a major risk is related to the ability of providing funds for the growth as and when needed. This is a major area of focus for the Group management. For this purpose there has been a private placement after the balance sheet date. Further process for long term financing of the Group can be expected in the months and years to come. 31 December 2022 Remaining period (NOK 1 000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years More than 5 years Total Repayment of bank loans 389 1 168 3 115 14 202 25 156 44 030 Interest on bank loans 75 226 604 3 304 3 953 8 162 Leases 1851 3 715 16 665 85 087 47 392 154 710 Interest on leases 1021 2015 8684 33 111 13 448 58 280 Other non-current financial liabilities 39 789 39 789 Other current financial liabilities 75 052 75 052 Trade payables 200 380 46 008 6 676 2 366 283 255 712 Total 203 716 53 133 110 794 177 860 90 232 635 735 31 December 2021 Remaining period (NOK 1 000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years More than 5 years Total Repayment of bank loans 368 1 103 2 942 19 130 22 996 46 539 Overdraft facility - - 8 637 - - 8 637 Loan from related party - - 585 - - 585 Interest on loans 87 260 693 3 510 1 850 6 400 Leases 1 867 3 528 15 475 32 209 - 53 079 Interest on leases 90 170 616 737 - 1 613 Other non-current financial liabilities - - - 109 106 - 109 106 Trade payables 134 647 55 140 1 623 - - 191 409 Total 137 058 60 201 30 571 164 692 24 846 417 368 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "Capital structure and equity The main goal of the Hexagon Purus Group\u2019s capital structure management is to ensure it maintains a level of equity which is reasonable in relation to the Group\u2019s operations and an acceptable credit rating. Hexagon Purus Group is a growth company where large investments in business development will be necessary to achieve future growth and profitability. Hence, the major financing element in the near future is expected to be equity or equi- ty-linked financing. It is targeted that the Group\u2019s shareholders shall receive a competitive return on their shares, mainly through price increases in the Group\u2019s shares. The Group is not expecting to pay dividends based on financial perfor- mance in the nearest periods. The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco- nomic conditions and prospects of short and medium-term growth. The Board of Directors as per 31 December 2022 was granted the power to increase the share capital by maximum NOK 9.050 million in face value. No other changes to guidelines or capital structure is planned at the time of authorization of this report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "Note Short term provisions (NOK 1 000) 2022 2021 Balance 1 January 12 882 17 162 Translation differences Additions from purchase of companies - 431 Provisions for the year 28 480 1 753 Provisions used (and reversed) during the year (5 954) (4 693) Provision held for sale Warranty provision, other changes 2 819 (1 771) Balance 31 December 38 227 12 882 The Group seeks to minimize the level of warranty or other claims from third parties through a diligent focus on product quality. The Group also seeks to consistently recognize any potential impact of unanticipated events. Provisions are made for both general and, if required, specific warranty claims on hydrogen cylinders or on deliv- ered hydrogen- or battery systems. Such provisions are typically based on i) historical warranty costs levels for equivalent products and services, ii) our assessment of any ongoing third-party legal disputes or quality related matters in the ordinary course of business. In such cases, including products liability cases, the Group prepares estimates based on experience, professional judgment of legal counsel, and other assumptions it believes to be reasonable. The Group also recognizes an asset if insurance covers all or part of any recorded liability. As additional information becomes available, potential liability related to pending litigation is reassessed and related estimates are updated., and iii) a forward view based on the changing levels and complexity of our business activities within cylinder and systems business areas respectively. The warranty period is mostly one year from delivery with exceptions for individual contracts. The provision can thereby be expected to be related to activity and new contracts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "Note Share capital and share premium Share capital and shareholders 2022 2021 Ordinary shares of NOK 0.10 (2022/2021) 258 278 937 233 536 669 Total number of shares 258 278 937 233 536 669 The Company\u2019s share capital consists of one class of shares and is fully paid-up. Changes in share capital and share premium Number of shares Share capital (NOK 1 000) Share premium (NOK 1 000) 2022 2021 2022 2021 2022 2021 Ordinary shares Issued and paid 1 January 233 536 669 229 092 239 23 354 22 909 1 383 817 1 594 022 Issued new share capital 24 742 268 4 444 430 2 474 444 597 526 143 628 Transaction cost (6 134) Other changes (129) Issued and paid, end of period 258 278 937 233 536 669 25 828 23 354 1 975 208 1 737 521 Transferred to share premium (432 328) (353 704) Net total 1 542 880 1 383 817 The company does not hold any treasury shares. On 23 November 2021 related to the closing of the Wystrach acquisition, the company issued 4 444 430 consideration shares to the previous shareholders of Wystrach GmbH. On 15 February 2022, the Company issued 24 742 268 new shares in a private placement at the price of NOK 24.25 per share. The Company raised approximately NOK 600 million in gross proceeds. On 1 March 2023, the Company issued 18 518 519 new shares in a private placement at the price of 27.00 per share. The Company raised approximately NOK 500 million in gross proceeds. 20 Largest shareholders as of 31 December 2022 Number of shares Shareholding HEXAGON COMPOSITES ASA 189 300 496 73.3% CLEARSTREAM BANKING S.A. 20 123 019 7.8% MITSUI & CO LTD 5 204 029 2.0% Deutsche Bank Aktiengesellschaft 4 525 609 1.8% FLAKK COMPOSITES AS 3 027 799 1.2% Citibank Europe plc 2 508 592 1.0% MP PENSJON PK 2 405 698 0.9% Nordnet Bank AB 1 636 317 0.6% The Bank of New York Mellon SA/NV 1 568 704 0.6% UBS Switzerland AG 1 462 050 0.6% BR\u00d8DR. B\u00d8CKMANN AS 1 363 120 0.5% The Bank of New York Mellon SA/NV 1 230 208 0.5% The Bank of New York Mellon SA/NV 984 120 0.4% State Street Bank and Trust Comp 831 287 0.3% KTF FINANS AS 756 950 0.3% Skandinaviska Enskilda Banken AB 700 444 0.3% Carnegie Investment Bank AB 566 788 0.2% SIX SAF AG 545 022 0.2% Saxo Bank A/S 545 021 0.2% State Street Bank and Trust Comp 504 563 0.2% Total 20 largest shareholders 239 789 836 92.8% Remainder 18 489 101 7.2% Total 258 278 937 100.0% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "Note Share capital and share premium Share capital and shareholders 2022 2021 Ordinary shares of NOK 0.10 (2022/2021) 258 278 937 233 536 669 Total number of shares 258 278 937 233 536 669 The Company\u2019s share capital consists of one class of shares and is fully paid-up. Changes in share capital and share premium Number of shares Share capital (NOK 1 000) Share premium (NOK 1 000) 2022 2021 2022 2021 2022 2021 Ordinary shares Issued and paid 1 January 233 536 669 229 092 239 23 354 22 909 1 383 817 1 594 022 Issued new share capital 24 742 268 4 444 430 2 474 444 597 526 143 628 Transaction cost (6 134) Other changes (129) Issued and paid, end of period 258 278 937 233 536 669 25 828 23 354 1 975 208 1 737 521 Transferred to share premium (432 328) (353 704) Net total 1 542 880 1 383 817 The company does not hold any treasury shares. On 23 November 2021 related to the closing of the Wystrach acquisition, the company issued 4 444 430 consideration shares to the previous shareholders of Wystrach GmbH. On 15 February 2022, the Company issued 24 742 268 new shares in a private placement at the price of NOK 24.25 per share. The Company raised approximately NOK 600 million in gross proceeds. On 1 March 2023, the Company issued 18 518 519 new shares in a private placement at the price of 27.00 per share. The Company raised approximately NOK 500 million in gross proceeds. 20 Largest shareholders as of 31 December 2022 Number of shares Shareholding HEXAGON COMPOSITES ASA 189 300 496 73.3% CLEARSTREAM BANKING S.A. 20 123 019 7.8% MITSUI & CO LTD 5 204 029 2.0% Deutsche Bank Aktiengesellschaft 4 525 609 1.8% FLAKK COMPOSITES AS 3 027 799 1.2% Citibank Europe plc 2 508 592 1.0% MP PENSJON PK 2 405 698 0.9% Nordnet Bank AB 1 636 317 0.6% The Bank of New York Mellon SA/NV 1 568 704 0.6% UBS Switzerland AG 1 462 050 0.6% BR\u00d8DR. B\u00d8CKMANN AS 1 363 120 0.5% The Bank of New York Mellon SA/NV 1 230 208 0.5% The Bank of New York Mellon SA/NV 984 120 0.4% State Street Bank and Trust Comp 831 287 0.3% KTF FINANS AS 756 950 0.3% Skandinaviska Enskilda Banken AB 700 444 0.3% Carnegie Investment Bank AB 566 788 0.2% SIX SAF AG 545 022 0.2% Saxo Bank A/S 545 021 0.2% State Street Bank and Trust Comp 504 563 0.2% Total 20 largest shareholders 239 789 836 92.8% Remainder 18 489 101 7.2% Total 258 278 937 100.0% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-309": {
"value": "HEXAGON COMPOSITES ASA 189 300 496 73.3%
",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-8": {
"value": "HEXAGON COMPOSITES ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "Note Share-based payment
Programs
The Company has four share-based long-term
incentive plans. The first plan is a management
investment program with Performance Share Units
(\u201cPSUs\u201d) matching. This plan is limited to four
members of the executive management team.
Each eligible employee will in 2024 be entitled to
up to three new shares in the Company per share
invested, at no consideration, provided he or she
is still employed in the Company at such date. The
entitlement depends on fulfilment of three criteria,
one per matching share. One criterion is tied to
increase in share price, one is tied to Company
performance criteria, and one is tied to continued
employment.
On 14 December 2020, the Company announced
that key members of Hexagon Purus\u2019 executive
management team exercised their right to pur-
chase the maximum number of shares allowable
in the management investment program, equal
to a total number of 210 621 shares. As part of this
management investment program, the Company
awarded up to 421 242 related PSUs and 210 621
Restricted Stock Units (\u201cRSUs\u201d) to the executives.
The instruments are non-transferable and will vest
in 2024 when the Board of Directors approve the
annual accounts for 2023, subject to satisfaction
of the applicable vesting conditions. Each vested
instrument will give the holder the right to receive
one share in the Company.
The second share-based long term incentive plan
is an employee RSU program, where 536 000
RSUs are currently issued to key personnel and
management employees of the Group. Subject to
satisfaction of the applicable vesting conditions,
each RSU entitles eligible employees to receive such
number of Hexagon Purus shares as corresponds
to the number of RSUs vested at the date on which
the Company\u2019s Board of Directors approves the
Company\u2019s annual accounts for the financial year
of 2023.
The third share-based long term incentive plan is
an employee PSU program, where 988 686 PSUs are
currently issued to key personnel and management
employees of the Group. Subject to satisfaction of
the applicable vesting conditions and share price
development, each PSU entitles eligible employees
to receive up to twice the number of Hexagon Purus shares as corresponds to the number of PSUs vested on 3 March 2025. The fourth share-based long term incentive plan is an employee RSU program, where 85 260 RSUs are currently issued to key personnel of the Group. Subject to satisfaction of the applicable vesting conditions, each RSU entitles eligible employees to receive such number of Hexagon Purus shares as corresponds to the number of RSUs on 3 March 2025. The fair value of the RSUs and PSUs are calcu- lated on the grant date, using the Black-Scholes model and Monte Carlo simulation, and the cost is recognized over the service period. Cost of the RSU and PSU schemes, was NOK 15.8 million as of 31 December 2022 ( NOK 7.7 million). The unamor- tized fair value of all outstanding RSUs and PSUs as of 31 December 2022 is estimated to be NOK 38.0 million (NOK 18.8 million). There are no cash settlement obligations. Instruments 2022 RSU key personnel (from 2020) PSU executive management RSU executive management PSU Management (from 2022) RSU Key personnel (from 2022) Opening balance 2022, number of instruments 561 000 421 242 210 621 - - Grants 5 000 - - 988 686 91 350 Lapsed/cancelled (30 000) - - - (6 090) Closing balance 31.12.2022, number of instruments 536 000 421 242 210 621 988 686 85 260 Contractual life (remaining) 1.50 1.50 1.50 5.17 5.17 Contractual life 1 3.54 3.54 3.54 5.78 5.72 Strike price 1 - - - 0.10 0.10 Share price 1 27.30 27.30 27.30 32.14 27.76 Expected lifetime 1 3.54 3.54 3.54 2.99 - Volatility 1 30.00% 30.00% - 49.31% 30.00% 62.25% - Interest rate 1 0.390% 0.390% 0.390% 2.616% - Dividend 1 - - - - - FV per instrument 1 27.30 20.83 27.30 33.67 27.76 Instruments 2021 RSU key personnel PSU executive management RSU executive management Opening balance 2021, number of instruments 485 000 421 242 210 621 Grants 91 000 - - Lapsed/cancelled (15 000) - - Closing balance 31.12.2021, number of instruments 561 000 421 242 210 621 Contractual life 1 2.50 2.50 2.50 Strike price 1 - - - Share price 1 27.30 27.30 27.30 Expected lifetime 1 3.54 3.54 3.54 Volatility 1 30.00% 30.32% 30.00% Interest rate 1 0.390% 0.390% 0.390% Dividend 1 - - - FV per instrument 1 27.30 20.83 27.30 1 Weighted average parameters at grant of instrument. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "Note Earnings per share Earnings per share is calculated by dividing profit for the year by the weighted average number of shares outstanding. To calculate diluted earnings per share, the profit and weighted average number of shares outstand- ing is adjusted to accommodate all dilution effects associated with share options. All share options are taken into consideration in the \u201cdenominator\u201d, and adjustments are made for recognized option expenses in the numerator. In the calculations, share options are considered to have been con- verted at the grant date. Redeemed options are included from the date of issue. (NOK 1 000) Note 2022 2021 Profit/loss from continuing operations for the year flowing to holders of ordinary shares Profit/loss for the year (431 518) (345 152) Weighted average number of shares outstanding 31 December Ordinary shares issued 1 January 23 233 536 669 229 092 239 Own shares - - Issued new shares 24 742 268 4 444 430 Outstanding number of shares 31 December 258 278 937 233 536 669 Weighted average number of shares outstanding 31 December 1 258 278 937 233 536 669 Profit/loss per share (continuing operation) (1.67) (1.49) Diluted number of shares outstanding 31 December Ordinary shares issued 1 January 23 233 536 669 229 092 239 Own shares - - Issued new shares 24 742 268 4 444 430 Effect of employee options issued - - Outstanding shares 31 December adjusted for dilution effects 258 278 937 233 536 669 Weighted average number of shares outstanding 31 December adjusted for dilution effects 258 278 937 233 536 669 Diluted profit/loss per share (continuing operation) (1.67) (1.49) 1 Weighted average number of shares 31 December 2020 represented by closing balance 31 December 2020. There are 2 241 809 instruments (including contingently issuable shares), consisting of 831 881 RSUs and 1 409 928 PSUs, that could potentially dilute basic earnings per share in the future. These are not included in the calculation of diluted earnings per share because they are antidilutive for the periods presented. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "Earnings per share is calculated by dividing profit for the year by the weighted average number of shares outstanding. To calculate diluted earnings per share, the profit and weighted average number of shares outstand- ing is adjusted to accommodate all dilution effects associated with share options. All share options are taken into consideration in the \u201cdenominator\u201d, and adjustments are made for recognized option expenses in the numerator. In the calculations, share options are considered to have been con- verted at the grant date. Redeemed options are included from the date of issue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "Note Interest-bearing liabilities (NOK 1 000) 2022 2021 Opening balance (loan from related party) 55 761 161 016 Settlement of loan with related party without cash effect - (142 615) Repayment of loans (11 731) (21 755) Additions of loans from acquired companies - 48 458 Proceeds from new loans - 10 657 Closing balance 31 December 44 030 55 761 As of 2022, the only interest-bearing loans are external secured loans related to Wystrach GmbH. Set out below is an overview of external non-current liabilities as of 31.12.2022. Carrying amount (NOK 1 000) Interest rate conditions Currency Maturity 2022 2021 Secured loans Volksbank an der Niers eG 1.55% EUR 30.09.2036 6 575 7 169 Deutsche Bank AG 1.96% EUR 30.03.2037 12 983 14 154 Deutsche Bank AG 2.88% EUR 30.06.2033 15 090 16 403 Deutsche Bank AG 1.79% EUR 30.11.2025 4 710 4 401 Total non-current liabilities, not including 1st year\u2019s instalments 39 358 42 126 As of 31 December 2021 (NOK 1 000) 2023 2024 2025 2026 2027 Thereafter Repayments structure for non-current liabilities (1 st year as current) 4 672 4 672 3 324 3 103 3 103 25 156 Reconciliation for liabilities arising from financing activities
(NOK 1 000)
Financial
liabilities
Lease
liabilities Total
Liabilities 1 January 2021 161 016 31 039 192 055
Financing activities with cash settlement
Repayment of loans and liabilities (21 755) - (21 755)
Repayment of lease liabilities - (17 606) (17 606)
Proceeds from loans and liabilities 10 657 - 10 657
Financing activities without cash settlement
Additions from purchase of companies 48 458 7 899 56 357
Deferred payment and contingent liabilities 109 106 - 109 106
Transfer of CNG / LDV segment (142 615) (142 615)
New lease liabilities 32 345 32 345
Exchange differences - (598) (598)
Balance 31 December 2021 164 867 53 079 217 946
Liabilities 1 January 2022 164 867 53 079 217 946
Financing activities with cash settlement
Repayment of loans and liabilities (11 731) - (11 731)
Repayment of lease liabilities - (23 656) (23 656)
Proceeds from loans and liabilities - - -
Financing activities without cash settlement
Additions from purchase of companies - - -
Deferred payment and contingent liabilities - - -
Transfer of CNG / LDV segment - - -
New lease liabilities - 122 472 122 472
Exchange differences 5 735 5 362 11 096
Other transactions without cash settlement (2 547) (2 547)
Balance 31 December 2022 158 871 154 710 313 581
Note Short-term interest-bearing loans
(NOK 1 000) 2022 2021
Short term loan - 585
Secured current interest-bearing liabilities
Overdraft facility - 8637
1
st
year\u2019s instalments, non-current interest-bearing liabilities 4 673 4413
Total 4 673 13 635
1
st
year\u2019s instalments, lease liabilities 22 230 21 285
The Group has overdraft facilities in two different banks in total EUR 1.5 million at disposal for the subsidiary
Wystrach GmbH. The term for the overdraft facility is 3M EURIBOR + margin.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "Note Short-term interest-bearing loans (NOK 1 000) 2022 2021 Short term loan - 585 Secured current interest-bearing liabilities Overdraft facility - 8637 1 st year\u2019s instalments, non-current interest-bearing liabilities 4 673 4413 Total 4 673 13 635 1 st year\u2019s instalments, lease liabilities 22 230 21 285 The Group has overdraft facilities in two different banks in total EUR 1.5 million at disposal for the subsidiary Wystrach GmbH. The term for the overdraft facility is 3M EURIBOR + margin. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "Note Other current liabilities (NOK 1 000) 2022 2021 Public duties payable 679 5 910 Accrued expenses and other current liabilities 70 976 49 271 Other current liabilities 25 043 17 566 Total 96 699 72 747 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "Note Related parties disclosure The Group\u2019s related parties consist of associates, main shareholders, members of the Board and management. Transactions with associates (if any) are disclosed in another note. Hexagon Composites ASA and Hexagon Purus ASA have historically had a close relationship. Hexagon Purus ASA is at the time of these prepared financials statements as of 31 December 2022 owned 73 per cent of Hexagon Composites ASA. The cooperation has included and still includes sharing of manufacturing resources, contract manufacturing and exchange of capacity within all areas of business, process, product and system development. In addition, there has been a tradition to share management and administrative resources for the benefit of all parties having more and better solutions then otherwise would have been possible. All the transactions are carried out as part of normal business and at arm\u2019s length prices and terms. The Group transferred its CNG LDV operations to Hexagon Composites Group\u2019s Agility segment with financial effect 1. October 2021. See note 5 for further information about the transaction. The following table provides the total amount of transactions that have been entered into with related parties during the year, as well as balances with related parties as at 31 December 2022 and 31 December 2021. There are no sales to, purchases from, loans to, receivables or liabilities/payables to associated companies of the Group, except for the investment in and loan to an associated company (see other note). The loan to Cryoshelter LH2 GmbH amounts to NOK 12 541 thousand at 31.12.2022. There are no sales to, purchases from, loans to, receivables or liabilities/payables to main shareholders and members of the Board, except for the balances towards Hexagon Composites ASA and its subsidiaries as dis- closed below. There are no sales to, purchases from, loans to, receivables or liabilities/payables to key management personnel of the Group, except for any short-term postings related to salary payout and remuneration of out-of-the pocket expenses. The Income statement includes the following amounts resulting from transactions with Hexagon Composites ASA Group (NOK 1 000) 2022 2021 Sales revenue 42 610 10 538 Cost of materials 215 048 181 159 Other operating expenses 65 608 37 577 Interest expenses from related parties 118 7 617 The balance sheet includes the following amounts resulting from transactions with Hexagon Composites ASA Group (NOK 1 000) 2022 2021 Trade receivables 42 760 46 631 Trade payables 83 607 50 150 Remuneration of the board and management 2022 NOK 1 000 Salaries and fees Bonuses Benefits in kind Paid pension premium Value of vested instruments Total remuneration 2022 Executive management 18 775 9 802 338 1 363 8 513 38 791 Board of directors 2 478 2 478 Total remuneration 21 253 9 802 338 1 363 8 513 41 269 2021 NOK 1 000 Salaries and fees Bonuses 1 Benefits in kind Paid pension premium Value of vested instruments Total remuneration 2022 Executive management 11 510 5 252 311 715 2 047 19 836 Board of directors 2 403 2 403 Total remuneration 13 913 5 252 311 715 2 047 22 239 1 Bonuses earned in the financial year, related to the year 2020. T he Executive Team is extended from 2022 implying the numbers are not directly comparable. Jannicke Hilland resigned as a board member 18.07.2022. The Chairman of the Board has no agreement relating to termination benefits. In his employment agree- ment, the Group President has a period of notice of 6 months. He has an agreement for up to 12 months\u2019 severance pay. The management of the Group have a target-based bonus agreement. For further details, see Remuneration Report for Hexagon Purus ASA. Group management participates in the Company\u2019s general pension arrangements, which are described in note 22 Pensions. The Group President participate in the Group\u2019s defined contribution plan. Group management participate in the Company\u2019s share-based incentive scheme, which are described in note 24, Share-based Payment. As of 31.12.2022 the Group President holds 115 (74) thousand shares, has 234 (147) thou- sand provisional performance share units (PSUs) outstanding, and 73 (73) thousand restricted share units (RSUs) outstanding. In addition, the Group President holds 34 (34) thousand provisional performance share units in Hexagon Composites ASA. The Group CFO holds 60 (60) thousand restricted share units (RSUs) as per 31.12.2022. and 65 (0) thousand performance share units (PSUs). In addition, the Group CFO holds 7 (7) thousand restricted share units in Hexagon Composites ASA. No loans have been made, or security provided for loans, to any member of Group management, the Board or other elected standing committees or any of their related parties. Shares owned by board members or related parties 2022 2021 Jon Erik Engeset (Chairman) 60 518 39 899 Espen Gundersen (Board member) 20 619 - Rick Rashilla (Board member) 54 587 33 968 Knut Flakk (Board member) 4 781 061 4 698 587 Karen Romer (Board member) 2 334 272 Martha Kold Bakkevig 4 124 - Jannicke Hilland 10 309 - Shares held by key management personnel 2022 2021 Morten Holum - President and CEO 115 708 74 471 Salman Alam - CFO 8 247 - Dilip Warrier - EVP Strategic Projects - - Michael Kleschinski - EVP Light duty, Distribution & Cylinders 71 065 50 446 Todd Sloan - EVP Systems 45 787 45 787 Anne Lise Hjelseth - EVP People & Culture 41 237 - Heiko Chudzik - EVP Operations 20 619 - Frank H\u00e4berli - SVP Asia 60 664 50 355 Expensed auditor fees were divided among the following services (excl. VAT) (NOK 1 000) 2022 2021 Statutory audit and auditing-related services 3 854 2 408 Other attestation services - 132 Tax advice 1 543 738 Other non-auditing services 17 172 Total 5 414 3 450 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "The Group\u2019s related parties consist of associates, main shareholders, members of the Board and management. Transactions with associates (if any) are disclosed in another note. Hexagon Composites ASA and Hexagon Purus ASA have historically had a close relationship. Hexagon Purus ASA is at the time of these prepared financials statements as of 31 December 2022 owned 73 per cent of Hexagon Composites ASA. The cooperation has included and still includes sharing of manufacturing resources, contract manufacturing and exchange of capacity within all areas of business, process, product and system development. In addition, there has been a tradition to share management and administrative resources for the benefit of all parties having more and better solutions then otherwise would have been possible. All the transactions are carried out as part of normal business and at arm\u2019s length prices and terms. The Group transferred its CNG LDV operations to Hexagon Composites Group\u2019s Agility segment with financial effect 1. October 2021. See note 5 for further information about the transaction. The following table provides the total amount of transactions that have been entered into with related parties during the year, as well as balances with related parties as at 31 December 2022 and 31 December 2021. There are no sales to, purchases from, loans to, receivables or liabilities/payables to associated companies of the Group, except for the investment in and loan to an associated company (see other note). The loan to Cryoshelter LH2 GmbH amounts to NOK 12 541 thousand at 31.12.2022. There are no sales to, purchases from, loans to, receivables or liabilities/payables to main shareholders and members of the Board, except for the balances towards Hexagon Composites ASA and its subsidiaries as dis- closed below. There are no sales to, purchases from, loans to, receivables or liabilities/payables to key management personnel of the Group, except for any short-term postings related to salary payout and remuneration of out-of-the pocket expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "Remuneration of the board and management 2022 NOK 1 000 Salaries and fees Bonuses Benefits in kind Paid pension premium Value of vested instruments Total remuneration 2022 Executive management 18 775 9 802 338 1 363 8 513 38 791 Board of directors 2 478 2 478 Total remuneration 21 253 9 802 338 1 363 8 513 41 269 2021 NOK 1 000 Salaries and fees Bonuses 1 Benefits in kind Paid pension premium Value of vested instruments Total remuneration 2022 Executive management 11 510 5 252 311 715 2 047 19 836 Board of directors 2 403 2 403 Total remuneration 13 913 5 252 311 715 2 047 22 239 1 Bonuses earned in the financial year, related to the year 2020. he Executive Team is extended from 2022 implying the numbers are not directly comparable. Jannicke Hilland resigned as a board member 18.07.2022. The Chairman of the Board has no agreement relating to termination benefits. In his employment agree- ment, the Group President has a period of notice of 6 months. He has an agreement for up to 12 months\u2019 severance pay. The management of the Group have a target-based bonus agreement. For further details, see Remuneration Report for Hexagon Purus ASA. Group management participates in the Company\u2019s general pension arrangements, which are described in note 22 Pensions. The Group President participate in the Group\u2019s defined contribution plan. Group management participate in the Company\u2019s share-based incentive scheme, which are described in note 24, Share-based Payment. As of 31.12.2022 the Group President holds 115 (74) thousand shares, has 234 (147) thou- sand provisional performance share units (PSUs) outstanding, and 73 (73) thousand restricted share units (RSUs) outstanding. In addition, the Group President holds 34 (34) thousand provisional performance share units in Hexagon Composites ASA. The Group CFO holds 60 (60) thousand restricted share units (RSUs) as per 31.12.2022. and 65 (0) thousand performance share units (PSUs). In addition, the Group CFO holds 7 (7) thousand restricted share units in Hexagon Composites ASA. No loans have been made, or security provided for loans, to any member of Group management, the Board or other elected standing committees or any of their related parties. Shares owned by board members or related parties 2022 2021 Jon Erik Engeset (Chairman) 60 518 39 899 Espen Gundersen (Board member) 20 619 - Rick Rashilla (Board member) 54 587 33 968 Knut Flakk (Board member) 4 781 061 4 698 587 Karen Romer (Board member) 2 334 272 Martha Kold Bakkevig 4 124 - Jannicke Hilland 10 309 - Shares held by key management personnel 2022 2021 Morten Holum - President and CEO 115 708 74 471 Salman Alam - CFO 8 247 - Dilip Warrier - EVP Strategic Projects - - Michael Kleschinski - EVP Light duty, Distribution & Cylinders 71 065 50 446 Todd Sloan - EVP Systems 45 787 45 787 Anne Lise Hjelseth - EVP People & Culture 41 237 - Heiko Chudzik - EVP Operations 20 619 - Frank H\u00e4berli - SVP Asia 60 664 50 355 Expensed auditor fees were divided among the following services (excl. VAT) (NOK 1 000) 2022 2021 Statutory audit and auditing-related services 3 854 2 408 Other attestation services - 132 Tax advice 1 543 738 Other non-auditing services 17 172 Total 5 414 3 450 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Expensed auditor fees were divided among the following services (excl. VAT) (NOK 1 000) 2022 2021 Statutory audit and auditing-related services 3 854 2 408 Other attestation services - 132 Tax advice 1 543 738 Other non-auditing services 17 172 Total 5 414 3 450 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "Note Income tax Tax expense (NOK 1 000) 2022 2021 Income tax payable in the income statement 122 1 433 Change in deferred tax in income statement (6 688) (4 097) Foreign exchange translation effects on tax expense (2 815) 543 Tax expense (9 380) (2 120) Income tax payable in the balance sheet 3 290 8 178 Prepaid tax abroad in the balance sheet 8 836 Settled tax not paid (3 173) - Tax payable from acquired companies at acquisition date - (7 603) FX translation effects (3) 23 Total income tax payable in the income statement 122 1 433 Nominal tax rates in Norway 22% 22% (NOK 1 000) 2022 2021 Profit before tax (440 898) (347 273) Tax based on nominal tax rate in Norway (96 998) (76 400) Varying foreign tax rates vs. Norwegian tax rate (19 839) (11 357) Other non-taxable income and non-taxable expenses 4 633 9 808 Not capitalized due to uncertainty 114 341 78 403 Other differences relating to foreign subsidiaries (305) 719 Reversal of capitalized tax asset - - Share of profit/loss from associates (11 213) 651 Tax expense from prior periods - (3 944) Tax expense in income statement from continuing operations (9 380) (2 120) Tax related to discontinued operations - 138 Tax expense from continuing and discontinued operations (9 380) (1 982) Deferred tax assets and deferred tax liabilities Balance sheet Change in deferred tax in income statement (NOK 1 000) 2022 2021 2022 2021 Deferred tax asset Loss carried forward (216 049) (143 049) (73 000) (51 579) Property, plant & equipment - - - 4 232 Intangible assets - - - 3 717 Inventories (8 246) (515) (7 731) (358) Trade receivables - - - - Provisions for liabilities/other current liabilities (7 419) (3 282) (4 137) 2 244 Other (5 085) (3 963) (1 122) (339) Deferred tax asset\u2013 gross (236 799) (150 809) (85 990) (42 083) Reduction of tax assets due to uncertainty 232 208 148 620 83 588 56 844 Deferred tax assets - net carrying amount (4 591) (2 189) (2 403) 14 761 Deferred tax liabilities Property, plant & equipment 4 039 1 906 2 133 (3 543) Intangible assets 44 090 50 485 (6 395) 39 257 Trade receivables 737 739 (2) 101 Pensions (overfunded) - 18 (18) (643) Provisions for liabilities/other current liabilities 1 268 1 272 (4) (8 724) Deferred tax liabilities \u2013 gross 50 134 54 419 (4 285) 26 447 Net recognized deferred tax liabilities/assets (-) 45 543 52 230 (6 688) 41 208 Change in deferred tax from purchase of companies / OCI - 45 305 Net change in deferred tax in income statement (6 688) (4 097) Carrying amounts Deferred tax asset - - - - Deferred tax liabilities 45 543 52 230 - - Net recognized deferred tax assets/ deferred tax liabilities 45 543 52 230 - - The Group has a total loss carry forward of MNOK 1 171 (MNOK 737) as of December 31 2022, of which MNOK 592 (MNOK 376) are related to foreign activities. The loss carry forward are indefinitely. Deferred tax assets are recognized when it is probable that the Group will have sufficient taxable profit in subse- quent periods to utilize the tax assets. Deferred tax recognized in the statement of comprehensive income are as follows (NOK 1 000) 2022 2021 Actuarial gains/losses, pensions - - Derivatives - - Total - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "Note Income tax Tax expense (NOK 1 000) 2022 2021 Income tax payable in the income statement 122 1 433 Change in deferred tax in income statement (6 688) (4 097) Foreign exchange translation effects on tax expense (2 815) 543 Tax expense (9 380) (2 120) Income tax payable in the balance sheet 3 290 8 178 Prepaid tax abroad in the balance sheet 8 836 Settled tax not paid (3 173) - Tax payable from acquired companies at acquisition date - (7 603) FX translation effects (3) 23 Total income tax payable in the income statement 122 1 433 Nominal tax rates in Norway 22% 22% (NOK 1 000) 2022 2021 Profit before tax (440 898) (347 273) Tax based on nominal tax rate in Norway (96 998) (76 400) Varying foreign tax rates vs. Norwegian tax rate (19 839) (11 357) Other non-taxable income and non-taxable expenses 4 633 9 808 Not capitalized due to uncertainty 114 341 78 403 Other differences relating to foreign subsidiaries (305) 719 Reversal of capitalized tax asset - - Share of profit/loss from associates (11 213) 651 Tax expense from prior periods - (3 944) Tax expense in income statement from continuing operations (9 380) (2 120) Tax related to discontinued operations - 138 Tax expense from continuing and discontinued operations (9 380) (1 982) Deferred tax assets and deferred tax liabilities Balance sheet Change in deferred tax in income statement (NOK 1 000) 2022 2021 2022 2021 Deferred tax asset Loss carried forward (216 049) (143 049) (73 000) (51 579) Property, plant & equipment - - - 4 232 Intangible assets - - - 3 717 Inventories (8 246) (515) (7 731) (358) Trade receivables - - - - Provisions for liabilities/other current liabilities (7 419) (3 282) (4 137) 2 244 Other (5 085) (3 963) (1 122) (339) Deferred tax asset\u2013 gross (236 799) (150 809) (85 990) (42 083) Reduction of tax assets due to uncertainty 232 208 148 620 83 588 56 844 Deferred tax assets - net carrying amount (4 591) (2 189) (2 403) 14 761 Deferred tax liabilities Property, plant & equipment 4 039 1 906 2 133 (3 543) Intangible assets 44 090 50 485 (6 395) 39 257 Trade receivables 737 739 (2) 101 Pensions (overfunded) - 18 (18) (643) Provisions for liabilities/other current liabilities 1 268 1 272 (4) (8 724) Deferred tax liabilities \u2013 gross 50 134 54 419 (4 285) 26 447 Net recognized deferred tax liabilities/assets (-) 45 543 52 230 (6 688) 41 208 Change in deferred tax from purchase of companies / OCI - 45 305 Net change in deferred tax in income statement (6 688) (4 097) Carrying amounts Deferred tax asset - - - - Deferred tax liabilities 45 543 52 230 - - Net recognized deferred tax assets/ deferred tax liabilities 45 543 52 230 - - The Group has a total loss carry forward of MNOK 1 171 (MNOK 737) as of December 31 2022, of which MNOK 592
(MNOK 376) are related to foreign activities. The loss carry forward are indefinitely.
Deferred tax assets are recognized when it is probable that the Group will have sufficient taxable profit in subse-
quent periods to utilize the tax assets.
Deferred tax recognized in the statement of comprehensive income are as follows
(NOK 1 000) 2022 2021
Actuarial gains/losses, pensions - -
Derivatives - -
Total - -
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "Deferred tax assets and deferred tax liabilities Balance sheet Change in deferred tax in income statement (NOK 1 000) 2022 2021 2022 2021 Deferred tax asset Loss carried forward (216 049) (143 049) (73 000) (51 579) Property, plant & equipment - - - 4 232 Intangible assets - - - 3 717 Inventories (8 246) (515) (7 731) (358) Trade receivables - - - - Provisions for liabilities/other current liabilities (7 419) (3 282) (4 137) 2 244 Other (5 085) (3 963) (1 122) (339) Deferred tax asset\u2013 gross (236 799) (150 809) (85 990) (42 083) Reduction of tax assets due to uncertainty 232 208 148 620 83 588 56 844 Deferred tax assets - net carrying amount (4 591) (2 189) (2 403) 14 761 Deferred tax liabilities Property, plant & equipment 4 039 1 906 2 133 (3 543) Intangible assets 44 090 50 485 (6 395) 39 257 Trade receivables 737 739 (2) 101 Pensions (overfunded) - 18 (18) (643) Provisions for liabilities/other current liabilities 1 268 1 272 (4) (8 724) Deferred tax liabilities \u2013 gross 50 134 54 419 (4 285) 26 447 Net recognized deferred tax liabilities/assets (-) 45 543 52 230 (6 688) 41 208 Change in deferred tax from purchase of companies / OCI - 45 305 Net change in deferred tax in income statement (6 688) (4 097) Carrying amounts Deferred tax asset - - - - Deferred tax liabilities 45 543 52 230 - - Net recognized deferred tax assets/ deferred tax liabilities 45 543 52 230 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "Note Government grants
(NOK 1 000) 2022 2021
Governmental grants related to income
Governmental grants booked as deferred revenue - -
Governmental grants reducing booked value of asset - 76
Total governmental grants related to income - 76
Governmental grants related to income
Governmental grants presented as income 1 602 303
Governmental grants reducing R&D personnel cost 336 768
Governmental grants reducing R&D other costs - 872
Governmental grants presented as general cost reduction 493 -
Total governmental grants related to income 2 431 1 943
Grant total governmental grants received 2 431 2 019
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "Note Purchasing commitments The Group has the following commitments resulting from purchasing materials (NOK 1 000) 2022 2021 First year - - Second year - - Thereafter - - Total - - The Group has the following commitments resulting from facility construction (NOK 1 000) 2022 2021 First year 93 342 127 064 Second year - - Thereafter 415 - Total 93 757 127 064 The Group has the following commitments resulting from leases (NOK 1 000) 2022 2021 First year 33 950 21 276 Second year 40 746 25 535 Thereafter 138 293 7 411 Total 212 989 54 222 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "Note Purchasing commitments The Group has the following commitments resulting from purchasing materials (NOK 1 000) 2022 2021 First year - - Second year - - Thereafter - - Total - - The Group has the following commitments resulting from facility construction (NOK 1 000) 2022 2021 First year 93 342 127 064 Second year - - Thereafter 415 - Total 93 757 127 064 The Group has the following commitments resulting from leases (NOK 1 000) 2022 2021 First year 33 950 21 276 Second year 40 746 25 535 Thereafter 138 293 7 411 Total 212 989 54 222 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "Note Climate risk assessment Climate change is among the most important megatrends affecting businesses across all sectors today. The urgent need for a transition to a resource-efficient, low-carbon economy opens new business opportunities for Hexagon Purus Group, as a solution provider in this space. The transition to a low-carbon economy will continue to entail extensive policy, legal, technology, and market changes, with a potential to have significant impact on Hexagon Purus Group\u2019s revenues. The Group has experienced an increasing demand for its zero emission energy solutions in the last couple of years due to an increased global focus on climate change and -mitigation. Hexagon Purus Group expects this focus to continue and expects strong sustainability-driven demand in all its businesses in the years ahead. This climate-related opportunity has impacted the Company\u2019s goodwill impair- ment tests by being an important driver for future revenue- and activity growth in the financial planning in these tests. In addition, the climate-related opportunities also positively impact the Company\u2019s assessment of future economic benefits expected to materialize from capitalized development projects. Climate change also represents some level of physical risk to the Group in terms of severe climate events that could damage business facilities or disrupt supply chains. The general level of risk and potential impact from physical climate change for Hexagon Purus Group is, however, considered relatively low \u2013 the Group does not have facilities on low-lying shorelines or floodplains or has a history of forest fires around its facilities. Hexagon Purus Group has not identified material assets expected to have a significantly shorter life due to climate-related risks. Hexagon Purus Group strives to maximize the positive climate impact of its technologies by enabling the avoid- ance of greenhouse gas emissions from both material production and waste management in the application of those technologies. The most critical factors in Hexagon Purus Group\u2019s own greenhouse gas emissions are the production processes which, throughout the value chain, can be reduced to further strengthen Hexagon\u2019s busi- ness model. More information on climate and environmental risks and how these are managed can be found in the ESG Report for Hexagon Composites ASA Group",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "Note Exchange rates
Exchange rate
1 Jan 2022 Average exchange rate 2022
Exchange rate
31 Dec 2022
USD 8.8078 9.6245 9.8573
CAD 6.9357 7.3847 7.2810
EUR 10.0013 10.1040 10.5138
HKD 1.1296 1.229 1.2681
CNY 1.3884 1.4278 1.4289
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300CM3T0GK8X3FW75",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}