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Note 1 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 Haakon VII gate 2, 0161 Oslo, Norway.
Morten Holum is President & CEO of Hexagon
Purus Group and General Manager of Hexagon
Purus ASA.
The Board of Directors authorized the annual report
for publication on 18 March 2024.
Hexagon Purus is the world leading supplier of
lightweight Type 4 high-pressure tanks and systems
for the storage and distribution of compressed
gases, in particular hydrogen. In addition, Hexagon
Purus Group delivers battery electric solutions for
fuel cell electric and battery electric vehicles. Our
solutions and proven technology serve a wide range
of mobility and storage applications, enabling
our customers to reduce their carbon footprint
and increase their competitive edge. We are well
positioned across the entire value chain with vehicle
tanks and systems for cars, trucks, buses, ground
storage, transportation, marine and rail.
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
Langevag
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
Vancover
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%
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1": { "value": "Hexagon Purus ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "public limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Haakon VII gate 2, 0161 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "The Board of Directors authorized the annual report for publication on 18 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "Hexagon Purus is the world leading supplier of lightweight Type 4 high-pressure tanks and systems for the storage and distribution of compressed gases, in particular hydrogen. In addition, Hexagon Purus Group delivers battery electric solutions for fuel cell electric and battery electric vehicles. Our solutions and proven technology serve a wide range of mobility and storage applications, enabling our customers to reduce their carbon footprint and increase their competitive edge. We are well positioned across the entire value chain with vehicle tanks and systems for cars, trucks, buses, ground storage, transportation, marine and rail. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "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
Langevag
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
Vancover
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%
Note 10 Investments in associates
Ownership Ownership
Business share share Accounting
Country segment 31.12.2022 31.12.2023 method
Companies Equity method/
Norwegian Hydrogen AS
Norway
Hexagon Purus
14.0%
12.7%
Fair value
1
Cryoshelter LH2 GmbH
Austria
Hexagon Purus
40.0%
40.0%
Equity method
CIMC Hexagon Hydrogen
Energy Systems Ltd.
Hong Kong
Hexagon Purus
49.0%
49.0%
Equity method
1 2 3 1 Classified as an associated company and accounted for using the equity method in the period 01.01\u201331.08.22. As of 01.09.22, the investment is classified as an equity instrument at fair value through profit or loss, ref Note 17. 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 Reconciliation of associated companies in the P&L
CIMC Hexagon Hydrogen
Norwegian Hydrogen AS
Cryoshelter LH2 GmbH
Energy Systems
Total
(NOK 1000)
2023
2022
2023
2022
2023
2022
2023
2022
Share of profit after tax
-
(2 845)
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
(11 272)
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
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
51 887
Reconciliation of associated companies in the balance sheet
CIMC Hexagon Hydrogen
Norwegian Hydrogen AS
Cryoshelter LH2 GmbH
Energy Systems
Total
(NOK 1000)
2023
2022
2023
2022
2023
2022
2023
2022
Companies
Carrying value as at 01.01
-
7 024
31 258
-
1 771
-
33 029
7 024
Purchase of shares
-
-
-
33 738
-
-
-
33 738
Share capital contribution
-
-
-
-
29 305
7 743
29 305
7 743
Share of profit after tax incl. PPA amortizations
-
(2 845)
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
(11 272)
Dividends
-
-
-
-
-
-
Sale of shares
-
-
-
-
-
-
-
-
Derecognition - loss of significant influence
-
(4 179)
-
-
-
-
-
(4 179)
Currency translation effects
-
-
134
(41)
178
16
312
(25)
Carrying value as per 31.12
-
-
23 062
31 258
27 082
1 771
50 143
33 029
Norwegian Hydrogen AS Hexagon Purus ASA has been a shareholder of Norwegian Hydrogen AS since its inception in 2020, and currently owns 12.7 per cent of the Company after a series of fund raises in 2022 and 2023 from investors such as Mitsui & Co. Ltd. and Fortescue. The Company recognizes its investment in Norwegian as a financial asset (equity instru- ment) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen is NOK 95.4 million, resulting in an accounting gain of NOK 28.1 million recognized in profit/loss from investments in associ- ates in the income statement. See also note 11 and 17. Cryoshelter LH2 GmbH In April 2022, Hexagon Compsites and Hexagon Purus 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\u201310 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. Purchase price allocation
Cryoshelter
(NOK 1 1000) 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) 19 702
Goodwill
14 654
Hexagon's carrying value of the investment
33 738
1 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% of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51% 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% in this entity while CIMC Enric holds the remaining 49%. As Hexagon Purus controls the entity, the entity is thus consolidated in the Group accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "
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
Langevag
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
Vancover
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 2023. 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": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "value": "Note 2 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 IFRS\u00ae Accounting Standards 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 2023, and Norwegian disclosure require- ments listed in the Norwegian Accounting Act as of 31 December 2023. The consolidated financial statements have been prepared on a historical cost basis, with exception for contingent considerations from business com- binations and some equity instruments, which are recognized 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's 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 2023. 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's 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's balance sheet. 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 per cent and 50 per cent). 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 transac- tions 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. 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 operat- ing 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 and negative balances against bank overdrafts are included as a compo- nent 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 payments 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\u201320 years \u2022 Plant, machinery and equipment 3\u201315 years \u2022 Fixtures & fittings, motor vehicles 3\u201310 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 available 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\u201310 years \u2022 Plant, machinery and equipment 3\u20135 years \u2022 Fixtures & fittings, motor vehicles 3\u20135 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 com- mencement date, less any incentives received 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 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 13 and 18. 2.11 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\u201320 years, but there is an uncertainty for the expected useful life in the inter- val between 10\u201320 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. Development projects consists of seven phases and cost are expensed as incurred until the project has reached design freeze. Expenses that are capitalized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recognized 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 available 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. 2.12 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 five years. These are estimated based on current sales and margins and the expected market development. For subsequent 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 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. See note 8 for further information related to goodwill. Future investments significantly commenced and committed for the units are reflected in the calculations. These are in accordance with the man- agement\u2019s approved budget and strategy. For the period beyond the next five years, it is assumed that the re- investment 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 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 is based on long term inflation expectations in the relevant market. 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 pos- sibility of reversing previous impairment losses on non-financial assets (except goodwill). In assessing 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. 2.13 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. 2.14 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 distributed 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. 2.15 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. The time of delivery is in accordance with 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 Sometimes the Group 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 signif- icant 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 and funded development contracts 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 of certain types of products. These services and products are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from these types of contracts over time using an input method to measure progress towards completion of the contract, 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 milestones 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. 2.16 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. 2.17 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. 2.18 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 comprehensive 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. 2.19 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. 2.20 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 outstanding is adjusted to accommodate all dilution effects associated with share options. All share options are taken into con- sideration 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 converted 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, and as of 31 December 2022 Hexagon Purus ASA was owned 73 per cent of Hexagon Composites ASA. During 2023 there has been a capital raise in Hexagon Purus ASA and Hexagon Composites ASA distributed Hexagon Purus ASA shares as dividend in kind July 2023, resulting in an ownership of 38.4 per cent as of 31 December 2023. The cooperation has included 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. As a result of the deconsolidation in July 2023, Hexagon Purus ASA independently manages all key management functions. All the transactions are carried out as part of normal business and at arm\u2019s length prices and terms. 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 2023 and 31 December 2022. 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 including interest to Cryoshelter LH2 GmbH amounts to NOK 34 249 thousand at 31.12.2023. 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "
2.1 Basis of preparation of annual
financial statements
The consolidated annual financial statements of
the Group have been prepared in accordance
with IFRS\u00ae Accounting Standards 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 2023, and Norwegian disclosure require-
ments listed in the Norwegian Accounting Act as of
31 December 2023.
The consolidated financial statements have been
prepared on a historical cost basis, with exception
for contingent considerations from business com-
binations and some equity instruments, which are
recognized 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "The consolidated annual financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting Standards 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 2023, and Norwegian disclosure require- ments listed in the Norwegian Accounting Act as of 31 December 2023. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "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's 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "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's 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "
2.3 Basis of consolidation
The Group\u2019s consolidated financial statements
comprise Hexagon Purus ASA and its subsidiaries as
of 31 December 2023. 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's 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's
balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "2.3 Basis of consolidation The Group\u2019s consolidated financial statements comprise Hexagon Purus ASA and its subsidiaries as of 31 December 2023. 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's 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's balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "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 per cent and 50 per cent).
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 transac-
tions 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "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 per cent and 50 per cent). 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 transac- tions 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "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 per cent and 50 per cent). 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 transac- tions 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "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 operat-
ing 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "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 and negative balances
against bank overdrafts are included as a compo-
nent 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 payments is classified as financing activities
in the cash flow statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "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 and negative balances against bank overdrafts are included as a compo- nent 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 payments is classified as financing activities in the cash flow statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "value": "2.8 Property, Plant & Equipment Items of property, plant and equipment are valued at their cost, less accumulated depreciation and FINANCIAL STATE 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\u201320 years \u2022 Plant, machinery and equipment 3\u201315 years \u2022 Fixtures & fittings, motor vehicles 3\u201310 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 available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "2.8 Property, Plant & Equipment Items of property, plant and equipment are valued at their cost, less accumulated depreciation and FINANCIAL STATE 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\u201320 years \u2022 Plant, machinery and equipment 3\u201315 years \u2022 Fixtures & fittings, motor vehicles 3\u201310 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 available 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\u201310 years \u2022 Plant, machinery and equipment 3\u20135 years \u2022 Fixtures & fittings, motor vehicles 3\u20135 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 com- mencement 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:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "2.8 Property, Plant & Equipment Items of property, plant and equipment are valued at their cost, less accumulated depreciation and FINANCIAL STATE
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\u201320 years
\u2022
Plant, machinery and equipment 3\u201315 years
\u2022
Fixtures & fittings, motor vehicles 3\u201310 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 available for use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "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 available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "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\u201310 years
\u2022
Plant, machinery and equipment 3\u20135 years
\u2022
Fixtures & fittings, motor vehicles 3\u20135 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 com-
mencement 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "
2.10 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 13 and 18. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "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. 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 13 and 18. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "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 13 and 18.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "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 13 and 18.
2.12 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 five years. These are
estimated based on current sales and margins and
the expected market development. For subsequent
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 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. See note 8 for further information related to goodwill. Future investments significantly commenced and committed for the units are reflected in the calculations. These are in accordance with the man- agement\u2019s approved budget and strategy. For the period beyond the next five years, it is assumed that the re- investment 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 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 is based on long term inflation expectations in the relevant market. 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 pos- sibility of reversing previous impairment losses on non-financial assets (except goodwill). In assessing 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "
2.11 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\u201320 years, but there is an
uncertainty for the expected useful life in the inter-
val between 10\u201320 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. Development projects
consists of seven phases and cost are expensed as
incurred until the project has reached design freeze.
Expenses that are capitalized include the cost of
materials, direct salary costs and a share of the
directly attributable common expenses. Capitalized
development costs are recognized 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 available
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "2.11 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\u201320 years, but there is an uncertainty for the expected useful life in the inter- val between 10\u201320 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. Development projects consists of seven phases and cost are expensed as incurred until the project has reached design freeze. Expenses that are capitalized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recognized 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 available 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "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. Development projects consists of seven phases and cost are expensed as incurred until the project has reached design freeze. Expenses that are capitalized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recognized 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 available 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "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. Development projects consists of seven phases and cost are expensed as incurred until the project has reached design freeze. Expenses that are capitalized include the cost of materials, direct salary costs and a share of the directly attributable common expenses. Capitalized development costs are recognized 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 available 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "2.12 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 five years. These are estimated based on current sales and margins and the expected market development. For subsequent 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 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. See note 8
for further information related to goodwill.
Future investments significantly commenced
and committed for the units are reflected in the
calculations. These are in accordance with the man-
agement\u2019s approved budget and strategy. For the
period beyond the next five years, it is assumed that
the re- investment 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 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 is based on long term inflation
expectations in the relevant market.
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 pos-
sibility of reversing previous impairment losses on
non-financial assets (except goodwill).
In assessing 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "
2.13 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "2.14 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 distributed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-316": { "value": "
2.15 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. The time of delivery is in accordance with
the incoterms in the contract. 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
Sometimes the Group 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 signif-
icant 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 and funded
development contracts
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 of certain types of products.
These services and products are normally sold on
their own and based on relative stand-alone selling
prices. The Group recognizes revenue from these
types of contracts over time using an input method
to measure progress towards completion of the
contract, 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
milestones 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-317": { "value": "2.16 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-318": { "value": "
2.17 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-319": { "value": "
2.18 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
comprehensive 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "2.18 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 comprehensive 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-320": { "value": "
2.19 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 31 Events after the balance sheet date
Opened new hydrogen infrastructure and systems manufacturing hub in Weeze, Germany, which significantly
increases production capacity for hydrogen infrastructure solutions. The manufacturing hub opened in January
2024.
On 20 December 2023, the Group announced the completion of a private placement of Convertible Bonds,
raising total gross proceeds of approximately NOK 1 000 million (the \u201cConvertible Bonds\u201d). The Convertible
Bonds are structured as a 5-year senior unsecured convertible bond with a 10 per cent fixed interest rate payable
semi-annually in kind (i.e. through issuance of additional bonds). The conversion price per common share
in the Company for the Convertible Bonds has been set to NOK 12.61, which is a 25 per cent premium to the
volume-weighted average price of the Hexagon Purus share on the Oslo Stock Exchange over the 45 trading
days up to and including 20 December 2023. The subscribers of the Convertible Bonds will receive 270 000 000
non-transferrable Warrants (the \u201cWarrants\u201d) and 14 000 000 non-transferrable additional Warrants (the
\u201cAdditional Warrants\u201d). The Warrants and Additional Warrants will be allocated pro-rata among the subscribers of
the Convertible Bonds based on their respective allocations The raise of the Convertible Bond was approved on
an extraordinary general meeting on 11 January 2024, and the Convertible Bond was issued on 1 February 2024.
In February 2024, the Company provisionally awarded up to 1 040 000 Restricted Share Units (\u201cRSUs\u201d) and
1 940 000 Performance Share Units (\u201cPSUs\u201d) which may result in an award of 4 920 000 shares to executive man-
agement and other leading employees of the Group under the 2024 Long-Term Incentive Program. The purpose
of the program is to align the interests of the participants with those of the Company\u2019s shareholders. Please refer
to stock exchange release from 13 February for more details.
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:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-321": { "value": "
2.20 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "2.20 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-322": { "value": "
Note 3 Estimation uncertainty and significant judgments
The management has used estimates and
assumptions that have affected assets, liabilities,
income, expenses and information on potential
liabilities. This particularly applies to the
depreciation of tangible and intangible fixed assets
and impairment of goodwill. Future events may
lead to these estimates being changed. Estimates
and their underlying assumptions 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
Impairment of goodwill
\u2022
Depreciation and impairment of property, plant &
equipment and intangible assets
\u2022
Capitalized development cost
\u2022
Revenue from contracts with customers
\u2022
Leases
\u2022
Provisions, Contingent Liabilities and Contingent
Assets
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.
The Group assesses whether climate risks, includ-
ing physical risks and transition risks could have a
significant impact. If so, these risks are included in
the cash-flow forecasts in assessing value-in-use
amounts. See Note 8 for further discussion of the
impact of climate-related risks on the value in use.
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 deprecia-
tion period is 3\u201320 years, but an uncertainty exists
for the interval between 10\u201320 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. Development
projects consists of seven phases and cost are
expensed as incurred until the project has reached
design freeze. 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.
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. For service contracts, the
customer simultaneously receives and consumes
the benefits provided by the Group. For funded
development contracts the goods developed has
no alternative use and cannot be sold to another
customer without significant re-work. In both cases
the Group has an enforceable right to payment for
performance completed to date.
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.
Sale of services and funded
development contracts
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 of certain types of products.
These services and products are normally sold on
their own and based on relative stand-alone selling
prices. The Group recognizes revenue from these
types of contracts over time using an input method
to measure progress towards completion of the
contract, because the customer simultaneously
receives and consumes the benefits provided by
the Group.
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).
Provisions, Contingent Liabilities
and Contingent Assets
When selling their products as services The Group
is recognizing a provision for guarantee cost related
the these items. The provision is an estimate based
on historical information about guarantees and a
weighting of possible outcomes according to the
likelihood of their occurrence. If there are specific
incidents that are outside the normal course of
business the Group increase the provision based
on the best estimate at the time. In such cases,
including products liability cases, the estimates
are prepared based on experience, professional
judgment of legal counsel, and other assumptions it
believes to be reasonable.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "Note 3 Estimation uncertainty and significant judgments The management has used estimates and assumptions that have affected assets, liabilities, income, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible and intangible fixed assets and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions 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 Impairment of goodwill \u2022 Depreciation and impairment of property, plant & equipment and intangible assets \u2022 Capitalized development cost \u2022 Revenue from contracts with customers \u2022 Leases \u2022 Provisions, Contingent Liabilities and Contingent Assets 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. The Group assesses whether climate risks, includ- ing physical risks and transition risks could have a significant impact. If so, these risks are included in the cash-flow forecasts in assessing value-in-use amounts. See Note 8 for further discussion of the impact of climate-related risks on the value in use. 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 deprecia- tion period is 3\u201320 years, but an uncertainty exists for the interval between 10\u201320 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. Development projects consists of seven phases and cost are expensed as incurred until the project has reached design freeze. 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. 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. For service contracts, the customer simultaneously receives and consumes the benefits provided by the Group. For funded development contracts the goods developed has no alternative use and cannot be sold to another customer without significant re-work. In both cases the Group has an enforceable right to payment for performance completed to date. 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. Sale of services and funded development contracts 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 of certain types of products. These services and products are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from these types of contracts over time using an input method to measure progress towards completion of the contract, because the customer simultaneously FINANCIAL STATEMENTS FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP receives and consumes the benefits provided by the Group. 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). Provisions, Contingent Liabilities and Contingent Assets When selling their products as services The Group is recognizing a provision for guarantee cost related the these items. The provision is an estimate based on historical information about guarantees and a weighting of possible outcomes according to the likelihood of their occurrence. If there are specific incidents that are outside the normal course of business the Group increase the provision based on the best estimate at the time. In such cases, including products liability cases, the estimates are prepared based on experience, professional judgment of legal counsel, and other assumptions it believes to be reasonable. 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.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "Note 3 Estimation uncertainty and significant judgments The management has used estimates and assumptions that have affected assets, liabilities, income, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible and intangible fixed assets and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions 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 Impairment of goodwill \u2022 Depreciation and impairment of property, plant & equipment and intangible assets \u2022 Capitalized development cost \u2022 Revenue from contracts with customers \u2022 Leases \u2022 Provisions, Contingent Liabilities and Contingent Assets 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. The Group assesses whether climate risks, includ- ing physical risks and transition risks could have a significant impact. If so, these risks are included in the cash-flow forecasts in assessing value-in-use amounts. See Note 8 for further discussion of the impact of climate-related risks on the value in use. 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 deprecia- tion period is 3\u201320 years, but an uncertainty exists for the interval between 10\u201320 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. Development projects consists of seven phases and cost are expensed as incurred until the project has reached design freeze. 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. 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. For service contracts, the customer simultaneously receives and consumes the benefits provided by the Group. For funded development contracts the goods developed has no alternative use and cannot be sold to another customer without significant re-work. In both cases the Group has an enforceable right to payment for performance completed to date. 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. Sale of services and funded development contracts 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 of certain types of products. These services and products are normally sold on their own and based on relative stand-alone selling prices. The Group recognizes revenue from these types of contracts over time using an input method to measure progress towards completion of the contract, because the customer simultaneously FINANCIAL STATEMENTS FINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUPFINANCIAL STATEMENTS | FINANCIAL STATEMENTS GROUP receives and consumes the benefits provided by the Group. 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). Provisions, Contingent Liabilities and Contingent Assets When selling their products as services The Group is recognizing a provision for guarantee cost related the these items. The provision is an estimate based on historical information about guarantees and a weighting of possible outcomes according to the likelihood of their occurrence. If there are specific incidents that are outside the normal course of business the Group increase the provision based on the best estimate at the time. In such cases, including products liability cases, the estimates are prepared based on experience, professional judgment of legal counsel, and other assumptions it believes to be reasonable. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "
Note 4 Operating segments
The chief operating decision maker of the Hexagon Purus Group is the CEO and the Board of Directors.
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 segment:
(NOK 1 000)
2023
2022
Purus
Revenues from contracts with customers
1 311 811
958 636
Rental income
957
1 255
Other operating revenue
6 847
4 034
Total revenue
1 319 614
963 925
Segment operating profit before depreciation (EBITDA)
(445 473)
(405 505)
Segment operating profit (EBIT)
(595 258)
(500 594)
Segment assets
3 773 007
2 654 903
Segment liabilities
1 853 880
967 282
Revenue by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
4 161
-
Europe, excluding Norway
1 090 261
754 677
North America
196 700
172 955
Latin America & the Caribbeans
-
836
Asia
9 520
34 872
Australia/Oceania
3 499
585
Others
15 474
-
Total
1 319 614
963 925
Non-current assets by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
145 404
135 540
Europe, excluding Norway
1 572 144
1 050 578
North America
439 207
250 309
Asia
96 892
13 517
Total external
2 253 649
1 449 944
Non-current assets for this purpose consists of Property, Plant & Equipment, Right of use Assets and Intangible Assets. Investments by region
Property, plant Intangible Property, plant Intangible
and equipment assets and equipment assets
(NOK 1 000) 2023 2023 2022 2022
Geographical regions
Norway
503
31 967
-
47 665
Europe, excluding Norway
254 154
-
148 359
1 187
North America
78 072
1 111
81 200
727
Asia
109 914
6 550
10 471
3 046
Total
442 643
39 628
240 030
52 625
Note 13 Trade receivables Trade receivables are recognized at transaction price and subsequently measured at initial recognized amount less impairment losses.
(NOK 1 000) 2023
2022
Trade receivables
277 961
230 895
Provisions for loss
(2 987)
(1 965)
Trade receivables after provision for losses
274 974
228 930
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 assess- ment, 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
30\u201360 60\u201390
Contract <30 days days days >90days
assets
Not due
past due past due past due
past due
Total
2023
Expected credit loss rate
-
-
-
3.2%
5.2%
8.1%
Carrying amount at default
11 168
195 624
32 009
21 041
1 718
27 569
277 961
Expected credit loss
(673)
(89)
(2 225)
(2 987)
Net carrying amount
11 168
195 624
32 009
20 368
1 628
25 344
274 974
2022
Expected credit loss rate
-
0.4%
-
7.3%
-
8.3%
Carrying amount at default
9488
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
Changes in the provision for losses are as follows
(NOK 1 000) 2023
2022
Opening balance 1 January
1 965
1 736
Provision for losses for the year
911
652
Actual losses during the year
-
(442)
Translation differences
111
20
Closing balance 31 December
2 988
1 965
Credit risk and currency risk regarding trade receivables are described in more detail in note 18", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-323": { "value": "Note 4 Operating segments The chief operating decision maker of the Hexagon Purus Group is the CEO and the Board of Directors. 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 segment:
(NOK 1 000)
2023
2022
Purus
Revenues from contracts with customers
1 311 811
958 636
Rental income
957
1 255
Other operating revenue
6 847
4 034
Total revenue
1 319 614
963 925
Segment operating profit before depreciation (EBITDA)
(445 473)
(405 505)
Segment operating profit (EBIT)
(595 258)
(500 594)
Segment assets
3 773 007
2 654 903
Segment liabilities
1 853 880
967 282
Revenue by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
4 161
-
Europe, excluding Norway
1 090 261
754 677
North America
196 700
172 955
Latin America & the Caribbeans
-
836
Asia
9 520
34 872
Australia/Oceania
3 499
585
Others
15 474
-
Total
1 319 614
963 925
Non-current assets by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
145 404
135 540
Europe, excluding Norway
1 572 144
1 050 578
North America
439 207
250 309
Asia
96 892
13 517
Total external
2 253 649
1 449 944
Non-current assets for this purpose consists of Property, Plant & Equipment, Right of use Assets and Intangible
Assets.
Investments by region
Property, plant Intangible Property, plant Intangible
and equipment assets and equipment assets
(NOK 1 000) 2023 2023 2022 2022
Geographical regions
Norway
503
31 967
-
47 665
Europe, excluding Norway
254 154
-
148 359
1 187
North America
78 072
1 111
81 200
727
Asia
109 914
6 550
10 471
3 046
Total
442 643
39 628
240 030
52 625
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "Note 4 Operating segments The chief operating decision maker of the Hexagon Purus Group is the CEO and the Board of Directors. 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 segment:
(NOK 1 000)
2023
2022
Purus
Revenues from contracts with customers
1 311 811
958 636
Rental income
957
1 255
Other operating revenue
6 847
4 034
Total revenue
1 319 614
963 925
Segment operating profit before depreciation (EBITDA)
(445 473)
(405 505)
Segment operating profit (EBIT)
(595 258)
(500 594)
Segment assets
3 773 007
2 654 903
Segment liabilities
1 853 880
967 282
Revenue by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
4 161
-
Europe, excluding Norway
1 090 261
754 677
North America
196 700
172 955
Latin America & the Caribbeans
-
836
Asia
9 520
34 872
Australia/Oceania
3 499
585
Others
15 474
-
Total
1 319 614
963 925
Non-current assets by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
145 404
135 540
Europe, excluding Norway
1 572 144
1 050 578
North America
439 207
250 309
Asia
96 892
13 517
Total external
2 253 649
1 449 944
Non-current assets for this purpose consists of Property, Plant & Equipment, Right of use Assets and Intangible Assets. Investments by region
Property, plant Intangible Property, plant Intangible
and equipment assets and equipment assets
(NOK 1 000) 2023 2023 2022 2022
Geographical regions
Norway
503
31 967
-
47 665
Europe, excluding Norway
254 154
-
148 359
1 187
North America
78 072
1 111
81 200
727
Asia
109 914
6 550
10 471
3 046
Total
442 643
39 628
240 030
52 625
Note 13 Trade receivables Trade receivables are recognized at transaction price and subsequently measured at initial recognized amount less impairment losses.
(NOK 1 000) 2023
2022
Trade receivables
277 961
230 895
Provisions for loss
(2 987)
(1 965)
Trade receivables after provision for losses
274 974
228 930
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 assess- ment, 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
30\u201360 60\u201390
Contract <30 days days days >90days
assets
Not due
past due past due past due
past due
Total
2023
Expected credit loss rate
-
-
-
3.2%
5.2%
8.1%
Carrying amount at default
11 168
195 624
32 009
21 041
1 718
27 569
277 961
Expected credit loss
(673)
(89)
(2 225)
(2 987)
Net carrying amount
11 168
195 624
32 009
20 368
1 628
25 344
274 974
2022
Expected credit loss rate
-
0.4%
-
7.3%
-
8.3%
Carrying amount at default
9488
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
Changes in the provision for losses are as follows
(NOK 1 000) 2023
2022
Opening balance 1 January
1 965
1 736
Provision for losses for the year
911
652
Actual losses during the year
-
(442)
Translation differences
111
20
Closing balance 31 December
2 988
1 965
Credit risk and currency risk regarding trade receivables are described in more detail in note 18", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "Note 4 Operating segments The chief operating decision maker of the Hexagon Purus Group is the CEO and the Board of Directors. 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 segment:
(NOK 1 000)
2023
2022
Purus
Revenues from contracts with customers
1 311 811
958 636
Rental income
957
1 255
Other operating revenue
6 847
4 034
Total revenue
1 319 614
963 925
Segment operating profit before depreciation (EBITDA)
(445 473)
(405 505)
Segment operating profit (EBIT)
(595 258)
(500 594)
Segment assets
3 773 007
2 654 903
Segment liabilities
1 853 880
967 282
Revenue by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
4 161
-
Europe, excluding Norway
1 090 261
754 677
North America
196 700
172 955
Latin America & the Caribbeans
-
836
Asia
9 520
34 872
Australia/Oceania
3 499
585
Others
15 474
-
Total
1 319 614
963 925
Non-current assets by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
145 404
135 540
Europe, excluding Norway
1 572 144
1 050 578
North America
439 207
250 309
Asia
96 892
13 517
Total external
2 253 649
1 449 944
Non-current assets for this purpose consists of Property, Plant & Equipment, Right of use Assets and Intangible Assets. Investments by region
Property, plant Intangible Property, plant Intangible
and equipment assets and equipment assets
(NOK 1 000) 2023 2023 2022 2022
Geographical regions
Norway
503
31 967
-
47 665
Europe, excluding Norway
254 154
-
148 359
1 187
North America
78 072
1 111
81 200
727
Asia
109 914
6 550
10 471
3 046
Total
442 643
39 628
240 030
52 625
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "Note 4 Operating segments The chief operating decision maker of the Hexagon Purus Group is the CEO and the Board of Directors. 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 segment:
(NOK 1 000)
2023
2022
Purus
Revenues from contracts with customers
1 311 811
958 636
Rental income
957
1 255
Other operating revenue
6 847
4 034
Total revenue
1 319 614
963 925
Segment operating profit before depreciation (EBITDA)
(445 473)
(405 505)
Segment operating profit (EBIT)
(595 258)
(500 594)
Segment assets
3 773 007
2 654 903
Segment liabilities
1 853 880
967 282
Revenue by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
4 161
-
Europe, excluding Norway
1 090 261
754 677
North America
196 700
172 955
Latin America & the Caribbeans
-
836
Asia
9 520
34 872
Australia/Oceania
3 499
585
Others
15 474
-
Total
1 319 614
963 925
Non-current assets by region
(NOK 1 000)
2023
2022
Geographical regions
Norway
145 404
135 540
Europe, excluding Norway
1 572 144
1 050 578
North America
439 207
250 309
Asia
96 892
13 517
Total external
2 253 649
1 449 944
Non-current assets for this purpose consists of Property, Plant & Equipment, Right of use Assets and Intangible Assets. Investments by region
Property, plant Intangible Property, plant Intangible
and equipment assets and equipment assets
(NOK 1 000) 2023 2023 2022 2022
Geographical regions
Norway
503
31 967
-
47 665
Europe, excluding Norway
254 154
-
148 359
1 187
North America
78 072
1 111
81 200
727
Asia
109 914
6 550
10 471
3 046
Total
442 643
39 628
240 030
52 625
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-324": { "value": "
Note 5 Revenue from contracts with customers
Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers.
The Group's customer base is relatively fragmented in terms of size and concentration such that the Group is not
dependent on any single customer. The Hexagon Purus Group has two customers that together represent 26.7%
of total revenue.
Revenue recognition
(NOK 1 000)
2023
2022
Sale of cylinders and systems
1 194 698
810 359
Sale of services and funded development
61 131
143 395
Other revenues
6 847
4 034
Contracts with customers at a point in time
1 262 675
957 788
Sale of cylinders and systems
Sale of services and funded development
55 981
4 882
Contracts with customers over time
55 981
4 882
Revenue from contracts with customers
1 318 657
962 670
Rental income
957
1 255
Other revenue
957
1 255
Total revenue
1 319 613
963 925
Type of goods or service
Sale of cylinders and systems
1 194 698
810 359
Sale of services and funded development
117 112
148 277
Other revenues
6 847
4 034
Rental income
957
1 255
Total revenue from contracts with customers
1 319 613
963 925
Contract balances
(NOK 1 000)
2023
2022
Trade receivable
274 974
228 930
Contracts assets (accrued revenue)
11 168
9 488
Contract liabilities
196 327
212 792
All contracts are for periods of one year or less, or are invoiced 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "Note 5 Revenue from contracts with customers Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers. The Group's customer base is relatively fragmented in terms of size and concentration such that the Group is not dependent on any single customer. The Hexagon Purus Group has two customers that together represent 26.7% of total revenue. Revenue recognition
(NOK 1 000)
2023
2022
Sale of cylinders and systems
1 194 698
810 359
Sale of services and funded development
61 131
143 395
Other revenues
6 847
4 034
Contracts with customers at a point in time
1 262 675
957 788
Sale of cylinders and systems
Sale of services and funded development
55 981
4 882
Contracts with customers over time
55 981
4 882
Revenue from contracts with customers
1 318 657
962 670
Rental income
957
1 255
Other revenue
957
1 255
Total revenue
1 319 613
963 925
Type of goods or service
Sale of cylinders and systems
1 194 698
810 359
Sale of services and funded development
117 112
148 277
Other revenues
6 847
4 034
Rental income
957
1 255
Total revenue from contracts with customers
1 319 613
963 925
Contract balances
(NOK 1 000)
2023
2022
Trade receivable
274 974
228 930
Contracts assets (accrued revenue)
11 168
9 488
Contract liabilities
196 327
212 792
All contracts are for periods of one year or less, or are invoiced 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "
Note 6 Payroll costs and number of employees
(NOK 1 000)
Note
2023
2022
Salaries/fees
516 752
344 648
Contractors/hired personnel
19 934
37 516
Board remuneration
2 668
2 658
Share-based payments
24 368
15 776
Bonuses and incentive programs
22
27 179
25 807
Pension expense, defined-benefit plans
20
109
(686)
Pension expense, defined-contribution plans
20
9 031
6 798
Other personnel related expenses
13 622
11 201
Other social security costs
24 681
18 941
Capitalized personnel costs (development projects)
(16 908)
(19 164)
Payroll costs
621 436
443 496
Average number of full-time equivalents:
638
527
Canada
82
69
China
17
11
Norway
29
18
Germany
457
372
USA
53
57
Total number of full-time equivalents
638
527
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-325": { "value": "Note 6 Payroll costs and number of employees
(NOK 1 000)
Note
2023
2022
Salaries/fees
516 752
344 648
Contractors/hired personnel
19 934
37 516
Board remuneration
2 668
2 658
Share-based payments
24 368
15 776
Bonuses and incentive programs
22
27 179
25 807
Pension expense, defined-benefit plans
20
109
(686)
Pension expense, defined-contribution plans
20
9 031
6 798
Other personnel related expenses
13 622
11 201
Other social security costs
24 681
18 941
Capitalized personnel costs (development projects)
(16 908)
(19 164)
Payroll costs
621 436
443 496
Average number of full-time equivalents:
638
527
Canada
82
69
China
17
11
Norway
29
18
Germany
457
372
USA
53
57
Total number of full-time equivalents
638
527
Note 20 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
comprehensive income. There are two active and four retired employees 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
(NOK 1 000)
2023
2022
Defined contribution pension plan
8 762
6 566
Defined benefit pension plan
109
(453)
Total
8 870
6 113
Pension related assets and liabilities
(NOK 1 000) 2023
2022
Pension liabilities
1 717
1 439
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-326": { "value": "
Note 7 Property, plant and equipment
Buildings and Machinery Assets
real estate and under
(NOK 1 000) properties equipment
construction
2023 total
Fixed assets
Opening balance at cost price
144 496
309 847
239 284
693 627
Opening balance accumulated deprecations
(45 863)
(152 774)
-
(198 637)
Opening balance book value
98 633
157 073
239 284
494 990
Additions this year at cost price
12 414
211 586
189 540
413 540
Transfers from assets under construction
-
117 969
(117 969)
-
Deprecations this year
(10 841)
(50 430)
-
(61 272)
Impairments this year
-
-
-
-
Translation differences
6 853
7 379
10 759
24 991
Disposals
(2 162)
(2 876)
-
(5 037)
Closing balance 31.12.2023
104 897
440 701
321 614
867 212
Closing balance at cost price
161 601
643 906
321 614
1 127 120
Closing balance accumulated depreciations
(56 704)
(203 204)
-
(259 909)
Useful life
10\u201320 years
3\u201315 years
Depreciation method
Straight-line
Straight-line
Buildings and Machinery Assets
real estate and under
(NOK 1 000) properties equipment
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 31.12.2022
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\u201320 years
3\u201315 years
Depreciation method
Straight-line
Straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-297": { "value": "Note 7 Property, plant and equipment
Buildings and Machinery Assets
real estate and under
(NOK 1 000) properties equipment
construction
2023 total
Fixed assets
Opening balance at cost price
144 496
309 847
239 284
693 627
Opening balance accumulated deprecations
(45 863)
(152 774)
-
(198 637)
Opening balance book value
98 633
157 073
239 284
494 990
Additions this year at cost price
12 414
211 586
189 540
413 540
Transfers from assets under construction
-
117 969
(117 969)
-
Deprecations this year
(10 841)
(50 430)
-
(61 272)
Impairments this year
-
-
-
-
Translation differences
6 853
7 379
10 759
24 991
Disposals
(2 162)
(2 876)
-
(5 037)
Closing balance 31.12.2023
104 897
440 701
321 614
867 212
Closing balance at cost price
161 601
643 906
321 614
1 127 120
Closing balance accumulated depreciations
(56 704)
(203 204)
-
(259 909)
Useful life
10\u201320 years
3\u201315 years
Depreciation method
Straight-line
Straight-line
Buildings and Machinery Assets
real estate and under
(NOK 1 000) properties equipment
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 31.12.2022
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\u201320 years
3\u201315 years
Depreciation method
Straight-line
Straight-line
Note 8 Intangible assets
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2023 total
Intangible assets
Opening balance at cost price
206 787
14 050
178 086
523 741
922 664
Opening balance accumulated amortizations
(25 772)
(7 469)
(86 770)
-
(120 010)
Opening balance book value
181 015
6 581
91 316
523 741
802 654
Net additions this year at cost price
38 948
680
39 628
Amortizations this year
(24 127)
(2 211)
(21 686)
(48 024)
Translation differences
5 513
413
6 724
36 200
48 851
Disposals
(1 437)
(1 437)
Closing balance 31.12.2023
201 350
4 026
76 354
559 941
841 671
Closing balance at cost price
251 248
15 143
184 810
559 941
1 011 143
Closing balance accumulated amortizations
(49 898)
(11 117)
(108 456)
-
(169 471)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line Straight-line
Straight-line
None
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2022 total
Intangible assets
Opening balance at cost price
152 180
12 318
173 313
497 587
835 398
Opening balance accumulated amortization
(10 951)
(4 546)
(67 606)
-
(83 104)
Opening balance booked value
141 228
7 772
105 707
497 587
752 294
Net additions this year at cost price
51 331
1 294
52 625
Amortization this year
(14 820)
(2 923)
(19 163)
(36 906)
Translation differences
3 276
437
4 773
26 154
34 640
Disposals
-
Closing balance 31.12.2022
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 amortization
(25 772)
(7 469)
(86 770)
-
(120 010)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line
Straight-line Straight-line
None
Note 9 Leases
Right-of-use assets
Fixtures,
Land and Machinery and fittings,
(NOK 1 000) buildings equipment
vehicles
2023 total
2023
Opening balance at cost price
189 794
21 401
5 843
217 038
Opening balance accumulated deprecations
(55 483)
(5 788)
(3 467)
(64 738)
Opening balance 1 January
134 311
15 613
2 376
152 300
Additions this year at cost price
425 017
6 796
5 618
437 431
Deprecations this year
(33 329)
(5 085)
(2 074)
(40 489)
Translation differences
(4 829)
237
114
(4 478)
Closing balance 31 December
521 170
17 561
6 034
544 765
Useful life
3\u201310 years
2\u20137 years
2\u20135 years
Depreciation method
Linear
Linear
Linear
Linear
Fixtures,
Land and Machinery and fittings,
(NOK 1 000) buildings equipment
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
Depreciation method
Linear
Linear
Linear
Linear
Useful life
3\u201310 years
2\u20137 years
2\u20135 years
Lease liabilities
(NOK 1 000)
2023
2022
Summary of lease liabilities
Opening balance 1 January
154 710
53 079
New lease liabilities recognized in the year
437 431
122 472
Derecognition
-
(2 547)
Cash payments for the principal portion of the lease liability
(29 537)
(23 656)
Cash payments for the interest portion of the lease liability
(22 261)
(2 471)
Interest expense on lease liabilities
22 261
2 471
Currency exchange differences
(4 536)
5 362
Lease liabilities 31 December
558 068
154 710
hereof:
Current lease liabilitiies
39 930
22 230
Non-current lease liabilities
518 138
132 479
Total lease liabilities 31 December
558 068
154 710
(NOK 1 000)
2023
2022
Lease liability cash flow (excl interests)
Less than a month
2 230
1 851
1\u20133 months
5 789
3 715
3\u201312 months
31 912
16 665
Less than 1 year
39 930
22 230
1\u20135 years
172 969
85 087
More than 5 years
345 169
47 392
Total discounted lease liabilities 31 December
558 068
154 710
(NOK 1 000)
2023
2022
Lease interest expense cash flow
Less than a month
3 227
1 021
1\u20133 months
6 434
2 015
3\u201312 months
28 032
8 684
Less than 1 year
37 693
11 720
1\u20135 years
120 958
33 111
More than 5 years
90 230
13 448
Total lease interests following periods
248 880
58 280
(NOK 1 000)
2023
2022
Undiscounted cash outflow
Less than a month
5 457
2 871
1\u20133 months
12 222
5 730
3\u201312 months
59 944
25 348
Less than 1 year
77 623
33 950
1\u20135 years
293 927
118 199
More than 5 years
435 398
60 841
Total undiscounted lease liabilities 31 December
806 948
212 989
(NOK 1 1000)
2023
2022
Summary of cash outflows leases
Cash payment for leases
51 798
26 127
Variable payments
12 055
8 508
Cash payments related to short term leases and leases of low value
333
259
Total cash outflow for leases
64 186
34 894
Most of the leases for land and buildings have options to extend the contract beyond the period used in the calculations. The extension period is mostly 5\u201310 years. For these leases 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "Note 7 Property, plant and equipment
Buildings and Machinery Assets
real estate and under
(NOK 1 000) properties equipment
construction
2023 total
Fixed assets
Opening balance at cost price
144 496
309 847
239 284
693 627
Opening balance accumulated deprecations
(45 863)
(152 774)
-
(198 637)
Opening balance book value
98 633
157 073
239 284
494 990
Additions this year at cost price
12 414
211 586
189 540
413 540
Transfers from assets under construction
-
117 969
(117 969)
-
Deprecations this year
(10 841)
(50 430)
-
(61 272)
Impairments this year
-
-
-
-
Translation differences
6 853
7 379
10 759
24 991
Disposals
(2 162)
(2 876)
-
(5 037)
Closing balance 31.12.2023
104 897
440 701
321 614
867 212
Closing balance at cost price
161 601
643 906
321 614
1 127 120
Closing balance accumulated depreciations
(56 704)
(203 204)
-
(259 909)
Useful life
10\u201320 years
3\u201315 years
Depreciation method
Straight-line
Straight-line
Buildings and Machinery Assets
real estate and under
(NOK 1 000) properties equipment
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 31.12.2022
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\u201320 years
3\u201315 years
Depreciation method
Straight-line
Straight-line
The impairment test is performed at year end. The market value of the groups equity measured by the share
price on Oslo B\u00f8rs as of 31.12.2023 gives a headroom of approximately NOK 1 200 million on the value of the total
company compared to the tested CGU. The value in use is estimated to give an even higher headroom.
All goodwill recognized is allocated to one CGU in the Group. The goodwill is a result of acquisition of three
companies in Germany that are maintained as one business unit. The rest of the CGUs in the group have no
indicators for impairment. The key assumptions for calculating value in use are related to estimates for revenues,
EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average
cost of capital before tax of 14.5 per cent has been used. Hexagon Purus group business plan projections imply
significant growth. Expected future cash flows are based on management\u2019s business plan estimates for the next
5 years, and is based on the current status and future strategic direction of the company combined with the
expected market development. This estimate is reduced to comply with the IFRS requirements to not include not
already firmly committed expansions. For subsequent periods beyond 5 years it is assumed that there will be an
increase in cash flows equivalent to expected inflation of 2 per cent.
EBITDA margins are expected to significantly improve during the forecast period, driven by increased scale and
efficiency improvements. The estimates represent the best estimate based on the known economic conditions
that will exist in the period. The impact of physical climate-related risks are not believed to have a significant
impact on the estimates. On the other-hand climate related legislation, such as delays in governmental initiatives
for zero emission infrastructure, can delay the performance of the Group.
Sensitivity analysis for the goodwill
In connection with the impairment testing of goodwill as of 31 December 2023, the Group carried out sensitivity
analysis. The present value of the cash flow in the calculations made is, among other things, sensitive to changes
in the discount rate, growth rate, product mix, changes in the EBITDA margin, and the Groups ability to perform
on onging and new contracts. 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 demonstrate that recoverable amounts of Hexagon Purus\u2019 goodwill exceed the recog-
nized value with comfortable headroom. A change in key assumption (+ 2.2 per cent for WACC or - 5.0 per cent
on EBITDA margin) would cause the carrying amount to exceed value in use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-327": { "value": "Note 8 Intangible assets
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2023 total
Intangible assets
Opening balance at cost price
206 787
14 050
178 086
523 741
922 664
Opening balance accumulated amortizations
(25 772)
(7 469)
(86 770)
-
(120 010)
Opening balance book value
181 015
6 581
91 316
523 741
802 654
Net additions this year at cost price
38 948
680
39 628
Amortizations this year
(24 127)
(2 211)
(21 686)
(48 024)
Translation differences
5 513
413
6 724
36 200
48 851
Disposals
(1 437)
(1 437)
Closing balance 31.12.2023
201 350
4 026
76 354
559 941
841 671
Closing balance at cost price
251 248
15 143
184 810
559 941
1 011 143
Closing balance accumulated amortizations
(49 898)
(11 117)
(108 456)
-
(169 471)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line Straight-line
Straight-line
None
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2022 total
Intangible assets
Opening balance at cost price
152 180
12 318
173 313
497 587
835 398
Opening balance accumulated amortization
(10 951)
(4 546)
(67 606)
-
(83 104)
Opening balance booked value
141 228
7 772
105 707
497 587
752 294
Net additions this year at cost price
51 331
1 294
52 625
Amortization this year
(14 820)
(2 923)
(19 163)
(36 906)
Translation differences
3 276
437
4 773
26 154
34 640
Disposals
-
Closing balance 31.12.2022
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 amortization
(25 772)
(7 469)
(86 770)
-
(120 010)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line
Straight-line Straight-line
None
Research & development costs totaling NOK 72 million (77) were expensed in 2023. The Group has received government grants of NOK 0 million (2) in 2023, to 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)
2023
2022
Purus
559 941
523 741
Total goodwill
559 941
523 741
The impairment test is performed at year end. The market value of the groups equity measured by the share price on Oslo B\u00f8rs as of 31.12.2023 gives a headroom of approximately NOK 1 200 million on the value of the total company compared to the tested CGU. The value in use is estimated to give an even higher headroom. All goodwill recognized is allocated to one CGU in the Group. The goodwill is a result of acquisition of three companies in Germany that are maintained as one business unit. The rest of the CGUs in the group have no indicators for impairment. The key assumptions for calculating value in use are related to estimates for revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital before tax of 14.5 per cent has been used. Hexagon Purus group business plan projections imply significant growth. Expected future cash flows are based on management\u2019s business plan estimates for the next 5 years, and is based on the current status and future strategic direction of the company combined with the expected market development. This estimate is reduced to comply with the IFRS requirements to not include not already firmly committed expansions. For subsequent periods beyond 5 years it is assumed that there will be an increase in cash flows equivalent to expected inflation of 2 per cent. EBITDA margins are expected to significantly improve during the forecast period, driven by increased scale and efficiency improvements. The estimates represent the best estimate based on the known economic conditions that will exist in the period. The impact of physical climate-related risks are not believed to have a significant impact on the estimates. On the other-hand climate related legislation, such as delays in governmental initiatives for zero emission infrastructure, can delay the performance of the Group. Sensitivity analysis for the goodwill In connection with the impairment testing of goodwill as of 31 December 2023, the Group carried out sensitivity analysis. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate, growth rate, product mix, changes in the EBITDA margin, and the Groups ability to perform on onging and new contracts. 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 demonstrate that recoverable amounts of Hexagon Purus\u2019 goodwill exceed the recog- nized value with comfortable headroom. A change in key assumption (+ 2.2 per cent for WACC or - 5.0 per cent on EBITDA margin) would cause the carrying amount to exceed value in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "Note 8 Intangible assets
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2023 total
Intangible assets
Opening balance at cost price
206 787
14 050
178 086
523 741
922 664
Opening balance accumulated amortizations
(25 772)
(7 469)
(86 770)
-
(120 010)
Opening balance book value
181 015
6 581
91 316
523 741
802 654
Net additions this year at cost price
38 948
680
39 628
Amortizations this year
(24 127)
(2 211)
(21 686)
(48 024)
Translation differences
5 513
413
6 724
36 200
48 851
Disposals
(1 437)
(1 437)
Closing balance 31.12.2023
201 350
4 026
76 354
559 941
841 671
Closing balance at cost price
251 248
15 143
184 810
559 941
1 011 143
Closing balance accumulated amortizations
(49 898)
(11 117)
(108 456)
-
(169 471)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line Straight-line
Straight-line
None
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2022 total
Intangible assets
Opening balance at cost price
152 180
12 318
173 313
497 587
835 398
Opening balance accumulated amortization
(10 951)
(4 546)
(67 606)
-
(83 104)
Opening balance booked value
141 228
7 772
105 707
497 587
752 294
Net additions this year at cost price
51 331
1 294
52 625
Amortization this year
(14 820)
(2 923)
(19 163)
(36 906)
Translation differences
3 276
437
4 773
26 154
34 640
Disposals
-
Closing balance 31.12.2022
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 amortization
(25 772)
(7 469)
(86 770)
-
(120 010)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line
Straight-line Straight-line
None
Research & development costs totaling NOK 72 million (77) were expensed in 2023. The Group has received government grants of NOK 0 million (2) in 2023, to 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)
2023
2022
Purus
559 941
523 741
Total goodwill
559 941
523 741
The impairment test is performed at year end. The market value of the groups equity measured by the share price on Oslo B\u00f8rs as of 31.12.2023 gives a headroom of approximately NOK 1 200 million on the value of the total company compared to the tested CGU. The value in use is estimated to give an even higher headroom. All goodwill recognized is allocated to one CGU in the Group. The goodwill is a result of acquisition of three companies in Germany that are maintained as one business unit. The rest of the CGUs in the group have no indicators for impairment. The key assumptions for calculating value in use are related to estimates for revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital before tax of 14.5 per cent has been used. Hexagon Purus group business plan projections imply significant growth. Expected future cash flows are based on management\u2019s business plan estimates for the next 5 years, and is based on the current status and future strategic direction of the company combined with the expected market development. This estimate is reduced to comply with the IFRS requirements to not include not already firmly committed expansions. For subsequent periods beyond 5 years it is assumed that there will be an increase in cash flows equivalent to expected inflation of 2 per cent. EBITDA margins are expected to significantly improve during the forecast period, driven by increased scale and efficiency improvements. The estimates represent the best estimate based on the known economic conditions that will exist in the period. The impact of physical climate-related risks are not believed to have a significant impact on the estimates. On the other-hand climate related legislation, such as delays in governmental initiatives for zero emission infrastructure, can delay the performance of the Group. Sensitivity analysis for the goodwill In connection with the impairment testing of goodwill as of 31 December 2023, the Group carried out sensitivity analysis. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate, growth rate, product mix, changes in the EBITDA margin, and the Groups ability to perform on onging and new contracts. 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 demonstrate that recoverable amounts of Hexagon Purus\u2019 goodwill exceed the recog- nized value with comfortable headroom. A change in key assumption (+ 2.2 per cent for WACC or - 5.0 per cent on EBITDA margin) would cause the carrying amount to exceed value in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "Note 8 Intangible assets
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2023 total
Intangible assets
Opening balance at cost price
206 787
14 050
178 086
523 741
922 664
Opening balance accumulated amortizations
(25 772)
(7 469)
(86 770)
-
(120 010)
Opening balance book value
181 015
6 581
91 316
523 741
802 654
Net additions this year at cost price
38 948
680
39 628
Amortizations this year
(24 127)
(2 211)
(21 686)
(48 024)
Translation differences
5 513
413
6 724
36 200
48 851
Disposals
(1 437)
(1 437)
Closing balance 31.12.2023
201 350
4 026
76 354
559 941
841 671
Closing balance at cost price
251 248
15 143
184 810
559 941
1 011 143
Closing balance accumulated amortizations
(49 898)
(11 117)
(108 456)
-
(169 471)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line Straight-line
Straight-line
None
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2022 total
Intangible assets
Opening balance at cost price
152 180
12 318
173 313
497 587
835 398
Opening balance accumulated amortization
(10 951)
(4 546)
(67 606)
-
(83 104)
Opening balance booked value
141 228
7 772
105 707
497 587
752 294
Net additions this year at cost price
51 331
1 294
52 625
Amortization this year
(14 820)
(2 923)
(19 163)
(36 906)
Translation differences
3 276
437
4 773
26 154
34 640
Disposals
-
Closing balance 31.12.2022
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 amortization
(25 772)
(7 469)
(86 770)
-
(120 010)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line
Straight-line Straight-line
None
Research & development costs totaling NOK 72 million (77) were expensed in 2023. The Group has received government grants of NOK 0 million (2) in 2023, to 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)
2023
2022
Purus
559 941
523 741
Total goodwill
559 941
523 741
The impairment test is performed at year end. The market value of the groups equity measured by the share price on Oslo B\u00f8rs as of 31.12.2023 gives a headroom of approximately NOK 1 200 million on the value of the total company compared to the tested CGU. The value in use is estimated to give an even higher headroom. All goodwill recognized is allocated to one CGU in the Group. The goodwill is a result of acquisition of three companies in Germany that are maintained as one business unit. The rest of the CGUs in the group have no indicators for impairment. The key assumptions for calculating value in use are related to estimates for revenues, EBITDA margins, discount rates and growth rates beyond the forecast period of 5 years. A weighted average cost of capital before tax of 14.5 per cent has been used. Hexagon Purus group business plan projections imply significant growth. Expected future cash flows are based on management\u2019s business plan estimates for the next 5 years, and is based on the current status and future strategic direction of the company combined with the expected market development. This estimate is reduced to comply with the IFRS requirements to not include not already firmly committed expansions. For subsequent periods beyond 5 years it is assumed that there will be an increase in cash flows equivalent to expected inflation of 2 per cent. EBITDA margins are expected to significantly improve during the forecast period, driven by increased scale and efficiency improvements. The estimates represent the best estimate based on the known economic conditions that will exist in the period. The impact of physical climate-related risks are not believed to have a significant impact on the estimates. On the other-hand climate related legislation, such as delays in governmental initiatives for zero emission infrastructure, can delay the performance of the Group. Sensitivity analysis for the goodwill In connection with the impairment testing of goodwill as of 31 December 2023, the Group carried out sensitivity analysis. The present value of the cash flow in the calculations made is, among other things, sensitive to changes in the discount rate, growth rate, product mix, changes in the EBITDA margin, and the Groups ability to perform on onging and new contracts. 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 demonstrate that recoverable amounts of Hexagon Purus\u2019 goodwill exceed the recog- nized value with comfortable headroom. A change in key assumption (+ 2.2 per cent for WACC or - 5.0 per cent on EBITDA margin) would cause the carrying amount to exceed value in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2023 total
Intangible assets
Opening balance at cost price
206 787
14 050
178 086
523 741
922 664
Opening balance accumulated amortizations
(25 772)
(7 469)
(86 770)
-
(120 010)
Opening balance book value
181 015
6 581
91 316
523 741
802 654
Net additions this year at cost price
38 948
680
39 628
Amortizations this year
(24 127)
(2 211)
(21 686)
(48 024)
Translation differences
5 513
413
6 724
36 200
48 851
Disposals
(1 437)
(1 437)
Closing balance 31.12.2023
201 350
4 026
76 354
559 941
841 671
Closing balance at cost price
251 248
15 143
184 810
559 941
1 011 143
Closing balance accumulated amortizations
(49 898)
(11 117)
(108 456)
-
(169 471)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line Straight-line
Straight-line
None
Technology
and Patents and Customer
(NOK 1 000) development licenses relationships
Goodwill
2022 total
Intangible assets
Opening balance at cost price
152 180
12 318
173 313
497 587
835 398
Opening balance accumulated amortization
(10 951)
(4 546)
(67 606)
-
(83 104)
Opening balance booked value
141 228
7 772
105 707
497 587
752 294
Net additions this year at cost price
51 331
1 294
52 625
Amortization this year
(14 820)
(2 923)
(19 163)
(36 906)
Translation differences
3 276
437
4 773
26 154
34 640
Disposals
-
Closing balance 31.12.2022
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 amortization
(25 772)
(7 469)
(86 770)
-
(120 010)
Useful life
5\u201320 years
6\u201317 years
7\u20139 years
Indefinite
Amortization method
Straight-line
Straight-line Straight-line
None
Research & development costs totaling NOK 72 million (77) were expensed in 2023. The Group has received
government grants of NOK 0 million (2) in 2023, to 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)
2023
2022
Purus
559 941
523 741
Total goodwill
559 941
523 741
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-328": { "value": "Note 9 Leases Right-of-use assets
Fixtures,
Land and Machinery and fittings,
(NOK 1 000) buildings equipment
vehicles
2023 total
2023
Opening balance at cost price
189 794
21 401
5 843
217 038
Opening balance accumulated deprecations
(55 483)
(5 788)
(3 467)
(64 738)
Opening balance 1 January
134 311
15 613
2 376
152 300
Additions this year at cost price
425 017
6 796
5 618
437 431
Deprecations this year
(33 329)
(5 085)
(2 074)
(40 489)
Translation differences
(4 829)
237
114
(4 478)
Closing balance 31 December
521 170
17 561
6 034
544 765
Useful life
3\u201310 years
2\u20137 years
2\u20135 years
Depreciation method
Linear
Linear
Linear
Linear
Fixtures,
Land and Machinery and fittings,
(NOK 1 000) buildings equipment
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
Depreciation method
Linear
Linear
Linear
Linear
Useful life
3\u201310 years
2\u20137 years
2\u20135 years
Lease liabilities
(NOK 1 000)
2023
2022
Summary of lease liabilities
Opening balance 1 January
154 710
53 079
New lease liabilities recognized in the year
437 431
122 472
Derecognition
-
(2 547)
Cash payments for the principal portion of the lease liability
(29 537)
(23 656)
Cash payments for the interest portion of the lease liability
(22 261)
(2 471)
Interest expense on lease liabilities
22 261
2 471
Currency exchange differences
(4 536)
5 362
Lease liabilities 31 December
558 068
154 710
hereof:
Current lease liabilitiies
39 930
22 230
Non-current lease liabilities
518 138
132 479
Total lease liabilities 31 December
558 068
154 710
(NOK 1 000)
2023
2022
Lease liability cash flow (excl interests)
Less than a month
2 230
1 851
1\u20133 months
5 789
3 715
3\u201312 months
31 912
16 665
Less than 1 year
39 930
22 230
1\u20135 years
172 969
85 087
More than 5 years
345 169
47 392
Total discounted lease liabilities 31 December
558 068
154 710
(NOK 1 000)
2023
2022
Lease interest expense cash flow
Less than a month
3 227
1 021
1\u20133 months
6 434
2 015
3\u201312 months
28 032
8 684
Less than 1 year
37 693
11 720
1\u20135 years
120 958
33 111
More than 5 years
90 230
13 448
Total lease interests following periods
248 880
58 280
(NOK 1 000)
2023
2022
Undiscounted cash outflow
Less than a month
5 457
2 871
1\u20133 months
12 222
5 730
3\u201312 months
59 944
25 348
Less than 1 year
77 623
33 950
1\u20135 years
293 927
118 199
More than 5 years
435 398
60 841
Total undiscounted lease liabilities 31 December
806 948
212 989
(NOK 1 1000)
2023
2022
Summary of cash outflows leases
Cash payment for leases
51 798
26 127
Variable payments
12 055
8 508
Cash payments related to short term leases and leases of low value
333
259
Total cash outflow for leases
64 186
34 894
Most of the leases for land and buildings have options to extend the contract beyond the period used in the
calculations. The extension period is mostly 5\u201310 years. For these leases 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-329": { "value": "
Note 10 Investments in associates
Ownership Ownership
Business share share Accounting
Country segment 31.12.2022 31.12.2023 method
Companies Equity method/
Norwegian Hydrogen AS
Norway
Hexagon Purus
14.0%
12.7%
Fair value
1
Cryoshelter LH2 GmbH
Austria
Hexagon Purus
40.0%
40.0%
Equity method
CIMC Hexagon Hydrogen
Energy Systems Ltd.
Hong Kong
Hexagon Purus
49.0%
49.0%
Equity method
1
2
3
1
Classified as an associated company and accounted for using the equity method in the period 01.01\u201331.08.22. As of 01.09.22, the investment is
classified as an equity instrument at fair value through profit or loss, ref Note 17.
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
Reconciliation of associated companies in the P&L
CIMC Hexagon Hydrogen
Norwegian Hydrogen AS
Cryoshelter LH2 GmbH
Energy Systems
Total
(NOK 1000)
2023
2022
2023
2022
2023
2022
2023
2022
Share of profit after tax
-
(2 845)
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
(11 272)
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
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
51 887
Reconciliation of associated companies in the balance sheet
CIMC Hexagon Hydrogen
Norwegian Hydrogen AS
Cryoshelter LH2 GmbH
Energy Systems
Total
(NOK 1000)
2023
2022
2023
2022
2023
2022
2023
2022
Companies
Carrying value as at 01.01
-
7 024
31 258
-
1 771
-
33 029
7 024
Purchase of shares
-
-
-
33 738
-
-
-
33 738
Share capital contribution
-
-
-
-
29 305
7 743
29 305
7 743
Share of profit after tax incl. PPA amortizations
-
(2 845)
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
(11 272)
Dividends
-
-
-
-
-
-
Sale of shares
-
-
-
-
-
-
-
-
Derecognition - loss of significant influence
-
(4 179)
-
-
-
-
-
(4 179)
Currency translation effects
-
-
134
(41)
178
16
312
(25)
Carrying value as per 31.12
-
-
23 062
31 258
27 082
1 771
50 143
33 029
Norwegian Hydrogen AS
Hexagon Purus ASA has been a shareholder of Norwegian Hydrogen AS since its inception in 2020, and currently
owns 12.7 per cent of the Company after a series of fund raises in 2022 and 2023 from investors such as Mitsui &
Co. Ltd. and Fortescue. The Company recognizes its investment in Norwegian as a financial asset (equity instru-
ment) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen is NOK 95.4
million, resulting in an accounting gain of NOK 28.1 million recognized in profit/loss from investments in associ-
ates in the income statement. See also note 11 and 17.
Cryoshelter LH2 GmbH
In April 2022, Hexagon Compsites and Hexagon Purus 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\u201310 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.
Purchase price allocation
Cryoshelter
(NOK 1 1000) 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) 19 702
Goodwill
14 654
Hexagon's carrying value of the investment
33 738
1
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% of the
shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51% 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% in this entity while CIMC Enric holds the
remaining 49%. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Note 10 Investments in associates
Ownership Ownership
Business share share Accounting
Country segment 31.12.2022 31.12.2023 method
Companies Equity method/
Norwegian Hydrogen AS
Norway
Hexagon Purus
14.0%
12.7%
Fair value
1
Cryoshelter LH2 GmbH
Austria
Hexagon Purus
40.0%
40.0%
Equity method
CIMC Hexagon Hydrogen
Energy Systems Ltd.
Hong Kong
Hexagon Purus
49.0%
49.0%
Equity method
1 2 3 1 Classified as an associated company and accounted for using the equity method in the period 01.01\u201331.08.22. As of 01.09.22, the investment is classified as an equity instrument at fair value through profit or loss, ref Note 17. 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
Reconciliation of associated companies in the P&L
CIMC Hexagon Hydrogen
Norwegian Hydrogen AS
Cryoshelter LH2 GmbH
Energy Systems
Total
(NOK 1000)
2023
2022
2023
2022
2023
2022
2023
2022
Share of profit after tax
-
(2 845)
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
(11 272)
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
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
51 887
Reconciliation of associated companies in the balance sheet
CIMC Hexagon Hydrogen
Norwegian Hydrogen AS
Cryoshelter LH2 GmbH
Energy Systems
Total
(NOK 1000)
2023
2022
2023
2022
2023
2022
2023
2022
Companies
Carrying value as at 01.01
-
7 024
31 258
-
1 771
-
33 029
7 024
Purchase of shares
-
-
-
33 738
-
-
-
33 738
Share capital contribution
-
-
-
-
29 305
7 743
29 305
7 743
Share of profit after tax incl. PPA amortizations
-
(2 845)
(8 330)
(2 439)
(4 172)
(5 988)
(12 503)
(11 272)
Dividends
-
-
-
-
-
-
Sale of shares
-
-
-
-
-
-
-
-
Derecognition - loss of significant influence
-
(4 179)
-
-
-
-
-
(4 179)
Currency translation effects
-
-
134
(41)
178
16
312
(25)
Carrying value as per 31.12
-
-
23 062
31 258
27 082
1 771
50 143
33 029
Norwegian Hydrogen AS Hexagon Purus ASA has been a shareholder of Norwegian Hydrogen AS since its inception in 2020, and currently owns 12.7 per cent of the Company after a series of fund raises in 2022 and 2023 from investors such as Mitsui & Co. Ltd. and Fortescue. The Company recognizes its investment in Norwegian as a financial asset (equity instru- ment) measured at fair value. The fair value of Hexagon Purus\u2019 ownership Norwegian Hydrogen is NOK 95.4 million, resulting in an accounting gain of NOK 28.1 million recognized in profit/loss from investments in associ- ates in the income statement. See also note 11 and 17. Cryoshelter LH2 GmbH In April 2022, Hexagon Compsites and Hexagon Purus 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\u201310 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. Purchase price allocation
Cryoshelter
(NOK 1 1000) 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) 19 702
Goodwill
14 654
Hexagon's carrying value of the investment
33 738
1 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% of the shares and hold an equal amount of voting rights. CIMC Enric holds the remaining 51% 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% in this entity while CIMC Enric holds the remaining 49%. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-330": { "value": "
Note 11 Non-current financial assets and other non-current assets
(NOK 1 000) 2023
2022
Loans (as lender)
34 249
13 193
Other shares
95 403
67 339
Other non-current assets
33 767
2 499
Total other non-current assets
163 419
83 030
1
2
1
Loans consists of 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 10, 16 and 17 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "Note 11 Non-current financial assets and other non-current assets
(NOK 1 000) 2023
2022
Loans (as lender)
34 249
13 193
Other shares
95 403
67 339
Other non-current assets
33 767
2 499
Total other non-current assets
163 419
83 030
1 2 1 Loans consists of 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 10, 16 and 17 for further information. Note 14 Other current assets
(NOK 1 000) 2023
2022
Other debtors
27 226
17 634
Prepaid expenses
148 781
50 712
Prepayment to suppliers
27 629
61 188
Entitlement to VAT sand sales tax
20 878
480
Entitlement to income tax refund
45
1 816
Other
5 915
4 730
Total other current assets
230 474
136 560
Financial assets
(NOK 1 000) 2023
2022
Financial assets at amortized costs
Trade receivables
274 974
228 930
Other non-current financial assets
34 249
13 193
Other current financial assets
38 394
24 660
Financial assets at fair value
Other non-current financial assets
95 403
67 339
Total
443 019
334 121
Total current
313 368
253 590
Total non-current
129 651
80 531
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-331": { "value": "
Note 12 Inventories
(NOK 1 000) 2023
2022
Raw materials and consumables
265 378
195 047
Work in progress
88 931
107 224
Finished goods
127 387
29 947
Total inventories
481 695
332 218
Provision for obsolete inventory in balance sheet
24 584
16 711
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-332": { "value": "
Note 13 Trade receivables
Trade receivables are recognized at transaction price and subsequently measured at initial recognized amount
less impairment losses.
(NOK 1 000) 2023
2022
Trade receivables
277 961
230 895
Provisions for loss
(2 987)
(1 965)
Trade receivables after provision for losses
274 974
228 930
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 assess-
ment, 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
30\u201360 60\u201390
Contract <30 days days days >90days
assets
Not due
past due past due past due
past due
Total
2023
Expected credit loss rate
-
-
-
3.2%
5.2%
8.1%
Carrying amount at default
11 168
195 624
32 009
21 041
1 718
27 569
277 961
Expected credit loss
(673)
(89)
(2 225)
(2 987)
Net carrying amount
11 168
195 624
32 009
20 368
1 628
25 344
274 974
2022
Expected credit loss rate
-
0.4%
-
7.3%
-
8.3%
Carrying amount at default
9488
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
Changes in the provision for losses are as follows
(NOK 1 000) 2023
2022
Opening balance 1 January
1 965
1 736
Provision for losses for the year
911
652
Actual losses during the year
-
(442)
Translation differences
111
20
Closing balance 31 December
2 988
1 965
Credit risk and currency risk regarding trade receivables are described in more detail in note 18
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "Note 13 Trade receivables Trade receivables are recognized at transaction price and subsequently measured at initial recognized amount less impairment losses.
(NOK 1 000) 2023
2022
Trade receivables
277 961
230 895
Provisions for loss
(2 987)
(1 965)
Trade receivables after provision for losses
274 974
228 930
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 assess- ment, 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
30\u201360 60\u201390
Contract <30 days days days >90days
assets
Not due
past due past due past due
past due
Total
2023
Expected credit loss rate
-
-
-
3.2%
5.2%
8.1%
Carrying amount at default
11 168
195 624
32 009
21 041
1 718
27 569
277 961
Expected credit loss
(673)
(89)
(2 225)
(2 987)
Net carrying amount
11 168
195 624
32 009
20 368
1 628
25 344
274 974
2022
Expected credit loss rate
-
0.4%
-
7.3%
-
8.3%
Carrying amount at default
9488
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
Changes in the provision for losses are as follows
(NOK 1 000) 2023
2022
Opening balance 1 January
1 965
1 736
Provision for losses for the year
911
652
Actual losses during the year
-
(442)
Translation differences
111
20
Closing balance 31 December
2 988
1 965
Credit risk and currency risk regarding trade receivables are described in more detail in note 18", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-333": { "value": "
Note 14 Other current assets
(NOK 1 000) 2023
2022
Other debtors
27 226
17 634
Prepaid expenses
148 781
50 712
Prepayment to suppliers
27 629
61 188
Entitlement to VAT sand sales tax
20 878
480
Entitlement to income tax refund
45
1 816
Other
5 915
4 730
Total other current assets
230 474
136 560
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "Note 14 Other current assets
(NOK 1 000) 2023
2022
Other debtors
27 226
17 634
Prepaid expenses
148 781
50 712
Prepayment to suppliers
27 629
61 188
Entitlement to VAT sand sales tax
20 878
480
Entitlement to income tax refund
45
1 816
Other
5 915
4 730
Total other current assets
230 474
136 560
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-334": { "value": "
Note 15 Bank deposits, cash and cash equivalents
(NOK 1 000) 2023
2022
Cash at bank and in hand
307 485
381 705
Undrawn Group overdraft facility
8 430
15 771
Restricted funds included in cash & cash equivalents
5 357
1 482
1
1
Restricted funds represents bank deposits for tax deductions in Norway.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "Note 15 Bank deposits, cash and cash equivalents
(NOK 1 000) 2023
2022
Cash at bank and in hand
307 485
381 705
Undrawn Group overdraft facility
8 430
15 771
Restricted funds included in cash & cash equivalents
5 357
1 482
1 1 Restricted funds represents bank deposits for tax deductions in Norway.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "
Note 16 Net financial items
(NOK 1 000) 2023
2022
Interest income
29 564
8 111
Foreign exchange items
56 181
29 245
Other finance income
17 928
-
Total finance income
103 673
37 356
Loss on exchange items
81 491
16 634
Cost of interest on loans etc.
83 373
10 141
Cost of interest on lease liabilities
22 261
2 471
Other finance expense
98
303
Total finance expense
187 223
29 548
Net financial items
(83 550)
7 808
Other financial income includes NOK 18 million in revaluation gain of the Company\u2019s ownership interest in
Norwegian Hydrogen AS (\u201cNH2\u201d), following NH2\u2019s capital raise from Fortescue in October 2023 that valued NH2
at NOK 750 million. Hexagon Purus has a 12.7 per cent ownership interest in NH2.
Cost of interest on loans includes NOK 61 million in non-cash interest on the 2023/2028 convertible bond, ref also
disclosure note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "Note 16 Net financial items
(NOK 1 000) 2023
2022
Interest income
29 564
8 111
Foreign exchange items
56 181
29 245
Other finance income
17 928
-
Total finance income
103 673
37 356
Loss on exchange items
81 491
16 634
Cost of interest on loans etc.
83 373
10 141
Cost of interest on lease liabilities
22 261
2 471
Other finance expense
98
303
Total finance expense
187 223
29 548
Net financial items
(83 550)
7 808
Other financial income includes NOK 18 million in revaluation gain of the Company\u2019s ownership interest in
Norwegian Hydrogen AS (\u201cNH2\u201d), following NH2\u2019s capital raise from Fortescue in October 2023 that valued NH2 at NOK 750 million. Hexagon Purus has a 12.7 per cent ownership interest in NH2. Cost of interest on loans includes NOK 61 million in non-cash interest on the 2023/2028 convertible bond, ref also disclosure note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-335": { "value": "Note 16 Net financial items
(NOK 1 000) 2023
2022
Interest income
29 564
8 111
Foreign exchange items
56 181
29 245
Other finance income
17 928
-
Total finance income
103 673
37 356
Loss on exchange items
81 491
16 634
Cost of interest on loans etc.
83 373
10 141
Cost of interest on lease liabilities
22 261
2 471
Other finance expense
98
303
Total finance expense
187 223
29 548
Net financial items
(83 550)
7 808
Other financial income includes NOK 18 million in revaluation gain of the Company\u2019s ownership interest in
Norwegian Hydrogen AS (\u201cNH2\u201d), following NH2\u2019s capital raise from Fortescue in October 2023 that valued NH2 at NOK 750 million. Hexagon Purus has a 12.7 per cent ownership interest in NH2. Cost of interest on loans includes NOK 61 million in non-cash interest on the 2023/2028 convertible bond, ref also disclosure note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "Note 16 Net financial items
(NOK 1 000) 2023
2022
Interest income
29 564
8 111
Foreign exchange items
56 181
29 245
Other finance income
17 928
-
Total finance income
103 673
37 356
Loss on exchange items
81 491
16 634
Cost of interest on loans etc.
83 373
10 141
Cost of interest on lease liabilities
22 261
2 471
Other finance expense
98
303
Total finance expense
187 223
29 548
Net financial items
(83 550)
7 808
Other financial income includes NOK 18 million in revaluation gain of the Company\u2019s ownership interest in
Norwegian Hydrogen AS (\u201cNH2\u201d), following NH2\u2019s capital raise from Fortescue in October 2023 that valued NH2 at NOK 750 million. Hexagon Purus has a 12.7 per cent ownership interest in NH2. Cost of interest on loans includes NOK 61 million in non-cash interest on the 2023/2028 convertible bond, ref also disclosure note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "Note 16 Net financial items
(NOK 1 000) 2023
2022
Interest income
29 564
8 111
Foreign exchange items
56 181
29 245
Other finance income
17 928
-
Total finance income
103 673
37 356
Loss on exchange items
81 491
16 634
Cost of interest on loans etc.
83 373
10 141
Cost of interest on lease liabilities
22 261
2 471
Other finance expense
98
303
Total finance expense
187 223
29 548
Net financial items
(83 550)
7 808
Other financial income includes NOK 18 million in revaluation gain of the Company\u2019s ownership interest in
Norwegian Hydrogen AS (\u201cNH2\u201d), following NH2\u2019s capital raise from Fortescue in October 2023 that valued NH2 at NOK 750 million. Hexagon Purus has a 12.7 per cent ownership interest in NH2. Cost of interest on loans includes NOK 61 million in non-cash interest on the 2023/2028 convertible bond, ref also disclosure note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "Note 16 Net financial items
(NOK 1 000) 2023
2022
Interest income
29 564
8 111
Foreign exchange items
56 181
29 245
Other finance income
17 928
-
Total finance income
103 673
37 356
Loss on exchange items
81 491
16 634
Cost of interest on loans etc.
83 373
10 141
Cost of interest on lease liabilities
22 261
2 471
Other finance expense
98
303
Total finance expense
187 223
29 548
Net financial items
(83 550)
7 808
Other financial income includes NOK 18 million in revaluation gain of the Company\u2019s ownership interest in
Norwegian Hydrogen AS (\u201cNH2\u201d), following NH2\u2019s capital raise from Fortescue in October 2023 that valued NH2 at NOK 750 million. Hexagon Purus has a 12.7 per cent ownership interest in NH2. Cost of interest on loans includes NOK 61 million in non-cash interest on the 2023/2028 convertible bond, ref also disclosure note 24.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "value": "Note 17 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 2023 and 31 December 2022. Financial assets
(NOK 1 000) 2023
2022
Financial assets at amortized costs
Trade receivables
274 974
228 930
Other non-current financial assets
34 249
13 193
Other current financial assets
38 394
24 660
Financial assets at fair value
Other non-current financial assets
95 403
67 339
Total
443 019
334 121
Total current
313 368
253 590
Total non-current
129 651
80 531
Financial liabilities Set out below is an overview of financial liabilities held by the Group as at 31 December 2023 and 31 December 2022. Financial liabilities
(NOK 1 000) 2023
2022
Financial liabilities at amortized cost
Trade and other payables
220 457
255 712
Non-current interest bearing loans and borrowings
596 482
39 358
Other current financial liabilities
-
45 777
Current interest bearing loans and borrowings
2 317
4 673
Financial liabilities at fair value
Other non-current financial liabilities (Contingent liabilities)
-
39 789
Other current financial liabilities (Contingent liabilities)
42 539
29 275
Total
861 796
414 584
Total current
265 313
335 437
Total non-current
596 482
79 147
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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. This relates to interest bearing receivables and liabilities and are estimated based on calculating 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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Level 3 relates to contingent liabilities arising from acquisitions and unlisted equity investments at fair value as shown in note 10 and 11. The fair value of contingent liabilities are 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. Carrying amount and fair value of financial assets and financial liabilities
2023
2022
(NOK 1 000)
Level
Book value
Fair value
Book value
Fair value
Financial assets
Other non-current financial assets
3
95 403
95 403
67 339
67 339
Other non current assets
2
34 249
34 249
13 193
13 193
Other current financial assets
2
38 394
38 394
24 660
24 660
Total financial assets
168 045
168 045
105 191
105 191
Total current
38 394
38 394
24 660
24 660
Total non-current
129 651
129 651
80 531
80 531
Financial liabilities
Interest bearing loans and borrowings
2
598 799
598 799
44 030
39 028
Other non-current financial liabilities
3
-
-
39 789
39 789
Other current financial liabilities
3
42 539
42 539
75 051
75 051
Total financial liabilities
641 339
641 339
158 870
153 868
Total current
44 856
44 856
79 723
74 721
Total non-current
596 482
596 482
79 147
79 147
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "
Financial assets
(NOK 1 000) 2023
2022
Financial assets at amortized costs
Trade receivables
274 974
228 930
Other non-current financial assets
34 249
13 193
Other current financial assets
38 394
24 660
Financial assets at fair value
Other non-current financial assets
95 403
67 339
Total
443 019
334 121
Total current
313 368
253 590
Total non-current
129 651
80 531
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "value": "
Financial liabilities
Set out below is an overview of financial liabilities held by the Group as at 31 December 2023 and 31 December
2022.
Financial liabilities
(NOK 1 000) 2023
2022
Financial liabilities at amortized cost
Trade and other payables
220 457
255 712
Non-current interest bearing loans and borrowings
596 482
39 358
Other current financial liabilities
-
45 777
Current interest bearing loans and borrowings
2 317
4 673
Financial liabilities at fair value
Other non-current financial liabilities (Contingent liabilities)
-
39 789
Other current financial liabilities (Contingent liabilities)
42 539
29 275
Total
861 796
414 584
Total current
265 313
335 437
Total non-current
596 482
79 147
Carrying amount and fair value of financial assets and financial liabilities
2023
2022
(NOK 1 000)
Level
Book value
Fair value
Book value
Fair value
Financial assets
Other non-current financial assets
3
95 403
95 403
67 339
67 339
Other non current assets
2
34 249
34 249
13 193
13 193
Other current financial assets
2
38 394
38 394
24 660
24 660
Total financial assets
168 045
168 045
105 191
105 191
Total current
38 394
38 394
24 660
24 660
Total non-current
129 651
129 651
80 531
80 531
Financial liabilities
Interest bearing loans and borrowings
2
598 799
598 799
44 030
39 028
Other non-current financial liabilities
3
-
-
39 789
39 789
Other current financial liabilities
3
42 539
42 539
75 051
75 051
Total financial liabilities
641 339
641 339
158 870
153 868
Total current
44 856
44 856
79 723
74 721
Total non-current
596 482
596 482
79 147
79 147
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "Financial liabilities Set out below is an overview of financial liabilities held by the Group as at 31 December 2023 and 31 December 2022. Financial liabilities
(NOK 1 000) 2023
2022
Financial liabilities at amortized cost
Trade and other payables
220 457
255 712
Non-current interest bearing loans and borrowings
596 482
39 358
Other current financial liabilities
-
45 777
Current interest bearing loans and borrowings
2 317
4 673
Financial liabilities at fair value
Other non-current financial liabilities (Contingent liabilities)
-
39 789
Other current financial liabilities (Contingent liabilities)
42 539
29 275
Total
861 796
414 584
Total current
265 313
335 437
Total non-current
596 482
79 147
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Financial liabilities Set out below is an overview of financial liabilities held by the Group as at 31 December 2023 and 31 December 2022. Financial liabilities
(NOK 1 000) 2023
2022
Financial liabilities at amortized cost
Trade and other payables
220 457
255 712
Non-current interest bearing loans and borrowings
596 482
39 358
Other current financial liabilities
-
45 777
Current interest bearing loans and borrowings
2 317
4 673
Financial liabilities at fair value
Other non-current financial liabilities (Contingent liabilities)
-
39 789
Other current financial liabilities (Contingent liabilities)
42 539
29 275
Total
861 796
414 584
Total current
265 313
335 437
Total non-current
596 482
79 147
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "Financial liabilities Set out below is an overview of financial liabilities held by the Group as at 31 December 2023 and 31 December 2022. Financial liabilities
(NOK 1 000) 2023
2022
Financial liabilities at amortized cost
Trade and other payables
220 457
255 712
Non-current interest bearing loans and borrowings
596 482
39 358
Other current financial liabilities
-
45 777
Current interest bearing loans and borrowings
2 317
4 673
Financial liabilities at fair value
Other non-current financial liabilities (Contingent liabilities)
-
39 789
Other current financial liabilities (Contingent liabilities)
42 539
29 275
Total
861 796
414 584
Total current
265 313
335 437
Total non-current
596 482
79 147
Note 26 Other current liabilities
(NOK 1 000) 2023
2022
Public duties payable
7 996
679
Accrued expenses and other current liabilities
73 274
70 976
Other current liabilities
50 442
25 043
Total
131 712
96 699
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable. This relates to interest bearing receivables and liabilities and are estimated based
on calculating 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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable. Level 3 relates to contingent liabilities arising from acquisitions and unlisted equity investments
at fair value as shown in note 10 and 11. The fair value of contingent liabilities are 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.
Carrying amount and fair value of financial assets and financial liabilities
2023
2022
(NOK 1 000)
Level
Book value
Fair value
Book value
Fair value
Financial assets
Other non-current financial assets
3
95 403
95 403
67 339
67 339
Other non current assets
2
34 249
34 249
13 193
13 193
Other current financial assets
2
38 394
38 394
24 660
24 660
Total financial assets
168 045
168 045
105 191
105 191
Total current
38 394
38 394
24 660
24 660
Total non-current
129 651
129 651
80 531
80 531
Financial liabilities
Interest bearing loans and borrowings
2
598 799
598 799
44 030
39 028
Other non-current financial liabilities
3
-
-
39 789
39 789
Other current financial liabilities
3
42 539
42 539
75 051
75 051
Total financial liabilities
641 339
641 339
158 870
153 868
Total current
44 856
44 856
79 723
74 721
Total non-current
596 482
596 482
79 147
79 147
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. This relates to interest bearing receivables and liabilities and are estimated based on calculating 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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Level 3 relates to contingent liabilities arising from acquisitions and unlisted equity investments at fair value as shown in note 10 and 11. The fair value of contingent liabilities are 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. Carrying amount and fair value of financial assets and financial liabilities
2023
2022
(NOK 1 000)
Level
Book value
Fair value
Book value
Fair value
Financial assets
Other non-current financial assets
3
95 403
95 403
67 339
67 339
Other non current assets
2
34 249
34 249
13 193
13 193
Other current financial assets
2
38 394
38 394
24 660
24 660
Total financial assets
168 045
168 045
105 191
105 191
Total current
38 394
38 394
24 660
24 660
Total non-current
129 651
129 651
80 531
80 531
Financial liabilities
Interest bearing loans and borrowings
2
598 799
598 799
44 030
39 028
Other non-current financial liabilities
3
-
-
39 789
39 789
Other current financial liabilities
3
42 539
42 539
75 051
75 051
Total financial liabilities
641 339
641 339
158 870
153 868
Total current
44 856
44 856
79 723
74 721
Total non-current
596 482
596 482
79 147
79 147
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. This relates to interest bearing receivables and liabilities and are estimated based on calculating 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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Level 3 relates to contingent liabilities arising from acquisitions and unlisted equity investments at fair value as shown in note 10 and 11. The fair value of contingent liabilities are 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. Carrying amount and fair value of financial assets and financial liabilities
2023
2022
(NOK 1 000)
Level
Book value
Fair value
Book value
Fair value
Financial assets
Other non-current financial assets
3
95 403
95 403
67 339
67 339
Other non current assets
2
34 249
34 249
13 193
13 193
Other current financial assets
2
38 394
38 394
24 660
24 660
Total financial assets
168 045
168 045
105 191
105 191
Total current
38 394
38 394
24 660
24 660
Total non-current
129 651
129 651
80 531
80 531
Financial liabilities
Interest bearing loans and borrowings
2
598 799
598 799
44 030
39 028
Other non-current financial liabilities
3
-
-
39 789
39 789
Other current financial liabilities
3
42 539
42 539
75 051
75 051
Total financial liabilities
641 339
641 339
158 870
153 868
Total current
44 856
44 856
79 723
74 721
Total non-current
596 482
596 482
79 147
79 147
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. This relates to interest bearing receivables and liabilities and are estimated based on calculating 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: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Level 3 relates to contingent liabilities arising from acquisitions and unlisted equity investments at fair value as shown in note 10 and 11. The fair value of contingent liabilities are 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. Carrying amount and fair value of financial assets and financial liabilities
2023
2022
(NOK 1 000)
Level
Book value
Fair value
Book value
Fair value
Financial assets
Other non-current financial assets
3
95 403
95 403
67 339
67 339
Other non current assets
2
34 249
34 249
13 193
13 193
Other current financial assets
2
38 394
38 394
24 660
24 660
Total financial assets
168 045
168 045
105 191
105 191
Total current
38 394
38 394
24 660
24 660
Total non-current
129 651
129 651
80 531
80 531
Financial liabilities
Interest bearing loans and borrowings
2
598 799
598 799
44 030
39 028
Other non-current financial liabilities
3
-
-
39 789
39 789
Other current financial liabilities
3
42 539
42 539
75 051
75 051
Total financial liabilities
641 339
641 339
158 870
153 868
Total current
44 856
44 856
79 723
74 721
Total non-current
596 482
596 482
79 147
79 147
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "value": "
Note 18 Financial risk management
The Group\u2019s principal financial liabilities, is com-
prised of 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 275 million
(NOK 229 million) as of 31.12.2023. The subsidiary
Hexagon Purus GmbH applies credit insurance
to covers parts of the its receivables, but beyond
this, trade receivables typically does 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\u2019s interest-bearing liabilities \u2013 from
financial institutions institutions and its convertible
bond - have fixed interest rates, which means it is
not affected by changes in interest rates. The Group
has substantial amounts in bank deposits at year-
end. As the interest on year-end, which is exposed
to changes in the interest rates, deposits are low for
the time being, the risk related to this part is consid-
ered limited but the risk is currently considered to
be 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
2023
2022
Loan from related party
na
5.2%
Loan from financial institutions
1.56% - 7.50%
1.56% - 7.50%
Convertible bond
6%
na
Leases
2.50% - 10.50%
2.50% - 10.50%
The following table shows the group's 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.
Gains or losses on interest rate
Change in interest rates Effect on profit/loss before tax derivatives in comprehensive
in base points (NOK 1 000) income before tax (NOK 1 000)
2023
+100
(212)
-
(100)
212
-
2022
+100
(440)
-
(100)
440
-
As of 31.12.2023 all of the outstanding interest-bearing loans have fixed interest, see note 24. Therefore the table above must be seen as an illustration of how 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 Group management, and further measures to manage the Group\u2019s liquidity will be taken as appropriate. Going concern This assumption is based on profit forecasts for 2023 as well as the Company\u2019s long-term strategic forecasts. The Company has a solid financial position with sufficient liquidity and a robust equity ratio. The Company is predict- ing strong growth in the years to come. This growth will require further financing and the Board is of the opinion that such financing will be available, through equity and/or debt, given the outlook for the Company and the industries it is operating in. 31 December 2023 Remaining period (NOK 1 000)
Less than 3\u201312
1 month
1\u20133 months
months
1\u20135 years
5 years+
Total
Repayment of bank loans
193
579
1 545
11 720
13 126
27 163
Interest on bank loans
40
119
317
1 274
846
2 596
Leases
2 230
5 789
31 912
172 969
345 169
558 068
Interest on leases
3 227
6 434
28 032
120 958
90 230
248 880
Convertible bond
1 075 133
1 075 133
Other current financial liabilities
42 540
42 540
Trade payables
200 380
46 008
6 676
2 366
283
255 712
Total
206 070
58 929
111 021
1 384 420
449 653
2 210 092
31 December 2022 Remaining period (NOK 1 000)
Less than 3\u201312
1 month
1\u20133 months
months
1\u20135 years
5 years+
Total
Repayment of bank loans
389
1168
3 115
14 202
25 156
44 030
Interest on loans
75
226
604
3 304
3 953
8 162
Leases
1 851
3 715
16 665
85 087
47 392
154 710
Interest on leases
1 021
2 015
8 684
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
Foreign exchange risk
Foreign exchange 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 Effect on profit/ loss
against USD
before tax
Effect on OCI pre tax
2023
+10%
(19 789)
-
(10%)
19 789
-
2022
+10%
(19 246)
-
(10%)
19 246
-
(NOK 1000)
Movement of NOK Effect on profit/ loss
against EUR
before tax
Effect on OCI pre tax
2023
+10%
(38 277)
-
(10%)
38 277
-
2022
+10%
(27 123)
-
(10%)
27 123
-
The table explains the effect on the Group\u2019s profit/loss from +/- 10 per cent change in EUR or USD for its finan-
cial instruments.
Capital structure and equity
The main goal of the Hexagon Purus Group\u2019s capital structure management is to ensure appropriate levels of
equity and debt in relation to the Group\u2019s operations. Up until 2023, the Company had primarily been equity
funded but during 2023, the Group announced the issuances of two convertible bonds with a total face value of
approximately NOK 1.8bn.
The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco-
nomic and capital markets conditions and prospects of short and medium-term growth. The Board of Directors is
granted the power to increase the share capital by maximum NOK 16.920 million in face value. No other changes
to guidelines or capital structure is planned at the time of authorization of this report.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "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 275 million (NOK 229 million) as of 31.12.2023. The subsidiary Hexagon Purus GmbH applies credit insurance to covers parts of the its receivables, but beyond this, trade receivables typically does 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "Interest rate risk The Group\u2019s interest-bearing liabilities \u2013 from financial institutions institutions and its convertible bond - have fixed interest rates, which means it is not affected by changes in interest rates. The Group has substantial amounts in bank deposits at year- end. As the interest on year-end, which is exposed to changes in the interest rates, deposits are low for the time being, the risk related to this part is consid- ered limited but the risk is currently considered to be 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
2023
2022
Loan from related party
na
5.2%
Loan from financial institutions
1.56% - 7.50%
1.56% - 7.50%
Convertible bond
6%
na
Leases
2.50% - 10.50%
2.50% - 10.50%
The following table shows the group's 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.
Gains or losses on interest rate
Change in interest rates Effect on profit/loss before tax derivatives in comprehensive
in base points (NOK 1 000) income before tax (NOK 1 000)
2023
+100
(212)
-
(100)
212
-
2022
+100
(440)
-
(100)
440
-
As of 31.12.2023 all of the outstanding interest-bearing loans have fixed interest, see note 24.
Therefore the table above must be seen as an illustration of how the net effect would have effected the profit/loss
before tax.
Foreign exchange risk Foreign exchange 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 Effect on profit/ loss
against USD
before tax
Effect on OCI pre tax
2023
+10%
(19 789)
-
(10%)
19 789
-
2022
+10%
(19 246)
-
(10%)
19 246
-
(NOK 1000)
Movement of NOK Effect on profit/ loss
against EUR
before tax
Effect on OCI pre tax
2023
+10%
(38 277)
-
(10%)
38 277
-
2022
+10%
(27 123)
-
(10%)
27 123
-
The table explains the effect on the Group\u2019s profit/loss from +/- 10 per cent change in EUR or USD for its finan- cial instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "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 Group management, and further measures to manage the Group\u2019s liquidity will be
taken as appropriate.
Going concern
This assumption is based on profit forecasts for 2023 as well as the Company\u2019s long-term strategic forecasts. The
Company has a solid financial position with sufficient liquidity and a robust equity ratio. The Company is predict-
ing strong growth in the years to come. This growth will require further financing and the Board is of the opinion
that such financing will be available, through equity and/or debt, given the outlook for the Company and the
industries it is operating in.
31 December 2023 Remaining period
(NOK 1 000)
Less than 3\u201312
1 month
1\u20133 months
months
1\u20135 years
5 years+
Total
Repayment of bank loans
193
579
1 545
11 720
13 126
27 163
Interest on bank loans
40
119
317
1 274
846
2 596
Leases
2 230
5 789
31 912
172 969
345 169
558 068
Interest on leases
3 227
6 434
28 032
120 958
90 230
248 880
Convertible bond
1 075 133
1 075 133
Other current financial liabilities
42 540
42 540
Trade payables
200 380
46 008
6 676
2 366
283
255 712
Total
206 070
58 929
111 021
1 384 420
449 653
2 210 092
31 December 2022 Remaining period
(NOK 1 000)
Less than 3\u201312
1 month
1\u20133 months
months
1\u20135 years
5 years+
Total
Repayment of bank loans
389
1168
3 115
14 202
25 156
44 030
Interest on loans
75
226
604
3 304
3 953
8 162
Leases
1 851
3 715
16 665
85 087
47 392
154 710
Interest on leases
1 021
2 015
8 684
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "Capital structure and equity The main goal of the Hexagon Purus Group\u2019s capital structure management is to ensure appropriate levels of equity and debt in relation to the Group\u2019s operations. Up until 2023, the Company had primarily been equity funded but during 2023, the Group announced the issuances of two convertible bonds with a total face value of approximately NOK 1.8bn. The Group manages and makes necessary changes to its capital structure by regularly assessing prevailing eco- nomic and capital markets conditions and prospects of short and medium-term growth. The Board of Directors is granted the power to increase the share capital by maximum NOK 16.920 million in face value. No other changes to guidelines or capital structure is planned at the time of authorization of this report. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "
Note 19 Short term provisions
(NOK 1 000) 2023
2022
Balance 1 January
38 227
12 882
Translation differences
2 278
-
Provisions for the year
28 195
28 480
Provisions used (and reversed) during the year
(3 765)
(5 954)
Warranty provision, other changes
847
2 819
Balance 31 December
65 782
38 227
The Group seeks to minimize the level of warranty or other claims from third parties through a diligent focus on
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.
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 business activities.
The warranty period is mostly one year from delivery with exceptions for individual contract. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "
Note 21 Share capital and share premium
Share capital and shareholders
2023
2022
Ordinary shares of NOK 0.10 (2023/2022)
276 797 456
258 278 937
Total number of shares
276 797 456
258 278 937
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)
2023
2022
2023
2022
2023
2022
Ordinary shares
Issued and paid 1 January
258 278 937
233 536 669
25 828
23 354
1 542 880
1 383 817
Issued new share capital
18 518 519
24 742 268
1 852
2 474
497 976
597 526
Transaction cost
(25 846)
(6 134)
Other changes
Issued and paid, end of period
276 797 456
258 278 937
27 680
25 828
2 015 010
1 975 208
Transferred to share premium
(672 703)
(432 328)
Net total
1 342 308
1 542 880
The company does not hold any treasury shares.
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 2023
Number of
shares
Shareholding
HEXAGON COMPOSITES ASA
106 303 905
38.40%
CLEARSTREAM BANKING S.A.
37 583 055
13.58%
MITSUI & CO LTD
20 934 815
7.56%
FLAKK COMPOSITES AS
10 268 728
3.71%
MP PENSJON PK
8 589 094
3.10%
The Bank of New York Mellon SA/NV
5 469 001
1.98%
Citibank Europe plc
5 418 303
1.96%
DNB Markets Aksjehandel/-analyse
5 089 052
1.84%
Deutsche Bank Aktiengesellschaft
4 542 152
1.64%
DANSKE BANK
3 579 483
1.29%
J.P. MORGAN SECURITIES PLC
3 308 845
1.20%
BR\u00d8DR. B\u00d8CKMANN AS
2 688 996
0.97%
Nordnet Bank AB
2 088 067
0.75%
The Bank of New York Mellon SA/NV
2 057 142
0.74%
BNP Paribas
2 005 485
0.72%
VERDIPAPIRFONDET STOREBRAND NORGE
1 982 538
0.72%
N\u00d8DINGEN AS
1 727 673
0.62%
UBS Switzerland AG
1 602 336
0.58%
BNP Paribas
1 479 814
0.53%
CACEIS Investor Services Bank S.A.
1 431 472
0.52%
Total 20 largest shareholders
228 149 956
82.42%
Remainder
48 647 500
17.58%
Total
276 797 456
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "Note 21 Share capital and share premium Share capital and shareholders
2023
2022
Ordinary shares of NOK 0.10 (2023/2022)
276 797 456
258 278 937
Total number of shares
276 797 456
258 278 937
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)
2023
2022
2023
2022
2023
2022
Ordinary shares
Issued and paid 1 January
258 278 937
233 536 669
25 828
23 354
1 542 880
1 383 817
Issued new share capital
18 518 519
24 742 268
1 852
2 474
497 976
597 526
Transaction cost
(25 846)
(6 134)
Other changes
Issued and paid, end of period
276 797 456
258 278 937
27 680
25 828
2 015 010
1 975 208
Transferred to share premium
(672 703)
(432 328)
Net total
1 342 308
1 542 880
The company does not hold any treasury shares. 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 2023
Number of
shares
Shareholding
HEXAGON COMPOSITES ASA
106 303 905
38.40%
CLEARSTREAM BANKING S.A.
37 583 055
13.58%
MITSUI & CO LTD
20 934 815
7.56%
FLAKK COMPOSITES AS
10 268 728
3.71%
MP PENSJON PK
8 589 094
3.10%
The Bank of New York Mellon SA/NV
5 469 001
1.98%
Citibank Europe plc
5 418 303
1.96%
DNB Markets Aksjehandel/-analyse
5 089 052
1.84%
Deutsche Bank Aktiengesellschaft
4 542 152
1.64%
DANSKE BANK
3 579 483
1.29%
J.P. MORGAN SECURITIES PLC
3 308 845
1.20%
BR\u00d8DR. B\u00d8CKMANN AS
2 688 996
0.97%
Nordnet Bank AB
2 088 067
0.75%
The Bank of New York Mellon SA/NV
2 057 142
0.74%
BNP Paribas
2 005 485
0.72%
VERDIPAPIRFONDET STOREBRAND NORGE
1 982 538
0.72%
N\u00d8DINGEN AS
1 727 673
0.62%
UBS Switzerland AG
1 602 336
0.58%
BNP Paribas
1 479 814
0.53%
CACEIS Investor Services Bank S.A.
1 431 472
0.52%
Total 20 largest shareholders
228 149 956
82.42%
Remainder
48 647 500
17.58%
Total
276 797 456
100.00%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "
Note 22 Share-based payment
Programs
As of 31 December 2023, the Company had four share-based long-term incentive plans outstanding consisting of
performance share units (PSU) and restricted share units (RSU).
Performance share units programs
All PSUs are non-transferable and will vest subject to satisfaction of the applicable vesting conditions. The actual
number of PSUs vested will depend on performance and can vary from zero to the maximum awarded PSUs in
each program.
One of the three PSU programs is an executive management investment program awarded at the time of the
Company\u2019s listing on Euronext Growth in 2020. Each eligible employee will at vesting date be entitled to up to
three new shares in the Company per share invested, 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.
The two other PSU programs give eligible employees the right to receive up to twice the number of Hexagon
Purus shares as corresponds to the number of PSUs vested on grant date, subject to satisfaction of the applicable
vesting conditions and share price development.
Restricted share units program
All RSUs are non-transferable and will vest subject to satisfaction of the applicable vesting conditions. The RSUs
are subject to continued employment three years after date of grant, and each participant will at such time
receive such number of Hexagon Purus shares as corresponds to the number of RSUs allocated to them.
The fair value of the RSUs and PSUs are calculated on the grant date, using Black-Scholes and Monte Carlo
simulation, and the cost is recognized over the service period. Cost of the RSU and PSU schemes, including social
security, was NOK 24.8 million full year in 2023 (NOK 15.8 million as of 31 December 2022). The unamortized fair
value of all outstanding RSUs and PSUs as of 31 December 2023 is estimated to be NOK 42.3 million (NOK 38.0
million).
There are no cash settlement obligations.
Performance share units\u2019 programs (PSUs)
Issued 2020
Issued 2022
Issued 2023
Opening balance, number of instruments
421 242
958 686
-
Grants
-
-
1 724 946
Lapsed/cancelled
-
-
(87 123)
Closing balance
421 242
958 686
1 637 823
Fair value \u2013 at grant date (NOK)
20.83
33.99
22.57
Vesting period
3 years
3 years
3 years
Expiry
Q1 2024
Q1 2025
Q1 2026
Restricted share units\u2019 programs (RSUs)
Issued 2020
Issued 2022
Issued 2023
Opening balance, number of instruments
695 621
85260
-
Grants
91 000
-
117 090
Lapsed/cancelled
(47 500)
(12 180)
(7 806)
Closing balance
739 121
73 080
109 284
Fair value \u2013 at grant date (NOK)
27.30
27.76
22.04
Vesting period
3 years
3 years
3 years
Expiry
Q1 2024
Q1 2025
Q1 2026
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "
Note 23 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 outstanding is
adjusted to accommodate all dilution effects associated with share options. All share options are taken into con-
sideration 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 converted at the grant date. Redeemed options are
included from the date of issue.
(NOK 1 000) Note 2023
2022
Profit/loss for the year flowing to holders of ordinary shares
Profit/loss for the year
(672 703)
(431 518)
Weighted average number of shares outstanding 31 December
Ordinary shares issued 1 January
23
258 278 937
233 536 669
Own shares
Issued new shares
18 518 519
24 742 268
Outstanding number of shares 31 December
276 797 456
258 278 937
Weighted average number of shares outstanding 31 December
1
276 797 456
258 278 937
Profit/loss per share
(2.43)
(1.67)
Diluted number of shares outstanding 31 December
Ordinary shares issued 1 January
23
258 278 937
233 536 669
Own shares
Issued new shares
18 518 519
24 742 268
Effect of employee options issued
Outstanding shares 31 December adjusted for dilution effects
276 797 456
258 278 937
Weighted average number of shares outstanding 31 December
adjusted for dilution effects
276 797 456
258 278 937
Diluted profit/loss per share
(2.43)
(1.67)
1
Weighted average number of shares 31 December represented by closing balance 31 December
There are 3 924 236 instruments (including contingently issuable shares), consisting of 906 485 RSUs and 3 017 751
PSUs, that could potentially dilute basic earnings per share in the future.
The subscribers in the Convertible Bond Private Placement issued in March 2023, will receive 100 million
non-transferrable warrants and 4.5 million non-transferrable additional warrants. All warrants will be issued
irrespectively of whether the full amount of the Convertible Bonds are subscribed. The warrants will be allocated
pro rata among the Convertible Bonds subscribers based on their Convertible Bonds allocation amount.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "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 outstanding is adjusted to accommodate all dilution effects associated with share options. All share options are taken into con- sideration 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 converted at the grant date. Redeemed options are included from the date of issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "
Note 24 Interest-bearing liabilities
(NOK 1 000) 2023
2022
Opening balance
44 030
55 761
Exchange difference
5 344
Repayment of loans
(20 000)
(11 731)
Transaction cost and accrued interest
62 834
-
Proceeds from new loans
506 591
-
Closing balance 31 December
598 799
44 030
Convertible debt issuance in Hexagon Purus ASA
In March 2023, Hexagon Purus ASA issued a 5-year unsecured convertible bond of NOK 800 million with 6% fixed
interest rate paid semi-annually in kind, through issuance of additional bonds. The conversion price of the bond
is set at NOK 33.75, and the conversion right can be exercised at any time between the loan issue and the last
conversion date which is set to 16 March 2028, being the date which is 5 years after the Shareholders\u2019 Meeting
that resolved the convertible bond. The convertible bond is a compound financial instrument which contains
an equity component and a debt component. Upon initial recognition, the debt component is calculated as
the discounted value of the bond assuming no conversion with an approximate market interest rate for similar
loans without the conversion feature as the discount rate. For calculation purposes, a 15% discount rate has been
applied, yielding a fair value of the debt component of NOK 521.648 million. The equity component equals the
residual difference between the fair value of the convertible bond at issuance of NOK 800 million and the fair
value of the debt component and amounts thus to NOK 278.352 million. Transaction costs related to the bond
issue amounted to NOK 23.091 million and have been capitalized pro rata between the debt and equity compo-
nent. See summarized table below.
Amount Amortized Carrying
Principal Transaction at initial Accumulated transaction amount
(NOK 1 000) amount costs recognition interests costs 31.12.2023
Liability component
521 648
(15 057)
506 591
61 225
1 609
569 425
Equity component
278 352
(8 034)
270 318
-
-
270 318
Total
800 000
(23 091)
776 909
61 225
1 609
839 743
Wystrach GmbH has three externally secured loans with Volksbank an der Niers eG and Deutsche Bank AG. The
loans have fixed interest rates, and maturity from 30.11.2025 to 30.03.2037. In addition there exists one overdraft
facilities of EUR 0.75 million. As of period end, there were no breaches of the financial covenant under the
financing facility agreement. Movements in the year on Non-current and Current loans were primarily due to
repayments and reclassifications.
Carrying amount
(NOK 1 000)
Interest rate
conditions
Currency
Maturity
2023
2022
Secured loans
Volksbank an der Niers eG
1.55%
EUR
30.09.2036
3 089
6 575
Deutsche Bank AG
1.96%
EUR
30.03.2037
-
12 983
Deutsche Bank AG
2.88%
EUR
30.06.2033
16 781
15 090
Deutsche Bank AG
1.79%
EUR
30.11.2025
7 292
4 710
Total non-current liabilities, not
including 1
st
year\u2019s instalments
27 163
39 358
As of 31 December 2023
(NOK 1 000) 2024
2025
2026
2027
2028
Thereafter
Repayments
structure for
non-current lia-
bilities (1
st
year as
current)
2 317
2 930
2 930
2 930
2 930
13 126
Reconciliation for liabilities arising from financing activities
(NOK 1 000)
Financial Lease
liabilities
liabilities
Total
Liabilities 1 January 2023
158 871
154 710
313 581
Financing activities with cash settlement
Repayment of loans and liabilities
(105 693)
-
(105 693)
Repayment of lease liabilities
-
(29 537)
(29 537)
Proceeds from loans and liabilities
776 909
-
776 909
Financing activities without cash settlement
Accrued interest and transaction cost
62 834
Equity component bond loan
(270 318)
(270 318)
New lease liabilities
437 431
437 431
Exchange differences
18 736
(4 536)
14 200
Balance 31 December 2023
641 339
558 068
1 136 573
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
-
-
-
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 25 Short-term interest-bearing loans
(NOK 1 000) 2023
2022
Short term loan
Secured current interest-bearing liabilities
Overdraft facility
-
-
1
st
year\u2019s instalments, non-current interest-bearing liabilities
2 317
4 673
Total
2 317
4 673
1
st
year\u2019s instalments, lease liabilities
39 930
22 230
The Group has overdraft facilities in two different banks in total EUR 0.75 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "Note 24 Interest-bearing liabilities
(NOK 1 000) 2023
2022
Opening balance
44 030
55 761
Exchange difference
5 344
Repayment of loans
(20 000)
(11 731)
Transaction cost and accrued interest
62 834
-
Proceeds from new loans
506 591
-
Closing balance 31 December
598 799
44 030
Convertible debt issuance in Hexagon Purus ASA In March 2023, Hexagon Purus ASA issued a 5-year unsecured convertible bond of NOK 800 million with 6% fixed interest rate paid semi-annually in kind, through issuance of additional bonds. The conversion price of the bond is set at NOK 33.75, and the conversion right can be exercised at any time between the loan issue and the last conversion date which is set to 16 March 2028, being the date which is 5 years after the Shareholders\u2019 Meeting that resolved the convertible bond. The convertible bond is a compound financial instrument which contains an equity component and a debt component. Upon initial recognition, the debt component is calculated as the discounted value of the bond assuming no conversion with an approximate market interest rate for similar loans without the conversion feature as the discount rate. For calculation purposes, a 15% discount rate has been applied, yielding a fair value of the debt component of NOK 521.648 million. The equity component equals the residual difference between the fair value of the convertible bond at issuance of NOK 800 million and the fair value of the debt component and amounts thus to NOK 278.352 million. Transaction costs related to the bond issue amounted to NOK 23.091 million and have been capitalized pro rata between the debt and equity compo- nent. See summarized table below.
Amount Amortized Carrying
Principal Transaction at initial Accumulated transaction amount
(NOK 1 000) amount costs recognition interests costs 31.12.2023
Liability component
521 648
(15 057)
506 591
61 225
1 609
569 425
Equity component
278 352
(8 034)
270 318
-
-
270 318
Total
800 000
(23 091)
776 909
61 225
1 609
839 743
Wystrach GmbH has three externally secured loans with Volksbank an der Niers eG and Deutsche Bank AG. The loans have fixed interest rates, and maturity from 30.11.2025 to 30.03.2037. In addition there exists one overdraft facilities of EUR 0.75 million. As of period end, there were no breaches of the financial covenant under the financing facility agreement. Movements in the year on Non-current and Current loans were primarily due to repayments and reclassifications. Carrying amount (NOK 1 000)
Interest rate
conditions
Currency
Maturity
2023
2022
Secured loans
Volksbank an der Niers eG
1.55%
EUR
30.09.2036
3 089
6 575
Deutsche Bank AG
1.96%
EUR
30.03.2037
-
12 983
Deutsche Bank AG
2.88%
EUR
30.06.2033
16 781
15 090
Deutsche Bank AG
1.79%
EUR
30.11.2025
7 292
4 710
Total non-current liabilities, not
including 1
st
year\u2019s instalments
27 163
39 358
As of 31 December 2023
(NOK 1 000) 2024
2025
2026
2027
2028
Thereafter
Repayments
structure for
non-current lia-
bilities (1
st
year as
current)
2 317
2 930
2 930
2 930
2 930
13 126
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "Note 25 Short-term interest-bearing loans
(NOK 1 000) 2023
2022
Short term loan
Secured current interest-bearing liabilities
Overdraft facility
-
-
1
st
year\u2019s instalments, non-current interest-bearing liabilities
2 317
4 673
Total
2 317
4 673
1
st
year\u2019s instalments, lease liabilities
39 930
22 230
The Group has overdraft facilities in two different banks in total EUR 0.75 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "Note 26 Other current liabilities
(NOK 1 000) 2023
2022
Public duties payable
7 996
679
Accrued expenses and other current liabilities
73 274
70 976
Other current liabilities
50 442
25 043
Total
131 712
96 699
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "
Note 27 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, and as of
31 December 2022 Hexagon Purus ASA was owned 73 per cent of Hexagon Composites ASA. During 2023 there
has been a capital raise in Hexagon Purus ASA and Hexagon Composites ASA distributed Hexagon Purus ASA
shares as dividend in kind July 2023, resulting in an ownership of 38.4 per cent as of 31 December 2023. The
cooperation has included 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. As a result of the deconsolidation in July 2023, Hexagon Purus ASA
independently manages all key management functions. All the transactions are carried out as part of normal
business and at arm\u2019s length prices and terms.
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 2023 and 31 December 2022.
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 including
interest to Cryoshelter LH2 GmbH amounts to NOK 34 249 thousand at 31.12.2023.
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)
2023
2022
Sales revenue
42 311
42 610
Cost of materials
583 943
215 048
Other operating expenses
39 461
65 608
Interest expenses from related parties
1 525
118
The balance sheet includes the following amounts resulting from
transactions with Hexagon Composites ASA Group
(NOK 1 000) 2023
2022
Trade receivables
10 442
42 760
Trade payables
157 908
83 607
Remuneration of the board and management
2023
Value of Total
Salaries Benefits Paid pension vested remuneration
NOK 1 000
and fees
Bonuses
1
in kind premium instruments 2023
Executive
management
21 733
9 775
285
1 642
12 323
45 758
Board of directors
2 548
2 548
Total remuneration
24 281
9 775
285
1 642
12 323
48 306
2022
Value of Total
Salaries Benefits Paid pension vested remuneration
NOK 1 000
and fees
Bonuses
1
in kind premium instruments 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
1
Bonuses earned in the financial year.
The Executive Team was extended during 2022 implying the numbers are not directly comparable.
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 20 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 31.12.2023 the Group President holds 131 (115) thousand shares, has 370 (234) 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), and 165 (65)
thousand provisional performance share units (PSUs) outstanding as per 31.12.2023.
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
2023
2022
Espen Gundersen (Chairman)
1
45 619
20 619
Jon Erik Engeset
2
199 473
60 518
Rick Rashilla
67 362
54 587
Knut Flakk
3
na
4 781 061
Karen Romer
5
na
2 334
Martha Kold Bakkevig
4 124
4 124
Jannicke Hilland
3
na
10 309
Liv Fiksdahl 4
-
na
Susana Quintana-Plaza
4
-
na
Hidetomo Araki
4
-
na
1
Chairman of the board from 25 May 2023, Board member until 25 May 2023
2
Board member from 25 May 2023, Chairmen of the board until 25 May 2023
3
Board member until 16 Mach 2023
4
Board member from 25 May 2023
5
Board member until 25 May 2023
Shares held by key management personnel
2023
2022
Morten Holum - President and CEO
130 646
115 708
Salman Alam - CFO
8 247
8 247
Dilip Warrier - EVP Strategic Projects
8 559
-
Michael Kleschinski - EVP Light duty, Distribution & Cylinders
112 000
71 065
Todd Sloan - EVP Systems
69 759
45 787
Anne Lise Hjelseth - EVP People & Culture
41 237
41 237
Heiko Chudzick - EVP Operations
61 060
20 619
Frank H\u00e4berli - SVP Asia
60 664
60 664
Expensed auditor fees were divided among the following services (excl. VAT)
(NOK 1 000) 2023
2022
Statutory audit and auditing-related services
5 390
3 854
Other attestation services
95
-
Tax advice
1 295
1 543
Other non-auditing services
-
17
Total
6 780
5 414
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "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, and as of 31 December 2022 Hexagon Purus ASA was owned 73 per cent of Hexagon Composites ASA. During 2023 there has been a capital raise in Hexagon Purus ASA and Hexagon Composites ASA distributed Hexagon Purus ASA shares as dividend in kind July 2023, resulting in an ownership of 38.4 per cent as of 31 December 2023. The cooperation has included 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. As a result of the deconsolidation in July 2023, Hexagon Purus ASA independently manages all key management functions. All the transactions are carried out as part of normal business and at arm\u2019s length prices and terms. 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 2023 and 31 December 2022. 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 including interest to Cryoshelter LH2 GmbH amounts to NOK 34 249 thousand at 31.12.2023. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "Hexagon Composites ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "Hexagon Composites ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "Remuneration of the board and management 2023
Value of Total
Salaries Benefits Paid pension vested remuneration
NOK 1 000
and fees
Bonuses
1
in kind premium instruments 2023
Executive
management
21 733
9 775
285
1 642
12 323
45 758
Board of directors
2 548
2 548
Total remuneration
24 281
9 775
285
1 642
12 323
48 306
2022
Value of Total
Salaries Benefits Paid pension vested remuneration
NOK 1 000
and fees
Bonuses
1
in kind premium instruments 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
1 Bonuses earned in the financial year. The Executive Team was extended during 2022 implying the numbers are not directly comparable. 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 20 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 31.12.2023 the Group President holds 131 (115) thousand shares, has 370 (234) 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), and 165 (65) thousand provisional performance share units (PSUs) outstanding as per 31.12.2023. 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
2023
2022
Espen Gundersen (Chairman)
1
45 619
20 619
Jon Erik Engeset
2
199 473
60 518
Rick Rashilla
67 362
54 587
Knut Flakk
3
na
4 781 061
Karen Romer
5
na
2 334
Martha Kold Bakkevig
4 124
4 124
Jannicke Hilland
3
na
10 309
Liv Fiksdahl 4
-
na
Susana Quintana-Plaza
4
-
na
Hidetomo Araki
4
-
na
1 Chairman of the board from 25 May 2023, Board member until 25 May 2023 2 Board member from 25 May 2023, Chairmen of the board until 25 May 2023 3 Board member until 16 Mach 2023 4 Board member from 25 May 2023 5 Board member until 25 May 2023
Shares held by key management personnel
2023
2022
Morten Holum - President and CEO
130 646
115 708
Salman Alam - CFO
8 247
8 247
Dilip Warrier - EVP Strategic Projects
8 559
-
Michael Kleschinski - EVP Light duty, Distribution & Cylinders
112 000
71 065
Todd Sloan - EVP Systems
69 759
45 787
Anne Lise Hjelseth - EVP People & Culture
41 237
41 237
Heiko Chudzick - EVP Operations
61 060
20 619
Frank H\u00e4berli - SVP Asia
60 664
60 664
Expensed auditor fees were divided among the following services (excl. VAT)
(NOK 1 000) 2023
2022
Statutory audit and auditing-related services
5 390
3 854
Other attestation services
95
-
Tax advice
1 295
1 543
Other non-auditing services
-
17
Total
6 780
5 414
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "Expensed auditor fees were divided among the following services (excl. VAT)
(NOK 1 000) 2023
2022
Statutory audit and auditing-related services
5 390
3 854
Other attestation services
95
-
Tax advice
1 295
1 543
Other non-auditing services
-
17
Total
6 780
5 414
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "
Note 28 Income tax
Tax expense
(NOK 1 000)
2023
2022
Income tax payable in the income statement
1 770
122
Change in deferred tax in income statement
(6 063)
(6 688)
Foreign exchange translation effects on tax expense
(3 501)
(2 815)
Tax expense
(7 793)
(9 380)
Income tax payable in the balance sheet
509
3 290
Prepaid tax abroad in the balance sheet
33
8
Settled tax not paid
(509)
(3 173)
FX translation effects
29
(3)
Other effects
1 708
(3)
Total income tax payable in the income statement
1 770
122
Nominal tax rates in Norway
22%
22%
Profit before tax
(691 310)
(440 898)
Tax based on nominal tax rate in Norway
(152 088)
(96 998)
Varying foreign tax rates vs. Norwegian tax rate
(29 231)
(19 839)
Other non-taxable income and non-taxable expenses
(168)
4 633
Deferred tax asset not recognized in statement of financial position
171 086
114 341
Other differences relating to foreign subsidiaries
(384)
(305)
Share of profit/loss from associates
2 992
(11 213)
Tax expense from prior periods
-
-
Tax expense in income statement
(7 793)
(9 380)
Deferred tax assets and deferred tax liabilities
Balance sheet
Change in deferred tax in income statement
(NOK 1 000)
2023
2022
2023
2022
Deferred tax asset
Loss carried forward
(346 959)
(216 049)
(130 910)
(73 000)
Property, plant & equipment
9 012
-
9 012
-
Intangible assets
12
-
12
-
Inventories
(6 429)
(8 246)
1 817
(7 731)
Trade receivables
(163)
-
(163)
-
Provisions for liabilities/other current liabilities
(7 547)
(7 419)
(128)
(4 137)
Other
(8 143)
(5 085)
(2 088)
(1 122)
Deferred tax asset\u2013 gross
(360 217)
(236 799)
(122 448)
(85 990)
Reduction of tax assets due to uncertainty
360 217
232 208
128 010
83 588
Deferred tax assets - net carrying amount
-
(4 591)
5 562
(2 401)
Deferred tax liabilities
Property, plant & equipment
756
4 039
(3 283)
2 133
Intangible assets
38 052
44 090
(6 038)
(6 395)
Trade receivables
-
737
(737)
(2)
Pensions (overfunded)
-
-
-
(18)
Provisions for liabilities/other current liabilities
(298)
1 268
(1 567)
(4)
Deferred tax liabilities \u2013 gross
38 510
50 134
(11 624)
(4 285)
Net recognized deferred tax liabilities/assets (-)
38 510
45 543
(6 063)
(6 688)
Carrying amounts
Deferred tax asset
-
-
-
-
Deferred tax liabilities
38 510
45 543
-
-
Net recognized deferred tax assets/ deferred tax liabilities
38 510
45 543
-
-
The Group has a total loss carry forward of NOK 1 864 million (NOK 1 171 ) as of 31 December 2023, of which MNOK 852 (MNOK 592) are related to foreign activities. The loss carry forward are indefinitely, except for MNOK 10 in North America expiring in 2038. 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) 2023
2022
Actuarial gains/losses, pensions
-
-
Derivatives
-
-
Total
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "Note 28 Income tax Tax expense
(NOK 1 000)
2023
2022
Income tax payable in the income statement
1 770
122
Change in deferred tax in income statement
(6 063)
(6 688)
Foreign exchange translation effects on tax expense
(3 501)
(2 815)
Tax expense
(7 793)
(9 380)
Income tax payable in the balance sheet
509
3 290
Prepaid tax abroad in the balance sheet
33
8
Settled tax not paid
(509)
(3 173)
FX translation effects
29
(3)
Other effects
1 708
(3)
Total income tax payable in the income statement
1 770
122
Nominal tax rates in Norway
22%
22%
Profit before tax
(691 310)
(440 898)
Tax based on nominal tax rate in Norway
(152 088)
(96 998)
Varying foreign tax rates vs. Norwegian tax rate
(29 231)
(19 839)
Other non-taxable income and non-taxable expenses
(168)
4 633
Deferred tax asset not recognized in statement of financial position
171 086
114 341
Other differences relating to foreign subsidiaries
(384)
(305)
Share of profit/loss from associates
2 992
(11 213)
Tax expense from prior periods
-
-
Tax expense in income statement
(7 793)
(9 380)
Deferred tax assets and deferred tax liabilities
Balance sheet
Change in deferred tax in income statement
(NOK 1 000)
2023
2022
2023
2022
Deferred tax asset
Loss carried forward
(346 959)
(216 049)
(130 910)
(73 000)
Property, plant & equipment
9 012
-
9 012
-
Intangible assets
12
-
12
-
Inventories
(6 429)
(8 246)
1 817
(7 731)
Trade receivables
(163)
-
(163)
-
Provisions for liabilities/other current liabilities
(7 547)
(7 419)
(128)
(4 137)
Other
(8 143)
(5 085)
(2 088)
(1 122)
Deferred tax asset\u2013 gross
(360 217)
(236 799)
(122 448)
(85 990)
Reduction of tax assets due to uncertainty
360 217
232 208
128 010
83 588
Deferred tax assets - net carrying amount
-
(4 591)
5 562
(2 401)
Deferred tax liabilities
Property, plant & equipment
756
4 039
(3 283)
2 133
Intangible assets
38 052
44 090
(6 038)
(6 395)
Trade receivables
-
737
(737)
(2)
Pensions (overfunded)
-
-
-
(18)
Provisions for liabilities/other current liabilities
(298)
1 268
(1 567)
(4)
Deferred tax liabilities \u2013 gross
38 510
50 134
(11 624)
(4 285)
Net recognized deferred tax liabilities/assets (-)
38 510
45 543
(6 063)
(6 688)
Carrying amounts
Deferred tax asset
-
-
-
-
Deferred tax liabilities
38 510
45 543
-
-
Net recognized deferred tax assets/ deferred tax liabilities
38 510
45 543
-
-
The Group has a total loss carry forward of NOK 1 864 million (NOK 1 171 ) as of 31 December 2023, of which
MNOK 852 (MNOK 592) are related to foreign activities. The loss carry forward are indefinitely, except for
MNOK 10 in North America expiring in 2038.
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) 2023
2022
Actuarial gains/losses, pensions
-
-
Derivatives
-
-
Total
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "Deferred tax assets and deferred tax liabilities
Balance sheet
Change in deferred tax in income statement
(NOK 1 000)
2023
2022
2023
2022
Deferred tax asset
Loss carried forward
(346 959)
(216 049)
(130 910)
(73 000)
Property, plant & equipment
9 012
-
9 012
-
Intangible assets
12
-
12
-
Inventories
(6 429)
(8 246)
1 817
(7 731)
Trade receivables
(163)
-
(163)
-
Provisions for liabilities/other current liabilities
(7 547)
(7 419)
(128)
(4 137)
Other
(8 143)
(5 085)
(2 088)
(1 122)
Deferred tax asset\u2013 gross
(360 217)
(236 799)
(122 448)
(85 990)
Reduction of tax assets due to uncertainty
360 217
232 208
128 010
83 588
Deferred tax assets - net carrying amount
-
(4 591)
5 562
(2 401)
Deferred tax liabilities
Property, plant & equipment
756
4 039
(3 283)
2 133
Intangible assets
38 052
44 090
(6 038)
(6 395)
Trade receivables
-
737
(737)
(2)
Pensions (overfunded)
-
-
-
(18)
Provisions for liabilities/other current liabilities
(298)
1 268
(1 567)
(4)
Deferred tax liabilities \u2013 gross
38 510
50 134
(11 624)
(4 285)
Net recognized deferred tax liabilities/assets (-)
38 510
45 543
(6 063)
(6 688)
Carrying amounts
Deferred tax asset
-
-
-
-
Deferred tax liabilities
38 510
45 543
-
-
Net recognized deferred tax assets/ deferred tax liabilities
38 510
45 543
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "
Note 29 Government grants
(NOK 1 000)
2023
2022
Governmental grants related to income
Governmental grants presented as income
-
1 602
Governmental grants reducing R&D personnel cost
-
336
Governmental grants presented as general cost reduction
8 247
493
Total governmental grants related to income
8 247
2 431
Grant total governmental grants received
8 247
2 431
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "
Note 30 Purchasing commitments
The Group has the following commitments resulting from purchasing materials
(NOK 1 000) 2023
2022
First year
262 135
-
Second year
349 931
-
Thereafter
-
-
Total
612 066
-
The Group has the following commitments resulting from facility construction
(NOK 1 000) 2023
2022
First year
98 650
93 342
Second year
-
-
Thereafter
-
415
Total
98 650
93 757
The Group has the following commitments resulting from leases
(NOK 1 000) 2023
2022
First year
78 313
33 950
Second year
83 384
40 746
Thereafter
645 251
138 293
Total
806 948
212 989
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "Note 30 Purchasing commitments The Group has the following commitments resulting from purchasing materials
(NOK 1 000) 2023
2022
First year
262 135
-
Second year
349 931
-
Thereafter
-
-
Total
612 066
-
The Group has the following commitments resulting from facility construction
(NOK 1 000) 2023
2022
First year
98 650
93 342
Second year
-
-
Thereafter
-
415
Total
98 650
93 757
The Group has the following commitments resulting from leases
(NOK 1 000) 2023
2022
First year
78 313
33 950
Second year
83 384
40 746
Thereafter
645 251
138 293
Total
806 948
212 989
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300CM3T0GK8X3FW75", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }