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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300EW945NUS7PK214", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f6959": { "value": "382255000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "s6_notes__7__5": { "value": "HydrogenPro ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__7": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__8": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__6": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__9": { "value": "Hydrovegen 6, 3933 Pors-grunn, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__10": { "value": "HydrogenPro ASA designs and supplies large scale hydrogen production plants in cooper-ation with global partners and suppliers.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__12": { "value": "HydrogenPro ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__11": { "value": "global", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__16": { "value": "The consolidated financial statements of HydrogenPro ASA for the fiscal year 2022 were approved in the board meeting at 30.03.2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__15": { "value": "NOTE 1.1 CORPORATE INFORMATIONHydrogenPro ASA (\u201cthe Company\u201d) is a public limited company, incorporated in Norway, headquartered in Porsgrunn and listed on Oslo Stock Exchange, Address headquarters: Hydrovegen 6, 3933 Pors-grunn, Norway.HydrogenPro ASA designs and supplies large scale hydrogen production plants in cooper-ation with global partners and suppliers. Our core product is the alkaline high-pressure electrolyser. The company was founded in 2013 by individuals with background from the electrolysis industry. We are an experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry.Our advanced electrode technology ena-bles us to increase the efficiency of each unit by 14%., hence reducing electricity cost with 14%. This is a significant step forward as the cost of electric power, depending on market prices, amounts to 70-90% of the total cost of producing hydrogen. The value of such increased efficiency equals approximately the invest-ment cost for the entire plan in a Total cost of Operation perspective. Unlike traditional alkaline systems, our high-pressure units (up to 30 bar) save compression cost and are superbly suited for variable loads from solar panels and wind turbines. Thus, we compare favour-able to alternative technologies. We are able to produce hydrogen at a lower cost, without using noble or scarce metals, while using renewable energy sources. HydrogenPro ASA is listed on Oslo Stock Ex- change under the ticker \u201cHYPRO\u201c.The consolidated financial statements of HydrogenPro ASA for the fiscal year 2022 were approved in the board meeting at 30.03.2023.NOTE 1.2 BASIS OF PREPARATIONThe consolidated financial statements of HydrogenPro ASA and its subsidiaries (collectively \u201cthe Group\u201d, or \u201cHydrogenPro\u201d) comprise consolidated statement of com-prehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity and related notes.The group\u2019s consolidated financial state-ments have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the Euro-pean Union (EU.The consolidated financial statements have been prepared on a historical cost basis except the convertible rights to DG Fuels, which is recognized at fair value. (Note 3.4)Further, the consolidated financial state-ments are prepared based on the going concern assumption.The consolidated financial statements are presented in Norwegian kroner (\u201cNOK\u201d). For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. HydrogenPro ASA has Norwegian krone (\u201cNOK\u201d) as its functional currency. For presentation purposes, balance sheet items are translated from functional currency to presentation currency by using exchange rates at the reporting date. Items within total comprehensive income are translated from functional currency to presentation currency by applying yearly average exchange rates. The resulting translation differences are recognized in other comprehensive income.All values are rounded to the nearest thou-sand, unless when indicated otherwise. As a result of rounding differences numbers of percentages may not add up to the total.NOTE 1.3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the consolidated financial statements in accordance with IFRS and applying the chosen accounting policies requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.The estimates and associated assumptions are based on historical experience and various other factors that are believed to bereasonable under the circumstances. Actualresults may ditfer from these estimates. Theestimates and the underlying assumptions are reviewed on an ongoing basis.The accounting policies applied by manage-ment which includes a significant degree of estimates and assumptions or judgments that may have the most significant effect on the amounts recognized in the financial statements, are summarized below: \u25a0 Revenue recognition from contracts with customers (note 2.2) \u25a0 Estimating fair value for share-based payments transactions (note 2.4) \u25a0 Value in use calculation in relation to impairment testing of goodwill (note 3.1) \u25a0 Estimating fair value for convertible rights (note 3.4) A detailed description of the significant estimates and assumptions are included inthe individual note referenced above.NOTE 1.4 GENERAL ACCOUNTING POLICIESHydrogenPro has selected a presentation inwhich the description of accounting policiesas well as estimates, assumptions and judgemental considerations are disclosed in the accounting policy note. If not, it is disclosed in the specific notes to which the policies relate. A thorough summary of the Group\u2019s general accounting policies not dis-closed in the notes, are presented below:ConsolidationSubsidiaries are all entities which the Grouphas control. Control of an entity occurs when the Group is exposed to, or has rightsto, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the day on which control is transferredto the Group. They are also eventual decon-solidated from the date that control ceases.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unre-alised losses are also eliminated. When necessary, amounts reported by subsidiar-ies have been adjusted to conform with theGroup\u2019s accounting principles.Non-controlling interestNon-controlling interest is when less than 100 % of the interest is acquired in an entity. Non-controlling interest is recog-nised and measured at the proportional share of net identifiable assets. Current versus non-current classificationThe Group presents assets and liabilities inthe statement of financial position based on current/ non-current classification.An asset is current when it is: \u25a0 Expected to be realized or intended to be sold or consumed in the normal operating cycle, \u25a0 Held primarily for the purpose of trading, \u25a0 Expected to be realized within twelve months after the reporting period, or \u25a0 Cash or cash equivalent unless 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.A liability is current when: \u25a0 It is expected to be settled in the normal operating cycle, \u25a0 It is held primarily for the purpose of trading, \u25a0 It is due to be settled within twelve months after the reporting period, or \u25a0 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non-current.Deferred tax assets and liabilities are classi-fied as non-current assets and liabilities.Statement of cash flowsThe consolidated statement of cash flows is prepared using the indirect method.Transactions and balances in foreign currencyForeign currency transactions are trans-lated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in profit or loss.Revenue recognitionThe revenue in HydrogenPro is from sale of both hydrogen electrolyser systems and engineering services, including installation, commissioning, and long-term service agreements. Project execution is key in HydrogenPro\u2019s construction projects.The group\u2019s revenues result from the sale of goods or services and reflect the consider-ation to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transac-tion price, allocates the contract transaction price to the performance obligations and recognises the revenue when (or as) the performance obligations are satisfied.Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method to deter-mine the percentage of completion. This method includes adjustments of time and goods that are delivered to the customer. Contract costs are expensed as incurred.The Group applied the following judge-ments that significantly affect the determi-nation of the timing of revenue recognition and amounts of revenue contracts with customers:Performance obligationsIn determining whether revenue from specific contract can be classified as customised and in turn recognised using a progress-based measurement, several criteria must be evaluated.The first criterion is related to alternative use. Manufacturing a customised prod-uct or piece of equipment for a specific customer that would require significant cost to modify to be able to transfer it to another a customer, then the contract would likely meet the criteria of alternate use. The other important criterion is that an enforceable right to payment exists in the contract between the group and the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, the group should be able to recover costs incurred and a reasonable margin.Total contract costsIn a customised customer project, Hydrogen Pro uses cost-to-cost input method when measuring progress; thus, the total cost estimates can significantly impact measured progress and revenue recognition. The total project cost com-prises estimates on the ability to execute the planned engineering and design phase, the availability of skilled resources, perfor-mance of subcontractors, foreign currency and HydrogenPro\u2019s manufacturing capacity,productivity and quality.Amount \u2013 Liquidated damages (LDs)LDs are penalties for not achieving defined milestones on time. LDs are common in construction contracts. As the payment to the customer is not in exchange for a distinct good or service that transfers to HydrogenPro, LDs must be accounted for as a reduction revenue. If a project does not meet the defined milestone in a con-tract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The esti-mated LD provision is highly judgemental. HydrogenPro estimates variable considera-tion using the most likely amount.Type of goods or servicesThe group generates revenue from customer contracts from two principal sources: i) Equipment and projects and ii) R&D, FEED-studies, service and after-market. The equipment and projects sales are generated from both standard and cus-tomised electrolysers and gas separators.In the event, the company deliver on standard equipment, the group recognises revenue at the point in time at which it satisfies a performance obligation by trans-ferring the control of a good or service to the customer. Generally, this upon agreed incoterms, which is mainly at shipment. The customer has control of a good or service when it has the ability to direct the use of and obtain substantially all of the remain-ing benefits from the good or service.Most of HydrogenPro\u2019s revenue until now stems from sale of customisation of the equipment. Such sale of customised equip-ment is recognised as revenue over-time if the equipment cannot be sold to other customers without significant re-work and HydrogenPro has an enforceable right to payment for performance completed to date.Electrolyser systemsRevenue from sale of customised equip-ment and projects is determined to be a bundle of goods where all of the compo-nents constitute the combined output, i.e. one performance obligation. The perfor-mance obligation is satisfied over time and HydrogenPro recognise revenue over the period the performance obligation is satisfied, using a cost-to-cost input method that best depicts the pattern of the transfer of control over time. The progress-based measurement of revenue has been the main method of recognising revenue from electrolyser projects of large- scale electro-lyser systems.Engineering servicesRevenue from engineering services such as design, documentation, drawings for cus-tomers can either be recognised over-time measuring progress using input method cost-to-cost, or at point- in time, where the performance obligation is put to an hour-by-hour basis.For both revenue streams, if there are circumstance that the unavoidable costs directly related to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be rec-ognised in its entirety in the period when such loss is identified.Contract balancesEquipment contracts with a customer will usually have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical milestone structure could be contract acceptance, placement of major supplier purchases, delivery/ shipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liabil-ity. Or, in the opposite event, 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 recognised for the earned consideration that is conditional.A contract asset is the right to consider-ation in exchange for goods or services transferred to the customer. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recog-nised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress bill-ings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consid-eration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers.A contract liability is the obligation to transfer goods or services to a customer for which the group has received consid-eration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group trans-fers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recog-nised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.Please find illustrative tables from the nature of revenues for HydrogenPro in Note 2.2.LeasesThe group recognises right-of-use assets and lease liabilities for all lease contracts, except leases that are considered short-term (lease term of 12 months or less), or for which underlying assets are of a low value when new.Right-of-use assetsThe group recognises right-of-use asset at the lease commencement date. The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the com-mencement date, adjusted for initial direct costs and lease incentives received. The right-of-use assets are subsequently depre-ciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the right-of-use assets are reduced by any impairment charges and adjusted for cer-tain remeasurements of the lease liabilities.Lease liabilitiesThe group recognises a lease liability at the lease commencement date. The lease liabilities are measured at the present value of future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group\u2019s incremental borrowing rate. HydrogenPro utilises the incremental bor-rowing rate as the discount rate for virtually all lease agreements. Lease payments included in the measurement of the lease liabilities comprise the following: \u25a0 Fixed lease payments, less any lease incentives received \u25a0 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the com-mencement dateThe lease liability is subsequently meas-ured 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 reassess-ment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in and index or rate.The Group presents its lease liabilities as separate line items in the consolidated statement of financial position.The Group does not act as a lessor. See note 12 for more information.Share-based paymentsShare-based compensation benefits are provided to employees via the share option plan. Information relating to the options scheme is set out in note 2.4.The employee option plan is regarded as equity settled share-based payments. The fair value of options granted under the share option plan is recognised as an employee benefits expense or other operating cost (if it is given to external consultants) with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted.The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service condi-tions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.For further information refer note 2.4 (Per-sonnel expenses).Income taxThe tax expense in the consolidated state-ment of comprehensive income 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: \u25a0 temporary differences linked to goodwill that are not tax deductible \u25a0 temporary differences related to invest-ments 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 recognised when it is probable that the company will have sufficient profit in the future to utilise the deferred tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates applicable to the com-panies in the Group where temporary differences have arisen.Deferred tax and deferred tax assets are recognised at their nominal value and clas-sified as non-current assets and/or current liabilities in the consolidated statement of financial position.Taxes payable and deferred taxes are rec-ognised directly in equity to the extent that they relate to equity transactions.Deferred tax liabilities and assets are offset if \u25a0 The entity has a legally enforceable right to set off current tax liabilities and assets; and \u25a0 The deferred tax liabilities and assets relate to income taxes levied by the same authority on either the same tax-able entity, or on difference taxable enti-ties, but these entities intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously. See note 2.8 for tax.Property, plant and equipmentsProperty, plant and equipments are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recog-nised in the statement of comprehensive income.The depreciation period and method are assessed each year.Assets under construction are classified as non-current assets and recognised at cost until the production or development pro-cess is completed. Assets under construc-tion are not depreciated until the asset is taken into use.Intangible assetsGoodwillGoodwill acquired through business com-binations is included in intangible assets. Goodwill is recorded at cost less accumu-lated impairment losses and is subject to annual impairment testing or more frequently if events or changes in circum-stances indicate that it might be impaired. Research and developmentResearch costs related to internal projects is recognised in profit or loss as incurred. Development costs is capitalised only if the expenditure attributable to the intangible asset can be measured reliably and there is an intention and ability to complete and make the intangible asset commercially available for sale or own use which will gen-erate probable future economic benefits. If condition for capitalisation is not met, the costs is recognised in profit or loss as incurred. Subsequent to initial recognition intangible assets is measured at cost less accumulated amortisation and any accu-mulated impairment loss. Patents, licenses and technologyPatents, licenses and technology acquired is measured at cost less accumulated amortisation and any accumulated impair-ment loss. Amortisation methods Refer to note 3.1 for details about amorti-sation methods. Business combinations The acquisition of subsidiaries is accountedfor using the acquisition method. Identifi-able assets, liabilities and contingent liabil-ities that meet the conditions for recogni-tion are recognized at their fair values at the acquisition date. The acquisition date is the date when the acquirer obtains control of the acquiree. Any contingent consid-eration will be recognized at fair value at the acquisition date. Additional value that cannot be allocated to identifiable assets and liabilities are allocated to goodwill. Non-controlling interest is measured basedon the proportionate interest in the recog-nized amount of the identifiable net asset. Acquisition-related costs incurred are ex pensed and included in operating expenses. Government grantsGovernment grants are recognized when it is reasonably certain that the group will meet the conditions stipulated for the grants and that the grants will be received. Government grants related to construction of an asset is recognized as reduction of the acquisition cost. Grants related to R&D project that are expended are recognizes as a reduction of cost. Financial instrumentsA 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 and financial liabilities are recognized in the Group\u2019s statement of financial position when The Group becomes a party to the contractual provi-sions of the instrument.The Group\u2019s financial instruments are grouped as: \u25a0 Financial assets: Other non-current receivables, Convertible receivables, Trade receivables and Cash and cash equivalents. \u25a0 Financial liabilities: Non-current lease liabilities, Trade payables, Current lease liabilities.The carrying amount of the Group\u2019s financial assets and liabilities are presented in note 6,1 (Financial instruments), along with descriptions of the key risk areas and exposure for HydrogenPro.Measurement of financial instrumentsFinancial instruments are measured at amor-tised cost or fair value through profit or loss. Financial assets are measured at amortised cost if the objective is to hold and collect contractual cash flows and contractual cash flows consist solely of principal and interest on the principal amount outstanding. If both conditions are not met, the financial asset is measured at fair value trough profit or loss. Measurements of financial assets at fair value through profit or loss is based on the fair value hierarchy: \u25a0 Level 1: Fair value is measured using quoted prices from active markets for identical assets and obligations. \u25a0 Level 2: Fair value is decided by using input based on other observable factors; either direct (price) or indirect (derived from prices) rather than noted prices (used in level 1) for the asset or obliga-tion. \u25a0 Level 3: Fair value is measured using inputs that are not based on observable market data. Refer to note 3.4 for classification of finan-cial assets in the fair value hierarchy.Financial liabilities are initially measured at fair value of the amount required to settle the associated obligation. Subsequently the financial liabilities are measured at amortized cost using the effective interest rate method.Cash and cash equivalentsCash includes 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.In the statement of cash flows, the over-draft facility is stated minus the balance of cash and cash equivalents.EquityFinancial instruments are classified as liabilities or equity in accordance with the underlying economic realities.Interest, dividend, gains and losses relating to a financial instrument classi-fied 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.Cost of equity transactionsTransaction costs directly related to an equity transaction are recognised directly in equity after deducting tax expenses.Translation differencesTranslation differences arise in connection with exchange-rate differences of consoli-dated foreign entities.Exchange-rate in monetary amounts (lia-bilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as transla-tion differences.InventoriesThe group have recognised inventory in 2022. These are measured and valued at the lower of cost or net realisable value. Net realisable value is the estimated future sales price of the product the group expects to realise when the product is processed and sold, less estimated costs to complete production and bring the product to sale.ProvisionsThe group recognise a provision when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is signifi-cant, provisions are calculated by discount-ing expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Onerous contractsAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.Social security share optionsSocial security stock options are the provi-sion for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and the share price. See note 18 for further infor-mation on share option program.Earnings per shareEarnings per share are calculated by dividing the profit/loss for the year by the corresponding weighted average of the number of outstanding shares during the reporting period. \u2018Diluted earnings per share\u2019 is based on the same calculation as for earnings per share, but it also considers all potential shares with dilutive effect that have been outstanding during the period. Potential shares relate to agreements that confer the right to issue shares in future. Options are excluded if their effect would have been anti-dilutive.Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the average number of shares outstanding.See note 6.4 for more details about earn-ings per share.Going concern The consolidated financial statement is presented on the going concern assump-tion under International Financial Reporting Standards. As per the date of this report the group has sufficient working capital for its planned business activities over the next twelve-month period. The Board of Directors confirmed on this basis that the going concern assumption is valid, and that financial statements are pre-pared in accordance with this assumption.Events after the reporting periodNew 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 company\u2019s financial position in the future are disclosed if significant. For further information refer to the Board of Directors report regarding:* The 20th of March, HydrogenPro announced our plans to expand in the US with a new plant in Texas with a manufac-turing capacity of 500 MW. NOTE 2.1 OPERATIONAL SEGMENTS Operating segments are identified on the basis of internal reports that the entity\u2019s Chief Operating Decision Maker (CODM) regularly reviews in allocating resources to segment and in assessing their performance. The CODM is defined as the executive management group. For HydrogenPro Group the business is treated as one single operating segment. This is consistent with internal reporting provided to the CODM. Fixed assets and right of use assets by geography Property, Intangible plant and Right of NOK \u2019000 assets equipment use assets Norway 9 393 5 708 1 423 Europe 33 087 18 673 980 Asia Pacific 21 935 31 156 15 222 Carrying amount at 31.12.2022 64 415 55 537 17 625 Property, Intangible plant and Right of NOK \u2019000 assets equipment use assets Norway 11 741 6 401 2 975 Europe 37 229 16 236 0 Carrying amount at 31.12.2021 48 970 22 637 2 975 Refer to note 2.2 for revenue presented by segments.NOTE 2.2 REVENUE FROM CONTRACTS WITH CUSTOMERS The Group recognise revenue according to IFRS 15 and applies the following judgement that significantly affect the determination of tim-ing and amounts of revenue from contracts with customer: Each contract is assessed with respect to whether the revenue can be classified as customised and in turn recognised using percentage of completion method. There are several criteria that must be evaluated. Alternative use: If the product made for a specific customer require significant cost to modify to be able to transfer it to another customer, the contract would likely meet the criteria of alternate use.Enforceable right to payment: If the contract gives the Group right to payment that recover costs incurred and a reasonable margin upon termination, the contract would likely meet the criteria of enforceable right to payment. To determine the revenue from contracts recognised as customised HydrogenPro use the percentage of completion method. The degree of completion is calculated as expenses incurred as a percentage of estimated total expenses. Total expenses are reviewed on a regular basis. If the projects are expected to result in losses the total estimated loss is recognised immediately. The Group\u2019s revenue from contracts with customers are recognized from two principal sources; sale of electrolyser systems, and sale of engineering services. The sale of engineering services are either in combination with sale of electrolyser systems or as a separate service as in FEED studies The Groups revenue and expenses are not allocated to different segments, and this is consistent with the internal reporting provided to the chief operating decision maker.For more details, see note 1.4 General accounting policies.Primary geographical marketsNOK \u2019000 2022 2021 Norway 4 885 258 Europe -13 799 America 41 370 16 053 Asia Pacific 10 172 2 926 Total 56 414 20 036 Timing of revenue recognitionNOK \u2019000 2022 2021 Revenue recognised over time 56 051 20 019 Revenue recognised at point in time 363 17 Total revenue 56 414 20 036 Major products/service linesNOK \u2019000 2022 2021 Revenue from sale of electrolyser system 51 521 19 676 Revenue form sale of Feed and case-studies 4 893 360 Total revenue 56 414 20 036 Major customersThe groups major customer is Mitsubishi Power America Inc and Mitsubishi Heavy Industries Ltd with 73 and 18 percent of revenues in the year 2022. Corresponding figures for 2021 where 80 and 15 percent. NOK \u2019000 2022 2021 Included in trade receivables Contract assets 19 828 456 Included other short term liabilities Contract liabilities (incl. prepayment from customers) 65 691 1 348 Contract assets Balances as of 01.01 456 0 Transfers from contract assets recognised at the beginning of the period to receivables -456 0 Increases due to measure of progress in the period 19 828 456 Balances as of 31.12 19 828 456 Contract liabilities Balances as of 01.01 1 348 787 Revenue from amounts included in contract liabilities at the beginning of the period -1 259 -698 Billing and advances received not recognised as revenue in the period 65 602 1 259 Balances as of 31.12 65 691 1 348 Order backlog The performance obligation in contracts with customers vary from a few months to 10 months. NOK \u2019000 2022 2021 Partly unsatisfied performance obligations 746 965 33 341 AS of 31.12.12 746 965 33 341 NOTE 2.3 COST OF GOODS SOLDNOK \u2019000 2022 2021 Cost of goods sold 43 221 11 333 Cost of handling and freight 787 204 Other cost of gods sold 364 95 Total cost of gods sold 44 372 11 632 NOTE 2.4 PERSONNEL EXPENSESNOK \u2019000 2022 2021 Salaries 47 051 13 353 Social security tax 5 270 2 522 Option cost 6 697 12 328 Pension costs defined contribution plans 3 030 1 445 Other personnel costs 719 3 230 Total salaries and personnel expense 62 768 32 878 Option cost related to hired personnel are expensed as other operating expenses.Average number of full time employees 2022 2021 Norway 27 15 Europe 3.5 1 China 70 0 Total 100.5 16 Shareholder option planThe company has a share option programme covering certain employees in senior positions.At 2019, employees, board members and guarantorer were included in the option programme. Granted options are generally vested or earned during a period of three years according to a predetermined schedule. Options vested and earned can be exercised and must be exercised at latest four years after grant. The vesting requires continued employment or association with the company.The purpose of the establishment of the options program is to attract and retain key personnel. The fair value and annual expense/costs of the options are calculated based on the Black- Scholes model, and expensed over the vesting period. The annual costs calculated for the option program for 2022 are based on the Black & Scholes formula with input factors as a risk free interest rate, volatility factor and share price at grant date. The fair value of the individual options at grant date, are then distributed over the vesting schedule agreement.Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the intrinsic value multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2022 was NOK 7.4 (18.1) million. The total social security accruals at the end of the year are NOK 1.6 million. The total accumulated cost expensed related to share-based payments are NOK 34.2 (26.8) million as of 31 December 2022.Options to leading employees and Board of Directors Quantity Granted Terminated Cancelled Quantity Cost forName 01.01.22 in period in period in period 31.12.22 the period Ellen Hanetho 1) 2 143 170 0 0 0 2 143 170 2 226 975 Elling Nygaard 450 000 0 -243 750 0 206 250 671 023 Enern Invest AS (M\u00e5rten Lunde) 1 500 000 0 -178 755 0 1 321 245 905 882 Erik Christian Bolstad 100 000 0 0 0 100 000 333 121 Karoline Aafos 100 000 0 -42 604 0 57 396 -176 924 Martin Thanem Holtet 150 000 150 000 0 -150 000 150 000 2 046 804 Sindre Utne 150 000 0 -81 250 0 68 750 -525 354 Tarjei Johansen 0 400 000 0 0 400 000 233 702 TM Holding (Terje Mikalsen) 163 005 0 0 0 163 005 0 1) 1490 000 of Ellen Hanetho\u2019s options hare held by Opulentia Invest AS which is owned 100% by Ellen Hanetho.Total costs and Social Security ProvisionsNOK \u2019000 2022 Total cost 7 362 Total Social security provisions 7 993 Granted instruments 2022Instrument Option Quantity 31.12.2022 (instruments) 550 000 Quantity 31.12.2022 (shares) and Board of Directors 550 000 Contractual life * 5.11 Strike price * 31.30 Share price * 31.01 Expected lifetime * 3.57 Volatility * 63.24% Interest rate * 2.961% Dividend * 0.00 FV per instrument * 14.96 * Weighted average parameters at grant of instrumentQuantity and weighted average prices 01.01.2022 - 31.12.2022 Number of Weighted aver. Activity instruments strike price Outstanding OB (01.01.2022) 5 463 591 13.91 Granted 550 000 31.30 Exercised 0 0.00 Released 0 0.00 Adjusted 0 0.00 Performance Adjusted 0 0.00 Cancelled -150 000 42.35 Terminated -565 746 20.97 Expired 0 0.00 Outstanding CB (31.12.2022) 5 297 845 14.15 Vested CB 4 424 701 11.38 Outstanding Instruments Overview Outstanding Instruments Vested Instruments Weighted Average Weighted Vested Weighted Number of remaining Average instruments Average Strike price instruments contractual life Strike Price 31.12.2022 Strike Price 7.00 3 284 409 1.25 7.00 3 283 703 7.00 16.80 206 250 2.84 16.80 206 250 16.80 17.24 337 170 2.80 17.24 182 635 17.24 17.66 170 000 2.75 17.66 92 084 17.66 18.78 150 000 2.17 18.78 50 001 18.78 20.65 100 000 2.67 20.65 56 252 20.65 26.15 506 266 2.38 26.15 431 896 26.15 32.45 68 750 2.34 32.45 68 750 32.45 36.00 400 000 5.92 36.00 0 0.00 66.00 75 000 2.09 66.00 53 130 66.00 5 297 845 4 424 701 NOTE 2.5 PENSIONS Defined contribution plan The Group\u2019s companies in Norway have defined contribution plans in accordance with Pension Act of Norway. The contribution plan cov-ers employees who work more than 20% FTE and amounts between 1 G and 12 G of the salary. The percent of the salary is 7%. The employees may influence the investment management though an agreement with Gjensidige AS. The contribution is expended when its accrued. Prepaid contribution are recognised as an asset to the extent that a cash refund or a reduction in the future payment is avail-able. The parent company have pension plans that meets the requirements in Norway. The foreign subsidiary\u2019s have pension plans that meet the requirements in their respective countries. NOK \u2019000 2022 2021 Employees covered by the scheme 36 20 Contribution recognised as expense 3 030 1 445 Contribution to CEO 69 25 NOTE 2.6 OTHER OPERATING EXPENSES NOK \u2019000 2022 2021 Advertising and direct sale cost 1 087 290 Repair and maintenance costs 1 530 137 Rental costs 1 660 1 784 Travel costs 2 194 817 Consultancy fees and external personnel 36 528 19 720 Provision bad debts 1 194 0 Other operating costs 10 333 8 024 Total operating expenses 54 526 30 772 Fees to the group auditorNOK \u2019000 2022 2021 Statutory audit 1 212 564 Other assurance services 0 12 Other non-assurance services 736 332 Total 1 948 908 Fees to other auditors elected by subsidiariesNOK \u2019000 2022 2021 Statutory audit 81 769 Other assurance services 0 12 Other non-assurance services 22 138 Tax consultant services 0 138 Total 103 1057 NOTE 2.7 FINANCIAL INCOME AND EXPENSESNOK \u2019000 2022 2021 Interest income 3 434 2 056 Foreign exchange gain 14 420 2 319 Other financial income 19 0 Total financial income 17 874 4 375 Interest on debt and borrowings 307 49 Interest expense lease liabilities 368 0 Foreign exchange losses 10 143 557 Other financial expenses 199 715 Total financial expenses 11 016 1 321 NOTE 2.8 INCOME TAXIncome tax expense for the yearNOK \u2019000 2022 2021 Income tax payable 0 0 Changes in deferred tax -80 0 Total income tax expense -80 0 Basis for income tax expenseNOK \u2019000 2022 2021 Profit / loss (-) before taxes -89 899 -57 408 Permanent differences 0 -986 Currency translation and other differences 636 0 Changes in temporary differences -23 499 -1 072 Basis for tax payable -112 696 -59 466 Reconciliation of tax expense to Norwegian nominal statutory tax rate NOK \u2019000 2022 2021 Tax on profit before taxes (22%) -19 778 -12 630 Tax on permanent differences 66 -219 Foreign tax rate and currency translation differences 990 0 Change in not recognised deferred tax assets 18 694 12 849 Tax expense -80 0 Effective tax rate -0.09% 0.00% Overview temporary differences NOK \u2019000 2022 2021 Change Intangible assets 33 087 37 229 4 142 Property, Plant and Equipment 11 590 5 126 -6 464 Right of use assets 24 547 2 975 -21 572 Financial assets 26 940 1 371 -25 569 Other receivables 8 791 - -8 791 Production contracts 1 504 5 210 3 706 Lease liability -23 445 -2 975 20 470 Provisions -6 564 -200 6 364 Other accruals 0 -7 -7 Tax loss carry forwards 1) -220 859 -108 162 112 697 Total -144 409 -59 433 84 976 Temporary differences not recognised as deferred tax assets/liabilities 33 087 37 229 4 142 Deferred tax assets 39 049 21 266 -17 783 Deferred tax not recognised in the Statement of financial position 39 049 21 266 - 17 783 Deferred tax in the Statement of financial position 0 0 0 1) Tax carry forward for 2021 has been adjusted due to correction of error. This correction does not impact tax expense in the statement of comprehensive income, or deferred tax in the statement of financial position.The majority of the deferred tax asset is related to loss carry forward. As of 31 December 2022 it is considered not likely that the tax loss carry forward will be utilised in the near future, therefore the deferred tax assets is not capitalised. Tax losses carry forward by country NOK \u2019000 2022 2021 Norway -179 467 -98 681 Denmark -23 859 -9 481 China -17 533 - Balance as of 31.12 -220 859 -108 162 At the end of 2022, HydrogenPro had tax loss carry forwards of NOK 221 million. Of the total, NOK 203 million is without expiration. The tax carry forwards with an expiry date expire after 2027.NOTE 3.1 INTANGIBLE ASSETS Patents and 2021NOK \u2019000 Technology licences Total Accumulated cost 01.01.2021 36 545 8 456 45 001 Additions 4 821 3 285 8 106 Accumulated cost 31.12.2021 41 366 11 741 53 107 Accumulated depreciation 01.01.2021 4 137 0 4 137 Depreciation for the year 0 0 0 Carrying amount at 31.12.2021 37 229 11 741 48 970 Expected useful life 10 years 5 years Depreciation method Linear Linear Patents and 2022NOK \u2019000 Technology licences Goodwill Total Accumulated cost 01.01.2022 41 366 11 741 0 53 107 Acquisition of subsidiary 21 935 21 935 Accumulated cost 31.12.2022 41 366 11 741 21 935 75 042 Accumulated depreciation 01.01.2022 4 137 0 0 4 137 Depreciation for the year 4 136 2 348 0 6 484 Exchange differences 6 0 0 6Carrying amount at 31.12.2022 33 087 9 393 21 935 64 415 Expected useful life 10 years 5 years Depreciation method Linear Linear GoodwillFor the purposes of impairment testing, goodwill has been allocated to the following cash generating units (\u201cCGUs\u201d).NOK \u2019000 2022 HydrogenPro Tianjin CO Ltd 21 935 Total 21 935 The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers have been identified. CGUs are tested using the value-in-use approach determined by discounting expected future cash flows. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than book valueThe discounted cash flow analysis is based on management\u2019s forecast for the period 2023 to 2027. The forecasted cash flows are based on signed contracts and identified prospects in addition to other expected revenue. Management has defined the EBITDA margin, dis-count rate and revenue growth as the most sensitive assessment in the value-in-use calculation. Estimated future cash flows are discounted to their present value. The discount rate is derived using capital asset pricing model. The asset beta is based on industry data, and the risk-free rate is based on a Chinese 10-year government bond.The discount rate is not adjusted for IFRS 16 lease liabilities. An effective tax rate of 25% is applied in the discounted cash flow calculation.When estimating the revenue growth and EBITDA margins, management has utilized forecasts based on existing contracts and current production capacity.Several sensitivity analysis have been performed on the key assumptions in the value-in-use calculation . This sensitivity analysis of good-will includes changing various assumptions to consider other potential alternative market conditions. This includes analysing the impact on the value-in-use calculation when changing the EBITDA margin, discount rate and revenue growth. The recoverable amounts exceeded book values for all scenarios in the sensitivity analysis. The discount rate used in the impairment testing of goodwill is shown below.NOK \u2019000 2022 HydrogenPro Tianjin CO Ltd 21.8 % HydrogenPro Tianjin CO Ltd. Is assumed to achieve a steady state in 2027 with a long-term growth rate of 2.0%.HydrogenPro has performed an annual impairment test in December 2022. The recoverable amounts exceed book values for the CGU in the goodwill impairment testing and as such no impairment losses recognised in 2022.TechnologyThe Technology cost corresponds to the acquisition of the subsidiary Advance Surface Plating ApS (ASP) The useful lifetime is expected to be 10 years. The acquisition date was 22th of December 2020, and depreciation was effective from January 2021. The Group has assessed the carrying value of the development cost as of 31.12.2022 and consider it to be intact. The conclusion is based on: - The technical feasibility to development the product for it to be sold, and the groups intention and ability to complete and sell the prod-uct. - The production line was completed by the end of 2021.- The Groups adequate resources available to complete the development. This includes both technical competence and allocated research fund to complete large-scale testing. - Calculations for expected earnings in Advanced Surface Plating ApS.Patent and licencesAs of 31.12.2022 the Group has capitalized NOK 11,7 relating to the FEED (front end and engineering study) to be used in the further development of 100 MW production plants. Useful lifetime is expected to be 5 years, and depreciation was effective from January 2021. NOTE 3.2 PROPERTY, PLANT AND EQUIPMENT Machinery Plant and and plant 2021 NOK \u2019000 machinery Moveables in progress Total Accumulated cost 01.01.2021 3 017 147 3 164 Additions 14 162 2 627 5 207 21 996 Skattefunn (tax compensations) 0 0 -1 185 -1 185 Disposals 0 0 0 0Exchange differences 0 0 0 0Accumulated cost 31.12.2021 17 179 2 774 4 022 23 975 Accumulated depreciation 01.01.2021 302 106 0 408 Depreciation for the year 865 60 0 925 Exchange differences 4 1 0 5Carrying amount at 31.12.2021 16 008 2 607 4 022 22 637 Expected useful life 5 years 5-10 years Depreciation method Linear Linear Machinery Plant and and plant 2022 NOK \u2019000 machinery Moveables in progress Total Accumulated cost 01.01.2022 17 179 2 774 4 022 23 975 Additions 11 852 1 829 876 14 557 From Machinery and plant in progress 4 301 0 -4 301 0 Acquisition in subsidiary 22 384 0 0 22 384 Exchange differences -212 83 0 -129 Accumulated cost 31.12.2022 55 503 4 686 597 60 786 Accumulated depreciation 01.01.2022 1 171 167 0 1 337 Depreciation for the year 3 393 456 0 3 849 Exchange differences 55 8 0 62Carrying amount at 31.12.2022 50 885 4 055 597 55 537 Expected useful life 5 years 5-10 years Depreciation method Linear Linear Technology centre Her\u00f8ya - Machinery and plant in progressThe Technology centre at Her\u00f8ya comprises two containers located close to HQ of HydrogenPro in Porsgrunn. The additions in 2022 cor-responds to 0.28 MNOK. The containers are subject for 5 years straight line depreciation during 2022. The work to set up the technology centre, have been subject for support from Skattefunn during 2021. The purchase cost is reduced accordingly.Advanced Surface Plating LineAdditions in 2022 are equivalent to 3.3 MNOK in plant and machinery and 0.1 MNOK in movables. These are costs incurred to establish the production plant facility in Aarhus. HydrogenPro Tianjin CO LtdOn the 9th of June HydrogenPro acquired 75% of the shares of HydrogenPro Tianjin CO Ltd. (\u201cTianjin\u201d). Tianjin is reported as a part of the HydrogenPro Group form June 2022. The fair value of the identifiable property, plant, and equipment of Tianjin as the date of the acquisi-tion were 22,4 MNOK. Additions in 2022 after this date are equivalent to 8,5 MNOK in plant and machinery, 1,4 MNOK in movables and 0,6 MNOK in machinery and plant in progress. These are cost incurred to establish the production plant facility in Tianjin, China.NOTE 3.3 RIGHT-OF-USE ASSETS The Group as a lesseeAt inception of a contract, the Group assesses whether a 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. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.As a result of these assessments the Group has considered leasing for vehicles and the rental contract for office space as leasing accord-ing to IFRS 16.The leases do not contain any restrictions on the Group\u2019s dividend policy or financing. The Group does not have significant residual value guarantees related to its leases to disclose. 2021NOK \u2019000 Buildings Vehicles Total Accumulated cost 01.01.2021 0 334 334 Additions 2 795 0 2 795 Accumulated cost 31.12.2021 2 795 334 3 129 Accumulated depreciation 01.01.2021 0 0 0 Depreciation for the year 0 154 154 Carrying amount at 31.12.2021 2 795 180 2 975 Economic life 2 years 2 years Depreciation method Linear Linear Plant and 2022NOK \u2019000 machinery Moveables Total Accumulated cost 01.01.2022 2 795 334 3 129 Additions 18 276 0 18 276 Accumulated cost 31.12.2022 21 071 334 21 405 Accumulated depreciation 01.01.2022 0 154 154 Depreciation for the year 3 472 154 3 626 Carrying amount at 31.12.2022 17 599 26 17 625 Economic life 2 years 2 years Depreciation method Linear Linear Lease liabilitiesNOK \u2019000 2022 2021 Balance as of 01.01. 2 975 334 Additions 18 276 2 795 Lease payments -5 175 -154 Accretions of interest 367 0 Exchange differences 13 0 Carrying amount at 31.12. 16 456 2 975 Undiscounted lease liabilities and maturity of cash outflows Less than 1 year 5 124 1 610 1-3 years 9 915 1 365 4-5 years 1 417 0 Total lease liabilities as of 31.12. 16 456 2 975 Variable lease paymentsIn addition to the lease liabilities above, the Group is committed to pay variable lease payments for some of their leases. The variable lease payments are expensed as incurred.Short-term leases and leases of low value assetsThe Group has elected to apply the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16.NOTE 3.4 OTHER LONG TERM RECEIVABLESNOK \u2019000 2022 2021 Receivables from associated companies 4 308 4 444 Other receivables 512 495 Long term investments 0 17 934 Convertible receivables 52 056 26 458 Carrying amount at 31.12 56 876 49 332 Long term investments in 2021Pre-paid 17 934 as part of the capital injection in HydrogenPro Tianjin. This transaction was completed in 2022, see details in note 4.2Convertible loan29 October 2021 HydrogenPro announced that it will join as a co-investor by financing DG Fuels LLC\u2019s (\u201cDG Fuels\u201d) sustainable aviation fuel (SAF) project.The convertible receivable is measured at fair value through profit or loss based on the level 3 in the fair value hierarchy. The valuation of the convertible rights is based on a value calculation made on stand-alone basis. As the agreement and payment was made late in 2021, the face value was considered also to represent the fair value as at 31.12.2021.For the fair value measurement of the conversion rights performed as at 31.12.2022, management has applied the volatility implied from the inception value and the application of Black and Scholes formula for European call options. Management calculates the value of the conversion rights to be USD 2.9 million. The significant unobservable inputs used in the fair value measurement are price of the underlying and implied volatility. Total value of the convertible receivable is the sum of bond and convertible right, and amounts to NOK 52 million. The change in fair value has amount to NOK NOK 22 million has been recognised through profit and loss.Reconciliation of recurring fair value measurement categorized as level 3 NOK \u2019000 2022 2021 Opening balance 1. January 26 458 Initial recognition 25 087 Unrealised change in value for the period recognised in the income statement 22 485 Translation effect 3 113 1 371 Balance at 31 December 52 056 26 458 Unrealised gain for the period has been recognised in the line item \u201cFair value adjustment for financial instruments\u201d in the income state-ment.Sensitivity analysisIn accordance with IFRS, HydrogenPro has chosen to provide information about market risk and potential loss from changes in the fair value of convertible receivable through sensitivity analysis. For changes in price of the underlying ranging from USD 4.9 million to USD 8.2 and changes in volatility ranging from 28% to 38%, the value of the conversion rights is calculated in an interval from million USD 1.4 million to USD 4.5 million.Refer to note 6.1 for reconciliation of the financial instruments.NOTE 4.1 OVERVIEW OF GROUP Ownership Voting Ownership Voting Country of Main interest power interest powerCompany incorporation operations 2022 2022 2021 2021 Technology Advanced Surface Plating ApS Denmark industries 100% 100% 100% 100% Technology HydrogenPro Tianjin CO Ltd China industries 75% 75% Technology Kvina Energy AS Norway industries 50% 50% 50% 50% Technology Hydrogenpro France France industries 100% 100% 100% 100% Technology Hydrogenpro Inc USA industries 100% 100% NOTE 4.2 BUSINESS COMBINATION On the 9th of June 2022 HydrogenPro acquired 75% of the shares and voting rights of HydrogenPro Tianjin CO Ltd (\u201cTianjin\u201d). Tianjin has been consolidated by the company form the same date and the business combination is reflected in the consolidated financial position as from 30 June 2022. In 2021 HydrogenPro engaged in strategic business relation with Tianjin HQY Machinery Co. Ltd (\u201cTHM\u201d) with the intention to establish an entity of HydrogenPro in China in 2022. In this process, HydrogenPro reached an agreement with THM in November 2021 to contribute NOK 18 million to the financing of a production line of electrolysers. This prepayment to THM was classified as other long-term receivables as at 31.12.2021. As a part of HydrogenPro\u2019s acquisition of Tianjin, the production line mentioned above was transferred to Tianjin as a contribution in kind. HydrogenPro Tianjin is a provider of electrolyzer systems, headquartered in Tianjin, China. HydrogenPro Tianjin specializes in manufactur-ing and assembly of hydrogen systems, including steel system structures and high-pressure piping, and has its production facilities also in Tianjin, China. HydrogenPro Tianjin brings significant systems assembly capacity and know-how and complement the capabilities of the Group, improving control of the value chain and accelerating time to market.HydrogenPro Tianjin was determined to be a \u201cbusiness\u201d since it is capable of being conducted and managed for the purpose of providing goods to customers generating a net income. Reference was made to the definition of a \u201cbusiness\u201d in IFRS 3 and the description above. The acquisition was therefore accounted for as a \u201cbusiness combination\u201d when applying the acquisition method. For the period between the date of acquisition and 31 December 2022, Tianjin contributed NOK 0 million to HydrogenPro\u2019s revenues as all production was delivered to HydrogenPro and negative NOK 19.2 million to net loss. Consideration transferredThe cash consideration for the 75 percent stake in Tianjin was NOK 50.4 million.The table below summarizes the acquisition date fair value of each major class of consideration transferred.NOK \u2019000 2022 Total consideration 50 389 Consideration in cash 2022 32 454 Consideration in cash 2021 17 935 Net cash outflow 50 389 Acquisition-related costs Transaction costs incurred by HydrogenPro related to the acquisition of Tianjin amounted to NOK 1.7 million. These costs have been rec-ognized as operating expenses and payroll expenses.Identifiable assets acquired and liabilities assumedNOK \u2019000 2022 Assets Property,plant and equipment 22 384 Cash and cash equivalents 11 890 Other current assets 18 073 Total assets 52 347 NOK \u2019000 2022 Liabilities Deferred tax liability -1 055 Other long-term liabilities -721 Other short term liabilities -12 634 Total liabilities -14 410 Net identifiable assets (100%) 37 937 The majority of the identified assets relates to production lines and machinery.Measurement of fair value The valuation technique used for measuring the fair value of fixed assets acquired is the cost approach, where the fair values are set equal to the appraisal value or purchase price. The cost approach relies on substitution principle where the price that would be received for an asset is based on the cost to a market participant buyer acquire or construct a substitute asset of comparable utility, adjusted for obsoles-cence.The fair value of all other assets and liabilities are assumed to equal book values. The trade receivables comprise gross contractual amounts due of NOK 18 million, of which nil was expected to be uncollectible at the date of acquisition. Fair value is measured on a provisional basis. The figures will be revised if new information is obtained within one year of the date of acquisition concerning facts and circumstances, or additional provisions, that existed on the date of acquisition. Goodwill NOK \u2019000 2022 Consideration transferred 50 389 Non-controlling interest 9 484 Fair value of net identified assets (100%) 37 937 Goodwill 21 935 Goodwill amounting to NOK 22 million recognised from the acquisition is mainly related to the scalable platform for new production facili-ties based on experience from Tianjin.Non-controlling interest is measured based on the proportionate interest in the recognised amount of the identifiable net assets of the acquire.None of the goodwill recognized is expected to be deductible for tax purposes.NOTE 5.1 INVENTORYNOK \u2019000 2022 2021 Work in progress 2 861 0 Raw material 32 901 308 Balance as of 31.12 41 762 308 Inventories comprises purchased raw materials and work in progress. Raw materials include parts that become an integrated part of final finished goods. Obsolescence is considered for inventories and as of 31.12.2022 there are no write-downs performed on obsolete goods. Inventories are measured under the weighted-average cost formula. NOTE 5.2 TRADE AND OTHER RECEIVABLESTrade receivablesNOK \u2019000 2022 2021 Receivables related to revenue from contract with customers - external 19 730 12 586 Contract asset 19 829 456 Total accounts receivables (Gross) 39 558 13 042 Allowance for expected credit losses 1 145 0 Balance as of 31.12 38 413 13 042 The allowance for expected credit losses covers the amounts that is more than 30 days past due, and that are assessed as uncertain.Other short terms receivablesNOK \u2019000 2022 2021 Pre-paid costs 1 906 3 335 Pre-paid raw material 26 970 0 Pre-paid tangible assets 7 926 0 VAT net receivables 7 573 2 305 Other current receivables 3 139 1 954 Balance as of 31.12 47 514 7 594 NOTE 5.3 TRADE CREDITORS AND OTHER CURRENT LIABILITIESNOK \u2019000 2022 2021 Trade creditors 20 578 3 290 Government taxes, tax deductions etc. 10 797 5 244 Contract liabilities (incl. prepayment from customers) 76 182 907 Other liabilities 11 333 4 418 Balance as of 31.12 118 891 13 858 Trade payables are non-interest bearing and are normally settled on 30-days terms. Contract liabilities is primarily due to a prepayment from Mitsubishi, that is to be recognized as revenue in 2023 depending on perfor-mance obligations.NOTE 6.1 OVERVIEW OF FINANCIAL INSTRUMENTS AND RISK MANAGEMENTOverviewThrough its activities, the Group will be exposed to different types of financial risks: market risk, credit risk and liquidity risk. This note presents information related to the Group\u2019s exposure to such risks, the Group\u2019s objectives, policies and procedures for risk management and handling, as well as the Group\u2019s management of capital. Additional quantitative information is included in these consolidated financial statements.The Group\u2019s overall risk management plan is to ensure the ongoing liquidity in the group, defined as to being able to meet its obligations at any time. The Group do not have any external bank borrowings, and therefore no covenants related to borrowings.Risk management of the group is maintained by the operational executives as CEO and CFO along with the Board. This includes tasks to identify, measure, mitigate and report on financial risks in close cooperation with the various operating units. Risk management policies and procedures are reviewed regularly to take into account changes in the market and the Group\u2019s activities.Capital managementThe Group\u2019s main goal is to maximize shareholder value while ensuring the Group\u2019s ability to continue operations. The Group has a target to maintain a capital structure that gives the Group an optimal capital binding given the current market situation. The Group makes the necessary changes to their capital structure based on an ongoing assessment of the business\u2019 financial situation and future prospects in the short and medium term.Financial risk instruments by category2022 Financial Financial Financial assets assets liabilities measured Total carrying measured at measured at at fair value amount NOK \u2019000 amortized cost amortized cost (level 3) 31.12.2022 Other non current receivables 4 820 4 820 Convertible receivables 52 056 52 056 Accounts receivables 38 413 38 413 Cash and cash equivalents 257 022 257 022 Total financial assets 300 255 52 056 352 311 Non-current lease liabilities 11 332 11 332 Trade an other payables 20 578 20 578 Current lease liabilities 5 124 5 124 Total financial liabilities 37 034 37 034 2021 Financial Financial Financial assets assets liabilities measured Total carrying measured at measured at at fair value amount NOK \u2019000 amortized cost amortized cost (level 3) 31.12.2021 Other non current receivables 22 874 22 874 Convertible receivables 26 458 26 458 Accounts receivables 13 042 13 042 Cash and cash equivalents 382 255 382 255 Total financial assets 418 171 26 458 444 629 Non-current lease liabilities 1 365 1 365 Trade an other payables 3 290 3 290 Current lease liabilities 1 610 1 610 Total financial liabilities 6 265 6 265 Financial risk managementThrough its ordinary operating activities, the Group is exposed to various types of risk and this exposure to risk is expected to increase as HydrogenPro gradually becomes more involved in the actual delivery and system integration of large-scale electrolyser plants. The Group is proactively working to identify risks and taking risk mitigating initiatives to the extent this is practicable and appropriate.Below follows a description of the Group\u2019s main types of risks;Credit riskCredit risk is the risk that one party to a financial instrument will cause a financial loss for the group by failing to settle its obligations.The group is exposed to credit risks in conducting its ordinary activities. The credit risk primarily relates to its trade receivables and its cash and cash equivalents. As our customer base mainly consist of large industrial Groups, the credit risk related to trade receivables are considered limited. The following table provides information about the exposure to credit risk for trade receivables from customers as of 31st of December: 2022 2021 Gross carrying Provision Gross carrying Provision NOK \u2019000 amount bad dept amount bad dept Current (not past due) 9 093 0 5 313 0 1-30 days past due 9 484 0 6 189 0 More than one year past due 1 145 1 145 1 085 0 Total 19 722 1 145 12 586 0 Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Group manages its liquidity with a high level of prudency, with rules and policies that ensure an adequate amount of cash and cash equivalents to meet the immediate needs of resources both in the short and long term. Liquidity forecasts are regularly monitored against the contractual maturities or lease liabilities. Financial liabilities are specified in note 19. All finan-cial liabilities are due within one year.Maturity analysis for lease liability are included in note 3.3.Market riskMarked risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market prices. Market risks for the Group comprise of the following three types of risk: foreign exchange risk, interest rate risk and raw materials risk.Foreign exchange riskThe Group\u2019s functional currency is NOK. The Group operates globally and is therefore exposed to currency fluctuations, mainly related to USD, EUR and CNY. As of today, the Group does not hedge currency, but this is an issue that is being considered.NOTE 6.2 CASH AND CASH EQUIVALENTSNOK \u2019000 2022 2021 Cash Short-term bank deposits 257 022 382 255 Cash and cash equivalents in the balance sheet 257 022 382 255 For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 31 December:The Group has no credit facilities.Restricted bank deposit 3 026 1 745 NOTE 6.3 SHARE CAPITAL AND SHAREHOLDERSThe 20 main shareholders at 31.12.22 are: Number of Ownership Shareholder shares interest Richard Espeseth 11 424 125 19.69% TM Holding AS 9 635 182 16.60% Clearstream Banking S.A. 6 280 423 10.82% Mitsubishi heavy Industries Ltd 5 381 165 9.27% Vivan Espeseth 3 173 571 5.47% Citibank Europe plc 1 600 000 2.76% Avanza Bank AB 1 523 731 2.63% Eneren Invest AS 1 506 966 2.60% Tor Danielsen 1 373 571 2.37% Jan Fredrik Garvik 1 337 411 2.30% DZ Privatbank S.A. 1 322 981 2.28% VERDIPAPIRFONDET DNB SMB 1 174 894 2.02% Nordnet Bank AB 872 205 1.50% VERDIPAPIRFONDET PARETO INVESTMENT 841 000 1.45% BARCLAYS CAPITAL SEC. LTD FIRM 745 934 1.29% Nordea Bank Abp 727 783 1.25% VPF NORGE SELEKTIV 604 914 1.04% Goldman Sachs & Co. LLC 415 629 0.72% LJM AS 350 000 0.60% The Bank of New York Mellon SA/NV 335 335 0.58% 50 626 820 87.25% Total other shareholders 7 401 351 12.75% Total number of shares 58 028 171 100.00% As of 31 December 2022, the group\u2019s share capital was NOK 1 161 (0.058) TNOK, consisting of 58 028 171 (58 028 171) shares each with a par value of NOK 0,02 (0,001).NOTE 6.4 EARNINGS PER SHARE NOK \u2019000 2022 2021 Basic earnings per share Profit/(loss) for the year attributable to ordinary shares -84 888 -56 096 Issued shares as of 1 January 58 028 171 57 169 312 Share issued 0 858 859 Issued ordinary shares at 31 December 58 028 171 58 028 171 Effect of weighting 0 0 Weighted average number of shares outstanding for the purpose of basic earnings per share 58 028 171 57 598 742 Basic earnings per share for income attributable to the equity holder of the parent company -1.46 -0.97 Diluted earnings per share Weighted average number of shares outstanding for the purpose of diluted earnings per share 58 028 171 57 598 742 Diluted earnings per share for income attributable to the equity holder of the parent company -1.46 -0.97 NOTE 7.1 REMUNERATION AND BOARD MANAGEMENTExecutive management remuneration 2022 Salary and Total Owner- invoiced Benefits Pension remun- Number shipNOK \u2019000 fees Bonus in kind expense eration of shares Interest Tarjei Johansen (CEO) 1) 250 1 8 259 Martin Thanem Holtet (CFO) 1 591 14 91 1 696 Richard Espeseth (CBDO) 2) 2 225 413 14 93 2 745 11 424 125 19.69% Erik Chr Bolstad (CCO) 1 331 75 14 93 1 513 Karoline Aafos (CPO) 3) 499 7 38 544 Tormod Kl\u00f8ve (CLO) 4) 211 1 12 224 M\u00e5rten Lunde (ex CEO), through Enern Invest AS 5) 2 184 2 184 Elling Nygaard (ex CEO) 6) 2 004 10 69 2 083 10 0.00% Sindre Utne (ex COO) 7) 1 739 180 4 53 1 976 4 270 0.01% 1) Johansen started his employment as CEO 1th of December 2022.2) Espeseth was Acting CEO in the period 21th of June 2033 - 30th of November 2022. In addition to shares held by Richard Espeseth, 3.173.571 shares are held by his spouse. They are not included in the table above. 3) Aafos started her employment as CPO 15th of August 2022.4) Kl\u00f8ve started his employment as CLO 14th of November 2022.5) Lunde ended his management for hire 31th December 2021. De had a 12 month termination period ended 31th of December 2022.6) Nygaard resigned his position 21th of June 2022, and his employment 30th of September 2022. He will receive severance pay up to and including June 2023.7) Utne ended his employment 30th April 2022. He will receive severance pay up to and including January 2023.2021 Salary and Total Owner- invoiced Benefits Pension remun- Number shipNOK \u2019000 fees Bonus in kind expense eration of shares Interest Elling Nygaard (CEO) 360 3 25 388 10 315 0.02% Martin Thanem Holtet (CFO) 1 050 11 72 1 133 Richard Espeseth (CBDO) 1 781 12 88 1 881 11 424 125 19.69% Erik Chr Bolstad (CCO) 450 7 29 486 Sindre Utne (COO) 948 8 58 1 014 4270 0.01 M\u00e5rten Lunde (ex CEO), through Enern Invest AS 2 479 800 3 279 Board of Directors remuneration 2022 Total Owner- Consultant remun- Number shipNOK \u2019000 fees Board fee eration of shares Interest Ellen Hanetho (Chair) 275 703 978 Jarle Tautra 1) 126 126 1 000 0.00% Jarle Dragvik 2) 126 126 7 700 0.01% Vivian Espeseth 3 173 571 5.47% Donna Rennemo Kermit Nash (ex member) 213 213 Terje Mikalsen (ex member) 227 227 1) Held trough the controlled company Jasmig AS2) Held by the controlled company Jardis Invest AS. In addition 9.635.182 shares held by TM Holding, where Jarle Dragvik is CEO, but does not own any share.2021 Total Owner- Consultant remun- Number shipNOK \u2019000 fees Board fee Other 1) eration of shares Interest Ellen Hanetho (Chair) 316 227 545 Richard Espeseth 11 424 125 19.69% Jarle Tautra 2) 1 000 0.00% Kermit Nash 96 96 Jarle Dragvik 3) 2200 0.00% Walter H Qvam (ex member) 450 1 214 1 664 170 713 0.29% Terje Mikalsen (ex member) 1) Other compensation includes exercised options during the period.2) Held trough the controlled company Jasmig AS.3) Held by the controlled company Jardis Invest AS. In addition 9.635.182 shares held by TM Holding, where Jarle Dragvik is CEO, but does not own any share.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__18": { "value": "The group\u2019s consolidated financial state-ments have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the Euro-pean Union (EU.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__19": { "value": "The consolidated financial statements are presented in Norwegian kroner (\u201cNOK\u201d). For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. HydrogenPro ASA has Norwegian krone (\u201cNOK\u201d) as its functional currency. For presentation purposes, balance sheet items are translated from functional currency to presentation currency by using exchange rates at the reporting date. Items within total comprehensive income are translated from functional currency to presentation currency by applying yearly average exchange rates. The resulting translation differences are recognized in other comprehensive income.All values are rounded to the nearest thou-sand, unless when indicated otherwise. As a result of rounding differences numbers of percentages may not add up to the total.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__17": { "value": "NOTE 1.2 BASIS OF PREPARATIONThe consolidated financial statements of HydrogenPro ASA and its subsidiaries (collectively \u201cthe Group\u201d, or \u201cHydrogenPro\u201d) comprise consolidated statement of com-prehensive income, consolidated statement of financial position, consolidated statement of cash flows, consolidated statement of changes in equity and related notes.The group\u2019s consolidated financial state-ments have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the Euro-pean Union (EU.The consolidated financial statements have been prepared on a historical cost basis except the convertible rights to DG Fuels, which is recognized at fair value. (Note 3.4)Further, the consolidated financial state-ments are prepared based on the going concern assumption.The consolidated financial statements are presented in Norwegian kroner (\u201cNOK\u201d). For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. HydrogenPro ASA has Norwegian krone (\u201cNOK\u201d) as its functional currency. For presentation purposes, balance sheet items are translated from functional currency to presentation currency by using exchange rates at the reporting date. Items within total comprehensive income are translated from functional currency to presentation currency by applying yearly average exchange rates. The resulting translation differences are recognized in other comprehensive income.All values are rounded to the nearest thou-sand, unless when indicated otherwise. As a result of rounding differences numbers of percentages may not add up to the total.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__20": { "value": "NOTE 1.3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the consolidated financial statements in accordance with IFRS and applying the chosen accounting policies requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.The estimates and associated assumptions are based on historical experience and various other factors that are believed to bereasonable under the circumstances. Actualresults may ditfer from these estimates. Theestimates and the underlying assumptions are reviewed on an ongoing basis.The accounting policies applied by manage-ment which includes a significant degree of estimates and assumptions or judgments that may have the most significant effect on the amounts recognized in the financial statements, are summarized below: \u25a0 Revenue recognition from contracts with customers (note 2.2) \u25a0 Estimating fair value for share-based payments transactions (note 2.4) \u25a0 Value in use calculation in relation to impairment testing of goodwill (note 3.1) \u25a0 Estimating fair value for convertible rights (note 3.4) A detailed description of the significant estimates and assumptions are included inthe individual note referenced above.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__21": { "value": "ConsolidationSubsidiaries are all entities which the Grouphas control. Control of an entity occurs when the Group is exposed to, or has rightsto, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the day on which control is transferredto the Group. They are also eventual decon-solidated from the date that control ceases.Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unre-alised losses are also eliminated. When necessary, amounts reported by subsidiar-ies have been adjusted to conform with theGroup\u2019s accounting principles.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__22": { "value": "Statement of cash flowsThe consolidated statement of cash flows is prepared using the indirect method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__23": { "value": "Transactions and balances in foreign currencyForeign currency transactions are trans-lated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__24-1": { "value": "Revenue recognitionThe revenue in HydrogenPro is from sale of both hydrogen electrolyser systems and engineering services, including installation, commissioning, and long-term service agreements. Project execution is key in HydrogenPro\u2019s construction projects.The group\u2019s revenues result from the sale of goods or services and reflect the consider-ation to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transac-tion price, allocates the contract transaction price to the performance obligations and recognises the revenue when (or as) the performance obligations are satisfied.Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method to deter-mine the percentage of completion. This method includes adjustments of time and goods that are delivered to the customer. Contract costs are expensed as incurred.The Group applied the following judge-ments that significantly affect the determi-nation of the timing of revenue recognition and amounts of revenue contracts with customers:Performance obligationsIn determining whether revenue from specific contract can be classified as customised and in turn recognised using a progress-based measurement, several criteria must be evaluated.The first criterion is related to alternative use. Manufacturing a customised prod-uct or piece of equipment for a specific customer that would require significant cost to modify to be able to transfer it to another a customer, then the contract would likely meet the criteria of alternate use. The other important criterion is that an enforceable right to payment exists in the contract between the group and the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, the group should be able to recover costs incurred and a reasonable margin.Total contract costsIn a customised customer project, Hydrogen Pro uses cost-to-cost input method when measuring progress; thus, the total cost estimates can significantly impact measured progress and revenue recognition. The total project cost com-prises estimates on the ability to execute the planned engineering and design phase, the availability of skilled resources, perfor-mance of subcontractors, foreign currency and HydrogenPro\u2019s manufacturing capacity,productivity and quality.Amount \u2013 Liquidated damages (LDs)LDs are penalties for not achieving defined milestones on time. LDs are common in construction contracts. As the payment to the customer is not in exchange for a distinct good or service that transfers to HydrogenPro, LDs must be accounted for as a reduction revenue. If a project does not meet the defined milestone in a con-tract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The esti-mated LD provision is highly judgemental. HydrogenPro estimates variable considera-tion using the most likely amount.Type of goods or servicesThe group generates revenue from customer contracts from two principal sources: i) Equipment and projects and ii) R&D, FEED-studies, service and after-market. The equipment and projects sales are generated from both standard and cus-tomised electrolysers and gas separators.In the event, the company deliver on standard equipment, the group recognises revenue at the point in time at which it satisfies a performance obligation by trans-ferring the control of a good or service to the customer. Generally, this upon agreed incoterms, which is mainly at shipment. The customer has control of a good or service when it has the ability to direct the use of and obtain substantially all of the remain-ing benefits from the good or service.Most of HydrogenPro\u2019s revenue until now stems from sale of customisation of the equipment. Such sale of customised equip-ment is recognised as revenue over-time if the equipment cannot be sold to other customers without significant re-work and HydrogenPro has an enforceable right to payment for performance completed to date.Electrolyser systemsRevenue from sale of customised equip-ment and projects is determined to be a bundle of goods where all of the compo-nents constitute the combined output, i.e. one performance obligation. The perfor-mance obligation is satisfied over time and HydrogenPro recognise revenue over the period the performance obligation is satisfied, using a cost-to-cost input method that best depicts the pattern of the transfer of control over time. The progress-based measurement of revenue has been the main method of recognising revenue from electrolyser projects of large- scale electro-lyser systems.Engineering servicesRevenue from engineering services such as design, documentation, drawings for cus-tomers can either be recognised over-time measuring progress using input method cost-to-cost, or at point- in time, where the performance obligation is put to an hour-by-hour basis.For both revenue streams, if there are circumstance that the unavoidable costs directly related to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be rec-ognised in its entirety in the period when such loss is identified.Contract balancesEquipment contracts with a customer will usually have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical milestone structure could be contract acceptance, placement of major supplier purchases, delivery/ shipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liabil-ity. Or, in the opposite event, 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 recognised for the earned consideration that is conditional.A contract asset is the right to consider-ation in exchange for goods or services transferred to the customer. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recog-nised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress bill-ings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consid-eration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers.A contract liability is the obligation to transfer goods or services to a customer for which the group has received consid-eration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group trans-fers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recog-nised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.Please find illustrative tables from the nature of revenues for HydrogenPro in Note 2.2.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__26": { "value": "LeasesThe group recognises right-of-use assets and lease liabilities for all lease contracts, except leases that are considered short-term (lease term of 12 months or less), or for which underlying assets are of a low value when new.Right-of-use assetsThe group recognises right-of-use asset at the lease commencement date. The right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the com-mencement date, adjusted for initial direct costs and lease incentives received. The right-of-use assets are subsequently depre-ciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the right-of-use assets are reduced by any impairment charges and adjusted for cer-tain remeasurements of the lease liabilities.Lease liabilitiesThe group recognises a lease liability at the lease commencement date. The lease liabilities are measured at the present value of future lease payments at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group\u2019s incremental borrowing rate. HydrogenPro utilises the incremental bor-rowing rate as the discount rate for virtually all lease agreements. Lease payments included in the measurement of the lease liabilities comprise the following: \u25a0 Fixed lease payments, less any lease incentives received \u25a0 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the com-mencement dateThe lease liability is subsequently meas-ured 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 reassess-ment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in and index or rate.The Group presents its lease liabilities as separate line items in the consolidated statement of financial position.The Group does not act as a lessor. See note 12 for more information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__27": { "value": "Share-based paymentsShare-based compensation benefits are provided to employees via the share option plan. Information relating to the options scheme is set out in note 2.4.The employee option plan is regarded as equity settled share-based payments. The fair value of options granted under the share option plan is recognised as an employee benefits expense or other operating cost (if it is given to external consultants) with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted.The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service condi-tions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.For further information refer note 2.4 (Per-sonnel expenses).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__28": { "value": "Income taxThe tax expense in the consolidated state-ment of comprehensive income 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: \u25a0 temporary differences linked to goodwill that are not tax deductible \u25a0 temporary differences related to invest-ments 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 recognised when it is probable that the company will have sufficient profit in the future to utilise the deferred tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates applicable to the com-panies in the Group where temporary differences have arisen.Deferred tax and deferred tax assets are recognised at their nominal value and clas-sified as non-current assets and/or current liabilities in the consolidated statement of financial position.Taxes payable and deferred taxes are rec-ognised directly in equity to the extent that they relate to equity transactions.Deferred tax liabilities and assets are offset if \u25a0 The entity has a legally enforceable right to set off current tax liabilities and assets; and \u25a0 The deferred tax liabilities and assets relate to income taxes levied by the same authority on either the same tax-able entity, or on difference taxable enti-ties, but these entities intend to settle current tax liabilities and assets on a net basis, or their tax assets and liabilities will be realised simultaneously. See note 2.8 for tax", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__29": { "value": "plant and equipmentsProperty, plant and equipments are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recog-nised in the statement of comprehensive income.The depreciation period and method are assessed each year.Assets under construction are classified as non-current assets and recognised at cost until the production or development pro-cess is completed. Assets under construc-tion are not depreciated until the asset is taken into use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__30-1": { "value": "Intangible assetsPatents, licenses and technologyPatents, licenses and technology acquired is measured at cost less accumulated amortisation and any accumulated impair-ment loss. Amortisation methods Refer to note 3.1 for details about amorti-sation methods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__31": { "value": "GoodwillGoodwill acquired through business com-binations is included in intangible assets. Goodwill is recorded at cost less accumu-lated impairment losses and is subject to annual impairment testing or more frequently if events or changes in circum-stances indicate that it might be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__32": { "value": "Research and developmentResearch costs related to internal projects is recognised in profit or loss as incurred. Development costs is capitalised only if the expenditure attributable to the intangible asset can be measured reliably and there is an intention and ability to complete and make the intangible asset commercially available for sale or own use which will gen-erate probable future economic benefits. If condition for capitalisation is not met, the costs is recognised in profit or loss as incurred. Subsequent to initial recognition intangible assets is measured at cost less accumulated amortisation and any accu-mulated impairment loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__34": { "value": "Business combinations The acquisition of subsidiaries is accountedfor using the acquisition method. Identifi-able assets, liabilities and contingent liabil-ities that meet the conditions for recogni-tion are recognized at their fair values at the acquisition date. The acquisition date is the date when the acquirer obtains control of the acquiree. Any contingent consid-eration will be recognized at fair value at the acquisition date. Additional value that cannot be allocated to identifiable assets and liabilities are allocated to goodwill. Non-controlling interest is measured basedon the proportionate interest in the recog-nized amount of the identifiable net asset. Acquisition-related costs incurred are ex pensed and included in operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__35": { "value": "Government grantsGovernment grants are recognized when it is reasonably certain that the group will meet the conditions stipulated for the grants and that the grants will be received. Government grants related to construction of an asset is recognized as reduction of the acquisition cost. Grants related to R&D project that are expended are recognizes as a reduction of cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__36-1": { "value": "Financial instrumentsA 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 and financial liabilities are recognized in the Group\u2019s statement of financial position when The Group becomes a party to the contractual provi-sions of the instrument.The Group\u2019s financial instruments are grouped as: \u25a0 Financial assets: Other non-current receivables, Convertible receivables, Trade receivables and Cash and cash equivalents. \u25a0 Financial liabilities: Non-current lease liabilities, Trade payables, Current lease liabilities.The carrying amount of the Group\u2019s financial assets and liabilities are presented in note 6,1 (Financial instruments), along with descriptions of the key risk areas and exposure for HydrogenPro.EquityFinancial instruments are classified as liabilities or equity in accordance with the underlying economic realities.Interest, dividend, gains and losses relating to a financial instrument classi-fied 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.Cost of equity transactionsTransaction costs directly related to an equity transaction are recognised directly in equity after deducting tax expenses.Translation differencesTranslation differences arise in connection with exchange-rate differences of consoli-dated foreign entities.Exchange-rate in monetary amounts (lia-bilities or receivables) which are in reality a part of a company\u2019s net investment in a foreign entity are also included as transla-tion differences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__37": { "value": "Measurement of financial instrumentsFinancial instruments are measured at amor-tised cost or fair value through profit or loss. Financial assets are measured at amortised cost if the objective is to hold and collect contractual cash flows and contractual cash flows consist solely of principal and interest on the principal amount outstanding. If both conditions are not met, the financial asset is measured at fair value trough profit or loss. Measurements of financial assets at fair value through profit or loss is based on the fair value hierarchy: \u25a0 Level 1: Fair value is measured using quoted prices from active markets for identical assets and obligations. \u25a0 Level 2: Fair value is decided by using input based on other observable factors; either direct (price) or indirect (derived from prices) rather than noted prices (used in level 1) for the asset or obliga-tion. \u25a0 Level 3: Fair value is measured using inputs that are not based on observable market data. Refer to note 3.4 for classification of finan-cial assets in the fair value hierarchy.Financial liabilities are initially measured at fair value of the amount required to settle the associated obligation. Subsequently the financial liabilities are measured at amortized cost using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__38": { "value": "Cash and cash equivalentsCash includes 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.In the statement of cash flows, the over-draft facility is stated minus the balance of cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__40": { "value": "InventoriesThe group have recognised inventory in 2022. These are measured and valued at the lower of cost or net realisable value. Net realisable value is the estimated future sales price of the product the group expects to realise when the product is processed and sold, less estimated costs to complete production and bring the product to sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__41": { "value": "ProvisionsThe group recognise a provision when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is signifi-cant, provisions are calculated by discount-ing expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Onerous contractsAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.Social security share optionsSocial security stock options are the provi-sion for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and the share price. See note 18 for further infor-mation on share option program.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__42": { "value": "Earnings per shareEarnings per share are calculated by dividing the profit/loss for the year by the corresponding weighted average of the number of outstanding shares during the reporting period. \u2018Diluted earnings per share\u2019 is based on the same calculation as for earnings per share, but it also considers all potential shares with dilutive effect that have been outstanding during the period. Potential shares relate to agreements that confer the right to issue shares in future. Options are excluded if their effect would have been anti-dilutive.Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the average number of shares outstanding.See note 6.4 for more details about earn-ings per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__44": { "value": "Going concern The consolidated financial statement is presented on the going concern assump-tion under International Financial Reporting Standards. As per the date of this report the group has sufficient working capital for its planned business activities over the next twelve-month period. The Board of Directors confirmed on this basis that the going concern assumption is valid, and that financial statements are pre-pared in accordance with this assumption.Events after the reporting periodNew 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 company\u2019s financial position in the future are disclosed if significant. For further information refer to the Board of Directors report regarding:* The 20th of March, HydrogenPro announced our plans to expand in the US with a new plant in Texas with a manufac-turing capacity of 500 MW.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__43": { "value": "Going concern The consolidated financial statement is presented on the going concern assump-tion under International Financial Reporting Standards. As per the date of this report the group has sufficient working capital for its planned business activities over the next twelve-month period. The Board of Directors confirmed on this basis that the going concern assumption is valid, and that financial statements are pre-pared in accordance with this assumption.Events after the reporting periodNew 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 company\u2019s financial position in the future are disclosed if significant. For further information refer to the Board of Directors report regarding:* The 20th of March, HydrogenPro announced our plans to expand in the US with a new plant in Texas with a manufac-turing capacity of 500 MW.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__45": { "value": "NOTE 2.1 OPERATIONAL SEGMENTS Operating segments are identified on the basis of internal reports that the entity\u2019s Chief Operating Decision Maker (CODM) regularly reviews in allocating resources to segment and in assessing their performance. The CODM is defined as the executive management group. For HydrogenPro Group the business is treated as one single operating segment. This is consistent with internal reporting provided to the CODM. Fixed assets and right of use assets by geography Property, Intangible plant and Right of NOK \u2019000 assets equipment use assets Norway 9 393 5 708 1 423 Europe 33 087 18 673 980 Asia Pacific 21 935 31 156 15 222 Carrying amount at 31.12.2022 64 415 55 537 17 625 Property, Intangible plant and Right of NOK \u2019000 assets equipment use assets Norway 11 741 6 401 2 975 Europe 37 229 16 236 0 Carrying amount at 31.12.2021 48 970 22 637 2 975 Refer to note 2.2 for revenue presented by segments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__46": { "value": "NOTE 2.2 REVENUE FROM CONTRACTS WITH CUSTOMERS The Group recognise revenue according to IFRS 15 and applies the following judgement that significantly affect the determination of tim-ing and amounts of revenue from contracts with customer: Each contract is assessed with respect to whether the revenue can be classified as customised and in turn recognised using percentage of completion method. There are several criteria that must be evaluated. Alternative use: If the product made for a specific customer require significant cost to modify to be able to transfer it to another customer, the contract would likely meet the criteria of alternate use.Enforceable right to payment: If the contract gives the Group right to payment that recover costs incurred and a reasonable margin upon termination, the contract would likely meet the criteria of enforceable right to payment. To determine the revenue from contracts recognised as customised HydrogenPro use the percentage of completion method. The degree of completion is calculated as expenses incurred as a percentage of estimated total expenses. Total expenses are reviewed on a regular basis. If the projects are expected to result in losses the total estimated loss is recognised immediately. The Group\u2019s revenue from contracts with customers are recognized from two principal sources; sale of electrolyser systems, and sale of engineering services. The sale of engineering services are either in combination with sale of electrolyser systems or as a separate service as in FEED studies The Groups revenue and expenses are not allocated to different segments, and this is consistent with the internal reporting provided to the chief operating decision maker.For more details, see note 1.4 General accounting policies.Primary geographical marketsNOK \u2019000 2022 2021 Norway 4 885 258 Europe -13 799 America 41 370 16 053 Asia Pacific 10 172 2 926 Total 56 414 20 036 Timing of revenue recognitionNOK \u2019000 2022 2021 Revenue recognised over time 56 051 20 019 Revenue recognised at point in time 363 17 Total revenue 56 414 20 036 Major products/service linesNOK \u2019000 2022 2021 Revenue from sale of electrolyser system 51 521 19 676 Revenue form sale of Feed and case-studies 4 893 360 Total revenue 56 414 20 036 Major customersThe groups major customer is Mitsubishi Power America Inc and Mitsubishi Heavy Industries Ltd with 73 and 18 percent of revenues in the year 2022. Corresponding figures for 2021 where 80 and 15 percent. NOK \u2019000 2022 2021 Included in trade receivables Contract assets 19 828 456 Included other short term liabilities Contract liabilities (incl. prepayment from customers) 65 691 1 348 Contract assets Balances as of 01.01 456 0 Transfers from contract assets recognised at the beginning of the period to receivables -456 0 Increases due to measure of progress in the period 19 828 456 Balances as of 31.12 19 828 456 Contract liabilities Balances as of 01.01 1 348 787 Revenue from amounts included in contract liabilities at the beginning of the period -1 259 -698 Billing and advances received not recognised as revenue in the period 65 602 1 259 Balances as of 31.12 65 691 1 348 Order backlog The performance obligation in contracts with customers vary from a few months to 10 months. NOK \u2019000 2022 2021 Partly unsatisfied performance obligations 746 965 33 341 AS of 31.12.12 746 965 33 341", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__47": { "value": "NOTE 2.3 COST OF GOODS SOLDNOK \u2019000 2022 2021 Cost of goods sold 43 221 11 333 Cost of handling and freight 787 204 Other cost of gods sold 364 95 Total cost of gods sold 44 372 11 632", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__48-1": { "value": "NOTE 2.4 PERSONNEL EXPENSESNOK \u2019000 2022 2021 Salaries 47 051 13 353 Social security tax 5 270 2 522 Option cost 6 697 12 328 Pension costs defined contribution plans 3 030 1 445 Other personnel costs 719 3 230 Total salaries and personnel expense 62 768 32 878 Option cost related to hired personnel are expensed as other operating expenses.Average number of full time employees 2022 2021 Norway 27 15 Europe 3.5 1 China 70 0 Total 100.5 16 Shareholder option planThe company has a share option programme covering certain employees in senior positions.At 2019, employees, board members and guarantorer were included in the option programme. Granted options are generally vested or earned during a period of three years according to a predetermined schedule. Options vested and earned can be exercised and must be exercised at latest four years after grant. The vesting requires continued employment or association with the company.The purpose of the establishment of the options program is to attract and retain key personnel. The fair value and annual expense/costs of the options are calculated based on the Black- Scholes model, and expensed over the vesting period. The annual costs calculated for the option program for 2022 are based on the Black & Scholes formula with input factors as a risk free interest rate, volatility factor and share price at grant date. The fair value of the individual options at grant date, are then distributed over the vesting schedule agreement.Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the intrinsic value multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2022 was NOK 7.4 (18.1) million. The total social security accruals at the end of the year are NOK 1.6 million. The total accumulated cost expensed related to share-based payments are NOK 34.2 (26.8) million as of 31 December 2022.Options to leading employees and Board of Directors Quantity Granted Terminated Cancelled Quantity Cost forName 01.01.22 in period in period in period 31.12.22 the period Ellen Hanetho 1) 2 143 170 0 0 0 2 143 170 2 226 975 Elling Nygaard 450 000 0 -243 750 0 206 250 671 023 Enern Invest AS (M\u00e5rten Lunde) 1 500 000 0 -178 755 0 1 321 245 905 882 Erik Christian Bolstad 100 000 0 0 0 100 000 333 121 Karoline Aafos 100 000 0 -42 604 0 57 396 -176 924 Martin Thanem Holtet 150 000 150 000 0 -150 000 150 000 2 046 804 Sindre Utne 150 000 0 -81 250 0 68 750 -525 354 Tarjei Johansen 0 400 000 0 0 400 000 233 702 TM Holding (Terje Mikalsen) 163 005 0 0 0 163 005 0 1) 1490 000 of Ellen Hanetho\u2019s options hare held by Opulentia Invest AS which is owned 100% by Ellen Hanetho.Total costs and Social Security ProvisionsNOK \u2019000 2022 Total cost 7 362 Total Social security provisions 7 993 Granted instruments 2022Instrument Option Quantity 31.12.2022 (instruments) 550 000 Quantity 31.12.2022 (shares) and Board of Directors 550 000 Contractual life * 5.11 Strike price * 31.30 Share price * 31.01 Expected lifetime * 3.57 Volatility * 63.24% Interest rate * 2.961% Dividend * 0.00 FV per instrument * 14.96 * Weighted average parameters at grant of instrumentQuantity and weighted average prices 01.01.2022 - 31.12.2022 Number of Weighted aver. Activity instruments strike price Outstanding OB (01.01.2022) 5 463 591 13.91 Granted 550 000 31.30 Exercised 0 0.00 Released 0 0.00 Adjusted 0 0.00 Performance Adjusted 0 0.00 Cancelled -150 000 42.35 Terminated -565 746 20.97 Expired 0 0.00 Outstanding CB (31.12.2022) 5 297 845 14.15 Vested CB 4 424 701 11.38 Outstanding Instruments Overview Outstanding Instruments Vested Instruments Weighted Average Weighted Vested Weighted Number of remaining Average instruments Average Strike price instruments contractual life Strike Price 31.12.2022 Strike Price 7.00 3 284 409 1.25 7.00 3 283 703 7.00 16.80 206 250 2.84 16.80 206 250 16.80 17.24 337 170 2.80 17.24 182 635 17.24 17.66 170 000 2.75 17.66 92 084 17.66 18.78 150 000 2.17 18.78 50 001 18.78 20.65 100 000 2.67 20.65 56 252 20.65 26.15 506 266 2.38 26.15 431 896 26.15 32.45 68 750 2.34 32.45 68 750 32.45 36.00 400 000 5.92 36.00 0 0.00 66.00 75 000 2.09 66.00 53 130 66.00 5 297 845 4 424 701PENSIONS Defined contribution plan The Group\u2019s companies in Norway have defined contribution plans in accordance with Pension Act of Norway. The contribution plan cov-ers employees who work more than 20% FTE and amounts between 1 G and 12 G of the salary. The percent of the salary is 7%. The employees may influence the investment management though an agreement with Gjensidige AS. The contribution is expended when its accrued. Prepaid contribution are recognised as an asset to the extent that a cash refund or a reduction in the future payment is avail-able. The parent company have pension plans that meets the requirements in Norway. The foreign subsidiary\u2019s have pension plans that meet the requirements in their respective countries. NOK \u2019000 2022 2021 Employees covered by the scheme 36 20 Contribution recognised as expense 3 030 1 445 Contribution to CEO 69 25", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__49-1": { "value": "Shareholder option planThe company has a share option programme covering certain employees in senior positions.At 2019, employees, board members and guarantorer were included in the option programme. Granted options are generally vested or earned during a period of three years according to a predetermined schedule. Options vested and earned can be exercised and must be exercised at latest four years after grant. The vesting requires continued employment or association with the company.The purpose of the establishment of the options program is to attract and retain key personnel. The fair value and annual expense/costs of the options are calculated based on the Black- Scholes model, and expensed over the vesting period. The annual costs calculated for the option program for 2022 are based on the Black & Scholes formula with input factors as a risk free interest rate, volatility factor and share price at grant date. The fair value of the individual options at grant date, are then distributed over the vesting schedule agreement.Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the intrinsic value multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2022 was NOK 7.4 (18.1) million. The total social security accruals at the end of the year are NOK 1.6 million. The total accumulated cost expensed related to share-based payments are NOK 34.2 (26.8) million as of 31 December 2022.Granted instruments 2022Instrument Option Quantity 31.12.2022 (instruments) 550 000 Quantity 31.12.2022 (shares) and Board of Directors 550 000 Contractual life * 5.11 Strike price * 31.30 Share price * 31.01 Expected lifetime * 3.57 Volatility * 63.24% Interest rate * 2.961% Dividend * 0.00 FV per instrument * 14.96 * Weighted average parameters at grant of instrumentQuantity and weighted average prices 01.01.2022 - 31.12.2022 Number of Weighted aver. Activity instruments strike price Outstanding OB (01.01.2022) 5 463 591 13.91 Granted 550 000 31.30 Exercised 0 0.00 Released 0 0.00 Adjusted 0 0.00 Performance Adjusted 0 0.00 Cancelled -150 000 42.35 Terminated -565 746 20.97 Expired 0 0.00 Outstanding CB (31.12.2022) 5 297 845 14.15 Vested CB 4 424 701 11.38Outstanding Instruments Overview Outstanding Instruments Vested Instruments Weighted Average Weighted Vested Weighted Number of remaining Average instruments Average Strike price instruments contractual life Strike Price 31.12.2022 Strike Price 7.00 3 284 409 1.25 7.00 3 283 703 7.00 16.80 206 250 2.84 16.80 206 250 16.80 17.24 337 170 2.80 17.24 182 635 17.24 17.66 170 000 2.75 17.66 92 084 17.66 18.78 150 000 2.17 18.78 50 001 18.78 20.65 100 000 2.67 20.65 56 252 20.65 26.15 506 266 2.38 26.15 431 896 26.15 32.45 68 750 2.34 32.45 68 750 32.45 36.00 400 000 5.92 36.00 0 0.00 66.00 75 000 2.09 66.00 53 130 66.00 5 297 845 4 424 701", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__50-1": { "value": "Options to leading employees and Board of Directors Quantity Granted Terminated Cancelled Quantity Cost forName 01.01.22 in period in period in period 31.12.22 the period Ellen Hanetho 1) 2 143 170 0 0 0 2 143 170 2 226 975 Elling Nygaard 450 000 0 -243 750 0 206 250 671 023 Enern Invest AS (M\u00e5rten Lunde) 1 500 000 0 -178 755 0 1 321 245 905 882 Erik Christian Bolstad 100 000 0 0 0 100 000 333 121 Karoline Aafos 100 000 0 -42 604 0 57 396 -176 924 Martin Thanem Holtet 150 000 150 000 0 -150 000 150 000 2 046 804 Sindre Utne 150 000 0 -81 250 0 68 750 -525 354 Tarjei Johansen 0 400 000 0 0 400 000 233 702 TM Holding (Terje Mikalsen) 163 005 0 0 0 163 005 0 1) 1490 000 of Ellen Hanetho\u2019s options hare held by Opulentia Invest AS which is owned 100% by Ellen Hanetho.NOTE 7.1 REMUNERATION AND BOARD MANAGEMENTExecutive management remuneration 2022 Salary and Total Owner- invoiced Benefits Pension remun- Number shipNOK \u2019000 fees Bonus in kind expense eration of shares Interest Tarjei Johansen (CEO) 1) 250 1 8 259 Martin Thanem Holtet (CFO) 1 591 14 91 1 696 Richard Espeseth (CBDO) 2) 2 225 413 14 93 2 745 11 424 125 19.69% Erik Chr Bolstad (CCO) 1 331 75 14 93 1 513 Karoline Aafos (CPO) 3) 499 7 38 544 Tormod Kl\u00f8ve (CLO) 4) 211 1 12 224 M\u00e5rten Lunde (ex CEO), through Enern Invest AS 5) 2 184 2 184 Elling Nygaard (ex CEO) 6) 2 004 10 69 2 083 10 0.00% Sindre Utne (ex COO) 7) 1 739 180 4 53 1 976 4 270 0.01% 1) Johansen started his employment as CEO 1th of December 2022.2) Espeseth was Acting CEO in the period 21th of June 2033 - 30th of November 2022. In addition to shares held by Richard Espeseth, 3.173.571 shares are held by his spouse. They are not included in the table above. 3) Aafos started her employment as CPO 15th of August 2022.4) Kl\u00f8ve started his employment as CLO 14th of November 2022.5) Lunde ended his management for hire 31th December 2021. De had a 12 month termination period ended 31th of December 2022.6) Nygaard resigned his position 21th of June 2022, and his employment 30th of September 2022. He will receive severance pay up to and including June 2023.7) Utne ended his employment 30th April 2022. He will receive severance pay up to and including January 2023.2021 Salary and Total Owner- invoiced Benefits Pension remun- Number shipNOK \u2019000 fees Bonus in kind expense eration of shares Interest Elling Nygaard (CEO) 360 3 25 388 10 315 0.02% Martin Thanem Holtet (CFO) 1 050 11 72 1 133 Richard Espeseth (CBDO) 1 781 12 88 1 881 11 424 125 19.69% Erik Chr Bolstad (CCO) 450 7 29 486 Sindre Utne (COO) 948 8 58 1 014 4270 0.01 M\u00e5rten Lunde (ex CEO), through Enern Invest AS 2 479 800 3 279 Board of Directors remuneration 2022 Total Owner- Consultant remun- Number shipNOK \u2019000 fees Board fee eration of shares Interest Ellen Hanetho (Chair) 275 703 978 Jarle Tautra 1) 126 126 1 000 0.00% Jarle Dragvik 2) 126 126 7 700 0.01% Vivian Espeseth 3 173 571 5.47% Donna Rennemo Kermit Nash (ex member) 213 213 Terje Mikalsen (ex member) 227 227 1) Held trough the controlled company Jasmig AS2) Held by the controlled company Jardis Invest AS. In addition 9.635.182 shares held by TM Holding, where Jarle Dragvik is CEO, but does not own any share.2021 Total Owner- Consultant remun- Number shipNOK \u2019000 fees Board fee Other 1) eration of shares Interest Ellen Hanetho (Chair) 316 227 545 Richard Espeseth 11 424 125 19.69% Jarle Tautra 2) 1 000 0.00% Kermit Nash 96 96 Jarle Dragvik 3) 2200 0.00% Walter H Qvam (ex member) 450 1 214 1 664 170 713 0.29% Terje Mikalsen (ex member) 1) Other compensation includes exercised options during the period.2) Held trough the controlled company Jasmig AS.3) Held by the controlled company Jardis Invest AS. In addition 9.635.182 shares held by TM Holding, where Jarle Dragvik is CEO, but does not own any share.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__51": { "value": "Total costs and Social Security ProvisionsNOK \u2019000 2022 Total cost 7 362 Total Social security provisions 7 993", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__56": { "value": "NOTE 2.6 OTHER OPERATING EXPENSES NOK \u2019000 2022 2021 Advertising and direct sale cost 1 087 290 Repair and maintenance costs 1 530 137 Rental costs 1 660 1 784 Travel costs 2 194 817 Consultancy fees and external personnel 36 528 19 720 Provision bad debts 1 194 0 Other operating costs 10 333 8 024 Total operating expenses 54 526 30 772", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__57-1": { "value": "Fees to the group auditorNOK \u2019000 2022 2021 Statutory audit 1 212 564 Other assurance services 0 12 Other non-assurance services 736 332 Total 1 948 908Fees to other auditors elected by subsidiariesNOK \u2019000 2022 2021 Statutory audit 81 769 Other assurance services 0 12 Other non-assurance services 22 138 Tax consultant services 0 138 Total 103 1057", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__59": { "value": "NOTE 2.7 FINANCIAL INCOME AND EXPENSESNOK \u2019000 2022 2021 Interest income 3 434 2 056 Foreign exchange gain 14 420 2 319 Other financial income 19 0 Total financial income 17 874 4 375 Interest on debt and borrowings 307 49 Interest expense lease liabilities 368 0 Foreign exchange losses 10 143 557 Other financial expenses 199 715 Total financial expenses 11 016 1 321", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__60": { "value": "INCOME TAXIncome tax expense for the yearNOK \u2019000 2022 2021 Income tax payable 0 0 Changes in deferred tax -80 0 Total income tax expense -80 0 Basis for income tax expenseNOK \u2019000 2022 2021 Profit / loss (-) before taxes -89 899 -57 408 Permanent differences 0 -986 Currency translation and other differences 636 0 Changes in temporary differences -23 499 -1 072 Basis for tax payable -112 696 -59 466 Reconciliation of tax expense to Norwegian nominal statutory tax rate NOK \u2019000 2022 2021 Tax on profit before taxes (22%) -19 778 -12 630 Tax on permanent differences 66 -219 Foreign tax rate and currency translation differences 990 0 Change in not recognised deferred tax assets 18 694 12 849 Tax expense -80 0 Effective tax rate -0.09% 0.00% Overview temporary differences NOK \u2019000 2022 2021 Change Intangible assets 33 087 37 229 4 142 Property, Plant and Equipment 11 590 5 126 -6 464 Right of use assets 24 547 2 975 -21 572 Financial assets 26 940 1 371 -25 569 Other receivables 8 791 - -8 791 Production contracts 1 504 5 210 3 706 Lease liability -23 445 -2 975 20 470 Provisions -6 564 -200 6 364 Other accruals 0 -7 -7 Tax loss carry forwards 1) -220 859 -108 162 112 697 Total -144 409 -59 433 84 976 Temporary differences not recognised as deferred tax assets/liabilities 33 087 37 229 4 142 Deferred tax assets 39 049 21 266 -17 783 Deferred tax not recognised in the Statement of financial position 39 049 21 266 - 17 783 Deferred tax in the Statement of financial position 0 0 0 1) Tax carry forward for 2021 has been adjusted due to correction of error. This correction does not impact tax expense in the statement of comprehensive income, or deferred tax in the statement of financial position.The majority of the deferred tax asset is related to loss carry forward. As of 31 December 2022 it is considered not likely that the tax loss carry forward will be utilised in the near future, therefore the deferred tax assets is not capitalised. Tax losses carry forward by country NOK \u2019000 2022 2021 Norway -179 467 -98 681 Denmark -23 859 -9 481 China -17 533 - Balance as of 31.12 -220 859 -108 162 At the end of 2022, HydrogenPro had tax loss carry forwards of NOK 221 million. Of the total, NOK 203 million is without expiration. The tax carry forwards with an expiry date expire after 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__61": { "value": "NOTE 3.1 INTANGIBLE ASSETS Patents and 2021NOK \u2019000 Technology licences Total Accumulated cost 01.01.2021 36 545 8 456 45 001 Additions 4 821 3 285 8 106 Accumulated cost 31.12.2021 41 366 11 741 53 107 Accumulated depreciation 01.01.2021 4 137 0 4 137 Depreciation for the year 0 0 0 Carrying amount at 31.12.2021 37 229 11 741 48 970 Expected useful life 10 years 5 years Depreciation method Linear Linear Patents and 2022NOK \u2019000 Technology licences Goodwill Total Accumulated cost 01.01.2022 41 366 11 741 0 53 107 Acquisition of subsidiary 21 935 21 935 Accumulated cost 31.12.2022 41 366 11 741 21 935 75 042 Accumulated depreciation 01.01.2022 4 137 0 0 4 137 Depreciation for the year 4 136 2 348 0 6 484 Exchange differences 6 0 0 6Carrying amount at 31.12.2022 33 087 9 393 21 935 64 415 Expected useful life 10 years 5 years Depreciation method Linear Linear GoodwillFor the purposes of impairment testing, goodwill has been allocated to the following cash generating units (\u201cCGUs\u201d).NOK \u2019000 2022 HydrogenPro Tianjin CO Ltd 21 935 Total 21 935 The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers have been identified. CGUs are tested using the value-in-use approach determined by discounting expected future cash flows. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than book valueThe discounted cash flow analysis is based on management\u2019s forecast for the period 2023 to 2027. The forecasted cash flows are based on signed contracts and identified prospects in addition to other expected revenue. Management has defined the EBITDA margin, dis-count rate and revenue growth as the most sensitive assessment in the value-in-use calculation. Estimated future cash flows are discounted to their present value. The discount rate is derived using capital asset pricing model. The asset beta is based on industry data, and the risk-free rate is based on a Chinese 10-year government bond.The discount rate is not adjusted for IFRS 16 lease liabilities. An effective tax rate of 25% is applied in the discounted cash flow calculation.When estimating the revenue growth and EBITDA margins, management has utilized forecasts based on existing contracts and current production capacity.Several sensitivity analysis have been performed on the key assumptions in the value-in-use calculation . This sensitivity analysis of good-will includes changing various assumptions to consider other potential alternative market conditions. This includes analysing the impact on the value-in-use calculation when changing the EBITDA margin, discount rate and revenue growth. The recoverable amounts exceeded book values for all scenarios in the sensitivity analysis. The discount rate used in the impairment testing of goodwill is shown below.NOK \u2019000 2022 HydrogenPro Tianjin CO Ltd 21.8 % HydrogenPro Tianjin CO Ltd. Is assumed to achieve a steady state in 2027 with a long-term growth rate of 2.0%.HydrogenPro has performed an annual impairment test in December 2022. The recoverable amounts exceed book values for the CGU in the goodwill impairment testing and as such no impairment losses recognised in 2022.TechnologyThe Technology cost corresponds to the acquisition of the subsidiary Advance Surface Plating ApS (ASP) The useful lifetime is expected to be 10 years. The acquisition date was 22th of December 2020, and depreciation was effective from January 2021. The Group has assessed the carrying value of the development cost as of 31.12.2022 and consider it to be intact. The conclusion is based on: - The technical feasibility to development the product for it to be sold, and the groups intention and ability to complete and sell the prod-uct. - The production line was completed by the end of 2021.- The Groups adequate resources available to complete the development. This includes both technical competence and allocated research fund to complete large-scale testing. - Calculations for expected earnings in Advanced Surface Plating ApS.Patent and licencesAs of 31.12.2022 the Group has capitalized NOK 11,7 relating to the FEED (front end and engineering study) to be used in the further development of 100 MW production plants. Useful lifetime is expected to be 5 years, and depreciation was effective from January 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__62": { "value": "NOTE 3.2 PROPERTY, PLANT AND EQUIPMENT Machinery Plant and and plant 2021 NOK \u2019000 machinery Moveables in progress Total Accumulated cost 01.01.2021 3 017 147 3 164 Additions 14 162 2 627 5 207 21 996 Skattefunn (tax compensations) 0 0 -1 185 -1 185 Disposals 0 0 0 0Exchange differences 0 0 0 0Accumulated cost 31.12.2021 17 179 2 774 4 022 23 975 Accumulated depreciation 01.01.2021 302 106 0 408 Depreciation for the year 865 60 0 925 Exchange differences 4 1 0 5Carrying amount at 31.12.2021 16 008 2 607 4 022 22 637 Expected useful life 5 years 5-10 years Depreciation method Linear Linear Machinery Plant and and plant 2022 NOK \u2019000 machinery Moveables in progress Total Accumulated cost 01.01.2022 17 179 2 774 4 022 23 975 Additions 11 852 1 829 876 14 557 From Machinery and plant in progress 4 301 0 -4 301 0 Acquisition in subsidiary 22 384 0 0 22 384 Exchange differences -212 83 0 -129 Accumulated cost 31.12.2022 55 503 4 686 597 60 786 Accumulated depreciation 01.01.2022 1 171 167 0 1 337 Depreciation for the year 3 393 456 0 3 849 Exchange differences 55 8 0 62Carrying amount at 31.12.2022 50 885 4 055 597 55 537 Expected useful life 5 years 5-10 years Depreciation method Linear Linear Technology centre Her\u00f8ya - Machinery and plant in progressThe Technology centre at Her\u00f8ya comprises two containers located close to HQ of HydrogenPro in Porsgrunn. The additions in 2022 cor-responds to 0.28 MNOK. The containers are subject for 5 years straight line depreciation during 2022. The work to set up the technology centre, have been subject for support from Skattefunn during 2021. The purchase cost is reduced accordingly.Advanced Surface Plating LineAdditions in 2022 are equivalent to 3.3 MNOK in plant and machinery and 0.1 MNOK in movables. These are costs incurred to establish the production plant facility in Aarhus. HydrogenPro Tianjin CO LtdOn the 9th of June HydrogenPro acquired 75% of the shares of HydrogenPro Tianjin CO Ltd. (\u201cTianjin\u201d). Tianjin is reported as a part of the HydrogenPro Group form June 2022. The fair value of the identifiable property, plant, and equipment of Tianjin as the date of the acquisi-tion were 22,4 MNOK. Additions in 2022 after this date are equivalent to 8,5 MNOK in plant and machinery, 1,4 MNOK in movables and 0,6 MNOK in machinery and plant in progress. These are cost incurred to establish the production plant facility in Tianjin, China.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__63": { "value": "NOTE 3.3 RIGHT-OF-USE ASSETS The Group as a lesseeAt inception of a contract, the Group assesses whether a 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. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.As a result of these assessments the Group has considered leasing for vehicles and the rental contract for office space as leasing accord-ing to IFRS 16.The leases do not contain any restrictions on the Group\u2019s dividend policy or financing. The Group does not have significant residual value guarantees related to its leases to disclose. 2021NOK \u2019000 Buildings Vehicles Total Accumulated cost 01.01.2021 0 334 334 Additions 2 795 0 2 795 Accumulated cost 31.12.2021 2 795 334 3 129 Accumulated depreciation 01.01.2021 0 0 0 Depreciation for the year 0 154 154 Carrying amount at 31.12.2021 2 795 180 2 975 Economic life 2 years 2 years Depreciation method Linear Linear Plant and 2022NOK \u2019000 machinery Moveables Total Accumulated cost 01.01.2022 2 795 334 3 129 Additions 18 276 0 18 276 Accumulated cost 31.12.2022 21 071 334 21 405 Accumulated depreciation 01.01.2022 0 154 154 Depreciation for the year 3 472 154 3 626 Carrying amount at 31.12.2022 17 599 26 17 625 Economic life 2 years 2 years Depreciation method Linear Linear Lease liabilitiesNOK \u2019000 2022 2021 Balance as of 01.01. 2 975 334 Additions 18 276 2 795 Lease payments -5 175 -154 Accretions of interest 367 0 Exchange differences 13 0 Carrying amount at 31.12. 16 456 2 975 Undiscounted lease liabilities and maturity of cash outflows Less than 1 year 5 124 1 610 1-3 years 9 915 1 365 4-5 years 1 417 0 Total lease liabilities as of 31.12. 16 456 2 975 Variable lease paymentsIn addition to the lease liabilities above, the Group is committed to pay variable lease payments for some of their leases. The variable lease payments are expensed as incurred.Short-term leases and leases of low value assetsThe Group has elected to apply the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__65": { "value": "Reconciliation of recurring fair value measurement categorized as level 3 NOK \u2019000 2022 2021 Opening balance 1. January 26 458 Initial recognition 25 087 Unrealised change in value for the period recognised in the income statement 22 485 Translation effect 3 113 1 371 Balance at 31 December 52 056 26 458 Unrealised gain for the period has been recognised in the line item \u201cFair value adjustment for financial instruments\u201d in the income state-ment.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__64": { "value": "NOTE 3.4 OTHER LONG TERM RECEIVABLESNOK \u2019000 2022 2021 Receivables from associated companies 4 308 4 444 Other receivables 512 495 Long term investments 0 17 934 Convertible receivables 52 056 26 458 Carrying amount at 31.12 56 876 49 332 Long term investments in 2021Pre-paid 17 934 as part of the capital injection in HydrogenPro Tianjin. This transaction was completed in 2022, see details in note 4.2Convertible loan29 October 2021 HydrogenPro announced that it will join as a co-investor by financing DG Fuels LLC\u2019s (\u201cDG Fuels\u201d) sustainable aviation fuel (SAF) project.The convertible receivable is measured at fair value through profit or loss based on the level 3 in the fair value hierarchy. The valuation of the convertible rights is based on a value calculation made on stand-alone basis. As the agreement and payment was made late in 2021, the face value was considered also to represent the fair value as at 31.12.2021.For the fair value measurement of the conversion rights performed as at 31.12.2022, management has applied the volatility implied from the inception value and the application of Black and Scholes formula for European call options. Management calculates the value of the conversion rights to be USD 2.9 million. The significant unobservable inputs used in the fair value measurement are price of the underlying and implied volatility. Total value of the convertible receivable is the sum of bond and convertible right, and amounts to NOK 52 million. The change in fair value has amount to NOK NOK 22 million has been recognised through profit and loss.Reconciliation of recurring fair value measurement categorized as level 3 NOK \u2019000 2022 2021 Opening balance 1. January 26 458 Initial recognition 25 087 Unrealised change in value for the period recognised in the income statement 22 485 Translation effect 3 113 1 371 Balance at 31 December 52 056 26 458 Unrealised gain for the period has been recognised in the line item \u201cFair value adjustment for financial instruments\u201d in the income state-ment.Sensitivity analysisIn accordance with IFRS, HydrogenPro has chosen to provide information about market risk and potential loss from changes in the fair value of convertible receivable through sensitivity analysis. For changes in price of the underlying ranging from USD 4.9 million to USD 8.2 and changes in volatility ranging from 28% to 38%, the value of the conversion rights is calculated in an interval from million USD 1.4 million to USD 4.5 million.Refer to note 6.1 for reconciliation of the financial instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__66": { "value": "NOTE 4.1 OVERVIEW OF GROUP Ownership Voting Ownership Voting Country of Main interest power interest powerCompany incorporation operations 2022 2022 2021 2021 Technology Advanced Surface Plating ApS Denmark industries 100% 100% 100% 100% Technology HydrogenPro Tianjin CO Ltd China industries 75% 75% Technology Kvina Energy AS Norway industries 50% 50% 50% 50% Technology Hydrogenpro France France industries 100% 100% 100% 100% Technology Hydrogenpro Inc USA industries 100% 100%", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__67": { "value": "NOTE 4.2 BUSINESS COMBINATION On the 9th of June 2022 HydrogenPro acquired 75% of the shares and voting rights of HydrogenPro Tianjin CO Ltd (\u201cTianjin\u201d). Tianjin has been consolidated by the company form the same date and the business combination is reflected in the consolidated financial position as from 30 June 2022. In 2021 HydrogenPro engaged in strategic business relation with Tianjin HQY Machinery Co. Ltd (\u201cTHM\u201d) with the intention to establish an entity of HydrogenPro in China in 2022. In this process, HydrogenPro reached an agreement with THM in November 2021 to contribute NOK 18 million to the financing of a production line of electrolysers. This prepayment to THM was classified as other long-term receivables as at 31.12.2021. As a part of HydrogenPro\u2019s acquisition of Tianjin, the production line mentioned above was transferred to Tianjin as a contribution in kind. HydrogenPro Tianjin is a provider of electrolyzer systems, headquartered in Tianjin, China. HydrogenPro Tianjin specializes in manufactur-ing and assembly of hydrogen systems, including steel system structures and high-pressure piping, and has its production facilities also in Tianjin, China. HydrogenPro Tianjin brings significant systems assembly capacity and know-how and complement the capabilities of the Group, improving control of the value chain and accelerating time to market.HydrogenPro Tianjin was determined to be a \u201cbusiness\u201d since it is capable of being conducted and managed for the purpose of providing goods to customers generating a net income. Reference was made to the definition of a \u201cbusiness\u201d in IFRS 3 and the description above. The acquisition was therefore accounted for as a \u201cbusiness combination\u201d when applying the acquisition method. For the period between the date of acquisition and 31 December 2022, Tianjin contributed NOK 0 million to HydrogenPro\u2019s revenues as all production was delivered to HydrogenPro and negative NOK 19.2 million to net loss. Consideration transferredThe cash consideration for the 75 percent stake in Tianjin was NOK 50.4 million.The table below summarizes the acquisition date fair value of each major class of consideration transferred.NOK \u2019000 2022 Total consideration 50 389 Consideration in cash 2022 32 454 Consideration in cash 2021 17 935 Net cash outflow 50 389 Acquisition-related costs Transaction costs incurred by HydrogenPro related to the acquisition of Tianjin amounted to NOK 1.7 million. These costs have been rec-ognized as operating expenses and payroll expenses.Identifiable assets acquired and liabilities assumedNOK \u2019000 2022 Assets Property,plant and equipment 22 384 Cash and cash equivalents 11 890 Other current assets 18 073 Total assets 52 347 NOK \u2019000 2022 Liabilities Deferred tax liability -1 055 Other long-term liabilities -721 Other short term liabilities -12 634 Total liabilities -14 410 Net identifiable assets (100%) 37 937 The majority of the identified assets relates to production lines and machinery.Measurement of fair value The valuation technique used for measuring the fair value of fixed assets acquired is the cost approach, where the fair values are set equal to the appraisal value or purchase price. The cost approach relies on substitution principle where the price that would be received for an asset is based on the cost to a market participant buyer acquire or construct a substitute asset of comparable utility, adjusted for obsoles-cence.The fair value of all other assets and liabilities are assumed to equal book values. The trade receivables comprise gross contractual amounts due of NOK 18 million, of which nil was expected to be uncollectible at the date of acquisition. Fair value is measured on a provisional basis. The figures will be revised if new information is obtained within one year of the date of acquisition concerning facts and circumstances, or additional provisions, that existed on the date of acquisition. Goodwill NOK \u2019000 2022 Consideration transferred 50 389 Non-controlling interest 9 484 Fair value of net identified assets (100%) 37 937 Goodwill 21 935 Goodwill amounting to NOK 22 million recognised from the acquisition is mainly related to the scalable platform for new production facili-ties based on experience from Tianjin.Non-controlling interest is measured based on the proportionate interest in the recognised amount of the identifiable net assets of the acquire.None of the goodwill recognized is expected to be deductible for tax purposes.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__68": { "value": "assets acquired and liabilities assumedNOK \u2019000 2022 Assets Property,plant and equipment 22 384 Cash and cash equivalents 11 890 Other current assets 18 073 Total assets 52 347 NOK \u2019000 2022 Liabilities Deferred tax liability -1 055 Other long-term liabilities -721 Other short term liabilities -12 634 Total liabilities -14 410 Net identifiable assets (100%) 37 937 The majority of the identified assets relates to production lines and machinery.Measurement of fair value The valuation technique used for measuring the fair value of fixed assets acquired is the cost approach, where the fair values are set equal to the appraisal value or purchase price. The cost approach relies on substitution principle where the price that would be received for an asset is based on the cost to a market participant buyer acquire or construct a substitute asset of comparable utility, adjusted for obsoles-cence.The fair value of all other assets and liabilities are assumed to equal book values. The trade receivables comprise gross contractual amounts due of NOK 18 million, of which nil was expected to be uncollectible at the date of acquisition. Fair value is measured on a provisional basis. The figures will be revised if new information is obtained within one year of the date of acquisition concerning facts and circumstances, or additional provisions, that existed on the date of acquisition.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__69": { "value": "NOTE 5.1 INVENTORYNOK \u2019000 2022 2021 Work in progress 2 861 0 Raw material 32 901 308 Balance as of 31.12 41 762 308 Inventories comprises purchased raw materials and work in progress. Raw materials include parts that become an integrated part of final finished goods. Obsolescence is considered for inventories and as of 31.12.2022 there are no write-downs performed on obsolete goods. Inventories are measured under the weighted-average cost formula.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__70": { "value": "NOTE 5.2 TRADE AND OTHER RECEIVABLESTrade receivablesNOK \u2019000 2022 2021 Receivables related to revenue from contract with customers - external 19 730 12 586 Contract asset 19 829 456 Total accounts receivables (Gross) 39 558 13 042 Allowance for expected credit losses 1 145 0 Balance as of 31.12 38 413 13 042 The allowance for expected credit losses covers the amounts that is more than 30 days past due, and that are assessed as uncertain.Other short terms receivablesNOK \u2019000 2022 2021 Pre-paid costs 1 906 3 335 Pre-paid raw material 26 970 0 Pre-paid tangible assets 7 926 0 VAT net receivables 7 573 2 305 Other current receivables 3 139 1 954 Balance as of 31.12 47 514 7 594", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__71": { "value": "NOTE 5.3 TRADE CREDITORS AND OTHER CURRENT LIABILITIESNOK \u2019000 2022 2021 Trade creditors 20 578 3 290 Government taxes, tax deductions etc. 10 797 5 244 Contract liabilities (incl. prepayment from customers) 76 182 907 Other liabilities 11 333 4 418 Balance as of 31.12 118 891 13 858 Trade payables are non-interest bearing and are normally settled on 30-days terms. Contract liabilities is primarily due to a prepayment from Mitsubishi, that is to be recognized as revenue in 2023 depending on perfor-mance obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__72": { "value": "NOTE 6.1 OVERVIEW OF FINANCIAL INSTRUMENTS AND RISK MANAGEMENTOverviewThrough its activities, the Group will be exposed to different types of financial risks: market risk, credit risk and liquidity risk. This note presents information related to the Group\u2019s exposure to such risks, the Group\u2019s objectives, policies and procedures for risk management and handling, as well as the Group\u2019s management of capital. Additional quantitative information is included in these consolidated financial statements.The Group\u2019s overall risk management plan is to ensure the ongoing liquidity in the group, defined as to being able to meet its obligations at any time. The Group do not have any external bank borrowings, and therefore no covenants related to borrowings.Risk management of the group is maintained by the operational executives as CEO and CFO along with the Board. This includes tasks to identify, measure, mitigate and report on financial risks in close cooperation with the various operating units. Risk management policies and procedures are reviewed regularly to take into account changes in the market and the Group\u2019s activities.Capital managementThe Group\u2019s main goal is to maximize shareholder value while ensuring the Group\u2019s ability to continue operations. The Group has a target to maintain a capital structure that gives the Group an optimal capital binding given the current market situation. The Group makes the necessary changes to their capital structure based on an ongoing assessment of the business\u2019 financial situation and future prospects in the short and medium term.Financial risk instruments by category2022 Financial Financial Financial assets assets liabilities measured Total carrying measured at measured at at fair value amount NOK \u2019000 amortized cost amortized cost (level 3) 31.12.2022 Other non current receivables 4 820 4 820 Convertible receivables 52 056 52 056 Accounts receivables 38 413 38 413 Cash and cash equivalents 257 022 257 022 Total financial assets 300 255 52 056 352 311 Non-current lease liabilities 11 332 11 332 Trade an other payables 20 578 20 578 Current lease liabilities 5 124 5 124 Total financial liabilities 37 034 37 034 2021 Financial Financial Financial assets assets liabilities measured Total carrying measured at measured at at fair value amount NOK \u2019000 amortized cost amortized cost (level 3) 31.12.2021 Other non current receivables 22 874 22 874 Convertible receivables 26 458 26 458 Accounts receivables 13 042 13 042 Cash and cash equivalents 382 255 382 255 Total financial assets 418 171 26 458 444 629 Non-current lease liabilities 1 365 1 365 Trade an other payables 3 290 3 290 Current lease liabilities 1 610 1 610 Total financial liabilities 6 265 6 265 Financial risk managementThrough its ordinary operating activities, the Group is exposed to various types of risk and this exposure to risk is expected to increase as HydrogenPro gradually becomes more involved in the actual delivery and system integration of large-scale electrolyser plants. The Group is proactively working to identify risks and taking risk mitigating initiatives to the extent this is practicable and appropriate.Below follows a description of the Group\u2019s main types of risks;Credit riskCredit risk is the risk that one party to a financial instrument will cause a financial loss for the group by failing to settle its obligations.The group is exposed to credit risks in conducting its ordinary activities. The credit risk primarily relates to its trade receivables and its cash and cash equivalents. As our customer base mainly consist of large industrial Groups, the credit risk related to trade receivables are considered limited. The following table provides information about the exposure to credit risk for trade receivables from customers as of 31st of December: 2022 2021 Gross carrying Provision Gross carrying Provision NOK \u2019000 amount bad dept amount bad dept Current (not past due) 9 093 0 5 313 0 1-30 days past due 9 484 0 6 189 0 More than one year past due 1 145 1 145 1 085 0 Total 19 722 1 145 12 586 0 Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Group manages its liquidity with a high level of prudency, with rules and policies that ensure an adequate amount of cash and cash equivalents to meet the immediate needs of resources both in the short and long term. Liquidity forecasts are regularly monitored against the contractual maturities or lease liabilities. Financial liabilities are specified in note 19. All finan-cial liabilities are due within one year.Maturity analysis for lease liability are included in note 3.3.Market riskMarked risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market prices. Market risks for the Group comprise of the following three types of risk: foreign exchange risk, interest rate risk and raw materials risk.Foreign exchange riskThe Group\u2019s functional currency is NOK. The Group operates globally and is therefore exposed to currency fluctuations, mainly related to USD, EUR and CNY. As of today, the Group does not hedge currency, but this is an issue that is being considered.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__73": { "value": "Capital managementThe Group\u2019s main goal is to maximize shareholder value while ensuring the Group\u2019s ability to continue operations. The Group has a target to maintain a capital structure that gives the Group an optimal capital binding given the current market situation. The Group makes the necessary changes to their capital structure based on an ongoing assessment of the business\u2019 financial situation and future prospects in the short and medium term.Financial risk instruments by category2022 Financial Financial Financial assets assets liabilities measured Total carrying measured at measured at at fair value amount NOK \u2019000 amortized cost amortized cost (level 3) 31.12.2022 Other non current receivables 4 820 4 820 Convertible receivables 52 056 52 056 Accounts receivables 38 413 38 413 Cash and cash equivalents 257 022 257 022 Total financial assets 300 255 52 056 352 311 Non-current lease liabilities 11 332 11 332 Trade an other payables 20 578 20 578 Current lease liabilities 5 124 5 124 Total financial liabilities 37 034 37 034 2021 Financial Financial Financial assets assets liabilities measured Total carrying measured at measured at at fair value amount NOK \u2019000 amortized cost amortized cost (level 3) 31.12.2021 Other non current receivables 22 874 22 874 Convertible receivables 26 458 26 458 Accounts receivables 13 042 13 042 Cash and cash equivalents 382 255 382 255 Total financial assets 418 171 26 458 444 629 Non-current lease liabilities 1 365 1 365 Trade an other payables 3 290 3 290 Current lease liabilities 1 610 1 610 Total financial liabilities 6 265 6 265", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__74": { "value": "Credit risk is the risk that one party to a financial instrument will cause a financial loss for the group by failing to settle its obligations.The group is exposed to credit risks in conducting its ordinary activities. The credit risk primarily relates to its trade receivables and its cash and cash equivalents. As our customer base mainly consist of large industrial Groups, the credit risk related to trade receivables are considered limited. The following table provides information about the exposure to credit risk for trade receivables from customers as of 31st of December: 2022 2021 Gross carrying Provision Gross carrying Provision NOK \u2019000 amount bad dept amount bad dept Current (not past due) 9 093 0 5 313 0 1-30 days past due 9 484 0 6 189 0 More than one year past due 1 145 1 145 1 085 0 Total 19 722 1 145 12 586 0", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__75": { "value": "Liquidity riskLiquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Group manages its liquidity with a high level of prudency, with rules and policies that ensure an adequate amount of cash and cash equivalents to meet the immediate needs of resources both in the short and long term. Liquidity forecasts are regularly monitored against the contractual maturities or lease liabilities. Financial liabilities are specified in note 19. All finan-cial liabilities are due within one year.Maturity analysis for lease liability are included in note 3.3.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__76": { "value": "Market riskMarked risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of changes in market prices. Market risks for the Group comprise of the following three types of risk: foreign exchange risk, interest rate risk and raw materials risk.Foreign exchange riskThe Group\u2019s functional currency is NOK. The Group operates globally and is therefore exposed to currency fluctuations, mainly related to USD, EUR and CNY. As of today, the Group does not hedge currency, but this is an issue that is being considered.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__78": { "value": "NOTE 6.2 CASH AND CASH EQUIVALENTSNOK \u2019000 2022 2021 Cash Short-term bank deposits 257 022 382 255 Cash and cash equivalents in the balance sheet 257 022 382 255 For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 31 December:The Group has no credit facilities.Restricted bank deposit 3 026 1 745", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__77": { "value": "NOTE 6.2 CASH AND CASH EQUIVALENTSNOK \u2019000 2022 2021 Cash Short-term bank deposits 257 022 382 255 Cash and cash equivalents in the balance sheet 257 022 382 255 For the purpose of the statement of cash flows, cash and cash equivalents comprise the following at 31 December:The Group has no credit facilities.Restricted bank deposit 3 026 1 745", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__79": { "value": "NOTE 6.3 SHARE CAPITAL AND SHAREHOLDERSThe 20 main shareholders at 31.12.22 are: Number of Ownership Shareholder shares interest Richard Espeseth 11 424 125 19.69% TM Holding AS 9 635 182 16.60% Clearstream Banking S.A. 6 280 423 10.82% Mitsubishi heavy Industries Ltd 5 381 165 9.27% Vivan Espeseth 3 173 571 5.47% Citibank Europe plc 1 600 000 2.76% Avanza Bank AB 1 523 731 2.63% Eneren Invest AS 1 506 966 2.60% Tor Danielsen 1 373 571 2.37% Jan Fredrik Garvik 1 337 411 2.30% DZ Privatbank S.A. 1 322 981 2.28% VERDIPAPIRFONDET DNB SMB 1 174 894 2.02% Nordnet Bank AB 872 205 1.50% VERDIPAPIRFONDET PARETO INVESTMENT 841 000 1.45% BARCLAYS CAPITAL SEC. LTD FIRM 745 934 1.29% Nordea Bank Abp 727 783 1.25% VPF NORGE SELEKTIV 604 914 1.04% Goldman Sachs & Co. LLC 415 629 0.72% LJM AS 350 000 0.60% The Bank of New York Mellon SA/NV 335 335 0.58% 50 626 820 87.25% Total other shareholders 7 401 351 12.75% Total number of shares 58 028 171 100.00% As of 31 December 2022, the group\u2019s share capital was NOK 1 161 (0.058) TNOK, consisting of 58 028 171 (58 028 171) shares each with a par value of NOK 0,02 (0,001).", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s6_notes__7__80": { "value": "NOTE 6.4 EARNINGS PER SHARE NOK \u2019000 2022 2021 Basic earnings per share Profit/(loss) for the year attributable to ordinary shares -84 888 -56 096 Issued shares as of 1 January 58 028 171 57 169 312 Share issued 0 858 859 Issued ordinary shares at 31 December 58 028 171 58 028 171 Effect of weighting 0 0 Weighted average number of shares outstanding for the purpose of basic earnings per share 58 028 171 57 598 742 Basic earnings per share for income attributable to the equity holder of the parent company -1.46 -0.97 Diluted earnings per share Weighted average number of shares outstanding for the purpose of diluted earnings per share 58 028 171 57 598 742 Diluted earnings per share for income attributable to the equity holder of the parent company -1.46 -0.97", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300EW945NUS7PK214", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }