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  "s7_notes__6__12": {
   "value": "Nel ASA (Nel) is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. The company is domiciled in Norway. The company specializes in electrolyser technology for production of renewable hydrogen, and hydrogen fueling equipment for road-going vehicles. Nel\u2019s product offerings are key enablers for a renewable hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia.",
   "dimensions": {
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
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   }
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
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   "value": "Nel ASA",
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
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   "value": "Nel ASA",
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
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   "value": "ASA",
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
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   "value": "Norway",
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
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   "value": "Norway",
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
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   "value": "Oslo",
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__10": {
   "value": "Karenslyst all\u00e9 49, N-0279 Oslo, Norway",
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    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
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  "s7_notes__6__16": {
   "value": "1.2  Basis of preparationThe group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). Accounts are based on the principle of historical cost, except for certain financial instruments, which are measured at fair value. The consolidated financial statements are presented in Norwegian kroner (NOK). The functional currency of Nel ASA is NOK. All values are rounded to the nearest thousand, unless when indicated otherwise. As a result of rounding differences numbers or percentages may not add up to the total. The financial statements are prepared based on a going concern assumption. The consolidated financial statements were approved by the Board of Directors and the Chief Executive Officer on February 27, 2023.DEFINITION AND APPLYING OF MATERIALITY JUDGEMENTS IN PREPARATION OF THESE CONSOLIDATED FINANCIAL STATEMENTSThese consolidated financial statements aim to provide useful financial information which increase the understandability of Nel and its performance. To meet the information needs of its primary users, Nel apply materiality judgments which are necessary to meet this objective, and Nel has made such judgments related to recognition, measurement, presentation and disclosures. Within these consolidated financial statements information is considered material if omitting, misstating or obscuring it could reasonably be expected to influence decisions taken by primary users based on the information provided. In practice this will lead to Nel omitting certain information if it is assessed it will obscure the material information. The materiality judgments are reassessed at each reporting date and updated based on changed facts and Nel specific circumstances.BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the parent company and its subsidiaries as of 31 December 2022. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Control is achieved if, and only if, the group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising from other contractual arrangements and iii) The group\u2019s voting rights and potential voting rights.The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the group gains control until the date the group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group. There are no non-controlling interests in the Group as all subsidiaries are 100 % owned. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are fully eliminated upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in statement of comprehensive income.FOREIGN EXCHANGE AND CURRENCYTransactions and balancesTransactions in foreign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses are recognised within \u2018finance cost\u2019 in the profit or loss. Foreign currency monetary items are translated into functional currency using the balance sheet closing rates. Non-monetary items that are measured in terms of historical cost in a foreign currency continue to be translated using the exchange rate that prevailed at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates that prevailed at the date when the fair value was measured.All foreign currency translations are recognised in profit or loss as finance cost except for foreign currency translations where a hedging relationship exists, and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.Consolidation of subsidiariesThe individual financial statements of a subsidiary are prepared in the subsidiary\u2019s functional currency. In preparing the consolidated financial statements, the statement of comprehensive income items from the subsidiaries are converted to NOK using the respective monthly average exchange rates, while statement of financial position items is converted using the rate at year-end. Exchange rate gains and losses are recognised net within Other comprehensive income and accumulated in Currency translation differences in \u2018Other components of equity\u2019.STATEMENT OF COMPREHENSIVE INCOMEThe Group present a single statement of \u2018Consolidated statement of comprehensive income\u2019 which comprise all components of profit or loss, OCI and the comprehensive income for the period.STATEMENT OF CASH FLOWSThe Group uses the indirect method for the presentation of the cash flow statement.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__15": {
   "value": "1.2  Basis of preparationThe group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). Accounts are based on the principle of historical cost, except for certain financial instruments, which are measured at fair value. The consolidated financial statements are presented in Norwegian kroner (NOK). The functional currency of Nel ASA is NOK. All values are rounded to the nearest thousand, unless when indicated otherwise. As a result of rounding differences numbers or percentages may not add up to the total. The financial statements are prepared based on a going concern assumption. The consolidated financial statements were approved by the Board of Directors and the Chief Executive Officer on February 27, 2023.DEFINITION AND APPLYING OF MATERIALITY JUDGEMENTS IN PREPARATION OF THESE CONSOLIDATED FINANCIAL STATEMENTSThese consolidated financial statements aim to provide useful financial information which increase the understandability of Nel and its performance. To meet the information needs of its primary users, Nel apply materiality judgments which are necessary to meet this objective, and Nel has made such judgments related to recognition, measurement, presentation and disclosures. Within these consolidated financial statements information is considered material if omitting, misstating or obscuring it could reasonably be expected to influence decisions taken by primary users based on the information provided. In practice this will lead to Nel omitting certain information if it is assessed it will obscure the material information. The materiality judgments are reassessed at each reporting date and updated based on changed facts and Nel specific circumstances.BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the parent company and its subsidiaries as of 31 December 2022. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Control is achieved if, and only if, the group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising from other contractual arrangements and iii) The group\u2019s voting rights and potential voting rights.The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the group gains control until the date the group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group. There are no non-controlling interests in the Group as all subsidiaries are 100 % owned. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are fully eliminated upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in statement of comprehensive income.FOREIGN EXCHANGE AND CURRENCYTransactions and balancesTransactions in foreign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses are recognised within \u2018finance cost\u2019 in the profit or loss. Foreign currency monetary items are translated into functional currency using the balance sheet closing rates. Non-monetary items that are measured in terms of historical cost in a foreign currency continue to be translated using the exchange rate that prevailed at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates that prevailed at the date when the fair value was measured.All foreign currency translations are recognised in profit or loss as finance cost except for foreign currency translations where a hedging relationship exists, and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.Consolidation of subsidiariesThe individual financial statements of a subsidiary are prepared in the subsidiary\u2019s functional currency. In preparing the consolidated financial statements, the statement of comprehensive income items from the subsidiaries are converted to NOK using the respective monthly average exchange rates, while statement of financial position items is converted using the rate at year-end. Exchange rate gains and losses are recognised net within Other comprehensive income and accumulated in Currency translation differences in \u2018Other components of equity\u2019.STATEMENT OF COMPREHENSIVE INCOMEThe Group present a single statement of \u2018Consolidated statement of comprehensive income\u2019 which comprise all components of profit or loss, OCI and the comprehensive income for the period.STATEMENT OF CASH FLOWSThe Group uses the indirect method for the presentation of the cash flow statement.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__18": {
   "value": "The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s consolidated financial statements have been prepar<span class=\"_ _0\"></span>ed in accordance with International Financial Repor<span class=\"_ _e\"></span>ting Standards (IFRS) as adopted by the Eur<span class=\"_ _0\"></span>opean Union (EU). ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__20": {
   "value": "BASIS OF CONSOLID<span class=\"_ _0\"></span>A<span class=\"_ _4\"></span>TIONThe consolidated financial statements comprise the financial statements of the par<span class=\"_ _0\"></span>ent company and its subsidiaries as of 31 December 2022. Consolidation o<span class=\"_ _0\"></span>f a subsidiar<span class=\"_ _3\"></span>y begins when the group obtains contr<span class=\"_ _0\"></span>ol over the subsidiar<span class=\"_ _3\"></span>y and ceases when the group loses contr<span class=\"_ _0\"></span>ol of the subsidiar<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>. Contr<span class=\"_ _b\"></span>ol is achieved if<span class=\"_ _1\"></span>, and only if<span class=\"_ _0\"></span>, the gr<span class=\"_ _0\"></span>oup has power over the investee, is exposed to, or has rights to, variable returns fr<span class=\"_ _0\"></span>om its involvement with the investee, and has the ability to affect those returns thr<span class=\"_ _0\"></span>ough its power over the investee. Generally<span class=\"_ _0\"></span>, ther<span class=\"_ _0\"></span>e is a presumption that a majority of voting rights result in contr<span class=\"_ _0\"></span>ol. T<span class=\"_ _4\"></span>o suppor<span class=\"_ _3\"></span>t this presumption and when the group has less than a majority o<span class=\"_ _0\"></span>f the voting or similar rights of an investee, the gr<span class=\"_ _0\"></span>oup considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising fr<span class=\"_ _0\"></span>om other contractual arrangements and iii) The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s voting rights and potential voting rights.The group r<span class=\"_ _0\"></span>e-assesses whether or not it controls an investee if facts and circumstances indicate that ther<span class=\"_ _0\"></span>e are changes to one or more o<span class=\"_ _0\"></span>f the three elements o<span class=\"_ _0\"></span>f control. Assets, liabilities, income and expenses of a subsidiar<span class=\"_ _e\"></span>y acquired or disposed of during the year ar<span class=\"_ _0\"></span>e included in the consolidated financial statements from the date the gr<span class=\"_ _0\"></span>oup gains control until the date the group ceases to contr<span class=\"_ _0\"></span>ol the subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>.Pro<span class=\"_ _0\"></span>fit or loss and each component of other compr<span class=\"_ _0\"></span>ehensive income (OCI) are attributed to the equity holders o<span class=\"_ _0\"></span>f the parent o<span class=\"_ _0\"></span>f the group. There ar<span class=\"_ _0\"></span>e no non-controlling interests in the Group as all subsidiaries ar<span class=\"_ _0\"></span>e 100 % owned. When necessar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, adjustments ar<span class=\"_ _0\"></span>e made to the financial statements of subsidiaries to bring their accounting policies into line with the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s accounting policies. All intra-gr<span class=\"_ _0\"></span>oup assets and liabilities, equity<span class=\"_ _0\"></span>, income, expenses and cash flows r<span class=\"_ _0\"></span>elating to transactions between members of the gr<span class=\"_ _0\"></span>oup are fully eliminated upon consolidation. A change in the ownership interest o<span class=\"_ _0\"></span>f a subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, without a loss of contr<span class=\"_ _0\"></span>ol, is accounted for as an equity transaction. If the group loses contr<span class=\"_ _0\"></span>ol over a subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in statement o<span class=\"_ _0\"></span>f comprehensive income.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__19": {
   "value": "BASIS OF CONSOLID<span class=\"_ _0\"></span>A<span class=\"_ _4\"></span>TIONThe consolidated financial statements comprise the financial statements of the par<span class=\"_ _0\"></span>ent company and its subsidiaries as of 31 December 2022. Consolidation o<span class=\"_ _0\"></span>f a subsidiar<span class=\"_ _3\"></span>y begins when the group obtains contr<span class=\"_ _0\"></span>ol over the subsidiar<span class=\"_ _3\"></span>y and ceases when the group loses contr<span class=\"_ _0\"></span>ol of the subsidiar<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>. Contr<span class=\"_ _b\"></span>ol is achieved if<span class=\"_ _1\"></span>, and only if<span class=\"_ _0\"></span>, the gr<span class=\"_ _0\"></span>oup has power over the investee, is exposed to, or has rights to, variable returns fr<span class=\"_ _0\"></span>om its involvement with the investee, and has the ability to affect those returns thr<span class=\"_ _0\"></span>ough its power over the investee. Generally<span class=\"_ _0\"></span>, ther<span class=\"_ _0\"></span>e is a presumption that a majority of voting rights result in contr<span class=\"_ _0\"></span>ol. T<span class=\"_ _4\"></span>o suppor<span class=\"_ _3\"></span>t this presumption and when the group has less than a majority o<span class=\"_ _0\"></span>f the voting or similar rights of an investee, the gr<span class=\"_ _0\"></span>oup considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising fr<span class=\"_ _0\"></span>om other contractual arrangements and iii) The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s voting rights and potential voting rights.The group r<span class=\"_ _0\"></span>e-assesses whether or not it controls an investee if facts and circumstances indicate that ther<span class=\"_ _0\"></span>e are changes to one or more o<span class=\"_ _0\"></span>f the three elements o<span class=\"_ _0\"></span>f control. Assets, liabilities, income and expenses of a subsidiar<span class=\"_ _e\"></span>y acquired or disposed of during the year ar<span class=\"_ _0\"></span>e included in the consolidated financial statements from the date the gr<span class=\"_ _0\"></span>oup gains control until the date the group ceases to contr<span class=\"_ _0\"></span>ol the subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>.Pro<span class=\"_ _0\"></span>fit or loss and each component of other compr<span class=\"_ _0\"></span>ehensive income (OCI) are attributed to the equity holders o<span class=\"_ _0\"></span>f the parent o<span class=\"_ _0\"></span>f the group. There ar<span class=\"_ _0\"></span>e no non-controlling interests in the Group as all subsidiaries ar<span class=\"_ _0\"></span>e 100 % owned. When necessar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, adjustments ar<span class=\"_ _0\"></span>e made to the financial statements of subsidiaries to bring their accounting policies into line with the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s accounting policies. All intra-gr<span class=\"_ _0\"></span>oup assets and liabilities, equity<span class=\"_ _0\"></span>, income, expenses and cash flows r<span class=\"_ _0\"></span>elating to transactions between members of the gr<span class=\"_ _0\"></span>oup are fully eliminated upon consolidation. A change in the ownership interest o<span class=\"_ _0\"></span>f a subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, without a loss of contr<span class=\"_ _0\"></span>ol, is accounted for as an equity transaction. If the group loses contr<span class=\"_ _0\"></span>ol over a subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in statement o<span class=\"_ _0\"></span>f comprehensive income.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__5": {
   "value": "Notes to the consolidated  financial statements1.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Corporate information</span>Nel ASA (Nel) is a global, dedicated hydrogen company<span class=\"_ _1\"></span>, delivering optimal solutions to produce, stor<span class=\"_ _0\"></span>e and distribute hydrogen fr<span class=\"_ _0\"></span>om renewable energy<span class=\"_ _1\"></span>. The company is domiciled in Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. The company specializes in electrolyser technology for production o<span class=\"_ _0\"></span>f renewable hydrogen, and hydrogen fueling equipment for r<span class=\"_ _0\"></span>oad-going vehicles. Nel\u2019<span class=\"_ _0\"></span>s product o<span class=\"_ _0\"></span>fferings are key enablers for a renewable hydr<span class=\"_ _0\"></span>ogen economy<span class=\"_ _0\"></span>, making it possible to decarbonize various industries such as transpor<span class=\"_ _e\"></span>tation, refining, steel, and ammonia.The group has two divisions: Nel Hydr<span class=\"_ _0\"></span>ogen Electrolyser and Nel Hydrogen Fueling. The ultimate parent o<span class=\"_ _0\"></span>f the group Nel ASA (org. no 979 938 799) was formed in 1998, incorporated in Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. Nel ASA is a Nor<span class=\"_ _3\"></span>wegian public limited liability company listed on the Oslo Stock Exchange. The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s head o<span class=\"_ _0\"></span>ffice is in Karenslyst all\u00e9 49, N-0279 Oslo, Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. 1.2 <span class=\"_ _46\"> </span>Basis o<span class=\"_ _0\"></span>f pr<span class=\"_ _0\"></span>eparationThe group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s consolidated financial statements have been prepar<span class=\"_ _0\"></span>ed in accordance with International Financial Repor<span class=\"_ _e\"></span>ting Standards (IFRS) as adopted by the Eur<span class=\"_ _0\"></span>opean Union (EU). Accounts are based on the principle o<span class=\"_ _0\"></span>f historical cost, except for cer<span class=\"_ _e\"></span>tain financial instruments, which are measured at fair value. The consolidated financial statements are pr<span class=\"_ _0\"></span>esented in Nor<span class=\"_ _3\"></span>wegian kroner (NOK). The functional curr<span class=\"_ _0\"></span>ency of Nel ASA is NOK. All values are r<span class=\"_ _0\"></span>ounded to the nearest thousand, unless when indicated other<span class=\"_ _3\"></span>wise. As a result o<span class=\"_ _0\"></span>f rounding differ<span class=\"_ _b\"></span>ences numbers or percentages may not add up to the total. The financial statements are pr<span class=\"_ _0\"></span>epared based on a going concern assumption. The consolidated financial statements were appr<span class=\"_ _0\"></span>oved by the Board o<span class=\"_ _0\"></span>f Directors and the Chief Executive Officer on Februar<span class=\"_ _3\"></span>y 27, 2023.DEFINITION AND APPL<span class=\"_ _4\"></span>YING OF MA<span class=\"_ _4\"></span>TERIALIT<span class=\"_ _e\"></span>Y JUDGEMENTS IN PREP<span class=\"_ _d\"></span>ARA<span class=\"_ _1\"></span>TION OF THESE C<span class=\"_ _0\"></span>ONSOLIDA<span class=\"_ _d\"></span>TED FINANCIAL ST<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>TEMENTSThese consolidated financial statements aim to provide useful financial information which increase the understandability of Nel and its performance. T<span class=\"_ _4\"></span>o meet the information needs of its primar<span class=\"_ _e\"></span>y users, Nel apply materiality judgments which are necessar<span class=\"_ _e\"></span>y to meet this objective, and Nel has made such judgments related to r<span class=\"_ _0\"></span>ecognition, measurement, presentation and disclosures. Within these consolidated financial statements information is considered material if omitting, misstating or obscuring it could reasonably be expected to influence decisions taken by primar<span class=\"_ _3\"></span>y users based on the information provided. In practice this will lead to Nel omitting cer<span class=\"_ _e\"></span>tain information if it is assessed it will obscure the material information. The materiality judgments are r<span class=\"_ _0\"></span>eassessed at each reporting date and updated based on changed facts and Nel specific circumstances.BASIS OF CONSOLID<span class=\"_ _0\"></span>A<span class=\"_ _4\"></span>TIONThe consolidated financial statements comprise the financial statements of the par<span class=\"_ _0\"></span>ent company and its subsidiaries as of 31 December 2022. Consolidation o<span class=\"_ _0\"></span>f a subsidiar<span class=\"_ _3\"></span>y begins when the group obtains contr<span class=\"_ _0\"></span>ol over the subsidiar<span class=\"_ _3\"></span>y and ceases when the group loses contr<span class=\"_ _0\"></span>ol of the subsidiar<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>. Contr<span class=\"_ _b\"></span>ol is achieved if<span class=\"_ _1\"></span>, and only if<span class=\"_ _0\"></span>, the gr<span class=\"_ _0\"></span>oup has power over the investee, is exposed to, or has rights to, variable returns fr<span class=\"_ _0\"></span>om its involvement with the investee, and has the ability to affect those returns thr<span class=\"_ _0\"></span>ough its power over the investee. Generally<span class=\"_ _0\"></span>, ther<span class=\"_ _0\"></span>e is a presumption that a majority of voting rights result in contr<span class=\"_ _0\"></span>ol. T<span class=\"_ _4\"></span>o suppor<span class=\"_ _3\"></span>t this presumption and when the group has less than a majority o<span class=\"_ _0\"></span>f the voting or similar rights of an investee, the gr<span class=\"_ _0\"></span>oup considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising fr<span class=\"_ _0\"></span>om other contractual arrangements and iii) The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s voting rights and potential voting rights.The group r<span class=\"_ _0\"></span>e-assesses whether or not it controls an investee if facts and circumstances indicate that ther<span class=\"_ _0\"></span>e are changes to one or more o<span class=\"_ _0\"></span>f the three elements o<span class=\"_ _0\"></span>f control. Assets, liabilities, income and expenses of a subsidiar<span class=\"_ _e\"></span>y acquired or disposed of during the year ar<span class=\"_ _0\"></span>e included in the consolidated financial statements from the date the gr<span class=\"_ _0\"></span>oup gains control until the date the group ceases to contr<span class=\"_ _0\"></span>ol the subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>.Pro<span class=\"_ _0\"></span>fit or loss and each component of other compr<span class=\"_ _0\"></span>ehensive income (OCI) are attributed to the equity holders o<span class=\"_ _0\"></span>f the parent o<span class=\"_ _0\"></span>f the group. There ar<span class=\"_ _0\"></span>e no non-controlling interests in the Group as all subsidiaries ar<span class=\"_ _0\"></span>e 100 % owned. When necessar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, adjustments ar<span class=\"_ _0\"></span>e made to the financial statements of subsidiaries to bring their accounting policies into line with the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s accounting policies. All intra-gr<span class=\"_ _0\"></span>oup assets and liabilities, equity<span class=\"_ _0\"></span>, income, expenses and cash flows r<span class=\"_ _0\"></span>elating to transactions between members of the gr<span class=\"_ _0\"></span>oup are fully eliminated upon consolidation. A change in the ownership interest o<span class=\"_ _0\"></span>f a subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, without a loss of contr<span class=\"_ _0\"></span>ol, is accounted for as an equity transaction. If the group loses contr<span class=\"_ _0\"></span>ol over a subsidiar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in statement o<span class=\"_ _0\"></span>f comprehensive income.FOREIGN EXCHANGE AND CURRENCYT<span class=\"_ _4\"></span>ransactions and balancesT<span class=\"_ _1\"></span>ransactions in for<span class=\"_ _0\"></span>eign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses are r<span class=\"_ _0\"></span>ecognised within \u2018finance cost\u2019 in the pro<span class=\"_ _0\"></span>fit or loss. Foreign currency monetar<span class=\"_ _e\"></span>y items are translated into functional curr<span class=\"_ _0\"></span>ency using the balance sheet closing rates. Non-monetar<span class=\"_ _3\"></span>y items that are measur<span class=\"_ _0\"></span>ed in terms o<span class=\"_ _b\"></span>f historical cost in a foreign curr<span class=\"_ _0\"></span>ency continue to be translated using the exchange rate that prevailed at the date of the transaction. Non-monetar<span class=\"_ _e\"></span>y items that are measur<span class=\"_ _0\"></span>ed at fair value in a foreign curr<span class=\"_ _0\"></span>ency are translated using the exchange rates that prevailed at the date when the fair value was measured.All foreign curr<span class=\"_ _0\"></span>ency translations are recognised in pr<span class=\"_ _0\"></span>ofit or loss as finance cost except for foreign curr<span class=\"_ _0\"></span>ency translations where a hedging r<span class=\"_ _0\"></span>elationship exists, and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.Consolidation o<span class=\"_ _0\"></span>f subsidiariesThe individual financial statements of a subsidiar<span class=\"_ _e\"></span>y are prepar<span class=\"_ _0\"></span>ed in the subsidiar<span class=\"_ _3\"></span>y\u2019<span class=\"_ _0\"></span>s functional curr<span class=\"_ _b\"></span>ency<span class=\"_ _1\"></span>. In preparing the consolidated financial statements, the statement of comprehensive income items fr<span class=\"_ _0\"></span>om the subsidiaries are conver<span class=\"_ _e\"></span>ted to NOK using the respective monthly average exchange rates, while statement of financial position items is conver<span class=\"_ _e\"></span>ted using the rate at year<span class=\"_ _0\"></span>-end. Exchange rate gains and losses are r<span class=\"_ _0\"></span>ecognised net within Other comprehensive income and accumulated in Currency translation differ<span class=\"_ _0\"></span>ences in \u2018Other components of equity\u2019<span class=\"_ _1\"></span>.ST<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>TEMENT OF COMPREHENSIVE<span class=\"_ _0\"></span> INCOMEThe Group pr<span class=\"_ _0\"></span>esent a single statement of \u2018<span class=\"_ _0\"></span>Consolidated statement of compr<span class=\"_ _0\"></span>ehensive income\u2019 which comprise all components of pr<span class=\"_ _0\"></span>ofit or loss, OCI and the compr<span class=\"_ _0\"></span>ehensive income for the period.ST<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>TEMENT OF CASH FL<span class=\"_ _0\"></span>OWSThe Group uses the indir<span class=\"_ _0\"></span>ect method for the presentation of the cash flow statement.1.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Significant accounting </span>policiesAccounting policies and estimate uncer<span class=\"_ _e\"></span>tainty are largely incorporated into the individual notes.T<span class=\"_ _4\"></span>able of contents for wher<span class=\"_ _0\"></span>e the significant policies are elaborated.Revenue from contracts with customers<span class=\"_ _ac\"> </span>2.1Research and development<span class=\"_ _33\"> </span>3.1Goodwill<span class=\"_ _13c\"> </span>3.1Property<span class=\"_ _0\"></span>, plant and equipment<span class=\"_ _13d\"> </span>3.2Leases<span class=\"_ _13e\"> </span>3.3Investment in associates and joint ventures<span class=\"_ _bb\"> </span>3.4Inventories<span class=\"_ _13f\"> </span>4.1T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables<span class=\"_ _140\"> </span>4.2Impairment o<span class=\"_ _b\"></span>f non-derivative financial assets<span class=\"_ _12d\"> </span>4.4Government grants<span class=\"_ _141\"> </span>5.3Provisions<span class=\"_ _ce\"> </span>5.5Derivative financial instruments and hedge accounting<span class=\"_ _142\"> </span>6.51.4 <span class=\"_ _46\"> </span><span class=\"fc1\">Changes in accounting </span>policiesA few amendments to IFRS have been implemented for the first time in the current year<span class=\"_ _1\"></span>, including amendments to IAS 37 and measurement o<span class=\"_ _0\"></span>f onerous contracts. The amendments did not have any material impact for the Group. In addition, several amendments to IFRS are issued up to the date o<span class=\"_ _0\"></span>f issuance of the consolidated financial statements but ar<span class=\"_ _0\"></span>e not yet effective. The Group has not applied the new IFRSs and the impact of applying the amendments is not expected to have a material impact on the Group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s financial statements.1.5 <span class=\"_ _46\"> </span><span class=\"fc1\">Significant accounting </span>judgements and estimation uncer<span class=\"_ _3\"></span>taintyThe preparation o<span class=\"_ _0\"></span>f financial statements requires management to make judgements and estimates that influence amounts recognised in certain accounts for assets, liabilities, income and expenses. The actual results may deviate fr<span class=\"_ _0\"></span>om such assumptions. Estimates and underlying assumptions are subject to continuous assessment.JUDGEMENTSThe following are Nel\u2019<span class=\"_ _1\"></span>s accounting policies that involves significant judgement and complexity which have most significant effect on the amounts recognised in the consolidated financial statements, including refer<span class=\"_ _0\"></span>ence to where it is discussed:Revenue recognition<span class=\"_ _143\"> </span>2.1Deferred tax assets<span class=\"_ _144\"> </span>2.8Development costs<span class=\"_ _145\"> </span>3.1Leases<span class=\"_ _146\"> </span>3.3ASSUMPTIONS AND ESTIMA<span class=\"_ _4\"></span>TION UNCERT<span class=\"_ _4\"></span>AINT<span class=\"_ _e\"></span>YRevenue recognition<span class=\"_ _143\"> </span>2.1Share-based payments<span class=\"_ _fe\"> </span>2.5Impairment o<span class=\"_ _b\"></span>f goodwill and intangible assets<span class=\"_ _9b\"> </span>3.12.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Revenue fr<span class=\"_ _0\"></span>om contracts </span>with customersThe revenue in Nel is fr<span class=\"_ _0\"></span>om sale of both complete hydrogen electrolyser systems and hydr<span class=\"_ _0\"></span>ogen fueling stations, including installation, commissioning, and long-term ser<span class=\"_ _3\"></span>vice agreements. Additionally<span class=\"_ _1\"></span>, Nel earns revenue from replacement parts and accessories in the af<span class=\"_ _e\"></span>termarket. Project execution is key in Nel\u2019<span class=\"_ _1\"></span>s large construction projects.The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>evenues result from the sale o<span class=\"_ _0\"></span>f goods or ser<span class=\"_ _3\"></span>vices and reflect the consideration to which the gr<span class=\"_ _0\"></span>oup is and expect to be entitled. IFRS 15 requir<span class=\"_ _0\"></span>es the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or ser<span class=\"_ _3\"></span>vices), determines the transaction price, allocates the contract transaction price to the per<span class=\"_ _e\"></span>formance obligations, and recognises the r<span class=\"_ _0\"></span>evenue when (or as) the per<span class=\"_ _e\"></span>formance obligations are satisfied. Revenue recognition is determined on a contract<span class=\"_ _1\"></span>-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 r<span class=\"_ _0\"></span>ecognised at a point in time or over time, 49% (58%) and 51% (42%) of r<span class=\"_ _0\"></span>evenue in 2022, respectively<span class=\"_ _1\"></span>. Revenue is recognised over<span class=\"_ _1\"></span>-time using the method that best depicts the pattern of the transfer of contr<span class=\"_ _0\"></span>ol over time. The method applied is the cost<span class=\"_ _0\"></span>-to-cost input method, adjusted as time and goods ar<span class=\"_ _0\"></span>e delivered to the customer<span class=\"_ _4\"></span>. Contract costs are expensed as incurred.Significant accounting judgements \u2013 revenue r<span class=\"_ _0\"></span>ecognitionThe Group applied the following judgements that significantly affect the determination o<span class=\"_ _b\"></span>f the timing o<span class=\"_ _b\"></span>f revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s: P<span class=\"_ _0\"></span>er<span class=\"_ _e\"></span>formance obligationsIn determining whether revenue fr<span class=\"_ _0\"></span>om a specific contract can be classified as customised and in turn recognised using a progr<span class=\"_ _0\"></span>ess-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece o<span class=\"_ _0\"></span>f equipment for a specific customer that would requir<span class=\"_ _0\"></span>e significant cost to modify to be able to transfer it to another customer<span class=\"_ _1\"></span>, then the contract would likely meet the criteria o<span class=\"_ _b\"></span>f no alternative use. The other impor<span class=\"_ _e\"></span>tant criterion is that an enforceable right to payment exists in the contract between the group and the customer<span class=\"_ _1\"></span>. Right to payment entails that the gr<span class=\"_ _0\"></span>oup has a right to receive payment fr<span class=\"_ _0\"></span>om the customer if the contract would be terminated. Upon termination at a cer<span class=\"_ _e\"></span>tain time, the group should be able to r<span class=\"_ _0\"></span>ecover costs incurred and a reasonable mar<span class=\"_ _0\"></span>gin.Determining whether revenue fr<span class=\"_ _0\"></span>om a contract should be recognised over time or at point in time could have a significant effect on the financial statements and are to some extent dependent upon judgements from management. Estimation uncer<span class=\"_ _e\"></span>tainty \u2013 revenue recognitionThe Group applied the following estimations that significantly affect the determination o<span class=\"_ _b\"></span>f the i) timing and ii) amount of r<span class=\"_ _0\"></span>evenue from contracts with customers:i) TimingT<span class=\"_ _d\"></span>otal contract costsIn a customised customer project, Nel uses cost<span class=\"_ _1\"></span>-to-cost input method when measuring progr<span class=\"_ _0\"></span>ess; thus, the total cost estimates can significantly impact measured pr<span class=\"_ _0\"></span>ogress and revenue r<span class=\"_ _0\"></span>ecognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled r<span class=\"_ _0\"></span>esources, per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f subcontractors, commodity prices, foreign currency and Nel\u2019<span class=\"_ _1\"></span>s manufacturing capacity<span class=\"_ _0\"></span>, pr<span class=\"_ _b\"></span>oductivity and quality<span class=\"_ _1\"></span>.ii) AmountLiquidated damages (LDs)LDs are pr<span class=\"_ _0\"></span>e-defined penalties for breaches of contract. LDs are most commonly used with r<span class=\"_ _0\"></span>espect to delay<span class=\"_ _0\"></span>. As the payment to the customer is not in exchange for a distinct good or ser<span class=\"_ _3\"></span>vice that transfers to Nel, LD\u2019<span class=\"_ _0\"></span>s must be accounted for as a reduction o<span class=\"_ _0\"></span>f revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment o<span class=\"_ _0\"></span>f the LD provision is based on experience fr<span class=\"_ _0\"></span>om similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.T<span class=\"_ _e\"></span>YPE OF GOODS OR SERVICESThe group generates r<span class=\"_ _0\"></span>evenue from customer contracts from two principal sour<span class=\"_ _0\"></span>ces: i) Equipment and projects and ii) Ser<span class=\"_ _3\"></span>vice and aftermarket. The equipment and projects sales are generated fr<span class=\"_ _0\"></span>om both standard and customised equipment.Standard equipmentThe group r<span class=\"_ _0\"></span>ecognises revenue at the point in time at which it satisfies a per<span class=\"_ _e\"></span>formance obligation by transferring the control of a good or ser<span class=\"_ _e\"></span>vice to the customer<span class=\"_ _1\"></span>, generally this upon agreed incoterms, which is mainly at shipment. The customer has control o<span class=\"_ _0\"></span>f a good or ser<span class=\"_ _3\"></span>vice when it has the ability to direct the use o<span class=\"_ _0\"></span>f and obtain substantially all of the r<span class=\"_ _0\"></span>emaining benefits from the good or ser<span class=\"_ _e\"></span>vice. If customer acceptance of products is not assur<span class=\"_ _0\"></span>ed, revenue is recor<span class=\"_ _0\"></span>ded only upon formalcustomer acceptance.The point in time measurement basis for standar<span class=\"_ _0\"></span>d equipment has been the main method of r<span class=\"_ _0\"></span>ecognising revenue in Electrolyser US division, aftermarket segment in the Electrolyser Nor<span class=\"_ _e\"></span>way division and the Fueling divison.Customised equipmentMost of Nel\u2019<span class=\"_ _1\"></span>s revenue stems fr<span class=\"_ _0\"></span>om standard equipment, however<span class=\"_ _1\"></span>, in cer<span class=\"_ _e\"></span>tain contracts the customisation requir<span class=\"_ _b\"></span>ed qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as r<span class=\"_ _0\"></span>evenue over<span class=\"_ _0\"></span>-time if Nel has an enfor<span class=\"_ _0\"></span>ceable right to payment for per<span class=\"_ _e\"></span>formance completed to date.ProjectsThe project contracts typically comprise  \u2022 <span class=\"_ _6\"> </span>equipment (standard product or customised), \u2022 <span class=\"_ _6\"> </span>design, siting, installation and commissioning of the equipment,Electrolyser<span class=\"_ _1\"></span>.<span class=\"ff1\"> Revenue fr<span class=\"_ _0\"></span>om sale of customised equipment </span>and projects is determined to be a bundle o<span class=\"_ _0\"></span>f goods where all of the components constitute the combined output, i.e. one per<span class=\"_ _e\"></span>formance obligation. The performance obligation is satisfied over time and Nel recognise r<span class=\"_ _0\"></span>evenue over the period the per<span class=\"_ _e\"></span>formance obligation is satisfied, using a cost<span class=\"_ _0\"></span>-to-cost input method that best depicts the pattern o<span class=\"_ _b\"></span>f the transfer o<span class=\"_ _b\"></span>f control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally<span class=\"_ _0\"></span>, contracts usually include ser<span class=\"_ _3\"></span>vice agreement and extended warranty for a specific period. Both ser<span class=\"_ _3\"></span>vice and extended warranty are separate performance obligations satisfied over 12 months or more, r<span class=\"_ _0\"></span>efer ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket.The progr<span class=\"_ _0\"></span>ess-based measurement of r<span class=\"_ _0\"></span>evenue has been the main method of r<span class=\"_ _0\"></span>ecognising revenue fr<span class=\"_ _b\"></span>om electrolyser projects o<span class=\"_ _0\"></span>f large-scale electr<span class=\"_ _b\"></span>olyser systems.Fueling. <span class=\"ff1\">Sale of fueling equipment o<span class=\"_ _0\"></span>f<span class=\"_ _e\"></span>ten include a standard </span>installation ser<span class=\"_ _3\"></span>vice and commissioning, each assessed as individual per<span class=\"_ _e\"></span>formance obligation. Revenue recognition for equipment depends on assessment of standar<span class=\"_ _0\"></span>d or customised equipment. Revenue for installation and commissioning is recognised over<span class=\"_ _1\"></span>-time measuring progr<span class=\"_ _0\"></span>ess using input method cost<span class=\"_ _0\"></span>-to-cost.Ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket Ser<span class=\"_ _3\"></span>vice and aftermarket comprise operations and maintenance (O&amp;M), extended warranty<span class=\"_ _0\"></span>, r<span class=\"_ _0\"></span>epair<span class=\"_ _1\"></span>, replacement par<span class=\"_ _e\"></span>ts and accessories.For separately sold operating and maintenance contracts where the gr<span class=\"_ _0\"></span>oup has agreed to provide r<span class=\"_ _0\"></span>outine maintenance ser<span class=\"_ _3\"></span>vices over a period of time for a fixed price, r<span class=\"_ _0\"></span>evenue is recognised on a straight<span class=\"_ _1\"></span>-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of r<span class=\"_ _0\"></span>eplacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon deliver<span class=\"_ _3\"></span>y of the r<span class=\"_ _0\"></span>eplacement par<span class=\"_ _e\"></span>ts and accessories. The following table show the revenue fr<span class=\"_ _0\"></span>om contracts with customers by type of goods or ser<span class=\"_ _e\"></span>vice:The following table show the revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s by type of goods or ser<span class=\"_ _e\"></span>vice:2022<span class=\"_ _145\"> </span>2021SEGMENTS<span class=\"_ _147\"> </span><span class=\"ls8 ws19\">FUELING<span class=\"_ _148\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER<span class=\"_ _29\"> </span><span class=\"ls3a wsdf\">TOTA<span class=\"_ _e\"></span>L<span class=\"_ _7c\"> </span></span>FUELING<span class=\"_ _13a\"> </span>ELECTROL<span class=\"_ _0\"></span>YSER<span class=\"_ _28\"> </span><span class=\"ls3a wsdf\">TOTA<span class=\"_ _e\"></span>L</span></span>T<span class=\"_ _0\"></span>ype o<span class=\"_ _0\"></span>f goods or ser<span class=\"_ _3\"></span>viceEquipment and projects151 377630 960<span class=\"_ _5e\"> </span>782 337<span class=\"_ _44\"> </span>220 321<span class=\"_ _cb\"> </span>379 844<span class=\"_ _8\"> </span>600 165Ser<span class=\"_ _e\"></span>vice and af<span class=\"_ _e\"></span>termarket<span class=\"_ _149\"> </span>56 662<span class=\"_ _5c\"> </span>75 854<span class=\"_ _5e\"> </span>132 516<span class=\"_ _31\"> </span>96 845<span class=\"_ _c9\"> </span>56 086<span class=\"_ _12e\"> </span>152 931T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Revenue from contracts with customers<span class=\"_ _96\"> </span>208 039<span class=\"_ _d6\"> </span>706 814<span class=\"_ _14a\"> </span>914 853<span class=\"_ _44\"> </span>317 165<span class=\"_ _14b\"> </span>435 930<span class=\"_ _12e\"> </span>753 096Timing of r<span class=\"_ _0\"></span>evenue recognitionRevenue recognised at point in time<span class=\"_ _14c\"> </span>151 377<span class=\"_ _d6\"> </span>297 036<span class=\"_ _14a\"> </span>448 413<span class=\"_ _36\"> </span>220 321<span class=\"_ _cb\"> </span>219 820<span class=\"_ _8\"> </span>440 140Revenue recognised over time<span class=\"_ _14d\"> </span>56 662<span class=\"_ _d6\"> </span>409 777<span class=\"_ _14a\"> </span>466 440<span class=\"_ _31\"> </span>96 845<span class=\"_ _14b\"> </span>216 111<span class=\"_ _12e\"> </span>312 955T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Revenue from contracts with customers<span class=\"_ _96\"> </span>208 039<span class=\"_ _d6\"> </span>706 814<span class=\"_ _14a\"> </span>914 853317 165<span class=\"_ _cd\"> </span>435 930<span class=\"_ _f\"> </span>753 096Onerous contracts.<span class=\"ff1\"> In the cir<span class=\"_ _0\"></span>cumstance that the unavoidable </span>costs directly r<span class=\"_ _0\"></span>elated to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be recognisedin its entirety in the period when such loss is identified. Additional information for onerous contracts is disclosed in note 5.5 \u2018Provisions\u2019<span class=\"_ _1\"></span>.CONTRA<span class=\"_ _0\"></span>CT BAL<span class=\"_ _3\"></span>ANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when cer<span class=\"_ _e\"></span>tain criteria are met. A typical milestone structure could be contract acceptance, placement o<span class=\"_ _0\"></span>f major supplier purchases, deliver<span class=\"_ _e\"></span>y/shipment and complete installation and commissioning. The payment structure o<span class=\"_ _0\"></span>f the contracts typically results in advance payments and pr<span class=\"_ _0\"></span>ogress billings exceed the satisfaction of performance obligations in progr<span class=\"_ _0\"></span>ess. Consequently<span class=\"_ _0\"></span>, creating a net contract liability<span class=\"_ _1\"></span>. In cer<span class=\"_ _e\"></span>tain circumstances based on the order value, cr<span class=\"_ _0\"></span>edit wor<span class=\"_ _e\"></span>thiness of geographic location, the gr<span class=\"_ _b\"></span>oup may requir<span class=\"_ _0\"></span>e payment in advance of shipment. The gr<span class=\"_ _0\"></span>oup does not accept returns o<span class=\"_ _0\"></span>f product or pr<span class=\"_ _b\"></span>ovide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or ser<span class=\"_ _3\"></span>vices transferred to the customer<span class=\"_ _4\"></span>. If the group performs by transferring goods or ser<span class=\"_ _3\"></span>vices to a customer before the customer pays consideration or befor<span class=\"_ _0\"></span>e payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profit (less recognised loss) on each contract is compar<span class=\"_ _0\"></span>ed against the advances and progr<span class=\"_ _0\"></span>ess billings. Where the cumulative costs incurred plus the r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses) exceed advances and progr<span class=\"_ _0\"></span>ess billings, the balance is presented as due fr<span class=\"_ _0\"></span>om customer<span class=\"_ _e\"></span>s on construction contracts within \u201c<span class=\"_ _1\"></span>contract assets\u201d<span class=\"_ _0\"></span>. When the contract assets become an unconditional right to consideration they are r<span class=\"_ _0\"></span>eclassified and presented separately as trade r<span class=\"_ _0\"></span>eceivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or ser<span class=\"_ _3\"></span>vices to a customer for which the group has r<span class=\"_ _0\"></span>eceived consideration (or an amount of consideration is due) fr<span class=\"_ _0\"></span>om the customer<span class=\"_ _1\"></span>. If a customer pays consideration befor<span class=\"_ _0\"></span>e the group transfers goods or ser<span class=\"_ _3\"></span>vices to the customer<span class=\"_ _1\"></span>, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are r<span class=\"_ _0\"></span>ecognised as revenue when the gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>forms under the contract. Where advances and progr<span class=\"_ _0\"></span>ess billings exceed the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses), the balance is presented as due to customers on construction contracts within \u201c<span class=\"_ _1\"></span>contract liabilities\u201d<span class=\"_ _0\"></span>.2022<span class=\"_ _14e\"> </span>2021CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT BAL<span class=\"_ _3\"></span>ANCESASSETSLIABILITIES<span class=\"_ _67\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L</span>ASSETSLIABILITY<span class=\"_ _4b\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LRights to consideration on contracts in progr<span class=\"_ _0\"></span>ess556 141<span class=\"_ _80\"> </span><span class=\"fsc ls9\">525 812<span class=\"_ _34\"> </span>1 081 953<span class=\"_ _80\"> </span>477 688<span class=\"_ _31\"> </span>332 324<span class=\"_ _34\"> </span>810 011</span>Less - advances and progr<span class=\"_ _0\"></span>ess billings<span class=\"_ _f5\"> </span>-459 819<span class=\"_ _70\"> </span>-1 198 103<span class=\"_ _5e\"> </span>-1 657 922<span class=\"_ _54\"> </span>-298 919<span class=\"_ _4e\"> </span>-693 145<span class=\"_ _5e\"> </span>-992 063T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Contract assets (liabilities)<span class=\"_ _14f\"> </span>96 322<span class=\"_ _54\"> </span>-672 291<span class=\"_ _150\"> </span>178 769<span class=\"_ _4e\"> </span>-360 821CONTRA<span class=\"_ _0\"></span>CT LIABILITIES<span class=\"_ _151\"> </span><span class=\"fse ls39 wsde\">2022<span class=\"_ _a5\"> </span></span><span class=\"ls8 ws19\">2021</span>Balance as of 01.01.<span class=\"_ _152\"> </span>-360 821<span class=\"_ _73\"> </span>-193 082Revenue from amounts included in contract liabilities at the beginning o<span class=\"_ _0\"></span>f the period<span class=\"_ _123\"> </span>251 205<span class=\"_ _136\"> </span>129 125Billings and advances received not r<span class=\"_ _0\"></span>ecognised as revenue in the period<span class=\"_ _153\"> </span>-554 596<span class=\"_ _73\"> </span>-292 133Basis adjustment - effect of hedge accounting<span class=\"_ _71\"> </span>-8 080<span class=\"_ _154\"> </span>-4 731Balance as of 31.12.<span class=\"_ _152\"> </span>-672 291<span class=\"_ _73\"> </span>-360 821CONTRA<span class=\"_ _0\"></span>CT ASSETS<span class=\"_ _155\"> </span><span class=\"fse ls39 wsde\">2022<span class=\"_ _156\"> </span>2021</span>Balance as of 01.01.178 769<span class=\"_ _bb\"> </span>127 976T<span class=\"_ _1\"></span>ransfers from contract assets r<span class=\"_ _b\"></span>ecognised at the beginning of the period to r<span class=\"_ _0\"></span>eceivables-167 774<span class=\"_ _157\"> </span>-103 613Increases due to measur<span class=\"_ _0\"></span>e of progr<span class=\"_ _0\"></span>ess in the period83 271<span class=\"_ _bb\"> </span>161 251Revaluation 2 056 <span class=\"_ _158\"> </span> -6 845 Balance as of 31.12.96 322<span class=\"_ _bb\"> </span>178 769Order backlogThe per<span class=\"_ _e\"></span>formance obligations in contracts with customers var<span class=\"_ _3\"></span>y from a few months to 4 years. The or<span class=\"_ _b\"></span>der backlog as o<span class=\"_ _b\"></span>f December 31, 2022, was NOK 2 612.6 million (2021: NOK 1 230.1 million). The order backlog in electr<span class=\"_ _0\"></span>olyser and fueling is NOK 2 224.5 million and NOK 388.1 million, respectively<span class=\"_ _1\"></span>. The transaction price allocated to the remaining performance obligations is illustrated in table below:AS OF 31.12.2022<span class=\"_ _cf\"> </span>2023<span class=\"_ _159\"> </span>2024<span class=\"_ _159\"> </span>2025<span class=\"_ _3f\"> </span><span class=\"ws0\">2026 OR L<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TER<span class=\"_ _36\"> </span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>AL BA<span class=\"_ _0\"></span>CKLOG</span>P<span class=\"_ _0\"></span>ar<span class=\"_ _e\"></span>tly unsatisfied per<span class=\"_ _e\"></span>formance obligations1 166 434<span class=\"_ _99\"> </span>989 315<span class=\"_ _80\"> </span>66 529<span class=\"_ _15a\"> </span>11 596<span class=\"_ _130\"> </span>2 233 875Unsatisfied performance obligations336 133<span class=\"_ _80\"> </span>42 602<span class=\"_ _6c\"> </span><span class=\"ls0\">0<span class=\"_ _15b\"> </span>0<span class=\"_ _af\"> </span></span>378 735T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL backlog1 502 568<span class=\"_ _70\"> </span>1 031 917<span class=\"_ _58\"> </span>66 529<span class=\"_ _15a\"> </span>11 596<span class=\"_ _130\"> </span>2 612 610AS OF 31.12.2021<span class=\"_ _cf\"> </span>2022<span class=\"_ _159\"> </span>2023<span class=\"_ _159\"> </span>2024<span class=\"_ _3f\"> </span><span class=\"ws0\">2025 OR L<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TER<span class=\"_ _36\"> </span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>AL BA<span class=\"_ _0\"></span>CKLOG</span>P<span class=\"_ _0\"></span>ar<span class=\"_ _e\"></span>tly unsatisfied per<span class=\"_ _e\"></span>formance obligations683 249<span class=\"_ _99\"> </span>176 416<span class=\"_ _80\"> </span>62 818<span class=\"_ _c1\"> </span>3 758<span class=\"_ _af\"> </span>926 241Unsatisfied performance obligations249 737<span class=\"_ _80\"> </span>28 557<span class=\"_ _58\"> </span>15 544<span class=\"_ _15a\"> </span>10 026<span class=\"_ _af\"> </span>303 864T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL backlog932 986<span class=\"_ _99\"> </span>204 973<span class=\"_ _80\"> </span>78 362<span class=\"_ _15a\"> </span>13 784<span class=\"_ _130\"> </span>1 230 105Revenue recognised in 2022 for performance obligations delivered in prior years due to revenue being constrained was NOK 0 (2021: 0)2.2 <span class=\"_ _46\"> </span><span class=\"fc1\">Other operating income</span>O<span class=\"_ _0\"></span>THER OPERA<span class=\"_ _1\"></span>TING INCOME<span class=\"_ _c2\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Government grants22 307<span class=\"_ _a5\"> </span>14 679Research and design study r<span class=\"_ _0\"></span>epor<span class=\"_ _3\"></span>ts34 549<span class=\"_ _a5\"> </span>25 637Sub-lease2 205<span class=\"_ _b4\"> </span>1 920Gain and loss on disposal of pr<span class=\"_ _0\"></span>oper<span class=\"_ _e\"></span>ty<span class=\"_ _0\"></span>, plant and equipment0<span class=\"_ _15a\"> </span><span class=\"lsa\">2 254</span>Other income19 667<span class=\"_ _49\"> </span><span class=\"ws1b\">416</span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Other operating income78 728<span class=\"_ _a5\"> </span>44 905Other income includes NOK 19.5 million as warranty compensation from supplier for r<span class=\"_ _0\"></span>eplacement of equipment delivered to customers in the fueling division.Government grants within \u2018<span class=\"_ _1\"></span>other operating income\u2019 <span class=\"_ _4e\"> </span> SEGMENT<span class=\"_ _15c\"> </span>COUNTRY<span class=\"_ _15d\"> </span>2022<span class=\"_ _b4\"> </span>2021Electrolyser<span class=\"_ _15e\"> </span>Nor<span class=\"_ _e\"></span>way4 638<span class=\"_ _49\"> </span><span class=\"ws1b\">466</span>Fueling<span class=\"_ _15f\"> </span>Denmark17 668<span class=\"_ _a5\"> </span>14 213TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L22 307<span class=\"_ _a5\"> </span>14 679Government grants related to assets, amortised22 307<span class=\"_ _a5\"> </span>14 679TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L22 307<span class=\"_ _a5\"> </span>14 6792.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Segment information</span>Nel operates within two operating segments, Nel Hydrogen Fueling and Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser<span class=\"_ _1\"></span>. The identification of segments in the gr<span class=\"_ _0\"></span>oup is made based on the different products the division o<span class=\"_ _0\"></span>ffers as well as geographical areas the divisions operate in. The executive management group is the chief operating decision maker (CODM) and monitors the operating r<span class=\"_ _b\"></span>esults of its operating segments separately for the purpose o<span class=\"_ _0\"></span>f making decisions about resour<span class=\"_ _0\"></span>ce allocation and per<span class=\"_ _e\"></span>formance assessment. Segment per<span class=\"_ _e\"></span>formance is evaluated based on pro<span class=\"_ _0\"></span>fit or loss and is measured consistently with pro<span class=\"_ _0\"></span>fit or loss in the consolidated financial statements.Billing of goods and ser<span class=\"_ _e\"></span>vices between operating segments are effected on an arm\u2019<span class=\"_ _1\"></span>s length basis.NEL HYDROGEN FUELINGNel Hydrogen Fueling is a manufactur<span class=\"_ _0\"></span>er of hydrogen fueling stations for Fuel Cell Electric V<span class=\"_ _1\"></span>ehicles. Nel\u2019<span class=\"_ _0\"></span>s H2Station\u00ae manufacturing plant is located in Herning, Denmark.NEL HYDROGEN ELECTROL<span class=\"_ _4\"></span>YSERThe Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser division is a global supplier of hydrogen pr<span class=\"_ _0\"></span>oduction equipment based on both alkaline and PEM water electrolysis technology<span class=\"_ _1\"></span>. Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser currently has pr<span class=\"_ _0\"></span>oduction facilities in Her\u00f8ya, Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, and in W<span class=\"_ _0\"></span>allingford, Connecticut, USA. 2022<span class=\"_ _160\"> </span>OPERA<span class=\"_ _1\"></span>TING SEGMENTSREVENUES B<span class=\"_ _0\"></span>Y GEOGRAPHIC REGION <span class=\"ls0\"> </span>1)BASED ON CUST<span class=\"_ _0\"></span>OMER L<span class=\"_ _0\"></span>OCA<span class=\"_ _0\"></span>TION<span class=\"_ _161\"> </span><span class=\"ls8 ws19\">FUELING<span class=\"_ _3d\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _b\"></span>SER<span class=\"_ _6c\"> </span>O<span class=\"_ _0\"></span>THER</span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LNor<span class=\"_ _e\"></span>way4226 073<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _b9\"> </span></span>6 495United States<span class=\"_ _dd\"> </span>103 498<span class=\"_ _136\"> </span>337 544<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _c9\"> </span></span>441 041Nor<span class=\"_ _e\"></span>th America ex United States<span class=\"_ _163\"> </span>8 760<span class=\"_ _af\"> </span>9 131<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _83\"> </span></span>17 891Asia <span class=\"_ _164\"> </span><span class=\"ws0\">28 979<span class=\"_ _c9\"> </span>108 247<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _c9\"> </span></span>137 226</span>Europe ex Nor<span class=\"_ _e\"></span>way<span class=\"_ _165\"> </span>66 380<span class=\"_ _c9\"> </span>201 397<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _c9\"> </span></span>267 777Middle East <span class=\"_ _166\"> </span><span class=\"ls0\">0<span class=\"_ _83\"> </span></span>26 218<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _167\"> </span></span>26 218Africa<span class=\"_ _f8\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _83\"> </span><span class=\"ls9\">13 206<span class=\"_ _162\"> </span></span>0<span class=\"_ _83\"> </span><span class=\"ls9\">13 206</span></span>South America<span class=\"_ _10d\"> </span><span class=\"ls0\">0<span class=\"_ _b9\"> </span></span>3 487<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _af\"> </span></span>3 487Oceania<span class=\"_ _ba\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _b9\"> </span><span class=\"ls9\">1 512<span class=\"_ _162\"> </span></span>0<span class=\"_ _af\"> </span><span class=\"ls9\">1 512</span></span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL REVENUE FROM CONTRACTS WITH CUST<span class=\"_ _0\"></span>OMERS<span class=\"_ _5c\"> </span>208 039<span class=\"_ _c9\"> </span>706 814<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _c9\"> </span></span>914 853Other operating income<span class=\"_ _74\"> </span>37 183<span class=\"_ _167\"> </span>41 545<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _83\"> </span></span>78 728Operating expenses<span class=\"_ _168\"> </span>-596 925<span class=\"_ _5a\"> </span>-1 052 054<span class=\"_ _73\"> </span>-124 475<span class=\"_ _5a\"> </span>-1 773 454EBITDA-351 703<span class=\"_ _157\"> </span>-303 695<span class=\"_ _157\"> </span>-124 475<span class=\"_ _157\"> </span>-779 873Depreciation and amortisation-47 448-116 372<span class=\"_ _154\"> </span>-7 663<span class=\"_ _73\"> </span>-171 483Impairment of tangible and intangible assets<span class=\"_ _40\"> </span>-327 298<span class=\"_ _f5\"> </span><span class=\"ls0\">0<span class=\"_ _162\"> </span>0<span class=\"_ _169\"> </span></span>-327 298OPERA<span class=\"_ _1\"></span>TING L<span class=\"_ _b\"></span>OSS-726 449<span class=\"_ _157\"> </span>-420 067<span class=\"_ _157\"> </span>-132 138<span class=\"_ _16a\"> </span>-1 278 654Finance income<span class=\"_ _16b\"> </span><span class=\"ws1a\">12<span class=\"_ _af\"> </span></span>5 044<span class=\"_ _83\"> </span>92 573<span class=\"_ _167\"> </span>97 629Finance costs<span class=\"_ _16c\"> </span>3 417<span class=\"_ _16d\"> </span>-16 801<span class=\"_ _af\"> </span>7 412<span class=\"_ _f7\"> </span>-5 972T<span class=\"_ _4\"></span>ax income (expense)<span class=\"_ _16e\"> </span>8 318<span class=\"_ _af\"> </span>6 586<span class=\"_ _16f\"> </span><span class=\"ws1a\">924<span class=\"_ _167\"> </span></span>15 828NET INCOME (L<span class=\"_ _0\"></span>OSS)<span class=\"_ _ad\"> </span>-714 702<span class=\"_ _169\"> </span>-425 238<span class=\"_ _16d\"> </span>-31 229<span class=\"_ _5a\"> </span>-1 171 169T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL ASSETS<span class=\"_ _170\"> </span>1 005 347<span class=\"_ _59\"> </span>2 427 284<span class=\"_ _59\"> </span>3 517 881<span class=\"_ _59\"> </span>6 950 512T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL LIABILITIES<span class=\"_ _10e\"> </span>456 231<span class=\"_ _c9\"> </span>977 392<span class=\"_ _167\"> </span>67 282<span class=\"_ _9b\"> </span>1 500 905Capital expenditures<span class=\"_ _62\"> </span>54 373<span class=\"_ _136\"> </span>229 660<span class=\"_ _af\"> </span>1 160<span class=\"_ _c9\"> </span>285 1931)  <span class=\"_ _45\"></span><span class=\"fs10 lsc ws0\">Other and eliminations comprises parent company<span class=\"_ _0\"></span>, holding entity<span class=\"_ _0\"></span>, excess values on intangible assets and r<span class=\"_ _0\"></span>elated depreciation and tax expense (income) derived from </span>the consolidation of the financial statements not allocated to the operating segments. In 2022, revenue fr<span class=\"_ _0\"></span>om single customer<span class=\"_ _e\"></span>s above 10% of total revenues include Nikola Corporation (electr<span class=\"_ _0\"></span>olyser), recognised revenue o<span class=\"_ _0\"></span>f NOK 164.8 million.In 2021, revenue fr<span class=\"_ _0\"></span>om single customer<span class=\"_ _e\"></span>s above 10% of total revenues include Iber<span class=\"_ _0\"></span>drola (electrolyser) and Iwatani Corporation of America (fueling), r<span class=\"_ _0\"></span>ecognised revenue o<span class=\"_ _0\"></span>f NOK 128.4 and NOK 147.3, respectively<span class=\"_ _1\"></span>.(Amounts in NOK thousands) 2021<span class=\"_ _b6\"> </span>OPERA<span class=\"_ _1\"></span>TING SEGMENTSREVENUES B<span class=\"_ _0\"></span>Y GEOGRAPHIC REGION <span class=\"ls0\"> </span>1)BASED ON CUST<span class=\"_ _0\"></span>OMER L<span class=\"_ _0\"></span>OCA<span class=\"_ _0\"></span>TION<span class=\"_ _77\"> </span><span class=\"ls8 ws19\">FUELING<span class=\"_ _3d\"> </span>ELECTROL<span class=\"_ _1\"></span>YSER<span class=\"_ _6c\"> </span>O<span class=\"_ _0\"></span>THER</span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LNor<span class=\"_ _e\"></span>way5384 479<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _b9\"> </span></span>5 017United States<span class=\"_ _171\"> </span>203 794<span class=\"_ _c9\"> </span>161 805<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _c9\"> </span></span>365 599Nor<span class=\"_ _e\"></span>th America ex United States<span class=\"_ _172\"> </span>9 937<span class=\"_ _af\"> </span>3 618<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _83\"> </span></span>13 555Asia <span class=\"_ _ae\"> </span><span class=\"ws0\">38 612<span class=\"_ _83\"> </span>42 543<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _167\"> </span></span>81 155</span>Europe ex Nor<span class=\"_ _e\"></span>way<span class=\"_ _ff\"> </span>64 285<span class=\"_ _c9\"> </span>204 750<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _136\"> </span></span>269 034Middle East <span class=\"_ _173\"> </span><span class=\"ls0\">0<span class=\"_ _b9\"> </span></span>9 216<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _af\"> </span></span>9 216Africa<span class=\"_ _174\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _b9\"> </span><span class=\"ls9\">1 663<span class=\"_ _162\"> </span></span>0<span class=\"_ _af\"> </span><span class=\"ls9\">1 663</span></span>South America<span class=\"_ _93\"> </span><span class=\"ls0\">0<span class=\"_ _b9\"> </span></span>2 085<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _b9\"> </span></span>2 085Oceania<span class=\"_ _175\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _b9\"> </span><span class=\"ls9\">5 771<span class=\"_ _162\"> </span></span>0<span class=\"_ _af\"> </span><span class=\"ls9\">5 771</span></span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL REVENUE FROM CONTRACTS WITH CUST<span class=\"_ _0\"></span>OMERS<span class=\"_ _169\"> </span>317 165<span class=\"_ _136\"> </span>435 930<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _c9\"> </span></span>753 096Other operating income<span class=\"_ _176\"> </span>14 589<span class=\"_ _167\"> </span>30 316<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _83\"> </span></span>44 905Operating expenses<span class=\"_ _177\"> </span>-500 721<span class=\"_ _73\"> </span>-675 928<span class=\"_ _16d\"> </span>-96 589<span class=\"_ _5a\"> </span>-1 273 238EBITDA-168 967<span class=\"_ _157\"> </span>-209 681-96 589<span class=\"_ _73\"> </span>-475 237Depreciation and amortisation-39 886-56 385<span class=\"_ _154\"> </span>-6 845<span class=\"_ _73\"> </span>-103 116Impairment of tangible and intangible assets<span class=\"_ _88\"> </span><span class=\"ls0\">0<span class=\"_ _154\"> </span></span>-4 500<span class=\"_ _162\"> </span><span class=\"ls0\">0<span class=\"_ _154\"> </span></span>-4 500OPERA<span class=\"_ _1\"></span>TING L<span class=\"_ _b\"></span>OSS<span class=\"_ _76\"> </span>-208 852<span class=\"_ _169\"> </span>-270 566<span class=\"_ _73\"> </span>-103 434<span class=\"_ _73\"> </span>-582 853Finance income<span class=\"_ _12f\"> </span><span class=\"ws1a\">18<span class=\"_ _178\"> </span>64<span class=\"_ _167\"> </span></span>28 194<span class=\"_ _83\"> </span>28 276Finance costs<span class=\"_ _179\"> </span>-5 390<span class=\"_ _17a\"> </span><span class=\"ws1a\">-240<span class=\"_ _5a\"> </span></span>-1 123 595<span class=\"_ _5a\"> </span>-1 129 224Share o<span class=\"_ _0\"></span>f loss from associates and joint ventures<span class=\"_ _17b\"> </span><span class=\"ls0\">0<span class=\"_ _162\"> </span>0<span class=\"_ _17c\"> </span></span><span class=\"ws1a\">-35<span class=\"_ _17c\"> </span>-35</span>T<span class=\"_ _4\"></span>ax income (expense)<span class=\"_ _17d\"> </span>10 175<span class=\"_ _af\"> </span>5 885<span class=\"_ _16f\"> </span><span class=\"ws1a\">924<span class=\"_ _167\"> </span></span>16 984PRE-T<span class=\"_ _1\"></span>AX INCOME (L<span class=\"_ _0\"></span>OSS)<span class=\"_ _17e\"> </span>-204 049<span class=\"_ _73\"> </span>-264 857<span class=\"_ _5a\"> </span>-1 197 946<span class=\"_ _5a\"> </span>-1 666 852T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL ASSETS<span class=\"_ _17f\"> </span>1 038 376<span class=\"_ _59\"> </span>1 842 253<span class=\"_ _59\"> </span>3 126 354<span class=\"_ _59\"> </span>6 006 984T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL LIABILITIES<span class=\"_ _180\"> </span>276 511<span class=\"_ _c9\"> </span>644 274<span class=\"_ _167\"> </span>47 494<span class=\"_ _c9\"> </span>968 2791)  <span class=\"_ _45\"></span><span class=\"fs10 lsc ws0\">Other comprises parent company<span class=\"_ _0\"></span>, holding entity<span class=\"_ _0\"></span>, excess values on intangible assets and r<span class=\"_ _0\"></span>elated depreciation and tax expense (income) derived from the consolidation </span>of the financial statements not allocated to the operating segments.2.4 <span class=\"_ _46\"> </span><span class=\"fc1\">Raw materials</span>(Amounts in NOK thousands)2022<span class=\"_ _16a\"> </span>2021Raw material<span class=\"_ _181\"> </span>557 149<span class=\"_ _38\"> </span>528 699Freight expense<span class=\"_ _182\"> </span>13 939<span class=\"_ _183\"> </span>12 346Other consumables<span class=\"_ _184\"> </span>13 728<span class=\"_ _183\"> </span>10 650TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _185\"> </span><span class=\"ls9 ws0\">584 815<span class=\"_ _38\"> </span>551 695</span>2.5 <span class=\"_ _46\"> </span>P<span class=\"_ _1\"></span>ersonnel expenses(Amounts in NOK thousands)2022<span class=\"_ _16a\"> </span>2021Salaries<span class=\"_ _186\"> </span><span class=\"ws0\">581 677<span class=\"_ _38\"> </span>471 735</span>Social security tax<span class=\"_ _187\"> </span>51 843<span class=\"_ _183\"> </span>37 544P<span class=\"_ _0\"></span>ension expense<span class=\"_ _188\"> </span>29 508<span class=\"_ _183\"> </span>22 9261Other payroll expenses  )<span class=\"_ _10f\"> </span><span class=\"ls9\">41 584<span class=\"_ _183\"> </span>27 042</span>Capitalised salar<span class=\"_ _e\"></span>y to technology development<span class=\"_ _189\"> </span>-39 796<span class=\"_ _159\"> </span>-87 237TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _185\"> </span><span class=\"ls9 ws0\">664 815<span class=\"_ _38\"> </span>472 010</span>1)  <span class=\"_ _45\"></span>Included here ar<span class=\"_ _0\"></span>e expenses amounting to NOK 7.6 million (8.9 in 2021) related to the Group<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s share option program. <span class=\"_ _4e\"> </span>    2022<span class=\"_ _16a\"> </span>2021A<span class=\"_ _b\"></span>verage number of full time employees<span class=\"_ _18a\"> </span><span class=\"ws1a\">580<span class=\"_ _cd\"> </span>486</span>Hereo<span class=\"_ _0\"></span>f women<span class=\"_ _18b\"> </span><span class=\"ws1a\">105<span class=\"_ _bb\"> </span>90</span>SHARE OPTION PROGRAMIn 2021, Nel compensated employees with share options as par<span class=\"_ _e\"></span>t of a pr<span class=\"_ _0\"></span>ogram to incentivize and retain key employees. The share option pr<span class=\"_ _0\"></span>ogram was distributed groupwide and granted shares to all employees employed in the gr<span class=\"_ _0\"></span>oup during 2021 on cer<span class=\"_ _e\"></span>tain tenure conditions. When granted, there is only ser<span class=\"_ _e\"></span>vice-time based vesting conditions. V<span class=\"_ _0\"></span>esting requir<span class=\"_ _0\"></span>es the option holder to still be an employee in the Group. The shar<span class=\"_ _0\"></span>e-based payment is equity-settled. Each option, when exercised, will give the right to acquir<span class=\"_ _0\"></span>e one share in the Gr<span class=\"_ _0\"></span>oup. The options are granted without consideration. Refer below for additional information on share option pr<span class=\"_ _0\"></span>ogram 2019, 2020 and 2021. The share option program for all employees was terminated in 2022 and was replaced by a STI bonus scheme linked to employee per<span class=\"_ _e\"></span>formance and Nel\u2019<span class=\"_ _1\"></span>s financial per<span class=\"_ _e\"></span>formance.Options granted July 2019:A total of 11.1 million shar<span class=\"_ _0\"></span>e options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest thr<span class=\"_ _0\"></span>ee years af<span class=\"_ _e\"></span>ter the day of grant. The exer<span class=\"_ _0\"></span>cise price is equal NOK 7.8 per share based on the average price o<span class=\"_ _0\"></span>f the Nel ASA share price the five trading days befor<span class=\"_ _0\"></span>e grant date (NOK 7.22) and including an 8% premium. Gain per instrument is capped at NOK 5.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant. Options granted July 2020:A total of 12.8 million shar<span class=\"_ _0\"></span>e options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years af<span class=\"_ _e\"></span>ter the day of grant, and 60% o<span class=\"_ _0\"></span>f the options will vest three years after the day of grant. The exer<span class=\"_ _b\"></span>cise price is equal NOK 21.72 per share based on the average price o<span class=\"_ _0\"></span>f the Nel ASA share price the five trading days befor<span class=\"_ _0\"></span>e grant date (NOK 20.11) and including an 8% premium. Gain per instrument is capped at NOK 5.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant. Options granted July 2021:A total of 7.8 million shar<span class=\"_ _0\"></span>e options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest thr<span class=\"_ _0\"></span>ee years af<span class=\"_ _e\"></span>ter the day of grant. The exer<span class=\"_ _0\"></span>cise price is equal NOK<span class=\"_ _e\"></span> 15.125 per share based on the average price o<span class=\"_ _0\"></span>f the Nel ASA share price the five trading days befor<span class=\"_ _0\"></span>e grant date (NOK 14.00)<span class=\"_ _e\"></span> and including an 8% premium. Gain per instrument is capped at NOK 10.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant.Assumptions, costs and social security provisionsThe Group uses the Black<span class=\"_ _1\"></span>-Scholes-Mer<span class=\"_ _e\"></span>ton option pricing model at time of grant to deter<span class=\"_ _b\"></span>mine the impact o<span class=\"_ _b\"></span>f stock option grants in accordance with IFRS 2 - Shar<span class=\"_ _0\"></span>e-based payment. The model utilises the following parameters as input: \u2022 <span class=\"_ _6\"> </span>the company\u2019<span class=\"_ _0\"></span>s share price\u2022 <span class=\"_ _6\"> </span>the strike price of the options\u2022 <span class=\"_ _6\"> </span>the expected lifetime of the options\u2022 <span class=\"_ _6\"> </span>the risk<span class=\"_ _0\"></span>-fr<span class=\"_ _0\"></span>ee interest rate equalling the expected lifetime\u2022 <span class=\"_ _6\"> </span>the volatility associated with the historical price development of the underlying shar<span class=\"_ _0\"></span>eAs all employee options granted are \u201cnon-transferable\u201d<span class=\"_ _1\"></span>, and the gains are taxed with personal income tax (higher), whereas gains on or<span class=\"_ _0\"></span>dinar<span class=\"_ _3\"></span>y shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early<span class=\"_ _1\"></span>. Hence estimated lifetime o<span class=\"_ _b\"></span>f the options is expected to be shor<span class=\"_ _e\"></span>ter than the time from grant until expir<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>. However<span class=\"_ _1\"></span>, exercise patterns ar<span class=\"_ _0\"></span>e monitored fr<span class=\"_ _b\"></span>equently and expected option lifetime for future grants will r<span class=\"_ _0\"></span>eflect exercise behaviour<span class=\"_ _1\"></span>.T<span class=\"_ _4\"></span>o estimate the volatility in the option pricing model comparable companies have been used. Nel does have sufficient traded histor<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, however \u2013 the company has been through a rapid development in r<span class=\"_ _0\"></span>ecent year<span class=\"_ _e\"></span>s and the assumption made at grant was that traded histor<span class=\"_ _3\"></span>y the previous years was not the best estimate for the futur<span class=\"_ _b\"></span>e years. Hence, volatility input to the Black<span class=\"_ _1\"></span>-Scholes-Mer<span class=\"_ _e\"></span>ton model is based on a group o<span class=\"_ _0\"></span>f peer companies.Fur<span class=\"_ _e\"></span>ther the total fair value of the shar<span class=\"_ _0\"></span>e-based instruments is amor<span class=\"_ _e\"></span>tised over the vesting period of the instrument. IFRS 2 presumes that the fair value o<span class=\"_ _0\"></span>f the ser<span class=\"_ _3\"></span>vices expected to be received is the same as the fair value o<span class=\"_ _0\"></span>f the equity instruments granted at grant date. Therefor<span class=\"_ _0\"></span>e, although the ser<span class=\"_ _3\"></span>vices are r<span class=\"_ _0\"></span>ecognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.Social security tax provisions ar<span class=\"_ _0\"></span>e accrued on a quar<span class=\"_ _3\"></span>terly basis and becomes payable at exercise o<span class=\"_ _0\"></span>f the options. The social security tax provisions ar<span class=\"_ _0\"></span>e estimated based on the gain on the share-based instruments multiplied with the r<span class=\"_ _0\"></span>elevant social security tax rate.The total expense recognised for the shar<span class=\"_ _0\"></span>e-based programs, excluding social security<span class=\"_ _0\"></span>, during 2022 was NOK 8.3 (9.5) million. The total social security accruals at the end of the year are NOK 0.0 (0.7) million (social security costs on exer<span class=\"_ _0\"></span>cised options has been paid in connection with the relevant exercises, hence taken out o<span class=\"_ _0\"></span>f the accruals accounts). The total intrinsic value of the company\u2019<span class=\"_ _1\"></span>s share-based instruments is NOK 0.1 (37.9) million as of 31 December 2022.Key assumptions option pricing model2021<span class=\"_ _16a\"> </span>2020V<span class=\"_ _0\"></span>olatility<span class=\"_ _18c\"> </span>63.04%<span class=\"_ _9f\"> </span>28.65%Interest rate <span class=\"_ _18d\"> </span><span class=\"ws1a\">0.96%<span class=\"_ _9f\"> </span>0.149%</span>Dividend<span class=\"_ _18e\"> </span>0.00<span class=\"_ _14b\"> </span>0.00No new share options wer<span class=\"_ _0\"></span>e issued in 2022.ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Share-based paymentsEstimating fair value for share-based payment transactions r<span class=\"_ _0\"></span>equires determination o<span class=\"_ _b\"></span>f the most appropriate evaluation model, which depends on the terms and conditions o<span class=\"_ _b\"></span>f the grant. This estimate also requir<span class=\"_ _0\"></span>es determination of the most appropriate inputs to the valuation model including the expected life o<span class=\"_ _0\"></span>f the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled shar<span class=\"_ _0\"></span>e-based payments are measured at fair value at the grant date. (amounts in NOK thousands and number of options/shar<span class=\"_ _0\"></span>es in thousands)REMAINING SHARE OPTION <span class=\"ls0\"> </span>OPENING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>CL<span class=\"_ _0\"></span>OSING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>STRIKE CONTRA<span class=\"_ _0\"></span>CT UAL 1)PROGRAMBAL<span class=\"_ _e\"></span>ANCE<span class=\"_ _148\"> </span>GRANTED<span class=\"_ _18f\"> </span>EXERCISED<span class=\"_ _8\"> </span>FORFEITEDBAL<span class=\"_ _e\"></span>ANCEPRICE<span class=\"_ _190\"> </span>V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UE LIFE 2)July 20195 0320<span class=\"_ _8a\"> </span><span class=\"ls9\">-4 487<span class=\"_ _191\"> </span><span class=\"ws1a\">-528<span class=\"_ _d6\"> </span>17<span class=\"_ _13b\"> </span></span> 7.80<span class=\"_ _e\"></span> <span class=\"_ _3d\"> </span> 5.00 <span class=\"_ _130\"> </span><span class=\"ws1a\">0.51</span></span> 2)July 202010 816<span class=\"_ _136\"> </span><span class=\"ls0\">0<span class=\"_ _192\"> </span>0<span class=\"_ _6a\"> </span></span>-1 308<span class=\"_ _58\"> </span>9 508<span class=\"_ _34\"> </span> 21.72 <span class=\"_ _159\"> </span><span class=\"ls0 ws111\"> <span class=\"_ _90\"> </span>-   <span class=\"_ _f7\"> </span></span><span class=\"ws1a\">1.52</span> 2)July 20217 588<span class=\"_ _136\"> </span><span class=\"ls0\">0<span class=\"_ _192\"> </span>0<span class=\"_ _191\"> </span></span><span class=\"ws1a\">-888<span class=\"_ _58\"> </span></span>6 699<span class=\"_ _18f\"> </span> 15.13<span class=\"_ _e\"></span>  <span class=\"_ _90\"> </span>-   2.63TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _193\"> </span><span class=\"ls9 ws0\">23 436<span class=\"_ _136\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span>-4 487<span class=\"_ _6a\"> </span>-2 724<span class=\"_ _4b\"> </span>16 225</span>2)2)EXPIRY VESTED EXPENSE <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>FOR THE 3) NAME <span class=\"_ _ee\"> </span>2022<span class=\"_ _31\"> </span>2023<span class=\"_ _31\"> </span>2024<span class=\"_ _54\"> </span>2025<span class=\"_ _3d\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _50\"> </span><span class=\"ls8 ws19\">2023<span class=\"_ _54\"> </span>2024<span class=\"_ _31\"> </span>2025</span>PERIOD H\u00e5kon V<span class=\"_ _0\"></span>olldal00<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _195\"> </span>0Kjell Christian Bj\u00f8rnsen<span class=\"_ _6c\"> </span><span class=\"ws1a\">128<span class=\"_ _67\"> </span>254<span class=\"_ _47\"> </span>93<span class=\"_ _5a\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">476<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">321<span class=\"_ _67\"> </span>155<span class=\"_ _16a\"> </span>250</span>Anders S\u00f8reng<span class=\"_ _f5\"> </span><span class=\"ws1a\">124<span class=\"_ _6a\"> </span>248<span class=\"_ _14\"> </span>93<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">465<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">310<span class=\"_ _6a\"> </span>155<span class=\"_ _196\"> </span>277</span>Filip Smeets<span class=\"_ _39\"> </span><span class=\"ws1a\">128<span class=\"_ _6a\"> </span>254<span class=\"_ _14\"> </span>93<span class=\"_ _d6\"> </span></span><span class=\"ls0\">0<span class=\"_ _67\"> </span></span><span class=\"ws1a\">476<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _194\"> </span>0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">476<span class=\"_ _196\"> </span>250</span>Esa Laukkanen<span class=\"_ _e4\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _195\"> </span>0</span>Rober<span class=\"_ _e\"></span>t Borin<span class=\"_ _197\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _195\"> </span>0</span>J\u00f8rn Rosenlund<span class=\"_ _15b\"> </span><span class=\"ls0\">0<span class=\"_ _5a\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _191\"> </span></span><span class=\"ws1a\">-441</span>Hans Hide<span class=\"_ _198\"> </span><span class=\"ws1a\">126<span class=\"_ _6a\"> </span>254<span class=\"_ _14\"> </span>96<span class=\"_ _d6\"> </span></span><span class=\"ls0\">0<span class=\"_ _67\"> </span></span><span class=\"ws1a\">476<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">316<span class=\"_ _67\"> </span>160<span class=\"_ _16a\"> </span>288</span>Stein Ove Erdal<span class=\"_ _de\"> </span><span class=\"ws1a\">140<span class=\"_ _67\"> </span>274<span class=\"_ _47\"> </span>96<span class=\"_ _5a\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">510<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">350<span class=\"_ _67\"> </span>160<span class=\"_ _16a\"> </span>303</span>Caroline Duyckaerts<span class=\"_ _ea\"> </span><span class=\"ls0\">0<span class=\"_ _14\"> </span></span><span class=\"ws1a\">62<span class=\"_ _47\"> </span>93<span class=\"_ _5a\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">155<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _194\"> </span>0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">155<span class=\"_ _196\"> </span>114</span>Other employees<span class=\"_ _199\"> </span>3 187<span class=\"_ _4b\"> </span>7 025<span class=\"_ _4b\"> </span>3 456<span class=\"_ _194\"> </span><span class=\"ls0\">0<span class=\"_ _11\"> </span></span>13 667<span class=\"_ _47\"> </span><span class=\"ws1a\">17<span class=\"_ _4b\"> </span></span>7 891<span class=\"_ _4b\"> </span>5 759<span class=\"_ _3a\"> </span>7 300TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _11f\"> </span><span class=\"ls9 ws0\">3 834<span class=\"_ _4b\"> </span>8 371<span class=\"_ _4b\"> </span>4 020<span class=\"_ _5a\"> </span><span class=\"ls0\">0<span class=\"_ _11\"> </span></span>16 225<span class=\"_ _47\"> </span><span class=\"ws1a\">17<span class=\"_ _4b\"> </span></span>9 187<span class=\"_ _4b\"> </span>7 020<span class=\"_ _3a\"> </span>8 342</span>1) The value of the shar<span class=\"_ _0\"></span>e options equals share price less strike price, capped at NOK 5.0 for 2019 and 2020 program, and 10.0 for 2021 program.2) All share options ar<span class=\"_ _b\"></span>e granted, vested and expired at the beginning o<span class=\"_ _0\"></span>f July in a given fiscal year<span class=\"_ _0\"></span>, except for share option pr<span class=\"_ _0\"></span>ogram 2021 which is August.3) Cost of period does not include social securityNo share options expir<span class=\"_ _0\"></span>ed during the period. The fir<span class=\"_ _e\"></span>st expir<span class=\"_ _3\"></span>y date is 1. July 2023 for the options granted July 2019.The weighted-average share price at the date o<span class=\"_ _0\"></span>f exercise in 2022 was 15.5 (13.8). As shown in the table above, the share options exercised during 2022 had a strike price o<span class=\"_ _0\"></span>f mainly 7.8. Employee benefits were capped at NOK 5 or shar<span class=\"_ _0\"></span>e price 12.8.P<span class=\"_ _0\"></span>ensionsThe group has defined contribution pension scheme for its employees. This scheme is funded through payments to insurance companies. A defined contribution plan is one under which the group pays fixed contributions to a separate legal entity<span class=\"_ _1\"></span>. The group has no legal or constructive obligations to pay fur<span class=\"_ _e\"></span>ther contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee ser<span class=\"_ _e\"></span>vice in the current and prior periods. For defined contribution plans, the group pays contribution to publicly- or privately administered pension insurance plans on an obligator<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, contractual or voluntar<span class=\"_ _e\"></span>y basis. The group has no fur<span class=\"_ _e\"></span>ther payment obligations once the contributions have been paid. The contributions are r<span class=\"_ _0\"></span>ecognised as a salar<span class=\"_ _3\"></span>y expense when they fall due. Prepaid contributions ar<span class=\"_ _0\"></span>e recognised as an asset to the extent that a cash r<span class=\"_ _0\"></span>efund or a reduction in the futur<span class=\"_ _0\"></span>e payments is available.The parent company and the Nor<span class=\"_ _e\"></span>wegian subsidiaries have pension plans that meet the requir<span class=\"_ _0\"></span>ements of the P<span class=\"_ _0\"></span>ension Act of Nor<span class=\"_ _e\"></span>way<span class=\"_ _1\"></span>. The Danish and the US subsidiar<span class=\"_ _3\"></span>y have pension plans that meet their respective r<span class=\"_ _0\"></span>equirements.2.6 <span class=\"_ _46\"> </span><span class=\"fc1\">Other operating expenses</span>(Amounts in NOK thousands) 2022<span class=\"_ _b4\"> </span>2021Research and development expenditur<span class=\"_ _0\"></span>e73 942<span class=\"_ _a5\"> </span>21 378Utilities23 809<span class=\"_ _a5\"> </span>12 398Pro<span class=\"_ _0\"></span>fessional fees116 108<span class=\"_ _a5\"> </span>79 046T<span class=\"_ _1\"></span>ravel expenses37 227<span class=\"_ _a5\"> </span>18 188IT and communication costs25 891<span class=\"_ _a5\"> </span>18 527Changes in provisions46 178<span class=\"_ _a5\"> </span>17 368Repair and maintenance<span class=\"_ _c4\"> </span>10 572<span class=\"_ _e8\"> </span>5 577Premises costs<span class=\"_ _19a\"> </span>29 147<span class=\"_ _137\"> </span>12 182Sub supplier ser<span class=\"_ _e\"></span>vices76 337<span class=\"_ _a5\"> </span>29 993Other expenses84 611<span class=\"_ _a5\"> </span>34 876T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Other operating expenses523 824<span class=\"_ _27\"> </span>249 5332.7<span class=\"fc1\"> <span class=\"_ _46\"> </span>Finance income and cost</span>(Amounts in NOK thousands) 2022<span class=\"_ _16a\"> </span>2021Interest income72 201<span class=\"_ _191\"> </span>19 735Change in fair value financial instruments19 504<span class=\"_ _16a\"> </span>7 586Other5 924<span class=\"_ _157\"> </span><span class=\"ws1b\">954</span>Finance income97 629<span class=\"_ _191\"> </span>28 276Interest expense693<span class=\"_ _16a\"> </span><span class=\"ws0\">1 140</span>Interest expense lease liabilities10 473<span class=\"_ _16a\"> </span>8 792Capitalised interest0<span class=\"_ _96\"> </span><span class=\"lsa\">-5 902</span>Net foreign exchange loss-56 459<span class=\"_ _16a\"> </span>3 526Change in fair value financial instruments50 118<span class=\"_ _48\"> </span>1 120 776Other1 147<span class=\"_ _157\"> </span><span class=\"ws1b\">893</span>Finance cost5 972<span class=\"_ _48\"> </span>1 129 224Net finance income (cost)91 657<span class=\"_ _4b\"> </span>-1 100 948The change in fair value financial instruments is mainly due to change in fair value of Nel\u2019<span class=\"_ _1\"></span>s shareholdings in Everfuel and Nikola Corporation of NOK 26.2 (-1 073.0) million and NOK 23.9 (-47.8) million, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. For additional information, r<span class=\"_ _0\"></span>efer note 4.3. Net foreign exchange gain is mainly unr<span class=\"_ _0\"></span>ealised effects from revaluing internal loans.2.8 <span class=\"_ _46\"> </span><span class=\"fc1\">Income taxes</span>TA<span class=\"_ _1d\"></span>XThe tax expense in the statement of compr<span class=\"_ _0\"></span>ehensive income comprises of the tax payable for the period and o<span class=\"_ _0\"></span>f the change in deferred tax. Deferr<span class=\"_ _0\"></span>ed tax is calculated at the prevailing tax rate in the respective countries wher<span class=\"_ _0\"></span>e the parent company and subsidiaries are tax r<span class=\"_ _0\"></span>esident. Deferred tax is calculated based on temporar<span class=\"_ _3\"></span>y differences that exist between accounting and tax values, as well as any tax loss carr<span class=\"_ _3\"></span>y for<span class=\"_ _3\"></span>ward at the end o<span class=\"_ _0\"></span>f the financial year<span class=\"_ _1\"></span>. The deferr<span class=\"_ _0\"></span>ed tax asset is recognised if it is probable that the company will have a sufficient tax pr<span class=\"_ _0\"></span>ofit to be able to utilise the tax asset.Significant accounting judgements - Deferred tax assetDeferred tax assets ar<span class=\"_ _0\"></span>e recognised for unused tax losses to the extent that it is probable that taxable pr<span class=\"_ _0\"></span>ofit will be available against which the losses can be utilised. Significant management judgement is requir<span class=\"_ _0\"></span>ed to determine the amount of deferred tax assets that can be r<span class=\"_ _0\"></span>ecognised, based upon the likely timing and the level of future taxable pr<span class=\"_ _0\"></span>ofits, together with future tax planning strategies.The group has NOK 497.3 million o<span class=\"_ _0\"></span>f tax amounts from tax losses carried for<span class=\"_ _e\"></span>ward (NOK 420.0 million in 2021). These losses relate to subsidiaries that have a histor<span class=\"_ _e\"></span>y of losses, do not expir<span class=\"_ _0\"></span>e, and to some extent may not be used to offset taxable income elsewhere in the gr<span class=\"_ _0\"></span>oup. On this basis, the group has determined that it cannot recognise deferr<span class=\"_ _0\"></span>ed tax assets from the tax losses carried for<span class=\"_ _3\"></span>ward. Deferr<span class=\"_ _0\"></span>ed tax assets not recognised in the statement o<span class=\"_ _b\"></span>f financial statement amount to NOK 532.5 million in 2022 (399.1 in 2021).CAL<span class=\"_ _0\"></span>CUL<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TIONS OF THE T<span class=\"_ _1\"></span>AX BASE FOR THE YEAR<span class=\"_ _97\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Income (loss) before tax<span class=\"_ _19b\"> </span>-1 186 997<span class=\"_ _8c\"> </span>-1 683 836P<span class=\"_ _0\"></span>ermanent differences<span class=\"_ _19c\"> </span>365 343<span class=\"_ _19d\"> </span>1 094 455Change in temporar<span class=\"_ _e\"></span>y differences<span class=\"_ _19e\"> </span>183 538<span class=\"_ _137\"> </span>76 041Use of tax losses carried for<span class=\"_ _e\"></span>ward<span class=\"_ _19f\"> </span>-149 070<span class=\"_ _f7\"> </span>-12 331The year'<span class=\"_ _0\"></span>s taxable income<span class=\"_ _19b\"> </span>-787 186<span class=\"_ _195\"> </span>-525 671RECONCILIA<span class=\"_ _1\"></span>TION OF T<span class=\"_ _1\"></span>AX EXPENSE T<span class=\"_ _0\"></span>O NORWEGIAN NOMINAL ST<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TUT<span class=\"_ _0\"></span>ORY T<span class=\"_ _1\"></span>AX RA<span class=\"_ _1\"></span>TENominal tax rate22 %<span class=\"_ _ea\"> </span>22 %Income (loss) before tax<span class=\"_ _19b\"> </span>-1 186 997<span class=\"_ _8c\"> </span>-1 683 836T<span class=\"_ _4\"></span>ax this years income (loss), estimated<span class=\"_ _1a0\"> </span>-261 139<span class=\"_ _195\"> </span>-370 444T<span class=\"_ _4\"></span>ax effect of<span class=\"_ _e\"></span>:<span class=\"_ _e\"></span> T<span class=\"_ _4\"></span>ax rates different from Nor<span class=\"_ _e\"></span>way<span class=\"_ _19e\"> </span>2 833<span class=\"_ _e8\"> </span>1 960P<span class=\"_ _0\"></span>ermanent differences<span class=\"_ _160\"> </span>78 196<span class=\"_ _2a\"> </span>242 500Change in tax rates recognised in temporar<span class=\"_ _e\"></span>y differences<span class=\"_ _1a1\"> </span>-3 702<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Change in deferred tax<span class=\"_ _1a2\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405Change in not recognized deferr<span class=\"_ _0\"></span>ed tax assets (tax liabilities)<span class=\"_ _c6\"> </span>163 930<span class=\"_ _83\"> </span>123 411Other differences<span class=\"_ _114\"> </span>12 158<span class=\"_ _199\"> </span>-7 068Currency translation differ<span class=\"_ _0\"></span>ences<span class=\"_ _1a3\"> </span><span class=\"ls0\">0<span class=\"_ _de\"> </span></span><span class=\"ws1a\">62</span>Income tax expense<span class=\"_ _152\"> </span>-15 828<span class=\"_ _167\"> </span>-16 984The tax effect of per<span class=\"_ _b\"></span>manent difference o<span class=\"_ _0\"></span>f NOK 242.5 million is mainly related to unr<span class=\"_ _b\"></span>ealised changes in fair value of shareholdings.INCOME T<span class=\"_ _1\"></span>AX EXPENSE COMPRISEIncome tax payable-7 726-9 579Change in deferred tax<span class=\"_ _1a4\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405T<span class=\"_ _4\"></span>otal income tax expense (income)<span class=\"_ _1a5\"> </span>-15 828<span class=\"_ _f7\"> </span>-16 984T<span class=\"_ _1\"></span>AX EFFECTS OF TEMPORARY DIFFERENCES<span class=\"_ _1a6\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>T<span class=\"_ _1\"></span>rade receivables and customers contracts-12 949-1 593Intangible assets<span class=\"_ _1a7\"> </span>38 663<span class=\"_ _137\"> </span>69 546Property<span class=\"_ _0\"></span>, plant and equipment<span class=\"_ _1a8\"> </span>8 762<span class=\"_ _e8\"> </span>5 093Inventories<span class=\"_ _1a9\"> </span>-147<span class=\"_ _e8\"> </span><span class=\"ws0\">5 076</span>Accrued warranty<span class=\"_ _1aa\"> </span>-16 726<span class=\"_ _f7\"> </span>-13 519Leases<span class=\"_ _1ab\"> </span><span class=\"ws0\">-6 530<span class=\"_ _199\"> </span>-4 889</span>Deferred income<span class=\"_ _1ac\"> </span>-15 700<span class=\"_ _199\"> </span>-4 811Other accruals<span class=\"_ _1ad\"> </span>-30 500<span class=\"_ _f7\"> </span>-45 864Shares and other investments<span class=\"_ _1ae\"> </span><span class=\"ls0\">0<span class=\"_ _137\"> </span></span>11 922T<span class=\"_ _4\"></span>ax losses carr<span class=\"_ _3\"></span>y for<span class=\"_ _3\"></span>ward<span class=\"_ _b6\"> </span>-497 326<span class=\"_ _195\"> </span>-420 013Deferred tax asset<span class=\"_ _1af\"> </span>-532 453<span class=\"_ _195\"> </span>-399 052RECONCILIA<span class=\"_ _1\"></span>TION T<span class=\"_ _0\"></span>O ST<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TEMENT OF FINANCIAL POSITION<span class=\"_ _1b0\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Deferred tax asset<span class=\"_ _1af\"> </span>-532 453<span class=\"_ _195\"> </span>-399 052Deferred tax asset not r<span class=\"_ _0\"></span>ecognised in statement of financial position<span class=\"_ _176\"> </span>577 982<span class=\"_ _2a\"> </span>447 595Deferred tax liability in the statement o<span class=\"_ _0\"></span>f financial position<span class=\"_ _179\"> </span>45 529<span class=\"_ _137\"> </span>48 543CHANGES IN RECOGNISED DEFERRED T<span class=\"_ _1\"></span>AX LIABILITY<span class=\"_ _12f\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Balance as of 01.01.<span class=\"_ _1b1\"> </span>48 543<span class=\"_ _137\"> </span>55 144Recognised in the income statement<span class=\"_ _1b2\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405T<span class=\"_ _1\"></span>ranslation differences on deferr<span class=\"_ _0\"></span>ed taxes<span class=\"_ _1b3\"> </span>5 089<span class=\"_ _aa\"> </span><span class=\"ws1a\">804</span>Balance as of 31.12.<span class=\"_ _1b1\"> </span>45 529<span class=\"_ _137\"> </span>48 543The majority of the deferr<span class=\"_ _0\"></span>ed tax asset is related to tax losses carr<span class=\"_ _e\"></span>y for<span class=\"_ _3\"></span>ward. As of 31 December 2022, it is consider<span class=\"_ _0\"></span>ed not to be likely that the deferred tax asset can be utilised in near futur<span class=\"_ _0\"></span>e, therefore no deferr<span class=\"_ _0\"></span>ed tax asset has been capitalised. T<span class=\"_ _4\"></span>able below show net operating losses carried for<span class=\"_ _3\"></span>ward by countr<span class=\"_ _e\"></span>y multiplied with the tax rate, the deferred tax asset not r<span class=\"_ _b\"></span>ecognised. T<span class=\"_ _1\"></span>AX L<span class=\"_ _0\"></span>OSSES CARRY FORWARD B<span class=\"_ _0\"></span>Y COUNTRY<span class=\"_ _ba\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Nor<span class=\"_ _e\"></span>way<span class=\"_ _1b4\"> </span><span class=\"ws0\">233 084<span class=\"_ _2a\"> </span>188 442</span>Denmark<span class=\"_ _188\"> </span><span class=\"ws0\">170 687<span class=\"_ _83\"> </span>104 349</span>United States<span class=\"_ _1b5\"> </span>88 753<span class=\"_ _2a\"> </span>122 878South Kor<span class=\"_ _0\"></span>ea<span class=\"_ _1b6\"> </span>4 802<span class=\"_ _e8\"> </span>4 344Balance as of 31.12.<span class=\"_ _bc\"> </span>497 326<span class=\"_ _83\"> </span>420 0132.9 <span class=\"_ _46\"> </span>Earnings per shar<span class=\"_ _0\"></span>eEarnings per share ar<span class=\"_ _0\"></span>e calculated by dividing the pro<span class=\"_ _b\"></span>fit/loss for the year by the corresponding weighted average o<span class=\"_ _0\"></span>f the number of outstanding shar<span class=\"_ _0\"></span>es during the repor<span class=\"_ _e\"></span>ting period. \u2018Diluted earnings per share\u2019 is based on the same calculation as for earnings per share, but it also considers all potential shar<span class=\"_ _b\"></span>es with dilutive effect that have been outstanding during the period. P<span class=\"_ _0\"></span>otential shares r<span class=\"_ _0\"></span>elate to agreements that confer the right to issue shares in futur<span class=\"_ _0\"></span>e. Options are excluded if their effect would have been anti-dilutive.Earnings per share is calculated as pr<span class=\"_ _0\"></span>ofit/(loss) attributable to the equity holders of the par<span class=\"_ _0\"></span>ent company divided by the average number of shar<span class=\"_ _0\"></span>es outstanding.(Amounts in NOK thousands) 2022<span class=\"_ _cb\"> </span>2021Net loss attributable to the equity holders of the par<span class=\"_ _0\"></span>ent company<span class=\"_ _e\"></span> <span class=\"ls0\"> </span>and for the purpose of basic and diluted shar<span class=\"_ _0\"></span>es<span class=\"_ _ab\"> </span>-1 171 169<span class=\"_ _99\"> </span>-1 666 852Basic earnings per shareIssued ordinar<span class=\"_ _e\"></span>y shares at 1 January<span class=\"_ _1b7\"> </span>1 460 799<span class=\"_ _60\"> </span>1 407 797Share options exer<span class=\"_ _0\"></span>cised<span class=\"_ _1b8\"> </span>4 487<span class=\"_ _12d\"> </span>3 502Share issued<span class=\"_ _1b6\"> </span>98 039<span class=\"_ _5a\"> </span>49 500Issued ordinar<span class=\"_ _e\"></span>y shares at 31 December<span class=\"_ _189\"> </span>1 563 325<span class=\"_ _60\"> </span>1 460 799Effect of weighting (shar<span class=\"_ _0\"></span>e options exercised and share issued during the year)<span class=\"_ _1b9\"> </span>-25 202<span class=\"_ _bb\"> </span><span class=\"ws1a\">-48</span>W<span class=\"_ _0\"></span>eighted-average number of shares outstanding for the purpose o<span class=\"_ _0\"></span>f basic earnings per share<span class=\"_ _fb\"> </span>1 538 123<span class=\"_ _60\"> </span>1 460 751Basic earnings per share for loss attributable to the equity holders o<span class=\"_ _0\"></span>f the parent company (NOK)<span class=\"_ _dc\"> </span><span class=\"ws1a\">-0.76<span class=\"_ _14b\"> </span>-1.14</span>Diluted earnings per shareW<span class=\"_ _0\"></span>eighted-average number of shares outstanding for the purpose o<span class=\"_ _0\"></span>f basic earnings per share<span class=\"_ _fb\"> </span>1 538 123<span class=\"_ _60\"> </span>1 460 751 1)Effect of shar<span class=\"_ _0\"></span>e options on issue0<span class=\"_ _199\"> </span>0W<span class=\"_ _0\"></span>eighted-average number of shares outstanding for the purpose o<span class=\"_ _0\"></span>f diluted earnings per share<span class=\"_ _ea\"> </span>1 538 123<span class=\"_ _8f\"> </span>1 460 751Diluted earnings per share for loss attributable to the equity holders o<span class=\"_ _0\"></span>f the parent company (NOK)<span class=\"_ _1ba\"> </span><span class=\"ws1a\">-0.76<span class=\"_ _14b\"> </span>-1.14</span>1)  <span class=\"_ _45\"></span>As of 31 December 2022, 16 224 525 weighted-average options were excluded fr<span class=\"_ _b\"></span>om the diluted weighted-average number of or<span class=\"_ _0\"></span>dinar<span class=\"_ _3\"></span>y shares calculation because their effect would have been anti-dilutive (earnings per share is negative).3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 years\u2022 <span class=\"_ _6\"> </span>Customer relationship has a useful life of 7-10 years\u2022 <span class=\"_ _6\"> </span>Goodwill has indefinite lifeCUST<span class=\"_ _1\"></span>OMER REL<span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>TIONSHIPCustomer relationship is acquir<span class=\"_ _0\"></span>ed through business combinations. Customer relationship is initially measur<span class=\"_ _0\"></span>ed at cost and subsequently amor<span class=\"_ _e\"></span>tised over useful life, using the straight<span class=\"_ _0\"></span>-line method. A<span class=\"_ _0\"></span>t period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement o<span class=\"_ _0\"></span>f financial positions has been acquired thr<span class=\"_ _0\"></span>ough business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggr<span class=\"_ _0\"></span>egate of the consideration transferr<span class=\"_ _0\"></span>ed and any previous inter<span class=\"_ _0\"></span>est held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measur<span class=\"_ _0\"></span>ed at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measur<span class=\"_ _0\"></span>ed at cost less any accumulated impairment losses. For the purpose of impair<span class=\"_ _b\"></span>ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each o<span class=\"_ _0\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s cash-generating units (C<span class=\"_ _0\"></span>GUs) that are expected to benefit from the combination, irr<span class=\"_ _0\"></span>espective of whether other assets or liabilities of the acquir<span class=\"_ _0\"></span>e are assigned to those units.(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021630 430<span class=\"_ _5b\"> </span>96 812<span class=\"_ _157\"> </span>620 198<span class=\"_ _78\"> </span>1 347 440Additions from internal development<span class=\"_ _14e\"> </span><span class=\"fse lsa\">99 160<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _194\"> </span></span>99 160</span>Additions acquired separately<span class=\"_ _66\"> </span>19 710<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _1bd\"> </span></span>19 710Disposals<span class=\"_ _1be\"> </span>-97<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _195\"> </span></span>-97Currency effects-396<span class=\"_ _32\"> </span>-35<span class=\"_ _2a\"> </span><span class=\"ws0\">-4 547<span class=\"_ _5f\"> </span>-4 978</span>Acquisition cost as of 31.12.2021<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">748 807<span class=\"_ _5b\"> </span>96 777<span class=\"_ _157\"> </span>615 651<span class=\"_ _78\"> </span>1 461 235</span>Additions from internal development<span class=\"_ _163\"> </span><span class=\"fse lsa\">115 742<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _47\"> </span></span>115 742</span>Additions acquired separately<span class=\"_ _1c0\"> </span><span class=\"fse lsa\">2 509<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>2 509</span>Disposals<span class=\"_ _175\"> </span><span class=\"fse lsa ws0\">-26 100<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-26 100</span>Currency effects<span class=\"_ _7e\"> </span><span class=\"fse lsa\">45 598<span class=\"_ _2a\"> </span>2 418<span class=\"_ _158\"> </span>46 835<span class=\"_ _194\"> </span>94 851</span>Acquisition cost as of 31.12.2022<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">886 556<span class=\"_ _5b\"> </span>99 195<span class=\"_ _157\"> </span>662 485<span class=\"_ _78\"> </span>1 648 237</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 01.01.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">203 089<span class=\"_ _1c1\"> </span>52 117<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>255 673</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">52 918<span class=\"_ _5b\"> </span>12 278<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>65 196</span>Reclassification<span class=\"_ _e0\"> </span><span class=\"fse lsa ws1b\">-97<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _bb\"> </span></span>-97</span>Impairment<span class=\"_ _e0\"> </span><span class=\"ws0\">-1 118<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _5a\"> </span></span>-1 118</span>Currency effects-2 564<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _5f\"> </span></span>-2 564Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">252 228<span class=\"_ _1c1\"> </span>64 395<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>317 091</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">69 313<span class=\"_ _5b\"> </span>13 310<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>82 623</span>Reversed amor<span class=\"_ _e\"></span>tisation disposals<span class=\"_ _126\"> </span><span class=\"fse lsa\">-20 772<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-20 772</span>Reclassification<span class=\"_ _173\"> </span><span class=\"ws0\">1 632<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _59\"> </span></span>1 632</span>Impairment30 860<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _157\"> </span></span>296 438<span class=\"_ _47\"> </span>327 298Currency effects<span class=\"_ _ca\"> </span><span class=\"fse lsa\">5 908<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _8e\"> </span></span>5 908</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2022<span class=\"_ _e8\"> </span><span class=\"fse lsa\">339 169<span class=\"_ _1c1\"> </span>77 705<span class=\"_ _157\"> </span>296 905<span class=\"_ _47\"> </span>713 779</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021496 579<span class=\"_ _5b\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _78\"> </span>1 144 144Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1c3\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _5b\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _183\"> </span>934 456</span>Impairment loss NOK 327.3 (0.0) million, from categories T<span class=\"_ _4\"></span>echnology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in pr<span class=\"_ _0\"></span>ofit or loss. The impairment o<span class=\"_ _b\"></span>f technology is related to the technology development of fueling stations for the Light<span class=\"_ _1\"></span>-Duty vehicles segment. The assessment includes uncer<span class=\"_ _e\"></span>tainty of futur<span class=\"_ _b\"></span>e economic benefits from these pr<span class=\"_ _0\"></span>oducts, both from actuals historical results and as Fueling develops new technology that will replace existing. Fueling will focus on developing its cor<span class=\"_ _0\"></span>e technology with special focus on high-pressur<span class=\"_ _0\"></span>e compression, cooling and control. The fueling division will continue to invest in the development of next generation Heavy-Duty V<span class=\"_ _1\"></span>ehicle (\u201cHDV\u201d) equipment such as high-capacity station modules and dispensers.Specification of carr<span class=\"_ _e\"></span>ying amount2022(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development334 176<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>334 176Acquired separately<span class=\"_ _1c4\"> </span><span class=\"fse lsa ws1b\">881<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _195\"> </span></span>881</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">212 331<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>599 401</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _85\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>934 456</span>2021(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development298 539<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>298 539Acquired separately<span class=\"_ _1c5\"> </span><span class=\"fse lsa\">1 369<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>1 369</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">196 671<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _47\"> </span>844 236</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _85\"> </span><span class=\"fse lsa\">496 579<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _6b\"> </span>1 144 144</span>ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.GOODWILL AND INT<span class=\"_ _4\"></span>ANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES -<span class=\"_ _b\"></span> IMP<span class=\"_ _d\"></span>AIRMENT CONSIDERA<span class=\"_ _4\"></span>TIONSGoodwill, and C<span class=\"_ _0\"></span>GUs where goodwill has been allocated, are requir<span class=\"_ _0\"></span>ed to be tested for impairment annually<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>formed its annual impairment test in December 2022. Impairment losses are r<span class=\"_ _0\"></span>ecognised where the recoverable amount is less than the carr<span class=\"_ _3\"></span>ying amount. The group has recognised goodwill impairment expense o<span class=\"_ _0\"></span>f NOK 296.4 (0.0) in 2022, impairing goodwill in the Fueling division which occurred initially fr<span class=\"_ _0\"></span>om the acquisition of Fueling in 2015 when Nel bought the division for NOK 300 million. The impairment charge was primarily due to the r<span class=\"_ _0\"></span>eduction in the projected growth rate for the Fueling division as a consequence o<span class=\"_ _0\"></span>f the weaker order intake in 2022, incr<span class=\"_ _0\"></span>easing per<span class=\"_ _e\"></span>sonnel cost, combined with high quality costs on delivered stations out in the field. In addition, the pre-tax nominal W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC rate increased to 14.0% in 2022 (8.5% in 2021) mainly due to the increase in the risk<span class=\"_ _1\"></span>-fr<span class=\"_ _b\"></span>ee rate in response to raising inflation in Europe during 2022.   ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST - ASSUMPTIONSCG<span class=\"_ _e\"></span>UThe annual impairment test is performed for all the Group<span class=\"_ _0\"></span>\u2019 Cash Generating Units (C<span class=\"_ _0\"></span>GUs). A CGU is defined as the smallest group o<span class=\"_ _0\"></span>f assets that generates cash inflows from continuing use that ar<span class=\"_ _0\"></span>e largely independent of the cash inflows of other assets or gr<span class=\"_ _0\"></span>oups thereo<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>. The way management monitors operations assisted in the judgements of identifying the C<span class=\"_ _0\"></span>GUs.  The Group<span class=\"_ _1\"></span>\u2019 C<span class=\"_ _0\"></span>GUs are \u2022 <span class=\"_ _6\"> </span>Electrolyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, \u2022 <span class=\"_ _6\"> </span>Electrolyser US and \u2022 <span class=\"_ _6\"> </span>FuelingSPECIFICA<span class=\"_ _1\"></span>TION OF ALL<span class=\"_ _b\"></span>OCA<span class=\"_ _1\"></span>TED GOODWILL PER CGU<span class=\"_ _16c\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Electrolyser US304 216<span class=\"_ _27\"> </span>272 184Electrolyser Nor<span class=\"_ _e\"></span>way61 364<span class=\"_ _a5\"> </span>61 364Fueling0<span class=\"_ _154\"> </span><span class=\"lsa\">281 635</span>Balance as of 31.12.365 580<span class=\"_ _27\"> </span>615 184Market capitalisationThe group considers the r<span class=\"_ _b\"></span>elationship between its market capitalisation and its book value, among other factors, when reviewing indicators o<span class=\"_ _0\"></span>f impairment. As of 31 December 2022, the market capitalisation of the gr<span class=\"_ _0\"></span>oup was approximately 4 times above the book value of equity<span class=\"_ _1\"></span>, indicating no impairment o<span class=\"_ _b\"></span>f goodwill and impairment o<span class=\"_ _0\"></span>f the assets. In 2021 the market capitalisation was 5 times above the book value of equity<span class=\"_ _1\"></span>.Key assumptionsThe calculations of value in use ar<span class=\"_ _0\"></span>e sensitive to several assumptions, the following are assessed key assumptions in the measured value:                                        \u2022 <span class=\"_ _6\"> </span>Revenue growth and gross mar<span class=\"_ _0\"></span>gin\u2022 <span class=\"_ _6\"> </span>EBITDA margins\u2022 <span class=\"_ _6\"> </span>Discount rate / Weighted average cost o<span class=\"_ _0\"></span>f capital (W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C)Forecast periodFor each C<span class=\"_ _0\"></span>GU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Boar<span class=\"_ _0\"></span>d of Directors and management\u2019<span class=\"_ _1\"></span>s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i)  <span class=\"_ _26\"> </span>the future expectations r<span class=\"_ _0\"></span>eflected in the current budget and strategy over the next 5-year period (forecast period); and ii)  <span class=\"_ _91\"> </span>a declining growth rate for the subsequent five years as Nel assesses that 2027 is not a steady state of the hydrogen industr<span class=\"_ _e\"></span>y and not for Nel, specifically<span class=\"_ _0\"></span>. Nel has applied declining growth rates starting from 2027, declining yearly down to 2.5%. The 2.5% growth rate is applied from year 2028, 2029 and 2031 for the divisions Fueling, Electrolyser US and Electr<span class=\"_ _0\"></span>olyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, respectively<span class=\"_ _1\"></span>.Discount rateDiscount rates repr<span class=\"_ _0\"></span>esent the current market assessment o<span class=\"_ _b\"></span>f the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances o<span class=\"_ _0\"></span>f the group and its operating segments and is derived fr<span class=\"_ _0\"></span>om<span class=\"_ _e\"></span> its weighted average cost of capital (W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC). The W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC considers the cost of debt and equity<span class=\"_ _1\"></span>. The cost of equity is derived from the expected r<span class=\"_ _0\"></span>eturn on investment by the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s investors. The cost o<span class=\"_ _0\"></span>f debt is based on the interest<span class=\"_ _0\"></span>-bearing borrowings the gr<span class=\"_ _0\"></span>oup is obliged to ser<span class=\"_ _3\"></span>vice. Segment<span class=\"_ _e\"></span> specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the futur<span class=\"_ _0\"></span>e cash flows to reflect a pr<span class=\"_ _0\"></span>e-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 14.0 % to 15.0 %.ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST \u2013 RESUL<span class=\"_ _1\"></span>TS AND SENSITIVIT<span class=\"_ _e\"></span>YThe impairment test has been prepar<span class=\"_ _0\"></span>ed in accordance with IAS 36 impairment o<span class=\"_ _b\"></span>f non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows pr<span class=\"_ _0\"></span>ojections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. In addition, the standard encourages a conser<span class=\"_ _3\"></span>vative valuation to ensure that assets ar<span class=\"_ _0\"></span>e not carried at more than their r<span class=\"_ _0\"></span>ecoverable amount. (Amounts in NOK thousands) <span class=\"fs3 ws2\"> <span class=\"_ _1c6\"></span>       </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FUELINGUSNORW<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YGoodwill304 216<span class=\"_ _bd\"> </span>61 364<span class=\"_ _1c7\"> </span><span class=\"ls0\">0</span>Other intangible assets342 003<span class=\"_ _162\"> </span>141 492<span class=\"_ _199\"> </span>83 582Other invested capital128 857<span class=\"_ _162\"> </span>485 655<span class=\"_ _154\"> </span>195 592Carr<span class=\"_ _e\"></span>ying value775 076<span class=\"_ _162\"> </span>688 511<span class=\"_ _154\"> </span>279 174Recoverable amount1 057 410<span class=\"_ _c1\"> </span>1 640 296<span class=\"_ _154\"> </span>279 174Headroom282 334<span class=\"_ _162\"> </span>951 785<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Pre-tax nominal discount rate15.0 %<span class=\"_ _1c7\"> </span>14.8 %<span class=\"_ _a5\"> </span>14.0 %T<span class=\"_ _4\"></span>erminal growth rate2.5 %<span class=\"_ _37\"> </span>2.5 %<span class=\"_ _b4\"> </span>2.5 %ELECTROL<span class=\"_ _1\"></span>YSER USElectrolyser US is the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019 segment for the PEM electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production and manufacturing of PEM electr<span class=\"_ _0\"></span>olyser equipment in W<span class=\"_ _0\"></span>allingford, Connecticut, US. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _4\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _9b\"> </span><span class=\"ws0\"> -89 <span class=\"_ _b9\"> </span> 454 <span class=\"_ _2a\"> </span> 997 <span class=\"_ _1c9\"> </span> 1 537 <span class=\"_ _bb\"> </span> 2 073 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -355 <span class=\"_ _b9\"> </span> 120 <span class=\"_ _2a\"> </span> 596<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 068 <span class=\"_ _bb\"> </span> 1 537 </span>0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -140 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 281* <span class=\"_ _1c2\"> </span></span> 700 <span class=\"_ _bb\"> </span> 1 115 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -726 <span class=\"_ _154\"> </span> -348 <span class=\"_ _137\"> </span> 29 <span class=\"_ _e8\"> </span> 404 <span class=\"_ _b9\"> </span> 775 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -858 <span class=\"_ _154\"> </span> -517 <span class=\"_ _195\"> </span> -176 <span class=\"_ _1c2\"> </span> 163 <span class=\"_ _137\"> </span> 498 </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment. ELECTROL<span class=\"_ _1\"></span>YSER NORW<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>YElectrolyser Nor<span class=\"_ _e\"></span>way is the Group<span class=\"_ _1\"></span>\u2019 segment for the Alkaline electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electr<span class=\"_ _0\"></span>olyser equipment in Her\u00f8ya and Notodden, Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. New plant at Her\u00f8ya, Nor<span class=\"_ _3\"></span>way star<span class=\"_ _e\"></span>ted operations in 2021 and will scale the production. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _1\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1ca\"> </span><span class=\"ws0\"> 377 <span class=\"_ _bb\"> </span> 1 078 <span class=\"_ _cd\"> </span> 1 779 <span class=\"_ _1c9\"> </span> 2 480 <span class=\"_ _bb\"> </span> 3 181 </span>-1.0%<span class=\"_ _169\"> </span><span class=\"ws0\"> 92 <span class=\"_ _137\"> </span> 703 <span class=\"_ _cd\"> </span> 1 315 <span class=\"_ _1c9\"> </span> 1 926 <span class=\"_ _bb\"> </span> 2 537 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -130 <span class=\"_ _b9\"> </span> 411 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 952* <span class=\"_ _1c9\"> </span></span> 1 493 <span class=\"_ _bb\"> </span> 2 034 </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -306 <span class=\"_ _b9\"> </span> 178 <span class=\"_ _2a\"> </span> 662<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 146 <span class=\"_ _bb\"> </span> 1 630 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -448 <span class=\"_ _199\"> </span> -11 <span class=\"_ _2a\"> </span> 426 <span class=\"_ _1c2\"> </span> 863 <span class=\"_ _bb\"> </span> 1 300<span class=\"_ _e\"></span> </span>*  Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.FUELINGFueling is the Group<span class=\"_ _1\"></span>\u2019 segment for the Hydrogen fueling technology<span class=\"_ _1\"></span>. The CGU covers the pr<span class=\"_ _0\"></span>oduction and manufacturing<span class=\"_ _e\"></span> of hydr<span class=\"_ _0\"></span>ogen refueling stations in Herning, Denmark. The operations consist of both assembly o<span class=\"_ _0\"></span>f hydrogen r<span class=\"_ _0\"></span>efueling<span class=\"_ _e\"></span> stations, marketing activities and product development. The Fueling segment offers H2Station\u00ae for fast fueling o<span class=\"_ _0\"></span>f fuel cell electric vehicles as well as ser<span class=\"_ _3\"></span>vices in relation to the supply of these stations. The objective to the segment is to deliver world class fueling stations offering a complete solution fr<span class=\"_ _0\"></span>om sourcing and storage o<span class=\"_ _0\"></span>f hydrogen to fueling o<span class=\"_ _0\"></span>f vehicles.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points<span class=\"_ _e\"></span> in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -232 <span class=\"_ _e8\"> </span> 55 <span class=\"_ _2a\"> </span> 343<span class=\"_ _e\"></span> <span class=\"_ _1c2\"> </span> 631 <span class=\"_ _137\"> </span> 918 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -350 <span class=\"_ _154\"> </span> -101 <span class=\"_ _2a\"> </span> 149 <span class=\"_ _1c2\"> </span> 398 <span class=\"_ _b9\"> </span> 648 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -439 <span class=\"_ _154\"> </span> -220 <span class=\"_ _137\"> </span><span class=\"ff3\"> 0* <span class=\"_ _1c2\"> </span></span> 220 <span class=\"_ _137\"> </span> 439<span class=\"_ _e\"></span> </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -508 <span class=\"_ _154\"> </span> -312 <span class=\"_ _195\"> </span> -117 <span class=\"_ _a6\"> </span> 79 <span class=\"_ _b9\"> </span> 275 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -386 <span class=\"_ _195\"> </span> -210 <span class=\"_ _b4\"> </span> -33 <span class=\"_ _137\"> </span> 143<span class=\"_ _e\"></span> </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zer<span class=\"_ _0\"></span>o headroom, at perpetuity growth 2.5%, all else being equal. Additional sensitivities for the Fueling division has not been included as headroom in the valuation is zero. The table shows the sensitivities for the W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC used, but also for W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C +/- one percentage point: KEY <span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C CHANGE ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ASSUMPTIONS<span class=\"_ _95\"> </span><span class=\"ws0\">PERIODS CHANGED</span>(PPS)USNO1)Revenue growth multiple T<span class=\"_ _1\"></span>otal multiple gr<span class=\"_ _0\"></span>owth in NOK from 2022 to terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c2\"> </span>-0.1<span class=\"_ _15a\"> </span>-3.5</span>0.0%<span class=\"_ _1c2\"> </span>-0.9<span class=\"_ _15a\"> </span>-4.2-1.0%<span class=\"_ _1c2\"> </span>-1.6<span class=\"_ _15a\"> </span>-4.92)Gross mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-5.0%</span>0.0%<span class=\"_ _1c9\"> </span>-1.6%<span class=\"_ _1c9\"> </span>-6.0%-1.0%<span class=\"_ _1c9\"> </span>-2.9%<span class=\"_ _1c9\"> </span>-7.0%3)Free cash flow mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-3.9%</span>0.0%-1.7%<span class=\"_ _1c9\"> </span>-4.7%-1.0%<span class=\"_ _1c9\"> </span>-3.0%<span class=\"_ _1c9\"> </span>-5.4%1) If revenue assumption in terminal is r<span class=\"_ _0\"></span>educed with this year<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s revenue multiplied with this factor<span class=\"_ _1\"></span>, the headroom is zero.2) If average gross mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.3) If free cash flow mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.3.2 <span class=\"_ _46\"> </span><span class=\"fc1\">Pr<span class=\"_ _0\"></span>oper<span class=\"_ _c\"></span>ty<span class=\"_ _4\"></span>, plant and </span>equipmentProperty<span class=\"_ _0\"></span>, plant and equipment comprise owned and leased assets.Property<span class=\"_ _0\"></span>, plant and equipment are measur<span class=\"_ _0\"></span>ed using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs dir<span class=\"_ _0\"></span>ectly attributable to bringing the asset to the location and condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner intended. The assets are depr<span class=\"_ _0\"></span>eciated using the straight<span class=\"_ _0\"></span>-line method over the expected useful life of the asset. Costs o<span class=\"_ _0\"></span>f direct maintenance on the operating assets are expensed as incurred. Additional investments and impr<span class=\"_ _0\"></span>ovements are added to the asset\u2019<span class=\"_ _1\"></span>s cost price and depreciated in line with the remaining useful life o<span class=\"_ _0\"></span>f the asset.(Amounts in NOK thousands)MACHINERY AND EQUIPMENT<span class=\"_ _8c\"> </span><span class=\"ws31\">BUILDINGS</span>OFFICE <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>RIGHT-OF-<span class=\"ls0 ws0\"> </span>ASSET <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>MACHINES<span class=\"ls0 ws0\"> </span>USE <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>UNDER CON<span class=\"ls0\">-</span>AND O<span class=\"_ _0\"></span>THER PRODUCTION<span class=\"ls0 ws0\"> </span>TECHNICAL <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ASSETS <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>STRUCTIONEQUIPMENTEQUIPMENT<span class=\"_ _1cb\"> </span>BUILDINGSINST<span class=\"_ _1\"></span>ALL<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TIONS(NO<span class=\"_ _0\"></span>TE 3.3)<span class=\"_ _57\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021132 190<span class=\"_ _3a\"> </span><span class=\"fsc ls9\">53 745<span class=\"_ _94\"> </span>35 667<span class=\"_ _36\"> </span>143 126<span class=\"_ _1cc\"> </span>5 494<span class=\"_ _28\"> </span>100 320<span class=\"_ _3d\"> </span>470 542</span>Additions <span class=\"_ _33\"> </span><span class=\"ws0\">217 164<span class=\"_ _3a\"> </span>15 631<span class=\"_ _94\"> </span>22 452<span class=\"_ _1cd\"> </span>8 369<span class=\"_ _130\"> </span></span>570<span class=\"_ _99\"> </span><span class=\"ws0\">15 155<span class=\"_ _28\"> </span>279 340</span>Disposals<span class=\"_ _143\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _47\"> </span><span class=\"ls9\">-7 129<span class=\"_ _196\"> </span></span></span>-503<span class=\"_ _57\"> </span><span class=\"ws0\">-26 972<span class=\"_ _1c1\"> </span></span>-401<span class=\"_ _cb\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _44\"> </span><span class=\"ls9\">-35 004</span></span>Reclassification<span class=\"_ _1ce\"> </span>-555<span class=\"_ _47\"> </span><span class=\"ws0\">-1 483<span class=\"_ _cb\"> </span></span>400<span class=\"_ _191\"> </span>-28<span class=\"_ _130\"> </span>411<span class=\"_ _5c\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _31\"> </span><span class=\"ls9\">-1 256</span></span>Remeasurement<span class=\"_ _ef\"> </span>0<span class=\"_ _154\"> </span>0<span class=\"_ _2a\"> </span>0<span class=\"_ _1cc\"> </span>0<span class=\"_ _1cf\"> </span>0<span class=\"_ _99\"> </span><span class=\"ls9\">35 992<span class=\"_ _99\"> </span>35 992</span>Currency effects<span class=\"_ _1d0\"> </span><span class=\"ws1a\">137<span class=\"_ _9b\"> </span>-645<span class=\"_ _cb\"> </span>362<span class=\"_ _3f\"> </span></span>-4 190<span class=\"_ _2a\"> </span><span class=\"ws1a\">-20<span class=\"_ _47\"> </span>275<span class=\"_ _1d1\"> </span></span>-4 082Acquisition cost as of 31.12.2021<span class=\"_ _94\"> </span>348 935<span class=\"_ _3a\"> </span>60 119<span class=\"_ _8b\"> </span>58 378<span class=\"_ _44\"> </span>120 305<span class=\"_ _169\"> </span>6 054<span class=\"_ _28\"> </span>151 741<span class=\"_ _3d\"> </span>745 532Additions <span class=\"_ _4a\"> </span><span class=\"ws0\">86 653<span class=\"_ _3a\"> </span>32 211<span class=\"_ _8b\"> </span>41 097<span class=\"_ _8a\"> </span></span>405<span class=\"_ _158\"> </span>120<span class=\"_ _9c\"> </span><span class=\"ws0\">35 961<span class=\"_ _28\"> </span>196 447</span>Disposals<span class=\"_ _143\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _47\"> </span><span class=\"ls9\">-1 074<span class=\"_ _3a\"> </span>-2 738<span class=\"_ _1cc\"> </span></span>0<span class=\"_ _1c1\"> </span></span>-492<span class=\"_ _cb\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _31\"> </span><span class=\"ls9\">-4 304</span></span>Reclassification<span class=\"_ _30\"> </span><span class=\"ws0\">-354 831<span class=\"_ _5a\"> </span>9 468<span class=\"_ _1d2\"> </span>340 505<span class=\"_ _1cc\"> </span><span class=\"ls0\">0<span class=\"_ _1cc\"> </span></span>6 432<span class=\"_ _cb\"> </span><span class=\"ls0\">0<span class=\"_ _1d2\"> </span></span>1 574</span>Remeasurement<span class=\"_ _ef\"> </span>0<span class=\"_ _154\"> </span>0<span class=\"_ _2a\"> </span>0<span class=\"_ _1cc\"> </span>0<span class=\"_ _1cf\"> </span>0<span class=\"_ _99\"> </span><span class=\"ls9\">43 117<span class=\"_ _99\"> </span>43 117</span>Currency effects<span class=\"_ _1d0\"> </span><span class=\"ws1a\">857<span class=\"_ _5a\"> </span></span>6 890<span class=\"_ _191\"> </span>3 293<span class=\"_ _78\"> </span>4 508<span class=\"_ _63\"> </span><span class=\"ws1a\">26<span class=\"_ _58\"> </span></span>2 013<span class=\"_ _9c\"> </span>17 587Acquisition cost as of 31.12.2022<span class=\"_ _191\"> </span>81 614<span class=\"_ _67\"> </span>107 614<span class=\"_ _58\"> </span>440 535<span class=\"_ _36\"> </span>125 218<span class=\"_ _196\"> </span>12 139<span class=\"_ _28\"> </span>232 833<span class=\"_ _3d\"> </span>999 953Accumulated depreciation as o<span class=\"_ _0\"></span>f 11 827<span class=\"_ _3a\"> </span>23 012<span class=\"_ _94\"> </span>17 211<span class=\"_ _31\"> </span>14 172<span class=\"_ _169\"> </span>1 894<span class=\"_ _99\"> </span>24 374<span class=\"_ _9c\"> </span>92 49001.01.2021Depreciation<span class=\"_ _15e\"> </span>0<span class=\"_ _3a\"> </span><span class=\"ls9\">11 592<span class=\"_ _191\"> </span>6 498<span class=\"_ _1cd\"> </span>3 571<span class=\"_ _63\"> </span></span>89<span class=\"_ _99\"> </span><span class=\"ws0\">16 170<span class=\"_ _99\"> </span>37 919</span>Impairment<span class=\"_ _1d3\"> </span><span class=\"ws0\">4 500<span class=\"_ _f7\"> </span><span class=\"ls0\">0<span class=\"_ _83\"> </span>0<span class=\"_ _1cc\"> </span>0<span class=\"_ _1cf\"> </span>0<span class=\"_ _5c\"> </span>0<span class=\"_ _58\"> </span></span>4 500</span>Reversed depreciation disposals<span class=\"_ _156\"> </span><span class=\"ls0\">0<span class=\"_ _47\"> </span></span>-6 920<span class=\"_ _196\"> </span><span class=\"ws1a\">-503<span class=\"_ _3f\"> </span></span>-3 622<span class=\"_ _1c1\"> </span><span class=\"ws1a\">-401<span class=\"_ _cb\"> </span></span><span class=\"ls0\">0<span class=\"_ _44\"> </span></span>-11 446Reclassification<span class=\"_ _1d4\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _47\"> </span><span class=\"ls9\">-1 285<span class=\"_ _195\"> </span></span></span>-9<span class=\"_ _94\"> </span>-373<span class=\"_ _130\"> </span>411<span class=\"_ _5c\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _31\"> </span><span class=\"ls9\">-1 256</span></span>Currency effects<span class=\"_ _1d5\"> </span><span class=\"ls0\">0<span class=\"_ _9b\"> </span></span><span class=\"ws1a\">-140<span class=\"_ _5c\"> </span>318<span class=\"_ _94\"> </span>-355<span class=\"_ _83\"> </span>-12<span class=\"_ _cb\"> </span></span><span class=\"ls0\">0<span class=\"_ _159\"> </span></span><span class=\"ws1a\">-189</span>Accumulated depreciation as o<span class=\"_ _0\"></span>f 16 327<span class=\"_ _3a\"> </span>26 259<span class=\"_ _94\"> </span>23 515<span class=\"_ _31\"> </span>13 392<span class=\"_ _169\"> </span>1 981<span class=\"_ _99\"> </span>40 544<span class=\"_ _3d\"> </span>122 01831.12.2021Depreciation<span class=\"_ _15e\"> </span>0<span class=\"_ _3a\"> </span><span class=\"ls9\">20 703<span class=\"_ _94\"> </span>42 055<span class=\"_ _1cd\"> </span>4 078<span class=\"_ _130\"> </span></span>667<span class=\"_ _9c\"> </span><span class=\"ws0\">21 358<span class=\"_ _99\"> </span>88 860</span>Reversed depreciation disposals<span class=\"_ _156\"> </span><span class=\"ls0\">0<span class=\"_ _47\"> </span></span>-1 017<span class=\"_ _3a\"> </span>-1 127<span class=\"_ _14b\"> </span><span class=\"ls0\">0<span class=\"_ _136\"> </span></span><span class=\"ws1a\">-306<span class=\"_ _cb\"> </span></span><span class=\"ls0\">0<span class=\"_ _31\"> </span></span>-2 450Reclassification<span class=\"_ _14f\"> </span><span class=\"ws0\">-16 327<span class=\"_ _169\"> </span></span>217<span class=\"_ _94\"> </span>16 051<span class=\"_ _169\"> </span><span class=\"ls0\">0<span class=\"_ _1cf\"> </span>0<span class=\"_ _5c\"> </span>0<span class=\"_ _8a\"> </span></span>-58Currency effects<span class=\"_ _1d5\"> </span><span class=\"ls0\">0<span class=\"_ _1d6\"> </span></span>3 400<span class=\"_ _191\"> </span>2 162<span class=\"_ _8a\"> </span><span class=\"ws1a\">531<span class=\"_ _1cf\"> </span></span><span class=\"ls0\">1<span class=\"_ _5c\"> </span>0<span class=\"_ _1d2\"> </span></span>6 094Accumulated depreciation as o<span class=\"_ _0\"></span>f 0<span class=\"_ _3a\"> </span><span class=\"ls9\">49 562<span class=\"_ _94\"> </span>82 656<span class=\"_ _31\"> </span>18 001<span class=\"_ _1cc\"> </span>2 343<span class=\"_ _9c\"> </span>61 902<span class=\"_ _28\"> </span>214 464</span>31.12.2022Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _191\"> </span>332 608<span class=\"_ _3a\"> </span>33 860<span class=\"_ _94\"> </span>34 863<span class=\"_ _44\"> </span>106 913<span class=\"_ _169\"> </span>4 073<span class=\"_ _3d\"> </span>111 197<span class=\"_ _28\"> </span>623 514Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _9b\"> </span>81 614<span class=\"_ _3a\"> </span>58 052<span class=\"_ _58\"> </span>357 879<span class=\"_ _36\"> </span>107 216<span class=\"_ _1cc\"> </span>9 796<span class=\"_ _28\"> </span>170 931<span class=\"_ _3d\"> </span>785 488PROPERTY<span class=\"_ _1\"></span>, PL<span class=\"_ _e\"></span>ANT AND EQUIPMENT GEOGRAPHICAL AREA<span class=\"_ _177\"> </span><span class=\"ls8 ws19\">2022<span class=\"_ _1d7\"> </span>2021</span>Nor<span class=\"_ _e\"></span>way<span class=\"_ _1ad\"> </span><span class=\"ws0\">562 761<span class=\"_ _121\"> </span>461 994</span>Denmark<span class=\"_ _155\"> </span><span class=\"ws0\">111 225<span class=\"_ _121\"> </span>106 262</span>USA<span class=\"_ _1d8\"> </span><span class=\"ws0\">107 959<span class=\"_ _107\"> </span>49 919</span>South Kor<span class=\"_ _0\"></span>ea<span class=\"_ _1d9\"> </span>3 543<span class=\"_ _150\"> </span>5 339Balance as of 31.12.<span class=\"_ _1da\"> </span>785 488<span class=\"_ _121\"> </span>623 514The allocation of pr<span class=\"_ _0\"></span>oper<span class=\"_ _3\"></span>ty<span class=\"_ _0\"></span>, plant and equipment is based on the geographical location o<span class=\"_ _0\"></span>f the assets.USEFUL LIFE, DEPRECIA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>Office machines and other equipment has a useful life of 3-5 years\u2022 <span class=\"_ _6\"> </span>Production equipment has a useful life of 3-8 years\u2022 <span class=\"_ _6\"> </span>Buildings has a useful life of 30-40 years\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnical installations have a useful life o<span class=\"_ _0\"></span>f 15-10 years\u2022 <span class=\"_ _6\"> </span>Right of use assets has a useful life of 2-10 yearsHer\u00f8ya expansionIn 2022, Nel initiated a continued expansion at Her\u00f8ya in Nor<span class=\"_ _3\"></span>way with an additional 500 MW alkaline production line, expected to be operational from April 2024. The carr<span class=\"_ _3\"></span>ying amount for the Her\u00f8ya second line expansion is NOK 55 million as of 31 December 2022. T<span class=\"_ _d\"></span>otal contractual commitments beyond December 2022 for the second line are NOK 230 million, including pur<span class=\"_ _0\"></span>chase contracts for all the physical equipment needed.ImpairmentAn assessment of impair<span class=\"_ _b\"></span>ment o<span class=\"_ _b\"></span>f property<span class=\"_ _0\"></span>, plant and equipment is made if there is an indication o<span class=\"_ _0\"></span>f impairment. If the impairment test reveals that an asset\u2019<span class=\"_ _1\"></span>s carr<span class=\"_ _3\"></span>ying amount is higher than the recoverable amount, an impairment loss will be r<span class=\"_ _0\"></span>ecognised.<span class=\"_ _e\"></span> Property<span class=\"_ _0\"></span>, plant and equipment is included in \u2018<span class=\"_ _1\"></span>other invested<span class=\"_ _e\"></span> capital\u2019 allocated to the respective C<span class=\"_ _0\"></span>GU\u2019<span class=\"_ _1\"></span>s for the annual<span class=\"_ _e\"></span> impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.3.3<span class=\"fc1 wse5\"> Leases</span>At inception o<span class=\"_ _0\"></span>f 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 o<span class=\"_ _0\"></span>f time in exchange for consideration. T<span class=\"_ _4\"></span>o assess whether a contract conveys the right to control the use o<span class=\"_ _0\"></span>f an identified asset, the Group uses the definition of a lease in IFRS 16.AS A LESSEEAt commencement date or on modification o<span class=\"_ _0\"></span>f a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Gr<span class=\"_ _0\"></span>oup has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are tr<span class=\"_ _0\"></span>eated separately in other standards than IFRS 16. The group r<span class=\"_ _0\"></span>ecognise a right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset and a lease liability at the lease commencement date. The right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial dir<span class=\"_ _0\"></span>ect costs incurred. The right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset is subsequently depreciated using the straight<span class=\"_ _0\"></span>-line method fr<span class=\"_ _0\"></span>om the commencement date to the end of the lease ter<span class=\"_ _b\"></span>m. In addition, the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is periodically reduced by impairment losses, if any<span class=\"_ _1\"></span>, and adjusted for cer<span class=\"_ _e\"></span>tain remeasurements o<span class=\"_ _0\"></span>f the lease liability<span class=\"_ _1\"></span>.The lease liability is initially measured at the pr<span class=\"_ _0\"></span>esent value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s incremental borr<span class=\"_ _0\"></span>owing rate. Generally<span class=\"_ _0\"></span>, the Group uses its incremental borr<span class=\"_ _0\"></span>owing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR) for additional information. Lease payments included in the measurement o<span class=\"_ _0\"></span>f the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is r<span class=\"_ _0\"></span>emeasured when there is a change in future lease payments arising fr<span class=\"_ _0\"></span>om a change in an index. When the lease liability is remeasur<span class=\"_ _0\"></span>ed in this way<span class=\"_ _0\"></span>, a corresponding adjustment is made to the carr<span class=\"_ _e\"></span>ying amount of the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset. P<span class=\"_ _0\"></span>ayments for insurance, proper<span class=\"_ _e\"></span>ty tax and V<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>T ar<span class=\"_ _0\"></span>e excluded from the lease payments amount as they are defined variable lease payments.The Group pr<span class=\"_ _0\"></span>esents right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use assets in \u2018proper<span class=\"_ _e\"></span>ty<span class=\"_ _0\"></span>, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019<span class=\"_ _1\"></span>, divided into current and non-curr<span class=\"_ _0\"></span>ent por<span class=\"_ _3\"></span>tions.Shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and leases o<span class=\"_ _0\"></span>f low value assetsNel have elected the practical expedient of tr<span class=\"_ _0\"></span>eating shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and low value assets outside the scope of IFRS 16.Significant accounting judgements - Estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR)The Group cannot r<span class=\"_ _0\"></span>eadily determine the interest rate implicit in the lease, therefor<span class=\"_ _0\"></span>e, it uses its IBR to measure lease liabilities. The IBR is the rate of inter<span class=\"_ _0\"></span>est that the Group would have to pay to borrow over a similar ter<span class=\"_ _b\"></span>m, and with a similar security<span class=\"_ _0\"></span>, the funds necessar<span class=\"_ _3\"></span>y to obtain an asset of a similar value to the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset in a similar economic environment. The IBR therefor<span class=\"_ _0\"></span>e reflects what the Group \u2018would have to pay\u2019<span class=\"_ _1\"></span>, which requires estimation when no obser<span class=\"_ _e\"></span>vable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incr<span class=\"_ _0\"></span>emental borrowing rate by considering various interest rates (risk fr<span class=\"_ _0\"></span>ee rate as 10-year government bonds, and risk premiums) and makes cer<span class=\"_ _e\"></span>tain adjustments to reflect the terms o<span class=\"_ _0\"></span>f the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiar<span class=\"_ _3\"></span>y\u2019<span class=\"_ _1\"></span>s stand-alone credit rating).The group has lease contracts for various items o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, war<span class=\"_ _0\"></span>ehouse and parking have 5 years and motor vehicles and other equipment generally have lease terms between 3 and 5 years. The Group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s obligations under its leases are secur<span class=\"_ _0\"></span>ed by the lessor<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group<span class=\"_ _1\"></span>\u2019 two significant leases in the manufacturing facilities at Her\u00f8ya (Nor<span class=\"_ _3\"></span>way) and W<span class=\"_ _0\"></span>allingford (US). Right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets(Amounts in NOK thousands)MANU-<span class=\"ls0 ws0\"> </span>OFFICE, <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACTURING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AREHOUSE M<span class=\"_ _3\"></span>OTO<span class=\"_ _3\"></span>R<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACILITIESAND P<span class=\"_ _1\"></span>ARKINGVEHICLES<span class=\"_ _4b\"> </span>EQUIPMENT<span class=\"_ _157\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202166 9695 554<span class=\"_ _bb\"> </span>2 862<span class=\"_ _af\"> </span><span class=\"ws1a\">560<span class=\"_ _6c\"> </span></span>75 946Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">13 657<span class=\"_ _bb\"> </span>1 380<span class=\"_ _af\"> </span></span>117<span class=\"_ _6c\"> </span><span class=\"ws0\">15 155</span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">33 843<span class=\"_ _bb\"> </span>2 323<span class=\"_ _27\"> </span></span>-174<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">35 992</span></span>Depreciation<span class=\"_ _f3\"> </span><span class=\"ws0\">-9 030<span class=\"_ _157\"> </span>-5 637<span class=\"_ _5b\"> </span>-1 386<span class=\"_ _27\"> </span></span>-116<span class=\"_ _3b\"> </span><span class=\"ws0\">-16 170</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _1dc\"> </span><span class=\"ws1a\">490<span class=\"_ _a5\"> </span>-56<span class=\"_ _154\"> </span>-120<span class=\"_ _a5\"> </span>-39<span class=\"_ _af\"> </span>275</span>As of 31.12.2021<span class=\"_ _1dd\"> </span>92 272<span class=\"_ _6c\"> </span>15 841<span class=\"_ _bb\"> </span>2 563<span class=\"_ _af\"> </span><span class=\"ws1a\">522<span class=\"_ _8c\"> </span></span>111 197Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 469<span class=\"_ _af\"> </span></span>492<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 961</span></span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">42 404<span class=\"_ _bb\"> </span>1 033<span class=\"_ _27\"> </span></span>-320<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">43 117</span></span>Depreciation <span class=\"_ _144\"> </span><span class=\"ws0\">-12 064<span class=\"_ _157\"> </span>-7 940<span class=\"_ _5b\"> </span>-1 233<span class=\"_ _27\"> </span></span>-121<span class=\"_ _3b\"> </span><span class=\"ws0\">-21 358</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _d4\"> </span>1 449<span class=\"_ _af\"> </span><span class=\"ws1a\">435<span class=\"_ _af\"> </span>108<span class=\"_ _15a\"> </span>22<span class=\"_ _bb\"> </span></span>2 013As of 31.12.2022 (note 3.2)<span class=\"_ _8d\"> </span>124 061<span class=\"_ _6c\"> </span>44 839<span class=\"_ _158\"> </span>1 608<span class=\"_ _af\"> </span><span class=\"ws1a\">423<span class=\"_ _59\"> </span></span>170 931In December 2022, the group r<span class=\"_ _0\"></span>eassessed the extension option within the lease agreement o<span class=\"_ _0\"></span>f W<span class=\"_ _0\"></span>allingford (US). The lease agreement expir<span class=\"_ _0\"></span>es in July 2024 with two extension options for 5-year periods exercisable in July 2024 (extending termination date to July 2029) and July 2029 (extending termination date to July 2034). The reassessment evaluated Nel\u2019<span class=\"_ _1\"></span>s recent plans to increase the pr<span class=\"_ _0\"></span>oduction capacity in US, including the budget planned for capital expenditure in 2023, and economic incentives for do not reallocate skilled staff and its fixed assets. The conclusion is that Nel is reasonably certain to exercise the first extension option expiring in July 2024. As of 31 December 2022, the economic incentives for the extension due in July 2029 were consider<span class=\"_ _0\"></span>ed unclear and not reasonably certain due to the uncer<span class=\"_ _3\"></span>tainties about the size of the capacity expansion, total investment and location.The reassessment r<span class=\"_ _0\"></span>esulted in an increase of the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets and lease liabilities of NOK 42.4 million in 2022.Lease liabilitiesThe table below show the carr<span class=\"_ _3\"></span>ying amounts of lease liabilities (both curr<span class=\"_ _0\"></span>ent and non-current por<span class=\"_ _e\"></span>tion) and the movements during the period:(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.<span class=\"_ _1de\"> </span>133 421<span class=\"_ _bb\"> </span>91 416Additions<span class=\"_ _1df\"> </span><span class=\"ws0\">35 961<span class=\"_ _bb\"> </span>15 155</span>Remeasurement<span class=\"_ _1e0\"> </span><span class=\"ws0\">43 117<span class=\"_ _bb\"> </span>35 992</span>Accretion o<span class=\"_ _0\"></span>f interest<span class=\"_ _1e1\"> </span>10 473<span class=\"_ _1e2\"> </span>8 792Lease payments<span class=\"_ _1e3\"> </span>-24 873<span class=\"_ _157\"> </span>-18 357T<span class=\"_ _1\"></span>ranslation differences<span class=\"_ _118\"> </span>2 515<span class=\"_ _1e4\"> </span><span class=\"ws1a\">423</span>Balance as of 31.12.<span class=\"_ _1de\"> </span>200 615<span class=\"_ _cd\"> </span>133 421Current30 438<span class=\"_ _2a\"> </span>19 916Non-current 170 177<span class=\"_ _1c1\"> </span>113 505Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421The maturity analysis of undiscounted cash flow in lease liabilities is disclosed in Note 5.2. The differ<span class=\"_ _0\"></span>ence between discounted cash flows and undiscounted cash flows (discount effect) is NOK 86.5 (73.8) million as of 31.12.2022. The discount effect is mainly related to manufacturing facility at Her\u00f8ya with included lease term until 2035.Reconciliation of liabilities arising fr<span class=\"_ _0\"></span>om financing activities in statement of cash flows, split in cash flows and non-cash changes.(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.133 421<span class=\"_ _2a\"> </span>91 416Cash flows principal amount-14 400<span class=\"_ _195\"> </span>-15 467Cash flows interests-10 473<span class=\"_ _167\"> </span>-2 890Non-cash changes:Additions and remeasur<span class=\"_ _0\"></span>ements79 078<span class=\"_ _2a\"> </span>51 147Accretion o<span class=\"_ _0\"></span>f interest expense10 473<span class=\"_ _63\"> </span>2 890Accretion o<span class=\"_ _0\"></span>f capitalised interests0<span class=\"_ _63\"> </span><span class=\"lsa\">5 902</span>Foreign curr<span class=\"_ _0\"></span>ency effects2 515<span class=\"_ _b4\"> </span><span class=\"ws1b\">423</span>Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421Amounts recognised in pr<span class=\"_ _0\"></span>ofit or loss (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Depreciation expense o<span class=\"_ _0\"></span>f right<span class=\"_ _0\"></span>-of<span class=\"_ _1\"></span>-use assets-21 358<span class=\"_ _195\"> </span>-14 518Interest expense on lease liabilities-10 473<span class=\"_ _167\"> </span>-3 611Income from subleasing right<span class=\"_ _1\"></span>-of<span class=\"_ _0\"></span>-use assets2 205<span class=\"_ _63\"> </span>2 379Expense relating to leases o<span class=\"_ _0\"></span>f low-value assets-208<span class=\"_ _32\"> </span>-203Expense relating to short<span class=\"_ _0\"></span>-term leases, excluding shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases o<span class=\"_ _b\"></span>f low-value assets-32<span class=\"_ _32\"> </span>-131V<span class=\"_ _1\"></span>ariable lease payments0<span class=\"_ _fb\"> </span>0T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL amount recognised in pro<span class=\"_ _0\"></span>fit or loss-29,866<span class=\"_ _195\"> </span>-16,084Other informationT<span class=\"_ _4\"></span>otal cash outflow for leases as a lessee25 113<span class=\"_ _2a\"> </span>14 860W<span class=\"_ _0\"></span>eighted incremental borrowing rate used as discount rate for the measuring o<span class=\"_ _0\"></span>f lease liabilities6.9 %<span class=\"_ _137\"> </span>9.6 %Extension and termination optionsThe Group has several lease contracts that include extension and termination options. These options ar<span class=\"_ _0\"></span>e negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s business needs.  Significant accounting judgements - Determining the lease term o<span class=\"_ _0\"></span>f contracts with renewal and termination options -  Group as a lessee.The Group determines the lease term as the non-cancellable ter<span class=\"_ _b\"></span>m o<span class=\"_ _b\"></span>f the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Gr<span class=\"_ _0\"></span>oup applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exer<span class=\"_ _0\"></span>cise either the renewal or termination. After the commencement date, the Group r<span class=\"_ _0\"></span>eassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exer<span class=\"_ _0\"></span>cise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as par<span class=\"_ _e\"></span>t of the lease term as these ar<span class=\"_ _0\"></span>e not reasonably cer<span class=\"_ _e\"></span>tain to be exercised. In addition, the r<span class=\"_ _0\"></span>enewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not mor<span class=\"_ _0\"></span>e than three years and, hence is not exercising any r<span class=\"_ _b\"></span>enewal options. The periods covered by termination options ar<span class=\"_ _0\"></span>e included as par<span class=\"_ _3\"></span>t of the lease ter<span class=\"_ _b\"></span>m only when they are r<span class=\"_ _0\"></span>easonably cer<span class=\"_ _3\"></span>tain not to be exercised.Set out below are the material undiscounted potential futur<span class=\"_ _0\"></span>e rental payments r<span class=\"_ _0\"></span>elating to periods following the exercise date of extension and ter<span class=\"_ _b\"></span>mination options that are not included in the lease term.2023<span class=\"_ _16d\"> </span>2024<span class=\"_ _60\"> </span>2025-2027<span class=\"_ _cb\"> </span>2027&lt;Extension options not reasonably certain to exercise0<span class=\"_ _16f\"> </span>0<span class=\"_ _1e5\"> </span>0<span class=\"_ _73\"> </span><span class=\"lsa\">43 321</span>T<span class=\"_ _4\"></span>ermination options expected to be exercised0<span class=\"_ _16f\"> </span>0<span class=\"_ _1e5\"> </span>0<span class=\"_ _16f\"> </span>0TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L0<span class=\"_ _16f\"> </span>0<span class=\"_ _1e5\"> </span>0<span class=\"_ _73\"> </span><span class=\"lsa\">43 321</span>AS A LESSORThe group have no leases as lessor except for sub-lease. All sub-leases are o<span class=\"_ _0\"></span>ffice space that has been presented as right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets as par<span class=\"_ _e\"></span>t of the property<span class=\"_ _0\"></span>, plant and equipment. When considering the lease term o<span class=\"_ _b\"></span>f the sub-lease and the head lease a major par<span class=\"_ _e\"></span>t of the economic life o<span class=\"_ _0\"></span>f the asset is retained by the Gr<span class=\"_ _0\"></span>oup. All sub-leases have been classified as operating leases and the lease payments received is recognised on a straight<span class=\"_ _1\"></span>-line basis over the lease term as par<span class=\"_ _e\"></span>t of \u2018<span class=\"_ _1\"></span>other operating income\u2019<span class=\"_ _1\"></span>.3.4 <span class=\"_ _46\"> </span><span class=\"fc1\">Investments in associated </span>companies and joint ventur<span class=\"_ _0\"></span>esAn associate is an entity where the gr<span class=\"_ _0\"></span>oup has significant influence, but not control or joint contr<span class=\"_ _0\"></span>ol.A joint venture is an entity wher<span class=\"_ _0\"></span>e the group has joint control contractually together with one or several other par<span class=\"_ _e\"></span>ties, whereby the Gr<span class=\"_ _0\"></span>oup has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s investments in its associates and joint ventur<span class=\"_ _0\"></span>es are accounted for using the equity method. They ar<span class=\"_ _0\"></span>e initially recognised at cost, which includes transaction costs. The statement of pr<span class=\"_ _0\"></span>ofit or loss r<span class=\"_ _0\"></span>eflects the group<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s share o<span class=\"_ _0\"></span>f the pro<span class=\"_ _0\"></span>fit or loss in equity-accounted investees. Any change in OCI of those investees ar<span class=\"_ _0\"></span>e presented as par<span class=\"_ _e\"></span>t of the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s OCI. No dividends have been received during 2022 or 2021.The group is not committed to financing the losses and has not provided any guarantee o<span class=\"_ _0\"></span>f equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel r<span class=\"_ _0\"></span>ecognise book value of shar<span class=\"_ _0\"></span>es as NOK 0 at the end of the year<span class=\"_ _1\"></span>, without any provisions for liabilities.(Amounts in NOK thousands) AC<span class=\"_ _0\"></span>QUISITION COST<span class=\"_ _1cb\"> </span><span class=\"ws115\">CARRYING <span class=\"_ _90\"> </span> V<span class=\"_ _0\"></span>ALUES</span>COUNTRY<span class=\"_ _70\"> </span>SEGMENT<span class=\"_ _7c\"> </span>OWNERSHIP<span class=\"_ _13a\"> </span>T<span class=\"_ _e\"></span>YPE<span class=\"_ _f7\"> </span>2022<span class=\"_ _2b\"> </span>2021<span class=\"_ _13b\"> </span>2022<span class=\"_ _2b\"> </span>2021Sagim SAS<span class=\"_ _56\"> </span><span class=\"ws1a\">France<span class=\"_ _8b\"> </span>Electrolyser<span class=\"_ _14a\"> </span>37.0%<span class=\"_ _5a\"> </span>Associate<span class=\"_ _14b\"> </span>100<span class=\"_ _58\"> </span>100<span class=\"_ _58\"> </span>100<span class=\"_ _58\"> </span>100</span>Shares/<span class=\"ls0 ws0\"> </span>Hyon AS<span class=\"_ _e4\"> </span><span class=\"ws1a\">Nor<span class=\"_ _3\"></span>way<span class=\"_ _1d2\"> </span>Fueling<span class=\"_ _78\"> </span>17.6%/28.7%</span>Associate<span class=\"_ _167\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _58\"> </span></span>572<span class=\"_ _1e6\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _80\"> </span></span>572Glomfjord Hydr<span class=\"_ _0\"></span>ogen AS<span class=\"_ _78\"> </span><span class=\"ws1a\">Nor<span class=\"_ _3\"></span>way<span class=\"_ _58\"> </span>Electrolyser<span class=\"_ _5e\"> </span>23.2%<span class=\"_ _1d6\"> </span>Associate<span class=\"_ _96\"> </span></span>2 786<span class=\"_ _4e\"> </span>1 626<span class=\"_ _1e7\"> </span>2 786<span class=\"_ _1e7\"> </span>1 626SUM associated companies<span class=\"_ _1b3\"> </span>2 886<span class=\"_ _1e7\"> </span>2 298<span class=\"_ _1e7\"> </span>2 886<span class=\"_ _1e7\"> </span>2 298\u00cdslenska V<span class=\"_ _0\"></span>etnisf\u00e9lagi\u00f0 <span class=\"_ _96\"> </span><span class=\"ws1a\">Iceland<span class=\"_ _87\"> </span>Fueling<span class=\"_ _78\"> </span>10.0%<span class=\"_ _1d6\"> </span></span>Joint venture<span class=\"_ _3f\"> </span>2 346<span class=\"_ _36\"> </span>2 346<span class=\"_ _1e6\"> </span><span class=\"ls0\">0<span class=\"_ _1e6\"> </span>0</span>SUM joint ventures<span class=\"_ _c3\"> </span>2 346<span class=\"_ _4e\"> </span>2 346<span class=\"_ _1e6\"> </span><span class=\"ls0\">0<span class=\"_ _61\"> </span>0</span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL associated companies and joint ventures<span class=\"_ _81\"> </span>5 232<span class=\"_ _1e7\"> </span>4 645<span class=\"_ _1e7\"> </span>2 886<span class=\"_ _1e7\"> </span>2 298Hyon AS (17.6%/28.7%):On 21 Januar<span class=\"_ _e\"></span>y 2022, Hyon AS, completed a private placement at a price of NOK 2.34 per shar<span class=\"_ _0\"></span>e and subsequently a successful admission to Euronext Gr<span class=\"_ _0\"></span>owth Oslo. The shares were ther<span class=\"_ _0\"></span>efore reclassified fr<span class=\"_ _0\"></span>om shares in associate (28.7% shareholding) to shar<span class=\"_ _0\"></span>es in current investments (17.6% shareholding), r<span class=\"_ _0\"></span>efer to note 4.3 for additional information.3.5 <span class=\"_ _46\"> </span>Non-curr<span class=\"_ _0\"></span>ent financial assets(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Investment in Hydrogen Ener<span class=\"_ _0\"></span>gy Network (HyNet)39 110<span class=\"_ _2a\"> </span>31 902Long-term investments208 066<span class=\"_ _2a\"> </span>56 280F<span class=\"_ _0\"></span>air value of derivatives (note 6.4)189<span class=\"_ _63\"> </span><span class=\"ws0\">1 877</span>Prepayments159<span class=\"_ _b4\"> </span>170Other non-current financial assets2 548<span class=\"_ _63\"> </span>2 662Balance as of 31.12.250 072<span class=\"_ _2a\"> </span>92 889HYDROGEN ENERGY NET<span class=\"_ _e\"></span>WORK (HYNET) During 2022, the Group invested additional NOK 5.3 (13.1) million in Hydrogen Ener<span class=\"_ _0\"></span>gy Network (HyNet). The accumulated<span class=\"_ _e\"></span> cost of shar<span class=\"_ _0\"></span>es in HyNet is NOK 39.2 (33.9) million. The transaction and book value is in Kor<span class=\"_ _0\"></span>ean Won, ther<span class=\"_ _0\"></span>efore, the shares ar<span class=\"_ _0\"></span>e revalued to NOK 39.1 (31.9) million as of 31 December 2022. The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s shar<span class=\"_ _0\"></span>eholdings constitute a 4.75 % ownership interest. HyNet is structur<span class=\"_ _b\"></span>ed as a Special Purpose Company and is principally engaged in expanding the hydrogen fueling infrastructur<span class=\"_ _0\"></span>e in South Korea. The shar<span class=\"_ _0\"></span>es<span class=\"_ _e\"></span> are unquoted and ther<span class=\"_ _0\"></span>e have not been any transactions of an identical or similar instrument. The shares ar<span class=\"_ _0\"></span>e stated at the<span class=\"_ _e\"></span> cost price of the shar<span class=\"_ _0\"></span>es which is the approximate fair value at year end. F<span class=\"_ _0\"></span>air value information has not been disclosed for the investment in note 6.6 because the fair value cannot be measured r<span class=\"_ _0\"></span>eliably<span class=\"_ _0\"></span>.L<span class=\"_ _0\"></span>ONG-TERM INVESTMENTSNel occasionally enters contracts with customers with specific guarantee clauses that requir<span class=\"_ _0\"></span>e Nel to purchase cer<span class=\"_ _e\"></span>tain per<span class=\"_ _e\"></span>formance bonds or advance payment guarantee products from financial institutions. The pr<span class=\"_ _0\"></span>oducts are secured by cash collateral. In addition, Nel has some lease agreements which r<span class=\"_ _0\"></span>equire deposits in a restricted bank account thr<span class=\"_ _0\"></span>oughout the lease term.Both cash collateral and deposits are assessed as investments (i.e. not cash or cash equivalents) as the maturity exceeds 3 months. Long-term investments include the investments that exceed 12 months. P<span class=\"_ _0\"></span>erformance and warranty bondsNOK 50.8 (24.7) million relates to outstanding irr<span class=\"_ _0\"></span>evocable letters of cr<span class=\"_ _0\"></span>edit used as assurance for bid and contract per<span class=\"_ _e\"></span>formance, these letters of cr<span class=\"_ _0\"></span>edit mature between 31 December 2022 and 2 March 2024. As o<span class=\"_ _0\"></span>f 31 December 2022, the customers have drawn NOK 0.0 (0.0) million on the letters of cr<span class=\"_ _0\"></span>edit.Advance payment guaranteeGenerally<span class=\"_ _0\"></span>, in the contracts with customers, Nel receives advance payments. As of 31 December 2022, Nel has NOK 107.0 (10.4) as cash collateral for irrevocable letters o<span class=\"_ _0\"></span>f credit issued for advance payment guarantees with financial institutions. As of 31 December 2022, the customers have drawn NOK 0.0 (0.0) million on the letters of cr<span class=\"_ _0\"></span>edit. Lease payments guarantee (deposits)  and other depositsDeposits for lease payments comprise security for lease payments throughout the lease terms for cars, o<span class=\"_ _0\"></span>ffice premises and manufacturing facilities. In addition, collateral for bank credit lines. As o<span class=\"_ _0\"></span>f 31 December 2022, the Group has NOK 49.2 (19.6) million in such deposits.4.1<span class=\"fc1 wse5\"> Inventories</span>Inventories comprises purchased raw materials, work in progr<span class=\"_ _0\"></span>ess and finished goods. Obsolescence is considered for inventories and write-down is per<span class=\"_ _e\"></span>formed on obsolete goods. Inventories are measur<span class=\"_ _0\"></span>ed under the weighted-average cost formula. The cost o<span class=\"_ _b\"></span>f each item is determined from the weighted average of the cost o<span class=\"_ _0\"></span>f similar items at the beginning of a period and the cost o<span class=\"_ _0\"></span>f similar items bought or produced during the period. The average is calculated on a quar<span class=\"_ _e\"></span>terly basis.(Amounts in NOK thousands)2022<span class=\"_ _183\"> </span>2021Raw material51 478<span class=\"_ _87\"> </span>68 431W<span class=\"_ _0\"></span>ork in progress120 846<span class=\"_ _87\"> </span>92 133Finished goods346 434<span class=\"_ _8f\"> </span>188 269Allowance for obscolete inventor<span class=\"_ _e\"></span>y-14 163<span class=\"_ _58\"> </span>-20 366Balance as of 31.12.504 595<span class=\"_ _8f\"> </span>328 465Inventories are measur<span class=\"_ _0\"></span>ed at the lowest of cost and net realisable value less costs to sell. In both 2022 and 2021, all items of inventories ar<span class=\"_ _0\"></span>e measured at cost. The amount of inventories r<span class=\"_ _0\"></span>ecognised as an expense was NOK 622.2 (510.2) million during the period.4.2<span class=\"fc1\"> <span class=\"_ _46\"> </span>T<span class=\"_ _a\"></span>rade r<span class=\"_ _b\"></span>eceivables</span>T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or ser<span class=\"_ _e\"></span>vices to the customer<span class=\"_ _1\"></span>. T<span class=\"_ _4\"></span>rade receivables are subsequently accounted for at amor<span class=\"_ _e\"></span>tised cost and are reviewed for impair<span class=\"_ _b\"></span>ment on an ongoing basis. T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables are generally not discounted. T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables are presented net o<span class=\"_ _0\"></span>f expected credit losses. Changes in the expected credit loss ar<span class=\"_ _0\"></span>e recognised within other operating expenses in statement of compr<span class=\"_ _0\"></span>ehensive income. (Amounts in NOK thousands)2022<span class=\"_ _50\"> </span>2021Receivables from thir<span class=\"_ _0\"></span>d-par<span class=\"_ _3\"></span>ty customers463 005<span class=\"_ _70\"> </span>212 585Allowance for expected credit losses-2 270<span class=\"_ _13b\"> </span>-1 177Balance as of 31.12.460 735<span class=\"_ _70\"> </span>211 408T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables are non-interest bearing and ar<span class=\"_ _0\"></span>e generally on terms 30 to 60 daysMovements in the allowance for impairment in respect o<span class=\"_ _0\"></span>f trade receivables(Amounts in NOK thousands)2022<span class=\"_ _50\"> </span>2021Balance as of 01.01.1 177<span class=\"_ _50\"> </span>1 046Net remeasur<span class=\"_ _0\"></span>ement of loss allowance1 093<span class=\"_ _159\"> </span><span class=\"ws1b\">131</span>Balance as of 31.12.2 270<span class=\"_ _50\"> </span>1 177See Note 6.1 on credit risk o<span class=\"_ _0\"></span>f trade receivables, which explains how the group manages and measur<span class=\"_ _0\"></span>es expected credit loss of trade r<span class=\"_ _0\"></span>eceivables that are neither past due nor impaired.Nel recognises loss allowances for \u2018Expected Cr<span class=\"_ _0\"></span>edit Loss\u2019 (ECL) on:a) Financial assets measured at amortised cost; andb) Contract assetsLoss allowance for trade receivables and contract assets ar<span class=\"_ _0\"></span>e always measured at an amount equal to lifetime ECLs.When determining whether the credit risk o<span class=\"_ _0\"></span>f a financial asset has increased significantly since initial r<span class=\"_ _0\"></span>ecognition and when estimating ECLs, the Group considers r<span class=\"_ _b\"></span>easonable and suppor<span class=\"_ _e\"></span>table information that is relevant and available without undue cost or effor<span class=\"_ _e\"></span>t. This includes both quantitative and qualitative information and analysis, based on the Group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s historical experience and informed credit assessment, that includes for<span class=\"_ _3\"></span>ward-looking information.MEASUREMENT OF ECL<span class=\"ls0\">s</span>ECLs are a pr<span class=\"_ _0\"></span>obability-weighted estimate of cr<span class=\"_ _b\"></span>edit losses. Credit losses ar<span class=\"_ _0\"></span>e measured as the present value o<span class=\"_ _0\"></span>f all cash shor<span class=\"_ _e\"></span>tfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive).PRESENT<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>TION OF ALL<span class=\"_ _0\"></span>OW<span class=\"_ _0\"></span>ANCE FOR<span class=\"_ _0\"></span> ECL IN THE ST<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>TEMENT OF FINANCIAL POSITIONLoss allowances for financial assets measured at amortised cost are deducted fr<span class=\"_ _0\"></span>om the gross carr<span class=\"_ _3\"></span>ying amount o<span class=\"_ _b\"></span>f the assets.4.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Pr<span class=\"_ _0\"></span>epaid expenses and </span>other curr<span class=\"_ _0\"></span>ent assets(Amounts in NOK thousands)2022<span class=\"_ _50\"> </span>2021Equity instruments450 296<span class=\"_ _70\"> </span>568 191V<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>T net receivable34 040<span class=\"_ _50\"> </span>7 900Shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term investments96 861<span class=\"_ _1e7\"> </span>39 909Prepayments147 422<span class=\"_ _1e7\"> </span>55 530Other current assets48 351<span class=\"_ _1e7\"> </span>23 022F<span class=\"_ _0\"></span>air value of derivatives (note 6.4)438<span class=\"_ _50\"> </span><span class=\"ws0\">8 176</span>Balance as of 31.12.777 408<span class=\"_ _70\"> </span>702 728EQUIT<span class=\"_ _e\"></span>Y INSTRUMENTSNikola CorporationDuring 2018 Nel invested USD 5.0 million in Nikola Motor Company Inc (former name). The carr<span class=\"_ _3\"></span>ying value as o<span class=\"_ _b\"></span>f 31 December 2022 is NOK 0.0 (96.3) million af<span class=\"_ _e\"></span>ter the sale o<span class=\"_ _b\"></span>f all the shares during 2022 for the total consideration o<span class=\"_ _0\"></span>f NOK 72.4 million. 2022 includes a finance cost from decline in value of NOK 23.9 in 2022.Nikola Corporation(Amounts in NOK thousands)F<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUE USD/<span class=\"_ _b\"></span><span class=\"ls0\"> </span>BOOK <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SHARE HOLDINGPER SHARE<span class=\"_ _1e8\"> </span>USD V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UE<span class=\"_ _1bd\"> </span><span class=\"ws19\">USD/NOK</span>V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UECarr<span class=\"_ _e\"></span>ying value as of 01.01.20211 106 52015.26<span class=\"_ _bb\"> </span><span class=\"ws0\">16 885<span class=\"_ _156\"> </span></span>8.53<span class=\"_ _6c\"> </span><span class=\"ws0\">144 077</span>F<span class=\"_ _0\"></span>air value adjustment 2021<span class=\"_ _1ce\"> </span><span class=\"ls0\">0<span class=\"_ _63\"> </span></span><span class=\"ws1a\">-5.39</span>-5 9640.29<span class=\"_ _157\"> </span><span class=\"ws0\">-47 757</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _156\"> </span>1 106 520<span class=\"_ _1cf\"> </span><span class=\"ws1a\">9.87<span class=\"_ _bb\"> </span></span>10 921<span class=\"_ _156\"> </span><span class=\"ws1a\">8.82<span class=\"_ _bb\"> </span></span>96 320F<span class=\"_ _0\"></span>air value adjustment 20220-3.12-3 4500.87<span class=\"_ _157\"> </span><span class=\"ws0\">-23 903</span>Sale of shar<span class=\"_ _0\"></span>es 2022-1 106 5206.75-7 4729.69<span class=\"_ _157\"> </span><span class=\"ws0\">-72 417</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1e9\"> </span><span class=\"ls0\">0<span class=\"_ _14e\"> </span>0<span class=\"_ _1ea\"> </span>0</span>Ever<span class=\"_ _e\"></span>fuelDuring 2018 and 2019 Nel invested NOK 2.2 million in Ever<span class=\"_ _e\"></span>fuel A/S. On October 21, 2020, Ever<span class=\"_ _e\"></span>fuel A/S completed a listing on Euronext Gr<span class=\"_ _0\"></span>owth. Consequently<span class=\"_ _0\"></span>, Nel\u2019<span class=\"_ _0\"></span>s shar<span class=\"_ _0\"></span>eholding in Ever<span class=\"_ _e\"></span>fuel A/S is based on quoted prices in an active market both per 31 December 2021 and 2022. The Ever<span class=\"_ _e\"></span>fuel shares lock<span class=\"_ _1\"></span>-up period expired on October 29, 2021. Thus, there is no lock<span class=\"_ _1\"></span>-up restriction with the shar<span class=\"_ _b\"></span>eholdings as of 31 December 2022. The carr<span class=\"_ _3\"></span>ying value as of 31 December 2022 is NOK 435.8 (471.9) million. The carr<span class=\"_ _3\"></span>ying value is calculated as the shareholding o<span class=\"_ _0\"></span>f 12 140 255 shares multiplied with closing price in 2022 of NOK 35.90. Ever<span class=\"_ _e\"></span>fuel A/S(Amounts in NOK thousands)AC<span class=\"_ _0\"></span>QUISITION COST NOK/<span class=\"_ _0\"></span><span class=\"ls0\"> </span>F<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUE NOK/<span class=\"_ _b\"></span><span class=\"ls0\"> </span>BOOK <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SHARE HOLDINGPER SHAREPER SHAREV<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UECarr<span class=\"_ _e\"></span>ying value as of 01.01.202112 338 624<span class=\"_ _a5\"> </span> 0.91 <span class=\"_ _bb\"> </span><span class=\"ws1b\">125.00<span class=\"_ _9b\"> </span></span>1 542 328Private placement20 485<span class=\"_ _83\"> </span><span class=\"ws1b\">125.00<span class=\"_ _1dc\"> </span></span>2 561F<span class=\"_ _0\"></span>air value adjustment 2021-86.82<span class=\"_ _5a\"> </span><span class=\"ws0\">-1 073 018</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.202112 359 109<span class=\"_ _a5\"> </span> 1.12 <span class=\"_ _192\"> </span><span class=\"ws1b\">38.18<span class=\"_ _1c1\"> </span></span>471 871F<span class=\"_ _0\"></span>air value adjustment 2022-26 215Sale of shar<span class=\"_ _0\"></span>es 2022-218 854<span class=\"_ _11d\"> </span>-9 820Carr<span class=\"_ _e\"></span>ying value as of 31.12.202212 140 255<span class=\"_ _a5\"> </span> 1.12 <span class=\"_ _192\"> </span><span class=\"ws1b\">35.90<span class=\"_ _1c1\"> </span></span>435 836HyonThe carr<span class=\"_ _3\"></span>ying value as of 31 December 2022 is NOK 14.4 (0.6) million. The carr<span class=\"_ _3\"></span>ying value is calculated as the shareholding o<span class=\"_ _0\"></span>f 9 804 000 shares multiplied with closing price in 2022 o<span class=\"_ _0\"></span>f NOK 1.48. As of 24 J<span class=\"_ _0\"></span>anuar<span class=\"_ _3\"></span>y 2023, Nel has divested all its shares in Hyon AS for a total net consideration of about NOK 7 million.HY<span class=\"_ _0\"></span>ON AS(Amounts in NOK thousands)AC<span class=\"_ _0\"></span>QUISITION COST NOK/<span class=\"_ _0\"></span><span class=\"ls0\"> </span>F<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUE NOK/<span class=\"_ _b\"></span><span class=\"ls0\"> </span>BOOK <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SHARE HOLDINGPER SHAREPER SHAREV<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UECarr<span class=\"_ _e\"></span>ying value as of 01.01.2021114 00029.39<span class=\"_ _1ea\"> </span><span class=\"ls0 ws0\">0</span>Capital increase<span class=\"_ _1eb\"> </span><span class=\"ws1a\">6.14<span class=\"_ _75\"> </span>700</span>Sale of shar<span class=\"_ _0\"></span>es-114 000<span class=\"_ _f7\"> </span><span class=\"ws1b\">-35.53</span>-700Purchase o<span class=\"_ _0\"></span>f shares98 040<span class=\"_ _17a\"> </span><span class=\"ws1b\">5.83</span>572Stock split<span class=\"_ _1ec\"> </span>9 705 960<span class=\"_ _137\"> </span><span class=\"ws1a\">-5.77</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _1db\"> </span>9 804 000<span class=\"_ _af\"> </span> 0.06 <span class=\"_ _af\"> </span><span class=\"ws1a\">0.06<span class=\"_ _1e4\"> </span>572</span>F<span class=\"_ _0\"></span>air value adjustment 20221.4213 889Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1db\"> </span>9 804 000<span class=\"_ _156\"> </span><span class=\"ws1a\">0.06<span class=\"_ _1cf\"> </span>1.48<span class=\"_ _bb\"> </span></span>14 461SHORT-TERM INVESTMENTSH2NO ASP<span class=\"_ _0\"></span>er 31 December 2022 the Group holds 44% o<span class=\"_ _0\"></span>f the shares in the company<span class=\"_ _1\"></span>. In addition to the shares, the Group holds a put option for all the shares, and the contr<span class=\"_ _0\"></span>olling owner has a call option for all of the shar<span class=\"_ _0\"></span>es. Both options are irrevocably granted by the other par<span class=\"_ _e\"></span>ty from 30 December 2020 Consequently<span class=\"_ _0\"></span>, the combination o<span class=\"_ _0\"></span>f shares and put/call options results in the shar<span class=\"_ _0\"></span>es being sold per 31 December 2020 and consideration will be received in a futur<span class=\"_ _0\"></span>e period. The for<span class=\"_ _3\"></span>ward (consideration for sale of shar<span class=\"_ _0\"></span>es) is recognised at fair value, NOK 33.7 (28.1) million per 31 December 2022.P<span class=\"_ _0\"></span>erformance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short<span class=\"_ _0\"></span>-term investments with NOK 61.2 (9.8) million. This is the shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term equivalent to the long-term investments, see note 3.5 for additional information.4.4 <span class=\"_ _46\"> </span><span class=\"fc1\">Cash and cash equivalents</span>Cash and cash equivalents include cash, bank deposits and all other monetar<span class=\"_ _3\"></span>y items due within three months or less.(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Cash and cash equivalents3 125 757<span class=\"_ _59\"> </span>2 714 272Restricted bank deposits for employees' withheld taxes at 31.1210 833<span class=\"_ _63\"> </span>7 9491)Other restricted bank accounts 1 959<span class=\"_ _b4\"> </span><span class=\"ws1b\">549</span>Balance as of 31.12.3 138 550<span class=\"_ _59\"> </span>2 722 7691) Other restricted bank accounts comprise short<span class=\"_ _0\"></span>-term deposits and shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term guarantee payments which are assessed equivalent to demand deposits and short<span class=\"_ _0\"></span>-term highly liquid investments that are subject to an insignificant risk o<span class=\"_ _0\"></span>f changes in value.<span class=\"_ _e\"></span><span class=\"ls0\"> </span>2022<span class=\"_ _63\"> </span>2021Nor<span class=\"_ _e\"></span>wegian Kroner2 982 974<span class=\"_ _59\"> </span>2 607 803US Dollars107 413<span class=\"_ _2a\"> </span>35 783Danish Kroner<span class=\"_ _1ed\"> </span>5 266<span class=\"_ _bb\"> </span>45 871Swedish Kroner<span class=\"_ _1ee\"> </span>7 165<span class=\"_ _1c2\"> </span><span class=\"ws1a\">648</span>Euro<span class=\"_ _1ef\"> </span><span class=\"ws0\">7 061<span class=\"_ _1e2\"> </span>8 947</span>GB P<span class=\"_ _0\"></span>ounds<span class=\"_ _181\"> </span>3 014<span class=\"_ _1e2\"> </span>2 645Kor<span class=\"_ _0\"></span>ean Won<span class=\"_ _1f0\"> </span>10 452<span class=\"_ _bb\"> </span>12 574P<span class=\"_ _0\"></span>olish Zloty2 411<span class=\"_ _fb\"> </span><span class=\"ls0\">0</span>Balance as of 31.12.3 125 757<span class=\"_ _59\"> </span>2 714 272Cash and cash equivalents are 95% (95%) in the Nor<span class=\"_ _e\"></span>wegian Krone (NOK) at the end o<span class=\"_ _0\"></span>f 2022. Approximately NOK 2.5 billion is placed in 30-days locked interest accounts in several differ<span class=\"_ _0\"></span>ent banks. <span class=\"_ _67\"> </span> 5.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Shar<span class=\"_ _0\"></span>e capital and shareholders</span>SHARE CAPIT<span class=\"_ _4\"></span>ALThe share capital comprises the number o<span class=\"_ _0\"></span>f shares multiplied by their par value and are classified as equity<span class=\"_ _1\"></span>. Expenses which can be attributed directly to the issue o<span class=\"_ _0\"></span>f new shares or options (less tax) are r<span class=\"_ _0\"></span>ecognised in equity as a reduction in the proceeds received.As of 31 December 2022, the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s share capital was NOK 312.7 (292.2) million, consisting o<span class=\"_ _0\"></span>f 1 563 325 304 (1 460 799 288) shares each with a par value o<span class=\"_ _0\"></span>f NOK 0.20 (0.20).The parent company has only one shar<span class=\"_ _0\"></span>e class and no special regulations relating to the shar<span class=\"_ _0\"></span>es; thus, one share repr<span class=\"_ _0\"></span>esents one vote.SHAREHOLDERS AS OF 31.12.2022<span class=\"_ _1f1\"> </span><span class=\"ws19\">COUNTRY<span class=\"_ _1f2\"> </span></span>NUMBER OF SHARES<span class=\"_ _8c\"> </span><span class=\"ws19\">OWNERSHIP</span>BlackRock<span class=\"_ _a0\"> </span><span class=\"ws0\">United States<span class=\"_ _bb\"> </span>63 898 504<span class=\"_ _c1\"> </span>4.09 %</span>V<span class=\"_ _1\"></span>anguard<span class=\"_ _1f3\"> </span><span class=\"ws0\">United States<span class=\"_ _bb\"> </span>51 881 623<span class=\"_ _1bc\"> </span>3.32 %</span>Folketr<span class=\"_ _e\"></span>ygdfondet<span class=\"_ _1f4\"> </span>Nor<span class=\"_ _e\"></span>way<span class=\"_ _bb\"> </span><span class=\"ws0\">21 272 689<span class=\"_ _c1\"> </span>1.36 %</span>Nordnet Bank AB<span class=\"_ _ec\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>18 808 822<span class=\"_ _c1\"> </span>1.20 %Handelsbanken Fonder<span class=\"_ _98\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>18 354 083<span class=\"_ _1bc\"> </span>1.17 %Legal &amp; General<span class=\"_ _1ec\"> </span>United Kingdom<span class=\"_ _bb\"> </span>17 669 394<span class=\"_ _1bc\"> </span>1.13 %Storebrand Asset Management<span class=\"_ _17f\"> </span><span class=\"ws1a\">Nor<span class=\"_ _3\"></span>way<span class=\"_ _bb\"> </span></span>15 675 856<span class=\"_ _c1\"> </span>1.00 %A<span class=\"_ _b\"></span>vanza Bank AB<span class=\"_ _12a\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>12 875 681<span class=\"_ _1bc\"> </span>0.82 %DNB Asset Management AS<span class=\"_ _1f5\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _bb\"> </span></span>11 887 369<span class=\"_ _c1\"> </span>0.76 %Amundi<span class=\"_ _1b7\"> </span>France<span class=\"_ _bb\"> </span><span class=\"ws0\">11 745 134<span class=\"_ _1bc\"> </span>0.75 %</span>PIMCO<span class=\"_ _1be\"> </span><span class=\"ws0\">United States<span class=\"_ _1e2\"> </span>9 790 500<span class=\"_ _1bc\"> </span>0.63 %</span>AXA<span class=\"_ _1f6\"> </span>France<span class=\"_ _192\"> </span><span class=\"ws0\">8 168 474<span class=\"_ _c1\"> </span>0.52 %</span>V<span class=\"_ _1\"></span>anEck<span class=\"_ _1f7\"> </span><span class=\"ws0\">United States<span class=\"_ _192\"> </span>8 096 095<span class=\"_ _c1\"> </span>0.52 %</span>Eika Kapitalfor<span class=\"_ _e\"></span>valtning<span class=\"_ _97\"> </span><span class=\"ws1a\">Nor<span class=\"_ _3\"></span>way<span class=\"_ _192\"> </span></span>7 046 391<span class=\"_ _c1\"> </span>0.45 %Argenta Asset Management SA<span class=\"_ _168\"> </span><span class=\"ws1a\">Luxembourg<span class=\"_ _192\"> </span></span>6 817 779<span class=\"_ _1bc\"> </span>0.44 %Kommunal Landspensjonskasse<span class=\"_ _1f8\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _1e2\"> </span></span>5 899 760<span class=\"_ _c1\"> </span>0.38 %Equinor Asset Management<span class=\"_ _1f9\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _1e2\"> </span></span>5 896 833<span class=\"_ _c1\"> </span>0.38 %Global X Management Company LL<span class=\"_ _0\"></span>C<span class=\"_ _1fa\"> </span>United States<span class=\"_ _192\"> </span>5 868 719<span class=\"_ _c1\"> </span>0.38 %green benefit A<span class=\"_ _0\"></span>G<span class=\"_ _1fb\"> </span><span class=\"ws1a\">Germany<span class=\"_ _192\"> </span></span>5 789 841<span class=\"_ _c1\"> </span>0.37 %CPR Asset Management<span class=\"_ _1fc\"> </span><span class=\"ws1a\">France<span class=\"_ _192\"> </span></span>5 703 131<span class=\"_ _c1\"> </span>0.36 %T<span class=\"_ _4\"></span>otal 20 largest shareholders<span class=\"_ _1fd\"> </span>313 146 678<span class=\"_ _1c2\"> </span>20.03 %T<span class=\"_ _4\"></span>otal remaining shareholders<span class=\"_ _1fe\"> </span>1 250 178 626<span class=\"_ _1c2\"> </span>79.97 %T<span class=\"_ _4\"></span>otal number of shares<span class=\"_ _b8\"> </span>1 563 325 304<span class=\"_ _b9\"> </span>100.00 %* source: Modular Finance ABAs of 31 December 2022, Nel ASA owns 418 033 tr<span class=\"_ _0\"></span>easur<span class=\"_ _3\"></span>y shares which are r<span class=\"_ _0\"></span>ecognised at par value NOK 0.20 within \u2018treasur<span class=\"_ _e\"></span>y shares\u2019 as a r<span class=\"_ _0\"></span>eduction of share capital and total equity<span class=\"_ _1\"></span>.5.2 <span class=\"_ _46\"> </span><span class=\"fc1\">Long-term debt and guarantees</span>(Amounts in NOK thousands)<span class=\"fsc\"> </span>L<span class=\"_ _0\"></span>ONG-TERM DEBT - LENDER<span class=\"_ _48\"> </span>LEGAL ENTITY<span class=\"_ _56\"> </span>MA<span class=\"_ _1\"></span>TURIT<span class=\"_ _e\"></span>Y<span class=\"_ _136\"> </span>INTEREST RA<span class=\"_ _1\"></span>TE<span class=\"_ _6b\"> </span><span class=\"ws19\">2022<span class=\"_ _78\"> </span>2021</span>2) Nykredit - V<span class=\"_ _1\"></span>ejlevej 5 - Ejendom<span class=\"_ _18f\"> </span>Nel Hydr<span class=\"_ _0\"></span>ogen A/S<span class=\"_ _17c\"> </span><span class=\"ws1a\">2038</span>0.36 %<span class=\"_ _54\"> </span>15 995<span class=\"_ _54\"> </span>16 4263) Nykredit - V<span class=\"_ _1\"></span>ejlevej 5 - Ejendom<span class=\"_ _18f\"> </span>Nel Hydr<span class=\"_ _0\"></span>ogen A/S<span class=\"_ _17c\"> </span><span class=\"ws1a\">2038</span>0.27 %<span class=\"_ _6b\"> </span>5 353<span class=\"_ _6b\"> </span>5 4824) Nykredit - V<span class=\"_ _1\"></span>ejlevej 3<span class=\"_ _b9\"> </span>Nel Hydrogen A/S<span class=\"_ _ea\"> </span><span class=\"ws1a\">2028</span>0.30 %<span class=\"_ _6b\"> </span>1 083<span class=\"_ _6b\"> </span>1 283Balance as of 31.12.22 431<span class=\"_ _54\"> </span>23 191Reconciliation o<span class=\"_ _0\"></span>f liabilities arising from financing activities (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.23 191<span class=\"_ _2a\"> </span>30 284P<span class=\"_ _0\"></span>ayment of loan-1 889<span class=\"_ _167\"> </span>-4 464Non-cash changes:Accretion o<span class=\"_ _0\"></span>f interest598<span class=\"_ _b4\"> </span>598Foreign curr<span class=\"_ _0\"></span>ency effects530<span class=\"_ _167\"> </span><span class=\"ws0\">-3 227</span>Balance as of 31.12.22 431<span class=\"_ _2a\"> </span>23 191The reconciliation o<span class=\"_ _0\"></span>f lease liabilities arising from financing activities is disclosed in note 3.3 leases.MA<span class=\"_ _4\"></span>TURIT<span class=\"_ _e\"></span>Y ANAL<span class=\"_ _1\"></span>Y<span class=\"_ _0\"></span>SISMaturity analysis for long-term debt (undiscounted cash flows)20222023<span class=\"_ _1bd\"> </span>2024<span class=\"_ _1bd\"> </span>2025<span class=\"_ _96\"> </span>2026<span class=\"_ _1e8\"> </span>&gt;2026<span class=\"_ _94\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> </span>Nykredit<span class=\"_ _66\"> </span><span class=\"ws0\">1 378<span class=\"_ _8a\"> </span>1 415<span class=\"_ _61\"> </span>1 454<span class=\"_ _8a\"> </span>1 493<span class=\"_ _20\"> </span>16 691<span class=\"_ _159\"> </span>22 431</span>Lease liabilities (note 3.3)<span class=\"_ _1d0\"> </span> 31 903 <span class=\"_ _8f\"> </span> 28 926 <span class=\"_ _60\"> </span> 31 427 <span class=\"_ _60\"> </span> 30 392 <span class=\"_ _3c\"> </span> 164 469 <span class=\"_ _31\"> </span>287 1181)Estimated interest cost 504<span class=\"_ _3b\"> </span>464<span class=\"_ _3b\"> </span>430<span class=\"_ _3b\"> </span>430<span class=\"_ _61\"> </span><span class=\"ws0\">2 571<span class=\"_ _61\"> </span>4 399</span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL long-term debt including interest<span class=\"_ _192\"> </span>33 785<span class=\"_ _20\"> </span>30 805<span class=\"_ _159\"> </span>33 310<span class=\"_ _159\"> </span>32 316<span class=\"_ _80\"> </span>183 731<span class=\"_ _60\"> </span>313 9471) Based on prevailing debt installment agr<span class=\"_ _b\"></span>eements and interest rates.20212022<span class=\"_ _1bd\"> </span>2023<span class=\"_ _1bd\"> </span>2024<span class=\"_ _96\"> </span>2025<span class=\"_ _1e8\"> </span>&gt;2025<span class=\"_ _94\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> </span>Nykredit1 885<span class=\"_ _1bd\"> </span>1 513<span class=\"_ _1bd\"> </span>1 523<span class=\"_ _1bd\"> </span>1 530<span class=\"_ _1ff\"> </span>16 741<span class=\"_ _9f\"> </span>23 191Lease liabilities (note 3.3) 20 917 <span class=\"_ _78\"> </span> 23 562 <span class=\"_ _78\"> </span> 16 557 <span class=\"_ _78\"> </span> 15 022<span class=\"_ _e\"></span> <span class=\"_ _31\"> </span> 131 166 <span class=\"_ _8f\"> </span>207 225 1)Estimated interest cost513<span class=\"_ _5c\"> </span>479<span class=\"_ _cb\"> </span>441<span class=\"_ _cb\"> </span>408<span class=\"_ _1bd\"> </span><span class=\"ws0\">2 443<span class=\"_ _1bd\"> </span>4 284</span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL long-term debt including interest23 315<span class=\"_ _9f\"> </span>25 554<span class=\"_ _1ff\"> </span>18 521<span class=\"_ _9f\"> </span>16 960<span class=\"_ _1cd\"> </span>150 350<span class=\"_ _1cd\"> </span>234 7001) Based on prevailing debt installment agr<span class=\"_ _b\"></span>eements and interest rates.(Amounts in NOK thousands)CARRYING AMOUNT OF ASSETS THA<span class=\"_ _1\"></span>T ARE PLEDGED<span class=\"_ _200\"> </span><span class=\"ws19\">2022<span class=\"_ _63\"> </span>2021</span>Other equipment92<span class=\"_ _b4\"> </span>230Building65 430<span class=\"_ _2a\"> </span>64 904TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L65 522<span class=\"_ _2a\"> </span>65 134GUARANTEES<span class=\"_ _187\"> </span>2022<span class=\"_ _63\"> </span>2021Bank guarantees267 748<span class=\"_ _2a\"> </span>33 5465.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Deferr<span class=\"_ _0\"></span>ed income</span>(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Government grants64,049<span class=\"_ _83\"> </span>69,537T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL deferred income64,049<span class=\"_ _83\"> </span>69,537GOVERNMENT GRANTSGovernment grants are r<span class=\"_ _0\"></span>ecognised where there is r<span class=\"_ _0\"></span>easonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. rants received that r<span class=\"_ _0\"></span>elate to an acquisition or development of assets has been pr<span class=\"_ _0\"></span>esented \u201c<span class=\"_ _1\"></span>gross\u201d in Nel\u2019<span class=\"_ _0\"></span>s financial statements. A gross pr<span class=\"_ _0\"></span>esentation entails that the grant received is pr<span class=\"_ _0\"></span>esented separately as deferred income. The deferred income is pr<span class=\"_ _0\"></span>esented as a non-current liability and is amor<span class=\"_ _e\"></span>tised over the useful life of the r<span class=\"_ _0\"></span>elated asset. The amor<span class=\"_ _e\"></span>tised par<span class=\"_ _3\"></span>t o<span class=\"_ _b\"></span>f the deferred income is pr<span class=\"_ _0\"></span>esented as other operating income in the statement of compr<span class=\"_ _0\"></span>ehensive income. <span class=\"_ _45\"></span> (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021As of 31.12.2021<span class=\"_ _201\"> </span>69 537<span class=\"_ _bb\"> </span>63 601Grants received<span class=\"_ _202\"> </span>15 291<span class=\"_ _bb\"> </span>22 145Income recognised within 'other operating income<span class=\"_ _1\"></span>' in 2022 (note 2.2)<span class=\"_ _203\"> </span>-22 307<span class=\"_ _157\"> </span>-14 679T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _1e1\"> </span>1 527<span class=\"_ _130\"> </span>-1 530As of 31.12.2022<span class=\"_ _201\"> </span>64 049<span class=\"_ _bb\"> </span>69 537The aging schedule shows the remaining governments grants divided in the year the grants was initially r<span class=\"_ _0\"></span>eceived.DEFERRED INCOME A<span class=\"_ _0\"></span>GING SCHEDULE<span class=\"_ _162\"> </span><span class=\"ws19\">&lt;2019<span class=\"_ _8b\"> </span>2019<span class=\"_ _8b\"> </span>2020<span class=\"_ _9f\"> </span>2021<span class=\"_ _9f\"> </span>2022<span class=\"_ _3a\"> </span>SUM</span>Government grants as of 31.12.20228 456<span class=\"_ _78\"> </span>11 516<span class=\"_ _78\"> </span>23 039<span class=\"_ _78\"> </span>14 923<span class=\"_ _8b\"> </span>6 116<span class=\"_ _78\"> </span><span class=\"fca\">64 049</span>Government grants as of 31.12.202116 603<span class=\"_ _78\"> </span>11 700<span class=\"_ _78\"> </span>24 797<span class=\"_ _78\"> </span>16 437<span class=\"_ _e4\"> </span><span class=\"fca\">69 537</span>The table below show the split of deferr<span class=\"_ _0\"></span>ed income (government grant) per operating segment.OPERA<span class=\"_ _1\"></span>TING SEGMENT<span class=\"_ _1fb\"> </span><span class=\"ws19\">C<span class=\"_ _0\"></span>OUNTRY<span class=\"_ _204\"> </span>2022<span class=\"_ _63\"> </span>2021</span>Electrolyser Nor<span class=\"_ _e\"></span>way<span class=\"_ _205\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way</span>42 908<span class=\"_ _130\"> </span>41 151Fueling<span class=\"_ _116\"> </span>Denmark21 141<span class=\"_ _130\"> </span>28 386Balance as of 31.12.64 049<span class=\"_ _2a\"> </span>69 537The group is not awar<span class=\"_ _0\"></span>e of any unfulfilled conditions associated with these grants. 5.4 <span class=\"_ _46\"> </span><span class=\"fc1\">Other liabilities</span>O<span class=\"_ _1\"></span>THER CURRENT LIABILITIES(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021V<span class=\"_ _1\"></span>acation allowance and other salar<span class=\"_ _3\"></span>y related accruals41 438<span class=\"_ _2a\"> </span>43 534Public duties payable24 110<span class=\"_ _2a\"> </span>14 809Other current liabilities60 417<span class=\"_ _2a\"> </span>40 776F<span class=\"_ _0\"></span>air value of derivatives (note 6.4)7 740<span class=\"_ _63\"> </span>4 127Balance as of 31.12.133 704<span class=\"_ _1c1\"> </span>103 246O<span class=\"_ _1\"></span>THER NON-CURRENT LIABILITIES(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Contingent liabilities4 569<span class=\"_ _63\"> </span>7 838Other non-current liabilities350<span class=\"_ _b4\"> </span>450F<span class=\"_ _0\"></span>air value of derivatives (note 6.4)2 182<span class=\"_ _b4\"> </span><span class=\"ws1b\">163</span>Balance as of 31.12.7 102<span class=\"_ _63\"> </span>8 4525.5 <span class=\"_ _46\"> </span>Pr<span class=\"_ _0\"></span>ovisionsPROVISIONS, CONTINGENT LIABILITIES<span class=\"_ _0\"></span> AND CONTINGENT ASSETSThe group makes pr<span class=\"_ _0\"></span>ovisions when a legal or constructive obligation exists as a result o<span class=\"_ _0\"></span>f past events, it is more likely than not that a transfer of financial r<span class=\"_ _0\"></span>esources will be requir<span class=\"_ _0\"></span>ed to settle the obligation, and the amount of the obligation can be reliably estimated. When the gr<span class=\"_ _0\"></span>oup expects some or all of a pr<span class=\"_ _0\"></span>ovision to be reimbursed, for example, under an insurance contract, the reimbursement is r<span class=\"_ _b\"></span>ecognised as a separate asset, but only when the reimbursement is vir<span class=\"_ _e\"></span>tually cer<span class=\"_ _3\"></span>tain. When the effect is significant, provisions ar<span class=\"_ _0\"></span>e calculated by discounting expected cash flows at a pre-tax rate that reflects the time value o<span class=\"_ _0\"></span>f money and if appropriate the risks specific to the liability<span class=\"_ _1\"></span>. Increase in provisions as a result o<span class=\"_ _0\"></span>f time passing, is presented as interest expense.Information regar<span class=\"_ _0\"></span>ding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)AC<span class=\"_ _0\"></span>CRUED <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>EMPL<span class=\"_ _0\"></span>OYEE <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SETTLEMENT AND ONEROUS W<span class=\"_ _0\"></span>ARRANT<span class=\"_ _e\"></span>YBENEFITSCL<span class=\"_ _e\"></span>AIMS CONTRA<span class=\"_ _0\"></span>CTS<span class=\"_ _4b\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202131 6611 257<span class=\"_ _af\"> </span>27 739<span class=\"_ _199\"> </span>14 078<span class=\"_ _2b\"> </span>74 735Additions<span class=\"_ _206\"> </span><span class=\"ws0\">33 933<span class=\"_ _dc\"> </span><span class=\"ls0\">4<span class=\"_ _207\"> </span>0<span class=\"_ _1e4\"> </span></span>2 718<span class=\"_ _2b\"> </span>36 655</span>Used during the year<span class=\"_ _88\"> </span>-7 153<span class=\"_ _162\"> </span><span class=\"ws1a\">94<span class=\"_ _32\"> </span></span>-4 007<span class=\"_ _a5\"> </span>-8 214<span class=\"_ _28\"> </span>-19 280Reversal of unused pr<span class=\"_ _0\"></span>ovisions<span class=\"_ _39\"> </span>-2 286<span class=\"_ _a6\"> </span><span class=\"ws1a\">-655<span class=\"_ _207\"> </span></span><span class=\"ls0\">0<span class=\"_ _dc\"> </span>0<span class=\"_ _4b\"> </span></span>-2 941Foreign curr<span class=\"_ _0\"></span>ency translation<span class=\"_ _14f\"> </span><span class=\"ws1a\">-695<span class=\"_ _207\"> </span></span><span class=\"ls0\">0<span class=\"_ _f5\"> </span></span><span class=\"ws1a\">38<span class=\"_ _a6\"> </span>-406<span class=\"_ _4b\"> </span></span>-1 062As of 31.12.2021<span class=\"_ _208\"> </span>55 460<span class=\"_ _178\"> </span><span class=\"ws1a\">701<span class=\"_ _199\"> </span></span>23 770<span class=\"_ _15a\"> </span>8 176<span class=\"_ _2b\"> </span>88 106Additions<span class=\"_ _206\"> </span><span class=\"ws0\">36 894<span class=\"_ _af\"> </span>21 792<span class=\"_ _b4\"> </span>2 748<span class=\"_ _af\"> </span>37 374<span class=\"_ _2b\"> </span>98 809</span>Used during the year<span class=\"_ _d2\"> </span>-15 544<span class=\"_ _a6\"> </span><span class=\"ws1a\">-701<span class=\"_ _a5\"> </span></span>-4 182<span class=\"_ _a5\"> </span>-5 458<span class=\"_ _28\"> </span>-25 885Reversal of unused pr<span class=\"_ _0\"></span>ovisions<span class=\"_ _2f\"> </span>-11 426<span class=\"_ _207\"> </span><span class=\"ls0\">0<span class=\"_ _a6\"> </span></span><span class=\"ws1a\">-818<span class=\"_ _a6\"> </span>-211<span class=\"_ _11\"> </span></span>-12 454Foreign curr<span class=\"_ _0\"></span>ency translation<span class=\"_ _209\"> </span>3 162<span class=\"_ _dc\"> </span><span class=\"ls0\">0<span class=\"_ _178\"> </span></span><span class=\"ws1a\">243<span class=\"_ _1e4\"> </span></span>1 459<span class=\"_ _8f\"> </span>4 864As of 31.12.2022<span class=\"_ _208\"> </span>68 546<span class=\"_ _af\"> </span>21 792<span class=\"_ _199\"> </span>21 762<span class=\"_ _199\"> </span>41 340<span class=\"_ _18f\"> </span>153 440A<span class=\"_ _b\"></span>C<span class=\"_ _0\"></span>CRUED W<span class=\"_ _0\"></span>ARRANTYThe groups warranty to customers is limited to r<span class=\"_ _b\"></span>eplacement par<span class=\"_ _e\"></span>ts and ser<span class=\"_ _3\"></span>vices and generally expires one year from the date of shipment or contract completion. Such warranties ar<span class=\"_ _0\"></span>e limited in time, for most products not exceeding 12 months. W<span class=\"_ _0\"></span>arranty is based on both contractual commitments and caused by liability under background law<span class=\"_ _1\"></span>. Estimated warranty obligations are r<span class=\"_ _0\"></span>ecorded in the period in which the related r<span class=\"_ _0\"></span>evenue is recognised or when a project is installed or commissioned. The group quantifies and recor<span class=\"_ _0\"></span>ds an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requir<span class=\"_ _0\"></span>es the Group to make assumptions and apply judgments when estimating product failur<span class=\"_ _0\"></span>e rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results ar<span class=\"_ _0\"></span>e not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or r<span class=\"_ _0\"></span>epair costs differ from the groups assumptions, the gr<span class=\"_ _0\"></span>oup may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage o<span class=\"_ _0\"></span>f revenue fr<span class=\"_ _b\"></span>om contracts with customers, in the range of 3% to 8%.EMPL<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>YEE BENEFITSNel has shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term incentive bonuses in place for all employees. The provision for bonus incurr<span class=\"_ _0\"></span>ed in 2022 to be finally measured and paid in 2023 is NOK 21.8 million. In addition, the employee benefits include provision for social security on stock options for social security payable in Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, calculated at the intrinsic value at year end. The provision fluctuates with the number o<span class=\"_ _0\"></span>f active options, timing of exer<span class=\"_ _0\"></span>cise and Nel ASA share price. See note 2.5 for fur<span class=\"_ _e\"></span>ther information on share option pr<span class=\"_ _0\"></span>ogram.SET<span class=\"_ _e\"></span>TLEMENT AND CL<span class=\"_ _3\"></span>AIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed pr<span class=\"_ _0\"></span>obable (more likely that not to occur). At the end o<span class=\"_ _0\"></span>f 2022 the provision is mainly related to the potential fines (no: forelegg) for the Kj\u00f8rbo incident received on Februar<span class=\"_ _e\"></span>y 16, 2021. In 2022 the provision is unchanged as the case is still open.ONEROUS CONTRA<span class=\"_ _0\"></span>CTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost o<span class=\"_ _0\"></span>f fulfilling the contract and any compensation or penalties arising from failur<span class=\"_ _0\"></span>e to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are oner<span class=\"_ _0\"></span>ous, the present obligation under the contract is recognised and measur<span class=\"_ _0\"></span>ed as a provision.6.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Operational risk factors</span>OBJECTIVES, POLICIES AND PROCESSES FOR MANA<span class=\"_ _b\"></span>GING CAPIT<span class=\"_ _4\"></span>ALThe group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s objective is to manage the capital structur<span class=\"_ _0\"></span>e to safeguard its ability to continue as a going concern, so that<span class=\"_ _0\"></span> it can provide r<span class=\"_ _0\"></span>eturns for shareholders and benefits for other stakeholders. The group sets the size o<span class=\"_ _0\"></span>f capital in propor<span class=\"_ _e\"></span>tion to business strategy<span class=\"_ _0\"></span>, risk and financial market conditions. The group manages the capital structur<span class=\"_ _0\"></span>e and adjusts it in the light of changes in economic conditions, per<span class=\"_ _0\"></span>ceived risk associated with product development and risk characteristics<span class=\"_ _b\"></span> of the underlying assets. In or<span class=\"_ _0\"></span>der to maintain or adjust the capital structure, the gr<span class=\"_ _0\"></span>oup may adjust the amount of new share issue or incr<span class=\"_ _0\"></span>ease the debt by taking up loans. T<span class=\"_ _d\"></span>echnological changeAlong with the significant increase in the development o<span class=\"_ _0\"></span>f the hydrogen market comes incr<span class=\"_ _0\"></span>eased competition. This<span class=\"_ _e\"></span> also results in incr<span class=\"_ _0\"></span>eased activity and pace in research and development across the hydr<span class=\"_ _0\"></span>ogen industr<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>. Nel\u2019<span class=\"_ _1\"></span>s electrolyser technology consist of both Alkaline and PEM. Curr<span class=\"_ _0\"></span>ently<span class=\"_ _0\"></span>, the Alkaline technology platform presents the advantage o<span class=\"_ _0\"></span>f having the lowest cost, the highest efficiency and of being the better solution for large scale. PEM technology platform has the advantage of dynamic r<span class=\"_ _0\"></span>esponse and intermittent operation. It is a risk that one or both of the existing technologies<span class=\"_ _0\"></span> in Nel becomes obsolete. In addition, Nel continuously monitors the developments and possibilities of a disruptive technology emerging. T<span class=\"_ _d\"></span>oday<span class=\"_ _0\"></span>, Anion Exchange Membrane (AEM) and Solid Oxide (SOEL) repr<span class=\"_ _0\"></span>esent possible disruptors. While all technologies can potentially co-exist, the competing technology and sharing market potential, including the requir<span class=\"_ _0\"></span>ed investment in new technology constitutes a material risk for Nel. In addition, we cannot know for cer<span class=\"_ _e\"></span>tain whether green hydrogen emer<span class=\"_ _0\"></span>ges as the preferr<span class=\"_ _0\"></span>ed technology as the world transitions into renewable energy<span class=\"_ _1\"></span>. There ar<span class=\"_ _0\"></span>e risks associated with technological change, both related to technology elements within the field o<span class=\"_ _0\"></span>f hydrogen as well as technology elements outside the field of hydr<span class=\"_ _0\"></span>ogen that potentially could make green hydr<span class=\"_ _0\"></span>ogen less relevant for the future.If any of these cir<span class=\"_ _0\"></span>cumstances materialize in a negative direction, it may have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results or results o<span class=\"_ _0\"></span>f operations. A higher price for renewable power could<span class=\"_ _b\"></span> also negatively affect the demand for green hydr<span class=\"_ _0\"></span>ogen technologies.Expansion riskThe uneven pace of Nel\u2019<span class=\"_ _1\"></span>s anticipated expansion in facilities, staff and operations may place serious demands on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s managerial, technical, financial, and other r<span class=\"_ _0\"></span>esources. The organisation is curr<span class=\"_ _0\"></span>ently relatively small and there is no guarantee that the group will be able to build a capable organisation at a speed that is r<span class=\"_ _0\"></span>equired to meet the demands of its customers or potential customers. Nel\u2019<span class=\"_ _1\"></span>s failure to manage its growth effectively or to implement its strategy in a timely manner may significantly harm its ability to achieve pro<span class=\"_ _0\"></span>fitability<span class=\"_ _0\"></span>.Dependence o<span class=\"_ _0\"></span>f third par<span class=\"_ _e\"></span>ties in manufacturingThe group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s electr<span class=\"_ _0\"></span>olyser and hydrogen fueling manufacturing operations rely on external subcontractors and suppliers of ser<span class=\"_ _e\"></span>vices and goods to var<span class=\"_ _3\"></span>ying degrees. This operating model inherently contains a risk to the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s goodwill and branding. If suppliers fail to meet agreed or generally accepted standards in ar<span class=\"_ _0\"></span>eas such as environmental compliance, human rights, labor relations and pr<span class=\"_ _0\"></span>oduct quality<span class=\"_ _0\"></span>, this could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and results o<span class=\"_ _0\"></span>f operations. In general, the company aims at dual sourcing o<span class=\"_ _0\"></span>f critical components to limit risk. In addition, the majority of the spending is directed towar<span class=\"_ _0\"></span>ds large industrial companies with full ISO compliance and smaller vendors that are in compliance with local legislation. Fur<span class=\"_ _e\"></span>ther<span class=\"_ _1\"></span>, Nel conducts regular quality r<span class=\"_ _0\"></span>eviews, including production site visits for risk assessment. Nel is dependent on a limited number of thir<span class=\"_ _0\"></span>d-par<span class=\"_ _e\"></span>ty supplier<span class=\"_ _e\"></span>s for key production components for its electr<span class=\"_ _0\"></span>olyser and fueling equipment. All contract manufactured or pur<span class=\"_ _0\"></span>chased components are designed and selected in or<span class=\"_ _0\"></span>der to avoid a critical supply situation. However<span class=\"_ _1\"></span>, in a worst case scenario, if Nel fails to develop or maintain its relationships with its suppliers or such suppliers are prevented fr<span class=\"_ _0\"></span>om supplying, Nel may be delayed in manufacturing its products or its pr<span class=\"_ _0\"></span>oducts may be available only at a higher cost which could prevent Nel from timely delivering its pr<span class=\"_ _0\"></span>oducts to its customer<span class=\"_ _e\"></span>s and Nel may experience order cancellation, customer claims and loss of market shar<span class=\"_ _0\"></span>e. T<span class=\"_ _4\"></span>o reduce the sourcing risk Nel\u2019<span class=\"_ _1\"></span>s supply chain strategy is to have dual supply chains on all components. Nel currently has few components with single source and is at the risk o<span class=\"_ _0\"></span>f temporar<span class=\"_ _3\"></span>y supply chain disruptions should one or more suppliers fail to deliver<span class=\"_ _4\"></span>. Another supply chain risk is whether the suppliers can follow the expected growth o<span class=\"_ _0\"></span>f the industr<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>. In addition to making its current supply chain mor<span class=\"_ _0\"></span>e robust, Nel is working to facilitate increasing volumes fr<span class=\"_ _0\"></span>om impor<span class=\"_ _3\"></span>tant sub-suppliers.Project riskNel par<span class=\"_ _e\"></span>ticipates in large commercial pr<span class=\"_ _0\"></span>ojects. Large commercial pr<span class=\"_ _0\"></span>ojects are subject to risks o<span class=\"_ _b\"></span>f delay and cost overruns inherent in any lar<span class=\"_ _0\"></span>ge construction project from numerous factors, including:\u2022 <span class=\"_ _6\"> </span>unexpectedly long deliver<span class=\"_ _3\"></span>y times for<span class=\"_ _1\"></span>, or shor<span class=\"_ _3\"></span>tages of<span class=\"_ _1\"></span>, key equipment, par<span class=\"_ _e\"></span>ts and materials;\u2022 <span class=\"_ _6\"> </span>unforeseen design and engineering problems leading to delays;\u2022 <span class=\"_ _6\"> </span>labor disputes and work stoppages;\u2022 <span class=\"_ _6\"> </span>HSE accidents/incidents or other safety hazards;\u2022 <span class=\"_ _6\"> </span>disputes with supplier<span class=\"_ _e\"></span>s;\u2022 <span class=\"_ _6\"> </span>last minute changes to the customer<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s specifications;\u2022 <span class=\"_ _6\"> </span>adver<span class=\"_ _e\"></span>se weather conditions or any other force majeur<span class=\"_ _0\"></span>e events; and\u2022 <span class=\"_ _6\"> </span>inability or delay in obtaining regulator<span class=\"_ _3\"></span>y approvals or permitsF<span class=\"_ _0\"></span>ailure to complete a commer<span class=\"_ _0\"></span>cial project on time may result in the delay<span class=\"_ _0\"></span>, r<span class=\"_ _0\"></span>enegotiation or cancellation of the contract. Fur<span class=\"_ _e\"></span>ther<span class=\"_ _1\"></span>, significant delays could have a negative impact on Nel\u2019<span class=\"_ _1\"></span>s reputation and customer relationships. Nel could also be exposed to contractual penalties for failure to complete the project and commence operations in a timely manner<span class=\"_ _4\"></span>, all of which would aadversely affect Nel\u2019<span class=\"_ _1\"></span>s business, financial condition and results o<span class=\"_ _0\"></span>f operations.Key personnelThe successful development and per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business depends on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s ability to attract and retain skilled pr<span class=\"_ _0\"></span>ofessionals with appropriate experience and exper<span class=\"_ _e\"></span>tise. Fur<span class=\"_ _3\"></span>ther<span class=\"_ _1\"></span>, if the group loses the ser<span class=\"_ _e\"></span>vice of its senior management or key personnel, it may not be able to execute its business strategy<span class=\"_ _1\"></span>. There is no assurance, however<span class=\"_ _1\"></span>, that the group will be able to attract or r<span class=\"_ _0\"></span>etain such per<span class=\"_ _e\"></span>sonnel on acceptable terms or at all. Any failure to attract or r<span class=\"_ _0\"></span>etain such personnel could have a material and adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business and operations.Customer riskNel\u2019<span class=\"_ _1\"></span>s ability to grow and generate incremental r<span class=\"_ _0\"></span>evenue depends<span class=\"_ _e\"></span> to a substantial degree on its ability to successfully acquir<span class=\"_ _0\"></span>e new<span class=\"_ _e\"></span> customers, and to maintain and grow its r<span class=\"_ _b\"></span>elationships with existing customers. There can be no assurance that Nel will be able to secure new customers, or maintain its r<span class=\"_ _b\"></span>elationships with existing customers, in the future. Fur<span class=\"_ _e\"></span>ther<span class=\"_ _1\"></span>, a number of Nel\u2019<span class=\"_ _1\"></span>s existing and potential customer<span class=\"_ _e\"></span>s are themselves planning substantial growth, and should these customers fail to succeed with their business plans or fail to fulfill their contracts with Nel, Nel\u2019<span class=\"_ _1\"></span>s sales to such customer<span class=\"_ _e\"></span>s may be adversely affected, and<span class=\"_ _e\"></span> Nel\u2019<span class=\"_ _1\"></span>s revenues and results may suffer as a r<span class=\"_ _0\"></span>esult.<span class=\"_ _e\"></span>  Intellectual proper<span class=\"_ _e\"></span>ty rightsNel seeks to protect important proprietar<span class=\"_ _3\"></span>y manufacturing processes, documentation and other written materials, and other intellectual property primarily under patent, trade secret and copyright laws. It also typically r<span class=\"_ _0\"></span>equires employees, consultants and companies that have access to its proprietar<span class=\"_ _e\"></span>y information to execute confidentiality agreements. The steps taken by Nel to protect its pr<span class=\"_ _0\"></span>oprietar<span class=\"_ _3\"></span>y information may not be adequate to prevent misappr<span class=\"_ _0\"></span>opriation of its technology<span class=\"_ _1\"></span>. In addition, Nel\u2019<span class=\"_ _1\"></span>s proprietar<span class=\"_ _3\"></span>y rights may not be adequately protected because:\u2022 <span class=\"_ _6\"> </span>people may not be deterred from misappr<span class=\"_ _0\"></span>opriating its technologies despite the existence of laws or contracts prohibiting misappr<span class=\"_ _0\"></span>opriation:\u2022 <span class=\"_ _6\"> </span>policing unauthorised use of Nel\u2019<span class=\"_ _0\"></span>s intellectual pr<span class=\"_ _0\"></span>oper<span class=\"_ _e\"></span>ty is difficult, expensive and time-consuming, and the group may be unable to determine the extent o<span class=\"_ _0\"></span>f any unauthorised use; and\u2022 <span class=\"_ _6\"> </span>the laws and legislation of countries in which the group sells or plans to sell its products may o<span class=\"_ _0\"></span>ffer little or no protection for its pr<span class=\"_ _0\"></span>oprietar<span class=\"_ _3\"></span>y technologies.Unauthorised copying or other misappropriation o<span class=\"_ _0\"></span>f Nel\u2019<span class=\"_ _0\"></span>s proprietar<span class=\"_ _e\"></span>y technologies could enable third par<span class=\"_ _e\"></span>ties to benefit from its technologies without paying for doing so. Any inability to adequately protect its pr<span class=\"_ _0\"></span>oprietar<span class=\"_ _3\"></span>y rights could harm the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s ability to compete, to generate r<span class=\"_ _0\"></span>evenue and to grow its business. This could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and results o<span class=\"_ _0\"></span>f operations.Some of the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s patents are due to expir<span class=\"_ _b\"></span>e within the next couple of years which means that the gr<span class=\"_ _0\"></span>oup will lose the sole right to cer<span class=\"_ _e\"></span>tain technology in cer<span class=\"_ _3\"></span>tain areas. Although the company believes that this will have little effect on the company\u2019<span class=\"_ _1\"></span>s competitive position, no assurance can be made to this point.The group may not obtain sufficient patent pr<span class=\"_ _0\"></span>otection on the technology embodied in its products and pr<span class=\"_ _0\"></span>oduction processes, which could significantly harm its competitive position. P<span class=\"_ _0\"></span>atents may provide only limited pr<span class=\"_ _b\"></span>otection for its technology and may not be sufficient to provide competitive advantages. For example, competitors could be successful in challenging any issued patents or<span class=\"_ _1\"></span>, alternatively<span class=\"_ _0\"></span>, could develop similar or more advantageous technologies on their own or design around the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s patents. Also, patent protection in certain countries may not be available or may be limited in scope and any patents obtained may not be as readily enfor<span class=\"_ _0\"></span>ceable as in all jurisdictions, making it difficult for the group to effectively pr<span class=\"_ _0\"></span>otect its intellectual proper<span class=\"_ _e\"></span>ty from misuse or infringement by other companies in these countries. Any inability to obtain and enforce intellectual property rights in some countries could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and r<span class=\"_ _0\"></span>esults of operations. In addition, given the costs of obtaining patent pr<span class=\"_ _0\"></span>otection and the sometimes limited potential for protection, the gr<span class=\"_ _0\"></span>oup may choose not to protect cer<span class=\"_ _e\"></span>tain innovations that later turn out to be impor<span class=\"_ _e\"></span>tant. There is also a general risk that the group r<span class=\"_ _0\"></span>eceives information subject to confidentiality agreements, r<span class=\"_ _0\"></span>egarding other par<span class=\"_ _e\"></span>ties\u2019 know-how and trade secrets in relation to technology which may hinder the group fr<span class=\"_ _0\"></span>om development of similar intellectual assets.Adverse publicity and product liabilityProduct liability claims against the gr<span class=\"_ _0\"></span>oup could result in adverse publicity and potentially monetar<span class=\"_ _3\"></span>y damages. It is possible that its products could r<span class=\"_ _0\"></span>esult in injur<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, whether by product malfunctions, defects, impr<span class=\"_ _0\"></span>oper installation or other causes. The successful asser<span class=\"_ _e\"></span>tion of pr<span class=\"_ _b\"></span>oduct liability claims against the group could r<span class=\"_ _0\"></span>esult in potentially significant monetar<span class=\"_ _3\"></span>y damages, which could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and results o<span class=\"_ _0\"></span>f operations. As of the date o<span class=\"_ _0\"></span>f this annual repor<span class=\"_ _e\"></span>t, the group is unawar<span class=\"_ _0\"></span>e of any current or pending pr<span class=\"_ _0\"></span>oduct liability claims made against the group.6.2 <span class=\"_ _46\"> </span><span class=\"fc1\">Financial risk factors</span>The key financial risks the group is exposed to ar<span class=\"_ _0\"></span>e related to liquidity<span class=\"_ _0\"></span>, curr<span class=\"_ _0\"></span>ency<span class=\"_ _0\"></span>, interest rate, and cr<span class=\"_ _0\"></span>edit risk.Liquidity riskLiquidity risk is the potential loss that occurs when the group fails to fulfil its contractual obligations when they fall due. Nel is operating in a fast<span class=\"_ _0\"></span>-gr<span class=\"_ _0\"></span>owing, emerging market, with a long list of initiatives in many r<span class=\"_ _0\"></span>egions. The need to address growth oppor<span class=\"_ _e\"></span>tunities ahead of actual market demand, balanced with the need to conser<span class=\"_ _3\"></span>ve cash, is a continual challenge. The timing of addr<span class=\"_ _0\"></span>essing such elements and risks is impor<span class=\"_ _3\"></span>tant. Moving too fast could result in an unnecessarily high cost level, with cash requir<span class=\"_ _0\"></span>ements beyond the current financing plan.However<span class=\"_ _1\"></span>, the group has a str<span class=\"_ _0\"></span>ong liquidity position, NOK 3 138.6 million, as per 31.12.2022. The strong cash position is a good basis for the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s gr<span class=\"_ _0\"></span>owth strategy<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup monitors its risks associated with lack of capital up against the company\u2019<span class=\"_ _1\"></span>s planned activities.The group will, if necessar<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>, attempt to raise capital through private placements, debt financing, par<span class=\"_ _e\"></span>tnerships, and strategic alliances or from other sour<span class=\"_ _0\"></span>ces. The group may fail to raise capital on acceptable terms, or not do it at all, and this can result in a liquidation o<span class=\"_ _0\"></span>f the group.Currency riskNel operates internationally and is subject to currency risks arising from for<span class=\"_ _0\"></span>eign currency transactions and exposures. As the group pr<span class=\"_ _0\"></span>esents its consolidated results in NOK<span class=\"_ _e\"></span>, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with r<span class=\"_ _0\"></span>espect to changes in USD and DKK<span class=\"_ _e\"></span>, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with pr<span class=\"_ _0\"></span>ojects in new markets the currency risk exposur<span class=\"_ _0\"></span>e increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primar<span class=\"_ _e\"></span>y focus on NOK cash flow<span class=\"_ _0\"></span>.The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s gr<span class=\"_ _0\"></span>oss foreign currency risk exposur<span class=\"_ _0\"></span>e is significant, with the majority of r<span class=\"_ _0\"></span>evenue and expenses denominated in foreign curr<span class=\"_ _0\"></span>ency<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup mitigates the currency risk exposure by entering into for<span class=\"_ _e\"></span>ward currency contracts with financial institutions. The group has a r<span class=\"_ _0\"></span>esidual net currency risk exposure considering hedging which is consider<span class=\"_ _0\"></span>ed low to medium. (Amounts in thousands)PROFIT AND L<span class=\"_ _0\"></span>OSS<span class=\"_ _20a\"> </span>CHANGES IN EXCHANGE RA<span class=\"_ _1\"></span>TE NOK/FOREIGN CURRENCIESNET PROFIT IN FOREIGN <span class=\"ls0\"> </span>V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UE IN V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UE  <span class=\"ls0 ws0\"> </span>CURRENCIESCURRENCYIN NOK-10%<span class=\"_ _136\"> </span>-5%<span class=\"_ _cd\"> </span>+5%<span class=\"_ _59\"> </span>+10%DKK -316 922  -455 797 <span class=\"_ _17c\"> </span> 45 580 <span class=\"_ _1ff\"> </span> 22 790<span class=\"_ _e\"></span> <span class=\"_ _6a\"> </span> -22 790 <span class=\"_ _6a\"> </span> -45 580<span class=\"_ _e\"></span> USD<span class=\"_ _20b\"> </span><span class=\"ws0\"> -4 272 <span class=\"_ _48\"> </span> -40 158 <span class=\"_ _49\"> </span> 4 016<span class=\"_ _e\"></span> <span class=\"_ _96\"> </span> 2 008<span class=\"_ _e\"></span> <span class=\"_ _47\"> </span> -2 008 <span class=\"_ _47\"> </span> -4 016 </span>KRW<span class=\"_ _ef\"> </span><span class=\"ws0\"> 1 297 634 <span class=\"_ _67\"> </span> 10 342 <span class=\"_ _a6\"> </span> -1 034<span class=\"_ _e\"></span> <span class=\"_ _9b\"> </span> -517 <span class=\"_ _1cc\"> </span> 517 <span class=\"_ _1d6\"> </span> 1 034 </span>SEK<span class=\"_ _1c8\"> </span><span class=\"ws0\"> -57 721 <span class=\"_ _48\"> </span> -59 025 <span class=\"_ _49\"> </span> 5 903 <span class=\"_ _1d6\"> </span> 2 951 <span class=\"_ _47\"> </span> -2 951 <span class=\"_ _47\"> </span> -5 903 </span>GBP<span class=\"_ _d7\"> </span><span class=\"ws0\"> -65 <span class=\"_ _1bd\"> </span> -715 <span class=\"_ _15b\"> </span> 72 <span class=\"_ _195\"> </span> 36 <span class=\"_ _19d\"> </span> -36 <span class=\"_ _19d\"> </span> -72 </span>EUR<span class=\"_ _75\"> </span><span class=\"ws0\"> 548 <span class=\"_ _14\"> </span> 5 874 <span class=\"_ _162\"> </span> -587 <span class=\"_ _9b\"> </span> -294 <span class=\"_ _1cc\"> </span> 294 <span class=\"_ _169\"> </span> 587 </span> Effect on net income (loss) <span class=\"_ _20c\"> </span> 53 948 <span class=\"_ _1ff\"> </span> 26 974 <span class=\"_ _38\"> </span> -26 974 <span class=\"_ _6a\"> </span> -53 948 ST<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TEMENT OF FINANCIAL POSITIONNET RECEIV<span class=\"_ _0\"></span>ABLES/LIABILITIES  IN FOREIGN CURRENCIESDKK -22 213  -31 255 <span class=\"_ _20d\"> </span> 3 126 <span class=\"_ _1d6\"> </span> 1 563 <span class=\"_ _47\"> </span> -1 563 <span class=\"_ _47\"> </span> -3 126 USD<span class=\"_ _d4\"> </span><span class=\"ws0\"> 21 315<span class=\"_ _e\"></span> <span class=\"_ _1d1\"> </span> 181 871 <span class=\"_ _1c2\"> </span> -18 187 <span class=\"_ _47\"> </span> -9 094 <span class=\"_ _1d6\"> </span> 9 094 <span class=\"_ _1ff\"> </span> 18 187<span class=\"_ _e\"></span> </span>KRW<span class=\"_ _20e\"> </span><span class=\"ls0 ws111\"> <span class=\"_ _90\"> </span>-   <span class=\"_ _167\"> </span> <span class=\"_ _90\"> </span>-   <span class=\"_ _20f\"> </span> <span class=\"_ _90\"> </span>-   <span class=\"_ _137\"> </span> <span class=\"_ _2\"> </span>-   <span class=\"_ _137\"> </span> <span class=\"_ _2\"> </span>-   <span class=\"_ _137\"> </span> <span class=\"_ _2\"> </span>-   </span>SEK<span class=\"_ _210\"> </span><span class=\"ws0\"> -6 616 <span class=\"_ _38\"> </span> -6 903 <span class=\"_ _124\"> </span> 690 <span class=\"_ _1cc\"> </span> 345 <span class=\"_ _9b\"> </span> -345 <span class=\"_ _9b\"> </span> -690 </span>GBP<span class=\"_ _d7\"> </span><span class=\"ws0\"> -53 <span class=\"_ _1bd\"> </span> -579 <span class=\"_ _15b\"> </span> 58 <span class=\"_ _195\"> </span> 29 <span class=\"_ _19d\"> </span> -29 <span class=\"_ _19d\"> </span> -58 </span>EUR<span class=\"_ _211\"> </span><span class=\"ws0\"> 7 692 <span class=\"_ _67\"> </span> 80 540 <span class=\"_ _1bc\"> </span> -8 054 <span class=\"_ _47\"> </span> -4 027 <span class=\"_ _96\"> </span> 4 027 <span class=\"_ _1d6\"> </span> 8 054 </span> Effect on net income (loss) <span class=\"_ _13e\"> </span> -22 367 <span class=\"_ _6a\"> </span> -11 184<span class=\"_ _e\"></span> <span class=\"_ _1ff\"> </span> 11 184 <span class=\"_ _1ff\"> </span> 22 367<span class=\"_ _e\"></span>  T<span class=\"_ _4\"></span>otal effect on Net income (loss) and Equity<span class=\"_ _e\"></span>  31 581  15 790 <span class=\"_ _6a\"> </span> -15 790 <span class=\"_ _38\"> </span> -31 581 The table shows the gross for<span class=\"_ _0\"></span>eign currency exposure based on each entity in the group<span class=\"_ _1\"></span>\u2019 functional currency<span class=\"_ _1\"></span>, before hedging. Nel\u2019<span class=\"_ _1\"></span>s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figur<span class=\"_ _0\"></span>es exclude translation of inter<span class=\"_ _0\"></span>company loans in Nel ASA.Interest rate riskThe group does not have a significant amount o<span class=\"_ _0\"></span>f interest bearing long-term debt. Due to the low amount o<span class=\"_ _b\"></span>f debt in the group it is assessed that a change in inter<span class=\"_ _0\"></span>est rates will not have a material effect on the financial statements.Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Nel is exposed to credit risk fr<span class=\"_ _0\"></span>om its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits withbanks and financial institutions, foreign exchange transactions and other financial instruments. The carr<span class=\"_ _3\"></span>ying amounts of financial assets and contract assets repr<span class=\"_ _0\"></span>esent the maximum credit exposur<span class=\"_ _0\"></span>e.Expected credit loss assessment  The Group uses an allowance matrix to measur<span class=\"_ _0\"></span>e the ECLs of trade receivable fr<span class=\"_ _0\"></span>om individual customer<span class=\"_ _e\"></span>s, which comprise a ver<span class=\"_ _3\"></span>y large number o<span class=\"_ _0\"></span>f small balances. Loss rates are calculated using a factor method based on the probability of a r<span class=\"_ _0\"></span>eceivable progressing thr<span class=\"_ _0\"></span>ough successive stages of delinquency to write-off<span class=\"_ _1\"></span>. Roll rates ar<span class=\"_ _b\"></span>e calculated separately for exposures in differ<span class=\"_ _0\"></span>ent segments based on the following common credit risk characteristics - geographic r<span class=\"_ _0\"></span>egion, age of customer r<span class=\"_ _0\"></span>elationship and type of pr<span class=\"_ _0\"></span>oducts purchased.The following table provides information about the exposur<span class=\"_ _0\"></span>e to credit risk and ECLs for trade r<span class=\"_ _0\"></span>eceivables from individual customers as of 31 December 2021 and 2022.Loss rates are based on actual cr<span class=\"_ _0\"></span>edit loss experience over the past two years. These rates are multiplied by a factor to reflect differ<span class=\"_ _0\"></span>ences between economic conditions during the period over which the historical data has been collected, current conditions and Nel\u2019<span class=\"_ _1\"></span>s view of economic conditions over the expected lives of the r<span class=\"_ _0\"></span>eceivables.WEIGHTED-A<span class=\"_ _0\"></span>VERA<span class=\"_ _0\"></span>GE LOSS<span class=\"_ _0\"></span> GROSS CARRYING 2022RA<span class=\"_ _1\"></span>TEAMOUNT<span class=\"_ _af\"> </span>L<span class=\"_ _0\"></span>OSS ALLOW<span class=\"_ _0\"></span>ANCECurrent (not past due)0.1 % 207 178 <span class=\"_ _212\"> </span> 208 1-30 days past due<span class=\"_ _213\"> </span>0.2 %<span class=\"_ _214\"> </span> 118 921 <span class=\"_ _212\"> </span> 238 31-60 days past due<span class=\"_ _215\"> </span>0.5 %<span class=\"_ _40\"> </span> 22 145<span class=\"_ _e\"></span> <span class=\"_ _212\"> </span> 111 61-90 days past due<span class=\"_ _215\"> </span>0.8 %<span class=\"_ _40\"> </span> 21 822<span class=\"_ _e\"></span> <span class=\"_ _212\"> </span> 164 91 days to one year past due<span class=\"_ _2f\"> </span>1.1 %<span class=\"_ _6d\"> </span> 86 541 <span class=\"_ _212\"> </span> 910 More than one year past due<span class=\"_ _100\"> </span>10.0 %<span class=\"_ _197\"> </span> 6 399 <span class=\"_ _212\"> </span> 640 T<span class=\"_ _4\"></span>otal<span class=\"_ _216\"> </span><span class=\"ws0\"> 463 005 <span class=\"_ _10b\"> </span> 2 270 </span>0.5 %WEIGHTED-A<span class=\"_ _0\"></span>VERA<span class=\"_ _0\"></span>GE LOSS<span class=\"_ _0\"></span> GROSS CARRYING 2021RA<span class=\"_ _1\"></span>TEAMOUNT<span class=\"_ _af\"> </span>L<span class=\"_ _0\"></span>OSS ALLOW<span class=\"_ _0\"></span>ANCECurrent (not past due)0.0 % 112 999 <span class=\"_ _14d\"> </span> 12 1-30 days past due<span class=\"_ _213\"> </span>0.1 %<span class=\"_ _40\"> </span> 52 871<span class=\"_ _e\"></span> <span class=\"_ _14d\"> </span> 27 31-60 days past due<span class=\"_ _215\"> </span>0.8 %<span class=\"_ _40\"> </span> 16 501<span class=\"_ _e\"></span> <span class=\"_ _212\"> </span> 124 61-90 days past due<span class=\"_ _215\"> </span>1.0 %<span class=\"_ _197\"> </span> 3 435 <span class=\"_ _14d\"> </span> 33 91 days to one year past due<span class=\"_ _2f\"> </span>1.7 %<span class=\"_ _6d\"> </span> 20 301 <span class=\"_ _212\"> </span> 337 More than one year past due<span class=\"_ _100\"> </span>10.0 %<span class=\"_ _197\"> </span> 6 479 <span class=\"_ _212\"> </span> 645 T<span class=\"_ _4\"></span>otal<span class=\"_ _216\"> </span><span class=\"ws0\"> 212 585 <span class=\"_ _10b\"> </span> 1 177 <span class=\"_ _af\"> </span>0.6 %</span>6.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Market risk factors</span>Market development riskSignificant markets for fueling products, other hydr<span class=\"_ _0\"></span>ogen energy products or r<span class=\"_ _0\"></span>enewable energy as a major source for hydr<span class=\"_ _0\"></span>ogen<span class=\"_ _e\"></span> production may never develop or may develop mor<span class=\"_ _0\"></span>e slowly<span class=\"_ _e\"></span> than the group anticipates. This would significantly harm Nel\u2019<span class=\"_ _1\"></span>s revenues and may cause Nel to be unable to recover the expenditures it has incurr<span class=\"_ _0\"></span>ed and expects to incur in the<span class=\"_ _e\"></span> development of its pr<span class=\"_ _0\"></span>oducts.Regulator<span class=\"_ _3\"></span>y issuesThe group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s operations ar<span class=\"_ _0\"></span>e subject to numerous environmental r<span class=\"_ _0\"></span>equirements. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazar<span class=\"_ _0\"></span>dous waste management, and the use, composition, handling, distribution and transpor<span class=\"_ _e\"></span>tation of hazar<span class=\"_ _b\"></span>dous materials. Many of these laws and r<span class=\"_ _0\"></span>egulations are becoming increasingly stringent (and may contain \u201c<span class=\"_ _0\"></span>strict liability\u201d), and the cost of compliance with these requir<span class=\"_ _0\"></span>ements can be expected to increase over time. The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s electr<span class=\"_ _0\"></span>olyser production depends on various discharge permits granted by various authorities. Fr<span class=\"_ _0\"></span>om time to time, breaches o<span class=\"_ _0\"></span>f the allowed emission limits set out in such permits may occur<span class=\"_ _1\"></span>. If such limits o<span class=\"_ _0\"></span>f the relevant permits should be exceeded, this may have a significant effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s operations and r<span class=\"_ _0\"></span>esult, as the group may be order<span class=\"_ _0\"></span>ed to temporarily halt production, be subject to fines and/or be order<span class=\"_ _0\"></span>ed to under<span class=\"_ _3\"></span>take corrective measur<span class=\"_ _0\"></span>es.The group cannot pr<span class=\"_ _0\"></span>edict the impact of new or changed laws or regulations r<span class=\"_ _0\"></span>elating to health, safety<span class=\"_ _0\"></span>, the environment or other concerns or changes in the ways that such laws or regulations ar<span class=\"_ _0\"></span>e administered, interpreted or enfor<span class=\"_ _0\"></span>ced. The requir<span class=\"_ _0\"></span>ements to be met, as well as the technology and length of time available to meet those r<span class=\"_ _0\"></span>equirements, continue to develop and change. T<span class=\"_ _4\"></span>o the extent that any of these requir<span class=\"_ _0\"></span>ements impose substantial costs or constrain the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s ability to expand or change its pr<span class=\"_ _0\"></span>ocesses, the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, prospects, financial r<span class=\"_ _0\"></span>esults and results of operations could suffer<span class=\"_ _1\"></span>. Any br<span class=\"_ _0\"></span>each of such requir<span class=\"_ _0\"></span>ements could in addition result in fines or other substantial costs and/or constraint the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s ability to operate its pr<span class=\"_ _0\"></span>oduction plant, which could have a significant adverse effect on its business, prospects, financial r<span class=\"_ _0\"></span>esults and results of operations.The fuel cell and hydrogen industr<span class=\"_ _e\"></span>y are in its development phase and is not currently subject to industr<span class=\"_ _e\"></span>y specific government regulations in the Eur<span class=\"_ _0\"></span>opean Union, Asia and the United States, as well as other jurisdictions, relating to matters such as design, storage, transpor<span class=\"_ _e\"></span>tation and installation of fuel cell systems and hydrogen infrastructur<span class=\"_ _0\"></span>e products. However<span class=\"_ _1\"></span>, given that the production o<span class=\"_ _0\"></span>f electrical energy has typically been an area o<span class=\"_ _0\"></span>f significant government regulation, the Company expects it will encounter industr<span class=\"_ _3\"></span>y specific government regulations in the futur<span class=\"_ _0\"></span>e in the jurisdictions and markets in<span class=\"_ _e\"></span> which it operates. For example, regulator<span class=\"_ _e\"></span>y approvals or permits may be requir<span class=\"_ _0\"></span>ed for the design, installation and operation of Nel\u2019<span class=\"_ _1\"></span>s products. T<span class=\"_ _4\"></span>o the extent there ar<span class=\"_ _b\"></span>e delays in gaining such regulator<span class=\"_ _e\"></span>y approval, Nel\u2019<span class=\"_ _1\"></span>s development and growth may be constrained. Nel\u2019<span class=\"_ _1\"></span>s business will suffer if environmental policies change and no longer encourage the development and growth o<span class=\"_ _0\"></span>f clean power technologies.Nel depends substantially on government subsidies. P<span class=\"_ _0\"></span>olitical developments could lead to a material deterioration of the conditions for<span class=\"_ _1\"></span>, or a discontinuation o<span class=\"_ _b\"></span>f<span class=\"_ _1\"></span>, the subsidies for its technology<span class=\"_ _1\"></span>. It is also possible that government financial suppor<span class=\"_ _3\"></span>t for Nel\u2019<span class=\"_ _1\"></span>s technology will be subject to judicial review and determined to be in violation o<span class=\"_ _b\"></span>f applicable constitutional or legal requir<span class=\"_ _0\"></span>ements or be significantly reduced or discontinued for other reasons. Without government subsidies, or with reduced government subsidies, the availability o<span class=\"_ _0\"></span>f pro<span class=\"_ _0\"></span>fitable<span class=\"_ _e\"></span> investment oppor<span class=\"_ _e\"></span>tunities for Nel would be significantly lower<span class=\"_ _1\"></span>, which could have a material adverse effect on Nel\u2019<span class=\"_ _0\"></span>s business, financial condition, results o<span class=\"_ _0\"></span>f operations and cash flows.CompetitionThe group competes with a lar<span class=\"_ _0\"></span>ge number of competitors. Many competitors are developing and ar<span class=\"_ _b\"></span>e currently producing pr<span class=\"_ _0\"></span>oducts based on technologies that may have costs similar to, or lower than, the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s pr<span class=\"_ _0\"></span>ojected costs. Many of the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s existing and potential competitors may have longer operating histories, greater name r<span class=\"_ _0\"></span>ecognition, structurally better cost positions through geographical location or agreements with local authorities (including dir<span class=\"_ _0\"></span>ect and indirect subsidies), better access to skilled personnel, better access to resear<span class=\"_ _0\"></span>ch and development par<span class=\"_ _3\"></span>tners, access to larger customer bases and significantly gr<span class=\"_ _0\"></span>eater financial, sales and marketing, manufacturing, distribution, technical and other resour<span class=\"_ _0\"></span>ces than the group. As a result, they may be able to respond mor<span class=\"_ _0\"></span>e quickly than the group can to the changing customer demands or to devote greater r<span class=\"_ _0\"></span>esources to the development, promotion and sales o<span class=\"_ _0\"></span>f their products. The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business r<span class=\"_ _0\"></span>elies on sales of its pr<span class=\"_ _b\"></span>oducts, and competitors with more diversified product o<span class=\"_ _0\"></span>fferings may be better positioned to withstand a decline in the demand for products o<span class=\"_ _0\"></span>f the types that the group o<span class=\"_ _0\"></span>ffer<span class=\"_ _e\"></span>s. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquir<span class=\"_ _0\"></span>e a significant market share, which would harm the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business. If the gr<span class=\"_ _0\"></span>oup fails to compete successfully<span class=\"_ _0\"></span>, it could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and results of operations.6.4 <span class=\"_ _46\"> </span><span class=\"fc1\">Climate-r<span class=\"_ _0\"></span>elated risks and </span>oppor<span class=\"_ _3\"></span>tunitiesClimate-related oppor<span class=\"_ _e\"></span>tunitiesNel is a pure play r<span class=\"_ _0\"></span>enewable hydrogen company<span class=\"_ _1\"></span>. The climate-related opportunities are the company\u2019<span class=\"_ _0\"></span>s only opportunities. The assumption from climate-r<span class=\"_ _0\"></span>elated oppor<span class=\"_ _3\"></span>tunities in climate-related scenarios have impacted the financial statements. Specifically<span class=\"_ _0\"></span>, the climate-r<span class=\"_ _0\"></span>elated oppor<span class=\"_ _3\"></span>tunities are the driver for the revenue and activity gr<span class=\"_ _0\"></span>owth included in the company\u2019<span class=\"_ _1\"></span>s impairment tests. In addition, the climate-related oppor<span class=\"_ _e\"></span>tunities also impact the assessment of pr<span class=\"_ _b\"></span>obable future economic benefits from capitalised technology development.Climate-related risksThe company pursue solely climate-related oppor<span class=\"_ _e\"></span>tunities; therefor<span class=\"_ _0\"></span>e, the company does not have any transformation of any legacy business negatively impacted by the climate-related scenarios. Further analysis of the climate-related risks below:Regulator<span class=\"_ _3\"></span>y risks and GeopoliticsWhile climate change is the megatrend, the anticipated r<span class=\"_ _0\"></span>ole of gr<span class=\"_ _0\"></span>een hydrogen as a sustainable activity contributing to climate change mitigation could change. How geopolitics will impact and shape climate policies going for<span class=\"_ _3\"></span>ward constitutes a risk for Nel. W<span class=\"_ _0\"></span>e would not be significantly impacted by the introduction o<span class=\"_ _0\"></span>f a potential carbon tax or restrictions on the use of carbon-intensive assets. Further<span class=\"_ _1\"></span>, we do not consume products fr<span class=\"_ _0\"></span>om conflict areas and our consumption of rar<span class=\"_ _0\"></span>e materials is limited. Reputation RiskNel recognizes the importance of maintaining a strong brand in the developing renewable hydr<span class=\"_ _0\"></span>ogen industr<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>. Reputational risk comprises: i) any damage to brand value that will cause lost oppor<span class=\"_ _e\"></span>tunities, ii) challenges in recruiting and retaining talent that in turn could halt technology developments and damage customer experience, and iii) challenges in attracting investors due to damaged reputation which could affect the going concern status o<span class=\"_ _b\"></span>f the group.Physical RiskNone of our manufacturing facilities ar<span class=\"_ _0\"></span>e located in environments overly exposed to physical risks. Relatedly<span class=\"_ _1\"></span>, our facilities are not located in the ar<span class=\"_ _0\"></span>eas most exposed to sustained long-term shifts in climate patterns. However<span class=\"_ _1\"></span>, our delivered solutions r<span class=\"_ _0\"></span>equire continuous access to water and electricity<span class=\"_ _0\"></span>, a shortage of which could impact our products\u2019 per<span class=\"_ _e\"></span>formance. 6.5 <span class=\"_ _46\"> </span><span class=\"fc1\">Hedge accounting</span>DERIV<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>TIVE FINANCIAL INSTRUMENTS AND HEDGE A<span class=\"_ _b\"></span>C<span class=\"_ _0\"></span>COUNTINGThe Group holds derivative financial instruments to hedge its foreign curr<span class=\"_ _0\"></span>ency risk exposures. Derivatives are both initially and subsequently to initial recognition measur<span class=\"_ _0\"></span>ed at fair value, and changes therein ar<span class=\"_ _0\"></span>e generally recognised in pro<span class=\"_ _0\"></span>fit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable for<span class=\"_ _0\"></span>ecast transactions arising from changes in for<span class=\"_ _0\"></span>eign exchange rates. At the inception o<span class=\"_ _0\"></span>f designated hedging relationships, the Group documents the risk management objective and strategy for under<span class=\"_ _e\"></span>taking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to o<span class=\"_ _0\"></span>ffset each other<span class=\"_ _1\"></span>.Cash flow hedgesFor the purpose of hedge accounting, hedges ar<span class=\"_ _0\"></span>e classified as cash flow hedges when hedging the exposure to changes in the fair value of a r<span class=\"_ _0\"></span>ecognised asset or liability or a highly probable for<span class=\"_ _0\"></span>ecast transaction. Nel accounts for a hedge of foreign curr<span class=\"_ _0\"></span>ency risk as a cash flow hedge, including also<span class=\"_ _e\"></span> exposures to an unr<span class=\"_ _0\"></span>ecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective por<span class=\"_ _e\"></span>tion of changes in the fair value o<span class=\"_ _0\"></span>f the derivative<span class=\"_ _e\"></span> is recognised in OCI and accumulated in the hedging r<span class=\"_ _0\"></span>eser<span class=\"_ _3\"></span>ve.<span class=\"_ _e\"></span> The effective por<span class=\"_ _e\"></span>tion of changes in the fair value o<span class=\"_ _0\"></span>f the<span class=\"_ _e\"></span> derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, deter<span class=\"_ _b\"></span>mined on a present value basis, fr<span class=\"_ _0\"></span>om inception of the hedge. Any ineffective por<span class=\"_ _e\"></span>tion of changes in the fair value o<span class=\"_ _0\"></span>f the derivative<span class=\"_ _e\"></span> is recognised immediately in pr<span class=\"_ _0\"></span>ofit or loss.The group designates the curr<span class=\"_ _0\"></span>ency for<span class=\"_ _3\"></span>ward contracts on a \u2018for<span class=\"_ _3\"></span>ward basis\u2019<span class=\"_ _1\"></span>, which includes both the spot element and the for<span class=\"_ _3\"></span>ward element. Then the full fair value o<span class=\"_ _0\"></span>f the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reser<span class=\"_ _e\"></span>ve is reclassified to pr<span class=\"_ _b\"></span>ofit or loss in the same period or periods during which the hedged expected future cash flows affect pr<span class=\"_ _0\"></span>ofit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued pr<span class=\"_ _0\"></span>ospectively<span class=\"_ _0\"></span>. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reser<span class=\"_ _e\"></span>ve remains in equity until it is r<span class=\"_ _0\"></span>eclassified to profit or loss in the same period or periods as the hedged expected cash flows affect pro<span class=\"_ _0\"></span>fit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2022, foreign exchange for<span class=\"_ _e\"></span>ward contracts are designated as hedging instruments in cash flow hedges of fir<span class=\"_ _b\"></span>m sale commitment in U.S. dollar<span class=\"_ _1\"></span>, Swedish krona, Euro and British pound. In addition, pur<span class=\"_ _0\"></span>chase of property<span class=\"_ _0\"></span>, plant and equipment in Euro and highly pr<span class=\"_ _0\"></span>obably forecast transactions in Euro and Swedish Kr<span class=\"_ _0\"></span>ona.<span class=\"_ _e\"></span> The foreign exchange for<span class=\"_ _e\"></span>ward contract balances var<span class=\"_ _e\"></span>y in<span class=\"_ _e\"></span> par<span class=\"_ _e\"></span>ticular with the magnitude of firm commitment for<span class=\"_ _0\"></span>eign<span class=\"_ _e\"></span> currency sales and changes in for<span class=\"_ _0\"></span>eign exchange for<span class=\"_ _3\"></span>ward rates. As of 31 December 2022, the Gr<span class=\"_ _0\"></span>oup held the following instruments to hedge exposures to changes in for<span class=\"_ _0\"></span>eign currency<span class=\"_ _1\"></span>.MORE THAN MA<span class=\"_ _1\"></span>TURIT<span class=\"_ _e\"></span>Y/HEDGING INSTRUMENTS<span class=\"_ _127\"> </span><span class=\"ws19\">2023-Q1<span class=\"_ _217\"> </span>2023-Q2<span class=\"_ _217\"> </span>2023-Q3<span class=\"_ _217\"> </span>2023-Q4</span>ONE YEAR<span class=\"_ _4b\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _b\"></span>A<span class=\"_ _3\"></span>L</span>USD<span class=\"ff1 ws0\"> for<span class=\"_ _e\"></span>ward contracts, net</span>6 915<span class=\"_ _3b\"> </span><span class=\"ls0\">0<span class=\"_ _47\"> </span></span><span class=\"ws1b\">441<span class=\"_ _8e\"> </span></span><span class=\"ls0\">0<span class=\"_ _3b\"> </span>0<span class=\"_ _6b\"> </span></span>7 356A<span class=\"_ _b\"></span>verage NOK:USD for<span class=\"_ _e\"></span>ward contracts rate9.60<span class=\"_ _8b\"> </span>0.00<span class=\"_ _9f\"> </span>9.07<span class=\"_ _9f\"> </span>0.00<span class=\"_ _9f\"> </span>0.00<span class=\"_ _9f\"> </span>9.57USDHedged NOK, net (nominal amount)66 364<span class=\"_ _3b\"> </span><span class=\"ls0\">0<span class=\"_ _6b\"> </span></span>3 999<span class=\"_ _8e\"> </span><span class=\"ls0\">0<span class=\"_ _8e\"> </span>0<span class=\"_ _54\"> </span></span>70 363F<span class=\"_ _0\"></span>air value USD for<span class=\"_ _3\"></span>ward contracts-1 716<span class=\"_ _3b\"> </span><span class=\"ls0\">0<span class=\"_ _159\"> </span></span><span class=\"ws1b\">-295<span class=\"_ _8e\"> </span></span><span class=\"ls0\">0<span class=\"_ _3b\"> </span>0<span class=\"_ _50\"> </span></span>-2 011SEK<span class=\"ff1 ws0\"> for<span class=\"_ _e\"></span>ward contracts, net</span>-22 532<span class=\"_ _1e7\"> </span>-22 532<span class=\"_ _8e\"> </span><span class=\"ls0\">0<span class=\"_ _3b\"> </span>0<span class=\"_ _70\"> </span></span>-103 171<span class=\"_ _70\"> </span>-148 236A<span class=\"_ _b\"></span>verage NOK:SEK for<span class=\"_ _e\"></span>ward contracts rate0.98<span class=\"_ _8b\"> </span>0.98<span class=\"_ _9f\"> </span>0.00<span class=\"_ _9f\"> </span>0.00<span class=\"_ _9f\"> </span>0.97<span class=\"_ _9f\"> </span>0.97SEKHedged NOK, net (nominal amount)-22 085<span class=\"_ _1e7\"> </span>-22 125<span class=\"_ _8e\"> </span><span class=\"ls0\">0<span class=\"_ _3b\"> </span>0<span class=\"_ _4e\"> </span></span>-99 738<span class=\"_ _70\"> </span>-143 948F<span class=\"_ _0\"></span>air value SEK for<span class=\"_ _3\"></span>ward contracts-787<span class=\"_ _1e8\"> </span>-821<span class=\"_ _8e\"> </span>0<span class=\"_ _8e\"> </span>0<span class=\"_ _1d1\"> </span><span class=\"lsa\">-2 132<span class=\"_ _50\"> </span>-3 740</span>GBP<span class=\"ff1 ws0\"> for<span class=\"_ _e\"></span>ward contracts, net</span>2 706<span class=\"_ _3b\"> </span><span class=\"ls0\">0<span class=\"_ _8e\"> </span>0<span class=\"_ _3b\"> </span>0<span class=\"_ _8e\"> </span>0<span class=\"_ _6b\"> </span></span>2 706A<span class=\"_ _b\"></span>verage NOK:GBP for<span class=\"_ _e\"></span>ward contracts rate11.93<span class=\"_ _8b\"> </span>0.00<span class=\"_ _9f\"> </span>0.00<span class=\"_ _9f\"> </span>0.00<span class=\"_ _9f\"> </span>0.00<span class=\"_ _78\"> </span>11.93GBPHedged NOK, net (nominal amount)32 287<span class=\"_ _3b\"> </span><span class=\"ls0\">0<span class=\"_ _8e\"> </span>0<span class=\"_ _3b\"> </span>0<span class=\"_ _8e\"> </span>0<span class=\"_ _54\"> </span></span>32 287F<span class=\"_ _0\"></span>air value GBP for<span class=\"_ _3\"></span>ward contracts245<span class=\"_ _3b\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _8e\"> </span>0<span class=\"_ _3b\"> </span>0<span class=\"_ _8e\"> </span>0<span class=\"_ _47\"> </span></span>245EUR<span class=\"ff1 ws0\"> for<span class=\"_ _e\"></span>ward contracts, net</span>13 131<span class=\"_ _6b\"> </span>7 207<span class=\"_ _54\"> </span>11 923<span class=\"_ _6b\"> </span>5 683<span class=\"_ _31\"> </span>21 465<span class=\"_ _9c\"> </span>59 409A<span class=\"_ _b\"></span>verage NOK:EUR for<span class=\"_ _e\"></span>ward contracts rate10.38<span class=\"_ _78\"> </span>10.44<span class=\"_ _78\"> </span>10.48<span class=\"_ _78\"> </span>10.52<span class=\"_ _78\"> </span>10.55<span class=\"_ _78\"> </span>10.48EURHedged NOK, net (nominal amount)136 319<span class=\"_ _54\"> </span>75 248<span class=\"_ _44\"> </span>124 917<span class=\"_ _54\"> </span>59 791<span class=\"_ _44\"> </span>226 525<span class=\"_ _44\"> </span>622 800F<span class=\"_ _0\"></span>air value EUR for<span class=\"_ _3\"></span>ward contracts-2 028<span class=\"_ _1e8\"> </span><span class=\"ws1b\">-774<span class=\"_ _159\"> </span>-924<span class=\"_ _159\"> </span>-132<span class=\"_ _47\"> </span>138<span class=\"_ _50\"> </span></span>-3 719T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL hedged NOK<span class=\"_ _e\"></span>, net (nominal amount)212 885<span class=\"_ _54\"> </span>53 123<span class=\"_ _44\"> </span>128 916<span class=\"_ _54\"> </span>59 791<span class=\"_ _44\"> </span>126 787<span class=\"_ _44\"> </span>581 502T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL fair value, NOK-4 285<span class=\"_ _1d1\"> </span>-1 595<span class=\"_ _50\"> </span>-1 219<span class=\"_ _159\"> </span><span class=\"ws1b\">-132<span class=\"_ _50\"> </span></span>-1 994<span class=\"_ _1d1\"> </span>-9 225The effects that hedge accounting has had on the statement of financial position, statement o<span class=\"_ _0\"></span>f pro<span class=\"_ _0\"></span>fit or loss and OCI and statement of changes in equityHedging instruments are measur<span class=\"_ _0\"></span>ed at fair value and recognised in the statement o<span class=\"_ _0\"></span>f financial position as either an asset or a liability depending on the whether the instrument has a positive or negative value. The fair values recognised repr<span class=\"_ _0\"></span>esents unrealised gains/losses driven by the changes in foreign exchange rates.Statement of financial positionThe table below show the fair value of for<span class=\"_ _e\"></span>ward exchange contracts designated as hedging instruments in the statement of financial position.(Amounts in NOK thousands)O<span class=\"_ _0\"></span>THER <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>CURRENT <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>NON-CURRENT CURRENT <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>NON-CURRENT TYPE OF HEDGE ITEMSASSETSASSETSLIABILITESLIABILITIES<span class=\"_ _136\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L</span>Revenue7 989<span class=\"_ _167\"> </span>1 877<span class=\"_ _12b\"> </span>-1 400<span class=\"_ _204\"> </span><span class=\"ws1b\">-163<span class=\"_ _f7\"> </span></span>8 302Raw materials187<span class=\"_ _aa\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _16d\"> </span><span class=\"lsa\">-2 288<span class=\"_ _aa\"> </span></span>0<span class=\"_ _12b\"> </span><span class=\"lsa\">-2 101</span></span>Property<span class=\"_ _0\"></span>, plant and equipment0<span class=\"_ _c5\"> </span>0<span class=\"_ _204\"> </span><span class=\"lsa ws1b\">-439<span class=\"_ _aa\"> </span></span>0<span class=\"_ _63\"> </span><span class=\"lsa ws1b\">-439</span>As of 31.12.20218 176<span class=\"_ _167\"> </span>1 877<span class=\"_ _12b\"> </span>-4 127<span class=\"_ _204\"> </span><span class=\"ws1b\">-163<span class=\"_ _f7\"> </span></span>5 762Revenue438<span class=\"_ _156\"> </span>189<span class=\"_ _16d\"> </span><span class=\"ws0\">-5 829<span class=\"_ _17a\"> </span></span>-50<span class=\"_ _12b\"> </span><span class=\"ws0\">-5 253</span>Raw materials0<span class=\"_ _c5\"> </span>0<span class=\"_ _12b\"> </span><span class=\"lsa\">-1 840<span class=\"_ _bb\"> </span>-2 132<span class=\"_ _16d\"> </span>-3 972</span>Property plant and equipment0<span class=\"_ _c5\"> </span>0<span class=\"_ _aa\"> </span>0<span class=\"_ _c5\"> </span>0<span class=\"_ _aa\"> </span>0As of 31.12.2022438<span class=\"_ _156\"> </span>189<span class=\"_ _16d\"> </span><span class=\"ws0\">-7 669<span class=\"_ _218\"> </span>-2 182<span class=\"_ _12b\"> </span>-9 225</span>Pro<span class=\"_ _0\"></span>fit or loss and OCIThe table below includes the reconciliation o<span class=\"_ _0\"></span>f movements in hedging reser<span class=\"_ _e\"></span>ve, cash flow hedges, in OCI during the year<span class=\"_ _1\"></span>.(Amounts in NOK thousands)PROPERTY<span class=\"_ _1\"></span>, R<span class=\"_ _e\"></span>AW<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>PL<span class=\"_ _e\"></span>ANT AND REVENUEMA<span class=\"_ _1\"></span>TERIALS<span class=\"_ _12c\"> </span><span class=\"ws0\">FINANCE C<span class=\"_ _b\"></span>OSTS</span>EQUIPMENT<span class=\"_ _136\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202114 800-832<span class=\"_ _c5\"> </span>0<span class=\"_ _c9\"> </span><span class=\"ls9\">-2 524<span class=\"_ _5b\"> </span>11 444</span>Effective por<span class=\"_ _e\"></span>tion of changes in fair value<span class=\"_ _1c9\"> </span>2 989<span class=\"_ _c9\"> </span>-2 332<span class=\"_ _219\"> </span>-1 481<span class=\"_ _c9\"> </span>-2 263<span class=\"_ _c9\"> </span>-3 086Reclassified to pro<span class=\"_ _0\"></span>fit or loss<span class=\"_ _14d\"> </span>-4 663<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _2a\"> </span></span>1 481<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _136\"> </span></span>-3 182Reclassified to statement of financial positions -5 473<span class=\"_ _2a\"> </span>1 063<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _130\"> </span></span>4 348<span class=\"_ _156\"> </span><span class=\"ws1a\">-62</span>(basis adjustment)As of 01.01.2022<span class=\"_ _1dd\"> </span>7 654<span class=\"_ _c9\"> </span>-2 101<span class=\"_ _aa\"> </span><span class=\"ls0\">0<span class=\"_ _1e2\"> </span></span><span class=\"ws1a\">-439<span class=\"_ _2a\"> </span></span>5 114Effective por<span class=\"_ _e\"></span>tion of changes in fair value<span class=\"_ _2a\"> </span>-7 876<span class=\"_ _156\"> </span><span class=\"ws1a\">-31<span class=\"_ _a5\"> </span>153<span class=\"_ _a5\"> </span>854<span class=\"_ _219\"> </span></span>-6 900Reclassified to pro<span class=\"_ _0\"></span>fit or loss<span class=\"_ _14d\"> </span>-2 930<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _1c9\"> </span></span><span class=\"ws1a\">-153<span class=\"_ _c5\"> </span></span><span class=\"ls0\">0<span class=\"_ _136\"> </span></span>-3 084Reclassified to statement of financial positions -3 349<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _c5\"> </span>0<span class=\"_ _1e2\"> </span></span><span class=\"ws1a\">-415<span class=\"_ _219\"> </span></span>-3 764(basis adjustment)As of 31.12.2022<span class=\"_ _1b9\"> </span>-6 502<span class=\"_ _219\"> </span>-2 132<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _c5\"> </span>0<span class=\"_ _c9\"> </span></span>-8 634During the year<span class=\"_ _1\"></span>, a hedging gain o<span class=\"_ _b\"></span>f NOK 2.9 (4.7) million has been realised and r<span class=\"_ _0\"></span>eclassified to profit or loss within \u2018Revenue from contracts with customers\u2019<span class=\"_ _1\"></span>.  The timeline below illustrates when the unrealised changes in fair value of the for<span class=\"_ _0\"></span>eign currency for<span class=\"_ _e\"></span>ward contracts may be reclassified to pr<span class=\"_ _0\"></span>ofit or loss and statement o<span class=\"_ _0\"></span>f financial position.(Amounts in NOK thousands)2022<span class=\"_ _167\"> </span>2023<span class=\"_ _f7\"> </span>2024<span class=\"_ _167\"> </span>2025<span class=\"_ _136\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LRevenue<span class=\"_ _125\"> </span><span class=\"ws0\">5 940<span class=\"_ _2a\"> </span>1 713<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _c5\"> </span>0<span class=\"_ _2a\"> </span></span>7 654</span>Raw materials<span class=\"_ _141\"> </span>-2 101<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _c5\"> </span>0<span class=\"_ _c5\"> </span>0<span class=\"_ _136\"> </span></span>-2 101Property<span class=\"_ _0\"></span>, plant and equipment<span class=\"_ _21a\"> </span><span class=\"ws1a\">-439<span class=\"_ _c5\"> </span></span><span class=\"ls0\">0<span class=\"_ _c5\"> </span>0<span class=\"_ _c5\"> </span>0<span class=\"_ _1e2\"> </span></span><span class=\"ws1a\">-439</span>As of 31.12.2021<span class=\"_ _21b\"> </span>5 114Revenue<span class=\"_ _21c\"> </span><span class=\"ws0\">-6 640<span class=\"_ _a5\"> </span></span>138<span class=\"_ _c5\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _c9\"> </span><span class=\"ls9\">-6 502</span></span>Raw materials<span class=\"_ _21d\"> </span><span class=\"ls0\">0<span class=\"_ _c9\"> </span></span>-2 132<span class=\"_ _c5\"> </span><span class=\"ls0\">0<span class=\"_ _c9\"> </span></span>-2 132As of 31.12.2022<span class=\"_ _21e\"> </span>-8 634Economic relationship and effectivenessThe hedged item creates an exposur<span class=\"_ _0\"></span>e to buy a foreign currency and sell the functional curr<span class=\"_ _0\"></span>ency<span class=\"_ _0\"></span>. The for<span class=\"_ _e\"></span>ward contract is to sell foreign curr<span class=\"_ _0\"></span>ency and buy the functional currency<span class=\"_ _1\"></span>. As the hedged exposure is exactly matched by the currency leg o<span class=\"_ _0\"></span>f the for<span class=\"_ _3\"></span>ward contract (i.e. they ar<span class=\"_ _b\"></span>e the same amount of curr<span class=\"_ _0\"></span>ency with the same payment date), there is a clear economic relationship between the hedging instrument and the hedged item. Hedging less than 100 % is considered when natural hedge positions could occur during the hedging period, or to limit the risk of over<span class=\"_ _1\"></span>-hedging given the inher<span class=\"_ _b\"></span>ent uncer<span class=\"_ _e\"></span>tainties in any estimated cash flow<span class=\"_ _0\"></span>.If there\u2019<span class=\"_ _1\"></span>s no change in the hedge item cash magnitude (e.g. contract termination or amendment) the hedge would be effective as long as the timing of the hedge instrument and hedge item are aligned. No ineffectiveness has been recognised in the income statement in 2022 or 2021.The Group does not have any fair value hedge or net investment hedge. 6.6 <span class=\"_ _46\"> </span><span class=\"fc1\">Financial instruments</span>Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that ar<span class=\"_ _0\"></span>e not quoted in an active market is determined using valuation techniques which maximise the use of obser<span class=\"_ _e\"></span>vable market price and rely as little as possible on entity-specific estimates. Level 3: Unobser<span class=\"_ _3\"></span>vable inputs are used to measur<span class=\"_ _0\"></span>e fair value to the extent that relevant obser<span class=\"_ _e\"></span>vable inputs are not available, thereby allowing for situations in which ther<span class=\"_ _0\"></span>e is little, if any<span class=\"_ _0\"></span>, market activity for the asset or liability at the measurement date. T<span class=\"_ _4\"></span>echniques that use inputs that have a significant effect on the recor<span class=\"_ _0\"></span>ded fair value that are not based on obser<span class=\"_ _3\"></span>vable market data.FINANCIAL INSTRUMENTS AND F<span class=\"_ _4\"></span>AIR V<span class=\"_ _1\"></span>ALUES<span class=\"_ _0\"></span> <span class=\"_ _e\"></span><span class=\"ls0\"> </span>2022CARRYING AMOUNT<span class=\"_ _21f\"> </span>F<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUEF<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUE MANDA<span class=\"_ _1\"></span>T<span class=\"_ _0\"></span>ORIL<span class=\"_ _1\"></span>Y<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FINANCIAL ASSETS - HEDGING A<span class=\"_ _1\"></span>T FV<span class=\"_ _e\"></span>TPL<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0\"> </span>AND LIABIL<span class=\"_ _0\"></span>TIES A<span class=\"_ _1\"></span>T <span class=\"_ _45\"></span><span class=\"ls0\"> </span>INSTRUMENTS- O<span class=\"_ _0\"></span>THERSAMORTISED COST<span class=\"_ _14a\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _5e\"> </span><span class=\"ls8 ws0\">LEVEL 1<span class=\"_ _220\"> </span>LEVEL 2<span class=\"_ _46\"> </span>LEVEL 3<span class=\"_ _29\"> </span></span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _e\"></span>L</span>AssetsFinancial assets measured at fair valueFor<span class=\"_ _e\"></span>ward exchange contracts used for hedging626<span class=\"_ _125\"> </span><span class=\"fsc ls9 ws1a\">626<span class=\"_ _20d\"> </span>626<span class=\"_ _16f\"> </span>626</span>Financial asset - equity instruments<span class=\"_ _129\"> </span><span class=\"ws0\">489 406<span class=\"_ _fa\"> </span>489 406<span class=\"_ _221\"> </span>450 296<span class=\"_ _219\"> </span>39 110<span class=\"_ _12e\"> </span>489 406</span>SUM<span class=\"_ _222\"> </span>626<span class=\"_ _47\"> </span><span class=\"ws0\">489 406<span class=\"_ _6d\"> </span>490 033<span class=\"_ _221\"> </span>450 296<span class=\"_ _3c\"> </span></span>626<span class=\"_ _25\"> </span><span class=\"ws0\">39 110<span class=\"_ _12e\"> </span>490 033</span>LiabilitiesFinancial liabilities measured at fair valueFor<span class=\"_ _e\"></span>ward exchange contracts used for hedging-9 851<span class=\"_ _1f1\"> </span><span class=\"fsc ls9\">-9 851<span class=\"_ _32\"> </span>-9 851<span class=\"_ _f7\"> </span>-9 851</span>SUM<span class=\"_ _211\"> </span><span class=\"ws0\">-9 851<span class=\"_ _1f1\"> </span>-9 851<span class=\"_ _32\"> </span>-9 851<span class=\"_ _167\"> </span>-9 851</span>Financial liabilities not  <span class=\"_ _45\"></span>measured at fair v<span class=\"_ _0\"></span>alueLong-term debt<span class=\"_ _223\"> </span>22 431<span class=\"_ _217\"> </span>22 431<span class=\"_ _199\"> </span>22 431<span class=\"_ _83\"> </span>22 431SUM<span class=\"_ _224\"> </span><span class=\"ws0\">22 431<span class=\"_ _217\"> </span>22 431<span class=\"_ _199\"> </span>22 431<span class=\"_ _83\"> </span>22 431</span>2021CARRYING AMOUNT<span class=\"_ _21f\"> </span>F<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>AL<span class=\"_ _b\"></span>UEF<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUE MANDA<span class=\"_ _1\"></span>T<span class=\"_ _0\"></span>ORIL<span class=\"_ _1\"></span>Y<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FINANCIAL ASSETS - HEDGING A<span class=\"_ _1\"></span>T FV<span class=\"_ _e\"></span>TPL<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0\"> </span>AND LIABIL<span class=\"_ _0\"></span>TIES A<span class=\"_ _1\"></span>T <span class=\"_ _45\"></span><span class=\"ls0\"> </span>INSTRUMENTS- O<span class=\"_ _0\"></span>THERSAMORTISED COST<span class=\"_ _14a\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _5e\"> </span><span class=\"ls8 ws0\">LEVEL 1<span class=\"_ _220\"> </span>LEVEL 2<span class=\"_ _46\"> </span>LEVEL 3<span class=\"_ _221\"> </span></span>TOTA<span class=\"_ _e\"></span>L</span>AssetsFinancial assets <span class=\"ls0\"> </span>measured at fair v<span class=\"_ _0\"></span>alueFor<span class=\"_ _e\"></span>ward exchange contracts used for hedging<span class=\"_ _127\"> </span>10 053<span class=\"_ _225\"> </span>10 053<span class=\"_ _199\"> </span>10 053<span class=\"_ _2a\"> </span>10 053Financial asset - equity instruments<span class=\"_ _129\"> </span><span class=\"ws0\">600 092<span class=\"_ _fa\"> </span>600 092<span class=\"_ _221\"> </span>568 191<span class=\"_ _219\"> </span>31 902<span class=\"_ _25\"> </span>600 092</span>SUM<span class=\"_ _226\"> </span><span class=\"ws0\">10 053<span class=\"_ _47\"> </span>600 092<span class=\"_ _6d\"> </span>610 145<span class=\"_ _221\"> </span>568 191<span class=\"_ _13a\"> </span>10 053<span class=\"_ _25\"> </span>31 902<span class=\"_ _12e\"> </span>610 145</span>LiabilitiesFinancial liabilities <span class=\"ls0\"> </span>measured at fair v<span class=\"_ _0\"></span>alueFor<span class=\"_ _e\"></span>ward exchange contracts used for hedging<span class=\"_ _20f\"> </span>-4 290<span class=\"_ _1f1\"> </span>-4 290<span class=\"_ _32\"> </span>-4 290<span class=\"_ _167\"> </span>-4 290SUM<span class=\"_ _211\"> </span><span class=\"ws0\">-4 290<span class=\"_ _1f1\"> </span>-4 290<span class=\"_ _32\"> </span>-4 290<span class=\"_ _167\"> </span>-4 290</span>Financial liabilities <span class=\"ls0\"> </span>not measured at fair v<span class=\"_ _0\"></span>alueLong-term debt<span class=\"_ _223\"> </span>23 191<span class=\"_ _217\"> </span>23 191<span class=\"_ _199\"> </span>23 191<span class=\"_ _2a\"> </span>23 191SUM<span class=\"_ _224\"> </span><span class=\"ws0\">23 191<span class=\"_ _217\"> </span>23 191<span class=\"_ _199\"> </span>23 191<span class=\"_ _2a\"> </span>23 191</span>The management assessed that cash and shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term deposits, trade receivables, other curr<span class=\"_ _0\"></span>ent assets, trade payables and other current liabilities\u2019 carr<span class=\"_ _e\"></span>ying amounts is a reasonable appro<span class=\"_ _0\"></span>ximation of their fair value largely due to the short<span class=\"_ _0\"></span>-term maturities of these instruments.Nel enters into for<span class=\"_ _3\"></span>ward exchange contracts with financial institutions, where the fair value o<span class=\"_ _0\"></span>f such instruments is based on valuation techniques including market obser<span class=\"_ _3\"></span>vable inputs. The most frequently applied valuation techniques include for<span class=\"_ _3\"></span>ward pricing and swap models using net pr<span class=\"_ _0\"></span>esent value calculations. The models used incorporate various inputs, including the credit quality o<span class=\"_ _0\"></span>f counterpar<span class=\"_ _3\"></span>ties, foreign exchange spot and for<span class=\"_ _3\"></span>ward rates and inter<span class=\"_ _0\"></span>est rate cur<span class=\"_ _3\"></span>ves. The valuation is per<span class=\"_ _e\"></span>formed by banks or external valuation providers.For recurring fair value measur<span class=\"_ _0\"></span>ements using significant unobser<span class=\"_ _3\"></span>vable inputs (Level 3), the effect of the measur<span class=\"_ _0\"></span>ements on pro<span class=\"_ _0\"></span>fit or loss for the period has been 0.0 (0.0) million.6.7 <span class=\"_ _46\"> </span><span class=\"fc1\">Contractual commitments </span>and commitments for futur<span class=\"_ _0\"></span>e investments <span class=\"fc2\"> </span>Nel is committed to future investments for Her\u00f8ya expansion in Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, see note 3.2 for additional information.7.1 <span class=\"_ _46\"> </span>Composition o<span class=\"_ _0\"></span>f the gr<span class=\"_ _0\"></span>oupThe following subsidiaries are included in the consolidated financial statements:MAIN <span class=\"ls0 ws0\"> </span>CONSOLID<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>TED<span class=\"_ _0\"></span> OWNERSHIP/<span class=\"ls0 ws0\"> </span>OWNERSHIP/<span class=\"ls0 ws0\"> </span>COMP<span class=\"_ _1\"></span>ANY<span class=\"_ _1bc\"> </span>LOCA<span class=\"_ _1\"></span>TIONOPERA<span class=\"_ _1\"></span>TIONSFROM:VO<span class=\"_ _0\"></span>TES 2022VO<span class=\"_ _0\"></span>TES 2021Nel Hydrogen<span class=\"ls0\"> </span>Electrolyser AS<span class=\"_ _192\"> </span>Notodden, Nor<span class=\"_ _3\"></span>way<span class=\"_ _5c\"> </span>Alkaline electrolysers<span class=\"_ _8e\"> </span><span class=\"ws1a\">01.10.2015<span class=\"_ _5c\"> </span></span>100 %<span class=\"_ _8e\"> </span>100 %Hydrogen fueling Nel Hydrogen A/S<span class=\"_ _9b\"> </span>Herning, Denmarkstations<span class=\"_ _198\"> </span>01.07.2015<span class=\"_ _8e\"> </span><span class=\"ws0\">100 %<span class=\"_ _8e\"> </span>100 %</span>Nel Fuel AS<span class=\"_ _1bc\"> </span>Oslo, Nor<span class=\"_ _e\"></span>way<span class=\"_ _16f\"> </span><span class=\"ws1a\">Investment/holding<span class=\"_ _5b\"> </span>01.07.2015<span class=\"_ _8e\"> </span></span>100 %<span class=\"_ _8e\"> </span>100 %Proton Ener<span class=\"_ _0\"></span>gy Systems Inc<span class=\"_ _f\"> </span>W<span class=\"_ _0\"></span>allingford, Connecticut, USA<span class=\"_ _220\"> </span>PEM electrolysers<span class=\"_ _192\"> </span><span class=\"ws1a\">01.07.2017<span class=\"_ _3b\"> </span></span>100 %<span class=\"_ _5c\"> </span>100 %Nel Kor<span class=\"_ _0\"></span>ea Co. Ltd<span class=\"_ _1cc\"> </span>Seoul, South Kor<span class=\"_ _b\"></span>ea <span class=\"_ _8e\"> </span>Ser<span class=\"_ _3\"></span>vice of H2Station\u00ae<span class=\"_ _1e6\"> </span><span class=\"ws1a\">01.07.2018<span class=\"_ _8e\"> </span></span>100 %<span class=\"_ _8e\"> </span>100 %Nel Hydrogen Inc<span class=\"_ _14b\"> </span>San Leandro, California USA<span class=\"_ _f\"> </span>Ser<span class=\"_ _e\"></span>vice of H2Station\u00ae<span class=\"_ _1e6\"> </span><span class=\"ws1a\">01.01.2019<span class=\"_ _8e\"> </span></span>100 %<span class=\"_ _5c\"> </span>100 %Nel Hydrogen <span class=\"ls0\"> </span>Electrolyser Germany GmbH<span class=\"_ _220\"> </span>Munich, Germany<span class=\"_ _16d\"> </span>Electrolysers sales office<span class=\"_ _94\"> </span><span class=\"ws1a\">24.10.2022<span class=\"_ _3b\"> </span></span>100 %<span class=\"_ _5c\"> </span>100 %Nel Hydrogen <span class=\"ls0\"> </span>Electrolyser Belgium BV<span class=\"_ _4b\"> </span>Brussels, Belgium<span class=\"_ _227\"> </span>Electrolyser sales o<span class=\"_ _0\"></span>ffice<span class=\"_ _8a\"> </span><span class=\"ws1a\">27.09.2021<span class=\"_ _8e\"> </span></span>100 %<span class=\"_ _5c\"> </span>100 %Nel Austria GmbH<span class=\"_ _8c\"> </span>Wien, Austria<span class=\"_ _228\"> </span>Fueling sales office<span class=\"_ _12b\"> </span><span class=\"ws1a\">30.03.2022<span class=\"_ _8e\"> </span></span>100 %<span class=\"_ _8e\"> </span>100 %All subsidiaries are 100 % owned. Ther<span class=\"_ _0\"></span>e is no uncer<span class=\"_ _3\"></span>tainty about control and no r<span class=\"_ _0\"></span>estrictions on the ability to access or use assets and settle liabilities in the group.7.2 <span class=\"_ _46\"> </span>Executive management r<span class=\"_ _0\"></span>emunerationNel Executive Management Compensation and number o<span class=\"_ _0\"></span>f shares owned2022(Amounts in NOK thousands)REMUNERA<span class=\"_ _1\"></span>TION OF <span class=\"ls0\"> </span>PENSION <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>O<span class=\"_ _0\"></span>THER <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span> NUMBER OF 1)MANAGEMENT 2022<span class=\"_ _197\"> </span><span class=\"ws19\">SAL<span class=\"_ _3\"></span>ARY<span class=\"_ _12e\"> </span>BONUS</span>EXPENSEREMUNERA<span class=\"_ _1\"></span>TIONREMUNERA<span class=\"_ _1\"></span>TIONSHARES2)H\u00e5kon V<span class=\"_ _0\"></span>olldal, CEO 2 156<span class=\"_ _3f\"> </span><span class=\"ws1a\">589<span class=\"_ _5f\"> </span>96<span class=\"_ _124\"> </span></span><span class=\"ls0\">0<span class=\"_ _229\"> </span></span>2 842<span class=\"_ _27\"> </span><span class=\"ls0\">0</span>3)Jon Andr\u00e9 L\u00f8kke, CEO 2 297<span class=\"_ _28\"> </span>1 563<span class=\"_ _5f\"> </span><span class=\"ws1a\">68<span class=\"_ _e8\"> </span></span>1 500<span class=\"_ _1c9\"> </span>5 428<span class=\"_ _6a\"> </span>550 000Kjell Christian Bj\u00f8rnsen, CFO <span class=\"_ _dc\"> </span>2 837<span class=\"_ _38\"> </span><span class=\"ws1a\">71<span class=\"_ _183\"> </span>191<span class=\"_ _124\"> </span></span><span class=\"ls0\">0<span class=\"_ _1c9\"> </span></span>3 099<span class=\"_ _192\"> </span><span class=\"ls0\">0</span>Anders S\u00f8reng, CT<span class=\"_ _0\"></span>O<span class=\"_ _22a\"> </span>2 381<span class=\"_ _38\"> </span><span class=\"ws1a\">62<span class=\"_ _183\"> </span>191<span class=\"_ _aa\"> </span>894<span class=\"_ _1c9\"> </span></span>3 528<span class=\"_ _6a\"> </span>135 0004)J\u00f8rn Rosenlund, CSO 1 185<span class=\"_ _47\"> </span><span class=\"ls0\">0<span class=\"_ _5f\"> </span></span><span class=\"ws1a\">66<span class=\"_ _aa\"> </span>911<span class=\"_ _1c9\"> </span></span>2 161<span class=\"_ _27\"> </span><span class=\"ls0\">0</span>5)Esa Laukkanen, COO 1 140<span class=\"_ _47\"> </span><span class=\"ls0\">0<span class=\"_ _cb\"> </span>0<span class=\"_ _bd\"> </span>0<span class=\"_ _1c9\"> </span></span>1 140<span class=\"_ _192\"> </span><span class=\"ls0\">0</span>Rober<span class=\"_ _e\"></span>t Borin, SVP Nel Hydrogen Fueling<span class=\"_ _61\"> </span>3 084<span class=\"_ _38\"> </span><span class=\"ws1a\">79<span class=\"_ _183\"> </span>257<span class=\"_ _bd\"> </span></span><span class=\"ls0\">0<span class=\"_ _1c9\"> </span></span>3 419<span class=\"_ _192\"> </span><span class=\"ls0\">0</span>Filip Smeets, SVP Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser<span class=\"_ _67\"> </span><span class=\"ls9\">2 173<span class=\"_ _6a\"> </span><span class=\"ws1a\">58<span class=\"_ _cb\"> </span></span><span class=\"ls0\">0<span class=\"_ _bd\"> </span>0<span class=\"_ _1c9\"> </span></span>2 232<span class=\"_ _192\"> </span><span class=\"ls0\">0</span></span>Hans Hide, SVP Projects<span class=\"_ _db\"> </span>2 122<span class=\"_ _38\"> </span><span class=\"ws1a\">52<span class=\"_ _183\"> </span>191<span class=\"_ _aa\"> </span>872<span class=\"_ _1c9\"> </span></span>3 236<span class=\"_ _47\"> </span>20 000Stein Ove Erdal, Vice Pr<span class=\"_ _0\"></span>esident Legal and<span class=\"_ _e\"></span> General Counsel<span class=\"_ _22b\"> </span>2 192<span class=\"_ _38\"> </span><span class=\"ws1a\">57<span class=\"_ _183\"> </span>191<span class=\"_ _aa\"> </span>872<span class=\"_ _1c9\"> </span></span>3 311<span class=\"_ _27\"> </span><span class=\"ls0\">0</span>Caroline Duyckaerts, Chief Human Resources Officer<span class=\"_ _22c\"> </span><span class=\"ws0\">1 866<span class=\"_ _38\"> </span></span>50<span class=\"_ _183\"> </span>191<span class=\"_ _124\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1c9\"> </span><span class=\"ls9\">2 107<span class=\"_ _192\"> </span></span>0</span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _206\"> </span><span class=\"ls9 ws0\">23 434<span class=\"_ _28\"> </span>2 582<span class=\"_ _78\"> </span>1 439<span class=\"_ _e8\"> </span>5 048<span class=\"_ _158\"> </span>32 502<span class=\"_ _6a\"> </span>705 000</span>1) Other remuneration is mainly r<span class=\"_ _b\"></span>elated to share option pr<span class=\"_ _0\"></span>ogram and severance pay2) Employed in Nel from July 2022. Has a six months notice period, plus is entitled to six months sever<span class=\"_ _b\"></span>ence pay<span class=\"_ _0\"></span>, if terminated by the company<span class=\"_ _0\"></span>.3) Left Nel in June 20224) Left Nel in April 20225) Employed in Nel from August 20222021(Amounts in NOK thousands)REMUNERA<span class=\"_ _1\"></span>TION OF <span class=\"ls0\"> </span>PENSION <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>O<span class=\"_ _0\"></span>THER <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span> NUMBER OF 1)MANAGEMENT 2021<span class=\"_ _11e\"> </span><span class=\"ws19\">SALARY<span class=\"_ _12c\"> </span>BONUS</span>EXPENSEREMUNERA<span class=\"_ _1\"></span>TIONREMUNERA<span class=\"_ _1\"></span>TIONSHARES2)Jon Andr\u00e9 L\u00f8kke, CEO 3 015<span class=\"_ _31\"> </span><span class=\"ws1b\">753<span class=\"_ _3a\"> </span></span> 181 <span class=\"_ _121\"> </span><span class=\"ls0\">0<span class=\"_ _e8\"> </span></span>3 949<span class=\"_ _78\"> </span><span class=\"fsc ls9\">2 000 000</span>Kjell Christian Bj\u00f8rnsen, CFO 2 579<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _3a\"> </span></span> 181 <span class=\"_ _121\"> </span><span class=\"ls0\">0<span class=\"_ _e8\"> </span></span>2 760<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>Anders S\u00f8reng, CT<span class=\"_ _0\"></span>O2 226<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span><span class=\"ws1b\">181<span class=\"_ _178\"> </span>596<span class=\"_ _e8\"> </span></span>3 003<span class=\"_ _92\"> </span><span class=\"fsc ls9\">200 000</span>J\u00f8rn Rosenlund, CSO2 730<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span><span class=\"ws1b\">198<span class=\"_ _178\"> </span>607<span class=\"_ _e8\"> </span></span>3 535<span class=\"_ _92\"> </span><span class=\"fsc ls9\">250 000</span>Rober<span class=\"_ _e\"></span>t Borin, SVP Nel Hydrogen Fueling2 214<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span><span class=\"ws1b\">176<span class=\"_ _1c7\"> </span></span><span class=\"ls0\">0<span class=\"_ _e8\"> </span></span>2 391<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>Filip Smeets, SVP Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser2 462<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _14b\"> </span>0<span class=\"_ _bd\"> </span>0<span class=\"_ _e8\"> </span></span>2 462<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>Hans Hide, SVP Projects1 906<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _3a\"> </span></span> 181 <span class=\"_ _c1\"> </span><span class=\"ws1b\">581<span class=\"_ _e8\"> </span></span>2 668<span class=\"_ _5f\"> </span><span class=\"fsc ls9\">20 000</span>Stein Ove Erdal, Vice Pr<span class=\"_ _0\"></span>esident Legal and<span class=\"_ _e\"></span> General Counsel2 070<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _3a\"> </span></span> 181 <span class=\"_ _c1\"> </span><span class=\"ws1b\">581<span class=\"_ _e8\"> </span></span>2 832<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>Caroline Duyckaerts, Chief Human<span class=\"_ _e\"></span> <span class=\"ls0\"> </span>Resources Officer1 632<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span><span class=\"ws1b\">181<span class=\"_ _1c7\"> </span></span><span class=\"ls0\">0<span class=\"_ _e8\"> </span></span>1 813<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L20 834<span class=\"_ _31\"> </span><span class=\"ws1b\">753<span class=\"_ _67\"> </span></span>1 462<span class=\"_ _b4\"> </span>2 365<span class=\"_ _b9\"> </span>25 413<span class=\"_ _78\"> </span><span class=\"fsc ls9\">2 470 000</span>1) Other remuneration is mainly r<span class=\"_ _b\"></span>elated to share option pr<span class=\"_ _0\"></span>ogram2) Jon Andr\u00e9 L\u00f8kke has a six months notice period, plus is entitled to six months sever<span class=\"_ _b\"></span>ence pay<span class=\"_ _0\"></span>.The Board o<span class=\"_ _0\"></span>f Directors determines the remuneration o<span class=\"_ _0\"></span>f the CEO based on a proposal fr<span class=\"_ _0\"></span>om the Remuneration Committee and approves the general terms o<span class=\"_ _0\"></span>f the company\u2019<span class=\"_ _0\"></span>s incentive plans for Executive management and other key employees. The CEO determines the compensation to the other members of Nel\u2019<span class=\"_ _1\"></span>s Executive Management. Nel\u2019<span class=\"_ _1\"></span>s approach is to provide the CEO and other members of Nel\u2019<span class=\"_ _1\"></span>s executive Management as well as employees with a market competitive o<span class=\"_ _b\"></span>ffer for our renewable industr<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>. The compensation should be: \u2022 <span class=\"_ _6\"> </span>attractive to recruit and retain executives and other talents to Nel; \u2022 <span class=\"_ _6\"> </span>market competitive in the respective locations but not market leading, fitting for our renewable industr<span class=\"_ _e\"></span>y; \u2022 <span class=\"_ _6\"> </span>Suppor<span class=\"_ _3\"></span>t the creation o<span class=\"_ _0\"></span>f sustainable value to Nel\u2019<span class=\"_ _0\"></span>s shareholders T<span class=\"_ _4\"></span>otal compensation for each member of Executive Management is compared to the r<span class=\"_ _0\"></span>elevant market on a regular basis. Nel\u2019<span class=\"_ _1\"></span>s remuneration of the Executive Management includes the Base Salar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, Bonus, Shar<span class=\"_ _0\"></span>e Option Program, P<span class=\"_ _0\"></span>ension (defined contribution plans) and other compensation elements such as car<span class=\"_ _1\"></span>, cell phone and internet connection.7.3 <span class=\"_ _46\"> </span><span class=\"fc1\">External audit </span>r<span class=\"_ _0\"></span>emunerationFEES T<span class=\"_ _0\"></span>O THE GROUP AUDIT<span class=\"_ _0\"></span>OR<span class=\"_ _12b\"> </span><span class=\"ws19\">2022<span class=\"_ _47\"> </span>2021</span>Statutor<span class=\"_ _e\"></span>y auditing ser<span class=\"_ _3\"></span>vices<span class=\"_ _162\"> </span>3 073<span class=\"_ _1ff\"> </span>2 834Attestation ser<span class=\"_ _e\"></span>vices<span class=\"_ _22d\"> </span><span class=\"ws1a\">160<span class=\"_ _196\"> </span>285</span>Non-auditing ser<span class=\"_ _e\"></span>vices<span class=\"_ _17b\"> </span><span class=\"ls0\">0<span class=\"_ _196\"> </span></span><span class=\"ws1a\">428</span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _22e\"> </span><span class=\"ls9 ws0\">3 233<span class=\"_ _1ff\"> </span>3 547</span>In addition to the fees included in the remuneration table above, the group incurr<span class=\"_ _0\"></span>ed NOK 1.4 (1.4) million in 2022 of attestation ser<span class=\"_ _3\"></span>vices and non-auditing ser<span class=\"_ _3\"></span>vices provided by company other than EY<span class=\"_ _1\"></span>, the gr<span class=\"_ _0\"></span>oup auditor<span class=\"_ _1\"></span>.FEES T<span class=\"_ _0\"></span>O O<span class=\"_ _0\"></span>THER AUDIT<span class=\"_ _0\"></span>ORS<span class=\"_ _0\"></span>  ELECTED B<span class=\"_ _b\"></span>Y SUBSIDIARIES<span class=\"_ _c5\"> </span><span class=\"ws19\">2022<span class=\"_ _47\"> </span>2021</span>Statutor<span class=\"_ _e\"></span>y auditing ser<span class=\"_ _3\"></span>vices0<span class=\"_ _219\"> </span>0Attestation ser<span class=\"_ _e\"></span>vices1 435<span class=\"_ _16a\"> </span><span class=\"ws1b\">882</span>Non-auditing ser<span class=\"_ _e\"></span>vices0<span class=\"_ _1ca\"> </span><span class=\"lsa ws1b\">503</span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L1 435<span class=\"_ _47\"> </span>1 3857.4 <span class=\"_ _46\"> </span><span class=\"fc1\">Related par<span class=\"_ _3\"></span>ties</span>EXECUTIVE MANA<span class=\"_ _b\"></span>GEMENT Information on key management compensation is disclosed in note \u20187.2 executive management remuneration\u2019<span class=\"_ _1\"></span>.ASSOCIA<span class=\"_ _4\"></span>TED AND JOINT VENTURESNel\u2019<span class=\"_ _1\"></span>s significant transactions with associated companies and joint ventures are described in note 3.4 Investments in associated companies and joint ventures.T<span class=\"_ _1\"></span>ransactions with r<span class=\"_ _0\"></span>elated par<span class=\"_ _3\"></span>ties are at arm\u2019<span class=\"_ _1\"></span>s length principles.BOARD OF DIRECT<span class=\"_ _1\"></span>ORSMembers of Nel\u2019<span class=\"_ _1\"></span>s Board o<span class=\"_ _0\"></span>f Directors\u2019 remuneration and shar<span class=\"_ _b\"></span>e ownership are disclosed in the tables below<span class=\"_ _1\"></span>.2022BOARD OF DIRECT<span class=\"_ _0\"></span>ORS 2022<span class=\"_ _77\"> </span><span class=\"ws19\">REMUNERA<span class=\"_ _0\"></span>TION<span class=\"_ _50\"> </span><span class=\"ws0\"> NUMBER OF SHARES<span class=\"_ _17a\"> </span></span>OWNERSHIP</span>Ole Enger - Chair of the Boar<span class=\"_ _0\"></span>d<span class=\"_ _22f\"> </span><span class=\"ws1a\">616<span class=\"_ _230\"> </span></span>149 462<span class=\"_ _1d7\"> </span>0.01 %T<span class=\"_ _4\"></span>om R\u00f8tjer<span class=\"_ _231\"> </span><span class=\"ws1a\">341<span class=\"_ _17b\"> </span></span><span class=\"ls0\">0<span class=\"_ _1d7\"> </span></span>0.00 %Beatriz Malo de Molina<span class=\"_ _a1\"> </span><span class=\"ws1a\">341<span class=\"_ _232\"> </span></span><span class=\"ls0\">0<span class=\"_ _1d7\"> </span></span>0.00 %Charlotta F<span class=\"_ _0\"></span>alvin<span class=\"_ _103\"> </span><span class=\"ws1a\">341<span class=\"_ _232\"> </span></span><span class=\"ls0\">0<span class=\"_ _1d7\"> </span></span>0.00 %1)Finn Jebsen 341<span class=\"_ _1d7\"> </span><span class=\"ws0\">50 620<span class=\"_ _1d7\"> </span>0.00 %</span>Hanne Blume<span class=\"_ _ab\"> </span><span class=\"ws1a\">341<span class=\"_ _232\"> </span></span><span class=\"ls0\">0<span class=\"_ _1d7\"> </span></span>0.00 %Jon Andr\u00e9 L\u00f8kke<span class=\"_ _1fc\"> </span><span class=\"ws1a\">341<span class=\"_ _230\"> </span></span>550 000<span class=\"_ _1d7\"> </span>0.04 %TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _f8\"> </span>2,659<span class=\"_ _2f\"> </span><span class=\"ws0\">750 082<span class=\"_ _1d7\"> </span>0.05 %</span>1)  Consisting of shar<span class=\"_ _0\"></span>es held through F<span class=\"_ _0\"></span>ateburet ASAUDIT C<span class=\"_ _0\"></span>OMMIT<span class=\"_ _e\"></span>TEE 2022<span class=\"_ _233\"> </span>REMUNERA<span class=\"_ _1\"></span>TIONBeatriz Malo de Molina - chair of the committee110Charlotta F<span class=\"_ _0\"></span>alvin75TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L185REMUNERA<span class=\"_ _1\"></span>TION COMMITTEE 2022<span class=\"_ _234\"> </span>REMUNERA<span class=\"_ _1\"></span>TIONHanne Blume - chair of the committee90Ole Enger60TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L1502021BOARD OF DIRECT<span class=\"_ _0\"></span>ORS 2021<span class=\"_ _77\"> </span><span class=\"ws19\">REMUNERA<span class=\"_ _0\"></span>TION<span class=\"_ _50\"> </span><span class=\"ws0\"> NUMBER OF SHARES<span class=\"_ _17a\"> </span></span>OWNERSHIP</span>Ole Enger - Chair of the Boar<span class=\"_ _0\"></span>d<span class=\"_ _22f\"> </span><span class=\"ws1a\">589<span class=\"_ _230\"> </span></span>149 462<span class=\"_ _1d7\"> </span>0.01 %T<span class=\"_ _4\"></span>om R\u00f8tjer<span class=\"_ _231\"> </span><span class=\"ws1a\">319<span class=\"_ _17b\"> </span></span><span class=\"ls0\">0<span class=\"_ _1d7\"> </span></span>0.00 %Beatriz Malo de Molina<span class=\"_ _a1\"> </span><span class=\"ws1a\">319<span class=\"_ _232\"> </span></span><span class=\"ls0\">0<span class=\"_ _1d7\"> </span></span>0.00 %Charlotta F<span class=\"_ _0\"></span>alvin<span class=\"_ _103\"> </span><span class=\"ws1a\">319<span class=\"_ _232\"> </span></span><span class=\"ls0\">0<span class=\"_ _1d7\"> </span></span>0.00 %1)Finn Jebsen 319<span class=\"_ _230\"> </span><span class=\"ws0\">310 620<span class=\"_ _1d7\"> </span>0.02 %</span>Hanne Blume<span class=\"_ _ab\"> </span><span class=\"ws1a\">319<span class=\"_ _232\"> </span></span><span class=\"ls0\">0<span class=\"_ _1d7\"> </span></span>0.00 %TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _235\"> </span><span class=\"ls9 ws0\">2 186<span class=\"_ _230\"> </span>460 082<span class=\"_ _1d7\"> </span>0.03 %</span>1)  Consisting of shar<span class=\"_ _0\"></span>es held through F<span class=\"_ _0\"></span>ateburet ASAUDIT C<span class=\"_ _0\"></span>OMMIT<span class=\"_ _e\"></span>TEE 2021<span class=\"_ _233\"> </span>REMUNERA<span class=\"_ _1\"></span>TIONFinn Jebsen - chair of the audit committee85Beatriz Malo de Molina50TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L135REMUNERA<span class=\"_ _1\"></span>TION COMMITTEE 2021<span class=\"_ _234\"> </span>REMUNERA<span class=\"_ _1\"></span>TIONHanne Blume - chair of the committee65Ole Enger35TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L1007.5 <span class=\"_ _46\"> </span><span class=\"fc1\">Events af<span class=\"_ _e\"></span>ter the balance </span>sheet dateThere have been no significant changes in the financial position of the Gr<span class=\"_ _0\"></span>oup since the date of the interim financial statements for twelve months ended 31 December 2022.7.6 <span class=\"_ _46\"> </span><span class=\"fc1\">Going concern</span>The financial statement is presented on the going concern assumption under International Financial Repor<span class=\"_ _e\"></span>ting Standards. As per the date o<span class=\"_ _0\"></span>f this repor<span class=\"_ _e\"></span>t the group has sufficient working capital for its planned business activities over the next twelve-month period.The Board o<span class=\"_ _0\"></span>f Directors confirmed on this basis that the going concern assumption is valid, and that financial statements are prepar<span class=\"_ _0\"></span>ed in accordance with this assumption.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__21": {
   "value": "FOREIGN EXCHANGE AND CURRENCYT<span class=\"_ _4\"></span>ransactions and balancesT<span class=\"_ _1\"></span>ransactions in for<span class=\"_ _0\"></span>eign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses are r<span class=\"_ _0\"></span>ecognised within \u2018finance cost\u2019 in the pro<span class=\"_ _0\"></span>fit or loss. Foreign currency monetar<span class=\"_ _e\"></span>y items are translated into functional curr<span class=\"_ _0\"></span>ency using the balance sheet closing rates. Non-monetar<span class=\"_ _3\"></span>y items that are measur<span class=\"_ _0\"></span>ed in terms o<span class=\"_ _b\"></span>f historical cost in a foreign curr<span class=\"_ _0\"></span>ency continue to be translated using the exchange rate that prevailed at the date of the transaction. Non-monetar<span class=\"_ _e\"></span>y items that are measur<span class=\"_ _0\"></span>ed at fair value in a foreign curr<span class=\"_ _0\"></span>ency are translated using the exchange rates that prevailed at the date when the fair value was measured.All foreign curr<span class=\"_ _0\"></span>ency translations are recognised in pr<span class=\"_ _0\"></span>ofit or loss as finance cost except for foreign curr<span class=\"_ _0\"></span>ency translations where a hedging r<span class=\"_ _0\"></span>elationship exists, and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__22": {
   "value": "Consolidation o<span class=\"_ _0\"></span>f subsidiariesThe individual financial statements of a subsidiar<span class=\"_ _e\"></span>y are prepar<span class=\"_ _0\"></span>ed in the subsidiar<span class=\"_ _3\"></span>y\u2019<span class=\"_ _0\"></span>s functional curr<span class=\"_ _b\"></span>ency<span class=\"_ _1\"></span>. In preparing ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__23": {
   "value": "STATEMENT OF CASH FLOWSThe Group uses the indirect method for the presentation of the cash flow statement.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__24-1": {
   "value": "1.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Significant accounting </span>policiesAccounting policies and estimate uncer<span class=\"_ _e\"></span>tainty are largely incorporated into the individual notes.T<span class=\"_ _4\"></span>able of contents for wher<span class=\"_ _0\"></span>e the significant policies are elaborated.Revenue from contracts with customers<span class=\"_ _ac\"> </span>2.1Research and development<span class=\"_ _33\"> </span>3.1Goodwill<span class=\"_ _13c\"> </span>3.1Property<span class=\"_ _0\"></span>, plant and equipment<span class=\"_ _13d\"> </span>3.2Leases<span class=\"_ _13e\"> </span>3.3Investment in associates and joint ventures<span class=\"_ _bb\"> </span>3.4Inventories<span class=\"_ _13f\"> </span>4.1T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables<span class=\"_ _140\"> </span>4.2Impairment o<span class=\"_ _b\"></span>f non-derivative financial assets<span class=\"_ _12d\"> </span>4.4Government grants<span class=\"_ _141\"> </span>5.3Provisions<span class=\"_ _ce\"> </span>5.5Derivative financial instruments and hedge accounting<span class=\"_ _142\"> </span>6.5The revenue in Nel is fr<span class=\"_ _0\"></span>om sale of both complete hydrogen electrolyser systems and hydr<span class=\"_ _0\"></span>ogen fueling stations, including installation, commissioning, and long-term ser<span class=\"_ _3\"></span>vice agreements. Additionally<span class=\"_ _1\"></span>, Nel earns revenue from replacement parts and accessories in the af<span class=\"_ _e\"></span>termarket. Project execution is key in Nel\u2019<span class=\"_ _1\"></span>s large construction projects.The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>evenues result from the sale o<span class=\"_ _0\"></span>f goods or ser<span class=\"_ _3\"></span>vices and reflect the consideration to which the gr<span class=\"_ _0\"></span>oup is and expect to be entitled. IFRS 15 requir<span class=\"_ _0\"></span>es the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or ser<span class=\"_ _3\"></span>vices), determines the transaction price, allocates the contract transaction price to the per<span class=\"_ _e\"></span>formance obligations, and recognises the r<span class=\"_ _0\"></span>evenue when (or as) the per<span class=\"_ _e\"></span>formance obligations are satisfied. Revenue recognition is determined on a contract<span class=\"_ _1\"></span>-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 r<span class=\"_ _0\"></span>ecognised at a point in time or over time, 49% (58%) and 51% (42%) of r<span class=\"_ _0\"></span>evenue in 2022, respectively<span class=\"_ _1\"></span>. Revenue is recognised over<span class=\"_ _1\"></span>-time using the method that best depicts the pattern of the transfer of contr<span class=\"_ _0\"></span>ol over time. The method applied is the cost<span class=\"_ _0\"></span>-to-cost input method, adjusted as time and goods ar<span class=\"_ _0\"></span>e delivered to the customer<span class=\"_ _4\"></span>. Contract costs are expensed as incurred.Significant accounting judgements \u2013 revenue r<span class=\"_ _0\"></span>ecognitionThe Group applied the following judgements that significantly affect the determination o<span class=\"_ _b\"></span>f the timing o<span class=\"_ _b\"></span>f revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s: P<span class=\"_ _0\"></span>er<span class=\"_ _e\"></span>formance obligationsIn determining whether revenue fr<span class=\"_ _0\"></span>om a specific contract can be classified as customised and in turn recognised using a progr<span class=\"_ _0\"></span>ess-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece o<span class=\"_ _0\"></span>f equipment for a specific customer that would requir<span class=\"_ _0\"></span>e significant cost to modify to be able to transfer it to another customer<span class=\"_ _1\"></span>, then the contract would likely meet the criteria o<span class=\"_ _b\"></span>f no alternative use. The other impor<span class=\"_ _e\"></span>tant criterion is that an enforceable right to payment exists in the contract between the group and the customer<span class=\"_ _1\"></span>. Right to payment entails that the gr<span class=\"_ _0\"></span>oup has a right to receive payment fr<span class=\"_ _0\"></span>om the customer if the contract would be terminated. Upon termination at a cer<span class=\"_ _e\"></span>tain time, the group should be able to r<span class=\"_ _0\"></span>ecover costs incurred and a reasonable mar<span class=\"_ _0\"></span>gin.Determining whether revenue fr<span class=\"_ _0\"></span>om a contract should be recognised over time or at point in time could have a significant effect on the financial statements and are to some extent dependent upon judgements from management. Estimation uncer<span class=\"_ _e\"></span>tainty \u2013 revenue recognitionThe Group applied the following estimations that significantly affect the determination o<span class=\"_ _b\"></span>f the i) timing and ii) amount of r<span class=\"_ _0\"></span>evenue from contracts with customers:i) TimingT<span class=\"_ _d\"></span>otal contract costsIn a customised customer project, Nel uses cost<span class=\"_ _1\"></span>-to-cost input method when measuring progr<span class=\"_ _0\"></span>ess; thus, the total cost estimates can significantly impact measured pr<span class=\"_ _0\"></span>ogress and revenue r<span class=\"_ _0\"></span>ecognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled r<span class=\"_ _0\"></span>esources, per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f subcontractors, commodity prices, foreign currency and Nel\u2019<span class=\"_ _1\"></span>s manufacturing capacity<span class=\"_ _0\"></span>, pr<span class=\"_ _b\"></span>oductivity and quality<span class=\"_ _1\"></span>.ii) AmountLiquidated damages (LDs)LDs are pr<span class=\"_ _0\"></span>e-defined penalties for breaches of contract. LDs are most commonly used with r<span class=\"_ _0\"></span>espect to delay<span class=\"_ _0\"></span>. As the payment to the customer is not in exchange for a distinct good or ser<span class=\"_ _3\"></span>vice that transfers to Nel, LD\u2019<span class=\"_ _0\"></span>s must be accounted for as a reduction o<span class=\"_ _0\"></span>f revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment o<span class=\"_ _0\"></span>f the LD provision is based on experience fr<span class=\"_ _0\"></span>om similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.T<span class=\"_ _e\"></span>YPE OF GOODS OR SERVICESThe group generates r<span class=\"_ _0\"></span>evenue from customer contracts from two principal sour<span class=\"_ _0\"></span>ces: i) Equipment and projects and ii) Ser<span class=\"_ _3\"></span>vice and aftermarket. The equipment and projects sales are generated fr<span class=\"_ _0\"></span>om both standard and customised equipment.Standard equipmentThe group r<span class=\"_ _0\"></span>ecognises revenue at the point in time at which it satisfies a per<span class=\"_ _e\"></span>formance obligation by transferring the control of a good or ser<span class=\"_ _e\"></span>vice to the customer<span class=\"_ _1\"></span>, generally this upon agreed incoterms, which is mainly at shipment. The customer has control o<span class=\"_ _0\"></span>f a good or ser<span class=\"_ _3\"></span>vice when it has the ability to direct the use o<span class=\"_ _0\"></span>f and obtain substantially all of the r<span class=\"_ _0\"></span>emaining benefits from the good or ser<span class=\"_ _e\"></span>vice. If customer acceptance of products is not assur<span class=\"_ _0\"></span>ed, revenue is recor<span class=\"_ _0\"></span>ded only upon formalcustomer acceptance.The point in time measurement basis for standar<span class=\"_ _0\"></span>d equipment has been the main method of r<span class=\"_ _0\"></span>ecognising revenue in Electrolyser US division, aftermarket segment in the Electrolyser Nor<span class=\"_ _e\"></span>way division and the Fueling divison.Customised equipmentMost of Nel\u2019<span class=\"_ _1\"></span>s revenue stems fr<span class=\"_ _0\"></span>om standard equipment, however<span class=\"_ _1\"></span>, in cer<span class=\"_ _e\"></span>tain contracts the customisation requir<span class=\"_ _b\"></span>ed qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as r<span class=\"_ _0\"></span>evenue over<span class=\"_ _0\"></span>-time if Nel has an enfor<span class=\"_ _0\"></span>ceable right to payment for per<span class=\"_ _e\"></span>formance completed to date.ProjectsThe project contracts typically comprise  \u2022 <span class=\"_ _6\"> </span>equipment (standard product or customised), \u2022 <span class=\"_ _6\"> </span>design, siting, installation and commissioning of the equipment,Electrolyser<span class=\"_ _1\"></span>.<span class=\"ff1\"> Revenue fr<span class=\"_ _0\"></span>om sale of customised equipment </span>and projects is determined to be a bundle o<span class=\"_ _0\"></span>f goods where all of the components constitute the combined output, i.e. one per<span class=\"_ _e\"></span>formance obligation. The performance obligation is satisfied over time and Nel recognise r<span class=\"_ _0\"></span>evenue over the period the per<span class=\"_ _e\"></span>formance obligation is satisfied, using a cost<span class=\"_ _0\"></span>-to-cost input method that best depicts the pattern o<span class=\"_ _b\"></span>f the transfer o<span class=\"_ _b\"></span>f control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally<span class=\"_ _0\"></span>, contracts usually include ser<span class=\"_ _3\"></span>vice agreement and extended warranty for a specific period. Both ser<span class=\"_ _3\"></span>vice and extended warranty are separate performance obligations satisfied over 12 months or more, r<span class=\"_ _0\"></span>efer ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket.The progr<span class=\"_ _0\"></span>ess-based measurement of r<span class=\"_ _0\"></span>evenue has been the main method of r<span class=\"_ _0\"></span>ecognising revenue fr<span class=\"_ _b\"></span>om electrolyser projects o<span class=\"_ _0\"></span>f large-scale electr<span class=\"_ _b\"></span>olyser systems.Fueling. <span class=\"ff1\">Sale of fueling equipment o<span class=\"_ _0\"></span>f<span class=\"_ _e\"></span>ten include a standard </span>installation ser<span class=\"_ _3\"></span>vice and commissioning, each assessed as individual per<span class=\"_ _e\"></span>formance obligation. Revenue recognition for equipment depends on assessment of standar<span class=\"_ _0\"></span>d or customised equipment. Revenue for installation and commissioning is recognised over<span class=\"_ _1\"></span>-time measuring progr<span class=\"_ _0\"></span>ess using input method cost<span class=\"_ _0\"></span>-to-cost.Ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket Ser<span class=\"_ _3\"></span>vice and aftermarket comprise operations and maintenance (O&amp;M), extended warranty<span class=\"_ _0\"></span>, r<span class=\"_ _0\"></span>epair<span class=\"_ _1\"></span>, replacement par<span class=\"_ _e\"></span>ts and accessories.For separately sold operating and maintenance contracts where the gr<span class=\"_ _0\"></span>oup has agreed to provide r<span class=\"_ _0\"></span>outine maintenance ser<span class=\"_ _3\"></span>vices over a period of time for a fixed price, r<span class=\"_ _0\"></span>evenue is recognised on a straight<span class=\"_ _1\"></span>-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of r<span class=\"_ _0\"></span>eplacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon deliver<span class=\"_ _3\"></span>y of the r<span class=\"_ _0\"></span>eplacement par<span class=\"_ _e\"></span>ts and accessories. CONTRA<span class=\"_ _0\"></span>CT BAL<span class=\"_ _3\"></span>ANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when cer<span class=\"_ _e\"></span>tain criteria are met. A typical milestone structure could be contract acceptance, placement o<span class=\"_ _0\"></span>f major supplier purchases, deliver<span class=\"_ _e\"></span>y/shipment and complete installation and commissioning. The payment structure o<span class=\"_ _0\"></span>f the contracts typically results in advance payments and pr<span class=\"_ _0\"></span>ogress billings exceed the satisfaction of performance obligations in progr<span class=\"_ _0\"></span>ess. Consequently<span class=\"_ _0\"></span>, creating a net contract liability<span class=\"_ _1\"></span>. In cer<span class=\"_ _e\"></span>tain circumstances based on the order value, cr<span class=\"_ _0\"></span>edit wor<span class=\"_ _e\"></span>thiness of geographic location, the gr<span class=\"_ _b\"></span>oup may requir<span class=\"_ _0\"></span>e payment in advance of shipment. The gr<span class=\"_ _0\"></span>oup does not accept returns o<span class=\"_ _0\"></span>f product or pr<span class=\"_ _b\"></span>ovide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or ser<span class=\"_ _3\"></span>vices transferred to the customer<span class=\"_ _4\"></span>. If the group performs by transferring goods or ser<span class=\"_ _3\"></span>vices to a customer before the customer pays consideration or befor<span class=\"_ _0\"></span>e payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profit (less recognised loss) on each contract is compar<span class=\"_ _0\"></span>ed against the advances and progr<span class=\"_ _0\"></span>ess billings. Where the cumulative costs incurred plus the r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses) exceed advances and progr<span class=\"_ _0\"></span>ess billings, the balance is presented as due fr<span class=\"_ _0\"></span>om customer<span class=\"_ _e\"></span>s on construction contracts within \u201c<span class=\"_ _1\"></span>contract assets\u201d<span class=\"_ _0\"></span>. When the contract assets become an unconditional right to consideration they are r<span class=\"_ _0\"></span>eclassified and presented separately as trade r<span class=\"_ _0\"></span>eceivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or ser<span class=\"_ _3\"></span>vices to a customer for which the group has r<span class=\"_ _0\"></span>eceived consideration (or an amount of consideration is due) fr<span class=\"_ _0\"></span>om the customer<span class=\"_ _1\"></span>. If a customer pays consideration befor<span class=\"_ _0\"></span>e the group transfers goods or ser<span class=\"_ _3\"></span>vices to the customer<span class=\"_ _1\"></span>, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are r<span class=\"_ _0\"></span>ecognised as revenue when the gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>forms under the contract. Where advances and progr<span class=\"_ _0\"></span>ess billings exceed the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses), the balance is presented as due to customers on construction contracts within \u201c<span class=\"_ _1\"></span>contract liabilities\u201d<span class=\"_ _0\"></span>.3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, DEPRECIA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>Office machines and other equipment has a useful life of 3-5 years\u2022 <span class=\"_ _6\"> </span>Production equipment has a useful life of 3-8 years\u2022 <span class=\"_ _6\"> </span>Buildings has a useful life of 30-40 years\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnical installations have a useful life o<span class=\"_ _0\"></span>f 15-10 years\u2022 <span class=\"_ _6\"> </span>Right of use assets has a useful life of 2-10 yearsHer\u00f8ya expansionIn 2022, Nel initiated a continued expansion at Her\u00f8ya in Nor<span class=\"_ _3\"></span>way with an additional 500 MW alkaline production line, expected to be operational from April 2024. The carr<span class=\"_ _3\"></span>ying amount for the Her\u00f8ya second line expansion is NOK 55 million as of 31 December 2022. T<span class=\"_ _d\"></span>otal contractual commitments beyond December 2022 for the second line are NOK 230 million, including pur<span class=\"_ _0\"></span>chase contracts for all the physical equipment needed.ImpairmentAn assessment of impair<span class=\"_ _b\"></span>ment o<span class=\"_ _b\"></span>f property<span class=\"_ _0\"></span>, plant and equipment is made if there is an indication o<span class=\"_ _0\"></span>f impairment. If the impairment test reveals that an asset\u2019<span class=\"_ _1\"></span>s carr<span class=\"_ _3\"></span>ying amount is higher than the recoverable amount, an impairment loss will be r<span class=\"_ _0\"></span>ecognised.<span class=\"_ _e\"></span> Property<span class=\"_ _0\"></span>, plant and equipment is included in \u2018<span class=\"_ _1\"></span>other invested<span class=\"_ _e\"></span> capital\u2019 allocated to the respective C<span class=\"_ _0\"></span>GU\u2019<span class=\"_ _1\"></span>s for the annual<span class=\"_ _e\"></span> impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.3.3<span class=\"fc1 wse5\"> Leases</span>At inception o<span class=\"_ _0\"></span>f 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 o<span class=\"_ _0\"></span>f time in exchange for consideration. T<span class=\"_ _4\"></span>o assess whether a contract conveys the right to control the use o<span class=\"_ _0\"></span>f an identified asset, the Group uses the definition of a lease in IFRS 16.AS A LESSEEAt commencement date or on modification o<span class=\"_ _0\"></span>f a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Gr<span class=\"_ _0\"></span>oup has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are tr<span class=\"_ _0\"></span>eated separately in other standards than IFRS 16. The group r<span class=\"_ _0\"></span>ecognise a right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset and a lease liability at the lease commencement date. The right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial dir<span class=\"_ _0\"></span>ect costs incurred. The right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset is subsequently depreciated using the straight<span class=\"_ _0\"></span>-line method fr<span class=\"_ _0\"></span>om the commencement date to the end of the lease ter<span class=\"_ _b\"></span>m. In addition, the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is periodically reduced by impairment losses, if any<span class=\"_ _1\"></span>, and adjusted for cer<span class=\"_ _e\"></span>tain remeasurements o<span class=\"_ _0\"></span>f the lease liability<span class=\"_ _1\"></span>.The lease liability is initially measured at the pr<span class=\"_ _0\"></span>esent value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s incremental borr<span class=\"_ _0\"></span>owing rate. Generally<span class=\"_ _0\"></span>, the Group uses its incremental borr<span class=\"_ _0\"></span>owing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR) for additional information. Lease payments included in the measurement o<span class=\"_ _0\"></span>f the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is r<span class=\"_ _0\"></span>emeasured when there is a change in future lease payments arising fr<span class=\"_ _0\"></span>om a change in an index. When the lease liability is remeasur<span class=\"_ _0\"></span>ed in this way<span class=\"_ _0\"></span>, a corresponding adjustment is made to the carr<span class=\"_ _e\"></span>ying amount of the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset. P<span class=\"_ _0\"></span>ayments for insurance, proper<span class=\"_ _e\"></span>ty tax and V<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>T ar<span class=\"_ _0\"></span>e excluded from the lease payments amount as they are defined variable lease payments.The Group pr<span class=\"_ _0\"></span>esents right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use assets in \u2018proper<span class=\"_ _e\"></span>ty<span class=\"_ _0\"></span>, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019<span class=\"_ _1\"></span>, divided into current and non-curr<span class=\"_ _0\"></span>ent por<span class=\"_ _3\"></span>tions.Shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and leases o<span class=\"_ _0\"></span>f low value assetsNel have elected the practical expedient of tr<span class=\"_ _0\"></span>eating shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and low value assets outside the scope of IFRS 16.Significant accounting judgements - Estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR)The Group cannot r<span class=\"_ _0\"></span>eadily determine the interest rate implicit in the lease, therefor<span class=\"_ _0\"></span>e, it uses its IBR to measure lease liabilities. The IBR is the rate of inter<span class=\"_ _0\"></span>est that the Group would have to pay to borrow over a similar ter<span class=\"_ _b\"></span>m, and with a similar security<span class=\"_ _0\"></span>, the funds necessar<span class=\"_ _3\"></span>y to obtain an asset of a similar value to the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset in a similar economic environment. The IBR therefor<span class=\"_ _0\"></span>e reflects what the Group \u2018would have to pay\u2019<span class=\"_ _1\"></span>, which requires estimation when no obser<span class=\"_ _e\"></span>vable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incr<span class=\"_ _0\"></span>emental borrowing rate by considering various interest rates (risk fr<span class=\"_ _0\"></span>ee rate as 10-year government bonds, and risk premiums) and makes cer<span class=\"_ _e\"></span>tain adjustments to reflect the terms o<span class=\"_ _0\"></span>f the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiar<span class=\"_ _3\"></span>y\u2019<span class=\"_ _1\"></span>s stand-alone credit rating).The group has lease contracts for various items o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, war<span class=\"_ _0\"></span>ehouse and parking have 5 years and motor vehicles and other equipment generally have lease terms between 3 and 5 years. The Group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s obligations under its leases are secur<span class=\"_ _0\"></span>ed by the lessor<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group<span class=\"_ _1\"></span>\u2019 two significant leases in the manufacturing facilities at Her\u00f8ya (Nor<span class=\"_ _3\"></span>way) and W<span class=\"_ _0\"></span>allingford (US). Right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets(Amounts in NOK thousands)MANU-<span class=\"ls0 ws0\"> </span>OFFICE, <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACTURING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AREHOUSE M<span class=\"_ _3\"></span>OTO<span class=\"_ _3\"></span>R<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACILITIESAND P<span class=\"_ _1\"></span>ARKINGVEHICLES<span class=\"_ _4b\"> </span>EQUIPMENT<span class=\"_ _157\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202166 9695 554<span class=\"_ _bb\"> </span>2 862<span class=\"_ _af\"> </span><span class=\"ws1a\">560<span class=\"_ _6c\"> </span></span>75 946Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">13 657<span class=\"_ _bb\"> </span>1 380<span class=\"_ _af\"> </span></span>117<span class=\"_ _6c\"> </span><span class=\"ws0\">15 155</span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">33 843<span class=\"_ _bb\"> </span>2 323<span class=\"_ _27\"> </span></span>-174<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">35 992</span></span>Depreciation<span class=\"_ _f3\"> </span><span class=\"ws0\">-9 030<span class=\"_ _157\"> </span>-5 637<span class=\"_ _5b\"> </span>-1 386<span class=\"_ _27\"> </span></span>-116<span class=\"_ _3b\"> </span><span class=\"ws0\">-16 170</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _1dc\"> </span><span class=\"ws1a\">490<span class=\"_ _a5\"> </span>-56<span class=\"_ _154\"> </span>-120<span class=\"_ _a5\"> </span>-39<span class=\"_ _af\"> </span>275</span>As of 31.12.2021<span class=\"_ _1dd\"> </span>92 272<span class=\"_ _6c\"> </span>15 841<span class=\"_ _bb\"> </span>2 563<span class=\"_ _af\"> </span><span class=\"ws1a\">522<span class=\"_ _8c\"> </span></span>111 197Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 469<span class=\"_ _af\"> </span></span>492<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 961</span></span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">42 404<span class=\"_ _bb\"> </span>1 033<span class=\"_ _27\"> </span></span>-320<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">43 117</span></span>Depreciation <span class=\"_ _144\"> </span><span class=\"ws0\">-12 064<span class=\"_ _157\"> </span>-7 940<span class=\"_ _5b\"> </span>-1 233<span class=\"_ _27\"> </span></span>-121<span class=\"_ _3b\"> </span><span class=\"ws0\">-21 358</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _d4\"> </span>1 449<span class=\"_ _af\"> </span><span class=\"ws1a\">435<span class=\"_ _af\"> </span>108<span class=\"_ _15a\"> </span>22<span class=\"_ _bb\"> </span></span>2 013As of 31.12.2022 (note 3.2)<span class=\"_ _8d\"> </span>124 061<span class=\"_ _6c\"> </span>44 839<span class=\"_ _158\"> </span>1 608<span class=\"_ _af\"> </span><span class=\"ws1a\">423<span class=\"_ _59\"> </span></span>170 931In December 2022, the group r<span class=\"_ _0\"></span>eassessed the extension option within the lease agreement o<span class=\"_ _0\"></span>f W<span class=\"_ _0\"></span>allingford (US). The lease agreement expir<span class=\"_ _0\"></span>es in July 2024 with two extension options for 5-year periods exercisable in July 2024 (extending termination date to July 2029) and July 2029 (extending termination date to July 2034). The reassessment evaluated Nel\u2019<span class=\"_ _1\"></span>s recent plans to increase the pr<span class=\"_ _0\"></span>oduction capacity in US, including the budget planned for capital expenditure in 2023, and economic incentives for do not reallocate skilled staff and its fixed assets. The conclusion is that Nel is reasonably certain to exercise the first extension option expiring in July 2024. As of 31 December 2022, the economic incentives for the extension due in July 2029 were consider<span class=\"_ _0\"></span>ed unclear and not reasonably certain due to the uncer<span class=\"_ _3\"></span>tainties about the size of the capacity expansion, total investment and location.The reassessment r<span class=\"_ _0\"></span>esulted in an increase of the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets and lease liabilities of NOK 42.4 million in 2022.Lease liabilitiesThe table below show the carr<span class=\"_ _3\"></span>ying amounts of lease liabilities (both curr<span class=\"_ _0\"></span>ent and non-current por<span class=\"_ _e\"></span>tion) and the movements during the period:(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.<span class=\"_ _1de\"> </span>133 421<span class=\"_ _bb\"> </span>91 416Additions<span class=\"_ _1df\"> </span><span class=\"ws0\">35 961<span class=\"_ _bb\"> </span>15 155</span>Remeasurement<span class=\"_ _1e0\"> </span><span class=\"ws0\">43 117<span class=\"_ _bb\"> </span>35 992</span>Accretion o<span class=\"_ _0\"></span>f interest<span class=\"_ _1e1\"> </span>10 473<span class=\"_ _1e2\"> </span>8 792Lease payments<span class=\"_ _1e3\"> </span>-24 873<span class=\"_ _157\"> </span>-18 357T<span class=\"_ _1\"></span>ranslation differences<span class=\"_ _118\"> </span>2 515<span class=\"_ _1e4\"> </span><span class=\"ws1a\">423</span>Balance as of 31.12.<span class=\"_ _1de\"> </span>200 615<span class=\"_ _cd\"> </span>133 421Current30 438<span class=\"_ _2a\"> </span>19 916Non-current 170 177<span class=\"_ _1c1\"> </span>113 505Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421The maturity analysis of undiscounted cash flow in lease liabilities is disclosed in Note 5.2. The differ<span class=\"_ _0\"></span>ence between discounted cash flows and undiscounted cash flows (discount effect) is NOK 86.5 (73.8) million as of 31.12.2022. The discount effect is mainly related to manufacturing facility at Her\u00f8ya with included lease term until 2035.Reconciliation of liabilities arising fr<span class=\"_ _0\"></span>om financing activities in statement of cash flows, split in cash flows and non-cash changes.(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.133 421<span class=\"_ _2a\"> </span>91 416Cash flows principal amount-14 400<span class=\"_ _195\"> </span>-15 467Cash flows interests-10 473<span class=\"_ _167\"> </span>-2 890Non-cash changes:Additions and remeasur<span class=\"_ _0\"></span>ements79 078<span class=\"_ _2a\"> </span>51 147Accretion o<span class=\"_ _0\"></span>f interest expense10 473<span class=\"_ _63\"> </span>2 890Accretion o<span class=\"_ _0\"></span>f capitalised interests0<span class=\"_ _63\"> </span><span class=\"lsa\">5 902</span>Foreign curr<span class=\"_ _0\"></span>ency effects2 515<span class=\"_ _b4\"> </span><span class=\"ws1b\">423</span>Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421Amounts recognised in pr<span class=\"_ _0\"></span>ofit or loss (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Depreciation expense o<span class=\"_ _0\"></span>f right<span class=\"_ _0\"></span>-of<span class=\"_ _1\"></span>-use assets-21 358<span class=\"_ _195\"> </span>-14 518Interest expense on lease liabilities-10 473<span class=\"_ _167\"> </span>-3 611Income from subleasing right<span class=\"_ _1\"></span>-of<span class=\"_ _0\"></span>-use assets2 205<span class=\"_ _63\"> </span>2 379Expense relating to leases o<span class=\"_ _0\"></span>f low-value assets-208<span class=\"_ _32\"> </span>-203Expense relating to short<span class=\"_ _0\"></span>-term leases, excluding shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases o<span class=\"_ _b\"></span>f low-value assets-32<span class=\"_ _32\"> </span>-131V<span class=\"_ _1\"></span>ariable lease payments0<span class=\"_ _fb\"> </span>0T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL amount recognised in pro<span class=\"_ _0\"></span>fit or loss-29,866<span class=\"_ _195\"> </span>-16,084Other informationT<span class=\"_ _4\"></span>otal cash outflow for leases as a lessee25 113<span class=\"_ _2a\"> </span>14 860W<span class=\"_ _0\"></span>eighted incremental borrowing rate used as discount rate for the measuring o<span class=\"_ _0\"></span>f lease liabilities6.9 %<span class=\"_ _137\"> </span>9.6 %Extension and termination optionsThe Group has several lease contracts that include extension and termination options. These options ar<span class=\"_ _0\"></span>e negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s business needs.  Significant accounting judgements - Determining the lease term o<span class=\"_ _0\"></span>f contracts with renewal and termination options -  Group as a lessee.The Group determines the lease term as the non-cancellable ter<span class=\"_ _b\"></span>m o<span class=\"_ _b\"></span>f the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Gr<span class=\"_ _0\"></span>oup applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exer<span class=\"_ _0\"></span>cise either the renewal or termination. After the commencement date, the Group r<span class=\"_ _0\"></span>eassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exer<span class=\"_ _0\"></span>cise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as par<span class=\"_ _e\"></span>t of the lease term as these ar<span class=\"_ _0\"></span>e not reasonably cer<span class=\"_ _e\"></span>tain to be exercised. In addition, the r<span class=\"_ _0\"></span>enewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not mor<span class=\"_ _0\"></span>e than three years and, hence is not exercising any r<span class=\"_ _b\"></span>enewal options. The periods covered by termination options ar<span class=\"_ _0\"></span>e included as par<span class=\"_ _3\"></span>t of the lease ter<span class=\"_ _b\"></span>m only when they are r<span class=\"_ _0\"></span>easonably cer<span class=\"_ _3\"></span>tain not to be exercised.Set out below are the material undiscounted potential futur<span class=\"_ _0\"></span>e rental payments r<span class=\"_ _0\"></span>elating to periods following the exercise date of extension and ter<span class=\"_ _b\"></span>mination options that are not included in the lease term.Inventories comprises purchased raw materials, work in progr<span class=\"_ _0\"></span>ess and finished goods. Obsolescence is considered for inventories and write-down is per<span class=\"_ _e\"></span>formed on obsolete goods. Inventories are measur<span class=\"_ _0\"></span>ed under the weighted-average cost formula. The cost o<span class=\"_ _b\"></span>f each item is determined from the weighted average of the cost o<span class=\"_ _0\"></span>f similar items at the beginning of a period and the cost o<span class=\"_ _0\"></span>f similar items bought or produced during the period. The average is calculated on a quar<span class=\"_ _e\"></span>terly basis.Inventories are measur<span class=\"_ _0\"></span>ed at the lowest of cost and net realisable value less costs to sell. In both 2022 and 2021, all items of inventories ar<span class=\"_ _0\"></span>e measured at cost. The amount of inventories r<span class=\"_ _0\"></span>ecognised as an expense was NOK 622.2 (510.2) million during the period.T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or ser<span class=\"_ _e\"></span>vices to the customer<span class=\"_ _1\"></span>. T<span class=\"_ _4\"></span>rade receivables are subsequently accounted for at amor<span class=\"_ _e\"></span>tised cost and are reviewed for impair<span class=\"_ _b\"></span>ment on an ongoing basis. T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables are generally not discounted. T<span class=\"_ _1\"></span>rade r<span class=\"_ _0\"></span>eceivables are presented net o<span class=\"_ _0\"></span>f expected credit losses. Changes in the expected credit loss ar<span class=\"_ _0\"></span>e recognised within other operating expenses in statement of compr<span class=\"_ _0\"></span>ehensive income.Nel recognises loss allowances for \u2018Expected Cr<span class=\"_ _0\"></span>edit Loss\u2019 (ECL) on:a) Financial assets measured at amortised cost; andb) Contract assetsLoss allowance for trade receivables and contract assets ar<span class=\"_ _0\"></span>e always measured at an amount equal to lifetime ECLs.When determining whether the credit risk o<span class=\"_ _0\"></span>f a financial asset has increased significantly since initial r<span class=\"_ _0\"></span>ecognition and when estimating ECLs, the Group considers r<span class=\"_ _b\"></span>easonable and suppor<span class=\"_ _e\"></span>table information that is relevant and available without undue cost or effor<span class=\"_ _e\"></span>t. This includes both quantitative and qualitative information and analysis, based on the Group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s historical experience and informed credit assessment, that includes for<span class=\"_ _3\"></span>ward-looking information.MEASUREMENT OF ECL<span class=\"ls0\">s</span>ECLs are a pr<span class=\"_ _0\"></span>obability-weighted estimate of cr<span class=\"_ _b\"></span>edit losses. Credit losses ar<span class=\"_ _0\"></span>e measured as the present value o<span class=\"_ _0\"></span>f all cash shor<span class=\"_ _e\"></span>tfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive).PRESENT<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>TION OF ALL<span class=\"_ _0\"></span>OW<span class=\"_ _0\"></span>ANCE FOR<span class=\"_ _0\"></span> ECL IN THE ST<span class=\"_ _4\"></span>A<span class=\"_ _4\"></span>TEMENT OF FINANCIAL POSITIONLoss allowances for financial assets measured at amortised cost are deducted fr<span class=\"_ _0\"></span>om the gross carr<span class=\"_ _3\"></span>ying amount o<span class=\"_ _b\"></span>f the assets.Government grants are r<span class=\"_ _0\"></span>ecognised where there is r<span class=\"_ _0\"></span>easonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. rants received that r<span class=\"_ _0\"></span>elate to an acquisition or development of assets has been pr<span class=\"_ _0\"></span>esented \u201c<span class=\"_ _1\"></span>gross\u201d in Nel\u2019<span class=\"_ _0\"></span>s financial statements. A gross pr<span class=\"_ _0\"></span>esentation entails that the grant received is pr<span class=\"_ _0\"></span>esented separately as deferred income. The deferred income is pr<span class=\"_ _0\"></span>esented as a non-current liability and is amor<span class=\"_ _e\"></span>tised over the useful life of the r<span class=\"_ _0\"></span>elated asset. The amor<span class=\"_ _e\"></span>tised par<span class=\"_ _3\"></span>t o<span class=\"_ _b\"></span>f the deferred income is pr<span class=\"_ _0\"></span>esented as other operating income in the statement of compr<span class=\"_ _0\"></span>ehensive income.PROVISIONS, CONTINGENT LIABILITIES<span class=\"_ _0\"></span> AND CONTINGENT ASSETSThe group makes pr<span class=\"_ _0\"></span>ovisions when a legal or constructive obligation exists as a result o<span class=\"_ _0\"></span>f past events, it is more likely than not that a transfer of financial r<span class=\"_ _0\"></span>esources will be requir<span class=\"_ _0\"></span>ed to settle the obligation, and the amount of the obligation can be reliably estimated. When the gr<span class=\"_ _0\"></span>oup expects some or all of a pr<span class=\"_ _0\"></span>ovision to be reimbursed, for example, under an insurance contract, the reimbursement is r<span class=\"_ _b\"></span>ecognised as a separate asset, but only when the reimbursement is vir<span class=\"_ _e\"></span>tually cer<span class=\"_ _3\"></span>tain. When the effect is significant, provisions ar<span class=\"_ _0\"></span>e calculated by discounting expected cash flows at a pre-tax rate that reflects the time value o<span class=\"_ _0\"></span>f money and if appropriate the risks specific to the liability<span class=\"_ _1\"></span>. Increase in provisions as a result o<span class=\"_ _0\"></span>f time passing, is presented as interest expense.Information regar<span class=\"_ _0\"></span>ding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.A<span class=\"_ _b\"></span>C<span class=\"_ _0\"></span>CRUED W<span class=\"_ _0\"></span>ARRANTYThe groups warranty to customers is limited to r<span class=\"_ _b\"></span>eplacement par<span class=\"_ _e\"></span>ts and ser<span class=\"_ _3\"></span>vices and generally expires one year from the date of shipment or contract completion. Such warranties ar<span class=\"_ _0\"></span>e limited in time, for most products not exceeding 12 months. W<span class=\"_ _0\"></span>arranty is based on both contractual commitments and caused by liability under background law<span class=\"_ _1\"></span>. Estimated warranty obligations are r<span class=\"_ _0\"></span>ecorded in the period in which the related r<span class=\"_ _0\"></span>evenue is recognised or when a project is installed or commissioned. The group quantifies and recor<span class=\"_ _0\"></span>ds an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requir<span class=\"_ _0\"></span>es the Group to make assumptions and apply judgments when estimating product failur<span class=\"_ _0\"></span>e rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results ar<span class=\"_ _0\"></span>e not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or r<span class=\"_ _0\"></span>epair costs differ from the groups assumptions, the gr<span class=\"_ _0\"></span>oup may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage o<span class=\"_ _0\"></span>f revenue fr<span class=\"_ _b\"></span>om contracts with customers, in the range of 3% to 8%.EMPL<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>YEE BENEFITSNel has shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term incentive bonuses in place for all employees. The provision for bonus incurr<span class=\"_ _0\"></span>ed in 2022 to be finally measured and paid in 2023 is NOK 21.8 million. In addition, the employee benefits include provision for social security on stock options for social security payable in Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, calculated at the intrinsic value at year end. The provision fluctuates with the number o<span class=\"_ _0\"></span>f active options, timing of exer<span class=\"_ _0\"></span>cise and Nel ASA share price. See note 2.5 for fur<span class=\"_ _e\"></span>ther information on share option pr<span class=\"_ _0\"></span>ogram.SET<span class=\"_ _e\"></span>TLEMENT AND CL<span class=\"_ _3\"></span>AIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed pr<span class=\"_ _0\"></span>obable (more likely that not to occur). At the end o<span class=\"_ _0\"></span>f 2022 the provision is mainly related to the potential fines (no: forelegg) for the Kj\u00f8rbo incident received on Februar<span class=\"_ _e\"></span>y 16, 2021. In 2022 the provision is unchanged as the case is still open.ONEROUS CONTRA<span class=\"_ _0\"></span>CTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost o<span class=\"_ _0\"></span>f fulfilling the contract and any compensation or penalties arising from failur<span class=\"_ _0\"></span>e to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are oner<span class=\"_ _0\"></span>ous, the present obligation under the contract is recognised and measur<span class=\"_ _0\"></span>ed as a provision.DERIV<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>TIVE FINANCIAL INSTRUMENTS AND HEDGE A<span class=\"_ _b\"></span>C<span class=\"_ _0\"></span>COUNTINGThe Group holds derivative financial instruments to hedge its foreign curr<span class=\"_ _0\"></span>ency risk exposures. Derivatives are both initially and subsequently to initial recognition measur<span class=\"_ _0\"></span>ed at fair value, and changes therein ar<span class=\"_ _0\"></span>e generally recognised in pro<span class=\"_ _0\"></span>fit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable for<span class=\"_ _0\"></span>ecast transactions arising from changes in for<span class=\"_ _0\"></span>eign exchange rates. At the inception o<span class=\"_ _0\"></span>f designated hedging relationships, the Group documents the risk management objective and strategy for under<span class=\"_ _e\"></span>taking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to o<span class=\"_ _0\"></span>ffset each other<span class=\"_ _1\"></span>.Cash flow hedgesFor the purpose of hedge accounting, hedges ar<span class=\"_ _0\"></span>e classified as cash flow hedges when hedging the exposure to changes in the fair value of a r<span class=\"_ _0\"></span>ecognised asset or liability or a highly probable for<span class=\"_ _0\"></span>ecast transaction. Nel accounts for a hedge of foreign curr<span class=\"_ _0\"></span>ency risk as a cash flow hedge, including also<span class=\"_ _e\"></span> exposures to an unr<span class=\"_ _0\"></span>ecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective por<span class=\"_ _e\"></span>tion of changes in the fair value o<span class=\"_ _0\"></span>f the derivative<span class=\"_ _e\"></span> is recognised in OCI and accumulated in the hedging r<span class=\"_ _0\"></span>eser<span class=\"_ _3\"></span>ve.<span class=\"_ _e\"></span> The effective por<span class=\"_ _e\"></span>tion of changes in the fair value o<span class=\"_ _0\"></span>f the<span class=\"_ _e\"></span> derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, deter<span class=\"_ _b\"></span>mined on a present value basis, fr<span class=\"_ _0\"></span>om inception of the hedge. Any ineffective por<span class=\"_ _e\"></span>tion of changes in the fair value o<span class=\"_ _0\"></span>f the derivative<span class=\"_ _e\"></span> is recognised immediately in pr<span class=\"_ _0\"></span>ofit or loss.The group designates the curr<span class=\"_ _0\"></span>ency for<span class=\"_ _3\"></span>ward contracts on a \u2018for<span class=\"_ _3\"></span>ward basis\u2019<span class=\"_ _1\"></span>, which includes both the spot element and the for<span class=\"_ _3\"></span>ward element. Then the full fair value o<span class=\"_ _0\"></span>f the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reser<span class=\"_ _e\"></span>ve is reclassified to pr<span class=\"_ _b\"></span>ofit or loss in the same period or periods during which the hedged expected future cash flows affect pr<span class=\"_ _0\"></span>ofit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued pr<span class=\"_ _0\"></span>ospectively<span class=\"_ _0\"></span>. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reser<span class=\"_ _e\"></span>ve remains in equity until it is r<span class=\"_ _0\"></span>eclassified to profit or loss in the same period or periods as the hedged expected cash flows affect pro<span class=\"_ _0\"></span>fit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2022, foreign exchange for<span class=\"_ _e\"></span>ward contracts are designated as hedging instruments in cash flow hedges of fir<span class=\"_ _b\"></span>m sale commitment in U.S. dollar<span class=\"_ _1\"></span>, Swedish krona, Euro and British pound. In addition, pur<span class=\"_ _0\"></span>chase of property<span class=\"_ _0\"></span>, plant and equipment in Euro and highly pr<span class=\"_ _0\"></span>obably forecast transactions in Euro and Swedish Kr<span class=\"_ _0\"></span>ona.<span class=\"_ _e\"></span> The foreign exchange for<span class=\"_ _e\"></span>ward contract balances var<span class=\"_ _e\"></span>y in<span class=\"_ _e\"></span> par<span class=\"_ _e\"></span>ticular with the magnitude of firm commitment for<span class=\"_ _0\"></span>eign<span class=\"_ _e\"></span> currency sales and changes in for<span class=\"_ _0\"></span>eign exchange for<span class=\"_ _3\"></span>ward rates. As of 31 December 2022, the Gr<span class=\"_ _0\"></span>oup held the following instruments to hedge exposures to changes in for<span class=\"_ _0\"></span>eign currency",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__26": {
   "value": "1.4  Changes in accounting policiesA few amendments to IFRS have been implemented for the first time in the current year, including amendments to IAS 37 and measurement of onerous contracts. The amendments did not have any material impact for the Group. In addition, several amendments to IFRS are issued up to the date of issuance of the consolidated financial statements but are not yet effective. The Group has not applied the new IFRSs and the impact of applying the amendments is not expected to have a material impact on the Group\u2019s financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__25": {
   "value": "1.4  Changes in accounting policiesA few amendments to IFRS have been implemented for the first time in the current year, including amendments to IAS 37 and measurement of onerous contracts. The amendments did not have any material impact for the Group. In addition, several amendments to IFRS are issued up to the date of issuance of the consolidated financial statements but are not yet effective. The Group has not applied the new IFRSs and the impact of applying the amendments is not expected to have a material impact on the Group\u2019s financial statements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__27-1": {
   "value": "1.5 <span class=\"_ _46\"> </span><span class=\"fc1\">Significant accounting </span>judgements and estimation uncer<span class=\"_ _3\"></span>taintyThe preparation o<span class=\"_ _0\"></span>f financial statements requires management to make judgements and estimates that influence amounts recognised in certain accounts for assets, liabilities, income and expenses. The actual results may deviate fr<span class=\"_ _0\"></span>om such assumptions. Estimates and underlying assumptions are subject to continuous assessment.JUDGEMENTSThe following are Nel\u2019<span class=\"_ _1\"></span>s accounting policies that involves significant judgement and complexity which have most significant effect on the amounts recognised in the consolidated financial statements, including refer<span class=\"_ _0\"></span>ence to where it is discussed:Revenue recognition<span class=\"_ _143\"> </span>2.1Deferred tax assets<span class=\"_ _144\"> </span>2.8Development costs<span class=\"_ _145\"> </span>3.1Leases<span class=\"_ _146\"> </span>3.3ASSUMPTIONS AND ESTIMA<span class=\"_ _4\"></span>TION UNCERT<span class=\"_ _4\"></span>AINT<span class=\"_ _e\"></span>YRevenue recognition<span class=\"_ _143\"> </span>2.1Share-based payments<span class=\"_ _fe\"> </span>2.5Impairment o<span class=\"_ _b\"></span>f goodwill and intangible assets<span class=\"_ _9b\"> </span>3.1Significant accounting judgements \u2013 revenue r<span class=\"_ _0\"></span>ecognitionThe Group applied the following judgements that significantly affect the determination o<span class=\"_ _b\"></span>f the timing o<span class=\"_ _b\"></span>f revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s: P<span class=\"_ _0\"></span>er<span class=\"_ _e\"></span>formance obligationsIn determining whether revenue fr<span class=\"_ _0\"></span>om a specific contract can be classified as customised and in turn recognised using a progr<span class=\"_ _0\"></span>ess-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece o<span class=\"_ _0\"></span>f equipment for a specific customer that would requir<span class=\"_ _0\"></span>e significant cost to modify to be able to transfer it to another customer<span class=\"_ _1\"></span>, then the contract would likely meet the criteria o<span class=\"_ _b\"></span>f no alternative use. The other impor<span class=\"_ _e\"></span>tant criterion is that an enforceable right to payment exists in the contract between the group and the customer<span class=\"_ _1\"></span>. Right to payment entails that the gr<span class=\"_ _0\"></span>oup has a right to receive payment fr<span class=\"_ _0\"></span>om the customer if the contract would be terminated. Upon termination at a cer<span class=\"_ _e\"></span>tain time, the group should be able to r<span class=\"_ _0\"></span>ecover costs incurred and a reasonable mar<span class=\"_ _0\"></span>gin.Determining whether revenue fr<span class=\"_ _0\"></span>om a contract should be recognised over time or at point in time could have a significant effect on the financial statements and are to some extent dependent upon judgements from management. Estimation uncer<span class=\"_ _e\"></span>tainty \u2013 revenue recognitionThe Group applied the following estimations that significantly affect the determination o<span class=\"_ _b\"></span>f the i) timing and ii) amount of r<span class=\"_ _0\"></span>evenue from contracts with customers:i) TimingT<span class=\"_ _d\"></span>otal contract costsIn a customised customer project, Nel uses cost<span class=\"_ _1\"></span>-to-cost input method when measuring progr<span class=\"_ _0\"></span>ess; thus, the total cost estimates can significantly impact measured pr<span class=\"_ _0\"></span>ogress and revenue r<span class=\"_ _0\"></span>ecognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled r<span class=\"_ _0\"></span>esources, per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f subcontractors, commodity prices, foreign currency and Nel\u2019<span class=\"_ _1\"></span>s manufacturing capacity<span class=\"_ _0\"></span>, pr<span class=\"_ _b\"></span>oductivity and quality<span class=\"_ _1\"></span>.ii) AmountLiquidated damages (LDs)LDs are pr<span class=\"_ _0\"></span>e-defined penalties for breaches of contract. LDs are most commonly used with r<span class=\"_ _0\"></span>espect to delay<span class=\"_ _0\"></span>. As the payment to the customer is not in exchange for a distinct good or ser<span class=\"_ _3\"></span>vice that transfers to Nel, LD\u2019<span class=\"_ _0\"></span>s must be accounted for as a reduction o<span class=\"_ _0\"></span>f revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment o<span class=\"_ _0\"></span>f the LD provision is based on experience fr<span class=\"_ _0\"></span>om similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Share-based paymentsEstimating fair value for share-based payment transactions r<span class=\"_ _0\"></span>equires determination o<span class=\"_ _b\"></span>f the most appropriate evaluation model, which depends on the terms and conditions o<span class=\"_ _b\"></span>f the grant. This estimate also requir<span class=\"_ _0\"></span>es determination of the most appropriate inputs to the valuation model including the expected life o<span class=\"_ _0\"></span>f the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled shar<span class=\"_ _0\"></span>e-based payments are measured at fair value at the grant date.ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__29-1": {
   "value": "2.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Revenue fr<span class=\"_ _0\"></span>om contracts </span>with customersThe revenue in Nel is fr<span class=\"_ _0\"></span>om sale of both complete hydrogen electrolyser systems and hydr<span class=\"_ _0\"></span>ogen fueling stations, including installation, commissioning, and long-term ser<span class=\"_ _3\"></span>vice agreements. Additionally<span class=\"_ _1\"></span>, Nel earns revenue from replacement parts and accessories in the af<span class=\"_ _e\"></span>termarket. Project execution is key in Nel\u2019<span class=\"_ _1\"></span>s large construction projects.The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>evenues result from the sale o<span class=\"_ _0\"></span>f goods or ser<span class=\"_ _3\"></span>vices and reflect the consideration to which the gr<span class=\"_ _0\"></span>oup is and expect to be entitled. IFRS 15 requir<span class=\"_ _0\"></span>es the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or ser<span class=\"_ _3\"></span>vices), determines the transaction price, allocates the contract transaction price to the per<span class=\"_ _e\"></span>formance obligations, and recognises the r<span class=\"_ _0\"></span>evenue when (or as) the per<span class=\"_ _e\"></span>formance obligations are satisfied. Revenue recognition is determined on a contract<span class=\"_ _1\"></span>-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 r<span class=\"_ _0\"></span>ecognised at a point in time or over time, 49% (58%) and 51% (42%) of r<span class=\"_ _0\"></span>evenue in 2022, respectively<span class=\"_ _1\"></span>. Revenue is recognised over<span class=\"_ _1\"></span>-time using the method that best depicts the pattern of the transfer of contr<span class=\"_ _0\"></span>ol over time. The method applied is the cost<span class=\"_ _0\"></span>-to-cost input method, adjusted as time and goods ar<span class=\"_ _0\"></span>e delivered to the customer<span class=\"_ _4\"></span>. Contract costs are expensed as incurred.Significant accounting judgements \u2013 revenue r<span class=\"_ _0\"></span>ecognitionThe Group applied the following judgements that significantly affect the determination o<span class=\"_ _b\"></span>f the timing o<span class=\"_ _b\"></span>f revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s: P<span class=\"_ _0\"></span>er<span class=\"_ _e\"></span>formance obligationsIn determining whether revenue fr<span class=\"_ _0\"></span>om a specific contract can be classified as customised and in turn recognised using a progr<span class=\"_ _0\"></span>ess-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece o<span class=\"_ _0\"></span>f equipment for a specific customer that would requir<span class=\"_ _0\"></span>e significant cost to modify to be able to transfer it to another customer<span class=\"_ _1\"></span>, then the contract would likely meet the criteria o<span class=\"_ _b\"></span>f no alternative use. The other impor<span class=\"_ _e\"></span>tant criterion is that an enforceable right to payment exists in the contract between the group and the customer<span class=\"_ _1\"></span>. Right to payment entails that the gr<span class=\"_ _0\"></span>oup has a right to receive payment fr<span class=\"_ _0\"></span>om the customer if the contract would be terminated. Upon termination at a cer<span class=\"_ _e\"></span>tain time, the group should be able to r<span class=\"_ _0\"></span>ecover costs incurred and a reasonable mar<span class=\"_ _0\"></span>gin.Determining whether revenue fr<span class=\"_ _0\"></span>om a contract should be recognised over time or at point in time could have a significant effect on the financial statements and are to some extent dependent upon judgements from management. Estimation uncer<span class=\"_ _e\"></span>tainty \u2013 revenue recognitionThe Group applied the following estimations that significantly affect the determination o<span class=\"_ _b\"></span>f the i) timing and ii) amount of r<span class=\"_ _0\"></span>evenue from contracts with customers:i) TimingT<span class=\"_ _d\"></span>otal contract costsIn a customised customer project, Nel uses cost<span class=\"_ _1\"></span>-to-cost input method when measuring progr<span class=\"_ _0\"></span>ess; thus, the total cost estimates can significantly impact measured pr<span class=\"_ _0\"></span>ogress and revenue r<span class=\"_ _0\"></span>ecognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled r<span class=\"_ _0\"></span>esources, per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f subcontractors, commodity prices, foreign currency and Nel\u2019<span class=\"_ _1\"></span>s manufacturing capacity<span class=\"_ _0\"></span>, pr<span class=\"_ _b\"></span>oductivity and quality<span class=\"_ _1\"></span>.ii) AmountLiquidated damages (LDs)LDs are pr<span class=\"_ _0\"></span>e-defined penalties for breaches of contract. LDs are most commonly used with r<span class=\"_ _0\"></span>espect to delay<span class=\"_ _0\"></span>. As the payment to the customer is not in exchange for a distinct good or ser<span class=\"_ _3\"></span>vice that transfers to Nel, LD\u2019<span class=\"_ _0\"></span>s must be accounted for as a reduction o<span class=\"_ _0\"></span>f revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment o<span class=\"_ _0\"></span>f the LD provision is based on experience fr<span class=\"_ _0\"></span>om similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.T<span class=\"_ _e\"></span>YPE OF GOODS OR SERVICESThe group generates r<span class=\"_ _0\"></span>evenue from customer contracts from two principal sour<span class=\"_ _0\"></span>ces: i) Equipment and projects and ii) Ser<span class=\"_ _3\"></span>vice and aftermarket. The equipment and projects sales are generated fr<span class=\"_ _0\"></span>om both standard and customised equipment.Standard equipmentThe group r<span class=\"_ _0\"></span>ecognises revenue at the point in time at which it satisfies a per<span class=\"_ _e\"></span>formance obligation by transferring the control of a good or ser<span class=\"_ _e\"></span>vice to the customer<span class=\"_ _1\"></span>, generally this upon agreed incoterms, which is mainly at shipment. The customer has control o<span class=\"_ _0\"></span>f a good or ser<span class=\"_ _3\"></span>vice when it has the ability to direct the use o<span class=\"_ _0\"></span>f and obtain substantially all of the r<span class=\"_ _0\"></span>emaining benefits from the good or ser<span class=\"_ _e\"></span>vice. If customer acceptance of products is not assur<span class=\"_ _0\"></span>ed, revenue is recor<span class=\"_ _0\"></span>ded only upon formalcustomer acceptance.The point in time measurement basis for standar<span class=\"_ _0\"></span>d equipment has been the main method of r<span class=\"_ _0\"></span>ecognising revenue in Electrolyser US division, aftermarket segment in the Electrolyser Nor<span class=\"_ _e\"></span>way division and the Fueling divison.Customised equipmentMost of Nel\u2019<span class=\"_ _1\"></span>s revenue stems fr<span class=\"_ _0\"></span>om standard equipment, however<span class=\"_ _1\"></span>, in cer<span class=\"_ _e\"></span>tain contracts the customisation requir<span class=\"_ _b\"></span>ed qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as r<span class=\"_ _0\"></span>evenue over<span class=\"_ _0\"></span>-time if Nel has an enfor<span class=\"_ _0\"></span>ceable right to payment for per<span class=\"_ _e\"></span>formance completed to date.ProjectsThe project contracts typically comprise  \u2022 <span class=\"_ _6\"> </span>equipment (standard product or customised), \u2022 <span class=\"_ _6\"> </span>design, siting, installation and commissioning of the equipment,Electrolyser<span class=\"_ _1\"></span>.<span class=\"ff1\"> Revenue fr<span class=\"_ _0\"></span>om sale of customised equipment </span>and projects is determined to be a bundle o<span class=\"_ _0\"></span>f goods where all of the components constitute the combined output, i.e. one per<span class=\"_ _e\"></span>formance obligation. The performance obligation is satisfied over time and Nel recognise r<span class=\"_ _0\"></span>evenue over the period the per<span class=\"_ _e\"></span>formance obligation is satisfied, using a cost<span class=\"_ _0\"></span>-to-cost input method that best depicts the pattern o<span class=\"_ _b\"></span>f the transfer o<span class=\"_ _b\"></span>f control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally<span class=\"_ _0\"></span>, contracts usually include ser<span class=\"_ _3\"></span>vice agreement and extended warranty for a specific period. Both ser<span class=\"_ _3\"></span>vice and extended warranty are separate performance obligations satisfied over 12 months or more, r<span class=\"_ _0\"></span>efer ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket.The progr<span class=\"_ _0\"></span>ess-based measurement of r<span class=\"_ _0\"></span>evenue has been the main method of r<span class=\"_ _0\"></span>ecognising revenue fr<span class=\"_ _b\"></span>om electrolyser projects o<span class=\"_ _0\"></span>f large-scale electr<span class=\"_ _b\"></span>olyser systems.Fueling. <span class=\"ff1\">Sale of fueling equipment o<span class=\"_ _0\"></span>f<span class=\"_ _e\"></span>ten include a standard </span>installation ser<span class=\"_ _3\"></span>vice and commissioning, each assessed as individual per<span class=\"_ _e\"></span>formance obligation. Revenue recognition for equipment depends on assessment of standar<span class=\"_ _0\"></span>d or customised equipment. Revenue for installation and commissioning is recognised over<span class=\"_ _1\"></span>-time measuring progr<span class=\"_ _0\"></span>ess using input method cost<span class=\"_ _0\"></span>-to-cost.Ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket Ser<span class=\"_ _3\"></span>vice and aftermarket comprise operations and maintenance (O&amp;M), extended warranty<span class=\"_ _0\"></span>, r<span class=\"_ _0\"></span>epair<span class=\"_ _1\"></span>, replacement par<span class=\"_ _e\"></span>ts and accessories.For separately sold operating and maintenance contracts where the gr<span class=\"_ _0\"></span>oup has agreed to provide r<span class=\"_ _0\"></span>outine maintenance ser<span class=\"_ _3\"></span>vices over a period of time for a fixed price, r<span class=\"_ _0\"></span>evenue is recognised on a straight<span class=\"_ _1\"></span>-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of r<span class=\"_ _0\"></span>eplacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon deliver<span class=\"_ _3\"></span>y of the r<span class=\"_ _0\"></span>eplacement par<span class=\"_ _e\"></span>ts and accessories. The following table show the revenue fr<span class=\"_ _0\"></span>om contracts with customers by type of goods or ser<span class=\"_ _e\"></span>vice:The following table show the revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s by type of goods or ser<span class=\"_ _e\"></span>vice:2022<span class=\"_ _145\"> </span>2021SEGMENTS<span class=\"_ _147\"> </span><span class=\"ls8 ws19\">FUELING<span class=\"_ _148\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER<span class=\"_ _29\"> </span><span class=\"ls3a wsdf\">TOTA<span class=\"_ _e\"></span>L<span class=\"_ _7c\"> </span></span>FUELING<span class=\"_ _13a\"> </span>ELECTROL<span class=\"_ _0\"></span>YSER<span class=\"_ _28\"> </span><span class=\"ls3a wsdf\">TOTA<span class=\"_ _e\"></span>L</span></span>T<span class=\"_ _0\"></span>ype o<span class=\"_ _0\"></span>f goods or ser<span class=\"_ _3\"></span>viceEquipment and projects151 377630 960<span class=\"_ _5e\"> </span>782 337<span class=\"_ _44\"> </span>220 321<span class=\"_ _cb\"> </span>379 844<span class=\"_ _8\"> </span>600 165Ser<span class=\"_ _e\"></span>vice and af<span class=\"_ _e\"></span>termarket<span class=\"_ _149\"> </span>56 662<span class=\"_ _5c\"> </span>75 854<span class=\"_ _5e\"> </span>132 516<span class=\"_ _31\"> </span>96 845<span class=\"_ _c9\"> </span>56 086<span class=\"_ _12e\"> </span>152 931T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Revenue from contracts with customers<span class=\"_ _96\"> </span>208 039<span class=\"_ _d6\"> </span>706 814<span class=\"_ _14a\"> </span>914 853<span class=\"_ _44\"> </span>317 165<span class=\"_ _14b\"> </span>435 930<span class=\"_ _12e\"> </span>753 096Timing of r<span class=\"_ _0\"></span>evenue recognitionRevenue recognised at point in time<span class=\"_ _14c\"> </span>151 377<span class=\"_ _d6\"> </span>297 036<span class=\"_ _14a\"> </span>448 413<span class=\"_ _36\"> </span>220 321<span class=\"_ _cb\"> </span>219 820<span class=\"_ _8\"> </span>440 140Revenue recognised over time<span class=\"_ _14d\"> </span>56 662<span class=\"_ _d6\"> </span>409 777<span class=\"_ _14a\"> </span>466 440<span class=\"_ _31\"> </span>96 845<span class=\"_ _14b\"> </span>216 111<span class=\"_ _12e\"> </span>312 955T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Revenue from contracts with customers<span class=\"_ _96\"> </span>208 039<span class=\"_ _d6\"> </span>706 814<span class=\"_ _14a\"> </span>914 853317 165<span class=\"_ _cd\"> </span>435 930<span class=\"_ _f\"> </span>753 096Onerous contracts.<span class=\"ff1\"> In the cir<span class=\"_ _0\"></span>cumstance that the unavoidable </span>costs directly r<span class=\"_ _0\"></span>elated to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be recognisedin its entirety in the period when such loss is identified. Additional information for onerous contracts is disclosed in note 5.5 \u2018Provisions\u2019<span class=\"_ _1\"></span>.CONTRA<span class=\"_ _0\"></span>CT BAL<span class=\"_ _3\"></span>ANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when cer<span class=\"_ _e\"></span>tain criteria are met. A typical milestone structure could be contract acceptance, placement o<span class=\"_ _0\"></span>f major supplier purchases, deliver<span class=\"_ _e\"></span>y/shipment and complete installation and commissioning. The payment structure o<span class=\"_ _0\"></span>f the contracts typically results in advance payments and pr<span class=\"_ _0\"></span>ogress billings exceed the satisfaction of performance obligations in progr<span class=\"_ _0\"></span>ess. Consequently<span class=\"_ _0\"></span>, creating a net contract liability<span class=\"_ _1\"></span>. In cer<span class=\"_ _e\"></span>tain circumstances based on the order value, cr<span class=\"_ _0\"></span>edit wor<span class=\"_ _e\"></span>thiness of geographic location, the gr<span class=\"_ _b\"></span>oup may requir<span class=\"_ _0\"></span>e payment in advance of shipment. The gr<span class=\"_ _0\"></span>oup does not accept returns o<span class=\"_ _0\"></span>f product or pr<span class=\"_ _b\"></span>ovide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or ser<span class=\"_ _3\"></span>vices transferred to the customer<span class=\"_ _4\"></span>. If the group performs by transferring goods or ser<span class=\"_ _3\"></span>vices to a customer before the customer pays consideration or befor<span class=\"_ _0\"></span>e payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profit (less recognised loss) on each contract is compar<span class=\"_ _0\"></span>ed against the advances and progr<span class=\"_ _0\"></span>ess billings. Where the cumulative costs incurred plus the r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses) exceed advances and progr<span class=\"_ _0\"></span>ess billings, the balance is presented as due fr<span class=\"_ _0\"></span>om customer<span class=\"_ _e\"></span>s on construction contracts within \u201c<span class=\"_ _1\"></span>contract assets\u201d<span class=\"_ _0\"></span>. When the contract assets become an unconditional right to consideration they are r<span class=\"_ _0\"></span>eclassified and presented separately as trade r<span class=\"_ _0\"></span>eceivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or ser<span class=\"_ _3\"></span>vices to a customer for which the group has r<span class=\"_ _0\"></span>eceived consideration (or an amount of consideration is due) fr<span class=\"_ _0\"></span>om the customer<span class=\"_ _1\"></span>. If a customer pays consideration befor<span class=\"_ _0\"></span>e the group transfers goods or ser<span class=\"_ _3\"></span>vices to the customer<span class=\"_ _1\"></span>, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are r<span class=\"_ _0\"></span>ecognised as revenue when the gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>forms under the contract. Where advances and progr<span class=\"_ _0\"></span>ess billings exceed the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses), the balance is presented as due to customers on construction contracts within \u201c<span class=\"_ _1\"></span>contract liabilities\u201d<span class=\"_ _0\"></span>.2022<span class=\"_ _14e\"> </span>2021CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT BAL<span class=\"_ _3\"></span>ANCESASSETSLIABILITIES<span class=\"_ _67\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L</span>ASSETSLIABILITY<span class=\"_ _4b\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LRights to consideration on contracts in progr<span class=\"_ _0\"></span>ess556 141<span class=\"_ _80\"> </span><span class=\"fsc ls9\">525 812<span class=\"_ _34\"> </span>1 081 953<span class=\"_ _80\"> </span>477 688<span class=\"_ _31\"> </span>332 324<span class=\"_ _34\"> </span>810 011</span>Less - advances and progr<span class=\"_ _0\"></span>ess billings<span class=\"_ _f5\"> </span>-459 819<span class=\"_ _70\"> </span>-1 198 103<span class=\"_ _5e\"> </span>-1 657 922<span class=\"_ _54\"> </span>-298 919<span class=\"_ _4e\"> </span>-693 145<span class=\"_ _5e\"> </span>-992 063T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Contract assets (liabilities)<span class=\"_ _14f\"> </span>96 322<span class=\"_ _54\"> </span>-672 291<span class=\"_ _150\"> </span>178 769<span class=\"_ _4e\"> </span>-360 821CONTRA<span class=\"_ _0\"></span>CT LIABILITIES<span class=\"_ _151\"> </span><span class=\"fse ls39 wsde\">2022<span class=\"_ _a5\"> </span></span><span class=\"ls8 ws19\">2021</span>Balance as of 01.01.<span class=\"_ _152\"> </span>-360 821<span class=\"_ _73\"> </span>-193 082Revenue from amounts included in contract liabilities at the beginning o<span class=\"_ _0\"></span>f the period<span class=\"_ _123\"> </span>251 205<span class=\"_ _136\"> </span>129 125Billings and advances received not r<span class=\"_ _0\"></span>ecognised as revenue in the period<span class=\"_ _153\"> </span>-554 596<span class=\"_ _73\"> </span>-292 133Basis adjustment - effect of hedge accounting<span class=\"_ _71\"> </span>-8 080<span class=\"_ _154\"> </span>-4 731Balance as of 31.12.<span class=\"_ _152\"> </span>-672 291<span class=\"_ _73\"> </span>-360 821CONTRA<span class=\"_ _0\"></span>CT ASSETS<span class=\"_ _155\"> </span><span class=\"fse ls39 wsde\">2022<span class=\"_ _156\"> </span>2021</span>Balance as of 01.01.178 769<span class=\"_ _bb\"> </span>127 976T<span class=\"_ _1\"></span>ransfers from contract assets r<span class=\"_ _b\"></span>ecognised at the beginning of the period to r<span class=\"_ _0\"></span>eceivables-167 774<span class=\"_ _157\"> </span>-103 613Increases due to measur<span class=\"_ _0\"></span>e of progr<span class=\"_ _0\"></span>ess in the period83 271<span class=\"_ _bb\"> </span>161 251Revaluation 2 056 <span class=\"_ _158\"> </span> -6 845 Balance as of 31.12.96 322<span class=\"_ _bb\"> </span>178 769Order backlogThe per<span class=\"_ _e\"></span>formance obligations in contracts with customers var<span class=\"_ _3\"></span>y from a few months to 4 years. The or<span class=\"_ _b\"></span>der backlog as o<span class=\"_ _b\"></span>f December 31, 2022, was NOK 2 612.6 million (2021: NOK 1 230.1 million). The order backlog in electr<span class=\"_ _0\"></span>olyser and fueling is NOK 2 224.5 million and NOK 388.1 million, respectively<span class=\"_ _1\"></span>. The transaction price allocated to the remaining performance obligations is illustrated in table below:AS OF 31.12.2022<span class=\"_ _cf\"> </span>2023<span class=\"_ _159\"> </span>2024<span class=\"_ _159\"> </span>2025<span class=\"_ _3f\"> </span><span class=\"ws0\">2026 OR L<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TER<span class=\"_ _36\"> </span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>AL BA<span class=\"_ _0\"></span>CKLOG</span>P<span class=\"_ _0\"></span>ar<span class=\"_ _e\"></span>tly unsatisfied per<span class=\"_ _e\"></span>formance obligations1 166 434<span class=\"_ _99\"> </span>989 315<span class=\"_ _80\"> </span>66 529<span class=\"_ _15a\"> </span>11 596<span class=\"_ _130\"> </span>2 233 875Unsatisfied performance obligations336 133<span class=\"_ _80\"> </span>42 602<span class=\"_ _6c\"> </span><span class=\"ls0\">0<span class=\"_ _15b\"> </span>0<span class=\"_ _af\"> </span></span>378 735T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL backlog1 502 568<span class=\"_ _70\"> </span>1 031 917<span class=\"_ _58\"> </span>66 529<span class=\"_ _15a\"> </span>11 596<span class=\"_ _130\"> </span>2 612 610AS OF 31.12.2021<span class=\"_ _cf\"> </span>2022<span class=\"_ _159\"> </span>2023<span class=\"_ _159\"> </span>2024<span class=\"_ _3f\"> </span><span class=\"ws0\">2025 OR L<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TER<span class=\"_ _36\"> </span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>AL BA<span class=\"_ _0\"></span>CKLOG</span>P<span class=\"_ _0\"></span>ar<span class=\"_ _e\"></span>tly unsatisfied per<span class=\"_ _e\"></span>formance obligations683 249<span class=\"_ _99\"> </span>176 416<span class=\"_ _80\"> </span>62 818<span class=\"_ _c1\"> </span>3 758<span class=\"_ _af\"> </span>926 241Unsatisfied performance obligations249 737<span class=\"_ _80\"> </span>28 557<span class=\"_ _58\"> </span>15 544<span class=\"_ _15a\"> </span>10 026<span class=\"_ _af\"> </span>303 864T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL backlog932 986<span class=\"_ _99\"> </span>204 973<span class=\"_ _80\"> </span>78 362<span class=\"_ _15a\"> </span>13 784<span class=\"_ _130\"> </span>1 230 105Revenue recognised in 2022 for performance obligations delivered in prior years due to revenue being constrained was NOK 0 (2021: 0)5.5 <span class=\"_ _46\"> </span>Pr<span class=\"_ _0\"></span>ovisionsPROVISIONS, CONTINGENT LIABILITIES<span class=\"_ _0\"></span> AND CONTINGENT ASSETSThe group makes pr<span class=\"_ _0\"></span>ovisions when a legal or constructive obligation exists as a result o<span class=\"_ _0\"></span>f past events, it is more likely than not that a transfer of financial r<span class=\"_ _0\"></span>esources will be requir<span class=\"_ _0\"></span>ed to settle the obligation, and the amount of the obligation can be reliably estimated. When the gr<span class=\"_ _0\"></span>oup expects some or all of a pr<span class=\"_ _0\"></span>ovision to be reimbursed, for example, under an insurance contract, the reimbursement is r<span class=\"_ _b\"></span>ecognised as a separate asset, but only when the reimbursement is vir<span class=\"_ _e\"></span>tually cer<span class=\"_ _3\"></span>tain. When the effect is significant, provisions ar<span class=\"_ _0\"></span>e calculated by discounting expected cash flows at a pre-tax rate that reflects the time value o<span class=\"_ _0\"></span>f money and if appropriate the risks specific to the liability<span class=\"_ _1\"></span>. Increase in provisions as a result o<span class=\"_ _0\"></span>f time passing, is presented as interest expense.Information regar<span class=\"_ _0\"></span>ding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)AC<span class=\"_ _0\"></span>CRUED <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>EMPL<span class=\"_ _0\"></span>OYEE <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SETTLEMENT AND ONEROUS W<span class=\"_ _0\"></span>ARRANT<span class=\"_ _e\"></span>YBENEFITSCL<span class=\"_ _e\"></span>AIMS CONTRA<span class=\"_ _0\"></span>CTS<span class=\"_ _4b\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202131 6611 257<span class=\"_ _af\"> </span>27 739<span class=\"_ _199\"> </span>14 078<span class=\"_ _2b\"> </span>74 735Additions<span class=\"_ _206\"> </span><span class=\"ws0\">33 933<span class=\"_ _dc\"> </span><span class=\"ls0\">4<span class=\"_ _207\"> </span>0<span class=\"_ _1e4\"> </span></span>2 718<span class=\"_ _2b\"> </span>36 655</span>Used during the year<span class=\"_ _88\"> </span>-7 153<span class=\"_ _162\"> </span><span class=\"ws1a\">94<span class=\"_ _32\"> </span></span>-4 007<span class=\"_ _a5\"> </span>-8 214<span class=\"_ _28\"> </span>-19 280Reversal of unused pr<span class=\"_ _0\"></span>ovisions<span class=\"_ _39\"> </span>-2 286<span class=\"_ _a6\"> </span><span class=\"ws1a\">-655<span class=\"_ _207\"> </span></span><span class=\"ls0\">0<span class=\"_ _dc\"> </span>0<span class=\"_ _4b\"> </span></span>-2 941Foreign curr<span class=\"_ _0\"></span>ency translation<span class=\"_ _14f\"> </span><span class=\"ws1a\">-695<span class=\"_ _207\"> </span></span><span class=\"ls0\">0<span class=\"_ _f5\"> </span></span><span class=\"ws1a\">38<span class=\"_ _a6\"> </span>-406<span class=\"_ _4b\"> </span></span>-1 062As of 31.12.2021<span class=\"_ _208\"> </span>55 460<span class=\"_ _178\"> </span><span class=\"ws1a\">701<span class=\"_ _199\"> </span></span>23 770<span class=\"_ _15a\"> </span>8 176<span class=\"_ _2b\"> </span>88 106Additions<span class=\"_ _206\"> </span><span class=\"ws0\">36 894<span class=\"_ _af\"> </span>21 792<span class=\"_ _b4\"> </span>2 748<span class=\"_ _af\"> </span>37 374<span class=\"_ _2b\"> </span>98 809</span>Used during the year<span class=\"_ _d2\"> </span>-15 544<span class=\"_ _a6\"> </span><span class=\"ws1a\">-701<span class=\"_ _a5\"> </span></span>-4 182<span class=\"_ _a5\"> </span>-5 458<span class=\"_ _28\"> </span>-25 885Reversal of unused pr<span class=\"_ _0\"></span>ovisions<span class=\"_ _2f\"> </span>-11 426<span class=\"_ _207\"> </span><span class=\"ls0\">0<span class=\"_ _a6\"> </span></span><span class=\"ws1a\">-818<span class=\"_ _a6\"> </span>-211<span class=\"_ _11\"> </span></span>-12 454Foreign curr<span class=\"_ _0\"></span>ency translation<span class=\"_ _209\"> </span>3 162<span class=\"_ _dc\"> </span><span class=\"ls0\">0<span class=\"_ _178\"> </span></span><span class=\"ws1a\">243<span class=\"_ _1e4\"> </span></span>1 459<span class=\"_ _8f\"> </span>4 864As of 31.12.2022<span class=\"_ _208\"> </span>68 546<span class=\"_ _af\"> </span>21 792<span class=\"_ _199\"> </span>21 762<span class=\"_ _199\"> </span>41 340<span class=\"_ _18f\"> </span>153 440A<span class=\"_ _b\"></span>C<span class=\"_ _0\"></span>CRUED W<span class=\"_ _0\"></span>ARRANTYThe groups warranty to customers is limited to r<span class=\"_ _b\"></span>eplacement par<span class=\"_ _e\"></span>ts and ser<span class=\"_ _3\"></span>vices and generally expires one year from the date of shipment or contract completion. Such warranties ar<span class=\"_ _0\"></span>e limited in time, for most products not exceeding 12 months. W<span class=\"_ _0\"></span>arranty is based on both contractual commitments and caused by liability under background law<span class=\"_ _1\"></span>. Estimated warranty obligations are r<span class=\"_ _0\"></span>ecorded in the period in which the related r<span class=\"_ _0\"></span>evenue is recognised or when a project is installed or commissioned. The group quantifies and recor<span class=\"_ _0\"></span>ds an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requir<span class=\"_ _0\"></span>es the Group to make assumptions and apply judgments when estimating product failur<span class=\"_ _0\"></span>e rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results ar<span class=\"_ _0\"></span>e not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or r<span class=\"_ _0\"></span>epair costs differ from the groups assumptions, the gr<span class=\"_ _0\"></span>oup may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage o<span class=\"_ _0\"></span>f revenue fr<span class=\"_ _b\"></span>om contracts with customers, in the range of 3% to 8%.EMPL<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>YEE BENEFITSNel has shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term incentive bonuses in place for all employees. The provision for bonus incurr<span class=\"_ _0\"></span>ed in 2022 to be finally measured and paid in 2023 is NOK 21.8 million. In addition, the employee benefits include provision for social security on stock options for social security payable in Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, calculated at the intrinsic value at year end. The provision fluctuates with the number o<span class=\"_ _0\"></span>f active options, timing of exer<span class=\"_ _0\"></span>cise and Nel ASA share price. See note 2.5 for fur<span class=\"_ _e\"></span>ther information on share option pr<span class=\"_ _0\"></span>ogram.SET<span class=\"_ _e\"></span>TLEMENT AND CL<span class=\"_ _3\"></span>AIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed pr<span class=\"_ _0\"></span>obable (more likely that not to occur). At the end o<span class=\"_ _0\"></span>f 2022 the provision is mainly related to the potential fines (no: forelegg) for the Kj\u00f8rbo incident received on Februar<span class=\"_ _e\"></span>y 16, 2021. In 2022 the provision is unchanged as the case is still open.ONEROUS CONTRA<span class=\"_ _0\"></span>CTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost o<span class=\"_ _0\"></span>f fulfilling the contract and any compensation or penalties arising from failur<span class=\"_ _0\"></span>e to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are oner<span class=\"_ _0\"></span>ous, the present obligation under the contract is recognised and measur<span class=\"_ _0\"></span>ed as a provision.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__28": {
   "value": "2.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Revenue fr<span class=\"_ _0\"></span>om contracts </span>with customersThe revenue in Nel is fr<span class=\"_ _0\"></span>om sale of both complete hydrogen electrolyser systems and hydr<span class=\"_ _0\"></span>ogen fueling stations, including installation, commissioning, and long-term ser<span class=\"_ _3\"></span>vice agreements. Additionally<span class=\"_ _1\"></span>, Nel earns revenue from replacement parts and accessories in the af<span class=\"_ _e\"></span>termarket. Project execution is key in Nel\u2019<span class=\"_ _1\"></span>s large construction projects.The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>evenues result from the sale o<span class=\"_ _0\"></span>f goods or ser<span class=\"_ _3\"></span>vices and reflect the consideration to which the gr<span class=\"_ _0\"></span>oup is and expect to be entitled. IFRS 15 requir<span class=\"_ _0\"></span>es the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or ser<span class=\"_ _3\"></span>vices), determines the transaction price, allocates the contract transaction price to the per<span class=\"_ _e\"></span>formance obligations, and recognises the r<span class=\"_ _0\"></span>evenue when (or as) the per<span class=\"_ _e\"></span>formance obligations are satisfied. Revenue recognition is determined on a contract<span class=\"_ _1\"></span>-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 r<span class=\"_ _0\"></span>ecognised at a point in time or over time, 49% (58%) and 51% (42%) of r<span class=\"_ _0\"></span>evenue in 2022, respectively<span class=\"_ _1\"></span>. Revenue is recognised over<span class=\"_ _1\"></span>-time using the method that best depicts the pattern of the transfer of contr<span class=\"_ _0\"></span>ol over time. The method applied is the cost<span class=\"_ _0\"></span>-to-cost input method, adjusted as time and goods ar<span class=\"_ _0\"></span>e delivered to the customer<span class=\"_ _4\"></span>. Contract costs are expensed as incurred.Significant accounting judgements \u2013 revenue r<span class=\"_ _0\"></span>ecognitionThe Group applied the following judgements that significantly affect the determination o<span class=\"_ _b\"></span>f the timing o<span class=\"_ _b\"></span>f revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s: P<span class=\"_ _0\"></span>er<span class=\"_ _e\"></span>formance obligationsIn determining whether revenue fr<span class=\"_ _0\"></span>om a specific contract can be classified as customised and in turn recognised using a progr<span class=\"_ _0\"></span>ess-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece o<span class=\"_ _0\"></span>f equipment for a specific customer that would requir<span class=\"_ _0\"></span>e significant cost to modify to be able to transfer it to another customer<span class=\"_ _1\"></span>, then the contract would likely meet the criteria o<span class=\"_ _b\"></span>f no alternative use. The other impor<span class=\"_ _e\"></span>tant criterion is that an enforceable right to payment exists in the contract between the group and the customer<span class=\"_ _1\"></span>. Right to payment entails that the gr<span class=\"_ _0\"></span>oup has a right to receive payment fr<span class=\"_ _0\"></span>om the customer if the contract would be terminated. Upon termination at a cer<span class=\"_ _e\"></span>tain time, the group should be able to r<span class=\"_ _0\"></span>ecover costs incurred and a reasonable mar<span class=\"_ _0\"></span>gin.Determining whether revenue fr<span class=\"_ _0\"></span>om a contract should be recognised over time or at point in time could have a significant effect on the financial statements and are to some extent dependent upon judgements from management. Estimation uncer<span class=\"_ _e\"></span>tainty \u2013 revenue recognitionThe Group applied the following estimations that significantly affect the determination o<span class=\"_ _b\"></span>f the i) timing and ii) amount of r<span class=\"_ _0\"></span>evenue from contracts with customers:i) TimingT<span class=\"_ _d\"></span>otal contract costsIn a customised customer project, Nel uses cost<span class=\"_ _1\"></span>-to-cost input method when measuring progr<span class=\"_ _0\"></span>ess; thus, the total cost estimates can significantly impact measured pr<span class=\"_ _0\"></span>ogress and revenue r<span class=\"_ _0\"></span>ecognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled r<span class=\"_ _0\"></span>esources, per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f subcontractors, commodity prices, foreign currency and Nel\u2019<span class=\"_ _1\"></span>s manufacturing capacity<span class=\"_ _0\"></span>, pr<span class=\"_ _b\"></span>oductivity and quality<span class=\"_ _1\"></span>.ii) AmountLiquidated damages (LDs)LDs are pr<span class=\"_ _0\"></span>e-defined penalties for breaches of contract. LDs are most commonly used with r<span class=\"_ _0\"></span>espect to delay<span class=\"_ _0\"></span>. As the payment to the customer is not in exchange for a distinct good or ser<span class=\"_ _3\"></span>vice that transfers to Nel, LD\u2019<span class=\"_ _0\"></span>s must be accounted for as a reduction o<span class=\"_ _0\"></span>f revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment o<span class=\"_ _0\"></span>f the LD provision is based on experience fr<span class=\"_ _0\"></span>om similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.T<span class=\"_ _e\"></span>YPE OF GOODS OR SERVICESThe group generates r<span class=\"_ _0\"></span>evenue from customer contracts from two principal sour<span class=\"_ _0\"></span>ces: i) Equipment and projects and ii) Ser<span class=\"_ _3\"></span>vice and aftermarket. The equipment and projects sales are generated fr<span class=\"_ _0\"></span>om both standard and customised equipment.Standard equipmentThe group r<span class=\"_ _0\"></span>ecognises revenue at the point in time at which it satisfies a per<span class=\"_ _e\"></span>formance obligation by transferring the control of a good or ser<span class=\"_ _e\"></span>vice to the customer<span class=\"_ _1\"></span>, generally this upon agreed incoterms, which is mainly at shipment. The customer has control o<span class=\"_ _0\"></span>f a good or ser<span class=\"_ _3\"></span>vice when it has the ability to direct the use o<span class=\"_ _0\"></span>f and obtain substantially all of the r<span class=\"_ _0\"></span>emaining benefits from the good or ser<span class=\"_ _e\"></span>vice. If customer acceptance of products is not assur<span class=\"_ _0\"></span>ed, revenue is recor<span class=\"_ _0\"></span>ded only upon formalcustomer acceptance.The point in time measurement basis for standar<span class=\"_ _0\"></span>d equipment has been the main method of r<span class=\"_ _0\"></span>ecognising revenue in Electrolyser US division, aftermarket segment in the Electrolyser Nor<span class=\"_ _e\"></span>way division and the Fueling divison.Customised equipmentMost of Nel\u2019<span class=\"_ _1\"></span>s revenue stems fr<span class=\"_ _0\"></span>om standard equipment, however<span class=\"_ _1\"></span>, in cer<span class=\"_ _e\"></span>tain contracts the customisation requir<span class=\"_ _b\"></span>ed qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as r<span class=\"_ _0\"></span>evenue over<span class=\"_ _0\"></span>-time if Nel has an enfor<span class=\"_ _0\"></span>ceable right to payment for per<span class=\"_ _e\"></span>formance completed to date.ProjectsThe project contracts typically comprise  \u2022 <span class=\"_ _6\"> </span>equipment (standard product or customised), \u2022 <span class=\"_ _6\"> </span>design, siting, installation and commissioning of the equipment,Electrolyser<span class=\"_ _1\"></span>.<span class=\"ff1\"> Revenue fr<span class=\"_ _0\"></span>om sale of customised equipment </span>and projects is determined to be a bundle o<span class=\"_ _0\"></span>f goods where all of the components constitute the combined output, i.e. one per<span class=\"_ _e\"></span>formance obligation. The performance obligation is satisfied over time and Nel recognise r<span class=\"_ _0\"></span>evenue over the period the per<span class=\"_ _e\"></span>formance obligation is satisfied, using a cost<span class=\"_ _0\"></span>-to-cost input method that best depicts the pattern o<span class=\"_ _b\"></span>f the transfer o<span class=\"_ _b\"></span>f control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally<span class=\"_ _0\"></span>, contracts usually include ser<span class=\"_ _3\"></span>vice agreement and extended warranty for a specific period. Both ser<span class=\"_ _3\"></span>vice and extended warranty are separate performance obligations satisfied over 12 months or more, r<span class=\"_ _0\"></span>efer ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket.The progr<span class=\"_ _0\"></span>ess-based measurement of r<span class=\"_ _0\"></span>evenue has been the main method of r<span class=\"_ _0\"></span>ecognising revenue fr<span class=\"_ _b\"></span>om electrolyser projects o<span class=\"_ _0\"></span>f large-scale electr<span class=\"_ _b\"></span>olyser systems.Fueling. <span class=\"ff1\">Sale of fueling equipment o<span class=\"_ _0\"></span>f<span class=\"_ _e\"></span>ten include a standard </span>installation ser<span class=\"_ _3\"></span>vice and commissioning, each assessed as individual per<span class=\"_ _e\"></span>formance obligation. Revenue recognition for equipment depends on assessment of standar<span class=\"_ _0\"></span>d or customised equipment. Revenue for installation and commissioning is recognised over<span class=\"_ _1\"></span>-time measuring progr<span class=\"_ _0\"></span>ess using input method cost<span class=\"_ _0\"></span>-to-cost.Ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket Ser<span class=\"_ _3\"></span>vice and aftermarket comprise operations and maintenance (O&amp;M), extended warranty<span class=\"_ _0\"></span>, r<span class=\"_ _0\"></span>epair<span class=\"_ _1\"></span>, replacement par<span class=\"_ _e\"></span>ts and accessories.For separately sold operating and maintenance contracts where the gr<span class=\"_ _0\"></span>oup has agreed to provide r<span class=\"_ _0\"></span>outine maintenance ser<span class=\"_ _3\"></span>vices over a period of time for a fixed price, r<span class=\"_ _0\"></span>evenue is recognised on a straight<span class=\"_ _1\"></span>-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of r<span class=\"_ _0\"></span>eplacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon deliver<span class=\"_ _3\"></span>y of the r<span class=\"_ _0\"></span>eplacement par<span class=\"_ _e\"></span>ts and accessories. The following table show the revenue fr<span class=\"_ _0\"></span>om contracts with customers by type of goods or ser<span class=\"_ _e\"></span>vice:The following table show the revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s by type of goods or ser<span class=\"_ _e\"></span>vice:2022<span class=\"_ _145\"> </span>2021SEGMENTS<span class=\"_ _147\"> </span><span class=\"ls8 ws19\">FUELING<span class=\"_ _148\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER<span class=\"_ _29\"> </span><span class=\"ls3a wsdf\">TOTA<span class=\"_ _e\"></span>L<span class=\"_ _7c\"> </span></span>FUELING<span class=\"_ _13a\"> </span>ELECTROL<span class=\"_ _0\"></span>YSER<span class=\"_ _28\"> </span><span class=\"ls3a wsdf\">TOTA<span class=\"_ _e\"></span>L</span></span>T<span class=\"_ _0\"></span>ype o<span class=\"_ _0\"></span>f goods or ser<span class=\"_ _3\"></span>viceEquipment and projects151 377630 960<span class=\"_ _5e\"> </span>782 337<span class=\"_ _44\"> </span>220 321<span class=\"_ _cb\"> </span>379 844<span class=\"_ _8\"> </span>600 165Ser<span class=\"_ _e\"></span>vice and af<span class=\"_ _e\"></span>termarket<span class=\"_ _149\"> </span>56 662<span class=\"_ _5c\"> </span>75 854<span class=\"_ _5e\"> </span>132 516<span class=\"_ _31\"> </span>96 845<span class=\"_ _c9\"> </span>56 086<span class=\"_ _12e\"> </span>152 931T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Revenue from contracts with customers<span class=\"_ _96\"> </span>208 039<span class=\"_ _d6\"> </span>706 814<span class=\"_ _14a\"> </span>914 853<span class=\"_ _44\"> </span>317 165<span class=\"_ _14b\"> </span>435 930<span class=\"_ _12e\"> </span>753 096Timing of r<span class=\"_ _0\"></span>evenue recognitionRevenue recognised at point in time<span class=\"_ _14c\"> </span>151 377<span class=\"_ _d6\"> </span>297 036<span class=\"_ _14a\"> </span>448 413<span class=\"_ _36\"> </span>220 321<span class=\"_ _cb\"> </span>219 820<span class=\"_ _8\"> </span>440 140Revenue recognised over time<span class=\"_ _14d\"> </span>56 662<span class=\"_ _d6\"> </span>409 777<span class=\"_ _14a\"> </span>466 440<span class=\"_ _31\"> </span>96 845<span class=\"_ _14b\"> </span>216 111<span class=\"_ _12e\"> </span>312 955T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Revenue from contracts with customers<span class=\"_ _96\"> </span>208 039<span class=\"_ _d6\"> </span>706 814<span class=\"_ _14a\"> </span>914 853317 165<span class=\"_ _cd\"> </span>435 930<span class=\"_ _f\"> </span>753 096Onerous contracts.<span class=\"ff1\"> In the cir<span class=\"_ _0\"></span>cumstance that the unavoidable </span>costs directly r<span class=\"_ _0\"></span>elated to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be recognisedin its entirety in the period when such loss is identified. Additional information for onerous contracts is disclosed in note 5.5 \u2018Provisions\u2019<span class=\"_ _1\"></span>.CONTRA<span class=\"_ _0\"></span>CT BAL<span class=\"_ _3\"></span>ANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when cer<span class=\"_ _e\"></span>tain criteria are met. A typical milestone structure could be contract acceptance, placement o<span class=\"_ _0\"></span>f major supplier purchases, deliver<span class=\"_ _e\"></span>y/shipment and complete installation and commissioning. The payment structure o<span class=\"_ _0\"></span>f the contracts typically results in advance payments and pr<span class=\"_ _0\"></span>ogress billings exceed the satisfaction of performance obligations in progr<span class=\"_ _0\"></span>ess. Consequently<span class=\"_ _0\"></span>, creating a net contract liability<span class=\"_ _1\"></span>. In cer<span class=\"_ _e\"></span>tain circumstances based on the order value, cr<span class=\"_ _0\"></span>edit wor<span class=\"_ _e\"></span>thiness of geographic location, the gr<span class=\"_ _b\"></span>oup may requir<span class=\"_ _0\"></span>e payment in advance of shipment. The gr<span class=\"_ _0\"></span>oup does not accept returns o<span class=\"_ _0\"></span>f product or pr<span class=\"_ _b\"></span>ovide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or ser<span class=\"_ _3\"></span>vices transferred to the customer<span class=\"_ _4\"></span>. If the group performs by transferring goods or ser<span class=\"_ _3\"></span>vices to a customer before the customer pays consideration or befor<span class=\"_ _0\"></span>e payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profit (less recognised loss) on each contract is compar<span class=\"_ _0\"></span>ed against the advances and progr<span class=\"_ _0\"></span>ess billings. Where the cumulative costs incurred plus the r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses) exceed advances and progr<span class=\"_ _0\"></span>ess billings, the balance is presented as due fr<span class=\"_ _0\"></span>om customer<span class=\"_ _e\"></span>s on construction contracts within \u201c<span class=\"_ _1\"></span>contract assets\u201d<span class=\"_ _0\"></span>. When the contract assets become an unconditional right to consideration they are r<span class=\"_ _0\"></span>eclassified and presented separately as trade r<span class=\"_ _0\"></span>eceivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or ser<span class=\"_ _3\"></span>vices to a customer for which the group has r<span class=\"_ _0\"></span>eceived consideration (or an amount of consideration is due) fr<span class=\"_ _0\"></span>om the customer<span class=\"_ _1\"></span>. If a customer pays consideration befor<span class=\"_ _0\"></span>e the group transfers goods or ser<span class=\"_ _3\"></span>vices to the customer<span class=\"_ _1\"></span>, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are r<span class=\"_ _0\"></span>ecognised as revenue when the gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>forms under the contract. Where advances and progr<span class=\"_ _0\"></span>ess billings exceed the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses), the balance is presented as due to customers on construction contracts within \u201c<span class=\"_ _1\"></span>contract liabilities\u201d<span class=\"_ _0\"></span>.2022<span class=\"_ _14e\"> </span>2021CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT CONTRA<span class=\"_ _0\"></span>CT BAL<span class=\"_ _3\"></span>ANCESASSETSLIABILITIES<span class=\"_ _67\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L</span>ASSETSLIABILITY<span class=\"_ _4b\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LRights to consideration on contracts in progr<span class=\"_ _0\"></span>ess556 141<span class=\"_ _80\"> </span><span class=\"fsc ls9\">525 812<span class=\"_ _34\"> </span>1 081 953<span class=\"_ _80\"> </span>477 688<span class=\"_ _31\"> </span>332 324<span class=\"_ _34\"> </span>810 011</span>Less - advances and progr<span class=\"_ _0\"></span>ess billings<span class=\"_ _f5\"> </span>-459 819<span class=\"_ _70\"> </span>-1 198 103<span class=\"_ _5e\"> </span>-1 657 922<span class=\"_ _54\"> </span>-298 919<span class=\"_ _4e\"> </span>-693 145<span class=\"_ _5e\"> </span>-992 063T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL Contract assets (liabilities)<span class=\"_ _14f\"> </span>96 322<span class=\"_ _54\"> </span>-672 291<span class=\"_ _150\"> </span>178 769<span class=\"_ _4e\"> </span>-360 821CONTRA<span class=\"_ _0\"></span>CT LIABILITIES<span class=\"_ _151\"> </span><span class=\"fse ls39 wsde\">2022<span class=\"_ _a5\"> </span></span><span class=\"ls8 ws19\">2021</span>Balance as of 01.01.<span class=\"_ _152\"> </span>-360 821<span class=\"_ _73\"> </span>-193 082Revenue from amounts included in contract liabilities at the beginning o<span class=\"_ _0\"></span>f the period<span class=\"_ _123\"> </span>251 205<span class=\"_ _136\"> </span>129 125Billings and advances received not r<span class=\"_ _0\"></span>ecognised as revenue in the period<span class=\"_ _153\"> </span>-554 596<span class=\"_ _73\"> </span>-292 133Basis adjustment - effect of hedge accounting<span class=\"_ _71\"> </span>-8 080<span class=\"_ _154\"> </span>-4 731Balance as of 31.12.<span class=\"_ _152\"> </span>-672 291<span class=\"_ _73\"> </span>-360 821CONTRA<span class=\"_ _0\"></span>CT ASSETS<span class=\"_ _155\"> </span><span class=\"fse ls39 wsde\">2022<span class=\"_ _156\"> </span>2021</span>Balance as of 01.01.178 769<span class=\"_ _bb\"> </span>127 976T<span class=\"_ _1\"></span>ransfers from contract assets r<span class=\"_ _b\"></span>ecognised at the beginning of the period to r<span class=\"_ _0\"></span>eceivables-167 774<span class=\"_ _157\"> </span>-103 613Increases due to measur<span class=\"_ _0\"></span>e of progr<span class=\"_ _0\"></span>ess in the period83 271<span class=\"_ _bb\"> </span>161 251Revaluation 2 056 <span class=\"_ _158\"> </span> -6 845 Balance as of 31.12.96 322<span class=\"_ _bb\"> </span>178 769Order backlogThe per<span class=\"_ _e\"></span>formance obligations in contracts with customers var<span class=\"_ _3\"></span>y from a few months to 4 years. The or<span class=\"_ _b\"></span>der backlog as o<span class=\"_ _b\"></span>f December 31, 2022, was NOK 2 612.6 million (2021: NOK 1 230.1 million). The order backlog in electr<span class=\"_ _0\"></span>olyser and fueling is NOK 2 224.5 million and NOK 388.1 million, respectively<span class=\"_ _1\"></span>. The transaction price allocated to the remaining performance obligations is illustrated in table below:AS OF 31.12.2022<span class=\"_ _cf\"> </span>2023<span class=\"_ _159\"> </span>2024<span class=\"_ _159\"> </span>2025<span class=\"_ _3f\"> </span><span class=\"ws0\">2026 OR L<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TER<span class=\"_ _36\"> </span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>AL BA<span class=\"_ _0\"></span>CKLOG</span>P<span class=\"_ _0\"></span>ar<span class=\"_ _e\"></span>tly unsatisfied per<span class=\"_ _e\"></span>formance obligations1 166 434<span class=\"_ _99\"> </span>989 315<span class=\"_ _80\"> </span>66 529<span class=\"_ _15a\"> </span>11 596<span class=\"_ _130\"> </span>2 233 875Unsatisfied performance obligations336 133<span class=\"_ _80\"> </span>42 602<span class=\"_ _6c\"> </span><span class=\"ls0\">0<span class=\"_ _15b\"> </span>0<span class=\"_ _af\"> </span></span>378 735T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL backlog1 502 568<span class=\"_ _70\"> </span>1 031 917<span class=\"_ _58\"> </span>66 529<span class=\"_ _15a\"> </span>11 596<span class=\"_ _130\"> </span>2 612 610AS OF 31.12.2021<span class=\"_ _cf\"> </span>2022<span class=\"_ _159\"> </span>2023<span class=\"_ _159\"> </span>2024<span class=\"_ _3f\"> </span><span class=\"ws0\">2025 OR L<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TER<span class=\"_ _36\"> </span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>AL BA<span class=\"_ _0\"></span>CKLOG</span>P<span class=\"_ _0\"></span>ar<span class=\"_ _e\"></span>tly unsatisfied per<span class=\"_ _e\"></span>formance obligations683 249<span class=\"_ _99\"> </span>176 416<span class=\"_ _80\"> </span>62 818<span class=\"_ _c1\"> </span>3 758<span class=\"_ _af\"> </span>926 241Unsatisfied performance obligations249 737<span class=\"_ _80\"> </span>28 557<span class=\"_ _58\"> </span>15 544<span class=\"_ _15a\"> </span>10 026<span class=\"_ _af\"> </span>303 864T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL backlog932 986<span class=\"_ _99\"> </span>204 973<span class=\"_ _80\"> </span>78 362<span class=\"_ _15a\"> </span>13 784<span class=\"_ _130\"> </span>1 230 105Revenue recognised in 2022 for performance obligations delivered in prior years due to revenue being constrained was NOK 0 (2021: 0)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__31-1": {
   "value": "The revenue in Nel is fr<span class=\"_ _0\"></span>om sale of both complete hydrogen electrolyser systems and hydr<span class=\"_ _0\"></span>ogen fueling stations, including installation, commissioning, and long-term ser<span class=\"_ _3\"></span>vice agreements. Additionally<span class=\"_ _1\"></span>, Nel earns revenue from replacement parts and accessories in the af<span class=\"_ _e\"></span>termarket. Project execution is key in Nel\u2019<span class=\"_ _1\"></span>s large construction projects.The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>evenues result from the sale o<span class=\"_ _0\"></span>f goods or ser<span class=\"_ _3\"></span>vices and reflect the consideration to which the gr<span class=\"_ _0\"></span>oup is and expect to be entitled. IFRS 15 requir<span class=\"_ _0\"></span>es the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or ser<span class=\"_ _3\"></span>vices), determines the transaction price, allocates the contract transaction price to the per<span class=\"_ _e\"></span>formance obligations, and recognises the r<span class=\"_ _0\"></span>evenue when (or as) the per<span class=\"_ _e\"></span>formance obligations are satisfied. Revenue recognition is determined on a contract<span class=\"_ _1\"></span>-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 r<span class=\"_ _0\"></span>ecognised at a point in time or over time, 49% (58%) and 51% (42%) of r<span class=\"_ _0\"></span>evenue in 2022, respectively<span class=\"_ _1\"></span>. Revenue is recognised over<span class=\"_ _1\"></span>-time using the method that best depicts the pattern of the transfer of contr<span class=\"_ _0\"></span>ol over time. The method applied is the cost<span class=\"_ _0\"></span>-to-cost input method, adjusted as time and goods ar<span class=\"_ _0\"></span>e delivered to the customer<span class=\"_ _4\"></span>. Contract costs are expensed as incurred.Significant accounting judgements \u2013 revenue r<span class=\"_ _0\"></span>ecognitionThe Group applied the following judgements that significantly affect the determination o<span class=\"_ _b\"></span>f the timing o<span class=\"_ _b\"></span>f revenue fr<span class=\"_ _0\"></span>om contracts with customer<span class=\"_ _e\"></span>s: P<span class=\"_ _0\"></span>er<span class=\"_ _e\"></span>formance obligationsIn determining whether revenue fr<span class=\"_ _0\"></span>om a specific contract can be classified as customised and in turn recognised using a progr<span class=\"_ _0\"></span>ess-based measurement, several criteria must be evaluated. The first criterion is related to alternative use. Manufacturing a customised product or piece o<span class=\"_ _0\"></span>f equipment for a specific customer that would requir<span class=\"_ _0\"></span>e significant cost to modify to be able to transfer it to another customer<span class=\"_ _1\"></span>, then the contract would likely meet the criteria o<span class=\"_ _b\"></span>f no alternative use. The other impor<span class=\"_ _e\"></span>tant criterion is that an enforceable right to payment exists in the contract between the group and the customer<span class=\"_ _1\"></span>. Right to payment entails that the gr<span class=\"_ _0\"></span>oup has a right to receive payment fr<span class=\"_ _0\"></span>om the customer if the contract would be terminated. Upon termination at a cer<span class=\"_ _e\"></span>tain time, the group should be able to r<span class=\"_ _0\"></span>ecover costs incurred and a reasonable mar<span class=\"_ _0\"></span>gin.Determining whether revenue fr<span class=\"_ _0\"></span>om a contract should be recognised over time or at point in time could have a significant effect on the financial statements and are to some extent dependent upon judgements from management. Estimation uncer<span class=\"_ _e\"></span>tainty \u2013 revenue recognitionThe Group applied the following estimations that significantly affect the determination o<span class=\"_ _b\"></span>f the i) timing and ii) amount of r<span class=\"_ _0\"></span>evenue from contracts with customers:i) TimingT<span class=\"_ _d\"></span>otal contract costsIn a customised customer project, Nel uses cost<span class=\"_ _1\"></span>-to-cost input method when measuring progr<span class=\"_ _0\"></span>ess; thus, the total cost estimates can significantly impact measured pr<span class=\"_ _0\"></span>ogress and revenue r<span class=\"_ _0\"></span>ecognition. The total project cost comprises estimates on the ability to execute the planned engineering and design phase, the availability of skilled r<span class=\"_ _0\"></span>esources, per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f subcontractors, commodity prices, foreign currency and Nel\u2019<span class=\"_ _1\"></span>s manufacturing capacity<span class=\"_ _0\"></span>, pr<span class=\"_ _b\"></span>oductivity and quality<span class=\"_ _1\"></span>.ii) AmountLiquidated damages (LDs)LDs are pr<span class=\"_ _0\"></span>e-defined penalties for breaches of contract. LDs are most commonly used with r<span class=\"_ _0\"></span>espect to delay<span class=\"_ _0\"></span>. As the payment to the customer is not in exchange for a distinct good or ser<span class=\"_ _3\"></span>vice that transfers to Nel, LD\u2019<span class=\"_ _0\"></span>s must be accounted for as a reduction o<span class=\"_ _0\"></span>f revenue. If a project does not meet the defined milestone in a contract, a provision reducing the transaction price is made unless it is highly probable that LD will not be imposed. The estimated LD provision is highly judgmental. The assessment o<span class=\"_ _0\"></span>f the LD provision is based on experience fr<span class=\"_ _0\"></span>om similar LD situations in addition to client relationship, contractual position and status on negotiations. Nel estimates variable consideration using the most likely amount.T<span class=\"_ _e\"></span>YPE OF GOODS OR SERVICESThe group generates r<span class=\"_ _0\"></span>evenue from customer contracts from two principal sour<span class=\"_ _0\"></span>ces: i) Equipment and projects and ii) Ser<span class=\"_ _3\"></span>vice and aftermarket. The equipment and projects sales are generated fr<span class=\"_ _0\"></span>om both standard and customised equipment.Standard equipmentThe group r<span class=\"_ _0\"></span>ecognises revenue at the point in time at which it satisfies a per<span class=\"_ _e\"></span>formance obligation by transferring the control of a good or ser<span class=\"_ _e\"></span>vice to the customer<span class=\"_ _1\"></span>, generally this upon agreed incoterms, which is mainly at shipment. The customer has control o<span class=\"_ _0\"></span>f a good or ser<span class=\"_ _3\"></span>vice when it has the ability to direct the use o<span class=\"_ _0\"></span>f and obtain substantially all of the r<span class=\"_ _0\"></span>emaining benefits from the good or ser<span class=\"_ _e\"></span>vice. If customer acceptance of products is not assur<span class=\"_ _0\"></span>ed, revenue is recor<span class=\"_ _0\"></span>ded only upon formalcustomer acceptance.The point in time measurement basis for standar<span class=\"_ _0\"></span>d equipment has been the main method of r<span class=\"_ _0\"></span>ecognising revenue in Electrolyser US division, aftermarket segment in the Electrolyser Nor<span class=\"_ _e\"></span>way division and the Fueling divison.Customised equipmentMost of Nel\u2019<span class=\"_ _1\"></span>s revenue stems fr<span class=\"_ _0\"></span>om standard equipment, however<span class=\"_ _1\"></span>, in cer<span class=\"_ _e\"></span>tain contracts the customisation requir<span class=\"_ _b\"></span>ed qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as r<span class=\"_ _0\"></span>evenue over<span class=\"_ _0\"></span>-time if Nel has an enfor<span class=\"_ _0\"></span>ceable right to payment for per<span class=\"_ _e\"></span>formance completed to date.ProjectsThe project contracts typically comprise  \u2022 <span class=\"_ _6\"> </span>equipment (standard product or customised), \u2022 <span class=\"_ _6\"> </span>design, siting, installation and commissioning of the equipment,Electrolyser<span class=\"_ _1\"></span>.<span class=\"ff1\"> Revenue fr<span class=\"_ _0\"></span>om sale of customised equipment </span>and projects is determined to be a bundle o<span class=\"_ _0\"></span>f goods where all of the components constitute the combined output, i.e. one per<span class=\"_ _e\"></span>formance obligation. The performance obligation is satisfied over time and Nel recognise r<span class=\"_ _0\"></span>evenue over the period the per<span class=\"_ _e\"></span>formance obligation is satisfied, using a cost<span class=\"_ _0\"></span>-to-cost input method that best depicts the pattern o<span class=\"_ _b\"></span>f the transfer o<span class=\"_ _b\"></span>f control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally<span class=\"_ _0\"></span>, contracts usually include ser<span class=\"_ _3\"></span>vice agreement and extended warranty for a specific period. Both ser<span class=\"_ _3\"></span>vice and extended warranty are separate performance obligations satisfied over 12 months or more, r<span class=\"_ _0\"></span>efer ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket.The progr<span class=\"_ _0\"></span>ess-based measurement of r<span class=\"_ _0\"></span>evenue has been the main method of r<span class=\"_ _0\"></span>ecognising revenue fr<span class=\"_ _b\"></span>om electrolyser projects o<span class=\"_ _0\"></span>f large-scale electr<span class=\"_ _b\"></span>olyser systems.Fueling. <span class=\"ff1\">Sale of fueling equipment o<span class=\"_ _0\"></span>f<span class=\"_ _e\"></span>ten include a standard </span>installation ser<span class=\"_ _3\"></span>vice and commissioning, each assessed as individual per<span class=\"_ _e\"></span>formance obligation. Revenue recognition for equipment depends on assessment of standar<span class=\"_ _0\"></span>d or customised equipment. Revenue for installation and commissioning is recognised over<span class=\"_ _1\"></span>-time measuring progr<span class=\"_ _0\"></span>ess using input method cost<span class=\"_ _0\"></span>-to-cost.Ser<span class=\"_ _3\"></span>vice and af<span class=\"_ _e\"></span>termarket Ser<span class=\"_ _3\"></span>vice and aftermarket comprise operations and maintenance (O&amp;M), extended warranty<span class=\"_ _0\"></span>, r<span class=\"_ _0\"></span>epair<span class=\"_ _1\"></span>, replacement par<span class=\"_ _e\"></span>ts and accessories.For separately sold operating and maintenance contracts where the gr<span class=\"_ _0\"></span>oup has agreed to provide r<span class=\"_ _0\"></span>outine maintenance ser<span class=\"_ _3\"></span>vices over a period of time for a fixed price, r<span class=\"_ _0\"></span>evenue is recognised on a straight<span class=\"_ _1\"></span>-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of r<span class=\"_ _0\"></span>eplacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon deliver<span class=\"_ _3\"></span>y of the r<span class=\"_ _0\"></span>eplacement par<span class=\"_ _e\"></span>ts and accessories. CONTRA<span class=\"_ _0\"></span>CT BAL<span class=\"_ _3\"></span>ANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when cer<span class=\"_ _e\"></span>tain criteria are met. A typical milestone structure could be contract acceptance, placement o<span class=\"_ _0\"></span>f major supplier purchases, deliver<span class=\"_ _e\"></span>y/shipment and complete installation and commissioning. The payment structure o<span class=\"_ _0\"></span>f the contracts typically results in advance payments and pr<span class=\"_ _0\"></span>ogress billings exceed the satisfaction of performance obligations in progr<span class=\"_ _0\"></span>ess. Consequently<span class=\"_ _0\"></span>, creating a net contract liability<span class=\"_ _1\"></span>. In cer<span class=\"_ _e\"></span>tain circumstances based on the order value, cr<span class=\"_ _0\"></span>edit wor<span class=\"_ _e\"></span>thiness of geographic location, the gr<span class=\"_ _b\"></span>oup may requir<span class=\"_ _0\"></span>e payment in advance of shipment. The gr<span class=\"_ _0\"></span>oup does not accept returns o<span class=\"_ _0\"></span>f product or pr<span class=\"_ _b\"></span>ovide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or ser<span class=\"_ _3\"></span>vices transferred to the customer<span class=\"_ _4\"></span>. If the group performs by transferring goods or ser<span class=\"_ _3\"></span>vices to a customer before the customer pays consideration or befor<span class=\"_ _0\"></span>e payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profit (less recognised loss) on each contract is compar<span class=\"_ _0\"></span>ed against the advances and progr<span class=\"_ _0\"></span>ess billings. Where the cumulative costs incurred plus the r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses) exceed advances and progr<span class=\"_ _0\"></span>ess billings, the balance is presented as due fr<span class=\"_ _0\"></span>om customer<span class=\"_ _e\"></span>s on construction contracts within \u201c<span class=\"_ _1\"></span>contract assets\u201d<span class=\"_ _0\"></span>. When the contract assets become an unconditional right to consideration they are r<span class=\"_ _0\"></span>eclassified and presented separately as trade r<span class=\"_ _0\"></span>eceivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or ser<span class=\"_ _3\"></span>vices to a customer for which the group has r<span class=\"_ _0\"></span>eceived consideration (or an amount of consideration is due) fr<span class=\"_ _0\"></span>om the customer<span class=\"_ _1\"></span>. If a customer pays consideration befor<span class=\"_ _0\"></span>e the group transfers goods or ser<span class=\"_ _3\"></span>vices to the customer<span class=\"_ _1\"></span>, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are r<span class=\"_ _0\"></span>ecognised as revenue when the gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>forms under the contract. Where advances and progr<span class=\"_ _0\"></span>ess billings exceed the cumulative costs incurred plus r<span class=\"_ _0\"></span>ecognised profits (less r<span class=\"_ _0\"></span>ecognised losses), the balance is presented as due to customers on construction contracts within \u201c<span class=\"_ _1\"></span>contract liabilities\u201d<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__37": {
   "value": "2.2  Other operating incomeOTHER OPERATING INCOME 2022 2021Government grants22 307 14 679Research and design study reports34 549 25 637Sub-lease2 205 1 920Gain and loss on disposal of property, plant and equipment0 2 254Other income19 667 416TOTAL Other operating income78 728 44 905Other income includes NOK 19.5 million as warranty compensation from supplier for replacement of equipment delivered to customers in the fueling division.Government grants within \u2018other operating income\u2019   SEGMENT COUNTRY 2022 2021Electrolyser Norway4 638 466Fueling Denmark17 668 14 213TOTAL22 307 14 679Government grants related to assets, amortised22 307 14 679TOTAL22 307 14 679",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__36": {
   "value": "2.2  Other operating incomeOTHER OPERATING INCOME 2022 2021Government grants22 307 14 679Research and design study reports34 549 25 637Sub-lease2 205 1 920Gain and loss on disposal of property, plant and equipment0 2 254Other income19 667 416TOTAL Other operating income78 728 44 905Other income includes NOK 19.5 million as warranty compensation from supplier for replacement of equipment delivered to customers in the fueling division.Government grants within \u2018other operating income\u2019   SEGMENT COUNTRY 2022 2021Electrolyser Norway4 638 466Fueling Denmark17 668 14 213TOTAL22 307 14 679Government grants related to assets, amortised22 307 14 679TOTAL22 307 14 679",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__35-1": {
   "value": "2.2  Other operating incomeOTHER OPERATING INCOME 2022 2021Government grants22 307 14 679Research and design study reports34 549 25 637Sub-lease2 205 1 920Gain and loss on disposal of property, plant and equipment0 2 254Other income19 667 416TOTAL Other operating income78 728 44 905Other income includes NOK 19.5 million as warranty compensation from supplier for replacement of equipment delivered to customers in the fueling division.Government grants within \u2018other operating income\u2019   SEGMENT COUNTRY 2022 2021Electrolyser Norway4 638 466Fueling Denmark17 668 14 213TOTAL22 307 14 679Government grants related to assets, amortised22 307 14 679TOTAL22 307 14 6792.6  Other operating expenses(Amounts in NOK thousands) 2022 2021Research and development expenditure73 942 21 378Utilities23 809 12 398Professional fees116 108 79 046Travel expenses37 227 18 188IT and communication costs25 891 18 527Changes in provisions46 178 17 368Repair and maintenance 10 572 5 577Premises costs 29 147 12 182Sub supplier services76 337 29 993Other expenses84 611 34 876TOTAL Other operating expenses523 824 249 533",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__39": {
   "value": "2.3  Segment informationNel operates within two operating segments, Nel Hydrogen Fueling and Nel Hydrogen Electrolyser. The identification of segments in the group is made based on the different products the division offers as well as geographical areas the divisions operate in. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements.Billing of goods and services between operating segments are effected on an arm\u2019s length basis.NEL HYDROGEN FUELINGNel Hydrogen Fueling is a manufacturer of hydrogen fueling stations for Fuel Cell Electric Vehicles. Nel\u2019s H2Station\u00ae manufacturing plant is located in Herning, Denmark.NEL HYDROGEN ELECTROLYSERThe Nel Hydrogen Electrolyser division is a global supplier of hydrogen production equipment based on both alkaline and PEM water electrolysis technology. Nel Hydrogen Electrolyser currently has production facilities in Her\u00f8ya, Norway, and in Wallingford, Connecticut, USA. 2022 OPERATING SEGMENTSREVENUES BY GEOGRAPHIC REGION  1)BASED ON CUSTOMER LOCATION FUELING ELECTROLYSER OTHERTOTALNorway4226 073 0 6 495United States 103 498 337 544 0 441 041North America ex United States 8 760 9 131 0 17 891Asia  28 979 108 247 0 137 226Europe ex Norway 66 380 201 397 0 267 777Middle East  0 26 218 0 26 218Africa 0 13 206 0 13 206South America 0 3 487 0 3 487Oceania 0 1 512 0 1 512TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 208 039 706 814 0 914 853Other operating income 37 183 41 545 0 78 728Operating expenses -596 925 -1 052 054 -124 475 -1 773 454EBITDA-351 703 -303 695 -124 475 -779 873Depreciation and amortisation-47 448-116 372 -7 663 -171 483Impairment of tangible and intangible assets -327 298 0 0 -327 298OPERATING LOSS-726 449 -420 067 -132 138 -1 278 654Finance income 12 5 044 92 573 97 629Finance costs 3 417 -16 801 7 412 -5 972Tax income (expense) 8 318 6 586 924 15 828NET INCOME (LOSS) -714 702 -425 238 -31 229 -1 171 169TOTAL ASSETS 1 005 347 2 427 284 3 517 881 6 950 512TOTAL LIABILITIES 456 231 977 392 67 282 1 500 905Capital expenditures 54 373 229 660 1 160 285 1931)  Other and eliminations comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments. In 2022, revenue from single customers above 10% of total revenues include Nikola Corporation (electrolyser), recognised revenue of NOK 164.8 million.In 2021, revenue from single customers above 10% of total revenues include Iberdrola (electrolyser) and Iwatani Corporation of America (fueling), recognised revenue of NOK 128.4 and NOK 147.3, respectively.(Amounts in NOK thousands) 2021 OPERATING SEGMENTSREVENUES BY GEOGRAPHIC REGION  1)BASED ON CUSTOMER LOCATION FUELING ELECTROLYSER OTHERTOTALNorway5384 479 0 5 017United States 203 794 161 805 0 365 599North America ex United States 9 937 3 618 0 13 555Asia  38 612 42 543 0 81 155Europe ex Norway 64 285 204 750 0 269 034Middle East  0 9 216 0 9 216Africa 0 1 663 0 1 663South America 0 2 085 0 2 085Oceania 0 5 771 0 5 771TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 317 165 435 930 0 753 096Other operating income 14 589 30 316 0 44 905Operating expenses -500 721 -675 928 -96 589 -1 273 238EBITDA-168 967 -209 681-96 589 -475 237Depreciation and amortisation-39 886-56 385 -6 845 -103 116Impairment of tangible and intangible assets 0 -4 500 0 -4 500OPERATING LOSS -208 852 -270 566 -103 434 -582 853Finance income 18 64 28 194 28 276Finance costs -5 390 -240 -1 123 595 -1 129 224Share of loss from associates and joint ventures 0 0 -35 -35Tax income (expense) 10 175 5 885 924 16 984PRE-TAX INCOME (LOSS) -204 049 -264 857 -1 197 946 -1 666 852TOTAL ASSETS 1 038 376 1 842 253 3 126 354 6 006 984TOTAL LIABILITIES 276 511 644 274 47 494 968 2791)  Other comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__38": {
   "value": "2.3  Segment informationNel operates within two operating segments, Nel Hydrogen Fueling and Nel Hydrogen Electrolyser. The identification of segments in the group is made based on the different products the division offers as well as geographical areas the divisions operate in. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements.Billing of goods and services between operating segments are effected on an arm\u2019s length basis.NEL HYDROGEN FUELINGNel Hydrogen Fueling is a manufacturer of hydrogen fueling stations for Fuel Cell Electric Vehicles. Nel\u2019s H2Station\u00ae manufacturing plant is located in Herning, Denmark.NEL HYDROGEN ELECTROLYSERThe Nel Hydrogen Electrolyser division is a global supplier of hydrogen production equipment based on both alkaline and PEM water electrolysis technology. Nel Hydrogen Electrolyser currently has production facilities in Her\u00f8ya, Norway, and in Wallingford, Connecticut, USA. 2022 OPERATING SEGMENTSREVENUES BY GEOGRAPHIC REGION  1)BASED ON CUSTOMER LOCATION FUELING ELECTROLYSER OTHERTOTALNorway4226 073 0 6 495United States 103 498 337 544 0 441 041North America ex United States 8 760 9 131 0 17 891Asia  28 979 108 247 0 137 226Europe ex Norway 66 380 201 397 0 267 777Middle East  0 26 218 0 26 218Africa 0 13 206 0 13 206South America 0 3 487 0 3 487Oceania 0 1 512 0 1 512TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 208 039 706 814 0 914 853Other operating income 37 183 41 545 0 78 728Operating expenses -596 925 -1 052 054 -124 475 -1 773 454EBITDA-351 703 -303 695 -124 475 -779 873Depreciation and amortisation-47 448-116 372 -7 663 -171 483Impairment of tangible and intangible assets -327 298 0 0 -327 298OPERATING LOSS-726 449 -420 067 -132 138 -1 278 654Finance income 12 5 044 92 573 97 629Finance costs 3 417 -16 801 7 412 -5 972Tax income (expense) 8 318 6 586 924 15 828NET INCOME (LOSS) -714 702 -425 238 -31 229 -1 171 169TOTAL ASSETS 1 005 347 2 427 284 3 517 881 6 950 512TOTAL LIABILITIES 456 231 977 392 67 282 1 500 905Capital expenditures 54 373 229 660 1 160 285 1931)  Other and eliminations comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments. In 2022, revenue from single customers above 10% of total revenues include Nikola Corporation (electrolyser), recognised revenue of NOK 164.8 million.In 2021, revenue from single customers above 10% of total revenues include Iberdrola (electrolyser) and Iwatani Corporation of America (fueling), recognised revenue of NOK 128.4 and NOK 147.3, respectively.(Amounts in NOK thousands) 2021 OPERATING SEGMENTSREVENUES BY GEOGRAPHIC REGION  1)BASED ON CUSTOMER LOCATION FUELING ELECTROLYSER OTHERTOTALNorway5384 479 0 5 017United States 203 794 161 805 0 365 599North America ex United States 9 937 3 618 0 13 555Asia  38 612 42 543 0 81 155Europe ex Norway 64 285 204 750 0 269 034Middle East  0 9 216 0 9 216Africa 0 1 663 0 1 663South America 0 2 085 0 2 085Oceania 0 5 771 0 5 771TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 317 165 435 930 0 753 096Other operating income 14 589 30 316 0 44 905Operating expenses -500 721 -675 928 -96 589 -1 273 238EBITDA-168 967 -209 681-96 589 -475 237Depreciation and amortisation-39 886-56 385 -6 845 -103 116Impairment of tangible and intangible assets 0 -4 500 0 -4 500OPERATING LOSS -208 852 -270 566 -103 434 -582 853Finance income 18 64 28 194 28 276Finance costs -5 390 -240 -1 123 595 -1 129 224Share of loss from associates and joint ventures 0 0 -35 -35Tax income (expense) 10 175 5 885 924 16 984PRE-TAX INCOME (LOSS) -204 049 -264 857 -1 197 946 -1 666 852TOTAL ASSETS 1 038 376 1 842 253 3 126 354 6 006 984TOTAL LIABILITIES 276 511 644 274 47 494 968 2791)  Other comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__40-1": {
   "value": "2.4  Raw materials(Amounts in NOK thousands)2022 2021Raw material 557 149 528 699Freight expense 13 939 12 346Other consumables 13 728 10 650TOTAL 584 815 551 6954.1 InventoriesInventories comprises purchased raw materials, work in progress and finished goods. Obsolescence is considered for inventories and write-down is performed on obsolete goods. Inventories are measured under the weighted-average cost formula. The cost of each item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items bought or produced during the period. The average is calculated on a quarterly basis.(Amounts in NOK thousands)2022 2021Raw material51 478 68 431Work in progress120 846 92 133Finished goods346 434 188 269Allowance for obscolete inventory-14 163 -20 366Balance as of 31.12.504 595 328 465Inventories are measured at the lowest of cost and net realisable value less costs to sell. In both 2022 and 2021, all items of inventories are measured at cost. The amount of inventories recognised as an expense was NOK 622.2 (510.2) million during the period.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__46-1": {
   "value": "2.5  Personnel expenses(Amounts in NOK thousands)2022 2021Salaries 581 677 471 735Social security tax 51 843 37 544Pension expense 29 508 22 9261Other payroll expenses  ) 41 584 27 042Capitalised salary to technology development -39 796 -87 237TOTAL 664 815 472 0101)  Included here are expenses amounting to NOK 7.6 million (8.9 in 2021) related to the Group\u2019s share option program.      2022 2021Average number of full time employees 580 486Hereof women 105 90SHARE OPTION PROGRAMIn 2021, Nel compensated employees with share options as part of a program to incentivize and retain key employees. The share option program was distributed groupwide and granted shares to all employees employed in the group during 2021 on certain tenure conditions. When granted, there is only service-time based vesting conditions. Vesting requires the option holder to still be an employee in the Group. The share-based payment is equity-settled. Each option, when exercised, will give the right to acquire one share in the Group. The options are granted without consideration. Refer below for additional information on share option program 2019, 2020 and 2021. The share option program for all employees was terminated in 2022 and was replaced by a STI bonus scheme linked to employee performance and Nel\u2019s financial performance.Options granted July 2019:A total of 11.1 million share options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. The exercise price is equal NOK 7.8 per share based on the average price of the Nel ASA share price the five trading days before grant date (NOK 7.22) and including an 8% premium. Gain per instrument is capped at NOK 5.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant. Options granted July 2020:A total of 12.8 million share options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. The exercise price is equal NOK 21.72 per share based on the average price of the Nel ASA share price the five trading days before grant date (NOK 20.11) and including an 8% premium. Gain per instrument is capped at NOK 5.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant. Options granted July 2021:A total of 7.8 million share options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. The exercise price is equal NOK 15.125 per share based on the average price of the Nel ASA share price the five trading days before grant date (NOK 14.00) and including an 8% premium. Gain per instrument is capped at NOK 10.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant.Assumptions, costs and social security provisionsThe Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022  the company\u2019s share price\u2022  the strike price of the options\u2022  the expected lifetime of the options\u2022  the risk-free interest rate equalling the expected lifetime\u2022  the volatility associated with the historical price development of the underlying shareAs all employee options granted are \u201cnon-transferable\u201d, and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored frequently and expected option lifetime for future grants will reflect exercise behaviour.To estimate the volatility in the option pricing model comparable companies have been used. Nel does have sufficient traded history, however \u2013 the company has been through a rapid development in recent years and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies.Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.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 gain on the share-based instruments multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2022 was NOK 8.3 (9.5) million. The total social security accruals at the end of the year are NOK 0.0 (0.7) million (social security costs on exercised options has been paid in connection with the relevant exercises, hence taken out of the accruals accounts). The total intrinsic value of the company\u2019s share-based instruments is NOK 0.1 (37.9) million as of 31 December 2022.Key assumptions option pricing model2021 2020Volatility 63.04% 28.65%Interest rate  0.96% 0.149%Dividend 0.00 0.00No new share options were issued in 2022.ESTIMATION UNCERTAINTY - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled share-based payments are measured at fair value at the grant date. (amounts in NOK thousands and number of options/shares in thousands)REMAINING SHARE OPTION  OPENING  CLOSING  STRIKE CONTRACT UAL 1)PROGRAMBALANCE GRANTED EXERCISED FORFEITEDBALANCEPRICE VALUE LIFE 2)July 20195 0320 -4 487 -528 17  7.80   5.00  0.51 2)July 202010 816 0 0 -1 308 9 508  21.72    -    1.52 2)July 20217 588 0 0 -888 6 699  15.13   -   2.63TOTAL 23 436 0 -4 487 -2 724 16 2252)EXPIRY VESTED EXPENSE  FOR THE 3) NAME  2022 2023 2024 2025 TOTAL 2023 2024 2025PERIOD H\u00e5kon Volldal00 0 0 0 0 0 0 0Kjell Christian Bj\u00f8rnsen 128 254 93 0 476 0 321 155 250Anders S\u00f8reng 124 248 93 0 465 0 310 155 277Filip Smeets 128 254 93 0 476 0 0 476 250Esa Laukkanen 0 0 0 0 0 0 0 0 0Robert Borin 0 0 0 0 0 0 0 0 0J\u00f8rn Rosenlund 0 0 0 0 0 0 0 0 -441Hans Hide 126 254 96 0 476 0 316 160 288Stein Ove Erdal 140 274 96 0 510 0 350 160 303Caroline Duyckaerts 0 62 93 0 155 0 0 155 114Other employees 3 187 7 025 3 456 0 13 667 17 7 891 5 759 7 300TOTAL 3 834 8 371 4 020 0 16 225 17 9 187 7 020 8 3421) The value of the share options equals share price less strike price, capped at NOK 5.0 for 2019 and 2020 program, and 10.0 for 2021 program.2) All share options are granted, vested and expired at the beginning of July in a given fiscal year, except for share option program 2021 which is August.3) Cost of period does not include social securityNo share options expired during the period. The first expiry date is 1. July 2023 for the options granted July 2019.The weighted-average share price at the date of exercise in 2022 was 15.5 (13.8). As shown in the table above, the share options exercised during 2022 had a strike price of mainly 7.8. Employee benefits were capped at NOK 5 or share price 12.8.PensionsThe group has defined contribution pension scheme for its employees. This scheme is funded through payments to insurance companies. A defined contribution plan is one under which the group pays fixed contributions to a separate legal entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the group pays contribution to publicly- or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as a salary expense when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The parent company and the Norwegian subsidiaries have pension plans that meet the requirements of the Pension Act of Norway. The Danish and the US subsidiary have pension plans that meet their respective requirements.2.6  Other operating expenses(Amounts in NOK thousands) 2022 2021Research and development expenditure73 942 21 378Utilities23 809 12 398Professional fees116 108 79 046Travel expenses37 227 18 188IT and communication costs25 891 18 527Changes in provisions46 178 17 368Repair and maintenance 10 572 5 577Premises costs 29 147 12 182Sub supplier services76 337 29 993Other expenses84 611 34 876TOTAL Other operating expenses523 824 249 5332.7  Finance income and cost(Amounts in NOK thousands) 2022 2021Interest income72 201 19 735Change in fair value financial instruments19 504 7 586Other5 924 954Finance income97 629 28 276Interest expense693 1 140Interest expense lease liabilities10 473 8 792Capitalised interest0 -5 902Net foreign exchange loss-56 459 3 526Change in fair value financial instruments50 118 1 120 776Other1 147 893Finance cost5 972 1 129 224Net finance income (cost)91 657 -1 100 948The change in fair value financial instruments is mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel and Nikola Corporation of NOK 26.2 (-1 073.0) million and NOK 23.9 (-47.8) million, respectively. For additional information, refer note 4.3. Net foreign exchange gain is mainly unrealised effects from revaluing internal loans.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__41-1": {
   "value": "(Amounts in NOK thousands)2022 2021Salaries 581 677 471 735Social security tax 51 843 37 544Pension expense 29 508 22 9261Other payroll expenses  ) 41 584 27 042Capitalised salary to technology development -39 796 -87 237TOTAL 664 815 472 0101)  Included here are expenses amounting to NOK 7.6 million (8.9 in 2021) related to the Group\u2019s share option program.      PensionsThe group has defined contribution pension scheme for its employees. This scheme is funded through payments to insurance companies. A defined contribution plan is one under which the group pays fixed contributions to a separate legal entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the group pays contribution to publicly- or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as a salary expense when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The parent company and the Norwegian subsidiaries have pension plans that meet the requirements of the Pension Act of Norway. The Danish and the US subsidiary have pension plans that meet their respective requirements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__43": {
   "value": "share option program. <span class=\"_ _4e\"> </span>    2022<span class=\"_ _16a\"> </span>2021A<span class=\"_ _b\"></span>verage number of full time employees<span class=\"_ _18a\"> </span><span class=\"ws1a\">580<span class=\"_ _cd\"> </span>486</span>Hereo<span class=\"_ _0\"></span>f women<span class=\"_ _18b\"> </span><span class=\"ws1a\">105<span class=\"_ _bb\"> </span>90</span>SHARE OPTION PROGRAMIn 2021, Nel compensated employees with share options as par<span class=\"_ _e\"></span>t of a pr<span class=\"_ _0\"></span>ogram to incentivize and retain key employees. The share option pr<span class=\"_ _0\"></span>ogram was distributed groupwide and granted shares to all employees employed in the gr<span class=\"_ _0\"></span>oup during 2021 on cer<span class=\"_ _e\"></span>tain tenure conditions. When granted, there is only ser<span class=\"_ _e\"></span>vice-time based vesting conditions. V<span class=\"_ _0\"></span>esting requir<span class=\"_ _0\"></span>es the option holder to still be an employee in the Group. The shar<span class=\"_ _0\"></span>e-based payment is equity-settled. Each option, when exercised, will give the right to acquir<span class=\"_ _0\"></span>e one share in the Gr<span class=\"_ _0\"></span>oup. The options are granted without consideration. Refer below for additional information on share option pr<span class=\"_ _0\"></span>ogram 2019, 2020 and 2021. The share option program for all employees was terminated in 2022 and was replaced by a STI bonus scheme linked to employee per<span class=\"_ _e\"></span>formance and Nel\u2019<span class=\"_ _1\"></span>s financial per<span class=\"_ _e\"></span>formance.Options granted July 2019:A total of 11.1 million shar<span class=\"_ _0\"></span>e options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest thr<span class=\"_ _0\"></span>ee years af<span class=\"_ _e\"></span>ter the day of grant. The exer<span class=\"_ _0\"></span>cise price is equal NOK 7.8 per share based on the average price o<span class=\"_ _0\"></span>f the Nel ASA share price the five trading days befor<span class=\"_ _0\"></span>e grant date (NOK 7.22) and including an 8% premium. Gain per instrument is capped at NOK 5.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant. Options granted July 2020:A total of 12.8 million shar<span class=\"_ _0\"></span>e options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years af<span class=\"_ _e\"></span>ter the day of grant, and 60% o<span class=\"_ _0\"></span>f the options will vest three years after the day of grant. The exer<span class=\"_ _b\"></span>cise price is equal NOK 21.72 per share based on the average price o<span class=\"_ _0\"></span>f the Nel ASA share price the five trading days befor<span class=\"_ _0\"></span>e grant date (NOK 20.11) and including an 8% premium. Gain per instrument is capped at NOK 5.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant. Options granted July 2021:A total of 7.8 million shar<span class=\"_ _0\"></span>e options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest thr<span class=\"_ _0\"></span>ee years af<span class=\"_ _e\"></span>ter the day of grant. The exer<span class=\"_ _0\"></span>cise price is equal NOK<span class=\"_ _e\"></span> 15.125 per share based on the average price o<span class=\"_ _0\"></span>f the Nel ASA share price the five trading days befor<span class=\"_ _0\"></span>e grant date (NOK 14.00)<span class=\"_ _e\"></span> and including an 8% premium. Gain per instrument is capped at NOK 10.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant.Assumptions, costs and social security provisionsThe Group uses the Black<span class=\"_ _1\"></span>-Scholes-Mer<span class=\"_ _e\"></span>ton option pricing model at time of grant to deter<span class=\"_ _b\"></span>mine the impact o<span class=\"_ _b\"></span>f stock option grants in accordance with IFRS 2 - Shar<span class=\"_ _0\"></span>e-based payment. The model utilises the following parameters as input: \u2022 <span class=\"_ _6\"> </span>the company\u2019<span class=\"_ _0\"></span>s share price\u2022 <span class=\"_ _6\"> </span>the strike price of the options\u2022 <span class=\"_ _6\"> </span>the expected lifetime of the options\u2022 <span class=\"_ _6\"> </span>the risk<span class=\"_ _0\"></span>-fr<span class=\"_ _0\"></span>ee interest rate equalling the expected lifetime\u2022 <span class=\"_ _6\"> </span>the volatility associated with the historical price development of the underlying shar<span class=\"_ _0\"></span>eAs all employee options granted are \u201cnon-transferable\u201d<span class=\"_ _1\"></span>, and the gains are taxed with personal income tax (higher), whereas gains on or<span class=\"_ _0\"></span>dinar<span class=\"_ _3\"></span>y shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early<span class=\"_ _1\"></span>. Hence estimated lifetime o<span class=\"_ _b\"></span>f the options is expected to be shor<span class=\"_ _e\"></span>ter than the time from grant until expir<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>. However<span class=\"_ _1\"></span>, exercise patterns ar<span class=\"_ _0\"></span>e monitored fr<span class=\"_ _b\"></span>equently and expected option lifetime for future grants will r<span class=\"_ _0\"></span>eflect exercise behaviour<span class=\"_ _1\"></span>.T<span class=\"_ _4\"></span>o estimate the volatility in the option pricing model comparable companies have been used. Nel does have sufficient traded histor<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, however \u2013 the company has been through a rapid development in r<span class=\"_ _0\"></span>ecent year<span class=\"_ _e\"></span>s and the assumption made at grant was that traded histor<span class=\"_ _3\"></span>y the previous years was not the best estimate for the futur<span class=\"_ _b\"></span>e years. Hence, volatility input to the Black<span class=\"_ _1\"></span>-Scholes-Mer<span class=\"_ _e\"></span>ton model is based on a group o<span class=\"_ _0\"></span>f peer companies.Fur<span class=\"_ _e\"></span>ther the total fair value of the shar<span class=\"_ _0\"></span>e-based instruments is amor<span class=\"_ _e\"></span>tised over the vesting period of the instrument. IFRS 2 presumes that the fair value o<span class=\"_ _0\"></span>f the ser<span class=\"_ _3\"></span>vices expected to be received is the same as the fair value o<span class=\"_ _0\"></span>f the equity instruments granted at grant date. Therefor<span class=\"_ _0\"></span>e, although the ser<span class=\"_ _3\"></span>vices are r<span class=\"_ _0\"></span>ecognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.Social security tax provisions ar<span class=\"_ _0\"></span>e accrued on a quar<span class=\"_ _3\"></span>terly basis and becomes payable at exercise o<span class=\"_ _0\"></span>f the options. The social security tax provisions ar<span class=\"_ _0\"></span>e estimated based on the gain on the share-based instruments multiplied with the r<span class=\"_ _0\"></span>elevant social security tax rate.The total expense recognised for the shar<span class=\"_ _0\"></span>e-based programs, excluding social security<span class=\"_ _0\"></span>, during 2022 was NOK 8.3 (9.5) million. The total social security accruals at the end of the year are NOK 0.0 (0.7) million (social security costs on exer<span class=\"_ _0\"></span>cised options has been paid in connection with the relevant exercises, hence taken out o<span class=\"_ _0\"></span>f the accruals accounts). The total intrinsic value of the company\u2019<span class=\"_ _1\"></span>s share-based instruments is NOK 0.1 (37.9) million as of 31 December 2022.Key assumptions option pricing model2021<span class=\"_ _16a\"> </span>2020V<span class=\"_ _0\"></span>olatility<span class=\"_ _18c\"> </span>63.04%<span class=\"_ _9f\"> </span>28.65%Interest rate <span class=\"_ _18d\"> </span><span class=\"ws1a\">0.96%<span class=\"_ _9f\"> </span>0.149%</span>Dividend<span class=\"_ _18e\"> </span>0.00<span class=\"_ _14b\"> </span>0.00No new share options wer<span class=\"_ _0\"></span>e issued in 2022.ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Share-based paymentsEstimating fair value for share-based payment transactions r<span class=\"_ _0\"></span>equires determination o<span class=\"_ _b\"></span>f the most appropriate evaluation model, which depends on the terms and conditions o<span class=\"_ _b\"></span>f the grant. This estimate also requir<span class=\"_ _0\"></span>es determination of the most appropriate inputs to the valuation model including the expected life o<span class=\"_ _0\"></span>f the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled shar<span class=\"_ _0\"></span>e-based payments are measured at fair value at the grant date. (amounts in NOK thousands and number of options/shar<span class=\"_ _0\"></span>es in thousands)REMAINING SHARE OPTION <span class=\"ls0\"> </span>OPENING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>CL<span class=\"_ _0\"></span>OSING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>STRIKE CONTRA<span class=\"_ _0\"></span>CT UAL 1)PROGRAMBAL<span class=\"_ _e\"></span>ANCE<span class=\"_ _148\"> </span>GRANTED<span class=\"_ _18f\"> </span>EXERCISED<span class=\"_ _8\"> </span>FORFEITEDBAL<span class=\"_ _e\"></span>ANCEPRICE<span class=\"_ _190\"> </span>V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UE LIFE 2)July 20195 0320<span class=\"_ _8a\"> </span><span class=\"ls9\">-4 487<span class=\"_ _191\"> </span><span class=\"ws1a\">-528<span class=\"_ _d6\"> </span>17<span class=\"_ _13b\"> </span></span> 7.80<span class=\"_ _e\"></span> <span class=\"_ _3d\"> </span> 5.00 <span class=\"_ _130\"> </span><span class=\"ws1a\">0.51</span></span> 2)July 202010 816<span class=\"_ _136\"> </span><span class=\"ls0\">0<span class=\"_ _192\"> </span>0<span class=\"_ _6a\"> </span></span>-1 308<span class=\"_ _58\"> </span>9 508<span class=\"_ _34\"> </span> 21.72 <span class=\"_ _159\"> </span><span class=\"ls0 ws111\"> <span class=\"_ _90\"> </span>-   <span class=\"_ _f7\"> </span></span><span class=\"ws1a\">1.52</span> 2)July 20217 588<span class=\"_ _136\"> </span><span class=\"ls0\">0<span class=\"_ _192\"> </span>0<span class=\"_ _191\"> </span></span><span class=\"ws1a\">-888<span class=\"_ _58\"> </span></span>6 699<span class=\"_ _18f\"> </span> 15.13<span class=\"_ _e\"></span>  <span class=\"_ _90\"> </span>-   2.63TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _193\"> </span><span class=\"ls9 ws0\">23 436<span class=\"_ _136\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span>-4 487<span class=\"_ _6a\"> </span>-2 724<span class=\"_ _4b\"> </span>16 225</span>2)EXPIRY VESTED EXPENSE <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>FOR THE 3) NAME <span class=\"_ _ee\"> </span>2022<span class=\"_ _31\"> </span>2023<span class=\"_ _31\"> </span>2024<span class=\"_ _54\"> </span>2025<span class=\"_ _3d\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _50\"> </span><span class=\"ls8 ws19\">2023<span class=\"_ _54\"> </span>2024<span class=\"_ _31\"> </span>2025</span>PERIOD H\u00e5kon V<span class=\"_ _0\"></span>olldal00<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _195\"> </span>0Kjell Christian Bj\u00f8rnsen<span class=\"_ _6c\"> </span><span class=\"ws1a\">128<span class=\"_ _67\"> </span>254<span class=\"_ _47\"> </span>93<span class=\"_ _5a\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">476<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">321<span class=\"_ _67\"> </span>155<span class=\"_ _16a\"> </span>250</span>Anders S\u00f8reng<span class=\"_ _f5\"> </span><span class=\"ws1a\">124<span class=\"_ _6a\"> </span>248<span class=\"_ _14\"> </span>93<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">465<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">310<span class=\"_ _6a\"> </span>155<span class=\"_ _196\"> </span>277</span>Filip Smeets<span class=\"_ _39\"> </span><span class=\"ws1a\">128<span class=\"_ _6a\"> </span>254<span class=\"_ _14\"> </span>93<span class=\"_ _d6\"> </span></span><span class=\"ls0\">0<span class=\"_ _67\"> </span></span><span class=\"ws1a\">476<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _194\"> </span>0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">476<span class=\"_ _196\"> </span>250</span>Esa Laukkanen<span class=\"_ _e4\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _195\"> </span>0</span>Rober<span class=\"_ _e\"></span>t Borin<span class=\"_ _197\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _195\"> </span>0</span>J\u00f8rn Rosenlund<span class=\"_ _15b\"> </span><span class=\"ls0\">0<span class=\"_ _5a\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _194\"> </span>0<span class=\"_ _191\"> </span></span><span class=\"ws1a\">-441</span>Hans Hide<span class=\"_ _198\"> </span><span class=\"ws1a\">126<span class=\"_ _6a\"> </span>254<span class=\"_ _14\"> </span>96<span class=\"_ _d6\"> </span></span><span class=\"ls0\">0<span class=\"_ _67\"> </span></span><span class=\"ws1a\">476<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">316<span class=\"_ _67\"> </span>160<span class=\"_ _16a\"> </span>288</span>Stein Ove Erdal<span class=\"_ _de\"> </span><span class=\"ws1a\">140<span class=\"_ _67\"> </span>274<span class=\"_ _47\"> </span>96<span class=\"_ _5a\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">510<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">350<span class=\"_ _67\"> </span>160<span class=\"_ _16a\"> </span>303</span>Caroline Duyckaerts<span class=\"_ _ea\"> </span><span class=\"ls0\">0<span class=\"_ _14\"> </span></span><span class=\"ws1a\">62<span class=\"_ _47\"> </span>93<span class=\"_ _5a\"> </span></span><span class=\"ls0\">0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">155<span class=\"_ _194\"> </span></span><span class=\"ls0\">0<span class=\"_ _194\"> </span>0<span class=\"_ _6a\"> </span></span><span class=\"ws1a\">155<span class=\"_ _196\"> </span>114</span>Other employees<span class=\"_ _199\"> </span>3 187<span class=\"_ _4b\"> </span>7 025<span class=\"_ _4b\"> </span>3 456<span class=\"_ _194\"> </span><span class=\"ls0\">0<span class=\"_ _11\"> </span></span>13 667<span class=\"_ _47\"> </span><span class=\"ws1a\">17<span class=\"_ _4b\"> </span></span>7 891<span class=\"_ _4b\"> </span>5 759<span class=\"_ _3a\"> </span>7 300TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _11f\"> </span><span class=\"ls9 ws0\">3 834<span class=\"_ _4b\"> </span>8 371<span class=\"_ _4b\"> </span>4 020<span class=\"_ _5a\"> </span><span class=\"ls0\">0<span class=\"_ _11\"> </span></span>16 225<span class=\"_ _47\"> </span><span class=\"ws1a\">17<span class=\"_ _4b\"> </span></span>9 187<span class=\"_ _4b\"> </span>7 020<span class=\"_ _3a\"> </span>8 342</span>1) The value of the shar<span class=\"_ _0\"></span>e options equals share price less strike price, capped at NOK 5.0 for 2019 and 2020 program, and 10.0 for 2021 program.2) All share options ar<span class=\"_ _b\"></span>e granted, vested and expired at the beginning o<span class=\"_ _0\"></span>f July in a given fiscal year<span class=\"_ _0\"></span>, except for share option pr<span class=\"_ _0\"></span>ogram 2021 which is August.3) Cost of period does not include social securityNo share options expir<span class=\"_ _0\"></span>ed during the period. The fir<span class=\"_ _e\"></span>st expir<span class=\"_ _3\"></span>y date is 1. July 2023 for the options granted July 2019.The weighted-average share price at the date o<span class=\"_ _0\"></span>f exercise in 2022 was 15.5 (13.8). As shown in the table above, the share options exercised during 2022 had a strike price o<span class=\"_ _0\"></span>f mainly 7.8. Employee benefits were capped at NOK 5 or shar<span class=\"_ _0\"></span>e price 12.8.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__42": {
   "value": "2022<span class=\"_ _16a\"> </span>2021A<span class=\"_ _b\"></span>verage number of full time employees<span class=\"_ _18a\"> </span><span class=\"ws1a\">580<span class=\"_ _cd\"> </span>486</span>Hereo<span class=\"_ _0\"></span>f women<span class=\"_ _18b\"> </span><span class=\"ws1a\">105<span class=\"_ _bb\"> </span>90</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__48-1": {
   "value": "Assumptions, costs and social security provisionsThe Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022  the company\u2019s share price\u2022  the strike price of the options\u2022  the expected lifetime of the options\u2022  the risk-free interest rate equalling the expected lifetime\u2022  the volatility associated with the historical price development of the underlying shareAs all employee options granted are \u201cnon-transferable\u201d, and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored frequently and expected option lifetime for future grants will reflect exercise behaviour.To estimate the volatility in the option pricing model comparable companies have been used. Nel does have sufficient traded history, however \u2013 the company has been through a rapid development in recent years and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies.Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.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 gain on the share-based instruments multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2022 was NOK 8.3 (9.5) million. The total social security accruals at the end of the year are NOK 0.0 (0.7) million (social security costs on exercised options has been paid in connection with the relevant exercises, hence taken out of the accruals accounts). The total intrinsic value of the company\u2019s share-based instruments is NOK 0.1 (37.9) million as of 31 December 20225.5  ProvisionsPROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions 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 significant, provisions are calculated by discounting 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.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED  EMPLOYEE  SETTLEMENT AND ONEROUS WARRANTYBENEFITSCLAIMS CONTRACTS TOTALAs of 01.01.202131 6611 257 27 739 14 078 74 735Additions 33 933 4 0 2 718 36 655Used during the year -7 153 94 -4 007 -8 214 -19 280Reversal of unused provisions -2 286 -655 0 0 -2 941Foreign currency translation -695 0 38 -406 -1 062As of 31.12.2021 55 460 701 23 770 8 176 88 106Additions 36 894 21 792 2 748 37 374 98 809Used during the year -15 544 -701 -4 182 -5 458 -25 885Reversal of unused provisions -11 426 0 -818 -211 -12 454Foreign currency translation 3 162 0 243 1 459 4 864As of 31.12.2022 68 546 21 792 21 762 41 340 153 440ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 8%.EMPLOYEE BENEFITSNel has short-term incentive bonuses in place for all employees. The provision for bonus incurred in 2022 to be finally measured and paid in 2023 is NOK 21.8 million. In addition, the employee benefits include provision for social security on stock options 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 Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2022 the provision is mainly related to the potential fines (no: forelegg) for the Kj\u00f8rbo incident received on February 16, 2021. In 2022 the provision is unchanged as the case is still open.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.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__47-1": {
   "value": "Assumptions, costs and social security provisionsThe Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022  the company\u2019s share price\u2022  the strike price of the options\u2022  the expected lifetime of the options\u2022  the risk-free interest rate equalling the expected lifetime\u2022  the volatility associated with the historical price development of the underlying shareAs all employee options granted are \u201cnon-transferable\u201d, and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored frequently and expected option lifetime for future grants will reflect exercise behaviour.To estimate the volatility in the option pricing model comparable companies have been used. Nel does have sufficient traded history, however \u2013 the company has been through a rapid development in recent years and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies.Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.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 gain on the share-based instruments multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2022 was NOK 8.3 (9.5) million. The total social security accruals at the end of the year are NOK 0.0 (0.7) million (social security costs on exercised options has been paid in connection with the relevant exercises, hence taken out of the accruals accounts). The total intrinsic value of the company\u2019s share-based instruments is NOK 0.1 (37.9) million as of 31 December 20225.5  ProvisionsPROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions 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 significant, provisions are calculated by discounting 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.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED  EMPLOYEE  SETTLEMENT AND ONEROUS WARRANTYBENEFITSCLAIMS CONTRACTS TOTALAs of 01.01.202131 6611 257 27 739 14 078 74 735Additions 33 933 4 0 2 718 36 655Used during the year -7 153 94 -4 007 -8 214 -19 280Reversal of unused provisions -2 286 -655 0 0 -2 941Foreign currency translation -695 0 38 -406 -1 062As of 31.12.2021 55 460 701 23 770 8 176 88 106Additions 36 894 21 792 2 748 37 374 98 809Used during the year -15 544 -701 -4 182 -5 458 -25 885Reversal of unused provisions -11 426 0 -818 -211 -12 454Foreign currency translation 3 162 0 243 1 459 4 864As of 31.12.2022 68 546 21 792 21 762 41 340 153 440ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 8%.EMPLOYEE BENEFITSNel has short-term incentive bonuses in place for all employees. The provision for bonus incurred in 2022 to be finally measured and paid in 2023 is NOK 21.8 million. In addition, the employee benefits include provision for social security on stock options 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 Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2022 the provision is mainly related to the potential fines (no: forelegg) for the Kj\u00f8rbo incident received on February 16, 2021. In 2022 the provision is unchanged as the case is still open.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.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__49-1": {
   "value": "As all employee options granted are \u201cnon-transferable\u201d<span class=\"_ _1\"></span>, and the gains are taxed with personal income tax (higher), whereas gains on or<span class=\"_ _0\"></span>dinar<span class=\"_ _3\"></span>y shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early<span class=\"_ _1\"></span>. Hence estimated lifetime o<span class=\"_ _b\"></span>f the options is expected to be shor<span class=\"_ _e\"></span>ter than the time from grant until expir<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>. However<span class=\"_ _1\"></span>, exercise patterns ar<span class=\"_ _0\"></span>e monitored fr<span class=\"_ _b\"></span>equently and expected option lifetime for future grants will r<span class=\"_ _0\"></span>eflect exercise behaviour<span class=\"_ _1\"></span>.T<span class=\"_ _4\"></span>o estimate the volatility in the option pricing model comparable companies have been used. Nel does have sufficient traded histor<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, however \u2013 the company has been through a rapid development in r<span class=\"_ _0\"></span>ecent year<span class=\"_ _e\"></span>s and the assumption made at grant was that traded histor<span class=\"_ _3\"></span>y the previous years was not the best estimate for the futur<span class=\"_ _b\"></span>e years. Hence, volatility input to the Black<span class=\"_ _1\"></span>-Scholes-Mer<span class=\"_ _e\"></span>ton model is based on a group o<span class=\"_ _0\"></span>f peer companies.Fur<span class=\"_ _e\"></span>ther the total fair value of the shar<span class=\"_ _0\"></span>e-based instruments is amor<span class=\"_ _e\"></span>tised over the vesting period of the instrument. IFRS 2 presumes that the fair value o<span class=\"_ _0\"></span>f the ser<span class=\"_ _3\"></span>vices expected to be received is the same as the fair value o<span class=\"_ _0\"></span>f the equity instruments granted at grant date. Therefor<span class=\"_ _0\"></span>e, although the ser<span class=\"_ _3\"></span>vices are r<span class=\"_ _0\"></span>ecognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.Social security tax provisions ar<span class=\"_ _0\"></span>e accrued on a quar<span class=\"_ _3\"></span>terly basis and becomes payable at exercise o<span class=\"_ _0\"></span>f the options. The social security tax provisions ar<span class=\"_ _0\"></span>e estimated based on the gain on the share-based instruments multiplied with the r<span class=\"_ _0\"></span>elevant social security tax rate.The total expense recognised for the shar<span class=\"_ _0\"></span>e-based programs, excluding social security<span class=\"_ _0\"></span>, during 2022 was NOK 8.3 (9.5) million. The total social security accruals at the end of the year are NOK 0.0 (0.7) million (social security costs on exer<span class=\"_ _0\"></span>cised options has been paid in connection with the relevant exercises, hence taken out o<span class=\"_ _0\"></span>f the accruals accounts). The total intrinsic value of the company\u2019<span class=\"_ _1\"></span>s share-based instruments is NOK 0.1 (37.9) million as of 31 December 2022.2.8 <span class=\"_ _46\"> </span><span class=\"fc1\">Income taxes</span>TA<span class=\"_ _1d\"></span>XThe tax expense in the statement of compr<span class=\"_ _0\"></span>ehensive income comprises of the tax payable for the period and o<span class=\"_ _0\"></span>f the change in deferred tax. Deferr<span class=\"_ _0\"></span>ed tax is calculated at the prevailing tax rate in the respective countries wher<span class=\"_ _0\"></span>e the parent company and subsidiaries are tax r<span class=\"_ _0\"></span>esident. Deferred tax is calculated based on temporar<span class=\"_ _3\"></span>y differences that exist between accounting and tax values, as well as any tax loss carr<span class=\"_ _3\"></span>y for<span class=\"_ _3\"></span>ward at the end o<span class=\"_ _0\"></span>f the financial year<span class=\"_ _1\"></span>. The deferr<span class=\"_ _0\"></span>ed tax asset is recognised if it is probable that the company will have a sufficient tax pr<span class=\"_ _0\"></span>ofit to be able to utilise the tax asset.Significant accounting judgements - Deferred tax assetDeferred tax assets ar<span class=\"_ _0\"></span>e recognised for unused tax losses to the extent that it is probable that taxable pr<span class=\"_ _0\"></span>ofit will be available against which the losses can be utilised. Significant management judgement is requir<span class=\"_ _0\"></span>ed to determine the amount of deferred tax assets that can be r<span class=\"_ _0\"></span>ecognised, based upon the likely timing and the level of future taxable pr<span class=\"_ _0\"></span>ofits, together with future tax planning strategies.The group has NOK 497.3 million o<span class=\"_ _0\"></span>f tax amounts from tax losses carried for<span class=\"_ _e\"></span>ward (NOK 420.0 million in 2021). These losses relate to subsidiaries that have a histor<span class=\"_ _e\"></span>y of losses, do not expir<span class=\"_ _0\"></span>e, and to some extent may not be used to offset taxable income elsewhere in the gr<span class=\"_ _0\"></span>oup. On this basis, the group has determined that it cannot recognise deferr<span class=\"_ _0\"></span>ed tax assets from the tax losses carried for<span class=\"_ _3\"></span>ward. Deferr<span class=\"_ _0\"></span>ed tax assets not recognised in the statement o<span class=\"_ _b\"></span>f financial statement amount to NOK 532.5 million in 2022 (399.1 in 2021).CAL<span class=\"_ _0\"></span>CUL<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TIONS OF THE T<span class=\"_ _1\"></span>AX BASE FOR THE YEAR<span class=\"_ _97\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Income (loss) before tax<span class=\"_ _19b\"> </span>-1 186 997<span class=\"_ _8c\"> </span>-1 683 836P<span class=\"_ _0\"></span>ermanent differences<span class=\"_ _19c\"> </span>365 343<span class=\"_ _19d\"> </span>1 094 455Change in temporar<span class=\"_ _e\"></span>y differences<span class=\"_ _19e\"> </span>183 538<span class=\"_ _137\"> </span>76 041Use of tax losses carried for<span class=\"_ _e\"></span>ward<span class=\"_ _19f\"> </span>-149 070<span class=\"_ _f7\"> </span>-12 331The year'<span class=\"_ _0\"></span>s taxable income<span class=\"_ _19b\"> </span>-787 186<span class=\"_ _195\"> </span>-525 671RECONCILIA<span class=\"_ _1\"></span>TION OF T<span class=\"_ _1\"></span>AX EXPENSE T<span class=\"_ _0\"></span>O NORWEGIAN NOMINAL ST<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TUT<span class=\"_ _0\"></span>ORY T<span class=\"_ _1\"></span>AX RA<span class=\"_ _1\"></span>TENominal tax rate22 %<span class=\"_ _ea\"> </span>22 %Income (loss) before tax<span class=\"_ _19b\"> </span>-1 186 997<span class=\"_ _8c\"> </span>-1 683 836T<span class=\"_ _4\"></span>ax this years income (loss), estimated<span class=\"_ _1a0\"> </span>-261 139<span class=\"_ _195\"> </span>-370 444T<span class=\"_ _4\"></span>ax effect of<span class=\"_ _e\"></span>:<span class=\"_ _e\"></span> T<span class=\"_ _4\"></span>ax rates different from Nor<span class=\"_ _e\"></span>way<span class=\"_ _19e\"> </span>2 833<span class=\"_ _e8\"> </span>1 960P<span class=\"_ _0\"></span>ermanent differences<span class=\"_ _160\"> </span>78 196<span class=\"_ _2a\"> </span>242 500Change in tax rates recognised in temporar<span class=\"_ _e\"></span>y differences<span class=\"_ _1a1\"> </span>-3 702<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Change in deferred tax<span class=\"_ _1a2\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405Change in not recognized deferr<span class=\"_ _0\"></span>ed tax assets (tax liabilities)<span class=\"_ _c6\"> </span>163 930<span class=\"_ _83\"> </span>123 411Other differences<span class=\"_ _114\"> </span>12 158<span class=\"_ _199\"> </span>-7 068Currency translation differ<span class=\"_ _0\"></span>ences<span class=\"_ _1a3\"> </span><span class=\"ls0\">0<span class=\"_ _de\"> </span></span><span class=\"ws1a\">62</span>Income tax expense<span class=\"_ _152\"> </span>-15 828<span class=\"_ _167\"> </span>-16 984The tax effect of per<span class=\"_ _b\"></span>manent difference o<span class=\"_ _0\"></span>f NOK 242.5 million is mainly related to unr<span class=\"_ _b\"></span>ealised changes in fair value of shareholdings.INCOME T<span class=\"_ _1\"></span>AX EXPENSE COMPRISEIncome tax payable-7 726-9 579Change in deferred tax<span class=\"_ _1a4\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405T<span class=\"_ _4\"></span>otal income tax expense (income)<span class=\"_ _1a5\"> </span>-15 828<span class=\"_ _f7\"> </span>-16 984T<span class=\"_ _1\"></span>AX EFFECTS OF TEMPORARY DIFFERENCES<span class=\"_ _1a6\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>T<span class=\"_ _1\"></span>rade receivables and customers contracts-12 949-1 593Intangible assets<span class=\"_ _1a7\"> </span>38 663<span class=\"_ _137\"> </span>69 546Property<span class=\"_ _0\"></span>, plant and equipment<span class=\"_ _1a8\"> </span>8 762<span class=\"_ _e8\"> </span>5 093Inventories<span class=\"_ _1a9\"> </span>-147<span class=\"_ _e8\"> </span><span class=\"ws0\">5 076</span>Accrued warranty<span class=\"_ _1aa\"> </span>-16 726<span class=\"_ _f7\"> </span>-13 519Leases<span class=\"_ _1ab\"> </span><span class=\"ws0\">-6 530<span class=\"_ _199\"> </span>-4 889</span>Deferred income<span class=\"_ _1ac\"> </span>-15 700<span class=\"_ _199\"> </span>-4 811Other accruals<span class=\"_ _1ad\"> </span>-30 500<span class=\"_ _f7\"> </span>-45 864Shares and other investments<span class=\"_ _1ae\"> </span><span class=\"ls0\">0<span class=\"_ _137\"> </span></span>11 922T<span class=\"_ _4\"></span>ax losses carr<span class=\"_ _3\"></span>y for<span class=\"_ _3\"></span>ward<span class=\"_ _b6\"> </span>-497 326<span class=\"_ _195\"> </span>-420 013Deferred tax asset<span class=\"_ _1af\"> </span>-532 453<span class=\"_ _195\"> </span>-399 052RECONCILIA<span class=\"_ _1\"></span>TION T<span class=\"_ _0\"></span>O ST<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TEMENT OF FINANCIAL POSITION<span class=\"_ _1b0\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Deferred tax asset<span class=\"_ _1af\"> </span>-532 453<span class=\"_ _195\"> </span>-399 052Deferred tax asset not r<span class=\"_ _0\"></span>ecognised in statement of financial position<span class=\"_ _176\"> </span>577 982<span class=\"_ _2a\"> </span>447 595Deferred tax liability in the statement o<span class=\"_ _0\"></span>f financial position<span class=\"_ _179\"> </span>45 529<span class=\"_ _137\"> </span>48 543CHANGES IN RECOGNISED DEFERRED T<span class=\"_ _1\"></span>AX LIABILITY<span class=\"_ _12f\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Balance as of 01.01.<span class=\"_ _1b1\"> </span>48 543<span class=\"_ _137\"> </span>55 144Recognised in the income statement<span class=\"_ _1b2\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405T<span class=\"_ _1\"></span>ranslation differences on deferr<span class=\"_ _0\"></span>ed taxes<span class=\"_ _1b3\"> </span>5 089<span class=\"_ _aa\"> </span><span class=\"ws1a\">804</span>Balance as of 31.12.<span class=\"_ _1b1\"> </span>45 529<span class=\"_ _137\"> </span>48 543The majority of the deferr<span class=\"_ _0\"></span>ed tax asset is related to tax losses carr<span class=\"_ _e\"></span>y for<span class=\"_ _3\"></span>ward. As of 31 December 2022, it is consider<span class=\"_ _0\"></span>ed not to be likely that the deferred tax asset can be utilised in near futur<span class=\"_ _0\"></span>e, therefore no deferr<span class=\"_ _0\"></span>ed tax asset has been capitalised. T<span class=\"_ _4\"></span>able below show net operating losses carried for<span class=\"_ _3\"></span>ward by countr<span class=\"_ _e\"></span>y multiplied with the tax rate, the deferred tax asset not r<span class=\"_ _b\"></span>ecognised. T<span class=\"_ _1\"></span>AX L<span class=\"_ _0\"></span>OSSES CARRY FORWARD B<span class=\"_ _0\"></span>Y COUNTRY<span class=\"_ _ba\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Nor<span class=\"_ _e\"></span>way<span class=\"_ _1b4\"> </span><span class=\"ws0\">233 084<span class=\"_ _2a\"> </span>188 442</span>Denmark<span class=\"_ _188\"> </span><span class=\"ws0\">170 687<span class=\"_ _83\"> </span>104 349</span>United States<span class=\"_ _1b5\"> </span>88 753<span class=\"_ _2a\"> </span>122 878South Kor<span class=\"_ _0\"></span>ea<span class=\"_ _1b6\"> </span>4 802<span class=\"_ _e8\"> </span>4 344Balance as of 31.12.<span class=\"_ _bc\"> </span>497 326<span class=\"_ _83\"> </span>420 013",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__53-1": {
   "value": "2.7  Finance income and cost(Amounts in NOK thousands) 2022 2021Interest income72 201 19 735Change in fair value financial instruments19 504 7 586Other5 924 954Finance income97 629 28 276Interest expense693 1 140Interest expense lease liabilities10 473 8 792Capitalised interest0 -5 902Net foreign exchange loss-56 459 3 526Change in fair value financial instruments50 118 1 120 776Other1 147 893Finance cost5 972 1 129 224Net finance income (cost)91 657 -1 100 948The change in fair value financial instruments is mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel and Nikola Corporation of NOK 26.2 (-1 073.0) million and NOK 23.9 (-47.8) million, respectively. For additional information, refer note 4.3. Net foreign exchange gain is mainly unrealised effects from revaluing internal loans.4.3  Prepaid expenses and other current assets(Amounts in NOK thousands)2022 2021Equity instruments450 296 568 191VAT net receivable34 040 7 900Short-term investments96 861 39 909Prepayments147 422 55 530Other current assets48 351 23 022Fair value of derivatives (note 6.4)438 8 176Balance as of 31.12.777 408 702 728EQUITY INSTRUMENTSNikola CorporationDuring 2018 Nel invested USD 5.0 million in Nikola Motor Company Inc (former name). The carrying value as of 31 December 2022 is NOK 0.0 (96.3) million after the sale of all the shares during 2022 for the total consideration of NOK 72.4 million. 2022 includes a finance cost from decline in value of NOK 23.9 in 2022.Nikola Corporation(Amounts in NOK thousands)FAIR VALUE USD/ BOOK  SHARE HOLDINGPER SHARE USD VALUE USD/NOKVALUECarrying value as of 01.01.20211 106 52015.26 16 885 8.53 144 077Fair value adjustment 2021 0 -5.39-5 9640.29 -47 757Carrying value as of 31.12.2021 1 106 520 9.87 10 921 8.82 96 320Fair value adjustment 20220-3.12-3 4500.87 -23 903Sale of shares 2022-1 106 5206.75-7 4729.69 -72 417Carrying value as of 31.12.2022 0 0 0EverfuelDuring 2018 and 2019 Nel invested NOK 2.2 million in Everfuel A/S. On October 21, 2020, Everfuel A/S completed a listing on Euronext Growth. Consequently, Nel\u2019s shareholding in Everfuel A/S is based on quoted prices in an active market both per 31 December 2021 and 2022. The Everfuel shares lock-up period expired on October 29, 2021. Thus, there is no lock-up restriction with the shareholdings as of 31 December 2022. The carrying value as of 31 December 2022 is NOK 435.8 (471.9) million. The carrying value is calculated as the shareholding of 12 140 255 shares multiplied with closing price in 2022 of NOK 35.90. Everfuel A/S(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.202112 338 624  0.91  125.00 1 542 328Private placement20 485 125.00 2 561Fair value adjustment 2021-86.82 -1 073 018Carrying value as of 31.12.202112 359 109  1.12  38.18 471 871Fair value adjustment 2022-26 215Sale of shares 2022-218 854 -9 820Carrying value as of 31.12.202212 140 255  1.12  35.90 435 836HyonThe carrying value as of 31 December 2022 is NOK 14.4 (0.6) million. The carrying value is calculated as the shareholding of 9 804 000 shares multiplied with closing price in 2022 of NOK 1.48. As of 24 January 2023, Nel has divested all its shares in Hyon AS for a total net consideration of about NOK 7 million.HYON AS(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.2021114 00029.39 0Capital increase 6.14 700Sale of shares-114 000 -35.53-700Purchase of shares98 040 5.83572Stock split 9 705 960 -5.77Carrying value as of 31.12.2021 9 804 000  0.06  0.06 572Fair value adjustment 20221.4213 889Carrying value as of 31.12.2022 9 804 000 0.06 1.48 14 461SHORT-TERM INVESTMENTSH2NO ASPer 31 December 2022 the Group holds 44% of the shares in the company. In addition to the shares, the Group holds a put option for all the shares, and the controlling owner has a call option for all of the shares. Both options are irrevocably granted by the other party from 30 December 2020 Consequently, the combination of shares and put/call options results in the shares being sold per 31 December 2020 and consideration will be received in a future period. The forward (consideration for sale of shares) is recognised at fair value, NOK 33.7 (28.1) million per 31 December 2022.Performance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 61.2 (9.8) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__52": {
   "value": "2.7  Finance income and cost(Amounts in NOK thousands) 2022 2021Interest income72 201 19 735Change in fair value financial instruments19 504 7 586Other5 924 954Finance income97 629 28 276Interest expense693 1 140Interest expense lease liabilities10 473 8 792Capitalised interest0 -5 902Net foreign exchange loss-56 459 3 526Change in fair value financial instruments50 118 1 120 776Other1 147 893Finance cost5 972 1 129 224Net finance income (cost)91 657 -1 100 948The change in fair value financial instruments is mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel and Nikola Corporation of NOK 26.2 (-1 073.0) million and NOK 23.9 (-47.8) million, respectively. For additional information, refer note 4.3. Net foreign exchange gain is mainly unrealised effects from revaluing internal loans.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__58": {
   "value": "(Amounts in NOK thousands) 2022<span class=\"_ _16a\"> </span>2021Interest income72 201<span class=\"_ _191\"> </span>19 735Change in fair value financial instruments19 504<span class=\"_ _16a\"> </span>7 586Other5 924<span class=\"_ _157\"> </span><span class=\"ws1b\">954</span>Finance income97 629<span class=\"_ _191\"> </span>28 276Interest expense693<span class=\"_ _16a\"> </span><span class=\"ws0\">1 140</span>Interest expense lease liabilities10 473<span class=\"_ _16a\"> </span>8 792Capitalised interest0<span class=\"_ _96\"> </span><span class=\"lsa\">-5 902</span>Net foreign exchange loss-56 459<span class=\"_ _16a\"> </span>3 526Change in fair value financial instruments50 118<span class=\"_ _48\"> </span>1 120 776Other1 147<span class=\"_ _157\"> </span><span class=\"ws1b\">893</span>Finance cost5 972<span class=\"_ _48\"> </span>1 129 224Net finance income (cost)91 657<span class=\"_ _4b\"> </span>-1 100 948",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__57": {
   "value": "(Amounts in NOK thousands) 2022<span class=\"_ _16a\"> </span>2021Interest income72 201<span class=\"_ _191\"> </span>19 735Change in fair value financial instruments19 504<span class=\"_ _16a\"> </span>7 586Other5 924<span class=\"_ _157\"> </span><span class=\"ws1b\">954</span>Finance income97 629<span class=\"_ _191\"> </span>28 276Interest expense693<span class=\"_ _16a\"> </span><span class=\"ws0\">1 140</span>Interest expense lease liabilities10 473<span class=\"_ _16a\"> </span>8 792Capitalised interest0<span class=\"_ _96\"> </span><span class=\"lsa\">-5 902</span>Net foreign exchange loss-56 459<span class=\"_ _16a\"> </span>3 526Change in fair value financial instruments50 118<span class=\"_ _48\"> </span>1 120 776Other1 147<span class=\"_ _157\"> </span><span class=\"ws1b\">893</span>Finance cost5 972<span class=\"_ _48\"> </span>1 129 224Net finance income (cost)91 657<span class=\"_ _4b\"> </span>-1 100 948",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__56": {
   "value": "(Amounts in NOK thousands) 2022<span class=\"_ _16a\"> </span>2021Interest income72 201<span class=\"_ _191\"> </span>19 735Change in fair value financial instruments19 504<span class=\"_ _16a\"> </span>7 586Other5 924<span class=\"_ _157\"> </span><span class=\"ws1b\">954</span>Finance income97 629<span class=\"_ _191\"> </span>28 276Interest expense693<span class=\"_ _16a\"> </span><span class=\"ws0\">1 140</span>Interest expense lease liabilities10 473<span class=\"_ _16a\"> </span>8 792Capitalised interest0<span class=\"_ _96\"> </span><span class=\"lsa\">-5 902</span>Net foreign exchange loss-56 459<span class=\"_ _16a\"> </span>3 526Change in fair value financial instruments50 118<span class=\"_ _48\"> </span>1 120 776Other1 147<span class=\"_ _157\"> </span><span class=\"ws1b\">893</span>Finance cost5 972<span class=\"_ _48\"> </span>1 129 224Net finance income (cost)91 657<span class=\"_ _4b\"> </span>-1 100 948",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__54-1": {
   "value": "2021Interest income72 201<span class=\"_ _191\"> </span>19 735Change in fair value financial instruments19 504<span class=\"_ _16a\"> </span>7 586Other5 924<span class=\"_ _157\"> </span><span class=\"ws1b\">954</span>Finance income97 629<span class=\"_ _191\"> </span>28 2764.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Pr<span class=\"_ _0\"></span>epaid expenses and </span>other curr<span class=\"_ _0\"></span>ent assets(Amounts in NOK thousands)2022<span class=\"_ _50\"> </span>2021Equity instruments450 296<span class=\"_ _70\"> </span>568 191V<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>T net receivable34 040<span class=\"_ _50\"> </span>7 900Shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term investments96 861<span class=\"_ _1e7\"> </span>39 909Prepayments147 422<span class=\"_ _1e7\"> </span>55 530Other current assets48 351<span class=\"_ _1e7\"> </span>23 022F<span class=\"_ _0\"></span>air value of derivatives (note 6.4)438<span class=\"_ _50\"> </span><span class=\"ws0\">8 176</span>Balance as of 31.12.777 408<span class=\"_ _70\"> </span>702 728EQUIT<span class=\"_ _e\"></span>Y INSTRUMENTSNikola CorporationDuring 2018 Nel invested USD 5.0 million in Nikola Motor Company Inc (former name). The carr<span class=\"_ _3\"></span>ying value as o<span class=\"_ _b\"></span>f 31 December 2022 is NOK 0.0 (96.3) million af<span class=\"_ _e\"></span>ter the sale o<span class=\"_ _b\"></span>f all the shares during 2022 for the total consideration o<span class=\"_ _0\"></span>f NOK 72.4 million. 2022 includes a finance cost from decline in value of NOK 23.9 in 2022.Nikola Corporation(Amounts in NOK thousands)F<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUE USD/<span class=\"_ _b\"></span><span class=\"ls0\"> </span>BOOK <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SHARE HOLDINGPER SHARE<span class=\"_ _1e8\"> </span>USD V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UE<span class=\"_ _1bd\"> </span><span class=\"ws19\">USD/NOK</span>V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UECarr<span class=\"_ _e\"></span>ying value as of 01.01.20211 106 52015.26<span class=\"_ _bb\"> </span><span class=\"ws0\">16 885<span class=\"_ _156\"> </span></span>8.53<span class=\"_ _6c\"> </span><span class=\"ws0\">144 077</span>F<span class=\"_ _0\"></span>air value adjustment 2021<span class=\"_ _1ce\"> </span><span class=\"ls0\">0<span class=\"_ _63\"> </span></span><span class=\"ws1a\">-5.39</span>-5 9640.29<span class=\"_ _157\"> </span><span class=\"ws0\">-47 757</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _156\"> </span>1 106 520<span class=\"_ _1cf\"> </span><span class=\"ws1a\">9.87<span class=\"_ _bb\"> </span></span>10 921<span class=\"_ _156\"> </span><span class=\"ws1a\">8.82<span class=\"_ _bb\"> </span></span>96 320F<span class=\"_ _0\"></span>air value adjustment 20220-3.12-3 4500.87<span class=\"_ _157\"> </span><span class=\"ws0\">-23 903</span>Sale of shar<span class=\"_ _0\"></span>es 2022-1 106 5206.75-7 4729.69<span class=\"_ _157\"> </span><span class=\"ws0\">-72 417</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1e9\"> </span><span class=\"ls0\">0<span class=\"_ _14e\"> </span>0<span class=\"_ _1ea\"> </span>0</span>Ever<span class=\"_ _e\"></span>fuelDuring 2018 and 2019 Nel invested NOK 2.2 million in Ever<span class=\"_ _e\"></span>fuel A/S. On October 21, 2020, Ever<span class=\"_ _e\"></span>fuel A/S completed a listing on Euronext Gr<span class=\"_ _0\"></span>owth. Consequently<span class=\"_ _0\"></span>, Nel\u2019<span class=\"_ _0\"></span>s shar<span class=\"_ _0\"></span>eholding in Ever<span class=\"_ _e\"></span>fuel A/S is based on quoted prices in an active market both per 31 December 2021 and 2022. The Ever<span class=\"_ _e\"></span>fuel shares lock<span class=\"_ _1\"></span>-up period expired on October 29, 2021. Thus, there is no lock<span class=\"_ _1\"></span>-up restriction with the shar<span class=\"_ _b\"></span>eholdings as of 31 December 2022. The carr<span class=\"_ _3\"></span>ying value as of 31 December 2022 is NOK 435.8 (471.9) million. The carr<span class=\"_ _3\"></span>ying value is calculated as the shareholding o<span class=\"_ _0\"></span>f 12 140 255 shares multiplied with closing price in 2022 of NOK 35.90. Ever<span class=\"_ _e\"></span>fuel A/S(Amounts in NOK thousands)AC<span class=\"_ _0\"></span>QUISITION COST NOK/<span class=\"_ _0\"></span><span class=\"ls0\"> </span>F<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUE NOK/<span class=\"_ _b\"></span><span class=\"ls0\"> </span>BOOK <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SHARE HOLDINGPER SHAREPER SHAREV<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UECarr<span class=\"_ _e\"></span>ying value as of 01.01.202112 338 624<span class=\"_ _a5\"> </span> 0.91 <span class=\"_ _bb\"> </span><span class=\"ws1b\">125.00<span class=\"_ _9b\"> </span></span>1 542 328Private placement20 485<span class=\"_ _83\"> </span><span class=\"ws1b\">125.00<span class=\"_ _1dc\"> </span></span>2 561F<span class=\"_ _0\"></span>air value adjustment 2021-86.82<span class=\"_ _5a\"> </span><span class=\"ws0\">-1 073 018</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.202112 359 109<span class=\"_ _a5\"> </span> 1.12 <span class=\"_ _192\"> </span><span class=\"ws1b\">38.18<span class=\"_ _1c1\"> </span></span>471 871F<span class=\"_ _0\"></span>air value adjustment 2022-26 215Sale of shar<span class=\"_ _0\"></span>es 2022-218 854<span class=\"_ _11d\"> </span>-9 820Carr<span class=\"_ _e\"></span>ying value as of 31.12.202212 140 255<span class=\"_ _a5\"> </span> 1.12 <span class=\"_ _192\"> </span><span class=\"ws1b\">35.90<span class=\"_ _1c1\"> </span></span>435 836HyonThe carr<span class=\"_ _3\"></span>ying value as of 31 December 2022 is NOK 14.4 (0.6) million. The carr<span class=\"_ _3\"></span>ying value is calculated as the shareholding o<span class=\"_ _0\"></span>f 9 804 000 shares multiplied with closing price in 2022 o<span class=\"_ _0\"></span>f NOK 1.48. As of 24 J<span class=\"_ _0\"></span>anuar<span class=\"_ _3\"></span>y 2023, Nel has divested all its shares in Hyon AS for a total net consideration of about NOK 7 million.HY<span class=\"_ _0\"></span>ON AS(Amounts in NOK thousands)AC<span class=\"_ _0\"></span>QUISITION COST NOK/<span class=\"_ _0\"></span><span class=\"ls0\"> </span>F<span class=\"_ _1\"></span>AIR V<span class=\"_ _0\"></span>ALUE NOK/<span class=\"_ _b\"></span><span class=\"ls0\"> </span>BOOK <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SHARE HOLDINGPER SHAREPER SHAREV<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UECarr<span class=\"_ _e\"></span>ying value as of 01.01.2021114 00029.39<span class=\"_ _1ea\"> </span><span class=\"ls0 ws0\">0</span>Capital increase<span class=\"_ _1eb\"> </span><span class=\"ws1a\">6.14<span class=\"_ _75\"> </span>700</span>Sale of shar<span class=\"_ _0\"></span>es-114 000<span class=\"_ _f7\"> </span><span class=\"ws1b\">-35.53</span>-700Purchase o<span class=\"_ _0\"></span>f shares98 040<span class=\"_ _17a\"> </span><span class=\"ws1b\">5.83</span>572Stock split<span class=\"_ _1ec\"> </span>9 705 960<span class=\"_ _137\"> </span><span class=\"ws1a\">-5.77</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _1db\"> </span>9 804 000<span class=\"_ _af\"> </span> 0.06 <span class=\"_ _af\"> </span><span class=\"ws1a\">0.06<span class=\"_ _1e4\"> </span>572</span>F<span class=\"_ _0\"></span>air value adjustment 20221.4213 889Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1db\"> </span>9 804 000<span class=\"_ _156\"> </span><span class=\"ws1a\">0.06<span class=\"_ _1cf\"> </span>1.48<span class=\"_ _bb\"> </span></span>14 461SHORT-TERM INVESTMENTSH2NO ASP<span class=\"_ _0\"></span>er 31 December 2022 the Group holds 44% o<span class=\"_ _0\"></span>f the shares in the company<span class=\"_ _1\"></span>. In addition to the shares, the Group holds a put option for all the shares, and the contr<span class=\"_ _0\"></span>olling owner has a call option for all of the shar<span class=\"_ _0\"></span>es. Both options are irrevocably granted by the other par<span class=\"_ _e\"></span>ty from 30 December 2020 Consequently<span class=\"_ _0\"></span>, the combination o<span class=\"_ _0\"></span>f shares and put/call options results in the shar<span class=\"_ _0\"></span>es being sold per 31 December 2020 and consideration will be received in a futur<span class=\"_ _0\"></span>e period. The for<span class=\"_ _3\"></span>ward (consideration for sale of shar<span class=\"_ _0\"></span>es) is recognised at fair value, NOK 33.7 (28.1) million per 31 December 2022.P<span class=\"_ _0\"></span>erformance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short<span class=\"_ _0\"></span>-term investments with NOK 61.2 (9.8) million. This is the shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term equivalent to the long-term investments, see note 3.5 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__55": {
   "value": "Interest expense693 1 140Interest expense lease liabilities10 473 8 792Capitalised interest0 -5 902Net foreign exchange loss-56 459 3 526Change in fair value financial instruments50 118 1 120 776Other1 147 893Finance cost5 972 1 129 224Net finance income (cost)91 657 -1 100 948The change in fair value financial instruments is mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel and Nikola Corporation of NOK 26.2 (-1 073.0) million and NOK 23.9 (-47.8) million, respectively. For additional information, refer note 4.3. Net foreign exchange gain is mainly unrealised effects from revaluing internal loans.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__60-1": {
   "value": "taxesTA<span class=\"_ _1d\"></span>XThe tax expense in the statement of compr<span class=\"_ _0\"></span>ehensive income comprises of the tax payable for the period and o<span class=\"_ _0\"></span>f the change in deferred tax. Deferr<span class=\"_ _0\"></span>ed tax is calculated at the prevailing tax rate in the respective countries wher<span class=\"_ _0\"></span>e the parent company and subsidiaries are tax r<span class=\"_ _0\"></span>esident. Deferred tax is calculated based on temporar<span class=\"_ _3\"></span>y differences that exist between accounting and tax values, as well as any tax loss carr<span class=\"_ _3\"></span>y for<span class=\"_ _3\"></span>ward at the end o<span class=\"_ _0\"></span>f the financial year<span class=\"_ _1\"></span>. The deferr<span class=\"_ _0\"></span>ed tax asset is recognised if it is probable that the company will have a sufficient tax pr<span class=\"_ _0\"></span>ofit to be able to utilise the tax asset.CAL<span class=\"_ _0\"></span>CUL<span class=\"_ _e\"></span>A<span class=\"_ _0\"></span>TIONS OF THE T<span class=\"_ _1\"></span>AX BASE FOR THE YEAR<span class=\"_ _97\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Income (loss) before tax<span class=\"_ _19b\"> </span>-1 186 997<span class=\"_ _8c\"> </span>-1 683 836P<span class=\"_ _0\"></span>ermanent differences<span class=\"_ _19c\"> </span>365 343<span class=\"_ _19d\"> </span>1 094 455Change in temporar<span class=\"_ _e\"></span>y differences<span class=\"_ _19e\"> </span>183 538<span class=\"_ _137\"> </span>76 041Use of tax losses carried for<span class=\"_ _e\"></span>ward<span class=\"_ _19f\"> </span>-149 070<span class=\"_ _f7\"> </span>-12 331The year'<span class=\"_ _0\"></span>s taxable income<span class=\"_ _19b\"> </span>-787 186<span class=\"_ _195\"> </span>-525 671RECONCILIA<span class=\"_ _1\"></span>TION OF T<span class=\"_ _1\"></span>AX EXPENSE T<span class=\"_ _0\"></span>O NORWEGIAN NOMINAL ST<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TUT<span class=\"_ _0\"></span>ORY T<span class=\"_ _1\"></span>AX RA<span class=\"_ _1\"></span>TENominal tax rate22 %<span class=\"_ _ea\"> </span>22 %Income (loss) before tax<span class=\"_ _19b\"> </span>-1 186 997<span class=\"_ _8c\"> </span>-1 683 836T<span class=\"_ _4\"></span>ax this years income (loss), estimated<span class=\"_ _1a0\"> </span>-261 139<span class=\"_ _195\"> </span>-370 444T<span class=\"_ _4\"></span>ax effect of<span class=\"_ _e\"></span>:<span class=\"_ _e\"></span> T<span class=\"_ _4\"></span>ax rates different from Nor<span class=\"_ _e\"></span>way<span class=\"_ _19e\"> </span>2 833<span class=\"_ _e8\"> </span>1 960P<span class=\"_ _0\"></span>ermanent differences<span class=\"_ _160\"> </span>78 196<span class=\"_ _2a\"> </span>242 500Change in tax rates recognised in temporar<span class=\"_ _e\"></span>y differences<span class=\"_ _1a1\"> </span>-3 702<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Change in deferred tax<span class=\"_ _1a2\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405Change in not recognized deferr<span class=\"_ _0\"></span>ed tax assets (tax liabilities)<span class=\"_ _c6\"> </span>163 930<span class=\"_ _83\"> </span>123 411Other differences<span class=\"_ _114\"> </span>12 158<span class=\"_ _199\"> </span>-7 068Currency translation differ<span class=\"_ _0\"></span>ences<span class=\"_ _1a3\"> </span><span class=\"ls0\">0<span class=\"_ _de\"> </span></span><span class=\"ws1a\">62</span>Income tax expense<span class=\"_ _152\"> </span>-15 828<span class=\"_ _167\"> </span>-16 984The tax effect of per<span class=\"_ _b\"></span>manent difference o<span class=\"_ _0\"></span>f NOK 242.5 million is mainly related to unr<span class=\"_ _b\"></span>ealised changes in fair value of shareholdings.INCOME T<span class=\"_ _1\"></span>AX EXPENSE COMPRISEIncome tax payable-7 726-9 579Change in deferred tax<span class=\"_ _1a4\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405T<span class=\"_ _4\"></span>otal income tax expense (income)<span class=\"_ _1a5\"> </span>-15 828<span class=\"_ _f7\"> </span>-16 984",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__61-1": {
   "value": "Significant accounting judgements - Deferred tax assetDeferred tax assets ar<span class=\"_ _0\"></span>e recognised for unused tax losses to the extent that it is probable that taxable pr<span class=\"_ _0\"></span>ofit will be available against which the losses can be utilised. Significant management judgement is requir<span class=\"_ _0\"></span>ed to determine the amount of deferred tax assets that can be r<span class=\"_ _0\"></span>ecognised, based upon the likely timing and the level of future taxable pr<span class=\"_ _0\"></span>ofits, together with future tax planning strategies.The group has NOK 497.3 million o<span class=\"_ _0\"></span>f tax amounts from tax losses carried for<span class=\"_ _e\"></span>ward (NOK 420.0 million in 2021). These losses relate to subsidiaries that have a histor<span class=\"_ _e\"></span>y of losses, do not expir<span class=\"_ _0\"></span>e, and to some extent may not be used to offset taxable income elsewhere in the gr<span class=\"_ _0\"></span>oup. On this basis, the group has determined that it cannot recognise deferr<span class=\"_ _0\"></span>ed tax assets from the tax losses carried for<span class=\"_ _3\"></span>ward. Deferr<span class=\"_ _0\"></span>ed tax assets not recognised in the statement o<span class=\"_ _b\"></span>f financial statement amount to NOK 532.5 million in 2022 (399.1 in 2021).T<span class=\"_ _1\"></span>AX EFFECTS OF TEMPORARY DIFFERENCES<span class=\"_ _1a6\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>T<span class=\"_ _1\"></span>rade receivables and customers contracts-12 949-1 593Intangible assets<span class=\"_ _1a7\"> </span>38 663<span class=\"_ _137\"> </span>69 546Property<span class=\"_ _0\"></span>, plant and equipment<span class=\"_ _1a8\"> </span>8 762<span class=\"_ _e8\"> </span>5 093Inventories<span class=\"_ _1a9\"> </span>-147<span class=\"_ _e8\"> </span><span class=\"ws0\">5 076</span>Accrued warranty<span class=\"_ _1aa\"> </span>-16 726<span class=\"_ _f7\"> </span>-13 519Leases<span class=\"_ _1ab\"> </span><span class=\"ws0\">-6 530<span class=\"_ _199\"> </span>-4 889</span>Deferred income<span class=\"_ _1ac\"> </span>-15 700<span class=\"_ _199\"> </span>-4 811Other accruals<span class=\"_ _1ad\"> </span>-30 500<span class=\"_ _f7\"> </span>-45 864Shares and other investments<span class=\"_ _1ae\"> </span><span class=\"ls0\">0<span class=\"_ _137\"> </span></span>11 922T<span class=\"_ _4\"></span>ax losses carr<span class=\"_ _3\"></span>y for<span class=\"_ _3\"></span>ward<span class=\"_ _b6\"> </span>-497 326<span class=\"_ _195\"> </span>-420 013Deferred tax asset<span class=\"_ _1af\"> </span>-532 453<span class=\"_ _195\"> </span>-399 052RECONCILIA<span class=\"_ _1\"></span>TION T<span class=\"_ _0\"></span>O ST<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>TEMENT OF FINANCIAL POSITION<span class=\"_ _1b0\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Deferred tax asset<span class=\"_ _1af\"> </span>-532 453<span class=\"_ _195\"> </span>-399 052Deferred tax asset not r<span class=\"_ _0\"></span>ecognised in statement of financial position<span class=\"_ _176\"> </span>577 982<span class=\"_ _2a\"> </span>447 595Deferred tax liability in the statement o<span class=\"_ _0\"></span>f financial position<span class=\"_ _179\"> </span>45 529<span class=\"_ _137\"> </span>48 543CHANGES IN RECOGNISED DEFERRED T<span class=\"_ _1\"></span>AX LIABILITY<span class=\"_ _12f\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Balance as of 01.01.<span class=\"_ _1b1\"> </span>48 543<span class=\"_ _137\"> </span>55 144Recognised in the income statement<span class=\"_ _1b2\"> </span>-8 103<span class=\"_ _199\"> </span>-7 405T<span class=\"_ _1\"></span>ranslation differences on deferr<span class=\"_ _0\"></span>ed taxes<span class=\"_ _1b3\"> </span>5 089<span class=\"_ _aa\"> </span><span class=\"ws1a\">804</span>Balance as of 31.12.<span class=\"_ _1b1\"> </span>45 529<span class=\"_ _137\"> </span>48 543The majority of the deferr<span class=\"_ _0\"></span>ed tax asset is related to tax losses carr<span class=\"_ _e\"></span>y for<span class=\"_ _3\"></span>ward. As of 31 December 2022, it is consider<span class=\"_ _0\"></span>ed not to be likely that the deferred tax asset can be utilised in near futur<span class=\"_ _0\"></span>e, therefore no deferr<span class=\"_ _0\"></span>ed tax asset has been capitalised. T<span class=\"_ _4\"></span>able below show net operating losses carried for<span class=\"_ _3\"></span>ward by countr<span class=\"_ _e\"></span>y multiplied with the tax rate, the deferred tax asset not r<span class=\"_ _b\"></span>ecognised. T<span class=\"_ _1\"></span>AX L<span class=\"_ _0\"></span>OSSES CARRY FORWARD B<span class=\"_ _0\"></span>Y COUNTRY<span class=\"_ _ba\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Nor<span class=\"_ _e\"></span>way<span class=\"_ _1b4\"> </span><span class=\"ws0\">233 084<span class=\"_ _2a\"> </span>188 442</span>Denmark<span class=\"_ _188\"> </span><span class=\"ws0\">170 687<span class=\"_ _83\"> </span>104 349</span>United States<span class=\"_ _1b5\"> </span>88 753<span class=\"_ _2a\"> </span>122 878South Kor<span class=\"_ _0\"></span>ea<span class=\"_ _1b6\"> </span>4 802<span class=\"_ _e8\"> </span>4 344Balance as of 31.12.<span class=\"_ _bc\"> </span>497 326<span class=\"_ _83\"> </span>420 013",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__65": {
   "value": "2.9  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.(Amounts in NOK thousands) 2022 2021Net loss attributable to the equity holders of the parent company  and for the purpose of basic and diluted shares -1 171 169 -1 666 852Basic earnings per shareIssued ordinary shares at 1 January 1 460 799 1 407 797Share options exercised 4 487 3 502Share issued 98 039 49 500Issued ordinary shares at 31 December 1 563 325 1 460 799Effect of weighting (share options exercised and share issued during the year) -25 202 -48Weighted-average number of shares outstanding for the purpose of basic earnings per share 1 538 123 1 460 751Basic earnings per share for loss attributable to the equity holders of the parent company (NOK) -0.76 -1.14Diluted earnings per shareWeighted-average number of shares outstanding for the purpose of basic earnings per share 1 538 123 1 460 751 1)Effect of share options on issue0 0Weighted-average number of shares outstanding for the purpose of diluted earnings per share 1 538 123 1 460 751Diluted earnings per share for loss attributable to the equity holders of the parent company (NOK) -0.76 -1.141)  As of 31 December 2022, 16 224 525 weighted-average options were excluded from the diluted weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive (earnings per share is negative).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__79": {
   "value": "3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 years\u2022 <span class=\"_ _6\"> </span>Customer relationship has a useful life of 7-10 years\u2022 <span class=\"_ _6\"> </span>Goodwill has indefinite lifeCUST<span class=\"_ _1\"></span>OMER REL<span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>TIONSHIPCustomer relationship is acquir<span class=\"_ _0\"></span>ed through business combinations. Customer relationship is initially measur<span class=\"_ _0\"></span>ed at cost and subsequently amor<span class=\"_ _e\"></span>tised over useful life, using the straight<span class=\"_ _0\"></span>-line method. A<span class=\"_ _0\"></span>t period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement o<span class=\"_ _0\"></span>f financial positions has been acquired thr<span class=\"_ _0\"></span>ough business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggr<span class=\"_ _0\"></span>egate of the consideration transferr<span class=\"_ _0\"></span>ed and any previous inter<span class=\"_ _0\"></span>est held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measur<span class=\"_ _0\"></span>ed at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measur<span class=\"_ _0\"></span>ed at cost less any accumulated impairment losses. For the purpose of impair<span class=\"_ _b\"></span>ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each o<span class=\"_ _0\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s cash-generating units (C<span class=\"_ _0\"></span>GUs) that are expected to benefit from the combination, irr<span class=\"_ _0\"></span>espective of whether other assets or liabilities of the acquir<span class=\"_ _0\"></span>e are assigned to those units.(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021630 430<span class=\"_ _5b\"> </span>96 812<span class=\"_ _157\"> </span>620 198<span class=\"_ _78\"> </span>1 347 440Additions from internal development<span class=\"_ _14e\"> </span><span class=\"fse lsa\">99 160<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _194\"> </span></span>99 160</span>Additions acquired separately<span class=\"_ _66\"> </span>19 710<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _1bd\"> </span></span>19 710Disposals<span class=\"_ _1be\"> </span>-97<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _195\"> </span></span>-97Currency effects-396<span class=\"_ _32\"> </span>-35<span class=\"_ _2a\"> </span><span class=\"ws0\">-4 547<span class=\"_ _5f\"> </span>-4 978</span>Acquisition cost as of 31.12.2021<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">748 807<span class=\"_ _5b\"> </span>96 777<span class=\"_ _157\"> </span>615 651<span class=\"_ _78\"> </span>1 461 235</span>Additions from internal development<span class=\"_ _163\"> </span><span class=\"fse lsa\">115 742<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _47\"> </span></span>115 742</span>Additions acquired separately<span class=\"_ _1c0\"> </span><span class=\"fse lsa\">2 509<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>2 509</span>Disposals<span class=\"_ _175\"> </span><span class=\"fse lsa ws0\">-26 100<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-26 100</span>Currency effects<span class=\"_ _7e\"> </span><span class=\"fse lsa\">45 598<span class=\"_ _2a\"> </span>2 418<span class=\"_ _158\"> </span>46 835<span class=\"_ _194\"> </span>94 851</span>Acquisition cost as of 31.12.2022<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">886 556<span class=\"_ _5b\"> </span>99 195<span class=\"_ _157\"> </span>662 485<span class=\"_ _78\"> </span>1 648 237</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 01.01.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">203 089<span class=\"_ _1c1\"> </span>52 117<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>255 673</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">52 918<span class=\"_ _5b\"> </span>12 278<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>65 196</span>Reclassification<span class=\"_ _e0\"> </span><span class=\"fse lsa ws1b\">-97<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _bb\"> </span></span>-97</span>Impairment<span class=\"_ _e0\"> </span><span class=\"ws0\">-1 118<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _5a\"> </span></span>-1 118</span>Currency effects-2 564<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _5f\"> </span></span>-2 564Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">252 228<span class=\"_ _1c1\"> </span>64 395<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>317 091</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">69 313<span class=\"_ _5b\"> </span>13 310<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>82 623</span>Reversed amor<span class=\"_ _e\"></span>tisation disposals<span class=\"_ _126\"> </span><span class=\"fse lsa\">-20 772<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-20 772</span>Reclassification<span class=\"_ _173\"> </span><span class=\"ws0\">1 632<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _59\"> </span></span>1 632</span>Impairment30 860<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _157\"> </span></span>296 438<span class=\"_ _47\"> </span>327 298Currency effects<span class=\"_ _ca\"> </span><span class=\"fse lsa\">5 908<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _8e\"> </span></span>5 908</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2022<span class=\"_ _e8\"> </span><span class=\"fse lsa\">339 169<span class=\"_ _1c1\"> </span>77 705<span class=\"_ _157\"> </span>296 905<span class=\"_ _47\"> </span>713 779</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021496 579<span class=\"_ _5b\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _78\"> </span>1 144 144Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1c3\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _5b\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _183\"> </span>934 456</span>Impairment loss NOK 327.3 (0.0) million, from categories T<span class=\"_ _4\"></span>echnology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in pr<span class=\"_ _0\"></span>ofit or loss. The impairment o<span class=\"_ _b\"></span>f technology is related to the technology development of fueling stations for the Light<span class=\"_ _1\"></span>-Duty vehicles segment. The assessment includes uncer<span class=\"_ _e\"></span>tainty of futur<span class=\"_ _b\"></span>e economic benefits from these pr<span class=\"_ _0\"></span>oducts, both from actuals historical results and as Fueling develops new technology that will replace existing. Fueling will focus on developing its cor<span class=\"_ _0\"></span>e technology with special focus on high-pressur<span class=\"_ _0\"></span>e compression, cooling and control. The fueling division will continue to invest in the development of next generation Heavy-Duty V<span class=\"_ _1\"></span>ehicle (\u201cHDV\u201d) equipment such as high-capacity station modules and dispensers.Specification of carr<span class=\"_ _e\"></span>ying amount2022(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development334 176<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>334 176Acquired separately<span class=\"_ _1c4\"> </span><span class=\"fse lsa ws1b\">881<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _195\"> </span></span>881</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">212 331<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>599 401</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _85\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>934 456</span>2021(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development298 539<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>298 539Acquired separately<span class=\"_ _1c5\"> </span><span class=\"fse lsa\">1 369<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>1 369</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">196 671<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _47\"> </span>844 236</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _85\"> </span><span class=\"fse lsa\">496 579<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _6b\"> </span>1 144 144</span>ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__73": {
   "value": "3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 years\u2022 <span class=\"_ _6\"> </span>Customer relationship has a useful life of 7-10 years\u2022 <span class=\"_ _6\"> </span>Goodwill has indefinite lifeCUST<span class=\"_ _1\"></span>OMER REL<span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>TIONSHIPCustomer relationship is acquir<span class=\"_ _0\"></span>ed through business combinations. Customer relationship is initially measur<span class=\"_ _0\"></span>ed at cost and subsequently amor<span class=\"_ _e\"></span>tised over useful life, using the straight<span class=\"_ _0\"></span>-line method. A<span class=\"_ _0\"></span>t period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement o<span class=\"_ _0\"></span>f financial positions has been acquired thr<span class=\"_ _0\"></span>ough business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggr<span class=\"_ _0\"></span>egate of the consideration transferr<span class=\"_ _0\"></span>ed and any previous inter<span class=\"_ _0\"></span>est held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measur<span class=\"_ _0\"></span>ed at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measur<span class=\"_ _0\"></span>ed at cost less any accumulated impairment losses. For the purpose of impair<span class=\"_ _b\"></span>ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each o<span class=\"_ _0\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s cash-generating units (C<span class=\"_ _0\"></span>GUs) that are expected to benefit from the combination, irr<span class=\"_ _0\"></span>espective of whether other assets or liabilities of the acquir<span class=\"_ _0\"></span>e are assigned to those units.(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021630 430<span class=\"_ _5b\"> </span>96 812<span class=\"_ _157\"> </span>620 198<span class=\"_ _78\"> </span>1 347 440Additions from internal development<span class=\"_ _14e\"> </span><span class=\"fse lsa\">99 160<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _194\"> </span></span>99 160</span>Additions acquired separately<span class=\"_ _66\"> </span>19 710<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _1bd\"> </span></span>19 710Disposals<span class=\"_ _1be\"> </span>-97<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _195\"> </span></span>-97Currency effects-396<span class=\"_ _32\"> </span>-35<span class=\"_ _2a\"> </span><span class=\"ws0\">-4 547<span class=\"_ _5f\"> </span>-4 978</span>Acquisition cost as of 31.12.2021<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">748 807<span class=\"_ _5b\"> </span>96 777<span class=\"_ _157\"> </span>615 651<span class=\"_ _78\"> </span>1 461 235</span>Additions from internal development<span class=\"_ _163\"> </span><span class=\"fse lsa\">115 742<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _47\"> </span></span>115 742</span>Additions acquired separately<span class=\"_ _1c0\"> </span><span class=\"fse lsa\">2 509<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>2 509</span>Disposals<span class=\"_ _175\"> </span><span class=\"fse lsa ws0\">-26 100<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-26 100</span>Currency effects<span class=\"_ _7e\"> </span><span class=\"fse lsa\">45 598<span class=\"_ _2a\"> </span>2 418<span class=\"_ _158\"> </span>46 835<span class=\"_ _194\"> </span>94 851</span>Acquisition cost as of 31.12.2022<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">886 556<span class=\"_ _5b\"> </span>99 195<span class=\"_ _157\"> </span>662 485<span class=\"_ _78\"> </span>1 648 237</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 01.01.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">203 089<span class=\"_ _1c1\"> </span>52 117<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>255 673</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">52 918<span class=\"_ _5b\"> </span>12 278<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>65 196</span>Reclassification<span class=\"_ _e0\"> </span><span class=\"fse lsa ws1b\">-97<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _bb\"> </span></span>-97</span>Impairment<span class=\"_ _e0\"> </span><span class=\"ws0\">-1 118<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _5a\"> </span></span>-1 118</span>Currency effects-2 564<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _5f\"> </span></span>-2 564Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">252 228<span class=\"_ _1c1\"> </span>64 395<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>317 091</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">69 313<span class=\"_ _5b\"> </span>13 310<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>82 623</span>Reversed amor<span class=\"_ _e\"></span>tisation disposals<span class=\"_ _126\"> </span><span class=\"fse lsa\">-20 772<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-20 772</span>Reclassification<span class=\"_ _173\"> </span><span class=\"ws0\">1 632<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _59\"> </span></span>1 632</span>Impairment30 860<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _157\"> </span></span>296 438<span class=\"_ _47\"> </span>327 298Currency effects<span class=\"_ _ca\"> </span><span class=\"fse lsa\">5 908<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _8e\"> </span></span>5 908</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2022<span class=\"_ _e8\"> </span><span class=\"fse lsa\">339 169<span class=\"_ _1c1\"> </span>77 705<span class=\"_ _157\"> </span>296 905<span class=\"_ _47\"> </span>713 779</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021496 579<span class=\"_ _5b\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _78\"> </span>1 144 144Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1c3\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _5b\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _183\"> </span>934 456</span>Impairment loss NOK 327.3 (0.0) million, from categories T<span class=\"_ _4\"></span>echnology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in pr<span class=\"_ _0\"></span>ofit or loss. The impairment o<span class=\"_ _b\"></span>f technology is related to the technology development of fueling stations for the Light<span class=\"_ _1\"></span>-Duty vehicles segment. The assessment includes uncer<span class=\"_ _e\"></span>tainty of futur<span class=\"_ _b\"></span>e economic benefits from these pr<span class=\"_ _0\"></span>oducts, both from actuals historical results and as Fueling develops new technology that will replace existing. Fueling will focus on developing its cor<span class=\"_ _0\"></span>e technology with special focus on high-pressur<span class=\"_ _0\"></span>e compression, cooling and control. The fueling division will continue to invest in the development of next generation Heavy-Duty V<span class=\"_ _1\"></span>ehicle (\u201cHDV\u201d) equipment such as high-capacity station modules and dispensers.Specification of carr<span class=\"_ _e\"></span>ying amount2022(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development334 176<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>334 176Acquired separately<span class=\"_ _1c4\"> </span><span class=\"fse lsa ws1b\">881<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _195\"> </span></span>881</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">212 331<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>599 401</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _85\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>934 456</span>2021(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development298 539<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>298 539Acquired separately<span class=\"_ _1c5\"> </span><span class=\"fse lsa\">1 369<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>1 369</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">196 671<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _47\"> </span>844 236</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _85\"> </span><span class=\"fse lsa\">496 579<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _6b\"> </span>1 144 144</span>ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.GOODWILL AND INT<span class=\"_ _4\"></span>ANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES -<span class=\"_ _b\"></span> IMP<span class=\"_ _d\"></span>AIRMENT CONSIDERA<span class=\"_ _4\"></span>TIONSGoodwill, and C<span class=\"_ _0\"></span>GUs where goodwill has been allocated, are requir<span class=\"_ _0\"></span>ed to be tested for impairment annually<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>formed its annual impairment test in December 2022. Impairment losses are r<span class=\"_ _0\"></span>ecognised where the recoverable amount is less than the carr<span class=\"_ _3\"></span>ying amount. The group has recognised goodwill impairment expense o<span class=\"_ _0\"></span>f NOK 296.4 (0.0) in 2022, impairing goodwill in the Fueling division which occurred initially fr<span class=\"_ _0\"></span>om the acquisition of Fueling in 2015 when Nel bought the division for NOK 300 million. The impairment charge was primarily due to the r<span class=\"_ _0\"></span>eduction in the projected growth rate for the Fueling division as a consequence o<span class=\"_ _0\"></span>f the weaker order intake in 2022, incr<span class=\"_ _0\"></span>easing per<span class=\"_ _e\"></span>sonnel cost, combined with high quality costs on delivered stations out in the field. In addition, the pre-tax nominal W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC rate increased to 14.0% in 2022 (8.5% in 2021) mainly due to the increase in the risk<span class=\"_ _1\"></span>-fr<span class=\"_ _b\"></span>ee rate in response to raising inflation in Europe during 2022.   ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST - ASSUMPTIONSCG<span class=\"_ _e\"></span>UThe annual impairment test is performed for all the Group<span class=\"_ _0\"></span>\u2019 Cash Generating Units (C<span class=\"_ _0\"></span>GUs). A CGU is defined as the smallest group o<span class=\"_ _0\"></span>f assets that generates cash inflows from continuing use that ar<span class=\"_ _0\"></span>e largely independent of the cash inflows of other assets or gr<span class=\"_ _0\"></span>oups thereo<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>. The way management monitors operations assisted in the judgements of identifying the C<span class=\"_ _0\"></span>GUs.  The Group<span class=\"_ _1\"></span>\u2019 C<span class=\"_ _0\"></span>GUs are \u2022 <span class=\"_ _6\"> </span>Electrolyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, \u2022 <span class=\"_ _6\"> </span>Electrolyser US and \u2022 <span class=\"_ _6\"> </span>FuelingSPECIFICA<span class=\"_ _1\"></span>TION OF ALL<span class=\"_ _b\"></span>OCA<span class=\"_ _1\"></span>TED GOODWILL PER CGU<span class=\"_ _16c\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Electrolyser US304 216<span class=\"_ _27\"> </span>272 184Electrolyser Nor<span class=\"_ _e\"></span>way61 364<span class=\"_ _a5\"> </span>61 364Fueling0<span class=\"_ _154\"> </span><span class=\"lsa\">281 635</span>Balance as of 31.12.365 580<span class=\"_ _27\"> </span>615 184Market capitalisationThe group considers the r<span class=\"_ _b\"></span>elationship between its market capitalisation and its book value, among other factors, when reviewing indicators o<span class=\"_ _0\"></span>f impairment. As of 31 December 2022, the market capitalisation of the gr<span class=\"_ _0\"></span>oup was approximately 4 times above the book value of equity<span class=\"_ _1\"></span>, indicating no impairment o<span class=\"_ _b\"></span>f goodwill and impairment o<span class=\"_ _0\"></span>f the assets. In 2021 the market capitalisation was 5 times above the book value of equity<span class=\"_ _1\"></span>.Key assumptionsThe calculations of value in use ar<span class=\"_ _0\"></span>e sensitive to several assumptions, the following are assessed key assumptions in the measured value:                                        \u2022 <span class=\"_ _6\"> </span>Revenue growth and gross mar<span class=\"_ _0\"></span>gin\u2022 <span class=\"_ _6\"> </span>EBITDA margins\u2022 <span class=\"_ _6\"> </span>Discount rate / Weighted average cost o<span class=\"_ _0\"></span>f capital (W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C)Forecast periodFor each C<span class=\"_ _0\"></span>GU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Boar<span class=\"_ _0\"></span>d of Directors and management\u2019<span class=\"_ _1\"></span>s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i)  <span class=\"_ _26\"> </span>the future expectations r<span class=\"_ _0\"></span>eflected in the current budget and strategy over the next 5-year period (forecast period); and ii)  <span class=\"_ _91\"> </span>a declining growth rate for the subsequent five years as Nel assesses that 2027 is not a steady state of the hydrogen industr<span class=\"_ _e\"></span>y and not for Nel, specifically<span class=\"_ _0\"></span>. Nel has applied declining growth rates starting from 2027, declining yearly down to 2.5%. The 2.5% growth rate is applied from year 2028, 2029 and 2031 for the divisions Fueling, Electrolyser US and Electr<span class=\"_ _0\"></span>olyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, respectively<span class=\"_ _1\"></span>.Discount rateDiscount rates repr<span class=\"_ _0\"></span>esent the current market assessment o<span class=\"_ _b\"></span>f the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances o<span class=\"_ _0\"></span>f the group and its operating segments and is derived fr<span class=\"_ _0\"></span>om<span class=\"_ _e\"></span> its weighted average cost of capital (W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC). The W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC considers the cost of debt and equity<span class=\"_ _1\"></span>. The cost of equity is derived from the expected r<span class=\"_ _0\"></span>eturn on investment by the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s investors. The cost o<span class=\"_ _0\"></span>f debt is based on the interest<span class=\"_ _0\"></span>-bearing borrowings the gr<span class=\"_ _0\"></span>oup is obliged to ser<span class=\"_ _3\"></span>vice. Segment<span class=\"_ _e\"></span> specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the futur<span class=\"_ _0\"></span>e cash flows to reflect a pr<span class=\"_ _0\"></span>e-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 14.0 % to 15.0 %.ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST \u2013 RESUL<span class=\"_ _1\"></span>TS AND SENSITIVIT<span class=\"_ _e\"></span>YThe impairment test has been prepar<span class=\"_ _0\"></span>ed in accordance with IAS 36 impairment o<span class=\"_ _b\"></span>f non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows pr<span class=\"_ _0\"></span>ojections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. In addition, the standard encourages a conser<span class=\"_ _3\"></span>vative valuation to ensure that assets ar<span class=\"_ _0\"></span>e not carried at more than their r<span class=\"_ _0\"></span>ecoverable amount. (Amounts in NOK thousands) <span class=\"fs3 ws2\"> <span class=\"_ _1c6\"></span>       </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FUELINGUSNORW<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YGoodwill304 216<span class=\"_ _bd\"> </span>61 364<span class=\"_ _1c7\"> </span><span class=\"ls0\">0</span>Other intangible assets342 003<span class=\"_ _162\"> </span>141 492<span class=\"_ _199\"> </span>83 582Other invested capital128 857<span class=\"_ _162\"> </span>485 655<span class=\"_ _154\"> </span>195 592Carr<span class=\"_ _e\"></span>ying value775 076<span class=\"_ _162\"> </span>688 511<span class=\"_ _154\"> </span>279 174Recoverable amount1 057 410<span class=\"_ _c1\"> </span>1 640 296<span class=\"_ _154\"> </span>279 174Headroom282 334<span class=\"_ _162\"> </span>951 785<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Pre-tax nominal discount rate15.0 %<span class=\"_ _1c7\"> </span>14.8 %<span class=\"_ _a5\"> </span>14.0 %T<span class=\"_ _4\"></span>erminal growth rate2.5 %<span class=\"_ _37\"> </span>2.5 %<span class=\"_ _b4\"> </span>2.5 %ELECTROL<span class=\"_ _1\"></span>YSER USElectrolyser US is the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019 segment for the PEM electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production and manufacturing of PEM electr<span class=\"_ _0\"></span>olyser equipment in W<span class=\"_ _0\"></span>allingford, Connecticut, US. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _4\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _9b\"> </span><span class=\"ws0\"> -89 <span class=\"_ _b9\"> </span> 454 <span class=\"_ _2a\"> </span> 997 <span class=\"_ _1c9\"> </span> 1 537 <span class=\"_ _bb\"> </span> 2 073 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -355 <span class=\"_ _b9\"> </span> 120 <span class=\"_ _2a\"> </span> 596<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 068 <span class=\"_ _bb\"> </span> 1 537 </span>0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -140 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 281* <span class=\"_ _1c2\"> </span></span> 700 <span class=\"_ _bb\"> </span> 1 115 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -726 <span class=\"_ _154\"> </span> -348 <span class=\"_ _137\"> </span> 29 <span class=\"_ _e8\"> </span> 404 <span class=\"_ _b9\"> </span> 775 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -858 <span class=\"_ _154\"> </span> -517 <span class=\"_ _195\"> </span> -176 <span class=\"_ _1c2\"> </span> 163 <span class=\"_ _137\"> </span> 498 </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment. ELECTROL<span class=\"_ _1\"></span>YSER NORW<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>YElectrolyser Nor<span class=\"_ _e\"></span>way is the Group<span class=\"_ _1\"></span>\u2019 segment for the Alkaline electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electr<span class=\"_ _0\"></span>olyser equipment in Her\u00f8ya and Notodden, Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. New plant at Her\u00f8ya, Nor<span class=\"_ _3\"></span>way star<span class=\"_ _e\"></span>ted operations in 2021 and will scale the production. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _1\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1ca\"> </span><span class=\"ws0\"> 377 <span class=\"_ _bb\"> </span> 1 078 <span class=\"_ _cd\"> </span> 1 779 <span class=\"_ _1c9\"> </span> 2 480 <span class=\"_ _bb\"> </span> 3 181 </span>-1.0%<span class=\"_ _169\"> </span><span class=\"ws0\"> 92 <span class=\"_ _137\"> </span> 703 <span class=\"_ _cd\"> </span> 1 315 <span class=\"_ _1c9\"> </span> 1 926 <span class=\"_ _bb\"> </span> 2 537 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -130 <span class=\"_ _b9\"> </span> 411 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 952* <span class=\"_ _1c9\"> </span></span> 1 493 <span class=\"_ _bb\"> </span> 2 034 </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -306 <span class=\"_ _b9\"> </span> 178 <span class=\"_ _2a\"> </span> 662<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 146 <span class=\"_ _bb\"> </span> 1 630 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -448 <span class=\"_ _199\"> </span> -11 <span class=\"_ _2a\"> </span> 426 <span class=\"_ _1c2\"> </span> 863 <span class=\"_ _bb\"> </span> 1 300<span class=\"_ _e\"></span> </span>*  Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.FUELINGFueling is the Group<span class=\"_ _1\"></span>\u2019 segment for the Hydrogen fueling technology<span class=\"_ _1\"></span>. The CGU covers the pr<span class=\"_ _0\"></span>oduction and manufacturing<span class=\"_ _e\"></span> of hydr<span class=\"_ _0\"></span>ogen refueling stations in Herning, Denmark. The operations consist of both assembly o<span class=\"_ _0\"></span>f hydrogen r<span class=\"_ _0\"></span>efueling<span class=\"_ _e\"></span> stations, marketing activities and product development. The Fueling segment offers H2Station\u00ae for fast fueling o<span class=\"_ _0\"></span>f fuel cell electric vehicles as well as ser<span class=\"_ _3\"></span>vices in relation to the supply of these stations. The objective to the segment is to deliver world class fueling stations offering a complete solution fr<span class=\"_ _0\"></span>om sourcing and storage o<span class=\"_ _0\"></span>f hydrogen to fueling o<span class=\"_ _0\"></span>f vehicles.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points<span class=\"_ _e\"></span> in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -232 <span class=\"_ _e8\"> </span> 55 <span class=\"_ _2a\"> </span> 343<span class=\"_ _e\"></span> <span class=\"_ _1c2\"> </span> 631 <span class=\"_ _137\"> </span> 918 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -350 <span class=\"_ _154\"> </span> -101 <span class=\"_ _2a\"> </span> 149 <span class=\"_ _1c2\"> </span> 398 <span class=\"_ _b9\"> </span> 648 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -439 <span class=\"_ _154\"> </span> -220 <span class=\"_ _137\"> </span><span class=\"ff3\"> 0* <span class=\"_ _1c2\"> </span></span> 220 <span class=\"_ _137\"> </span> 439<span class=\"_ _e\"></span> </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -508 <span class=\"_ _154\"> </span> -312 <span class=\"_ _195\"> </span> -117 <span class=\"_ _a6\"> </span> 79 <span class=\"_ _b9\"> </span> 275 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -386 <span class=\"_ _195\"> </span> -210 <span class=\"_ _b4\"> </span> -33 <span class=\"_ _137\"> </span> 143<span class=\"_ _e\"></span> </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zer<span class=\"_ _0\"></span>o headroom, at perpetuity growth 2.5%, all else being equal. Additional sensitivities for the Fueling division has not been included as headroom in the valuation is zero. The table shows the sensitivities for the W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC used, but also for W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C +/- one percentage point: KEY <span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C CHANGE ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ASSUMPTIONS<span class=\"_ _95\"> </span><span class=\"ws0\">PERIODS CHANGED</span>(PPS)USNO1)Revenue growth multiple T<span class=\"_ _1\"></span>otal multiple gr<span class=\"_ _0\"></span>owth in NOK from 2022 to terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c2\"> </span>-0.1<span class=\"_ _15a\"> </span>-3.5</span>0.0%<span class=\"_ _1c2\"> </span>-0.9<span class=\"_ _15a\"> </span>-4.2-1.0%<span class=\"_ _1c2\"> </span>-1.6<span class=\"_ _15a\"> </span>-4.92)Gross mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-5.0%</span>0.0%<span class=\"_ _1c9\"> </span>-1.6%<span class=\"_ _1c9\"> </span>-6.0%-1.0%<span class=\"_ _1c9\"> </span>-2.9%<span class=\"_ _1c9\"> </span>-7.0%3)Free cash flow mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-3.9%</span>0.0%-1.7%<span class=\"_ _1c9\"> </span>-4.7%-1.0%<span class=\"_ _1c9\"> </span>-3.0%<span class=\"_ _1c9\"> </span>-5.4%1) If revenue assumption in terminal is r<span class=\"_ _0\"></span>educed with this year<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s revenue multiplied with this factor<span class=\"_ _1\"></span>, the headroom is zero.2) If average gross mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.3) If free cash flow mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__72": {
   "value": "3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 years\u2022 <span class=\"_ _6\"> </span>Customer relationship has a useful life of 7-10 years\u2022 <span class=\"_ _6\"> </span>Goodwill has indefinite lifeCUST<span class=\"_ _1\"></span>OMER REL<span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>TIONSHIPCustomer relationship is acquir<span class=\"_ _0\"></span>ed through business combinations. Customer relationship is initially measur<span class=\"_ _0\"></span>ed at cost and subsequently amor<span class=\"_ _e\"></span>tised over useful life, using the straight<span class=\"_ _0\"></span>-line method. A<span class=\"_ _0\"></span>t period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement o<span class=\"_ _0\"></span>f financial positions has been acquired thr<span class=\"_ _0\"></span>ough business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggr<span class=\"_ _0\"></span>egate of the consideration transferr<span class=\"_ _0\"></span>ed and any previous inter<span class=\"_ _0\"></span>est held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measur<span class=\"_ _0\"></span>ed at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measur<span class=\"_ _0\"></span>ed at cost less any accumulated impairment losses. For the purpose of impair<span class=\"_ _b\"></span>ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each o<span class=\"_ _0\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s cash-generating units (C<span class=\"_ _0\"></span>GUs) that are expected to benefit from the combination, irr<span class=\"_ _0\"></span>espective of whether other assets or liabilities of the acquir<span class=\"_ _0\"></span>e are assigned to those units.(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021630 430<span class=\"_ _5b\"> </span>96 812<span class=\"_ _157\"> </span>620 198<span class=\"_ _78\"> </span>1 347 440Additions from internal development<span class=\"_ _14e\"> </span><span class=\"fse lsa\">99 160<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _194\"> </span></span>99 160</span>Additions acquired separately<span class=\"_ _66\"> </span>19 710<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _1bd\"> </span></span>19 710Disposals<span class=\"_ _1be\"> </span>-97<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _195\"> </span></span>-97Currency effects-396<span class=\"_ _32\"> </span>-35<span class=\"_ _2a\"> </span><span class=\"ws0\">-4 547<span class=\"_ _5f\"> </span>-4 978</span>Acquisition cost as of 31.12.2021<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">748 807<span class=\"_ _5b\"> </span>96 777<span class=\"_ _157\"> </span>615 651<span class=\"_ _78\"> </span>1 461 235</span>Additions from internal development<span class=\"_ _163\"> </span><span class=\"fse lsa\">115 742<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _47\"> </span></span>115 742</span>Additions acquired separately<span class=\"_ _1c0\"> </span><span class=\"fse lsa\">2 509<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>2 509</span>Disposals<span class=\"_ _175\"> </span><span class=\"fse lsa ws0\">-26 100<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-26 100</span>Currency effects<span class=\"_ _7e\"> </span><span class=\"fse lsa\">45 598<span class=\"_ _2a\"> </span>2 418<span class=\"_ _158\"> </span>46 835<span class=\"_ _194\"> </span>94 851</span>Acquisition cost as of 31.12.2022<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">886 556<span class=\"_ _5b\"> </span>99 195<span class=\"_ _157\"> </span>662 485<span class=\"_ _78\"> </span>1 648 237</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 01.01.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">203 089<span class=\"_ _1c1\"> </span>52 117<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>255 673</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">52 918<span class=\"_ _5b\"> </span>12 278<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>65 196</span>Reclassification<span class=\"_ _e0\"> </span><span class=\"fse lsa ws1b\">-97<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _bb\"> </span></span>-97</span>Impairment<span class=\"_ _e0\"> </span><span class=\"ws0\">-1 118<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _5a\"> </span></span>-1 118</span>Currency effects-2 564<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _5f\"> </span></span>-2 564Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">252 228<span class=\"_ _1c1\"> </span>64 395<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>317 091</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">69 313<span class=\"_ _5b\"> </span>13 310<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>82 623</span>Reversed amor<span class=\"_ _e\"></span>tisation disposals<span class=\"_ _126\"> </span><span class=\"fse lsa\">-20 772<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-20 772</span>Reclassification<span class=\"_ _173\"> </span><span class=\"ws0\">1 632<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _59\"> </span></span>1 632</span>Impairment30 860<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _157\"> </span></span>296 438<span class=\"_ _47\"> </span>327 298Currency effects<span class=\"_ _ca\"> </span><span class=\"fse lsa\">5 908<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _8e\"> </span></span>5 908</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2022<span class=\"_ _e8\"> </span><span class=\"fse lsa\">339 169<span class=\"_ _1c1\"> </span>77 705<span class=\"_ _157\"> </span>296 905<span class=\"_ _47\"> </span>713 779</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021496 579<span class=\"_ _5b\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _78\"> </span>1 144 144Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1c3\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _5b\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _183\"> </span>934 456</span>Impairment loss NOK 327.3 (0.0) million, from categories T<span class=\"_ _4\"></span>echnology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in pr<span class=\"_ _0\"></span>ofit or loss. The impairment o<span class=\"_ _b\"></span>f technology is related to the technology development of fueling stations for the Light<span class=\"_ _1\"></span>-Duty vehicles segment. The assessment includes uncer<span class=\"_ _e\"></span>tainty of futur<span class=\"_ _b\"></span>e economic benefits from these pr<span class=\"_ _0\"></span>oducts, both from actuals historical results and as Fueling develops new technology that will replace existing. Fueling will focus on developing its cor<span class=\"_ _0\"></span>e technology with special focus on high-pressur<span class=\"_ _0\"></span>e compression, cooling and control. The fueling division will continue to invest in the development of next generation Heavy-Duty V<span class=\"_ _1\"></span>ehicle (\u201cHDV\u201d) equipment such as high-capacity station modules and dispensers.Specification of carr<span class=\"_ _e\"></span>ying amount2022(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development334 176<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>334 176Acquired separately<span class=\"_ _1c4\"> </span><span class=\"fse lsa ws1b\">881<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _195\"> </span></span>881</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">212 331<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>599 401</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _85\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>934 456</span>2021(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development298 539<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>298 539Acquired separately<span class=\"_ _1c5\"> </span><span class=\"fse lsa\">1 369<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>1 369</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">196 671<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _47\"> </span>844 236</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _85\"> </span><span class=\"fse lsa\">496 579<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _6b\"> </span>1 144 144</span>ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.GOODWILL AND INT<span class=\"_ _4\"></span>ANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES -<span class=\"_ _b\"></span> IMP<span class=\"_ _d\"></span>AIRMENT CONSIDERA<span class=\"_ _4\"></span>TIONSGoodwill, and C<span class=\"_ _0\"></span>GUs where goodwill has been allocated, are requir<span class=\"_ _0\"></span>ed to be tested for impairment annually<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>formed its annual impairment test in December 2022. Impairment losses are r<span class=\"_ _0\"></span>ecognised where the recoverable amount is less than the carr<span class=\"_ _3\"></span>ying amount. The group has recognised goodwill impairment expense o<span class=\"_ _0\"></span>f NOK 296.4 (0.0) in 2022, impairing goodwill in the Fueling division which occurred initially fr<span class=\"_ _0\"></span>om the acquisition of Fueling in 2015 when Nel bought the division for NOK 300 million. The impairment charge was primarily due to the r<span class=\"_ _0\"></span>eduction in the projected growth rate for the Fueling division as a consequence o<span class=\"_ _0\"></span>f the weaker order intake in 2022, incr<span class=\"_ _0\"></span>easing per<span class=\"_ _e\"></span>sonnel cost, combined with high quality costs on delivered stations out in the field. In addition, the pre-tax nominal W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC rate increased to 14.0% in 2022 (8.5% in 2021) mainly due to the increase in the risk<span class=\"_ _1\"></span>-fr<span class=\"_ _b\"></span>ee rate in response to raising inflation in Europe during 2022.   ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST - ASSUMPTIONSCG<span class=\"_ _e\"></span>UThe annual impairment test is performed for all the Group<span class=\"_ _0\"></span>\u2019 Cash Generating Units (C<span class=\"_ _0\"></span>GUs). A CGU is defined as the smallest group o<span class=\"_ _0\"></span>f assets that generates cash inflows from continuing use that ar<span class=\"_ _0\"></span>e largely independent of the cash inflows of other assets or gr<span class=\"_ _0\"></span>oups thereo<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>. The way management monitors operations assisted in the judgements of identifying the C<span class=\"_ _0\"></span>GUs.  The Group<span class=\"_ _1\"></span>\u2019 C<span class=\"_ _0\"></span>GUs are \u2022 <span class=\"_ _6\"> </span>Electrolyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, \u2022 <span class=\"_ _6\"> </span>Electrolyser US and \u2022 <span class=\"_ _6\"> </span>FuelingSPECIFICA<span class=\"_ _1\"></span>TION OF ALL<span class=\"_ _b\"></span>OCA<span class=\"_ _1\"></span>TED GOODWILL PER CGU<span class=\"_ _16c\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Electrolyser US304 216<span class=\"_ _27\"> </span>272 184Electrolyser Nor<span class=\"_ _e\"></span>way61 364<span class=\"_ _a5\"> </span>61 364Fueling0<span class=\"_ _154\"> </span><span class=\"lsa\">281 635</span>Balance as of 31.12.365 580<span class=\"_ _27\"> </span>615 184Market capitalisationThe group considers the r<span class=\"_ _b\"></span>elationship between its market capitalisation and its book value, among other factors, when reviewing indicators o<span class=\"_ _0\"></span>f impairment. As of 31 December 2022, the market capitalisation of the gr<span class=\"_ _0\"></span>oup was approximately 4 times above the book value of equity<span class=\"_ _1\"></span>, indicating no impairment o<span class=\"_ _b\"></span>f goodwill and impairment o<span class=\"_ _0\"></span>f the assets. In 2021 the market capitalisation was 5 times above the book value of equity<span class=\"_ _1\"></span>.Key assumptionsThe calculations of value in use ar<span class=\"_ _0\"></span>e sensitive to several assumptions, the following are assessed key assumptions in the measured value:                                        \u2022 <span class=\"_ _6\"> </span>Revenue growth and gross mar<span class=\"_ _0\"></span>gin\u2022 <span class=\"_ _6\"> </span>EBITDA margins\u2022 <span class=\"_ _6\"> </span>Discount rate / Weighted average cost o<span class=\"_ _0\"></span>f capital (W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C)Forecast periodFor each C<span class=\"_ _0\"></span>GU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Boar<span class=\"_ _0\"></span>d of Directors and management\u2019<span class=\"_ _1\"></span>s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i)  <span class=\"_ _26\"> </span>the future expectations r<span class=\"_ _0\"></span>eflected in the current budget and strategy over the next 5-year period (forecast period); and ii)  <span class=\"_ _91\"> </span>a declining growth rate for the subsequent five years as Nel assesses that 2027 is not a steady state of the hydrogen industr<span class=\"_ _e\"></span>y and not for Nel, specifically<span class=\"_ _0\"></span>. Nel has applied declining growth rates starting from 2027, declining yearly down to 2.5%. The 2.5% growth rate is applied from year 2028, 2029 and 2031 for the divisions Fueling, Electrolyser US and Electr<span class=\"_ _0\"></span>olyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, respectively<span class=\"_ _1\"></span>.Discount rateDiscount rates repr<span class=\"_ _0\"></span>esent the current market assessment o<span class=\"_ _b\"></span>f the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances o<span class=\"_ _0\"></span>f the group and its operating segments and is derived fr<span class=\"_ _0\"></span>om<span class=\"_ _e\"></span> its weighted average cost of capital (W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC). The W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC considers the cost of debt and equity<span class=\"_ _1\"></span>. The cost of equity is derived from the expected r<span class=\"_ _0\"></span>eturn on investment by the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s investors. The cost o<span class=\"_ _0\"></span>f debt is based on the interest<span class=\"_ _0\"></span>-bearing borrowings the gr<span class=\"_ _0\"></span>oup is obliged to ser<span class=\"_ _3\"></span>vice. Segment<span class=\"_ _e\"></span> specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the futur<span class=\"_ _0\"></span>e cash flows to reflect a pr<span class=\"_ _0\"></span>e-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 14.0 % to 15.0 %.ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST \u2013 RESUL<span class=\"_ _1\"></span>TS AND SENSITIVIT<span class=\"_ _e\"></span>YThe impairment test has been prepar<span class=\"_ _0\"></span>ed in accordance with IAS 36 impairment o<span class=\"_ _b\"></span>f non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows pr<span class=\"_ _0\"></span>ojections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. In addition, the standard encourages a conser<span class=\"_ _3\"></span>vative valuation to ensure that assets ar<span class=\"_ _0\"></span>e not carried at more than their r<span class=\"_ _0\"></span>ecoverable amount. (Amounts in NOK thousands) <span class=\"fs3 ws2\"> <span class=\"_ _1c6\"></span>       </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FUELINGUSNORW<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YGoodwill304 216<span class=\"_ _bd\"> </span>61 364<span class=\"_ _1c7\"> </span><span class=\"ls0\">0</span>Other intangible assets342 003<span class=\"_ _162\"> </span>141 492<span class=\"_ _199\"> </span>83 582Other invested capital128 857<span class=\"_ _162\"> </span>485 655<span class=\"_ _154\"> </span>195 592Carr<span class=\"_ _e\"></span>ying value775 076<span class=\"_ _162\"> </span>688 511<span class=\"_ _154\"> </span>279 174Recoverable amount1 057 410<span class=\"_ _c1\"> </span>1 640 296<span class=\"_ _154\"> </span>279 174Headroom282 334<span class=\"_ _162\"> </span>951 785<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Pre-tax nominal discount rate15.0 %<span class=\"_ _1c7\"> </span>14.8 %<span class=\"_ _a5\"> </span>14.0 %T<span class=\"_ _4\"></span>erminal growth rate2.5 %<span class=\"_ _37\"> </span>2.5 %<span class=\"_ _b4\"> </span>2.5 %ELECTROL<span class=\"_ _1\"></span>YSER USElectrolyser US is the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019 segment for the PEM electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production and manufacturing of PEM electr<span class=\"_ _0\"></span>olyser equipment in W<span class=\"_ _0\"></span>allingford, Connecticut, US. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _4\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _9b\"> </span><span class=\"ws0\"> -89 <span class=\"_ _b9\"> </span> 454 <span class=\"_ _2a\"> </span> 997 <span class=\"_ _1c9\"> </span> 1 537 <span class=\"_ _bb\"> </span> 2 073 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -355 <span class=\"_ _b9\"> </span> 120 <span class=\"_ _2a\"> </span> 596<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 068 <span class=\"_ _bb\"> </span> 1 537 </span>0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -140 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 281* <span class=\"_ _1c2\"> </span></span> 700 <span class=\"_ _bb\"> </span> 1 115 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -726 <span class=\"_ _154\"> </span> -348 <span class=\"_ _137\"> </span> 29 <span class=\"_ _e8\"> </span> 404 <span class=\"_ _b9\"> </span> 775 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -858 <span class=\"_ _154\"> </span> -517 <span class=\"_ _195\"> </span> -176 <span class=\"_ _1c2\"> </span> 163 <span class=\"_ _137\"> </span> 498 </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment. ELECTROL<span class=\"_ _1\"></span>YSER NORW<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>YElectrolyser Nor<span class=\"_ _e\"></span>way is the Group<span class=\"_ _1\"></span>\u2019 segment for the Alkaline electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electr<span class=\"_ _0\"></span>olyser equipment in Her\u00f8ya and Notodden, Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. New plant at Her\u00f8ya, Nor<span class=\"_ _3\"></span>way star<span class=\"_ _e\"></span>ted operations in 2021 and will scale the production. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _1\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1ca\"> </span><span class=\"ws0\"> 377 <span class=\"_ _bb\"> </span> 1 078 <span class=\"_ _cd\"> </span> 1 779 <span class=\"_ _1c9\"> </span> 2 480 <span class=\"_ _bb\"> </span> 3 181 </span>-1.0%<span class=\"_ _169\"> </span><span class=\"ws0\"> 92 <span class=\"_ _137\"> </span> 703 <span class=\"_ _cd\"> </span> 1 315 <span class=\"_ _1c9\"> </span> 1 926 <span class=\"_ _bb\"> </span> 2 537 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -130 <span class=\"_ _b9\"> </span> 411 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 952* <span class=\"_ _1c9\"> </span></span> 1 493 <span class=\"_ _bb\"> </span> 2 034 </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -306 <span class=\"_ _b9\"> </span> 178 <span class=\"_ _2a\"> </span> 662<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 146 <span class=\"_ _bb\"> </span> 1 630 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -448 <span class=\"_ _199\"> </span> -11 <span class=\"_ _2a\"> </span> 426 <span class=\"_ _1c2\"> </span> 863 <span class=\"_ _bb\"> </span> 1 300<span class=\"_ _e\"></span> </span>*  Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.FUELINGFueling is the Group<span class=\"_ _1\"></span>\u2019 segment for the Hydrogen fueling technology<span class=\"_ _1\"></span>. The CGU covers the pr<span class=\"_ _0\"></span>oduction and manufacturing<span class=\"_ _e\"></span> of hydr<span class=\"_ _0\"></span>ogen refueling stations in Herning, Denmark. The operations consist of both assembly o<span class=\"_ _0\"></span>f hydrogen r<span class=\"_ _0\"></span>efueling<span class=\"_ _e\"></span> stations, marketing activities and product development. The Fueling segment offers H2Station\u00ae for fast fueling o<span class=\"_ _0\"></span>f fuel cell electric vehicles as well as ser<span class=\"_ _3\"></span>vices in relation to the supply of these stations. The objective to the segment is to deliver world class fueling stations offering a complete solution fr<span class=\"_ _0\"></span>om sourcing and storage o<span class=\"_ _0\"></span>f hydrogen to fueling o<span class=\"_ _0\"></span>f vehicles.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points<span class=\"_ _e\"></span> in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -232 <span class=\"_ _e8\"> </span> 55 <span class=\"_ _2a\"> </span> 343<span class=\"_ _e\"></span> <span class=\"_ _1c2\"> </span> 631 <span class=\"_ _137\"> </span> 918 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -350 <span class=\"_ _154\"> </span> -101 <span class=\"_ _2a\"> </span> 149 <span class=\"_ _1c2\"> </span> 398 <span class=\"_ _b9\"> </span> 648 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -439 <span class=\"_ _154\"> </span> -220 <span class=\"_ _137\"> </span><span class=\"ff3\"> 0* <span class=\"_ _1c2\"> </span></span> 220 <span class=\"_ _137\"> </span> 439<span class=\"_ _e\"></span> </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -508 <span class=\"_ _154\"> </span> -312 <span class=\"_ _195\"> </span> -117 <span class=\"_ _a6\"> </span> 79 <span class=\"_ _b9\"> </span> 275 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -386 <span class=\"_ _195\"> </span> -210 <span class=\"_ _b4\"> </span> -33 <span class=\"_ _137\"> </span> 143<span class=\"_ _e\"></span> </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zer<span class=\"_ _0\"></span>o headroom, at perpetuity growth 2.5%, all else being equal. Additional sensitivities for the Fueling division has not been included as headroom in the valuation is zero. The table shows the sensitivities for the W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC used, but also for W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C +/- one percentage point: KEY <span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C CHANGE ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ASSUMPTIONS<span class=\"_ _95\"> </span><span class=\"ws0\">PERIODS CHANGED</span>(PPS)USNO1)Revenue growth multiple T<span class=\"_ _1\"></span>otal multiple gr<span class=\"_ _0\"></span>owth in NOK from 2022 to terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c2\"> </span>-0.1<span class=\"_ _15a\"> </span>-3.5</span>0.0%<span class=\"_ _1c2\"> </span>-0.9<span class=\"_ _15a\"> </span>-4.2-1.0%<span class=\"_ _1c2\"> </span>-1.6<span class=\"_ _15a\"> </span>-4.92)Gross mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-5.0%</span>0.0%<span class=\"_ _1c9\"> </span>-1.6%<span class=\"_ _1c9\"> </span>-6.0%-1.0%<span class=\"_ _1c9\"> </span>-2.9%<span class=\"_ _1c9\"> </span>-7.0%3)Free cash flow mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-3.9%</span>0.0%-1.7%<span class=\"_ _1c9\"> </span>-4.7%-1.0%<span class=\"_ _1c9\"> </span>-3.0%<span class=\"_ _1c9\"> </span>-5.4%1) If revenue assumption in terminal is r<span class=\"_ _0\"></span>educed with this year<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s revenue multiplied with this factor<span class=\"_ _1\"></span>, the headroom is zero.2) If average gross mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.3) If free cash flow mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__71": {
   "value": "3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 years\u2022 <span class=\"_ _6\"> </span>Customer relationship has a useful life of 7-10 years\u2022 <span class=\"_ _6\"> </span>Goodwill has indefinite lifeCUST<span class=\"_ _1\"></span>OMER REL<span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>TIONSHIPCustomer relationship is acquir<span class=\"_ _0\"></span>ed through business combinations. Customer relationship is initially measur<span class=\"_ _0\"></span>ed at cost and subsequently amor<span class=\"_ _e\"></span>tised over useful life, using the straight<span class=\"_ _0\"></span>-line method. A<span class=\"_ _0\"></span>t period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement o<span class=\"_ _0\"></span>f financial positions has been acquired thr<span class=\"_ _0\"></span>ough business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggr<span class=\"_ _0\"></span>egate of the consideration transferr<span class=\"_ _0\"></span>ed and any previous inter<span class=\"_ _0\"></span>est held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measur<span class=\"_ _0\"></span>ed at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measur<span class=\"_ _0\"></span>ed at cost less any accumulated impairment losses. For the purpose of impair<span class=\"_ _b\"></span>ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each o<span class=\"_ _0\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s cash-generating units (C<span class=\"_ _0\"></span>GUs) that are expected to benefit from the combination, irr<span class=\"_ _0\"></span>espective of whether other assets or liabilities of the acquir<span class=\"_ _0\"></span>e are assigned to those units.(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021630 430<span class=\"_ _5b\"> </span>96 812<span class=\"_ _157\"> </span>620 198<span class=\"_ _78\"> </span>1 347 440Additions from internal development<span class=\"_ _14e\"> </span><span class=\"fse lsa\">99 160<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _194\"> </span></span>99 160</span>Additions acquired separately<span class=\"_ _66\"> </span>19 710<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _1bd\"> </span></span>19 710Disposals<span class=\"_ _1be\"> </span>-97<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _195\"> </span></span>-97Currency effects-396<span class=\"_ _32\"> </span>-35<span class=\"_ _2a\"> </span><span class=\"ws0\">-4 547<span class=\"_ _5f\"> </span>-4 978</span>Acquisition cost as of 31.12.2021<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">748 807<span class=\"_ _5b\"> </span>96 777<span class=\"_ _157\"> </span>615 651<span class=\"_ _78\"> </span>1 461 235</span>Additions from internal development<span class=\"_ _163\"> </span><span class=\"fse lsa\">115 742<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _47\"> </span></span>115 742</span>Additions acquired separately<span class=\"_ _1c0\"> </span><span class=\"fse lsa\">2 509<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>2 509</span>Disposals<span class=\"_ _175\"> </span><span class=\"fse lsa ws0\">-26 100<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-26 100</span>Currency effects<span class=\"_ _7e\"> </span><span class=\"fse lsa\">45 598<span class=\"_ _2a\"> </span>2 418<span class=\"_ _158\"> </span>46 835<span class=\"_ _194\"> </span>94 851</span>Acquisition cost as of 31.12.2022<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">886 556<span class=\"_ _5b\"> </span>99 195<span class=\"_ _157\"> </span>662 485<span class=\"_ _78\"> </span>1 648 237</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 01.01.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">203 089<span class=\"_ _1c1\"> </span>52 117<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>255 673</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">52 918<span class=\"_ _5b\"> </span>12 278<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>65 196</span>Reclassification<span class=\"_ _e0\"> </span><span class=\"fse lsa ws1b\">-97<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _bb\"> </span></span>-97</span>Impairment<span class=\"_ _e0\"> </span><span class=\"ws0\">-1 118<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _5a\"> </span></span>-1 118</span>Currency effects-2 564<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _5f\"> </span></span>-2 564Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">252 228<span class=\"_ _1c1\"> </span>64 395<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>317 091</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">69 313<span class=\"_ _5b\"> </span>13 310<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>82 623</span>Reversed amor<span class=\"_ _e\"></span>tisation disposals<span class=\"_ _126\"> </span><span class=\"fse lsa\">-20 772<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-20 772</span>Reclassification<span class=\"_ _173\"> </span><span class=\"ws0\">1 632<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _59\"> </span></span>1 632</span>Impairment30 860<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _157\"> </span></span>296 438<span class=\"_ _47\"> </span>327 298Currency effects<span class=\"_ _ca\"> </span><span class=\"fse lsa\">5 908<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _8e\"> </span></span>5 908</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2022<span class=\"_ _e8\"> </span><span class=\"fse lsa\">339 169<span class=\"_ _1c1\"> </span>77 705<span class=\"_ _157\"> </span>296 905<span class=\"_ _47\"> </span>713 779</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021496 579<span class=\"_ _5b\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _78\"> </span>1 144 144Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1c3\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _5b\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _183\"> </span>934 456</span>Impairment loss NOK 327.3 (0.0) million, from categories T<span class=\"_ _4\"></span>echnology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in pr<span class=\"_ _0\"></span>ofit or loss. The impairment o<span class=\"_ _b\"></span>f technology is related to the technology development of fueling stations for the Light<span class=\"_ _1\"></span>-Duty vehicles segment. The assessment includes uncer<span class=\"_ _e\"></span>tainty of futur<span class=\"_ _b\"></span>e economic benefits from these pr<span class=\"_ _0\"></span>oducts, both from actuals historical results and as Fueling develops new technology that will replace existing. Fueling will focus on developing its cor<span class=\"_ _0\"></span>e technology with special focus on high-pressur<span class=\"_ _0\"></span>e compression, cooling and control. The fueling division will continue to invest in the development of next generation Heavy-Duty V<span class=\"_ _1\"></span>ehicle (\u201cHDV\u201d) equipment such as high-capacity station modules and dispensers.Specification of carr<span class=\"_ _e\"></span>ying amount2022(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development334 176<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>334 176Acquired separately<span class=\"_ _1c4\"> </span><span class=\"fse lsa ws1b\">881<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _195\"> </span></span>881</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">212 331<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>599 401</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _85\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>934 456</span>2021(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development298 539<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>298 539Acquired separately<span class=\"_ _1c5\"> </span><span class=\"fse lsa\">1 369<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>1 369</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">196 671<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _47\"> </span>844 236</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _85\"> </span><span class=\"fse lsa\">496 579<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _6b\"> </span>1 144 144</span>ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.GOODWILL AND INT<span class=\"_ _4\"></span>ANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES -<span class=\"_ _b\"></span> IMP<span class=\"_ _d\"></span>AIRMENT CONSIDERA<span class=\"_ _4\"></span>TIONSGoodwill, and C<span class=\"_ _0\"></span>GUs where goodwill has been allocated, are requir<span class=\"_ _0\"></span>ed to be tested for impairment annually<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>formed its annual impairment test in December 2022. Impairment losses are r<span class=\"_ _0\"></span>ecognised where the recoverable amount is less than the carr<span class=\"_ _3\"></span>ying amount. The group has recognised goodwill impairment expense o<span class=\"_ _0\"></span>f NOK 296.4 (0.0) in 2022, impairing goodwill in the Fueling division which occurred initially fr<span class=\"_ _0\"></span>om the acquisition of Fueling in 2015 when Nel bought the division for NOK 300 million. The impairment charge was primarily due to the r<span class=\"_ _0\"></span>eduction in the projected growth rate for the Fueling division as a consequence o<span class=\"_ _0\"></span>f the weaker order intake in 2022, incr<span class=\"_ _0\"></span>easing per<span class=\"_ _e\"></span>sonnel cost, combined with high quality costs on delivered stations out in the field. In addition, the pre-tax nominal W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC rate increased to 14.0% in 2022 (8.5% in 2021) mainly due to the increase in the risk<span class=\"_ _1\"></span>-fr<span class=\"_ _b\"></span>ee rate in response to raising inflation in Europe during 2022.   ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST - ASSUMPTIONSCG<span class=\"_ _e\"></span>UThe annual impairment test is performed for all the Group<span class=\"_ _0\"></span>\u2019 Cash Generating Units (C<span class=\"_ _0\"></span>GUs). A CGU is defined as the smallest group o<span class=\"_ _0\"></span>f assets that generates cash inflows from continuing use that ar<span class=\"_ _0\"></span>e largely independent of the cash inflows of other assets or gr<span class=\"_ _0\"></span>oups thereo<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>. The way management monitors operations assisted in the judgements of identifying the C<span class=\"_ _0\"></span>GUs.  The Group<span class=\"_ _1\"></span>\u2019 C<span class=\"_ _0\"></span>GUs are \u2022 <span class=\"_ _6\"> </span>Electrolyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, \u2022 <span class=\"_ _6\"> </span>Electrolyser US and \u2022 <span class=\"_ _6\"> </span>FuelingSPECIFICA<span class=\"_ _1\"></span>TION OF ALL<span class=\"_ _b\"></span>OCA<span class=\"_ _1\"></span>TED GOODWILL PER CGU<span class=\"_ _16c\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Electrolyser US304 216<span class=\"_ _27\"> </span>272 184Electrolyser Nor<span class=\"_ _e\"></span>way61 364<span class=\"_ _a5\"> </span>61 364Fueling0<span class=\"_ _154\"> </span><span class=\"lsa\">281 635</span>Balance as of 31.12.365 580<span class=\"_ _27\"> </span>615 184Market capitalisationThe group considers the r<span class=\"_ _b\"></span>elationship between its market capitalisation and its book value, among other factors, when reviewing indicators o<span class=\"_ _0\"></span>f impairment. As of 31 December 2022, the market capitalisation of the gr<span class=\"_ _0\"></span>oup was approximately 4 times above the book value of equity<span class=\"_ _1\"></span>, indicating no impairment o<span class=\"_ _b\"></span>f goodwill and impairment o<span class=\"_ _0\"></span>f the assets. In 2021 the market capitalisation was 5 times above the book value of equity<span class=\"_ _1\"></span>.Key assumptionsThe calculations of value in use ar<span class=\"_ _0\"></span>e sensitive to several assumptions, the following are assessed key assumptions in the measured value:                                        \u2022 <span class=\"_ _6\"> </span>Revenue growth and gross mar<span class=\"_ _0\"></span>gin\u2022 <span class=\"_ _6\"> </span>EBITDA margins\u2022 <span class=\"_ _6\"> </span>Discount rate / Weighted average cost o<span class=\"_ _0\"></span>f capital (W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C)Forecast periodFor each C<span class=\"_ _0\"></span>GU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Boar<span class=\"_ _0\"></span>d of Directors and management\u2019<span class=\"_ _1\"></span>s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i)  <span class=\"_ _26\"> </span>the future expectations r<span class=\"_ _0\"></span>eflected in the current budget and strategy over the next 5-year period (forecast period); and ii)  <span class=\"_ _91\"> </span>a declining growth rate for the subsequent five years as Nel assesses that 2027 is not a steady state of the hydrogen industr<span class=\"_ _e\"></span>y and not for Nel, specifically<span class=\"_ _0\"></span>. Nel has applied declining growth rates starting from 2027, declining yearly down to 2.5%. The 2.5% growth rate is applied from year 2028, 2029 and 2031 for the divisions Fueling, Electrolyser US and Electr<span class=\"_ _0\"></span>olyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, respectively<span class=\"_ _1\"></span>.Discount rateDiscount rates repr<span class=\"_ _0\"></span>esent the current market assessment o<span class=\"_ _b\"></span>f the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances o<span class=\"_ _0\"></span>f the group and its operating segments and is derived fr<span class=\"_ _0\"></span>om<span class=\"_ _e\"></span> its weighted average cost of capital (W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC). The W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC considers the cost of debt and equity<span class=\"_ _1\"></span>. The cost of equity is derived from the expected r<span class=\"_ _0\"></span>eturn on investment by the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s investors. The cost o<span class=\"_ _0\"></span>f debt is based on the interest<span class=\"_ _0\"></span>-bearing borrowings the gr<span class=\"_ _0\"></span>oup is obliged to ser<span class=\"_ _3\"></span>vice. Segment<span class=\"_ _e\"></span> specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the futur<span class=\"_ _0\"></span>e cash flows to reflect a pr<span class=\"_ _0\"></span>e-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 14.0 % to 15.0 %.ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST \u2013 RESUL<span class=\"_ _1\"></span>TS AND SENSITIVIT<span class=\"_ _e\"></span>YThe impairment test has been prepar<span class=\"_ _0\"></span>ed in accordance with IAS 36 impairment o<span class=\"_ _b\"></span>f non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows pr<span class=\"_ _0\"></span>ojections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. In addition, the standard encourages a conser<span class=\"_ _3\"></span>vative valuation to ensure that assets ar<span class=\"_ _0\"></span>e not carried at more than their r<span class=\"_ _0\"></span>ecoverable amount. (Amounts in NOK thousands) <span class=\"fs3 ws2\"> <span class=\"_ _1c6\"></span>       </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FUELINGUSNORW<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YGoodwill304 216<span class=\"_ _bd\"> </span>61 364<span class=\"_ _1c7\"> </span><span class=\"ls0\">0</span>Other intangible assets342 003<span class=\"_ _162\"> </span>141 492<span class=\"_ _199\"> </span>83 582Other invested capital128 857<span class=\"_ _162\"> </span>485 655<span class=\"_ _154\"> </span>195 592Carr<span class=\"_ _e\"></span>ying value775 076<span class=\"_ _162\"> </span>688 511<span class=\"_ _154\"> </span>279 174Recoverable amount1 057 410<span class=\"_ _c1\"> </span>1 640 296<span class=\"_ _154\"> </span>279 174Headroom282 334<span class=\"_ _162\"> </span>951 785<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Pre-tax nominal discount rate15.0 %<span class=\"_ _1c7\"> </span>14.8 %<span class=\"_ _a5\"> </span>14.0 %T<span class=\"_ _4\"></span>erminal growth rate2.5 %<span class=\"_ _37\"> </span>2.5 %<span class=\"_ _b4\"> </span>2.5 %ELECTROL<span class=\"_ _1\"></span>YSER USElectrolyser US is the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019 segment for the PEM electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production and manufacturing of PEM electr<span class=\"_ _0\"></span>olyser equipment in W<span class=\"_ _0\"></span>allingford, Connecticut, US. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _4\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _9b\"> </span><span class=\"ws0\"> -89 <span class=\"_ _b9\"> </span> 454 <span class=\"_ _2a\"> </span> 997 <span class=\"_ _1c9\"> </span> 1 537 <span class=\"_ _bb\"> </span> 2 073 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -355 <span class=\"_ _b9\"> </span> 120 <span class=\"_ _2a\"> </span> 596<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 068 <span class=\"_ _bb\"> </span> 1 537 </span>0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -140 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 281* <span class=\"_ _1c2\"> </span></span> 700 <span class=\"_ _bb\"> </span> 1 115 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -726 <span class=\"_ _154\"> </span> -348 <span class=\"_ _137\"> </span> 29 <span class=\"_ _e8\"> </span> 404 <span class=\"_ _b9\"> </span> 775 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -858 <span class=\"_ _154\"> </span> -517 <span class=\"_ _195\"> </span> -176 <span class=\"_ _1c2\"> </span> 163 <span class=\"_ _137\"> </span> 498 </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment. ELECTROL<span class=\"_ _1\"></span>YSER NORW<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>YElectrolyser Nor<span class=\"_ _e\"></span>way is the Group<span class=\"_ _1\"></span>\u2019 segment for the Alkaline electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electr<span class=\"_ _0\"></span>olyser equipment in Her\u00f8ya and Notodden, Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. New plant at Her\u00f8ya, Nor<span class=\"_ _3\"></span>way star<span class=\"_ _e\"></span>ted operations in 2021 and will scale the production. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _1\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1ca\"> </span><span class=\"ws0\"> 377 <span class=\"_ _bb\"> </span> 1 078 <span class=\"_ _cd\"> </span> 1 779 <span class=\"_ _1c9\"> </span> 2 480 <span class=\"_ _bb\"> </span> 3 181 </span>-1.0%<span class=\"_ _169\"> </span><span class=\"ws0\"> 92 <span class=\"_ _137\"> </span> 703 <span class=\"_ _cd\"> </span> 1 315 <span class=\"_ _1c9\"> </span> 1 926 <span class=\"_ _bb\"> </span> 2 537 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -130 <span class=\"_ _b9\"> </span> 411 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 952* <span class=\"_ _1c9\"> </span></span> 1 493 <span class=\"_ _bb\"> </span> 2 034 </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -306 <span class=\"_ _b9\"> </span> 178 <span class=\"_ _2a\"> </span> 662<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 146 <span class=\"_ _bb\"> </span> 1 630 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -448 <span class=\"_ _199\"> </span> -11 <span class=\"_ _2a\"> </span> 426 <span class=\"_ _1c2\"> </span> 863 <span class=\"_ _bb\"> </span> 1 300<span class=\"_ _e\"></span> </span>*  Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.FUELINGFueling is the Group<span class=\"_ _1\"></span>\u2019 segment for the Hydrogen fueling technology<span class=\"_ _1\"></span>. The CGU covers the pr<span class=\"_ _0\"></span>oduction and manufacturing<span class=\"_ _e\"></span> of hydr<span class=\"_ _0\"></span>ogen refueling stations in Herning, Denmark. The operations consist of both assembly o<span class=\"_ _0\"></span>f hydrogen r<span class=\"_ _0\"></span>efueling<span class=\"_ _e\"></span> stations, marketing activities and product development. The Fueling segment offers H2Station\u00ae for fast fueling o<span class=\"_ _0\"></span>f fuel cell electric vehicles as well as ser<span class=\"_ _3\"></span>vices in relation to the supply of these stations. The objective to the segment is to deliver world class fueling stations offering a complete solution fr<span class=\"_ _0\"></span>om sourcing and storage o<span class=\"_ _0\"></span>f hydrogen to fueling o<span class=\"_ _0\"></span>f vehicles.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points<span class=\"_ _e\"></span> in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -232 <span class=\"_ _e8\"> </span> 55 <span class=\"_ _2a\"> </span> 343<span class=\"_ _e\"></span> <span class=\"_ _1c2\"> </span> 631 <span class=\"_ _137\"> </span> 918 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -350 <span class=\"_ _154\"> </span> -101 <span class=\"_ _2a\"> </span> 149 <span class=\"_ _1c2\"> </span> 398 <span class=\"_ _b9\"> </span> 648 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -439 <span class=\"_ _154\"> </span> -220 <span class=\"_ _137\"> </span><span class=\"ff3\"> 0* <span class=\"_ _1c2\"> </span></span> 220 <span class=\"_ _137\"> </span> 439<span class=\"_ _e\"></span> </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -508 <span class=\"_ _154\"> </span> -312 <span class=\"_ _195\"> </span> -117 <span class=\"_ _a6\"> </span> 79 <span class=\"_ _b9\"> </span> 275 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -386 <span class=\"_ _195\"> </span> -210 <span class=\"_ _b4\"> </span> -33 <span class=\"_ _137\"> </span> 143<span class=\"_ _e\"></span> </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zer<span class=\"_ _0\"></span>o headroom, at perpetuity growth 2.5%, all else being equal. Additional sensitivities for the Fueling division has not been included as headroom in the valuation is zero. The table shows the sensitivities for the W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC used, but also for W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C +/- one percentage point: KEY <span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C CHANGE ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ASSUMPTIONS<span class=\"_ _95\"> </span><span class=\"ws0\">PERIODS CHANGED</span>(PPS)USNO1)Revenue growth multiple T<span class=\"_ _1\"></span>otal multiple gr<span class=\"_ _0\"></span>owth in NOK from 2022 to terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c2\"> </span>-0.1<span class=\"_ _15a\"> </span>-3.5</span>0.0%<span class=\"_ _1c2\"> </span>-0.9<span class=\"_ _15a\"> </span>-4.2-1.0%<span class=\"_ _1c2\"> </span>-1.6<span class=\"_ _15a\"> </span>-4.92)Gross mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-5.0%</span>0.0%<span class=\"_ _1c9\"> </span>-1.6%<span class=\"_ _1c9\"> </span>-6.0%-1.0%<span class=\"_ _1c9\"> </span>-2.9%<span class=\"_ _1c9\"> </span>-7.0%3)Free cash flow mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-3.9%</span>0.0%-1.7%<span class=\"_ _1c9\"> </span>-4.7%-1.0%<span class=\"_ _1c9\"> </span>-3.0%<span class=\"_ _1c9\"> </span>-5.4%1) If revenue assumption in terminal is r<span class=\"_ _0\"></span>educed with this year<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s revenue multiplied with this factor<span class=\"_ _1\"></span>, the headroom is zero.2) If average gross mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.3) If free cash flow mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__70": {
   "value": "3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 years\u2022 <span class=\"_ _6\"> </span>Customer relationship has a useful life of 7-10 years\u2022 <span class=\"_ _6\"> </span>Goodwill has indefinite lifeCUST<span class=\"_ _1\"></span>OMER REL<span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>TIONSHIPCustomer relationship is acquir<span class=\"_ _0\"></span>ed through business combinations. Customer relationship is initially measur<span class=\"_ _0\"></span>ed at cost and subsequently amor<span class=\"_ _e\"></span>tised over useful life, using the straight<span class=\"_ _0\"></span>-line method. A<span class=\"_ _0\"></span>t period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement o<span class=\"_ _0\"></span>f financial positions has been acquired thr<span class=\"_ _0\"></span>ough business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggr<span class=\"_ _0\"></span>egate of the consideration transferr<span class=\"_ _0\"></span>ed and any previous inter<span class=\"_ _0\"></span>est held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measur<span class=\"_ _0\"></span>ed at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measur<span class=\"_ _0\"></span>ed at cost less any accumulated impairment losses. For the purpose of impair<span class=\"_ _b\"></span>ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each o<span class=\"_ _0\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s cash-generating units (C<span class=\"_ _0\"></span>GUs) that are expected to benefit from the combination, irr<span class=\"_ _0\"></span>espective of whether other assets or liabilities of the acquir<span class=\"_ _0\"></span>e are assigned to those units.(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021630 430<span class=\"_ _5b\"> </span>96 812<span class=\"_ _157\"> </span>620 198<span class=\"_ _78\"> </span>1 347 440Additions from internal development<span class=\"_ _14e\"> </span><span class=\"fse lsa\">99 160<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _194\"> </span></span>99 160</span>Additions acquired separately<span class=\"_ _66\"> </span>19 710<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _1bd\"> </span></span>19 710Disposals<span class=\"_ _1be\"> </span>-97<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _195\"> </span></span>-97Currency effects-396<span class=\"_ _32\"> </span>-35<span class=\"_ _2a\"> </span><span class=\"ws0\">-4 547<span class=\"_ _5f\"> </span>-4 978</span>Acquisition cost as of 31.12.2021<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">748 807<span class=\"_ _5b\"> </span>96 777<span class=\"_ _157\"> </span>615 651<span class=\"_ _78\"> </span>1 461 235</span>Additions from internal development<span class=\"_ _163\"> </span><span class=\"fse lsa\">115 742<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _47\"> </span></span>115 742</span>Additions acquired separately<span class=\"_ _1c0\"> </span><span class=\"fse lsa\">2 509<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>2 509</span>Disposals<span class=\"_ _175\"> </span><span class=\"fse lsa ws0\">-26 100<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-26 100</span>Currency effects<span class=\"_ _7e\"> </span><span class=\"fse lsa\">45 598<span class=\"_ _2a\"> </span>2 418<span class=\"_ _158\"> </span>46 835<span class=\"_ _194\"> </span>94 851</span>Acquisition cost as of 31.12.2022<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">886 556<span class=\"_ _5b\"> </span>99 195<span class=\"_ _157\"> </span>662 485<span class=\"_ _78\"> </span>1 648 237</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 01.01.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">203 089<span class=\"_ _1c1\"> </span>52 117<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>255 673</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">52 918<span class=\"_ _5b\"> </span>12 278<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>65 196</span>Reclassification<span class=\"_ _e0\"> </span><span class=\"fse lsa ws1b\">-97<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _bb\"> </span></span>-97</span>Impairment<span class=\"_ _e0\"> </span><span class=\"ws0\">-1 118<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _5a\"> </span></span>-1 118</span>Currency effects-2 564<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _5f\"> </span></span>-2 564Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">252 228<span class=\"_ _1c1\"> </span>64 395<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>317 091</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">69 313<span class=\"_ _5b\"> </span>13 310<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>82 623</span>Reversed amor<span class=\"_ _e\"></span>tisation disposals<span class=\"_ _126\"> </span><span class=\"fse lsa\">-20 772<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-20 772</span>Reclassification<span class=\"_ _173\"> </span><span class=\"ws0\">1 632<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _59\"> </span></span>1 632</span>Impairment30 860<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _157\"> </span></span>296 438<span class=\"_ _47\"> </span>327 298Currency effects<span class=\"_ _ca\"> </span><span class=\"fse lsa\">5 908<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _8e\"> </span></span>5 908</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2022<span class=\"_ _e8\"> </span><span class=\"fse lsa\">339 169<span class=\"_ _1c1\"> </span>77 705<span class=\"_ _157\"> </span>296 905<span class=\"_ _47\"> </span>713 779</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021496 579<span class=\"_ _5b\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _78\"> </span>1 144 144Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1c3\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _5b\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _183\"> </span>934 456</span>Impairment loss NOK 327.3 (0.0) million, from categories T<span class=\"_ _4\"></span>echnology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in pr<span class=\"_ _0\"></span>ofit or loss. The impairment o<span class=\"_ _b\"></span>f technology is related to the technology development of fueling stations for the Light<span class=\"_ _1\"></span>-Duty vehicles segment. The assessment includes uncer<span class=\"_ _e\"></span>tainty of futur<span class=\"_ _b\"></span>e economic benefits from these pr<span class=\"_ _0\"></span>oducts, both from actuals historical results and as Fueling develops new technology that will replace existing. Fueling will focus on developing its cor<span class=\"_ _0\"></span>e technology with special focus on high-pressur<span class=\"_ _0\"></span>e compression, cooling and control. The fueling division will continue to invest in the development of next generation Heavy-Duty V<span class=\"_ _1\"></span>ehicle (\u201cHDV\u201d) equipment such as high-capacity station modules and dispensers.Specification of carr<span class=\"_ _e\"></span>ying amount2022(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development334 176<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>334 176Acquired separately<span class=\"_ _1c4\"> </span><span class=\"fse lsa ws1b\">881<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _195\"> </span></span>881</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">212 331<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>599 401</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _85\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>934 456</span>2021(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development298 539<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>298 539Acquired separately<span class=\"_ _1c5\"> </span><span class=\"fse lsa\">1 369<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>1 369</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">196 671<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _47\"> </span>844 236</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _85\"> </span><span class=\"fse lsa\">496 579<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _6b\"> </span>1 144 144</span>ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.GOODWILL AND INT<span class=\"_ _4\"></span>ANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES -<span class=\"_ _b\"></span> IMP<span class=\"_ _d\"></span>AIRMENT CONSIDERA<span class=\"_ _4\"></span>TIONSGoodwill, and C<span class=\"_ _0\"></span>GUs where goodwill has been allocated, are requir<span class=\"_ _0\"></span>ed to be tested for impairment annually<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>formed its annual impairment test in December 2022. Impairment losses are r<span class=\"_ _0\"></span>ecognised where the recoverable amount is less than the carr<span class=\"_ _3\"></span>ying amount. The group has recognised goodwill impairment expense o<span class=\"_ _0\"></span>f NOK 296.4 (0.0) in 2022, impairing goodwill in the Fueling division which occurred initially fr<span class=\"_ _0\"></span>om the acquisition of Fueling in 2015 when Nel bought the division for NOK 300 million. The impairment charge was primarily due to the r<span class=\"_ _0\"></span>eduction in the projected growth rate for the Fueling division as a consequence o<span class=\"_ _0\"></span>f the weaker order intake in 2022, incr<span class=\"_ _0\"></span>easing per<span class=\"_ _e\"></span>sonnel cost, combined with high quality costs on delivered stations out in the field. In addition, the pre-tax nominal W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC rate increased to 14.0% in 2022 (8.5% in 2021) mainly due to the increase in the risk<span class=\"_ _1\"></span>-fr<span class=\"_ _b\"></span>ee rate in response to raising inflation in Europe during 2022.   ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST - ASSUMPTIONSCG<span class=\"_ _e\"></span>UThe annual impairment test is performed for all the Group<span class=\"_ _0\"></span>\u2019 Cash Generating Units (C<span class=\"_ _0\"></span>GUs). A CGU is defined as the smallest group o<span class=\"_ _0\"></span>f assets that generates cash inflows from continuing use that ar<span class=\"_ _0\"></span>e largely independent of the cash inflows of other assets or gr<span class=\"_ _0\"></span>oups thereo<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>. The way management monitors operations assisted in the judgements of identifying the C<span class=\"_ _0\"></span>GUs.  The Group<span class=\"_ _1\"></span>\u2019 C<span class=\"_ _0\"></span>GUs are \u2022 <span class=\"_ _6\"> </span>Electrolyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, \u2022 <span class=\"_ _6\"> </span>Electrolyser US and \u2022 <span class=\"_ _6\"> </span>FuelingSPECIFICA<span class=\"_ _1\"></span>TION OF ALL<span class=\"_ _b\"></span>OCA<span class=\"_ _1\"></span>TED GOODWILL PER CGU<span class=\"_ _16c\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Electrolyser US304 216<span class=\"_ _27\"> </span>272 184Electrolyser Nor<span class=\"_ _e\"></span>way61 364<span class=\"_ _a5\"> </span>61 364Fueling0<span class=\"_ _154\"> </span><span class=\"lsa\">281 635</span>Balance as of 31.12.365 580<span class=\"_ _27\"> </span>615 184Market capitalisationThe group considers the r<span class=\"_ _b\"></span>elationship between its market capitalisation and its book value, among other factors, when reviewing indicators o<span class=\"_ _0\"></span>f impairment. As of 31 December 2022, the market capitalisation of the gr<span class=\"_ _0\"></span>oup was approximately 4 times above the book value of equity<span class=\"_ _1\"></span>, indicating no impairment o<span class=\"_ _b\"></span>f goodwill and impairment o<span class=\"_ _0\"></span>f the assets. In 2021 the market capitalisation was 5 times above the book value of equity<span class=\"_ _1\"></span>.Key assumptionsThe calculations of value in use ar<span class=\"_ _0\"></span>e sensitive to several assumptions, the following are assessed key assumptions in the measured value:                                        \u2022 <span class=\"_ _6\"> </span>Revenue growth and gross mar<span class=\"_ _0\"></span>gin\u2022 <span class=\"_ _6\"> </span>EBITDA margins\u2022 <span class=\"_ _6\"> </span>Discount rate / Weighted average cost o<span class=\"_ _0\"></span>f capital (W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C)Forecast periodFor each C<span class=\"_ _0\"></span>GU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Boar<span class=\"_ _0\"></span>d of Directors and management\u2019<span class=\"_ _1\"></span>s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i)  <span class=\"_ _26\"> </span>the future expectations r<span class=\"_ _0\"></span>eflected in the current budget and strategy over the next 5-year period (forecast period); and ii)  <span class=\"_ _91\"> </span>a declining growth rate for the subsequent five years as Nel assesses that 2027 is not a steady state of the hydrogen industr<span class=\"_ _e\"></span>y and not for Nel, specifically<span class=\"_ _0\"></span>. Nel has applied declining growth rates starting from 2027, declining yearly down to 2.5%. The 2.5% growth rate is applied from year 2028, 2029 and 2031 for the divisions Fueling, Electrolyser US and Electr<span class=\"_ _0\"></span>olyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, respectively<span class=\"_ _1\"></span>.Discount rateDiscount rates repr<span class=\"_ _0\"></span>esent the current market assessment o<span class=\"_ _b\"></span>f the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances o<span class=\"_ _0\"></span>f the group and its operating segments and is derived fr<span class=\"_ _0\"></span>om<span class=\"_ _e\"></span> its weighted average cost of capital (W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC). The W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC considers the cost of debt and equity<span class=\"_ _1\"></span>. The cost of equity is derived from the expected r<span class=\"_ _0\"></span>eturn on investment by the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s investors. The cost o<span class=\"_ _0\"></span>f debt is based on the interest<span class=\"_ _0\"></span>-bearing borrowings the gr<span class=\"_ _0\"></span>oup is obliged to ser<span class=\"_ _3\"></span>vice. Segment<span class=\"_ _e\"></span> specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the futur<span class=\"_ _0\"></span>e cash flows to reflect a pr<span class=\"_ _0\"></span>e-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 14.0 % to 15.0 %.ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST \u2013 RESUL<span class=\"_ _1\"></span>TS AND SENSITIVIT<span class=\"_ _e\"></span>YThe impairment test has been prepar<span class=\"_ _0\"></span>ed in accordance with IAS 36 impairment o<span class=\"_ _b\"></span>f non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows pr<span class=\"_ _0\"></span>ojections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. In addition, the standard encourages a conser<span class=\"_ _3\"></span>vative valuation to ensure that assets ar<span class=\"_ _0\"></span>e not carried at more than their r<span class=\"_ _0\"></span>ecoverable amount. (Amounts in NOK thousands) <span class=\"fs3 ws2\"> <span class=\"_ _1c6\"></span>       </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FUELINGUSNORW<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YGoodwill304 216<span class=\"_ _bd\"> </span>61 364<span class=\"_ _1c7\"> </span><span class=\"ls0\">0</span>Other intangible assets342 003<span class=\"_ _162\"> </span>141 492<span class=\"_ _199\"> </span>83 582Other invested capital128 857<span class=\"_ _162\"> </span>485 655<span class=\"_ _154\"> </span>195 592Carr<span class=\"_ _e\"></span>ying value775 076<span class=\"_ _162\"> </span>688 511<span class=\"_ _154\"> </span>279 174Recoverable amount1 057 410<span class=\"_ _c1\"> </span>1 640 296<span class=\"_ _154\"> </span>279 174Headroom282 334<span class=\"_ _162\"> </span>951 785<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Pre-tax nominal discount rate15.0 %<span class=\"_ _1c7\"> </span>14.8 %<span class=\"_ _a5\"> </span>14.0 %T<span class=\"_ _4\"></span>erminal growth rate2.5 %<span class=\"_ _37\"> </span>2.5 %<span class=\"_ _b4\"> </span>2.5 %ELECTROL<span class=\"_ _1\"></span>YSER USElectrolyser US is the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019 segment for the PEM electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production and manufacturing of PEM electr<span class=\"_ _0\"></span>olyser equipment in W<span class=\"_ _0\"></span>allingford, Connecticut, US. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _4\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _9b\"> </span><span class=\"ws0\"> -89 <span class=\"_ _b9\"> </span> 454 <span class=\"_ _2a\"> </span> 997 <span class=\"_ _1c9\"> </span> 1 537 <span class=\"_ _bb\"> </span> 2 073 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -355 <span class=\"_ _b9\"> </span> 120 <span class=\"_ _2a\"> </span> 596<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 068 <span class=\"_ _bb\"> </span> 1 537 </span>0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -140 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 281* <span class=\"_ _1c2\"> </span></span> 700 <span class=\"_ _bb\"> </span> 1 115 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -726 <span class=\"_ _154\"> </span> -348 <span class=\"_ _137\"> </span> 29 <span class=\"_ _e8\"> </span> 404 <span class=\"_ _b9\"> </span> 775 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -858 <span class=\"_ _154\"> </span> -517 <span class=\"_ _195\"> </span> -176 <span class=\"_ _1c2\"> </span> 163 <span class=\"_ _137\"> </span> 498 </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment. ELECTROL<span class=\"_ _1\"></span>YSER NORW<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>YElectrolyser Nor<span class=\"_ _e\"></span>way is the Group<span class=\"_ _1\"></span>\u2019 segment for the Alkaline electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electr<span class=\"_ _0\"></span>olyser equipment in Her\u00f8ya and Notodden, Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. New plant at Her\u00f8ya, Nor<span class=\"_ _3\"></span>way star<span class=\"_ _e\"></span>ted operations in 2021 and will scale the production. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _1\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1ca\"> </span><span class=\"ws0\"> 377 <span class=\"_ _bb\"> </span> 1 078 <span class=\"_ _cd\"> </span> 1 779 <span class=\"_ _1c9\"> </span> 2 480 <span class=\"_ _bb\"> </span> 3 181 </span>-1.0%<span class=\"_ _169\"> </span><span class=\"ws0\"> 92 <span class=\"_ _137\"> </span> 703 <span class=\"_ _cd\"> </span> 1 315 <span class=\"_ _1c9\"> </span> 1 926 <span class=\"_ _bb\"> </span> 2 537 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -130 <span class=\"_ _b9\"> </span> 411 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 952* <span class=\"_ _1c9\"> </span></span> 1 493 <span class=\"_ _bb\"> </span> 2 034 </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -306 <span class=\"_ _b9\"> </span> 178 <span class=\"_ _2a\"> </span> 662<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 146 <span class=\"_ _bb\"> </span> 1 630 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -448 <span class=\"_ _199\"> </span> -11 <span class=\"_ _2a\"> </span> 426 <span class=\"_ _1c2\"> </span> 863 <span class=\"_ _bb\"> </span> 1 300<span class=\"_ _e\"></span> </span>*  Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.FUELINGFueling is the Group<span class=\"_ _1\"></span>\u2019 segment for the Hydrogen fueling technology<span class=\"_ _1\"></span>. The CGU covers the pr<span class=\"_ _0\"></span>oduction and manufacturing<span class=\"_ _e\"></span> of hydr<span class=\"_ _0\"></span>ogen refueling stations in Herning, Denmark. The operations consist of both assembly o<span class=\"_ _0\"></span>f hydrogen r<span class=\"_ _0\"></span>efueling<span class=\"_ _e\"></span> stations, marketing activities and product development. The Fueling segment offers H2Station\u00ae for fast fueling o<span class=\"_ _0\"></span>f fuel cell electric vehicles as well as ser<span class=\"_ _3\"></span>vices in relation to the supply of these stations. The objective to the segment is to deliver world class fueling stations offering a complete solution fr<span class=\"_ _0\"></span>om sourcing and storage o<span class=\"_ _0\"></span>f hydrogen to fueling o<span class=\"_ _0\"></span>f vehicles.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points<span class=\"_ _e\"></span> in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -232 <span class=\"_ _e8\"> </span> 55 <span class=\"_ _2a\"> </span> 343<span class=\"_ _e\"></span> <span class=\"_ _1c2\"> </span> 631 <span class=\"_ _137\"> </span> 918 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -350 <span class=\"_ _154\"> </span> -101 <span class=\"_ _2a\"> </span> 149 <span class=\"_ _1c2\"> </span> 398 <span class=\"_ _b9\"> </span> 648 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -439 <span class=\"_ _154\"> </span> -220 <span class=\"_ _137\"> </span><span class=\"ff3\"> 0* <span class=\"_ _1c2\"> </span></span> 220 <span class=\"_ _137\"> </span> 439<span class=\"_ _e\"></span> </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -508 <span class=\"_ _154\"> </span> -312 <span class=\"_ _195\"> </span> -117 <span class=\"_ _a6\"> </span> 79 <span class=\"_ _b9\"> </span> 275 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -386 <span class=\"_ _195\"> </span> -210 <span class=\"_ _b4\"> </span> -33 <span class=\"_ _137\"> </span> 143<span class=\"_ _e\"></span> </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zer<span class=\"_ _0\"></span>o headroom, at perpetuity growth 2.5%, all else being equal. Additional sensitivities for the Fueling division has not been included as headroom in the valuation is zero. The table shows the sensitivities for the W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC used, but also for W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C +/- one percentage point: KEY <span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C CHANGE ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ASSUMPTIONS<span class=\"_ _95\"> </span><span class=\"ws0\">PERIODS CHANGED</span>(PPS)USNO1)Revenue growth multiple T<span class=\"_ _1\"></span>otal multiple gr<span class=\"_ _0\"></span>owth in NOK from 2022 to terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c2\"> </span>-0.1<span class=\"_ _15a\"> </span>-3.5</span>0.0%<span class=\"_ _1c2\"> </span>-0.9<span class=\"_ _15a\"> </span>-4.2-1.0%<span class=\"_ _1c2\"> </span>-1.6<span class=\"_ _15a\"> </span>-4.92)Gross mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-5.0%</span>0.0%<span class=\"_ _1c9\"> </span>-1.6%<span class=\"_ _1c9\"> </span>-6.0%-1.0%<span class=\"_ _1c9\"> </span>-2.9%<span class=\"_ _1c9\"> </span>-7.0%3)Free cash flow mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-3.9%</span>0.0%-1.7%<span class=\"_ _1c9\"> </span>-4.7%-1.0%<span class=\"_ _1c9\"> </span>-3.0%<span class=\"_ _1c9\"> </span>-5.4%1) If revenue assumption in terminal is r<span class=\"_ _0\"></span>educed with this year<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s revenue multiplied with this factor<span class=\"_ _1\"></span>, the headroom is zero.2) If average gross mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.3) If free cash flow mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__69": {
   "value": "3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 years\u2022 <span class=\"_ _6\"> </span>Customer relationship has a useful life of 7-10 years\u2022 <span class=\"_ _6\"> </span>Goodwill has indefinite lifeCUST<span class=\"_ _1\"></span>OMER REL<span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>TIONSHIPCustomer relationship is acquir<span class=\"_ _0\"></span>ed through business combinations. Customer relationship is initially measur<span class=\"_ _0\"></span>ed at cost and subsequently amor<span class=\"_ _e\"></span>tised over useful life, using the straight<span class=\"_ _0\"></span>-line method. A<span class=\"_ _0\"></span>t period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement o<span class=\"_ _0\"></span>f financial positions has been acquired thr<span class=\"_ _0\"></span>ough business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggr<span class=\"_ _0\"></span>egate of the consideration transferr<span class=\"_ _0\"></span>ed and any previous inter<span class=\"_ _0\"></span>est held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measur<span class=\"_ _0\"></span>ed at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measur<span class=\"_ _0\"></span>ed at cost less any accumulated impairment losses. For the purpose of impair<span class=\"_ _b\"></span>ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each o<span class=\"_ _0\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s cash-generating units (C<span class=\"_ _0\"></span>GUs) that are expected to benefit from the combination, irr<span class=\"_ _0\"></span>espective of whether other assets or liabilities of the acquir<span class=\"_ _0\"></span>e are assigned to those units.(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021630 430<span class=\"_ _5b\"> </span>96 812<span class=\"_ _157\"> </span>620 198<span class=\"_ _78\"> </span>1 347 440Additions from internal development<span class=\"_ _14e\"> </span><span class=\"fse lsa\">99 160<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _194\"> </span></span>99 160</span>Additions acquired separately<span class=\"_ _66\"> </span>19 710<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _1bd\"> </span></span>19 710Disposals<span class=\"_ _1be\"> </span>-97<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _195\"> </span></span>-97Currency effects-396<span class=\"_ _32\"> </span>-35<span class=\"_ _2a\"> </span><span class=\"ws0\">-4 547<span class=\"_ _5f\"> </span>-4 978</span>Acquisition cost as of 31.12.2021<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">748 807<span class=\"_ _5b\"> </span>96 777<span class=\"_ _157\"> </span>615 651<span class=\"_ _78\"> </span>1 461 235</span>Additions from internal development<span class=\"_ _163\"> </span><span class=\"fse lsa\">115 742<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _47\"> </span></span>115 742</span>Additions acquired separately<span class=\"_ _1c0\"> </span><span class=\"fse lsa\">2 509<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>2 509</span>Disposals<span class=\"_ _175\"> </span><span class=\"fse lsa ws0\">-26 100<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-26 100</span>Currency effects<span class=\"_ _7e\"> </span><span class=\"fse lsa\">45 598<span class=\"_ _2a\"> </span>2 418<span class=\"_ _158\"> </span>46 835<span class=\"_ _194\"> </span>94 851</span>Acquisition cost as of 31.12.2022<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">886 556<span class=\"_ _5b\"> </span>99 195<span class=\"_ _157\"> </span>662 485<span class=\"_ _78\"> </span>1 648 237</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 01.01.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">203 089<span class=\"_ _1c1\"> </span>52 117<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>255 673</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">52 918<span class=\"_ _5b\"> </span>12 278<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>65 196</span>Reclassification<span class=\"_ _e0\"> </span><span class=\"fse lsa ws1b\">-97<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _bb\"> </span></span>-97</span>Impairment<span class=\"_ _e0\"> </span><span class=\"ws0\">-1 118<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _5a\"> </span></span>-1 118</span>Currency effects-2 564<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _5f\"> </span></span>-2 564Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">252 228<span class=\"_ _1c1\"> </span>64 395<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>317 091</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">69 313<span class=\"_ _5b\"> </span>13 310<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>82 623</span>Reversed amor<span class=\"_ _e\"></span>tisation disposals<span class=\"_ _126\"> </span><span class=\"fse lsa\">-20 772<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-20 772</span>Reclassification<span class=\"_ _173\"> </span><span class=\"ws0\">1 632<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _59\"> </span></span>1 632</span>Impairment30 860<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _157\"> </span></span>296 438<span class=\"_ _47\"> </span>327 298Currency effects<span class=\"_ _ca\"> </span><span class=\"fse lsa\">5 908<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _8e\"> </span></span>5 908</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2022<span class=\"_ _e8\"> </span><span class=\"fse lsa\">339 169<span class=\"_ _1c1\"> </span>77 705<span class=\"_ _157\"> </span>296 905<span class=\"_ _47\"> </span>713 779</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021496 579<span class=\"_ _5b\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _78\"> </span>1 144 144Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1c3\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _5b\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _183\"> </span>934 456</span>Impairment loss NOK 327.3 (0.0) million, from categories T<span class=\"_ _4\"></span>echnology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in pr<span class=\"_ _0\"></span>ofit or loss. The impairment o<span class=\"_ _b\"></span>f technology is related to the technology development of fueling stations for the Light<span class=\"_ _1\"></span>-Duty vehicles segment. The assessment includes uncer<span class=\"_ _e\"></span>tainty of futur<span class=\"_ _b\"></span>e economic benefits from these pr<span class=\"_ _0\"></span>oducts, both from actuals historical results and as Fueling develops new technology that will replace existing. Fueling will focus on developing its cor<span class=\"_ _0\"></span>e technology with special focus on high-pressur<span class=\"_ _0\"></span>e compression, cooling and control. The fueling division will continue to invest in the development of next generation Heavy-Duty V<span class=\"_ _1\"></span>ehicle (\u201cHDV\u201d) equipment such as high-capacity station modules and dispensers.Specification of carr<span class=\"_ _e\"></span>ying amount2022(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development334 176<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>334 176Acquired separately<span class=\"_ _1c4\"> </span><span class=\"fse lsa ws1b\">881<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _195\"> </span></span>881</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">212 331<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>599 401</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _85\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>934 456</span>2021(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development298 539<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>298 539Acquired separately<span class=\"_ _1c5\"> </span><span class=\"fse lsa\">1 369<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>1 369</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">196 671<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _47\"> </span>844 236</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _85\"> </span><span class=\"fse lsa\">496 579<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _6b\"> </span>1 144 144</span>ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.GOODWILL AND INT<span class=\"_ _4\"></span>ANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES -<span class=\"_ _b\"></span> IMP<span class=\"_ _d\"></span>AIRMENT CONSIDERA<span class=\"_ _4\"></span>TIONSGoodwill, and C<span class=\"_ _0\"></span>GUs where goodwill has been allocated, are requir<span class=\"_ _0\"></span>ed to be tested for impairment annually<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>formed its annual impairment test in December 2022. Impairment losses are r<span class=\"_ _0\"></span>ecognised where the recoverable amount is less than the carr<span class=\"_ _3\"></span>ying amount. The group has recognised goodwill impairment expense o<span class=\"_ _0\"></span>f NOK 296.4 (0.0) in 2022, impairing goodwill in the Fueling division which occurred initially fr<span class=\"_ _0\"></span>om the acquisition of Fueling in 2015 when Nel bought the division for NOK 300 million. The impairment charge was primarily due to the r<span class=\"_ _0\"></span>eduction in the projected growth rate for the Fueling division as a consequence o<span class=\"_ _0\"></span>f the weaker order intake in 2022, incr<span class=\"_ _0\"></span>easing per<span class=\"_ _e\"></span>sonnel cost, combined with high quality costs on delivered stations out in the field. In addition, the pre-tax nominal W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC rate increased to 14.0% in 2022 (8.5% in 2021) mainly due to the increase in the risk<span class=\"_ _1\"></span>-fr<span class=\"_ _b\"></span>ee rate in response to raising inflation in Europe during 2022.   ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST - ASSUMPTIONSCG<span class=\"_ _e\"></span>UThe annual impairment test is performed for all the Group<span class=\"_ _0\"></span>\u2019 Cash Generating Units (C<span class=\"_ _0\"></span>GUs). A CGU is defined as the smallest group o<span class=\"_ _0\"></span>f assets that generates cash inflows from continuing use that ar<span class=\"_ _0\"></span>e largely independent of the cash inflows of other assets or gr<span class=\"_ _0\"></span>oups thereo<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>. The way management monitors operations assisted in the judgements of identifying the C<span class=\"_ _0\"></span>GUs.  The Group<span class=\"_ _1\"></span>\u2019 C<span class=\"_ _0\"></span>GUs are \u2022 <span class=\"_ _6\"> </span>Electrolyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, \u2022 <span class=\"_ _6\"> </span>Electrolyser US and \u2022 <span class=\"_ _6\"> </span>FuelingSPECIFICA<span class=\"_ _1\"></span>TION OF ALL<span class=\"_ _b\"></span>OCA<span class=\"_ _1\"></span>TED GOODWILL PER CGU<span class=\"_ _16c\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Electrolyser US304 216<span class=\"_ _27\"> </span>272 184Electrolyser Nor<span class=\"_ _e\"></span>way61 364<span class=\"_ _a5\"> </span>61 364Fueling0<span class=\"_ _154\"> </span><span class=\"lsa\">281 635</span>Balance as of 31.12.365 580<span class=\"_ _27\"> </span>615 184Market capitalisationThe group considers the r<span class=\"_ _b\"></span>elationship between its market capitalisation and its book value, among other factors, when reviewing indicators o<span class=\"_ _0\"></span>f impairment. As of 31 December 2022, the market capitalisation of the gr<span class=\"_ _0\"></span>oup was approximately 4 times above the book value of equity<span class=\"_ _1\"></span>, indicating no impairment o<span class=\"_ _b\"></span>f goodwill and impairment o<span class=\"_ _0\"></span>f the assets. In 2021 the market capitalisation was 5 times above the book value of equity<span class=\"_ _1\"></span>.Key assumptionsThe calculations of value in use ar<span class=\"_ _0\"></span>e sensitive to several assumptions, the following are assessed key assumptions in the measured value:                                        \u2022 <span class=\"_ _6\"> </span>Revenue growth and gross mar<span class=\"_ _0\"></span>gin\u2022 <span class=\"_ _6\"> </span>EBITDA margins\u2022 <span class=\"_ _6\"> </span>Discount rate / Weighted average cost o<span class=\"_ _0\"></span>f capital (W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C)Forecast periodFor each C<span class=\"_ _0\"></span>GU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Boar<span class=\"_ _0\"></span>d of Directors and management\u2019<span class=\"_ _1\"></span>s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i)  <span class=\"_ _26\"> </span>the future expectations r<span class=\"_ _0\"></span>eflected in the current budget and strategy over the next 5-year period (forecast period); and ii)  <span class=\"_ _91\"> </span>a declining growth rate for the subsequent five years as Nel assesses that 2027 is not a steady state of the hydrogen industr<span class=\"_ _e\"></span>y and not for Nel, specifically<span class=\"_ _0\"></span>. Nel has applied declining growth rates starting from 2027, declining yearly down to 2.5%. The 2.5% growth rate is applied from year 2028, 2029 and 2031 for the divisions Fueling, Electrolyser US and Electr<span class=\"_ _0\"></span>olyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, respectively<span class=\"_ _1\"></span>.Discount rateDiscount rates repr<span class=\"_ _0\"></span>esent the current market assessment o<span class=\"_ _b\"></span>f the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances o<span class=\"_ _0\"></span>f the group and its operating segments and is derived fr<span class=\"_ _0\"></span>om<span class=\"_ _e\"></span> its weighted average cost of capital (W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC). The W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC considers the cost of debt and equity<span class=\"_ _1\"></span>. The cost of equity is derived from the expected r<span class=\"_ _0\"></span>eturn on investment by the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s investors. The cost o<span class=\"_ _0\"></span>f debt is based on the interest<span class=\"_ _0\"></span>-bearing borrowings the gr<span class=\"_ _0\"></span>oup is obliged to ser<span class=\"_ _3\"></span>vice. Segment<span class=\"_ _e\"></span> specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the futur<span class=\"_ _0\"></span>e cash flows to reflect a pr<span class=\"_ _0\"></span>e-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 14.0 % to 15.0 %.ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST \u2013 RESUL<span class=\"_ _1\"></span>TS AND SENSITIVIT<span class=\"_ _e\"></span>YThe impairment test has been prepar<span class=\"_ _0\"></span>ed in accordance with IAS 36 impairment o<span class=\"_ _b\"></span>f non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows pr<span class=\"_ _0\"></span>ojections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. In addition, the standard encourages a conser<span class=\"_ _3\"></span>vative valuation to ensure that assets ar<span class=\"_ _0\"></span>e not carried at more than their r<span class=\"_ _0\"></span>ecoverable amount. (Amounts in NOK thousands) <span class=\"fs3 ws2\"> <span class=\"_ _1c6\"></span>       </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FUELINGUSNORW<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YGoodwill304 216<span class=\"_ _bd\"> </span>61 364<span class=\"_ _1c7\"> </span><span class=\"ls0\">0</span>Other intangible assets342 003<span class=\"_ _162\"> </span>141 492<span class=\"_ _199\"> </span>83 582Other invested capital128 857<span class=\"_ _162\"> </span>485 655<span class=\"_ _154\"> </span>195 592Carr<span class=\"_ _e\"></span>ying value775 076<span class=\"_ _162\"> </span>688 511<span class=\"_ _154\"> </span>279 174Recoverable amount1 057 410<span class=\"_ _c1\"> </span>1 640 296<span class=\"_ _154\"> </span>279 174Headroom282 334<span class=\"_ _162\"> </span>951 785<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Pre-tax nominal discount rate15.0 %<span class=\"_ _1c7\"> </span>14.8 %<span class=\"_ _a5\"> </span>14.0 %T<span class=\"_ _4\"></span>erminal growth rate2.5 %<span class=\"_ _37\"> </span>2.5 %<span class=\"_ _b4\"> </span>2.5 %ELECTROL<span class=\"_ _1\"></span>YSER USElectrolyser US is the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019 segment for the PEM electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production and manufacturing of PEM electr<span class=\"_ _0\"></span>olyser equipment in W<span class=\"_ _0\"></span>allingford, Connecticut, US. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _4\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _9b\"> </span><span class=\"ws0\"> -89 <span class=\"_ _b9\"> </span> 454 <span class=\"_ _2a\"> </span> 997 <span class=\"_ _1c9\"> </span> 1 537 <span class=\"_ _bb\"> </span> 2 073 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -355 <span class=\"_ _b9\"> </span> 120 <span class=\"_ _2a\"> </span> 596<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 068 <span class=\"_ _bb\"> </span> 1 537 </span>0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -140 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 281* <span class=\"_ _1c2\"> </span></span> 700 <span class=\"_ _bb\"> </span> 1 115 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -726 <span class=\"_ _154\"> </span> -348 <span class=\"_ _137\"> </span> 29 <span class=\"_ _e8\"> </span> 404 <span class=\"_ _b9\"> </span> 775 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -858 <span class=\"_ _154\"> </span> -517 <span class=\"_ _195\"> </span> -176 <span class=\"_ _1c2\"> </span> 163 <span class=\"_ _137\"> </span> 498 </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment. ELECTROL<span class=\"_ _1\"></span>YSER NORW<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>YElectrolyser Nor<span class=\"_ _e\"></span>way is the Group<span class=\"_ _1\"></span>\u2019 segment for the Alkaline electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electr<span class=\"_ _0\"></span>olyser equipment in Her\u00f8ya and Notodden, Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. New plant at Her\u00f8ya, Nor<span class=\"_ _3\"></span>way star<span class=\"_ _e\"></span>ted operations in 2021 and will scale the production. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _1\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1ca\"> </span><span class=\"ws0\"> 377 <span class=\"_ _bb\"> </span> 1 078 <span class=\"_ _cd\"> </span> 1 779 <span class=\"_ _1c9\"> </span> 2 480 <span class=\"_ _bb\"> </span> 3 181 </span>-1.0%<span class=\"_ _169\"> </span><span class=\"ws0\"> 92 <span class=\"_ _137\"> </span> 703 <span class=\"_ _cd\"> </span> 1 315 <span class=\"_ _1c9\"> </span> 1 926 <span class=\"_ _bb\"> </span> 2 537 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -130 <span class=\"_ _b9\"> </span> 411 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 952* <span class=\"_ _1c9\"> </span></span> 1 493 <span class=\"_ _bb\"> </span> 2 034 </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -306 <span class=\"_ _b9\"> </span> 178 <span class=\"_ _2a\"> </span> 662<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 146 <span class=\"_ _bb\"> </span> 1 630 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -448 <span class=\"_ _199\"> </span> -11 <span class=\"_ _2a\"> </span> 426 <span class=\"_ _1c2\"> </span> 863 <span class=\"_ _bb\"> </span> 1 300<span class=\"_ _e\"></span> </span>*  Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.FUELINGFueling is the Group<span class=\"_ _1\"></span>\u2019 segment for the Hydrogen fueling technology<span class=\"_ _1\"></span>. The CGU covers the pr<span class=\"_ _0\"></span>oduction and manufacturing<span class=\"_ _e\"></span> of hydr<span class=\"_ _0\"></span>ogen refueling stations in Herning, Denmark. The operations consist of both assembly o<span class=\"_ _0\"></span>f hydrogen r<span class=\"_ _0\"></span>efueling<span class=\"_ _e\"></span> stations, marketing activities and product development. The Fueling segment offers H2Station\u00ae for fast fueling o<span class=\"_ _0\"></span>f fuel cell electric vehicles as well as ser<span class=\"_ _3\"></span>vices in relation to the supply of these stations. The objective to the segment is to deliver world class fueling stations offering a complete solution fr<span class=\"_ _0\"></span>om sourcing and storage o<span class=\"_ _0\"></span>f hydrogen to fueling o<span class=\"_ _0\"></span>f vehicles.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points<span class=\"_ _e\"></span> in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -232 <span class=\"_ _e8\"> </span> 55 <span class=\"_ _2a\"> </span> 343<span class=\"_ _e\"></span> <span class=\"_ _1c2\"> </span> 631 <span class=\"_ _137\"> </span> 918 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -350 <span class=\"_ _154\"> </span> -101 <span class=\"_ _2a\"> </span> 149 <span class=\"_ _1c2\"> </span> 398 <span class=\"_ _b9\"> </span> 648 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -439 <span class=\"_ _154\"> </span> -220 <span class=\"_ _137\"> </span><span class=\"ff3\"> 0* <span class=\"_ _1c2\"> </span></span> 220 <span class=\"_ _137\"> </span> 439<span class=\"_ _e\"></span> </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -508 <span class=\"_ _154\"> </span> -312 <span class=\"_ _195\"> </span> -117 <span class=\"_ _a6\"> </span> 79 <span class=\"_ _b9\"> </span> 275 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -386 <span class=\"_ _195\"> </span> -210 <span class=\"_ _b4\"> </span> -33 <span class=\"_ _137\"> </span> 143<span class=\"_ _e\"></span> </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zer<span class=\"_ _0\"></span>o headroom, at perpetuity growth 2.5%, all else being equal. Additional sensitivities for the Fueling division has not been included as headroom in the valuation is zero. The table shows the sensitivities for the W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC used, but also for W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C +/- one percentage point: KEY <span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C CHANGE ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ASSUMPTIONS<span class=\"_ _95\"> </span><span class=\"ws0\">PERIODS CHANGED</span>(PPS)USNO1)Revenue growth multiple T<span class=\"_ _1\"></span>otal multiple gr<span class=\"_ _0\"></span>owth in NOK from 2022 to terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c2\"> </span>-0.1<span class=\"_ _15a\"> </span>-3.5</span>0.0%<span class=\"_ _1c2\"> </span>-0.9<span class=\"_ _15a\"> </span>-4.2-1.0%<span class=\"_ _1c2\"> </span>-1.6<span class=\"_ _15a\"> </span>-4.92)Gross mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-5.0%</span>0.0%<span class=\"_ _1c9\"> </span>-1.6%<span class=\"_ _1c9\"> </span>-6.0%-1.0%<span class=\"_ _1c9\"> </span>-2.9%<span class=\"_ _1c9\"> </span>-7.0%3)Free cash flow mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-3.9%</span>0.0%-1.7%<span class=\"_ _1c9\"> </span>-4.7%-1.0%<span class=\"_ _1c9\"> </span>-3.0%<span class=\"_ _1c9\"> </span>-5.4%1) If revenue assumption in terminal is r<span class=\"_ _0\"></span>educed with this year<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s revenue multiplied with this factor<span class=\"_ _1\"></span>, the headroom is zero.2) If average gross mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.3) If free cash flow mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__67": {
   "value": "3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__66": {
   "value": "3.1<span class=\"fc1\"> <span class=\"_ _46\"> </span>Intangible assets</span>RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 years\u2022 <span class=\"_ _6\"> </span>Customer relationship has a useful life of 7-10 years\u2022 <span class=\"_ _6\"> </span>Goodwill has indefinite lifeCUST<span class=\"_ _1\"></span>OMER REL<span class=\"_ _3\"></span>A<span class=\"_ _1\"></span>TIONSHIPCustomer relationship is acquir<span class=\"_ _0\"></span>ed through business combinations. Customer relationship is initially measur<span class=\"_ _0\"></span>ed at cost and subsequently amor<span class=\"_ _e\"></span>tised over useful life, using the straight<span class=\"_ _0\"></span>-line method. A<span class=\"_ _0\"></span>t period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement o<span class=\"_ _0\"></span>f financial positions has been acquired thr<span class=\"_ _0\"></span>ough business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggr<span class=\"_ _0\"></span>egate of the consideration transferr<span class=\"_ _0\"></span>ed and any previous inter<span class=\"_ _0\"></span>est held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measur<span class=\"_ _0\"></span>ed at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measur<span class=\"_ _0\"></span>ed at cost less any accumulated impairment losses. For the purpose of impair<span class=\"_ _b\"></span>ment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each o<span class=\"_ _0\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s cash-generating units (C<span class=\"_ _0\"></span>GUs) that are expected to benefit from the combination, irr<span class=\"_ _0\"></span>espective of whether other assets or liabilities of the acquir<span class=\"_ _0\"></span>e are assigned to those units.(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAcquisition cost as of 01.01.2021630 430<span class=\"_ _5b\"> </span>96 812<span class=\"_ _157\"> </span>620 198<span class=\"_ _78\"> </span>1 347 440Additions from internal development<span class=\"_ _14e\"> </span><span class=\"fse lsa\">99 160<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _194\"> </span></span>99 160</span>Additions acquired separately<span class=\"_ _66\"> </span>19 710<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _1bd\"> </span></span>19 710Disposals<span class=\"_ _1be\"> </span>-97<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _195\"> </span></span>-97Currency effects-396<span class=\"_ _32\"> </span>-35<span class=\"_ _2a\"> </span><span class=\"ws0\">-4 547<span class=\"_ _5f\"> </span>-4 978</span>Acquisition cost as of 31.12.2021<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">748 807<span class=\"_ _5b\"> </span>96 777<span class=\"_ _157\"> </span>615 651<span class=\"_ _78\"> </span>1 461 235</span>Additions from internal development<span class=\"_ _163\"> </span><span class=\"fse lsa\">115 742<span class=\"_ _c1\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _47\"> </span></span>115 742</span>Additions acquired separately<span class=\"_ _1c0\"> </span><span class=\"fse lsa\">2 509<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>2 509</span>Disposals<span class=\"_ _175\"> </span><span class=\"fse lsa ws0\">-26 100<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-26 100</span>Currency effects<span class=\"_ _7e\"> </span><span class=\"fse lsa\">45 598<span class=\"_ _2a\"> </span>2 418<span class=\"_ _158\"> </span>46 835<span class=\"_ _194\"> </span>94 851</span>Acquisition cost as of 31.12.2022<span class=\"_ _1bf\"> </span><span class=\"fse lsa\">886 556<span class=\"_ _5b\"> </span>99 195<span class=\"_ _157\"> </span>662 485<span class=\"_ _78\"> </span>1 648 237</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 01.01.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">203 089<span class=\"_ _1c1\"> </span>52 117<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>255 673</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">52 918<span class=\"_ _5b\"> </span>12 278<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>65 196</span>Reclassification<span class=\"_ _e0\"> </span><span class=\"fse lsa ws1b\">-97<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _bb\"> </span></span>-97</span>Impairment<span class=\"_ _e0\"> </span><span class=\"ws0\">-1 118<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _5a\"> </span></span>-1 118</span>Currency effects-2 564<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _5f\"> </span></span>-2 564Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2021<span class=\"_ _e8\"> </span><span class=\"fse lsa\">252 228<span class=\"_ _1c1\"> </span>64 395<span class=\"_ _1c2\"> </span><span class=\"ws1b\">467<span class=\"_ _47\"> </span></span>317 091</span>Amor<span class=\"_ _e\"></span>tisation<span class=\"_ _111\"> </span><span class=\"fse lsa ws0\">69 313<span class=\"_ _5b\"> </span>13 310<span class=\"_ _d0\"> </span><span class=\"ls0\">0<span class=\"_ _194\"> </span></span>82 623</span>Reversed amor<span class=\"_ _e\"></span>tisation disposals<span class=\"_ _126\"> </span><span class=\"fse lsa\">-20 772<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _92\"> </span></span>-20 772</span>Reclassification<span class=\"_ _173\"> </span><span class=\"ws0\">1 632<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _59\"> </span></span>1 632</span>Impairment30 860<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _157\"> </span></span>296 438<span class=\"_ _47\"> </span>327 298Currency effects<span class=\"_ _ca\"> </span><span class=\"fse lsa\">5 908<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _1bb\"> </span>0<span class=\"_ _8e\"> </span></span>5 908</span>Accumulated amor<span class=\"_ _e\"></span>tisation and impairment as of 31.12.2022<span class=\"_ _e8\"> </span><span class=\"fse lsa\">339 169<span class=\"_ _1c1\"> </span>77 705<span class=\"_ _157\"> </span>296 905<span class=\"_ _47\"> </span>713 779</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021496 579<span class=\"_ _5b\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _78\"> </span>1 144 144Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _1c3\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _5b\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _183\"> </span>934 456</span>Impairment loss NOK 327.3 (0.0) million, from categories T<span class=\"_ _4\"></span>echnology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in pr<span class=\"_ _0\"></span>ofit or loss. The impairment o<span class=\"_ _b\"></span>f technology is related to the technology development of fueling stations for the Light<span class=\"_ _1\"></span>-Duty vehicles segment. The assessment includes uncer<span class=\"_ _e\"></span>tainty of futur<span class=\"_ _b\"></span>e economic benefits from these pr<span class=\"_ _0\"></span>oducts, both from actuals historical results and as Fueling develops new technology that will replace existing. Fueling will focus on developing its cor<span class=\"_ _0\"></span>e technology with special focus on high-pressur<span class=\"_ _0\"></span>e compression, cooling and control. The fueling division will continue to invest in the development of next generation Heavy-Duty V<span class=\"_ _1\"></span>ehicle (\u201cHDV\u201d) equipment such as high-capacity station modules and dispensers.Specification of carr<span class=\"_ _e\"></span>ying amount2022(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development334 176<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>334 176Acquired separately<span class=\"_ _1c4\"> </span><span class=\"fse lsa ws1b\">881<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _195\"> </span></span>881</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">212 331<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>599 401</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2022<span class=\"_ _85\"> </span><span class=\"fse lsa\">547 387<span class=\"_ _1c1\"> </span>21 489<span class=\"_ _157\"> </span>365 580<span class=\"_ _47\"> </span>934 456</span>2021(Amounts in NOK thousands) CUST<span class=\"_ _0\"></span>OMER<span class=\"ls0 ws0\"> </span>TECHNOL<span class=\"_ _0\"></span>OGY REL<span class=\"_ _e\"></span>A<span class=\"_ _1\"></span>TIONSHIP<span class=\"_ _6a\"> </span>GOODWILL<span class=\"_ _3a\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LInternal development298 539<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _47\"> </span></span>298 539Acquired separately<span class=\"_ _1c5\"> </span><span class=\"fse lsa\">1 369<span class=\"_ _1bc\"> </span><span class=\"ls0\">0<span class=\"_ _d0\"> </span>0<span class=\"_ _3b\"> </span></span>1 369</span>Acquired thr<span class=\"_ _0\"></span>ough business combinations<span class=\"_ _2d\"> </span><span class=\"fse lsa\">196 671<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _47\"> </span>844 236</span>Carr<span class=\"_ _e\"></span>ying value as of 31.12.2021<span class=\"_ _85\"> </span><span class=\"fse lsa\">496 579<span class=\"_ _1c1\"> </span>32 381<span class=\"_ _157\"> </span>615 184<span class=\"_ _6b\"> </span>1 144 144</span>ESTIMA<span class=\"_ _1\"></span>TION UNCERT<span class=\"_ _1\"></span>AINTY - Impairment of goodwill and intangible assetsImpairment exists when the carr<span class=\"_ _3\"></span>ying value o<span class=\"_ _b\"></span>f an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs o<span class=\"_ _0\"></span>f disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019<span class=\"_ _1\"></span>s length, for similar assets or obser<span class=\"_ _3\"></span>vable market prices less incremental costs o<span class=\"_ _0\"></span>f disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived fr<span class=\"_ _0\"></span>om the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant futur<span class=\"_ _0\"></span>e investments which has not commenced that will enhance the per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the assets o<span class=\"_ _b\"></span>f the C<span class=\"_ _0\"></span>GU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the gr<span class=\"_ _0\"></span>owth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the differ<span class=\"_ _0\"></span>ent CGUs, including a sensitivity analysis, ar<span class=\"_ _0\"></span>e disclosed and fur<span class=\"_ _e\"></span>ther explained in this note.GOODWILL AND INT<span class=\"_ _4\"></span>ANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES -<span class=\"_ _b\"></span> IMP<span class=\"_ _d\"></span>AIRMENT CONSIDERA<span class=\"_ _4\"></span>TIONSGoodwill, and C<span class=\"_ _0\"></span>GUs where goodwill has been allocated, are requir<span class=\"_ _0\"></span>ed to be tested for impairment annually<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup per<span class=\"_ _e\"></span>formed its annual impairment test in December 2022. Impairment losses are r<span class=\"_ _0\"></span>ecognised where the recoverable amount is less than the carr<span class=\"_ _3\"></span>ying amount. The group has recognised goodwill impairment expense o<span class=\"_ _0\"></span>f NOK 296.4 (0.0) in 2022, impairing goodwill in the Fueling division which occurred initially fr<span class=\"_ _0\"></span>om the acquisition of Fueling in 2015 when Nel bought the division for NOK 300 million. The impairment charge was primarily due to the r<span class=\"_ _0\"></span>eduction in the projected growth rate for the Fueling division as a consequence o<span class=\"_ _0\"></span>f the weaker order intake in 2022, incr<span class=\"_ _0\"></span>easing per<span class=\"_ _e\"></span>sonnel cost, combined with high quality costs on delivered stations out in the field. In addition, the pre-tax nominal W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC rate increased to 14.0% in 2022 (8.5% in 2021) mainly due to the increase in the risk<span class=\"_ _1\"></span>-fr<span class=\"_ _b\"></span>ee rate in response to raising inflation in Europe during 2022.   ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST - ASSUMPTIONSCG<span class=\"_ _e\"></span>UThe annual impairment test is performed for all the Group<span class=\"_ _0\"></span>\u2019 Cash Generating Units (C<span class=\"_ _0\"></span>GUs). A CGU is defined as the smallest group o<span class=\"_ _0\"></span>f assets that generates cash inflows from continuing use that ar<span class=\"_ _0\"></span>e largely independent of the cash inflows of other assets or gr<span class=\"_ _0\"></span>oups thereo<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>. The way management monitors operations assisted in the judgements of identifying the C<span class=\"_ _0\"></span>GUs.  The Group<span class=\"_ _1\"></span>\u2019 C<span class=\"_ _0\"></span>GUs are \u2022 <span class=\"_ _6\"> </span>Electrolyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, \u2022 <span class=\"_ _6\"> </span>Electrolyser US and \u2022 <span class=\"_ _6\"> </span>FuelingSPECIFICA<span class=\"_ _1\"></span>TION OF ALL<span class=\"_ _b\"></span>OCA<span class=\"_ _1\"></span>TED GOODWILL PER CGU<span class=\"_ _16c\"> </span><span class=\"ws19\">2022<span class=\"_ _b4\"> </span>2021</span>Electrolyser US304 216<span class=\"_ _27\"> </span>272 184Electrolyser Nor<span class=\"_ _e\"></span>way61 364<span class=\"_ _a5\"> </span>61 364Fueling0<span class=\"_ _154\"> </span><span class=\"lsa\">281 635</span>Balance as of 31.12.365 580<span class=\"_ _27\"> </span>615 184Market capitalisationThe group considers the r<span class=\"_ _b\"></span>elationship between its market capitalisation and its book value, among other factors, when reviewing indicators o<span class=\"_ _0\"></span>f impairment. As of 31 December 2022, the market capitalisation of the gr<span class=\"_ _0\"></span>oup was approximately 4 times above the book value of equity<span class=\"_ _1\"></span>, indicating no impairment o<span class=\"_ _b\"></span>f goodwill and impairment o<span class=\"_ _0\"></span>f the assets. In 2021 the market capitalisation was 5 times above the book value of equity<span class=\"_ _1\"></span>.Key assumptionsThe calculations of value in use ar<span class=\"_ _0\"></span>e sensitive to several assumptions, the following are assessed key assumptions in the measured value:                                        \u2022 <span class=\"_ _6\"> </span>Revenue growth and gross mar<span class=\"_ _0\"></span>gin\u2022 <span class=\"_ _6\"> </span>EBITDA margins\u2022 <span class=\"_ _6\"> </span>Discount rate / Weighted average cost o<span class=\"_ _0\"></span>f capital (W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C)Forecast periodFor each C<span class=\"_ _0\"></span>GU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Boar<span class=\"_ _0\"></span>d of Directors and management\u2019<span class=\"_ _1\"></span>s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i)  <span class=\"_ _26\"> </span>the future expectations r<span class=\"_ _0\"></span>eflected in the current budget and strategy over the next 5-year period (forecast period); and ii)  <span class=\"_ _91\"> </span>a declining growth rate for the subsequent five years as Nel assesses that 2027 is not a steady state of the hydrogen industr<span class=\"_ _e\"></span>y and not for Nel, specifically<span class=\"_ _0\"></span>. Nel has applied declining growth rates starting from 2027, declining yearly down to 2.5%. The 2.5% growth rate is applied from year 2028, 2029 and 2031 for the divisions Fueling, Electrolyser US and Electr<span class=\"_ _0\"></span>olyser Nor<span class=\"_ _3\"></span>way<span class=\"_ _0\"></span>, respectively<span class=\"_ _1\"></span>.Discount rateDiscount rates repr<span class=\"_ _0\"></span>esent the current market assessment o<span class=\"_ _b\"></span>f the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances o<span class=\"_ _0\"></span>f the group and its operating segments and is derived fr<span class=\"_ _0\"></span>om<span class=\"_ _e\"></span> its weighted average cost of capital (W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC). The W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC considers the cost of debt and equity<span class=\"_ _1\"></span>. The cost of equity is derived from the expected r<span class=\"_ _0\"></span>eturn on investment by the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s investors. The cost o<span class=\"_ _0\"></span>f debt is based on the interest<span class=\"_ _0\"></span>-bearing borrowings the gr<span class=\"_ _0\"></span>oup is obliged to ser<span class=\"_ _3\"></span>vice. Segment<span class=\"_ _e\"></span> specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the futur<span class=\"_ _0\"></span>e cash flows to reflect a pr<span class=\"_ _0\"></span>e-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 14.0 % to 15.0 %.ANNU<span class=\"_ _0\"></span>AL IMP<span class=\"_ _4\"></span>AIRMENT TEST \u2013 RESUL<span class=\"_ _1\"></span>TS AND SENSITIVIT<span class=\"_ _e\"></span>YThe impairment test has been prepar<span class=\"_ _0\"></span>ed in accordance with IAS 36 impairment o<span class=\"_ _b\"></span>f non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows pr<span class=\"_ _0\"></span>ojections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. In addition, the standard encourages a conser<span class=\"_ _3\"></span>vative valuation to ensure that assets ar<span class=\"_ _0\"></span>e not carried at more than their r<span class=\"_ _0\"></span>ecoverable amount. (Amounts in NOK thousands) <span class=\"fs3 ws2\"> <span class=\"_ _1c6\"></span>       </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>FUELINGUSNORW<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>YGoodwill304 216<span class=\"_ _bd\"> </span>61 364<span class=\"_ _1c7\"> </span><span class=\"ls0\">0</span>Other intangible assets342 003<span class=\"_ _162\"> </span>141 492<span class=\"_ _199\"> </span>83 582Other invested capital128 857<span class=\"_ _162\"> </span>485 655<span class=\"_ _154\"> </span>195 592Carr<span class=\"_ _e\"></span>ying value775 076<span class=\"_ _162\"> </span>688 511<span class=\"_ _154\"> </span>279 174Recoverable amount1 057 410<span class=\"_ _c1\"> </span>1 640 296<span class=\"_ _154\"> </span>279 174Headroom282 334<span class=\"_ _162\"> </span>951 785<span class=\"_ _bd\"> </span><span class=\"ls0\">0</span>Pre-tax nominal discount rate15.0 %<span class=\"_ _1c7\"> </span>14.8 %<span class=\"_ _a5\"> </span>14.0 %T<span class=\"_ _4\"></span>erminal growth rate2.5 %<span class=\"_ _37\"> </span>2.5 %<span class=\"_ _b4\"> </span>2.5 %ELECTROL<span class=\"_ _1\"></span>YSER USElectrolyser US is the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019 segment for the PEM electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production and manufacturing of PEM electr<span class=\"_ _0\"></span>olyser equipment in W<span class=\"_ _0\"></span>allingford, Connecticut, US. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _4\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _9b\"> </span><span class=\"ws0\"> -89 <span class=\"_ _b9\"> </span> 454 <span class=\"_ _2a\"> </span> 997 <span class=\"_ _1c9\"> </span> 1 537 <span class=\"_ _bb\"> </span> 2 073 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -355 <span class=\"_ _b9\"> </span> 120 <span class=\"_ _2a\"> </span> 596<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 068 <span class=\"_ _bb\"> </span> 1 537 </span>0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -140 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 281* <span class=\"_ _1c2\"> </span></span> 700 <span class=\"_ _bb\"> </span> 1 115 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -726 <span class=\"_ _154\"> </span> -348 <span class=\"_ _137\"> </span> 29 <span class=\"_ _e8\"> </span> 404 <span class=\"_ _b9\"> </span> 775 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -858 <span class=\"_ _154\"> </span> -517 <span class=\"_ _195\"> </span> -176 <span class=\"_ _1c2\"> </span> 163 <span class=\"_ _137\"> </span> 498 </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment. ELECTROL<span class=\"_ _1\"></span>YSER NORW<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>YElectrolyser Nor<span class=\"_ _e\"></span>way is the Group<span class=\"_ _1\"></span>\u2019 segment for the Alkaline electrolyser technology<span class=\"_ _1\"></span>. The C<span class=\"_ _0\"></span>GU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electr<span class=\"_ _0\"></span>olyser equipment in Her\u00f8ya and Notodden, Nor<span class=\"_ _3\"></span>way<span class=\"_ _1\"></span>. New plant at Her\u00f8ya, Nor<span class=\"_ _3\"></span>way star<span class=\"_ _e\"></span>ted operations in 2021 and will scale the production. The operations consist of both assembly o<span class=\"_ _0\"></span>f electrolyser<span class=\"_ _1\"></span>, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1ca\"> </span><span class=\"ws0\"> 377 <span class=\"_ _bb\"> </span> 1 078 <span class=\"_ _cd\"> </span> 1 779 <span class=\"_ _1c9\"> </span> 2 480 <span class=\"_ _bb\"> </span> 3 181 </span>-1.0%<span class=\"_ _169\"> </span><span class=\"ws0\"> 92 <span class=\"_ _137\"> </span> 703 <span class=\"_ _cd\"> </span> 1 315 <span class=\"_ _1c9\"> </span> 1 926 <span class=\"_ _bb\"> </span> 2 537 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -130 <span class=\"_ _b9\"> </span> 411 <span class=\"_ _1c1\"> </span><span class=\"ff3\"> 952* <span class=\"_ _1c9\"> </span></span> 1 493 <span class=\"_ _bb\"> </span> 2 034 </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -306 <span class=\"_ _b9\"> </span> 178 <span class=\"_ _2a\"> </span> 662<span class=\"_ _e\"></span> <span class=\"_ _1c9\"> </span> 1 146 <span class=\"_ _bb\"> </span> 1 630 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -448 <span class=\"_ _199\"> </span> -11 <span class=\"_ _2a\"> </span> 426 <span class=\"_ _1c2\"> </span> 863 <span class=\"_ _bb\"> </span> 1 300<span class=\"_ _e\"></span> </span>*  Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.FUELINGFueling is the Group<span class=\"_ _1\"></span>\u2019 segment for the Hydrogen fueling technology<span class=\"_ _1\"></span>. The CGU covers the pr<span class=\"_ _0\"></span>oduction and manufacturing<span class=\"_ _e\"></span> of hydr<span class=\"_ _0\"></span>ogen refueling stations in Herning, Denmark. The operations consist of both assembly o<span class=\"_ _0\"></span>f hydrogen r<span class=\"_ _0\"></span>efueling<span class=\"_ _e\"></span> stations, marketing activities and product development. The Fueling segment offers H2Station\u00ae for fast fueling o<span class=\"_ _0\"></span>f fuel cell electric vehicles as well as ser<span class=\"_ _3\"></span>vices in relation to the supply of these stations. The objective to the segment is to deliver world class fueling stations offering a complete solution fr<span class=\"_ _0\"></span>om sourcing and storage o<span class=\"_ _0\"></span>f hydrogen to fueling o<span class=\"_ _0\"></span>f vehicles.The table below show the sensitivity analysis for the range of +/-2 percentage points in W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC and +/-4 per<span class=\"_ _0\"></span>centage points<span class=\"_ _e\"></span> in EBITDA mar<span class=\"_ _0\"></span>gin. Sensitivity in headroom(amounts in NOK million)<span class=\"_ _1c8\"> </span>PERCENT<span class=\"_ _1\"></span>AGE POINT CHANGE IN EBITDA MARGIN-4.0%<span class=\"_ _27\"> </span>-2.0%<span class=\"_ _83\"> </span>0.0%<span class=\"_ _15a\"> </span>2.0%<span class=\"_ _b9\"> </span>4.0%-2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -232 <span class=\"_ _e8\"> </span> 55 <span class=\"_ _2a\"> </span> 343<span class=\"_ _e\"></span> <span class=\"_ _1c2\"> </span> 631 <span class=\"_ _137\"> </span> 918 </span>-1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -350 <span class=\"_ _154\"> </span> -101 <span class=\"_ _2a\"> </span> 149 <span class=\"_ _1c2\"> </span> 398 <span class=\"_ _b9\"> </span> 648 </span>CHANGES IN W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C0.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -439 <span class=\"_ _154\"> </span> -220 <span class=\"_ _137\"> </span><span class=\"ff3\"> 0* <span class=\"_ _1c2\"> </span></span> 220 <span class=\"_ _137\"> </span> 439<span class=\"_ _e\"></span> </span>1.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -508 <span class=\"_ _154\"> </span> -312 <span class=\"_ _195\"> </span> -117 <span class=\"_ _a6\"> </span> 79 <span class=\"_ _b9\"> </span> 275 </span>2.0%<span class=\"_ _1bd\"> </span><span class=\"ws0\"> -562 <span class=\"_ _154\"> </span> -386 <span class=\"_ _195\"> </span> -210 <span class=\"_ _b4\"> </span> -33 <span class=\"_ _137\"> </span> 143<span class=\"_ _e\"></span> </span>* Represents headr<span class=\"_ _b\"></span>oom in impairment calculation for the C<span class=\"_ _0\"></span>GU. Negative number<span class=\"_ _e\"></span>s in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zer<span class=\"_ _0\"></span>o headroom, at perpetuity growth 2.5%, all else being equal. Additional sensitivities for the Fueling division has not been included as headroom in the valuation is zero. The table shows the sensitivities for the W<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>CC used, but also for W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C +/- one percentage point: KEY <span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>C CHANGE ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ELECTROL<span class=\"_ _0\"></span>Y<span class=\"_ _0\"></span>SER <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>ASSUMPTIONS<span class=\"_ _95\"> </span><span class=\"ws0\">PERIODS CHANGED</span>(PPS)USNO1)Revenue growth multiple T<span class=\"_ _1\"></span>otal multiple gr<span class=\"_ _0\"></span>owth in NOK from 2022 to terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c2\"> </span>-0.1<span class=\"_ _15a\"> </span>-3.5</span>0.0%<span class=\"_ _1c2\"> </span>-0.9<span class=\"_ _15a\"> </span>-4.2-1.0%<span class=\"_ _1c2\"> </span>-1.6<span class=\"_ _15a\"> </span>-4.92)Gross mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-5.0%</span>0.0%<span class=\"_ _1c9\"> </span>-1.6%<span class=\"_ _1c9\"> </span>-6.0%-1.0%<span class=\"_ _1c9\"> </span>-2.9%<span class=\"_ _1c9\"> </span>-7.0%3)Free cash flow mar<span class=\"_ _0\"></span>gin P<span class=\"_ _0\"></span>erecentage points in terminal<span class=\"_ _a5\"> </span><span class=\"ws1b\">1.0%<span class=\"_ _1c9\"> </span>-0.2%<span class=\"_ _1c9\"> </span>-3.9%</span>0.0%-1.7%<span class=\"_ _1c9\"> </span>-4.7%-1.0%<span class=\"_ _1c9\"> </span>-3.0%<span class=\"_ _1c9\"> </span>-5.4%1) If revenue assumption in terminal is r<span class=\"_ _0\"></span>educed with this year<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s revenue multiplied with this factor<span class=\"_ _1\"></span>, the headroom is zero.2) If average gross mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.3) If free cash flow mar<span class=\"_ _b\"></span>gin rate assumption in the C<span class=\"_ _0\"></span>GU is reduced with this percentage point in the terminal, the headroom is zer<span class=\"_ _0\"></span>o.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__74": {
   "value": "RESEARCH AND DEVEL<span class=\"_ _0\"></span>OPMENTResearchResearch activities ar<span class=\"_ _0\"></span>e defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs ar<span class=\"_ _0\"></span>e expensed as incurred.DevelopmentCapitalised development costs are r<span class=\"_ _0\"></span>ecognised at historical cost after the deduction of accumulated amor<span class=\"_ _e\"></span>tisations and impairments. The capitalised value is amor<span class=\"_ _e\"></span>tised over the period of expected futur<span class=\"_ _0\"></span>e earnings from the r<span class=\"_ _b\"></span>elated project on a straight<span class=\"_ _0\"></span>-line basis. T<span class=\"_ _4\"></span>echnologyAs an indication of the level o<span class=\"_ _0\"></span>f internal technology costs, Nel currently has 60 and 59 full time employees working dir<span class=\"_ _0\"></span>ectly with R&amp;D in the electrolyser and fueling division, r<span class=\"_ _0\"></span>espectively<span class=\"_ _0\"></span>. Of the 60 full time employees working with electrolysers, 40 engineers are dedicated to technology at Pr<span class=\"_ _b\"></span>oton OnSite in W<span class=\"_ _0\"></span>allingford, U.S. and 20 ar<span class=\"_ _0\"></span>e dedicated to the technology at Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser AS in Notodden, Nor<span class=\"_ _3\"></span>wayElectrolyserNel invests in development of lar<span class=\"_ _0\"></span>ge-scale industrialisation of Electr<span class=\"_ _0\"></span>olyser products. W<span class=\"_ _0\"></span>ork is in progress to develop a pressurized alkaline Electr<span class=\"_ _0\"></span>olyser targeting 1000Nm3/h single cell stack to suppor<span class=\"_ _e\"></span>t and meet the demand of our customers. In addition, also development of the curr<span class=\"_ _0\"></span>ent atmospheric alkaline technology into larger capacity solutions ar<span class=\"_ _0\"></span>e on-going. Finally<span class=\"_ _0\"></span>, in or<span class=\"_ _0\"></span>der to meet new large-scale oppor<span class=\"_ _e\"></span>tunities within the PEM por<span class=\"_ _e\"></span>tfolio, Nel is developing a larger single cell-stack PEM platform. All these three development activities are tar<span class=\"_ _0\"></span>geting to reduce total cost o<span class=\"_ _b\"></span>f ownership for our customers.The Electrolyser division has r<span class=\"_ _0\"></span>ecognised on the statement of Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 262.3 (189.4) million as of 31.12.2022.FuelingNel continues to see the market of Heavy-Duty transportation move fast towards Hydr<span class=\"_ _0\"></span>ogen. Therefore, in the fueling division there will be a significant investment in the development of next generation HDV equipment like high-capacity station modules and dispensers. This is to ser<span class=\"_ _3\"></span>ve customers who have a need for large capacity dispensing capability<span class=\"_ _0\"></span>, enabling fueling o<span class=\"_ _0\"></span>f a heavy-duty truck in 10-15 minutes, to achieve a range of 1 000 km. In addition, ther<span class=\"_ _0\"></span>e will be ongoing investments in factor<span class=\"_ _3\"></span>y and laborator<span class=\"_ _3\"></span>y to be able to accommodate HDV fueling equipment.The Fueling division has recognised on the statement o<span class=\"_ _0\"></span>f Financial P<span class=\"_ _0\"></span>osition T<span class=\"_ _4\"></span>echnology from internal development o<span class=\"_ _0\"></span>f NOK 71.9 (109.1) million as of 31.12.2022.Significant accounting judgements - Development costsDevelopment expenditures on an individual pr<span class=\"_ _0\"></span>oject are recognised as an intangible asset when the gr<span class=\"_ _0\"></span>oup can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of r<span class=\"_ _0\"></span>esources to complete the asset\u2022 The ability to measure r<span class=\"_ _0\"></span>eliably the expenditure during developmentT<span class=\"_ _4\"></span>o demonstrate technical feasibility and availability of r<span class=\"_ _0\"></span>esources, it should be a high cer<span class=\"_ _e\"></span>tainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low<span class=\"_ _0\"></span>, medium and high. In the phase o<span class=\"_ _0\"></span>f a project where the risk o<span class=\"_ _0\"></span>f completing is medium to high, then the development costs are expensed as incurr<span class=\"_ _0\"></span>ed. A capitalised development project commence amor<span class=\"_ _e\"></span>tisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessar<span class=\"_ _3\"></span>y for it to be capable of operating in the manner indented by management and enters \u2018ramp-up<span class=\"_ _0\"></span>\u2019 stage. Subsequent expenditur<span class=\"_ _0\"></span>e is maintenance of existing technology (expensed). T<span class=\"_ _4\"></span>otal technology spend for 2022 was NOK 248.4 (172.6) million, of which NOK 118.3 (118.9) million and NOK 130.1 (53.8) million has been capitalised and expensed, respectively<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__80-1": {
   "value": "USEFUL LIFE, AMORTISA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnology has a useful life o<span class=\"_ _0\"></span>f 3-7 yearsUSEFUL LIFE, DEPRECIA<span class=\"_ _4\"></span>TION PL<span class=\"_ _3\"></span>AN\u2022 <span class=\"_ _6\"> </span>Office machines and other equipment has a useful life of 3-5 years\u2022 <span class=\"_ _6\"> </span>Production equipment has a useful life of 3-8 years\u2022 <span class=\"_ _6\"> </span>Buildings has a useful life of 30-40 years\u2022 <span class=\"_ _6\"> </span>T<span class=\"_ _1\"></span>echnical installations have a useful life o<span class=\"_ _0\"></span>f 15-10 years\u2022 <span class=\"_ _6\"> </span>Right of use assets has a useful life of 2-10 yearsHer\u00f8ya expansionIn 2022, Nel initiated a continued expansion at Her\u00f8ya in Nor<span class=\"_ _3\"></span>way with an additional 500 MW alkaline production line, expected to be operational from April 2024. The carr<span class=\"_ _3\"></span>ying amount for the Her\u00f8ya second line expansion is NOK 55 million as of 31 December 2022. T<span class=\"_ _d\"></span>otal contractual commitments beyond December 2022 for the second line are NOK 230 million, including pur<span class=\"_ _0\"></span>chase contracts for all the physical equipment needed.ImpairmentAn assessment of impair<span class=\"_ _b\"></span>ment o<span class=\"_ _b\"></span>f property<span class=\"_ _0\"></span>, plant and equipment is made if there is an indication o<span class=\"_ _0\"></span>f impairment. If the impairment test reveals that an asset\u2019<span class=\"_ _1\"></span>s carr<span class=\"_ _3\"></span>ying amount is higher than the recoverable amount, an impairment loss will be r<span class=\"_ _0\"></span>ecognised.<span class=\"_ _e\"></span> Property<span class=\"_ _0\"></span>, plant and equipment is included in \u2018<span class=\"_ _1\"></span>other invested<span class=\"_ _e\"></span> capital\u2019 allocated to the respective C<span class=\"_ _0\"></span>GU\u2019<span class=\"_ _1\"></span>s for the annual<span class=\"_ _e\"></span> impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__75": {
   "value": "Goodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__76": {
   "value": "ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December 2022. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has recognised goodwill impairment expense of NOK 296.4 (0.0) in 2022, impairing goodwill in the Fueling division which occurred initially from the acquisition of Fueling in 2015 when Nel bought the division for NOK 300 million. The impairment charge was primarily due to the reduction in the projected growth rate for the Fueling division as a consequence of the weaker order intake in 2022, increasing personnel cost, combined with high quality costs on delivered stations out in the field. In addition, the pre-tax nominal WACC rate increased to 14.0% in 2022 (8.5% in 2021) mainly due to the increase in the risk-free rate in response to raising inflation in Europe during 2022.   ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs.  The Group\u2019 CGUs are \u2022  Electrolyser Norway, \u2022  Electrolyser US and \u2022  FuelingSPECIFICATION OF ALLOCATED GOODWILL PER CGU 2022 2021Electrolyser US304 216 272 184Electrolyser Norway61 364 61 364Fueling0 281 635Balance as of 31.12.365 580 615 184Market capitalisationThe group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing indicators of impairment. As of 31 December 2022, the market capitalisation of the group was approximately 4 times above the book value of equity, indicating no impairment of goodwill and impairment of the assets. In 2021 the market capitalisation was 5 times above the book value of equity.Key assumptionsThe calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value:                                        \u2022  Revenue growth and gross margin\u2022  EBITDA margins\u2022  Discount rate / Weighted average cost of capital (WACC)Forecast periodFor each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i)   the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii)   a declining growth rate for the subsequent five years as Nel assesses that 2027 is not a steady state of the hydrogen industry and not for Nel, specifically. Nel has applied declining growth rates starting from 2027, declining yearly down to 2.5%. The 2.5% growth rate is applied from year 2028, 2029 and 2031 for the divisions Fueling, Electrolyser US and Electrolyser Norway, respectively.Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 14.0 % to 15.0 %.ANNUAL IMPAIRMENT TEST \u2013 RESULTS AND SENSITIVITYThe impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount. (Amounts in NOK thousands)         ELECTROLYSER  ELECTROLYSER  FUELINGUSNORWAYGoodwill304 216 61 364 0Other intangible assets342 003 141 492 83 582Other invested capital128 857 485 655 195 592Carrying value775 076 688 511 279 174Recoverable amount1 057 410 1 640 296 279 174Headroom282 334 951 785 0Pre-tax nominal discount rate15.0 % 14.8 % 14.0 %Terminal growth rate2.5 % 2.5 % 2.5 %ELECTROLYSER USElectrolyser US is the Group\u2019 segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4.0% -2.0% 0.0% 2.0% 4.0%-2.0%  -89   454   997   1 537   2 073 -1.0%  -355   120   596   1 068   1 537 0.0%  -562   -140   281*   700   1 115 CHANGES IN WACC1.0%  -726   -348   29   404   775 2.0%  -858   -517   -176   163   498 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment. ELECTROLYSER NORWAYElectrolyser Norway is the Group\u2019 segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. New plant at Her\u00f8ya, Norway started operations in 2021 and will scale the production. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4.0% -2.0% 0.0% 2.0% 4.0%-2.0%  377   1 078   1 779   2 480   3 181 -1.0%  92   703   1 315   1 926   2 537 CHANGES IN WACC0.0%  -130   411   952*   1 493   2 034 1.0%  -306   178   662   1 146   1 630 2.0%  -448   -11   426   863   1 300 *  Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment.FUELINGFueling is the Group\u2019 segment for the Hydrogen fueling technology. The CGU covers the production and manufacturing of hydrogen refueling stations in Herning, Denmark. The operations consist of both assembly of hydrogen refueling stations, marketing activities and product development. The Fueling segment offers H2Station\u00ae for fast fueling of fuel cell electric vehicles as well as services in relation to the supply of these stations. The objective to the segment is to deliver world class fueling stations offering a complete solution from sourcing and storage of hydrogen to fueling of vehicles.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4.0% -2.0% 0.0% 2.0% 4.0%-2.0%  -232   55   343   631   918 -1.0%  -350   -101   149   398   648 CHANGES IN WACC0.0%  -439   -220   0*   220   439 1.0%  -508   -312   -117   79   275 2.0%  -562   -386   -210   -33   143 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.5%, all else being equal. Additional sensitivities for the Fueling division has not been included as headroom in the valuation is zero. The table shows the sensitivities for the WACC used, but also for WACC +/- one percentage point: KEY  WACC CHANGE ELECTROLYSER  ELECTROLYSER  ASSUMPTIONS PERIODS CHANGED(PPS)USNO1)Revenue growth multiple Total multiple growth in NOK from 2022 to terminal 1.0% -0.1 -3.50.0% -0.9 -4.2-1.0% -1.6 -4.92)Gross margin Perecentage points in terminal 1.0% -0.2% -5.0%0.0% -1.6% -6.0%-1.0% -2.9% -7.0%3)Free cash flow margin Perecentage points in terminal 1.0% -0.2% -3.9%0.0%-1.7% -4.7%-1.0% -3.0% -5.4%1) If revenue assumption in terminal is reduced with this year\u2019s revenue multiplied with this factor, the headroom is zero.2) If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.3) If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__84": {
   "value": "USEFUL LIFE, DEPRECIATION PLAN\u2022  Office machines and other equipment has a useful life of 3-5 years\u2022  Production equipment has a useful life of 3-8 years\u2022  Buildings has a useful life of 30-40 years\u2022  Technical installations have a useful life of 15-10 years\u2022  Right of use assets has a useful life of 2-10 yearsHer\u00f8ya expansionIn 2022, Nel initiated a continued expansion at Her\u00f8ya in Norway with an additional 500 MW alkaline production line, expected to be operational from April 2024. The carrying amount for the Her\u00f8ya second line expansion is NOK 55 million as of 31 December 2022. Total contractual commitments beyond December 2022 for the second line are NOK 230 million, including purchase contracts for all the physical equipment needed.ImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__83": {
   "value": "USEFUL LIFE, DEPRECIATION PLAN\u2022  Office machines and other equipment has a useful life of 3-5 years\u2022  Production equipment has a useful life of 3-8 years\u2022  Buildings has a useful life of 30-40 years\u2022  Technical installations have a useful life of 15-10 years\u2022  Right of use assets has a useful life of 2-10 yearsHer\u00f8ya expansionIn 2022, Nel initiated a continued expansion at Her\u00f8ya in Norway with an additional 500 MW alkaline production line, expected to be operational from April 2024. The carrying amount for the Her\u00f8ya second line expansion is NOK 55 million as of 31 December 2022. Total contractual commitments beyond December 2022 for the second line are NOK 230 million, including purchase contracts for all the physical equipment needed.ImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__87-1": {
   "value": "3.3<span class=\"fc1 wse5\"> Leases</span>At inception o<span class=\"_ _0\"></span>f 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 o<span class=\"_ _0\"></span>f time in exchange for consideration. T<span class=\"_ _4\"></span>o assess whether a contract conveys the right to control the use o<span class=\"_ _0\"></span>f an identified asset, the Group uses the definition of a lease in IFRS 16.AS A LESSEEAt commencement date or on modification o<span class=\"_ _0\"></span>f a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Gr<span class=\"_ _0\"></span>oup has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are tr<span class=\"_ _0\"></span>eated separately in other standards than IFRS 16. The group r<span class=\"_ _0\"></span>ecognise a right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset and a lease liability at the lease commencement date. The right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial dir<span class=\"_ _0\"></span>ect costs incurred. The right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset is subsequently depreciated using the straight<span class=\"_ _0\"></span>-line method fr<span class=\"_ _0\"></span>om the commencement date to the end of the lease ter<span class=\"_ _b\"></span>m. In addition, the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is periodically reduced by impairment losses, if any<span class=\"_ _1\"></span>, and adjusted for cer<span class=\"_ _e\"></span>tain remeasurements o<span class=\"_ _0\"></span>f the lease liability<span class=\"_ _1\"></span>.The lease liability is initially measured at the pr<span class=\"_ _0\"></span>esent value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s incremental borr<span class=\"_ _0\"></span>owing rate. Generally<span class=\"_ _0\"></span>, the Group uses its incremental borr<span class=\"_ _0\"></span>owing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR) for additional information. Lease payments included in the measurement o<span class=\"_ _0\"></span>f the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is r<span class=\"_ _0\"></span>emeasured when there is a change in future lease payments arising fr<span class=\"_ _0\"></span>om a change in an index. When the lease liability is remeasur<span class=\"_ _0\"></span>ed in this way<span class=\"_ _0\"></span>, a corresponding adjustment is made to the carr<span class=\"_ _e\"></span>ying amount of the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset. P<span class=\"_ _0\"></span>ayments for insurance, proper<span class=\"_ _e\"></span>ty tax and V<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>T ar<span class=\"_ _0\"></span>e excluded from the lease payments amount as they are defined variable lease payments.The Group pr<span class=\"_ _0\"></span>esents right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use assets in \u2018proper<span class=\"_ _e\"></span>ty<span class=\"_ _0\"></span>, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019<span class=\"_ _1\"></span>, divided into current and non-curr<span class=\"_ _0\"></span>ent por<span class=\"_ _3\"></span>tions.Shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and leases o<span class=\"_ _0\"></span>f low value assetsNel have elected the practical expedient of tr<span class=\"_ _0\"></span>eating shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and low value assets outside the scope of IFRS 16.Significant accounting judgements - Estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR)The Group cannot r<span class=\"_ _0\"></span>eadily determine the interest rate implicit in the lease, therefor<span class=\"_ _0\"></span>e, it uses its IBR to measure lease liabilities. The IBR is the rate of inter<span class=\"_ _0\"></span>est that the Group would have to pay to borrow over a similar ter<span class=\"_ _b\"></span>m, and with a similar security<span class=\"_ _0\"></span>, the funds necessar<span class=\"_ _3\"></span>y to obtain an asset of a similar value to the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset in a similar economic environment. The IBR therefor<span class=\"_ _0\"></span>e reflects what the Group \u2018would have to pay\u2019<span class=\"_ _1\"></span>, which requires estimation when no obser<span class=\"_ _e\"></span>vable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incr<span class=\"_ _0\"></span>emental borrowing rate by considering various interest rates (risk fr<span class=\"_ _0\"></span>ee rate as 10-year government bonds, and risk premiums) and makes cer<span class=\"_ _e\"></span>tain adjustments to reflect the terms o<span class=\"_ _0\"></span>f the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiar<span class=\"_ _3\"></span>y\u2019<span class=\"_ _1\"></span>s stand-alone credit rating).The group has lease contracts for various items o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, war<span class=\"_ _0\"></span>ehouse and parking have 5 years and motor vehicles and other equipment generally have lease terms between 3 and 5 years. The Group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s obligations under its leases are secur<span class=\"_ _0\"></span>ed by the lessor<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group<span class=\"_ _1\"></span>\u2019 two significant leases in the manufacturing facilities at Her\u00f8ya (Nor<span class=\"_ _3\"></span>way) and W<span class=\"_ _0\"></span>allingford (US). Right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets(Amounts in NOK thousands)MANU-<span class=\"ls0 ws0\"> </span>OFFICE, <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACTURING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AREHOUSE M<span class=\"_ _3\"></span>OTO<span class=\"_ _3\"></span>R<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACILITIESAND P<span class=\"_ _1\"></span>ARKINGVEHICLES<span class=\"_ _4b\"> </span>EQUIPMENT<span class=\"_ _157\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202166 9695 554<span class=\"_ _bb\"> </span>2 862<span class=\"_ _af\"> </span><span class=\"ws1a\">560<span class=\"_ _6c\"> </span></span>75 946Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">13 657<span class=\"_ _bb\"> </span>1 380<span class=\"_ _af\"> </span></span>117<span class=\"_ _6c\"> </span><span class=\"ws0\">15 155</span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">33 843<span class=\"_ _bb\"> </span>2 323<span class=\"_ _27\"> </span></span>-174<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">35 992</span></span>Depreciation<span class=\"_ _f3\"> </span><span class=\"ws0\">-9 030<span class=\"_ _157\"> </span>-5 637<span class=\"_ _5b\"> </span>-1 386<span class=\"_ _27\"> </span></span>-116<span class=\"_ _3b\"> </span><span class=\"ws0\">-16 170</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _1dc\"> </span><span class=\"ws1a\">490<span class=\"_ _a5\"> </span>-56<span class=\"_ _154\"> </span>-120<span class=\"_ _a5\"> </span>-39<span class=\"_ _af\"> </span>275</span>As of 31.12.2021<span class=\"_ _1dd\"> </span>92 272<span class=\"_ _6c\"> </span>15 841<span class=\"_ _bb\"> </span>2 563<span class=\"_ _af\"> </span><span class=\"ws1a\">522<span class=\"_ _8c\"> </span></span>111 197Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 469<span class=\"_ _af\"> </span></span>492<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 961</span></span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">42 404<span class=\"_ _bb\"> </span>1 033<span class=\"_ _27\"> </span></span>-320<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">43 117</span></span>Depreciation <span class=\"_ _144\"> </span><span class=\"ws0\">-12 064<span class=\"_ _157\"> </span>-7 940<span class=\"_ _5b\"> </span>-1 233<span class=\"_ _27\"> </span></span>-121<span class=\"_ _3b\"> </span><span class=\"ws0\">-21 358</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _d4\"> </span>1 449<span class=\"_ _af\"> </span><span class=\"ws1a\">435<span class=\"_ _af\"> </span>108<span class=\"_ _15a\"> </span>22<span class=\"_ _bb\"> </span></span>2 013As of 31.12.2022 (note 3.2)<span class=\"_ _8d\"> </span>124 061<span class=\"_ _6c\"> </span>44 839<span class=\"_ _158\"> </span>1 608<span class=\"_ _af\"> </span><span class=\"ws1a\">423<span class=\"_ _59\"> </span></span>170 931In December 2022, the group r<span class=\"_ _0\"></span>eassessed the extension option within the lease agreement o<span class=\"_ _0\"></span>f W<span class=\"_ _0\"></span>allingford (US). The lease agreement expir<span class=\"_ _0\"></span>es in July 2024 with two extension options for 5-year periods exercisable in July 2024 (extending termination date to July 2029) and July 2029 (extending termination date to July 2034). The reassessment evaluated Nel\u2019<span class=\"_ _1\"></span>s recent plans to increase the pr<span class=\"_ _0\"></span>oduction capacity in US, including the budget planned for capital expenditure in 2023, and economic incentives for do not reallocate skilled staff and its fixed assets. The conclusion is that Nel is reasonably certain to exercise the first extension option expiring in July 2024. As of 31 December 2022, the economic incentives for the extension due in July 2029 were consider<span class=\"_ _0\"></span>ed unclear and not reasonably certain due to the uncer<span class=\"_ _3\"></span>tainties about the size of the capacity expansion, total investment and location.The reassessment r<span class=\"_ _0\"></span>esulted in an increase of the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets and lease liabilities of NOK 42.4 million in 2022.Lease liabilitiesThe table below show the carr<span class=\"_ _3\"></span>ying amounts of lease liabilities (both curr<span class=\"_ _0\"></span>ent and non-current por<span class=\"_ _e\"></span>tion) and the movements during the period:(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.<span class=\"_ _1de\"> </span>133 421<span class=\"_ _bb\"> </span>91 416Additions<span class=\"_ _1df\"> </span><span class=\"ws0\">35 961<span class=\"_ _bb\"> </span>15 155</span>Remeasurement<span class=\"_ _1e0\"> </span><span class=\"ws0\">43 117<span class=\"_ _bb\"> </span>35 992</span>Accretion o<span class=\"_ _0\"></span>f interest<span class=\"_ _1e1\"> </span>10 473<span class=\"_ _1e2\"> </span>8 792Lease payments<span class=\"_ _1e3\"> </span>-24 873<span class=\"_ _157\"> </span>-18 357T<span class=\"_ _1\"></span>ranslation differences<span class=\"_ _118\"> </span>2 515<span class=\"_ _1e4\"> </span><span class=\"ws1a\">423</span>Balance as of 31.12.<span class=\"_ _1de\"> </span>200 615<span class=\"_ _cd\"> </span>133 421Current30 438<span class=\"_ _2a\"> </span>19 916Non-current 170 177<span class=\"_ _1c1\"> </span>113 505Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421The maturity analysis of undiscounted cash flow in lease liabilities is disclosed in Note 5.2. The differ<span class=\"_ _0\"></span>ence between discounted cash flows and undiscounted cash flows (discount effect) is NOK 86.5 (73.8) million as of 31.12.2022. The discount effect is mainly related to manufacturing facility at Her\u00f8ya with included lease term until 2035.Reconciliation of liabilities arising fr<span class=\"_ _0\"></span>om financing activities in statement of cash flows, split in cash flows and non-cash changes.(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.133 421<span class=\"_ _2a\"> </span>91 416Cash flows principal amount-14 400<span class=\"_ _195\"> </span>-15 467Cash flows interests-10 473<span class=\"_ _167\"> </span>-2 890Non-cash changes:Additions and remeasur<span class=\"_ _0\"></span>ements79 078<span class=\"_ _2a\"> </span>51 147Accretion o<span class=\"_ _0\"></span>f interest expense10 473<span class=\"_ _63\"> </span>2 890Accretion o<span class=\"_ _0\"></span>f capitalised interests0<span class=\"_ _63\"> </span><span class=\"lsa\">5 902</span>Foreign curr<span class=\"_ _0\"></span>ency effects2 515<span class=\"_ _b4\"> </span><span class=\"ws1b\">423</span>Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421Amounts recognised in pr<span class=\"_ _0\"></span>ofit or loss (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Depreciation expense o<span class=\"_ _0\"></span>f right<span class=\"_ _0\"></span>-of<span class=\"_ _1\"></span>-use assets-21 358<span class=\"_ _195\"> </span>-14 518Interest expense on lease liabilities-10 473<span class=\"_ _167\"> </span>-3 611Income from subleasing right<span class=\"_ _1\"></span>-of<span class=\"_ _0\"></span>-use assets2 205<span class=\"_ _63\"> </span>2 379Expense relating to leases o<span class=\"_ _0\"></span>f low-value assets-208<span class=\"_ _32\"> </span>-203Expense relating to short<span class=\"_ _0\"></span>-term leases, excluding shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases o<span class=\"_ _b\"></span>f low-value assets-32<span class=\"_ _32\"> </span>-131V<span class=\"_ _1\"></span>ariable lease payments0<span class=\"_ _fb\"> </span>0T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL amount recognised in pro<span class=\"_ _0\"></span>fit or loss-29,866<span class=\"_ _195\"> </span>-16,084Other informationT<span class=\"_ _4\"></span>otal cash outflow for leases as a lessee25 113<span class=\"_ _2a\"> </span>14 860W<span class=\"_ _0\"></span>eighted incremental borrowing rate used as discount rate for the measuring o<span class=\"_ _0\"></span>f lease liabilities6.9 %<span class=\"_ _137\"> </span>9.6 %Extension and termination optionsThe Group has several lease contracts that include extension and termination options. These options ar<span class=\"_ _0\"></span>e negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s business needs.  Significant accounting judgements - Determining the lease term o<span class=\"_ _0\"></span>f contracts with renewal and termination options -  Group as a lessee.The Group determines the lease term as the non-cancellable ter<span class=\"_ _b\"></span>m o<span class=\"_ _b\"></span>f the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Gr<span class=\"_ _0\"></span>oup applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exer<span class=\"_ _0\"></span>cise either the renewal or termination. After the commencement date, the Group r<span class=\"_ _0\"></span>eassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exer<span class=\"_ _0\"></span>cise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as par<span class=\"_ _e\"></span>t of the lease term as these ar<span class=\"_ _0\"></span>e not reasonably cer<span class=\"_ _e\"></span>tain to be exercised. In addition, the r<span class=\"_ _0\"></span>enewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not mor<span class=\"_ _0\"></span>e than three years and, hence is not exercising any r<span class=\"_ _b\"></span>enewal options. The periods covered by termination options ar<span class=\"_ _0\"></span>e included as par<span class=\"_ _3\"></span>t of the lease ter<span class=\"_ _b\"></span>m only when they are r<span class=\"_ _0\"></span>easonably cer<span class=\"_ _3\"></span>tain not to be exercised.Set out below are the material undiscounted potential futur<span class=\"_ _0\"></span>e rental payments r<span class=\"_ _0\"></span>elating to periods following the exercise date of extension and ter<span class=\"_ _b\"></span>mination options that are not included in the lease term.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__86-1": {
   "value": "3.3<span class=\"fc1 wse5\"> Leases</span>At inception o<span class=\"_ _0\"></span>f 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 o<span class=\"_ _0\"></span>f time in exchange for consideration. T<span class=\"_ _4\"></span>o assess whether a contract conveys the right to control the use o<span class=\"_ _0\"></span>f an identified asset, the Group uses the definition of a lease in IFRS 16.AS A LESSEEAt commencement date or on modification o<span class=\"_ _0\"></span>f a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Gr<span class=\"_ _0\"></span>oup has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are tr<span class=\"_ _0\"></span>eated separately in other standards than IFRS 16. The group r<span class=\"_ _0\"></span>ecognise a right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset and a lease liability at the lease commencement date. The right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial dir<span class=\"_ _0\"></span>ect costs incurred. The right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset is subsequently depreciated using the straight<span class=\"_ _0\"></span>-line method fr<span class=\"_ _0\"></span>om the commencement date to the end of the lease ter<span class=\"_ _b\"></span>m. In addition, the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is periodically reduced by impairment losses, if any<span class=\"_ _1\"></span>, and adjusted for cer<span class=\"_ _e\"></span>tain remeasurements o<span class=\"_ _0\"></span>f the lease liability<span class=\"_ _1\"></span>.The lease liability is initially measured at the pr<span class=\"_ _0\"></span>esent value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s incremental borr<span class=\"_ _0\"></span>owing rate. Generally<span class=\"_ _0\"></span>, the Group uses its incremental borr<span class=\"_ _0\"></span>owing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR) for additional information. Lease payments included in the measurement o<span class=\"_ _0\"></span>f the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is r<span class=\"_ _0\"></span>emeasured when there is a change in future lease payments arising fr<span class=\"_ _0\"></span>om a change in an index. When the lease liability is remeasur<span class=\"_ _0\"></span>ed in this way<span class=\"_ _0\"></span>, a corresponding adjustment is made to the carr<span class=\"_ _e\"></span>ying amount of the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset. P<span class=\"_ _0\"></span>ayments for insurance, proper<span class=\"_ _e\"></span>ty tax and V<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>T ar<span class=\"_ _0\"></span>e excluded from the lease payments amount as they are defined variable lease payments.The Group pr<span class=\"_ _0\"></span>esents right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use assets in \u2018proper<span class=\"_ _e\"></span>ty<span class=\"_ _0\"></span>, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019<span class=\"_ _1\"></span>, divided into current and non-curr<span class=\"_ _0\"></span>ent por<span class=\"_ _3\"></span>tions.Shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and leases o<span class=\"_ _0\"></span>f low value assetsNel have elected the practical expedient of tr<span class=\"_ _0\"></span>eating shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and low value assets outside the scope of IFRS 16.Significant accounting judgements - Estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR)The Group cannot r<span class=\"_ _0\"></span>eadily determine the interest rate implicit in the lease, therefor<span class=\"_ _0\"></span>e, it uses its IBR to measure lease liabilities. The IBR is the rate of inter<span class=\"_ _0\"></span>est that the Group would have to pay to borrow over a similar ter<span class=\"_ _b\"></span>m, and with a similar security<span class=\"_ _0\"></span>, the funds necessar<span class=\"_ _3\"></span>y to obtain an asset of a similar value to the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset in a similar economic environment. The IBR therefor<span class=\"_ _0\"></span>e reflects what the Group \u2018would have to pay\u2019<span class=\"_ _1\"></span>, which requires estimation when no obser<span class=\"_ _e\"></span>vable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incr<span class=\"_ _0\"></span>emental borrowing rate by considering various interest rates (risk fr<span class=\"_ _0\"></span>ee rate as 10-year government bonds, and risk premiums) and makes cer<span class=\"_ _e\"></span>tain adjustments to reflect the terms o<span class=\"_ _0\"></span>f the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiar<span class=\"_ _3\"></span>y\u2019<span class=\"_ _1\"></span>s stand-alone credit rating).The group has lease contracts for various items o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, war<span class=\"_ _0\"></span>ehouse and parking have 5 years and motor vehicles and other equipment generally have lease terms between 3 and 5 years. The Group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s obligations under its leases are secur<span class=\"_ _0\"></span>ed by the lessor<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group<span class=\"_ _1\"></span>\u2019 two significant leases in the manufacturing facilities at Her\u00f8ya (Nor<span class=\"_ _3\"></span>way) and W<span class=\"_ _0\"></span>allingford (US). Right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets(Amounts in NOK thousands)MANU-<span class=\"ls0 ws0\"> </span>OFFICE, <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACTURING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AREHOUSE M<span class=\"_ _3\"></span>OTO<span class=\"_ _3\"></span>R<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACILITIESAND P<span class=\"_ _1\"></span>ARKINGVEHICLES<span class=\"_ _4b\"> </span>EQUIPMENT<span class=\"_ _157\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202166 9695 554<span class=\"_ _bb\"> </span>2 862<span class=\"_ _af\"> </span><span class=\"ws1a\">560<span class=\"_ _6c\"> </span></span>75 946Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">13 657<span class=\"_ _bb\"> </span>1 380<span class=\"_ _af\"> </span></span>117<span class=\"_ _6c\"> </span><span class=\"ws0\">15 155</span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">33 843<span class=\"_ _bb\"> </span>2 323<span class=\"_ _27\"> </span></span>-174<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">35 992</span></span>Depreciation<span class=\"_ _f3\"> </span><span class=\"ws0\">-9 030<span class=\"_ _157\"> </span>-5 637<span class=\"_ _5b\"> </span>-1 386<span class=\"_ _27\"> </span></span>-116<span class=\"_ _3b\"> </span><span class=\"ws0\">-16 170</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _1dc\"> </span><span class=\"ws1a\">490<span class=\"_ _a5\"> </span>-56<span class=\"_ _154\"> </span>-120<span class=\"_ _a5\"> </span>-39<span class=\"_ _af\"> </span>275</span>As of 31.12.2021<span class=\"_ _1dd\"> </span>92 272<span class=\"_ _6c\"> </span>15 841<span class=\"_ _bb\"> </span>2 563<span class=\"_ _af\"> </span><span class=\"ws1a\">522<span class=\"_ _8c\"> </span></span>111 197Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 469<span class=\"_ _af\"> </span></span>492<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 961</span></span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">42 404<span class=\"_ _bb\"> </span>1 033<span class=\"_ _27\"> </span></span>-320<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">43 117</span></span>Depreciation <span class=\"_ _144\"> </span><span class=\"ws0\">-12 064<span class=\"_ _157\"> </span>-7 940<span class=\"_ _5b\"> </span>-1 233<span class=\"_ _27\"> </span></span>-121<span class=\"_ _3b\"> </span><span class=\"ws0\">-21 358</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _d4\"> </span>1 449<span class=\"_ _af\"> </span><span class=\"ws1a\">435<span class=\"_ _af\"> </span>108<span class=\"_ _15a\"> </span>22<span class=\"_ _bb\"> </span></span>2 013As of 31.12.2022 (note 3.2)<span class=\"_ _8d\"> </span>124 061<span class=\"_ _6c\"> </span>44 839<span class=\"_ _158\"> </span>1 608<span class=\"_ _af\"> </span><span class=\"ws1a\">423<span class=\"_ _59\"> </span></span>170 931In December 2022, the group r<span class=\"_ _0\"></span>eassessed the extension option within the lease agreement o<span class=\"_ _0\"></span>f W<span class=\"_ _0\"></span>allingford (US). The lease agreement expir<span class=\"_ _0\"></span>es in July 2024 with two extension options for 5-year periods exercisable in July 2024 (extending termination date to July 2029) and July 2029 (extending termination date to July 2034). The reassessment evaluated Nel\u2019<span class=\"_ _1\"></span>s recent plans to increase the pr<span class=\"_ _0\"></span>oduction capacity in US, including the budget planned for capital expenditure in 2023, and economic incentives for do not reallocate skilled staff and its fixed assets. The conclusion is that Nel is reasonably certain to exercise the first extension option expiring in July 2024. As of 31 December 2022, the economic incentives for the extension due in July 2029 were consider<span class=\"_ _0\"></span>ed unclear and not reasonably certain due to the uncer<span class=\"_ _3\"></span>tainties about the size of the capacity expansion, total investment and location.The reassessment r<span class=\"_ _0\"></span>esulted in an increase of the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets and lease liabilities of NOK 42.4 million in 2022.Lease liabilitiesThe table below show the carr<span class=\"_ _3\"></span>ying amounts of lease liabilities (both curr<span class=\"_ _0\"></span>ent and non-current por<span class=\"_ _e\"></span>tion) and the movements during the period:(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.<span class=\"_ _1de\"> </span>133 421<span class=\"_ _bb\"> </span>91 416Additions<span class=\"_ _1df\"> </span><span class=\"ws0\">35 961<span class=\"_ _bb\"> </span>15 155</span>Remeasurement<span class=\"_ _1e0\"> </span><span class=\"ws0\">43 117<span class=\"_ _bb\"> </span>35 992</span>Accretion o<span class=\"_ _0\"></span>f interest<span class=\"_ _1e1\"> </span>10 473<span class=\"_ _1e2\"> </span>8 792Lease payments<span class=\"_ _1e3\"> </span>-24 873<span class=\"_ _157\"> </span>-18 357T<span class=\"_ _1\"></span>ranslation differences<span class=\"_ _118\"> </span>2 515<span class=\"_ _1e4\"> </span><span class=\"ws1a\">423</span>Balance as of 31.12.<span class=\"_ _1de\"> </span>200 615<span class=\"_ _cd\"> </span>133 421Current30 438<span class=\"_ _2a\"> </span>19 916Non-current 170 177<span class=\"_ _1c1\"> </span>113 505Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421The maturity analysis of undiscounted cash flow in lease liabilities is disclosed in Note 5.2. The differ<span class=\"_ _0\"></span>ence between discounted cash flows and undiscounted cash flows (discount effect) is NOK 86.5 (73.8) million as of 31.12.2022. The discount effect is mainly related to manufacturing facility at Her\u00f8ya with included lease term until 2035.Reconciliation of liabilities arising fr<span class=\"_ _0\"></span>om financing activities in statement of cash flows, split in cash flows and non-cash changes.(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.133 421<span class=\"_ _2a\"> </span>91 416Cash flows principal amount-14 400<span class=\"_ _195\"> </span>-15 467Cash flows interests-10 473<span class=\"_ _167\"> </span>-2 890Non-cash changes:Additions and remeasur<span class=\"_ _0\"></span>ements79 078<span class=\"_ _2a\"> </span>51 147Accretion o<span class=\"_ _0\"></span>f interest expense10 473<span class=\"_ _63\"> </span>2 890Accretion o<span class=\"_ _0\"></span>f capitalised interests0<span class=\"_ _63\"> </span><span class=\"lsa\">5 902</span>Foreign curr<span class=\"_ _0\"></span>ency effects2 515<span class=\"_ _b4\"> </span><span class=\"ws1b\">423</span>Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421Amounts recognised in pr<span class=\"_ _0\"></span>ofit or loss (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Depreciation expense o<span class=\"_ _0\"></span>f right<span class=\"_ _0\"></span>-of<span class=\"_ _1\"></span>-use assets-21 358<span class=\"_ _195\"> </span>-14 518Interest expense on lease liabilities-10 473<span class=\"_ _167\"> </span>-3 611Income from subleasing right<span class=\"_ _1\"></span>-of<span class=\"_ _0\"></span>-use assets2 205<span class=\"_ _63\"> </span>2 379Expense relating to leases o<span class=\"_ _0\"></span>f low-value assets-208<span class=\"_ _32\"> </span>-203Expense relating to short<span class=\"_ _0\"></span>-term leases, excluding shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases o<span class=\"_ _b\"></span>f low-value assets-32<span class=\"_ _32\"> </span>-131V<span class=\"_ _1\"></span>ariable lease payments0<span class=\"_ _fb\"> </span>0T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL amount recognised in pro<span class=\"_ _0\"></span>fit or loss-29,866<span class=\"_ _195\"> </span>-16,084Other informationT<span class=\"_ _4\"></span>otal cash outflow for leases as a lessee25 113<span class=\"_ _2a\"> </span>14 860W<span class=\"_ _0\"></span>eighted incremental borrowing rate used as discount rate for the measuring o<span class=\"_ _0\"></span>f lease liabilities6.9 %<span class=\"_ _137\"> </span>9.6 %Extension and termination optionsThe Group has several lease contracts that include extension and termination options. These options ar<span class=\"_ _0\"></span>e negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s business needs.  Significant accounting judgements - Determining the lease term o<span class=\"_ _0\"></span>f contracts with renewal and termination options -  Group as a lessee.The Group determines the lease term as the non-cancellable ter<span class=\"_ _b\"></span>m o<span class=\"_ _b\"></span>f the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Gr<span class=\"_ _0\"></span>oup applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exer<span class=\"_ _0\"></span>cise either the renewal or termination. After the commencement date, the Group r<span class=\"_ _0\"></span>eassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exer<span class=\"_ _0\"></span>cise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as par<span class=\"_ _e\"></span>t of the lease term as these ar<span class=\"_ _0\"></span>e not reasonably cer<span class=\"_ _e\"></span>tain to be exercised. In addition, the r<span class=\"_ _0\"></span>enewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not mor<span class=\"_ _0\"></span>e than three years and, hence is not exercising any r<span class=\"_ _b\"></span>enewal options. The periods covered by termination options ar<span class=\"_ _0\"></span>e included as par<span class=\"_ _3\"></span>t of the lease ter<span class=\"_ _b\"></span>m only when they are r<span class=\"_ _0\"></span>easonably cer<span class=\"_ _3\"></span>tain not to be exercised.Set out below are the material undiscounted potential futur<span class=\"_ _0\"></span>e rental payments r<span class=\"_ _0\"></span>elating to periods following the exercise date of extension and ter<span class=\"_ _b\"></span>mination options that are not included in the lease term.2023<span class=\"_ _16d\"> </span>2024<span class=\"_ _60\"> </span>2025-2027<span class=\"_ _cb\"> </span>2027&lt;Extension options not reasonably certain to exercise0<span class=\"_ _16f\"> </span>0<span class=\"_ _1e5\"> </span>0<span class=\"_ _73\"> </span><span class=\"lsa\">43 321</span>T<span class=\"_ _4\"></span>ermination options expected to be exercised0<span class=\"_ _16f\"> </span>0<span class=\"_ _1e5\"> </span>0<span class=\"_ _16f\"> </span>0TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L0<span class=\"_ _16f\"> </span>0<span class=\"_ _1e5\"> </span>0<span class=\"_ _73\"> </span><span class=\"lsa\">43 321</span>AS A LESSORThe group have no leases as lessor except for sub-lease. All sub-leases are o<span class=\"_ _0\"></span>ffice space that has been presented as right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets as par<span class=\"_ _e\"></span>t of the property<span class=\"_ _0\"></span>, plant and equipment. When considering the lease term o<span class=\"_ _b\"></span>f the sub-lease and the head lease a major par<span class=\"_ _e\"></span>t of the economic life o<span class=\"_ _0\"></span>f the asset is retained by the Gr<span class=\"_ _0\"></span>oup. All sub-leases have been classified as operating leases and the lease payments received is recognised on a straight<span class=\"_ _1\"></span>-line basis over the lease term as par<span class=\"_ _e\"></span>t of \u2018<span class=\"_ _1\"></span>other operating income\u2019<span class=\"_ _1\"></span>.Reconciliation o<span class=\"_ _0\"></span>f liabilities arising from financing activities (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.23 191<span class=\"_ _2a\"> </span>30 284P<span class=\"_ _0\"></span>ayment of loan-1 889<span class=\"_ _167\"> </span>-4 464Non-cash changes:Accretion o<span class=\"_ _0\"></span>f interest598<span class=\"_ _b4\"> </span>598Foreign curr<span class=\"_ _0\"></span>ency effects530<span class=\"_ _167\"> </span><span class=\"ws0\">-3 227</span>Balance as of 31.12.22 431<span class=\"_ _2a\"> </span>23 191The reconciliation o<span class=\"_ _0\"></span>f lease liabilities arising from financing activities is disclosed in note 3.3 leases.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__89-1": {
   "value": "AS A LESSEEAt commencement date or on modification o<span class=\"_ _0\"></span>f a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Gr<span class=\"_ _0\"></span>oup has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are tr<span class=\"_ _0\"></span>eated separately in other standards than IFRS 16. The group r<span class=\"_ _0\"></span>ecognise a right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset and a lease liability at the lease commencement date. The right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial dir<span class=\"_ _0\"></span>ect costs incurred. The right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset is subsequently depreciated using the straight<span class=\"_ _0\"></span>-line method fr<span class=\"_ _0\"></span>om the commencement date to the end of the lease ter<span class=\"_ _b\"></span>m. In addition, the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset is periodically reduced by impairment losses, if any<span class=\"_ _1\"></span>, and adjusted for cer<span class=\"_ _e\"></span>tain remeasurements o<span class=\"_ _0\"></span>f the lease liability<span class=\"_ _1\"></span>.The lease liability is initially measured at the pr<span class=\"_ _0\"></span>esent value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s incremental borr<span class=\"_ _0\"></span>owing rate. Generally<span class=\"_ _0\"></span>, the Group uses its incremental borr<span class=\"_ _0\"></span>owing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR) for additional information. Lease payments included in the measurement o<span class=\"_ _0\"></span>f the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is r<span class=\"_ _0\"></span>emeasured when there is a change in future lease payments arising fr<span class=\"_ _0\"></span>om a change in an index. When the lease liability is remeasur<span class=\"_ _0\"></span>ed in this way<span class=\"_ _0\"></span>, a corresponding adjustment is made to the carr<span class=\"_ _e\"></span>ying amount of the right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use asset. P<span class=\"_ _0\"></span>ayments for insurance, proper<span class=\"_ _e\"></span>ty tax and V<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>T ar<span class=\"_ _0\"></span>e excluded from the lease payments amount as they are defined variable lease payments.The Group pr<span class=\"_ _0\"></span>esents right<span class=\"_ _0\"></span>-o<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>-use assets in \u2018proper<span class=\"_ _e\"></span>ty<span class=\"_ _0\"></span>, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019<span class=\"_ _1\"></span>, divided into current and non-curr<span class=\"_ _0\"></span>ent por<span class=\"_ _3\"></span>tions.Shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and leases o<span class=\"_ _0\"></span>f low value assetsNel have elected the practical expedient of tr<span class=\"_ _0\"></span>eating shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and low value assets outside the scope of IFRS 16.Significant accounting judgements - Estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR)The Group cannot r<span class=\"_ _0\"></span>eadily determine the interest rate implicit in the lease, therefor<span class=\"_ _0\"></span>e, it uses its IBR to measure lease liabilities. The IBR is the rate of inter<span class=\"_ _0\"></span>est that the Group would have to pay to borrow over a similar ter<span class=\"_ _b\"></span>m, and with a similar security<span class=\"_ _0\"></span>, the funds necessar<span class=\"_ _3\"></span>y to obtain an asset of a similar value to the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset in a similar economic environment. The IBR therefor<span class=\"_ _0\"></span>e reflects what the Group \u2018would have to pay\u2019<span class=\"_ _1\"></span>, which requires estimation when no obser<span class=\"_ _e\"></span>vable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incr<span class=\"_ _0\"></span>emental borrowing rate by considering various interest rates (risk fr<span class=\"_ _0\"></span>ee rate as 10-year government bonds, and risk premiums) and makes cer<span class=\"_ _e\"></span>tain adjustments to reflect the terms o<span class=\"_ _0\"></span>f the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiar<span class=\"_ _3\"></span>y\u2019<span class=\"_ _1\"></span>s stand-alone credit rating).5.2 <span class=\"_ _46\"> </span><span class=\"fc1\">Long-term debt and guarantees</span>(Amounts in NOK thousands)<span class=\"fsc\"> </span>L<span class=\"_ _0\"></span>ONG-TERM DEBT - LENDER<span class=\"_ _48\"> </span>LEGAL ENTITY<span class=\"_ _56\"> </span>MA<span class=\"_ _1\"></span>TURIT<span class=\"_ _e\"></span>Y<span class=\"_ _136\"> </span>INTEREST RA<span class=\"_ _1\"></span>TE<span class=\"_ _6b\"> </span><span class=\"ws19\">2022<span class=\"_ _78\"> </span>2021</span>2) Nykredit - V<span class=\"_ _1\"></span>ejlevej 5 - Ejendom<span class=\"_ _18f\"> </span>Nel Hydr<span class=\"_ _0\"></span>ogen A/S<span class=\"_ _17c\"> </span><span class=\"ws1a\">2038</span>0.36 %<span class=\"_ _54\"> </span>15 995<span class=\"_ _54\"> </span>16 4263) Nykredit - V<span class=\"_ _1\"></span>ejlevej 5 - Ejendom<span class=\"_ _18f\"> </span>Nel Hydr<span class=\"_ _0\"></span>ogen A/S<span class=\"_ _17c\"> </span><span class=\"ws1a\">2038</span>0.27 %<span class=\"_ _6b\"> </span>5 353<span class=\"_ _6b\"> </span>5 4824) Nykredit - V<span class=\"_ _1\"></span>ejlevej 3<span class=\"_ _b9\"> </span>Nel Hydrogen A/S<span class=\"_ _ea\"> </span><span class=\"ws1a\">2028</span>0.30 %<span class=\"_ _6b\"> </span>1 083<span class=\"_ _6b\"> </span>1 283Balance as of 31.12.22 431<span class=\"_ _54\"> </span>23 191Reconciliation o<span class=\"_ _0\"></span>f liabilities arising from financing activities (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.23 191<span class=\"_ _2a\"> </span>30 284P<span class=\"_ _0\"></span>ayment of loan-1 889<span class=\"_ _167\"> </span>-4 464Non-cash changes:Accretion o<span class=\"_ _0\"></span>f interest598<span class=\"_ _b4\"> </span>598Foreign curr<span class=\"_ _0\"></span>ency effects530<span class=\"_ _167\"> </span><span class=\"ws0\">-3 227</span>Balance as of 31.12.22 431<span class=\"_ _2a\"> </span>23 191The reconciliation o<span class=\"_ _0\"></span>f lease liabilities arising from financing activities is disclosed in note 3.3 leases.MA<span class=\"_ _4\"></span>TURIT<span class=\"_ _e\"></span>Y ANAL<span class=\"_ _1\"></span>Y<span class=\"_ _0\"></span>SISMaturity analysis for long-term debt (undiscounted cash flows)20222023<span class=\"_ _1bd\"> </span>2024<span class=\"_ _1bd\"> </span>2025<span class=\"_ _96\"> </span>2026<span class=\"_ _1e8\"> </span>&gt;2026<span class=\"_ _94\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> </span>Nykredit<span class=\"_ _66\"> </span><span class=\"ws0\">1 378<span class=\"_ _8a\"> </span>1 415<span class=\"_ _61\"> </span>1 454<span class=\"_ _8a\"> </span>1 493<span class=\"_ _20\"> </span>16 691<span class=\"_ _159\"> </span>22 431</span>Lease liabilities (note 3.3)<span class=\"_ _1d0\"> </span> 31 903 <span class=\"_ _8f\"> </span> 28 926 <span class=\"_ _60\"> </span> 31 427 <span class=\"_ _60\"> </span> 30 392 <span class=\"_ _3c\"> </span> 164 469 <span class=\"_ _31\"> </span>287 1181)Estimated interest cost 504<span class=\"_ _3b\"> </span>464<span class=\"_ _3b\"> </span>430<span class=\"_ _3b\"> </span>430<span class=\"_ _61\"> </span><span class=\"ws0\">2 571<span class=\"_ _61\"> </span>4 399</span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL long-term debt including interest<span class=\"_ _192\"> </span>33 785<span class=\"_ _20\"> </span>30 805<span class=\"_ _159\"> </span>33 310<span class=\"_ _159\"> </span>32 316<span class=\"_ _80\"> </span>183 731<span class=\"_ _60\"> </span>313 9471) Based on prevailing debt installment agr<span class=\"_ _b\"></span>eements and interest rates.20212022<span class=\"_ _1bd\"> </span>2023<span class=\"_ _1bd\"> </span>2024<span class=\"_ _96\"> </span>2025<span class=\"_ _1e8\"> </span>&gt;2025<span class=\"_ _94\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> </span>Nykredit1 885<span class=\"_ _1bd\"> </span>1 513<span class=\"_ _1bd\"> </span>1 523<span class=\"_ _1bd\"> </span>1 530<span class=\"_ _1ff\"> </span>16 741<span class=\"_ _9f\"> </span>23 191Lease liabilities (note 3.3) 20 917 <span class=\"_ _78\"> </span> 23 562 <span class=\"_ _78\"> </span> 16 557 <span class=\"_ _78\"> </span> 15 022<span class=\"_ _e\"></span> <span class=\"_ _31\"> </span> 131 166 <span class=\"_ _8f\"> </span>207 225 1)Estimated interest cost513<span class=\"_ _5c\"> </span>479<span class=\"_ _cb\"> </span>441<span class=\"_ _cb\"> </span>408<span class=\"_ _1bd\"> </span><span class=\"ws0\">2 443<span class=\"_ _1bd\"> </span>4 284</span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL long-term debt including interest23 315<span class=\"_ _9f\"> </span>25 554<span class=\"_ _1ff\"> </span>18 521<span class=\"_ _9f\"> </span>16 960<span class=\"_ _1cd\"> </span>150 350<span class=\"_ _1cd\"> </span>234 7001) Based on prevailing debt installment agr<span class=\"_ _b\"></span>eements and interest rates.(Amounts in NOK thousands)CARRYING AMOUNT OF ASSETS THA<span class=\"_ _1\"></span>T ARE PLEDGED<span class=\"_ _200\"> </span><span class=\"ws19\">2022<span class=\"_ _63\"> </span>2021</span>Other equipment92<span class=\"_ _b4\"> </span>230Building65 430<span class=\"_ _2a\"> </span>64 904TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L65 522<span class=\"_ _2a\"> </span>65 134GUARANTEES<span class=\"_ _187\"> </span>2022<span class=\"_ _63\"> </span>2021Bank guarantees267 748<span class=\"_ _2a\"> </span>33 546",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__81": {
   "value": "PROPERTY, PLANT AND EQUIPMENT GEOGRAPHICAL AREA 2022 2021Norway 562 761 461 994Denmark 111 225 106 262USA 107 959 49 919South Korea 3 543 5 339Balance as of 31.12. 785 488 623 514The allocation of property, plant and equipment is based on the geographical location of the assets.USEFUL LIFE, DEPRECIATION PLAN\u2022  Office machines and other equipment has a useful life of 3-5 years\u2022  Production equipment has a useful life of 3-8 years\u2022  Buildings has a useful life of 30-40 years\u2022  Technical installations have a useful life of 15-10 years\u2022  Right of use assets has a useful life of 2-10 yearsHer\u00f8ya expansionIn 2022, Nel initiated a continued expansion at Her\u00f8ya in Norway with an additional 500 MW alkaline production line, expected to be operational from April 2024. The carrying amount for the Her\u00f8ya second line expansion is NOK 55 million as of 31 December 2022. Total contractual commitments beyond December 2022 for the second line are NOK 230 million, including purchase contracts for all the physical equipment needed.ImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__90-1": {
   "value": "lease liabilities within \u2018lease liabilities\u2019<span class=\"_ _1\"></span>, divided into current and non-curr<span class=\"_ _0\"></span>ent por<span class=\"_ _3\"></span>tions.Shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and leases o<span class=\"_ _0\"></span>f low value assetsNel have elected the practical expedient of tr<span class=\"_ _0\"></span>eating shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases and low value assets outside the scope of IFRS 16.Significant accounting judgements - Estimating the incremental borr<span class=\"_ _0\"></span>owing rate (IBR)The Group cannot r<span class=\"_ _0\"></span>eadily determine the interest rate implicit in the lease, therefor<span class=\"_ _0\"></span>e, it uses its IBR to measure lease liabilities. The IBR is the rate of inter<span class=\"_ _0\"></span>est that the Group would have to pay to borrow over a similar ter<span class=\"_ _b\"></span>m, and with a similar security<span class=\"_ _0\"></span>, the funds necessar<span class=\"_ _3\"></span>y to obtain an asset of a similar value to the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use asset in a similar economic environment. The IBR therefor<span class=\"_ _0\"></span>e reflects what the Group \u2018would have to pay\u2019<span class=\"_ _1\"></span>, which requires estimation when no obser<span class=\"_ _e\"></span>vable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incr<span class=\"_ _0\"></span>emental borrowing rate by considering various interest rates (risk fr<span class=\"_ _0\"></span>ee rate as 10-year government bonds, and risk premiums) and makes cer<span class=\"_ _e\"></span>tain adjustments to reflect the terms o<span class=\"_ _0\"></span>f the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiar<span class=\"_ _3\"></span>y\u2019<span class=\"_ _1\"></span>s stand-alone credit rating).The group has lease contracts for various items o<span class=\"_ _0\"></span>f manufacturing facilities, offices, war<span class=\"_ _0\"></span>ehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, war<span class=\"_ _0\"></span>ehouse and parking have 5 years and motor vehicles and other equipment generally have lease terms between 3 and 5 years. The Group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s obligations under its leases are secur<span class=\"_ _0\"></span>ed by the lessor<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group<span class=\"_ _1\"></span>\u2019 two significant leases in the manufacturing facilities at Her\u00f8ya (Nor<span class=\"_ _3\"></span>way) and W<span class=\"_ _0\"></span>allingford (US). Right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets(Amounts in NOK thousands)MANU-<span class=\"ls0 ws0\"> </span>OFFICE, <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACTURING <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>W<span class=\"_ _0\"></span>AREHOUSE M<span class=\"_ _3\"></span>OTO<span class=\"_ _3\"></span>R<span class=\"_ _e\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span>F<span class=\"_ _1\"></span>ACILITIESAND P<span class=\"_ _1\"></span>ARKINGVEHICLES<span class=\"_ _4b\"> </span>EQUIPMENT<span class=\"_ _157\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202166 9695 554<span class=\"_ _bb\"> </span>2 862<span class=\"_ _af\"> </span><span class=\"ws1a\">560<span class=\"_ _6c\"> </span></span>75 946Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">13 657<span class=\"_ _bb\"> </span>1 380<span class=\"_ _af\"> </span></span>117<span class=\"_ _6c\"> </span><span class=\"ws0\">15 155</span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">33 843<span class=\"_ _bb\"> </span>2 323<span class=\"_ _27\"> </span></span>-174<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">35 992</span></span>Depreciation<span class=\"_ _f3\"> </span><span class=\"ws0\">-9 030<span class=\"_ _157\"> </span>-5 637<span class=\"_ _5b\"> </span>-1 386<span class=\"_ _27\"> </span></span>-116<span class=\"_ _3b\"> </span><span class=\"ws0\">-16 170</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _1dc\"> </span><span class=\"ws1a\">490<span class=\"_ _a5\"> </span>-56<span class=\"_ _154\"> </span>-120<span class=\"_ _a5\"> </span>-39<span class=\"_ _af\"> </span>275</span>As of 31.12.2021<span class=\"_ _1dd\"> </span>92 272<span class=\"_ _6c\"> </span>15 841<span class=\"_ _bb\"> </span>2 563<span class=\"_ _af\"> </span><span class=\"ws1a\">522<span class=\"_ _8c\"> </span></span>111 197Additions <span class=\"_ _82\"> </span>0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 469<span class=\"_ _af\"> </span></span>492<span class=\"_ _1bc\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _6c\"> </span><span class=\"ls9\">35 961</span></span>Remeasurement <span class=\"_ _1db\"> </span><span class=\"ws0\">42 404<span class=\"_ _bb\"> </span>1 033<span class=\"_ _27\"> </span></span>-320<span class=\"_ _c1\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _cd\"> </span><span class=\"ls9\">43 117</span></span>Depreciation <span class=\"_ _144\"> </span><span class=\"ws0\">-12 064<span class=\"_ _157\"> </span>-7 940<span class=\"_ _5b\"> </span>-1 233<span class=\"_ _27\"> </span></span>-121<span class=\"_ _3b\"> </span><span class=\"ws0\">-21 358</span>T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _d4\"> </span>1 449<span class=\"_ _af\"> </span><span class=\"ws1a\">435<span class=\"_ _af\"> </span>108<span class=\"_ _15a\"> </span>22<span class=\"_ _bb\"> </span></span>2 013As of 31.12.2022 (note 3.2)<span class=\"_ _8d\"> </span>124 061<span class=\"_ _6c\"> </span>44 839<span class=\"_ _158\"> </span>1 608<span class=\"_ _af\"> </span><span class=\"ws1a\">423<span class=\"_ _59\"> </span></span>170 931In December 2022, the group r<span class=\"_ _0\"></span>eassessed the extension option within the lease agreement o<span class=\"_ _0\"></span>f W<span class=\"_ _0\"></span>allingford (US). The lease agreement expir<span class=\"_ _0\"></span>es in July 2024 with two extension options for 5-year periods exercisable in July 2024 (extending termination date to July 2029) and July 2029 (extending termination date to July 2034). The reassessment evaluated Nel\u2019<span class=\"_ _1\"></span>s recent plans to increase the pr<span class=\"_ _0\"></span>oduction capacity in US, including the budget planned for capital expenditure in 2023, and economic incentives for do not reallocate skilled staff and its fixed assets. The conclusion is that Nel is reasonably certain to exercise the first extension option expiring in July 2024. As of 31 December 2022, the economic incentives for the extension due in July 2029 were consider<span class=\"_ _0\"></span>ed unclear and not reasonably certain due to the uncer<span class=\"_ _3\"></span>tainties about the size of the capacity expansion, total investment and location.The reassessment r<span class=\"_ _0\"></span>esulted in an increase of the right<span class=\"_ _1\"></span>-of<span class=\"_ _1\"></span>-use assets and lease liabilities of NOK 42.4 million in 2022.Lease liabilitiesThe table below show the carr<span class=\"_ _3\"></span>ying amounts of lease liabilities (both curr<span class=\"_ _0\"></span>ent and non-current por<span class=\"_ _e\"></span>tion) and the movements during the period:(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.<span class=\"_ _1de\"> </span>133 421<span class=\"_ _bb\"> </span>91 416Additions<span class=\"_ _1df\"> </span><span class=\"ws0\">35 961<span class=\"_ _bb\"> </span>15 155</span>Remeasurement<span class=\"_ _1e0\"> </span><span class=\"ws0\">43 117<span class=\"_ _bb\"> </span>35 992</span>Accretion o<span class=\"_ _0\"></span>f interest<span class=\"_ _1e1\"> </span>10 473<span class=\"_ _1e2\"> </span>8 792Lease payments<span class=\"_ _1e3\"> </span>-24 873<span class=\"_ _157\"> </span>-18 357T<span class=\"_ _1\"></span>ranslation differences<span class=\"_ _118\"> </span>2 515<span class=\"_ _1e4\"> </span><span class=\"ws1a\">423</span>Balance as of 31.12.<span class=\"_ _1de\"> </span>200 615<span class=\"_ _cd\"> </span>133 421Current30 438<span class=\"_ _2a\"> </span>19 916Non-current 170 177<span class=\"_ _1c1\"> </span>113 505Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421The maturity analysis of undiscounted cash flow in lease liabilities is disclosed in Note 5.2. The differ<span class=\"_ _0\"></span>ence between discounted cash flows and undiscounted cash flows (discount effect) is NOK 86.5 (73.8) million as of 31.12.2022. The discount effect is mainly related to manufacturing facility at Her\u00f8ya with included lease term until 2035.Reconciliation of liabilities arising fr<span class=\"_ _0\"></span>om financing activities in statement of cash flows, split in cash flows and non-cash changes.(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.133 421<span class=\"_ _2a\"> </span>91 416Cash flows principal amount-14 400<span class=\"_ _195\"> </span>-15 467Cash flows interests-10 473<span class=\"_ _167\"> </span>-2 890Non-cash changes:Additions and remeasur<span class=\"_ _0\"></span>ements79 078<span class=\"_ _2a\"> </span>51 147Accretion o<span class=\"_ _0\"></span>f interest expense10 473<span class=\"_ _63\"> </span>2 890Accretion o<span class=\"_ _0\"></span>f capitalised interests0<span class=\"_ _63\"> </span><span class=\"lsa\">5 902</span>Foreign curr<span class=\"_ _0\"></span>ency effects2 515<span class=\"_ _b4\"> </span><span class=\"ws1b\">423</span>Balance as of 31.12.200 615<span class=\"_ _1c1\"> </span>133 421Amounts recognised in pr<span class=\"_ _0\"></span>ofit or loss (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Depreciation expense o<span class=\"_ _0\"></span>f right<span class=\"_ _0\"></span>-of<span class=\"_ _1\"></span>-use assets-21 358<span class=\"_ _195\"> </span>-14 518Interest expense on lease liabilities-10 473<span class=\"_ _167\"> </span>-3 611Income from subleasing right<span class=\"_ _1\"></span>-of<span class=\"_ _0\"></span>-use assets2 205<span class=\"_ _63\"> </span>2 379Expense relating to leases o<span class=\"_ _0\"></span>f low-value assets-208<span class=\"_ _32\"> </span>-203Expense relating to short<span class=\"_ _0\"></span>-term leases, excluding shor<span class=\"_ _e\"></span>t<span class=\"_ _0\"></span>-term leases o<span class=\"_ _b\"></span>f low-value assets-32<span class=\"_ _32\"> </span>-131V<span class=\"_ _1\"></span>ariable lease payments0<span class=\"_ _fb\"> </span>0T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL amount recognised in pro<span class=\"_ _0\"></span>fit or loss-29,866<span class=\"_ _195\"> </span>-16,084Other informationT<span class=\"_ _4\"></span>otal cash outflow for leases as a lessee25 113<span class=\"_ _2a\"> </span>14 860W<span class=\"_ _0\"></span>eighted incremental borrowing rate used as discount rate for the measuring o<span class=\"_ _0\"></span>f lease liabilities6.9 %<span class=\"_ _137\"> </span>9.6 %5.2 <span class=\"_ _46\"> </span><span class=\"fc1\">Long-term debt and guarantees</span>(Amounts in NOK thousands)<span class=\"fsc\"> </span>L<span class=\"_ _0\"></span>ONG-TERM DEBT - LENDER<span class=\"_ _48\"> </span>LEGAL ENTITY<span class=\"_ _56\"> </span>MA<span class=\"_ _1\"></span>TURIT<span class=\"_ _e\"></span>Y<span class=\"_ _136\"> </span>INTEREST RA<span class=\"_ _1\"></span>TE<span class=\"_ _6b\"> </span><span class=\"ws19\">2022<span class=\"_ _78\"> </span>2021</span>2) Nykredit - V<span class=\"_ _1\"></span>ejlevej 5 - Ejendom<span class=\"_ _18f\"> </span>Nel Hydr<span class=\"_ _0\"></span>ogen A/S<span class=\"_ _17c\"> </span><span class=\"ws1a\">2038</span>0.36 %<span class=\"_ _54\"> </span>15 995<span class=\"_ _54\"> </span>16 4263) Nykredit - V<span class=\"_ _1\"></span>ejlevej 5 - Ejendom<span class=\"_ _18f\"> </span>Nel Hydr<span class=\"_ _0\"></span>ogen A/S<span class=\"_ _17c\"> </span><span class=\"ws1a\">2038</span>0.27 %<span class=\"_ _6b\"> </span>5 353<span class=\"_ _6b\"> </span>5 4824) Nykredit - V<span class=\"_ _1\"></span>ejlevej 3<span class=\"_ _b9\"> </span>Nel Hydrogen A/S<span class=\"_ _ea\"> </span><span class=\"ws1a\">2028</span>0.30 %<span class=\"_ _6b\"> </span>1 083<span class=\"_ _6b\"> </span>1 283Balance as of 31.12.22 431<span class=\"_ _54\"> </span>23 191Reconciliation o<span class=\"_ _0\"></span>f liabilities arising from financing activities (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Balance as of 01.01.23 191<span class=\"_ _2a\"> </span>30 284P<span class=\"_ _0\"></span>ayment of loan-1 889<span class=\"_ _167\"> </span>-4 464Non-cash changes:Accretion o<span class=\"_ _0\"></span>f interest598<span class=\"_ _b4\"> </span>598Foreign curr<span class=\"_ _0\"></span>ency effects530<span class=\"_ _167\"> </span><span class=\"ws0\">-3 227</span>Balance as of 31.12.22 431<span class=\"_ _2a\"> </span>23 191The reconciliation o<span class=\"_ _0\"></span>f lease liabilities arising from financing activities is disclosed in note 3.3 leases.MA<span class=\"_ _4\"></span>TURIT<span class=\"_ _e\"></span>Y ANAL<span class=\"_ _1\"></span>Y<span class=\"_ _0\"></span>SISMaturity analysis for long-term debt (undiscounted cash flows)20222023<span class=\"_ _1bd\"> </span>2024<span class=\"_ _1bd\"> </span>2025<span class=\"_ _96\"> </span>2026<span class=\"_ _1e8\"> </span>&gt;2026<span class=\"_ _94\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> </span>Nykredit<span class=\"_ _66\"> </span><span class=\"ws0\">1 378<span class=\"_ _8a\"> </span>1 415<span class=\"_ _61\"> </span>1 454<span class=\"_ _8a\"> </span>1 493<span class=\"_ _20\"> </span>16 691<span class=\"_ _159\"> </span>22 431</span>Lease liabilities (note 3.3)<span class=\"_ _1d0\"> </span> 31 903 <span class=\"_ _8f\"> </span> 28 926 <span class=\"_ _60\"> </span> 31 427 <span class=\"_ _60\"> </span> 30 392 <span class=\"_ _3c\"> </span> 164 469 <span class=\"_ _31\"> </span>287 1181)Estimated interest cost 504<span class=\"_ _3b\"> </span>464<span class=\"_ _3b\"> </span>430<span class=\"_ _3b\"> </span>430<span class=\"_ _61\"> </span><span class=\"ws0\">2 571<span class=\"_ _61\"> </span>4 399</span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL long-term debt including interest<span class=\"_ _192\"> </span>33 785<span class=\"_ _20\"> </span>30 805<span class=\"_ _159\"> </span>33 310<span class=\"_ _159\"> </span>32 316<span class=\"_ _80\"> </span>183 731<span class=\"_ _60\"> </span>313 9471) Based on prevailing debt installment agr<span class=\"_ _b\"></span>eements and interest rates.20212022<span class=\"_ _1bd\"> </span>2023<span class=\"_ _1bd\"> </span>2024<span class=\"_ _96\"> </span>2025<span class=\"_ _1e8\"> </span>&gt;2025<span class=\"_ _94\"> </span><span class=\"ls3a wsdf\">TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> </span>Nykredit1 885<span class=\"_ _1bd\"> </span>1 513<span class=\"_ _1bd\"> </span>1 523<span class=\"_ _1bd\"> </span>1 530<span class=\"_ _1ff\"> </span>16 741<span class=\"_ _9f\"> </span>23 191Lease liabilities (note 3.3) 20 917 <span class=\"_ _78\"> </span> 23 562 <span class=\"_ _78\"> </span> 16 557 <span class=\"_ _78\"> </span> 15 022<span class=\"_ _e\"></span> <span class=\"_ _31\"> </span> 131 166 <span class=\"_ _8f\"> </span>207 225 1)Estimated interest cost513<span class=\"_ _5c\"> </span>479<span class=\"_ _cb\"> </span>441<span class=\"_ _cb\"> </span>408<span class=\"_ _1bd\"> </span><span class=\"ws0\">2 443<span class=\"_ _1bd\"> </span>4 284</span>T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL long-term debt including interest23 315<span class=\"_ _9f\"> </span>25 554<span class=\"_ _1ff\"> </span>18 521<span class=\"_ _9f\"> </span>16 960<span class=\"_ _1cd\"> </span>150 350<span class=\"_ _1cd\"> </span>234 7001) Based on prevailing debt installment agr<span class=\"_ _b\"></span>eements and interest rates.(Amounts in NOK thousands)CARRYING AMOUNT OF ASSETS THA<span class=\"_ _1\"></span>T ARE PLEDGED<span class=\"_ _200\"> </span><span class=\"ws19\">2022<span class=\"_ _63\"> </span>2021</span>Other equipment92<span class=\"_ _b4\"> </span>230Building65 430<span class=\"_ _2a\"> </span>64 904TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L65 522<span class=\"_ _2a\"> </span>65 134GUARANTEES<span class=\"_ _187\"> </span>2022<span class=\"_ _63\"> </span>2021Bank guarantees267 748<span class=\"_ _2a\"> </span>33 546",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__99": {
   "value": "3.4  Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2022 or 2021.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__98": {
   "value": "3.4  Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2022 or 2021.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__97": {
   "value": "3.4  Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2022 or 2021.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__96-1": {
   "value": "3.4  Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2022 or 2021.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities.(Amounts in NOK thousands) ACQUISITION COST CARRYING   VALUESCOUNTRY SEGMENT OWNERSHIP TYPE 2022 2021 2022 2021Sagim SAS France Electrolyser 37.0% Associate 100 100 100 100Shares/ Hyon AS Norway Fueling 17.6%/28.7%Associate 0 572 0 572Glomfjord Hydrogen AS Norway Electrolyser 23.2% Associate 2 786 1 626 2 786 1 626SUM associated companies 2 886 2 298 2 886 2 298\u00cdslenska Vetnisf\u00e9lagi\u00f0  Iceland Fueling 10.0% Joint venture 2 346 2 346 0 0SUM joint ventures 2 346 2 346 0 0TOTAL associated companies and joint ventures 5 232 4 645 2 886 2 298Hyon AS (17.6%/28.7%):On 21 January 2022, Hyon AS, completed a private placement at a price of NOK 2.34 per share and subsequently a successful admission to Euronext Growth Oslo. The shares were therefore reclassified from shares in associate (28.7% shareholding) to shares in current investments (17.6% shareholding), refer to note 4.3 for additional information.Short-term investments96 861 39 909Prepayments147 422 55 530Other current assets48 351 23 022Fair value of derivatives (note 6.4)438 8 176Balance as of 31.12.777 408 702 728EQUITY INSTRUMENTSNikola CorporationDuring 2018 Nel invested USD 5.0 million in Nikola Motor Company Inc (former name). The carrying value as of 31 December 2022 is NOK 0.0 (96.3) million after the sale of all the shares during 2022 for the total consideration of NOK 72.4 million. 2022 includes a finance cost from decline in value of NOK 23.9 in 2022.Nikola Corporation(Amounts in NOK thousands)FAIR VALUE USD/ BOOK  SHARE HOLDINGPER SHARE USD VALUE USD/NOKVALUECarrying value as of 01.01.20211 106 52015.26 16 885 8.53 144 077Fair value adjustment 2021 0 -5.39-5 9640.29 -47 757Carrying value as of 31.12.2021 1 106 520 9.87 10 921 8.82 96 320Fair value adjustment 20220-3.12-3 4500.87 -23 903Sale of shares 2022-1 106 5206.75-7 4729.69 -72 417Carrying value as of 31.12.2022 0 0 0EverfuelDuring 2018 and 2019 Nel invested NOK 2.2 million in Everfuel A/S. On October 21, 2020, Everfuel A/S completed a listing on Euronext Growth. Consequently, Nel\u2019s shareholding in Everfuel A/S is based on quoted prices in an active market both per 31 December 2021 and 2022. The Everfuel shares lock-up period expired on October 29, 2021. Thus, there is no lock-up restriction with the shareholdings as of 31 December 2022. The carrying value as of 31 December 2022 is NOK 435.8 (471.9) million. The carrying value is calculated as the shareholding of 12 140 255 shares multiplied with closing price in 2022 of NOK 35.90. Everfuel A/S(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.202112 338 624  0.91  125.00 1 542 328Private placement20 485 125.00 2 561Fair value adjustment 2021-86.82 -1 073 018Carrying value as of 31.12.202112 359 109  1.12  38.18 471 871Fair value adjustment 2022-26 215Sale of shares 2022-218 854 -9 820Carrying value as of 31.12.202212 140 255  1.12  35.90 435 836HyonThe carrying value as of 31 December 2022 is NOK 14.4 (0.6) million. The carrying value is calculated as the shareholding of 9 804 000 shares multiplied with closing price in 2022 of NOK 1.48. As of 24 January 2023, Nel has divested all its shares in Hyon AS for a total net consideration of about NOK 7 million.HYON AS(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.2021114 00029.39 0Capital increase 6.14 700Sale of shares-114 000 -35.53-700Purchase of shares98 040 5.83572Stock split 9 705 960 -5.77Carrying value as of 31.12.2021 9 804 000  0.06  0.06 572Fair value adjustment 20221.4213 889Carrying value as of 31.12.2022 9 804 000 0.06 1.48 14 461SHORT-TERM INVESTMENTSH2NO ASPer 31 December 2022 the Group holds 44% of the shares in the company. In addition to the shares, the Group holds a put option for all the shares, and the controlling owner has a call option for all of the shares. Both options are irrevocably granted by the other party from 30 December 2020 Consequently, the combination of shares and put/call options results in the shares being sold per 31 December 2020 and consideration will be received in a future period. The forward (consideration for sale of shares) is recognised at fair value, NOK 33.7 (28.1) million per 31 December 2022.Performance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 61.2 (9.8) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__95-1": {
   "value": "3.4  Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2022 or 2021.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities.(Amounts in NOK thousands) ACQUISITION COST CARRYING   VALUESCOUNTRY SEGMENT OWNERSHIP TYPE 2022 2021 2022 2021Sagim SAS France Electrolyser 37.0% Associate 100 100 100 100Shares/ Hyon AS Norway Fueling 17.6%/28.7%Associate 0 572 0 572Glomfjord Hydrogen AS Norway Electrolyser 23.2% Associate 2 786 1 626 2 786 1 626SUM associated companies 2 886 2 298 2 886 2 298\u00cdslenska Vetnisf\u00e9lagi\u00f0  Iceland Fueling 10.0% Joint venture 2 346 2 346 0 0SUM joint ventures 2 346 2 346 0 0TOTAL associated companies and joint ventures 5 232 4 645 2 886 2 298Hyon AS (17.6%/28.7%):On 21 January 2022, Hyon AS, completed a private placement at a price of NOK 2.34 per share and subsequently a successful admission to Euronext Growth Oslo. The shares were therefore reclassified from shares in associate (28.7% shareholding) to shares in current investments (17.6% shareholding), refer to note 4.3 for additional information.7.1  Composition of the groupThe following subsidiaries are included in the consolidated financial statements:MAIN  CONSOLIDATED OWNERSHIP/ OWNERSHIP/ COMPANY LOCATIONOPERATIONSFROM:VOTES 2022VOTES 2021Nel Hydrogen Electrolyser AS Notodden, Norway Alkaline electrolysers 01.10.2015 100 % 100 %Hydrogen fueling Nel Hydrogen A/S Herning, Denmarkstations 01.07.2015 100 % 100 %Nel Fuel AS Oslo, Norway Investment/holding 01.07.2015 100 % 100 %Proton Energy Systems Inc Wallingford, Connecticut, USA PEM electrolysers 01.07.2017 100 % 100 %Nel Korea Co. Ltd Seoul, South Korea  Service of H2Station\u00ae 01.07.2018 100 % 100 %Nel Hydrogen Inc San Leandro, California USA Service of H2Station\u00ae 01.01.2019 100 % 100 %Nel Hydrogen  Electrolyser Germany GmbH Munich, Germany Electrolysers sales office 24.10.2022 100 % 100 %Nel Hydrogen  Electrolyser Belgium BV Brussels, Belgium Electrolyser sales office 27.09.2021 100 % 100 %Nel Austria GmbH Wien, Austria Fueling sales office 30.03.2022 100 % 100 %All subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__94": {
   "value": "3.4  Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2022 or 2021.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities.(Amounts in NOK thousands) ACQUISITION COST CARRYING   VALUESCOUNTRY SEGMENT OWNERSHIP TYPE 2022 2021 2022 2021Sagim SAS France Electrolyser 37.0% Associate 100 100 100 100Shares/ Hyon AS Norway Fueling 17.6%/28.7%Associate 0 572 0 572Glomfjord Hydrogen AS Norway Electrolyser 23.2% Associate 2 786 1 626 2 786 1 626SUM associated companies 2 886 2 298 2 886 2 298\u00cdslenska Vetnisf\u00e9lagi\u00f0  Iceland Fueling 10.0% Joint venture 2 346 2 346 0 0SUM joint ventures 2 346 2 346 0 0TOTAL associated companies and joint ventures 5 232 4 645 2 886 2 298Hyon AS (17.6%/28.7%):On 21 January 2022, Hyon AS, completed a private placement at a price of NOK 2.34 per share and subsequently a successful admission to Euronext Growth Oslo. The shares were therefore reclassified from shares in associate (28.7% shareholding) to shares in current investments (17.6% shareholding), refer to note 4.3 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__93-1": {
   "value": "3.4  Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2022 or 2021.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities.(Amounts in NOK thousands) ACQUISITION COST CARRYING   VALUESCOUNTRY SEGMENT OWNERSHIP TYPE 2022 2021 2022 2021Sagim SAS France Electrolyser 37.0% Associate 100 100 100 100Shares/ Hyon AS Norway Fueling 17.6%/28.7%Associate 0 572 0 572Glomfjord Hydrogen AS Norway Electrolyser 23.2% Associate 2 786 1 626 2 786 1 626SUM associated companies 2 886 2 298 2 886 2 298\u00cdslenska Vetnisf\u00e9lagi\u00f0  Iceland Fueling 10.0% Joint venture 2 346 2 346 0 0SUM joint ventures 2 346 2 346 0 0TOTAL associated companies and joint ventures 5 232 4 645 2 886 2 298Hyon AS (17.6%/28.7%):On 21 January 2022, Hyon AS, completed a private placement at a price of NOK 2.34 per share and subsequently a successful admission to Euronext Growth Oslo. The shares were therefore reclassified from shares in associate (28.7% shareholding) to shares in current investments (17.6% shareholding), refer to note 4.3 for additional information.Nikola Corporation",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__100-1": {
   "value": "3.5  Non-current financial assets(Amounts in NOK thousands)2022 2021Investment in Hydrogen Energy Network (HyNet)39 110 31 902Long-term investments208 066 56 280Fair value of derivatives (note 6.4)189 1 877Prepayments159 170Other non-current financial assets2 548 2 662Balance as of 31.12.250 072 92 889HYDROGEN ENERGY NETWORK (HYNET) During 2022, the Group invested additional NOK 5.3 (13.1) million in Hydrogen Energy Network (HyNet). The accumulated cost of shares in HyNet is NOK 39.2 (33.9) million. The transaction and book value is in Korean Won, therefore, the shares are revalued to NOK 39.1 (31.9) million as of 31 December 2022. The group\u2019s shareholdings constitute a 4.75 % ownership interest. HyNet is structured as a Special Purpose Company and is principally engaged in expanding the hydrogen fueling infrastructure in South Korea. The shares are unquoted and there have not been any transactions of an identical or similar instrument. The shares are stated at the cost price of the shares which is the approximate fair value at year end. Fair value information has not been disclosed for the investment in note 6.6 because the fair value cannot be measured reliably.LONG-TERM INVESTMENTSNel occasionally enters contracts with customers with specific guarantee clauses that require Nel to purchase certain performance bonds or advance payment guarantee products from financial institutions. The products are secured by cash collateral. In addition, Nel has some lease agreements which require deposits in a restricted bank account throughout the lease term.Both cash collateral and deposits are assessed as investments (i.e. not cash or cash equivalents) as the maturity exceeds 3 months. Long-term investments include the investments that exceed 12 months. Performance and warranty bondsNOK 50.8 (24.7) million relates to outstanding irrevocable letters of credit used as assurance for bid and contract performance, these letters of credit mature between 31 December 2022 and 2 March 2024. As of 31 December 2022, the customers have drawn NOK 0.0 (0.0) million on the letters of credit.Advance payment guaranteeGenerally, in the contracts with customers, Nel receives advance payments. As of 31 December 2022, Nel has NOK 107.0 (10.4) as cash collateral for irrevocable letters of credit issued for advance payment guarantees with financial institutions. As of 31 December 2022, the customers have drawn NOK 0.0 (0.0) million on the letters of credit. Lease payments guarantee (deposits)  and other depositsDeposits for lease payments comprise security for lease payments throughout the lease terms for cars, office premises and manufacturing facilities. In addition, collateral for bank credit lines. As of 31 December 2022, the Group has NOK 49.2 (19.6) million in such deposits.6.6  Financial instrumentsNel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.FINANCIAL INSTRUMENTS AND FAIR VALUES  2022CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging626 626 626 626Financial asset - equity instruments 489 406 489 406 450 296 39 110 489 406SUM 626 489 406 490 033 450 296 626 39 110 490 033LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-9 851 -9 851 -9 851 -9 851SUM -9 851 -9 851 -9 851 -9 851Financial liabilities not  measured at fair valueLong-term debt 22 431 22 431 22 431 22 431SUM 22 431 22 431 22 431 22 4312021CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets  measured at fair valueForward exchange contracts used for hedging 10 053 10 053 10 053 10 053Financial asset - equity instruments 600 092 600 092 568 191 31 902 600 092SUM 10 053 600 092 610 145 568 191 10 053 31 902 610 145LiabilitiesFinancial liabilities  measured at fair valueForward exchange contracts used for hedging -4 290 -4 290 -4 290 -4 290SUM -4 290 -4 290 -4 290 -4 290Financial liabilities  not measured at fair valueLong-term debt 23 191 23 191 23 191 23 191SUM 23 191 23 191 23 191 23 191The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__102-1": {
   "value": "Inventories comprises purchased raw materials, work in progress and finished goods. Obsolescence is considered for inventories and write-down is performed on obsolete goods. Inventories are measured under the weighted-average cost formula. The cost of each item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items bought or produced during the period. The average is calculated on a quarterly basis.Inventories are measured at the lowest of cost and net realisable value less costs to sell. In both 2022 and 2021, all items of inventories are measured at cost. The amount of inventories recognised as an expense was NOK 622.2 (510.2) million during the period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__106": {
   "value": "4.2  Trade receivablesTrade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in statement of comprehensive income. (Amounts in NOK thousands)2022 2021Receivables from third-party customers463 005 212 585Allowance for expected credit losses-2 270 -1 177Balance as of 31.12.460 735 211 408Trade receivables are non-interest bearing and are generally on terms 30 to 60 daysMovements in the allowance for impairment in respect of trade receivables(Amounts in NOK thousands)2022 2021Balance as of 01.01.1 177 1 046Net remeasurement of loss allowance1 093 131Balance as of 31.12.2 270 1 177See Note 6.1 on credit risk of trade receivables, which explains how the group manages and measures expected credit loss of trade receivables that are neither past due nor impaired.Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on:a) Financial assets measured at amortised cost; andb) Contract assetsLoss allowance for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information.MEASUREMENT OF ECLsECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive).PRESENTATION OF ALLOWANCE FOR ECL IN THE STATEMENT OF FINANCIAL POSITIONLoss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__107-1": {
   "value": "Trade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in statement of comprehensive income.Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on:a) Financial assets measured at amortised cost; andb) Contract assetsLoss allowance for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information.MEASUREMENT OF ECLsECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive).PRESENTATION OF ALLOWANCE FOR ECL IN THE STATEMENT OF FINANCIAL POSITIONLoss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__113": {
   "value": "4.3  Prepaid expenses and other current assets(Amounts in NOK thousands)2022 2021Equity instruments450 296 568 191VAT net receivable34 040 7 900Short-term investments96 861 39 909Prepayments147 422 55 530Other current assets48 351 23 022Fair value of derivatives (note 6.4)438 8 176Balance as of 31.12.777 408 702 728EQUITY INSTRUMENTSNikola CorporationDuring 2018 Nel invested USD 5.0 million in Nikola Motor Company Inc (former name). The carrying value as of 31 December 2022 is NOK 0.0 (96.3) million after the sale of all the shares during 2022 for the total consideration of NOK 72.4 million. 2022 includes a finance cost from decline in value of NOK 23.9 in 2022.Nikola Corporation(Amounts in NOK thousands)FAIR VALUE USD/ BOOK  SHARE HOLDINGPER SHARE USD VALUE USD/NOKVALUECarrying value as of 01.01.20211 106 52015.26 16 885 8.53 144 077Fair value adjustment 2021 0 -5.39-5 9640.29 -47 757Carrying value as of 31.12.2021 1 106 520 9.87 10 921 8.82 96 320Fair value adjustment 20220-3.12-3 4500.87 -23 903Sale of shares 2022-1 106 5206.75-7 4729.69 -72 417Carrying value as of 31.12.2022 0 0 0EverfuelDuring 2018 and 2019 Nel invested NOK 2.2 million in Everfuel A/S. On October 21, 2020, Everfuel A/S completed a listing on Euronext Growth. Consequently, Nel\u2019s shareholding in Everfuel A/S is based on quoted prices in an active market both per 31 December 2021 and 2022. The Everfuel shares lock-up period expired on October 29, 2021. Thus, there is no lock-up restriction with the shareholdings as of 31 December 2022. The carrying value as of 31 December 2022 is NOK 435.8 (471.9) million. The carrying value is calculated as the shareholding of 12 140 255 shares multiplied with closing price in 2022 of NOK 35.90. Everfuel A/S(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.202112 338 624  0.91  125.00 1 542 328Private placement20 485 125.00 2 561Fair value adjustment 2021-86.82 -1 073 018Carrying value as of 31.12.202112 359 109  1.12  38.18 471 871Fair value adjustment 2022-26 215Sale of shares 2022-218 854 -9 820Carrying value as of 31.12.202212 140 255  1.12  35.90 435 836HyonThe carrying value as of 31 December 2022 is NOK 14.4 (0.6) million. The carrying value is calculated as the shareholding of 9 804 000 shares multiplied with closing price in 2022 of NOK 1.48. As of 24 January 2023, Nel has divested all its shares in Hyon AS for a total net consideration of about NOK 7 million.HYON AS(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.2021114 00029.39 0Capital increase 6.14 700Sale of shares-114 000 -35.53-700Purchase of shares98 040 5.83572Stock split 9 705 960 -5.77Carrying value as of 31.12.2021 9 804 000  0.06  0.06 572Fair value adjustment 20221.4213 889Carrying value as of 31.12.2022 9 804 000 0.06 1.48 14 461SHORT-TERM INVESTMENTSH2NO ASPer 31 December 2022 the Group holds 44% of the shares in the company. In addition to the shares, the Group holds a put option for all the shares, and the controlling owner has a call option for all of the shares. Both options are irrevocably granted by the other party from 30 December 2020 Consequently, the combination of shares and put/call options results in the shares being sold per 31 December 2020 and consideration will be received in a future period. The forward (consideration for sale of shares) is recognised at fair value, NOK 33.7 (28.1) million per 31 December 2022.Performance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 61.2 (9.8) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__112": {
   "value": "4.3  Prepaid expenses and other current assets(Amounts in NOK thousands)2022 2021Equity instruments450 296 568 191VAT net receivable34 040 7 900Short-term investments96 861 39 909Prepayments147 422 55 530Other current assets48 351 23 022Fair value of derivatives (note 6.4)438 8 176Balance as of 31.12.777 408 702 728EQUITY INSTRUMENTSNikola CorporationDuring 2018 Nel invested USD 5.0 million in Nikola Motor Company Inc (former name). The carrying value as of 31 December 2022 is NOK 0.0 (96.3) million after the sale of all the shares during 2022 for the total consideration of NOK 72.4 million. 2022 includes a finance cost from decline in value of NOK 23.9 in 2022.Nikola Corporation(Amounts in NOK thousands)FAIR VALUE USD/ BOOK  SHARE HOLDINGPER SHARE USD VALUE USD/NOKVALUECarrying value as of 01.01.20211 106 52015.26 16 885 8.53 144 077Fair value adjustment 2021 0 -5.39-5 9640.29 -47 757Carrying value as of 31.12.2021 1 106 520 9.87 10 921 8.82 96 320Fair value adjustment 20220-3.12-3 4500.87 -23 903Sale of shares 2022-1 106 5206.75-7 4729.69 -72 417Carrying value as of 31.12.2022 0 0 0EverfuelDuring 2018 and 2019 Nel invested NOK 2.2 million in Everfuel A/S. On October 21, 2020, Everfuel A/S completed a listing on Euronext Growth. Consequently, Nel\u2019s shareholding in Everfuel A/S is based on quoted prices in an active market both per 31 December 2021 and 2022. The Everfuel shares lock-up period expired on October 29, 2021. Thus, there is no lock-up restriction with the shareholdings as of 31 December 2022. The carrying value as of 31 December 2022 is NOK 435.8 (471.9) million. The carrying value is calculated as the shareholding of 12 140 255 shares multiplied with closing price in 2022 of NOK 35.90. Everfuel A/S(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.202112 338 624  0.91  125.00 1 542 328Private placement20 485 125.00 2 561Fair value adjustment 2021-86.82 -1 073 018Carrying value as of 31.12.202112 359 109  1.12  38.18 471 871Fair value adjustment 2022-26 215Sale of shares 2022-218 854 -9 820Carrying value as of 31.12.202212 140 255  1.12  35.90 435 836HyonThe carrying value as of 31 December 2022 is NOK 14.4 (0.6) million. The carrying value is calculated as the shareholding of 9 804 000 shares multiplied with closing price in 2022 of NOK 1.48. As of 24 January 2023, Nel has divested all its shares in Hyon AS for a total net consideration of about NOK 7 million.HYON AS(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.2021114 00029.39 0Capital increase 6.14 700Sale of shares-114 000 -35.53-700Purchase of shares98 040 5.83572Stock split 9 705 960 -5.77Carrying value as of 31.12.2021 9 804 000  0.06  0.06 572Fair value adjustment 20221.4213 889Carrying value as of 31.12.2022 9 804 000 0.06 1.48 14 461SHORT-TERM INVESTMENTSH2NO ASPer 31 December 2022 the Group holds 44% of the shares in the company. In addition to the shares, the Group holds a put option for all the shares, and the controlling owner has a call option for all of the shares. Both options are irrevocably granted by the other party from 30 December 2020 Consequently, the combination of shares and put/call options results in the shares being sold per 31 December 2020 and consideration will be received in a future period. The forward (consideration for sale of shares) is recognised at fair value, NOK 33.7 (28.1) million per 31 December 2022.Performance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 61.2 (9.8) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__111": {
   "value": "4.3  Prepaid expenses and other current assets(Amounts in NOK thousands)2022 2021Equity instruments450 296 568 191VAT net receivable34 040 7 900Short-term investments96 861 39 909Prepayments147 422 55 530Other current assets48 351 23 022Fair value of derivatives (note 6.4)438 8 176Balance as of 31.12.777 408 702 728EQUITY INSTRUMENTSNikola CorporationDuring 2018 Nel invested USD 5.0 million in Nikola Motor Company Inc (former name). The carrying value as of 31 December 2022 is NOK 0.0 (96.3) million after the sale of all the shares during 2022 for the total consideration of NOK 72.4 million. 2022 includes a finance cost from decline in value of NOK 23.9 in 2022.Nikola Corporation(Amounts in NOK thousands)FAIR VALUE USD/ BOOK  SHARE HOLDINGPER SHARE USD VALUE USD/NOKVALUECarrying value as of 01.01.20211 106 52015.26 16 885 8.53 144 077Fair value adjustment 2021 0 -5.39-5 9640.29 -47 757Carrying value as of 31.12.2021 1 106 520 9.87 10 921 8.82 96 320Fair value adjustment 20220-3.12-3 4500.87 -23 903Sale of shares 2022-1 106 5206.75-7 4729.69 -72 417Carrying value as of 31.12.2022 0 0 0EverfuelDuring 2018 and 2019 Nel invested NOK 2.2 million in Everfuel A/S. On October 21, 2020, Everfuel A/S completed a listing on Euronext Growth. Consequently, Nel\u2019s shareholding in Everfuel A/S is based on quoted prices in an active market both per 31 December 2021 and 2022. The Everfuel shares lock-up period expired on October 29, 2021. Thus, there is no lock-up restriction with the shareholdings as of 31 December 2022. The carrying value as of 31 December 2022 is NOK 435.8 (471.9) million. The carrying value is calculated as the shareholding of 12 140 255 shares multiplied with closing price in 2022 of NOK 35.90. Everfuel A/S(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.202112 338 624  0.91  125.00 1 542 328Private placement20 485 125.00 2 561Fair value adjustment 2021-86.82 -1 073 018Carrying value as of 31.12.202112 359 109  1.12  38.18 471 871Fair value adjustment 2022-26 215Sale of shares 2022-218 854 -9 820Carrying value as of 31.12.202212 140 255  1.12  35.90 435 836HyonThe carrying value as of 31 December 2022 is NOK 14.4 (0.6) million. The carrying value is calculated as the shareholding of 9 804 000 shares multiplied with closing price in 2022 of NOK 1.48. As of 24 January 2023, Nel has divested all its shares in Hyon AS for a total net consideration of about NOK 7 million.HYON AS(Amounts in NOK thousands)ACQUISITION COST NOK/ FAIR VALUE NOK/ BOOK  SHARE HOLDINGPER SHAREPER SHAREVALUECarrying value as of 01.01.2021114 00029.39 0Capital increase 6.14 700Sale of shares-114 000 -35.53-700Purchase of shares98 040 5.83572Stock split 9 705 960 -5.77Carrying value as of 31.12.2021 9 804 000  0.06  0.06 572Fair value adjustment 20221.4213 889Carrying value as of 31.12.2022 9 804 000 0.06 1.48 14 461SHORT-TERM INVESTMENTSH2NO ASPer 31 December 2022 the Group holds 44% of the shares in the company. In addition to the shares, the Group holds a put option for all the shares, and the controlling owner has a call option for all of the shares. Both options are irrevocably granted by the other party from 30 December 2020 Consequently, the combination of shares and put/call options results in the shares being sold per 31 December 2020 and consideration will be received in a future period. The forward (consideration for sale of shares) is recognised at fair value, NOK 33.7 (28.1) million per 31 December 2022.Performance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 61.2 (9.8) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__120": {
   "value": "4.4  Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less.(Amounts in NOK thousands)2022 2021Cash and cash equivalents3 125 757 2 714 272Restricted bank deposits for employees' withheld taxes at 31.1210 833 7 9491)Other restricted bank accounts 1 959 549Balance as of 31.12.3 138 550 2 722 7691) Other restricted bank accounts comprise short-term deposits and short-term guarantee payments which are assessed equivalent to demand deposits and short-term highly liquid investments that are subject to an insignificant risk of changes in value. 2022 2021Norwegian Kroner2 982 974 2 607 803US Dollars107 413 35 783Danish Kroner 5 266 45 871Swedish Kroner 7 165 648Euro 7 061 8 947GB Pounds 3 014 2 645Korean Won 10 452 12 574Polish Zloty2 411 0Balance as of 31.12.3 125 757 2 714 272Cash and cash equivalents are 95% (95%) in the Norwegian Krone (NOK) at the end of 2022. Approximately NOK 2.5 billion is placed in 30-days locked interest accounts in several different banks.   ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__119": {
   "value": "4.4  Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less.(Amounts in NOK thousands)2022 2021Cash and cash equivalents3 125 757 2 714 272Restricted bank deposits for employees' withheld taxes at 31.1210 833 7 9491)Other restricted bank accounts 1 959 549Balance as of 31.12.3 138 550 2 722 7691) Other restricted bank accounts comprise short-term deposits and short-term guarantee payments which are assessed equivalent to demand deposits and short-term highly liquid investments that are subject to an insignificant risk of changes in value. 2022 2021Norwegian Kroner2 982 974 2 607 803US Dollars107 413 35 783Danish Kroner 5 266 45 871Swedish Kroner 7 165 648Euro 7 061 8 947GB Pounds 3 014 2 645Korean Won 10 452 12 574Polish Zloty2 411 0Balance as of 31.12.3 125 757 2 714 272Cash and cash equivalents are 95% (95%) in the Norwegian Krone (NOK) at the end of 2022. Approximately NOK 2.5 billion is placed in 30-days locked interest accounts in several different banks.   ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__118": {
   "value": "4.4  Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less.(Amounts in NOK thousands)2022 2021Cash and cash equivalents3 125 757 2 714 272Restricted bank deposits for employees' withheld taxes at 31.1210 833 7 9491)Other restricted bank accounts 1 959 549Balance as of 31.12.3 138 550 2 722 7691) Other restricted bank accounts comprise short-term deposits and short-term guarantee payments which are assessed equivalent to demand deposits and short-term highly liquid investments that are subject to an insignificant risk of changes in value. 2022 2021Norwegian Kroner2 982 974 2 607 803US Dollars107 413 35 783Danish Kroner 5 266 45 871Swedish Kroner 7 165 648Euro 7 061 8 947GB Pounds 3 014 2 645Korean Won 10 452 12 574Polish Zloty2 411 0Balance as of 31.12.3 125 757 2 714 272Cash and cash equivalents are 95% (95%) in the Norwegian Krone (NOK) at the end of 2022. Approximately NOK 2.5 billion is placed in 30-days locked interest accounts in several different banks.   ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__122": {
   "value": "5.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Shar<span class=\"_ _0\"></span>e capital and shareholders</span>SHARE CAPIT<span class=\"_ _4\"></span>ALThe share capital comprises the number o<span class=\"_ _0\"></span>f shares multiplied by their par value and are classified as equity<span class=\"_ _1\"></span>. Expenses which can be attributed directly to the issue o<span class=\"_ _0\"></span>f new shares or options (less tax) are r<span class=\"_ _0\"></span>ecognised in equity as a reduction in the proceeds received.As of 31 December 2022, the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s share capital was NOK 312.7 (292.2) million, consisting o<span class=\"_ _0\"></span>f 1 563 325 304 (1 460 799 288) shares each with a par value o<span class=\"_ _0\"></span>f NOK 0.20 (0.20).The parent company has only one shar<span class=\"_ _0\"></span>e class and no special regulations relating to the shar<span class=\"_ _0\"></span>es; thus, one share repr<span class=\"_ _0\"></span>esents one vote.SHAREHOLDERS AS OF 31.12.2022<span class=\"_ _1f1\"> </span><span class=\"ws19\">COUNTRY<span class=\"_ _1f2\"> </span></span>NUMBER OF SHARES<span class=\"_ _8c\"> </span><span class=\"ws19\">OWNERSHIP</span>BlackRock<span class=\"_ _a0\"> </span><span class=\"ws0\">United States<span class=\"_ _bb\"> </span>63 898 504<span class=\"_ _c1\"> </span>4.09 %</span>V<span class=\"_ _1\"></span>anguard<span class=\"_ _1f3\"> </span><span class=\"ws0\">United States<span class=\"_ _bb\"> </span>51 881 623<span class=\"_ _1bc\"> </span>3.32 %</span>Folketr<span class=\"_ _e\"></span>ygdfondet<span class=\"_ _1f4\"> </span>Nor<span class=\"_ _e\"></span>way<span class=\"_ _bb\"> </span><span class=\"ws0\">21 272 689<span class=\"_ _c1\"> </span>1.36 %</span>Nordnet Bank AB<span class=\"_ _ec\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>18 808 822<span class=\"_ _c1\"> </span>1.20 %Handelsbanken Fonder<span class=\"_ _98\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>18 354 083<span class=\"_ _1bc\"> </span>1.17 %Legal &amp; General<span class=\"_ _1ec\"> </span>United Kingdom<span class=\"_ _bb\"> </span>17 669 394<span class=\"_ _1bc\"> </span>1.13 %Storebrand Asset Management<span class=\"_ _17f\"> </span><span class=\"ws1a\">Nor<span class=\"_ _3\"></span>way<span class=\"_ _bb\"> </span></span>15 675 856<span class=\"_ _c1\"> </span>1.00 %A<span class=\"_ _b\"></span>vanza Bank AB<span class=\"_ _12a\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>12 875 681<span class=\"_ _1bc\"> </span>0.82 %DNB Asset Management AS<span class=\"_ _1f5\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _bb\"> </span></span>11 887 369<span class=\"_ _c1\"> </span>0.76 %Amundi<span class=\"_ _1b7\"> </span>France<span class=\"_ _bb\"> </span><span class=\"ws0\">11 745 134<span class=\"_ _1bc\"> </span>0.75 %</span>PIMCO<span class=\"_ _1be\"> </span><span class=\"ws0\">United States<span class=\"_ _1e2\"> </span>9 790 500<span class=\"_ _1bc\"> </span>0.63 %</span>AXA<span class=\"_ _1f6\"> </span>France<span class=\"_ _192\"> </span><span class=\"ws0\">8 168 474<span class=\"_ _c1\"> </span>0.52 %</span>V<span class=\"_ _1\"></span>anEck<span class=\"_ _1f7\"> </span><span class=\"ws0\">United States<span class=\"_ _192\"> </span>8 096 095<span class=\"_ _c1\"> </span>0.52 %</span>Eika Kapitalfor<span class=\"_ _e\"></span>valtning<span class=\"_ _97\"> </span><span class=\"ws1a\">Nor<span class=\"_ _3\"></span>way<span class=\"_ _192\"> </span></span>7 046 391<span class=\"_ _c1\"> </span>0.45 %Argenta Asset Management SA<span class=\"_ _168\"> </span><span class=\"ws1a\">Luxembourg<span class=\"_ _192\"> </span></span>6 817 779<span class=\"_ _1bc\"> </span>0.44 %Kommunal Landspensjonskasse<span class=\"_ _1f8\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _1e2\"> </span></span>5 899 760<span class=\"_ _c1\"> </span>0.38 %Equinor Asset Management<span class=\"_ _1f9\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _1e2\"> </span></span>5 896 833<span class=\"_ _c1\"> </span>0.38 %Global X Management Company LL<span class=\"_ _0\"></span>C<span class=\"_ _1fa\"> </span>United States<span class=\"_ _192\"> </span>5 868 719<span class=\"_ _c1\"> </span>0.38 %green benefit A<span class=\"_ _0\"></span>G<span class=\"_ _1fb\"> </span><span class=\"ws1a\">Germany<span class=\"_ _192\"> </span></span>5 789 841<span class=\"_ _c1\"> </span>0.37 %CPR Asset Management<span class=\"_ _1fc\"> </span><span class=\"ws1a\">France<span class=\"_ _192\"> </span></span>5 703 131<span class=\"_ _c1\"> </span>0.36 %T<span class=\"_ _4\"></span>otal 20 largest shareholders<span class=\"_ _1fd\"> </span>313 146 678<span class=\"_ _1c2\"> </span>20.03 %T<span class=\"_ _4\"></span>otal remaining shareholders<span class=\"_ _1fe\"> </span>1 250 178 626<span class=\"_ _1c2\"> </span>79.97 %T<span class=\"_ _4\"></span>otal number of shares<span class=\"_ _b8\"> </span>1 563 325 304<span class=\"_ _b9\"> </span>100.00 %* source: Modular Finance ABAs of 31 December 2022, Nel ASA owns 418 033 tr<span class=\"_ _0\"></span>easur<span class=\"_ _3\"></span>y shares which are r<span class=\"_ _0\"></span>ecognised at par value NOK 0.20 within \u2018treasur<span class=\"_ _e\"></span>y shares\u2019 as a r<span class=\"_ _0\"></span>eduction of share capital and total equity<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__121": {
   "value": "5.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Shar<span class=\"_ _0\"></span>e capital and shareholders</span>SHARE CAPIT<span class=\"_ _4\"></span>ALThe share capital comprises the number o<span class=\"_ _0\"></span>f shares multiplied by their par value and are classified as equity<span class=\"_ _1\"></span>. Expenses which can be attributed directly to the issue o<span class=\"_ _0\"></span>f new shares or options (less tax) are r<span class=\"_ _0\"></span>ecognised in equity as a reduction in the proceeds received.As of 31 December 2022, the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s share capital was NOK 312.7 (292.2) million, consisting o<span class=\"_ _0\"></span>f 1 563 325 304 (1 460 799 288) shares each with a par value o<span class=\"_ _0\"></span>f NOK 0.20 (0.20).The parent company has only one shar<span class=\"_ _0\"></span>e class and no special regulations relating to the shar<span class=\"_ _0\"></span>es; thus, one share repr<span class=\"_ _0\"></span>esents one vote.SHAREHOLDERS AS OF 31.12.2022<span class=\"_ _1f1\"> </span><span class=\"ws19\">COUNTRY<span class=\"_ _1f2\"> </span></span>NUMBER OF SHARES<span class=\"_ _8c\"> </span><span class=\"ws19\">OWNERSHIP</span>BlackRock<span class=\"_ _a0\"> </span><span class=\"ws0\">United States<span class=\"_ _bb\"> </span>63 898 504<span class=\"_ _c1\"> </span>4.09 %</span>V<span class=\"_ _1\"></span>anguard<span class=\"_ _1f3\"> </span><span class=\"ws0\">United States<span class=\"_ _bb\"> </span>51 881 623<span class=\"_ _1bc\"> </span>3.32 %</span>Folketr<span class=\"_ _e\"></span>ygdfondet<span class=\"_ _1f4\"> </span>Nor<span class=\"_ _e\"></span>way<span class=\"_ _bb\"> </span><span class=\"ws0\">21 272 689<span class=\"_ _c1\"> </span>1.36 %</span>Nordnet Bank AB<span class=\"_ _ec\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>18 808 822<span class=\"_ _c1\"> </span>1.20 %Handelsbanken Fonder<span class=\"_ _98\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>18 354 083<span class=\"_ _1bc\"> </span>1.17 %Legal &amp; General<span class=\"_ _1ec\"> </span>United Kingdom<span class=\"_ _bb\"> </span>17 669 394<span class=\"_ _1bc\"> </span>1.13 %Storebrand Asset Management<span class=\"_ _17f\"> </span><span class=\"ws1a\">Nor<span class=\"_ _3\"></span>way<span class=\"_ _bb\"> </span></span>15 675 856<span class=\"_ _c1\"> </span>1.00 %A<span class=\"_ _b\"></span>vanza Bank AB<span class=\"_ _12a\"> </span><span class=\"ws1a\">Sweden<span class=\"_ _bb\"> </span></span>12 875 681<span class=\"_ _1bc\"> </span>0.82 %DNB Asset Management AS<span class=\"_ _1f5\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _bb\"> </span></span>11 887 369<span class=\"_ _c1\"> </span>0.76 %Amundi<span class=\"_ _1b7\"> </span>France<span class=\"_ _bb\"> </span><span class=\"ws0\">11 745 134<span class=\"_ _1bc\"> </span>0.75 %</span>PIMCO<span class=\"_ _1be\"> </span><span class=\"ws0\">United States<span class=\"_ _1e2\"> </span>9 790 500<span class=\"_ _1bc\"> </span>0.63 %</span>AXA<span class=\"_ _1f6\"> </span>France<span class=\"_ _192\"> </span><span class=\"ws0\">8 168 474<span class=\"_ _c1\"> </span>0.52 %</span>V<span class=\"_ _1\"></span>anEck<span class=\"_ _1f7\"> </span><span class=\"ws0\">United States<span class=\"_ _192\"> </span>8 096 095<span class=\"_ _c1\"> </span>0.52 %</span>Eika Kapitalfor<span class=\"_ _e\"></span>valtning<span class=\"_ _97\"> </span><span class=\"ws1a\">Nor<span class=\"_ _3\"></span>way<span class=\"_ _192\"> </span></span>7 046 391<span class=\"_ _c1\"> </span>0.45 %Argenta Asset Management SA<span class=\"_ _168\"> </span><span class=\"ws1a\">Luxembourg<span class=\"_ _192\"> </span></span>6 817 779<span class=\"_ _1bc\"> </span>0.44 %Kommunal Landspensjonskasse<span class=\"_ _1f8\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _1e2\"> </span></span>5 899 760<span class=\"_ _c1\"> </span>0.38 %Equinor Asset Management<span class=\"_ _1f9\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way<span class=\"_ _1e2\"> </span></span>5 896 833<span class=\"_ _c1\"> </span>0.38 %Global X Management Company LL<span class=\"_ _0\"></span>C<span class=\"_ _1fa\"> </span>United States<span class=\"_ _192\"> </span>5 868 719<span class=\"_ _c1\"> </span>0.38 %green benefit A<span class=\"_ _0\"></span>G<span class=\"_ _1fb\"> </span><span class=\"ws1a\">Germany<span class=\"_ _192\"> </span></span>5 789 841<span class=\"_ _c1\"> </span>0.37 %CPR Asset Management<span class=\"_ _1fc\"> </span><span class=\"ws1a\">France<span class=\"_ _192\"> </span></span>5 703 131<span class=\"_ _c1\"> </span>0.36 %T<span class=\"_ _4\"></span>otal 20 largest shareholders<span class=\"_ _1fd\"> </span>313 146 678<span class=\"_ _1c2\"> </span>20.03 %T<span class=\"_ _4\"></span>otal remaining shareholders<span class=\"_ _1fe\"> </span>1 250 178 626<span class=\"_ _1c2\"> </span>79.97 %T<span class=\"_ _4\"></span>otal number of shares<span class=\"_ _b8\"> </span>1 563 325 304<span class=\"_ _b9\"> </span>100.00 %* source: Modular Finance ABAs of 31 December 2022, Nel ASA owns 418 033 tr<span class=\"_ _0\"></span>easur<span class=\"_ _3\"></span>y shares which are r<span class=\"_ _0\"></span>ecognised at par value NOK 0.20 within \u2018treasur<span class=\"_ _e\"></span>y shares\u2019 as a r<span class=\"_ _0\"></span>eduction of share capital and total equity<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__123": {
   "value": "As of 31 December 2022, Nel ASA owns 418 033 treasury shares which are recognised at par value NOK 0.20 within \u2018treasury shares\u2019 as a reduction of share capital and total equity.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__126": {
   "value": "5.2  Long-term debt and guarantees(Amounts in NOK thousands) LONG-TERM DEBT - LENDER LEGAL ENTITY MATURITY INTEREST RATE 2022 20212) Nykredit - Vejlevej 5 - Ejendom Nel Hydrogen A/S 20380.36 % 15 995 16 4263) Nykredit - Vejlevej 5 - Ejendom Nel Hydrogen A/S 20380.27 % 5 353 5 4824) Nykredit - Vejlevej 3 Nel Hydrogen A/S 20280.30 % 1 083 1 283Balance as of 31.12.22 431 23 191Reconciliation of liabilities arising from financing activities (Amounts in NOK thousands)2022 2021Balance as of 01.01.23 191 30 284Payment of loan-1 889 -4 464Non-cash changes:Accretion of interest598 598Foreign currency effects530 -3 227Balance as of 31.12.22 431 23 191The reconciliation of lease liabilities arising from financing activities is disclosed in note 3.3 leases.MATURITY ANALYSISMaturity analysis for long-term debt (undiscounted cash flows)20222023 2024 2025 2026 >2026 TOTAL Nykredit 1 378 1 415 1 454 1 493 16 691 22 431Lease liabilities (note 3.3)  31 903   28 926   31 427   30 392   164 469  287 1181)Estimated interest cost 504 464 430 430 2 571 4 399TOTAL long-term debt including interest 33 785 30 805 33 310 32 316 183 731 313 9471) Based on prevailing debt installment agreements and interest rates.20212022 2023 2024 2025 >2025 TOTAL Nykredit1 885 1 513 1 523 1 530 16 741 23 191Lease liabilities (note 3.3) 20 917   23 562   16 557   15 022   131 166  207 225 1)Estimated interest cost513 479 441 408 2 443 4 284TOTAL long-term debt including interest23 315 25 554 18 521 16 960 150 350 234 7001) Based on prevailing debt installment agreements and interest rates.(Amounts in NOK thousands)CARRYING AMOUNT OF ASSETS THAT ARE PLEDGED 2022 2021Other equipment92 230Building65 430 64 904TOTAL65 522 65 134GUARANTEES 2022 2021Bank guarantees267 748 33 546",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__128": {
   "value": "5.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Deferr<span class=\"_ _0\"></span>ed income</span>(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021Government grants64,049<span class=\"_ _83\"> </span>69,537T<span class=\"_ _0\"></span>O<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>AL deferred income64,049<span class=\"_ _83\"> </span>69,537GOVERNMENT GRANTSGovernment grants are r<span class=\"_ _0\"></span>ecognised where there is r<span class=\"_ _0\"></span>easonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. rants received that r<span class=\"_ _0\"></span>elate to an acquisition or development of assets has been pr<span class=\"_ _0\"></span>esented \u201c<span class=\"_ _1\"></span>gross\u201d in Nel\u2019<span class=\"_ _0\"></span>s financial statements. A gross pr<span class=\"_ _0\"></span>esentation entails that the grant received is pr<span class=\"_ _0\"></span>esented separately as deferred income. The deferred income is pr<span class=\"_ _0\"></span>esented as a non-current liability and is amor<span class=\"_ _e\"></span>tised over the useful life of the r<span class=\"_ _0\"></span>elated asset. The amor<span class=\"_ _e\"></span>tised par<span class=\"_ _3\"></span>t o<span class=\"_ _b\"></span>f the deferred income is pr<span class=\"_ _0\"></span>esented as other operating income in the statement of compr<span class=\"_ _0\"></span>ehensive income. <span class=\"_ _45\"></span> (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021As of 31.12.2021<span class=\"_ _201\"> </span>69 537<span class=\"_ _bb\"> </span>63 601Grants received<span class=\"_ _202\"> </span>15 291<span class=\"_ _bb\"> </span>22 145Income recognised within 'other operating income<span class=\"_ _1\"></span>' in 2022 (note 2.2)<span class=\"_ _203\"> </span>-22 307<span class=\"_ _157\"> </span>-14 679T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _1e1\"> </span>1 527<span class=\"_ _130\"> </span>-1 530As of 31.12.2022<span class=\"_ _201\"> </span>64 049<span class=\"_ _bb\"> </span>69 537The aging schedule shows the remaining governments grants divided in the year the grants was initially r<span class=\"_ _0\"></span>eceived.DEFERRED INCOME A<span class=\"_ _0\"></span>GING SCHEDULE<span class=\"_ _162\"> </span><span class=\"ws19\">&lt;2019<span class=\"_ _8b\"> </span>2019<span class=\"_ _8b\"> </span>2020<span class=\"_ _9f\"> </span>2021<span class=\"_ _9f\"> </span>2022<span class=\"_ _3a\"> </span>SUM</span>Government grants as of 31.12.20228 456<span class=\"_ _78\"> </span>11 516<span class=\"_ _78\"> </span>23 039<span class=\"_ _78\"> </span>14 923<span class=\"_ _8b\"> </span>6 116<span class=\"_ _78\"> </span><span class=\"fca\">64 049</span>Government grants as of 31.12.202116 603<span class=\"_ _78\"> </span>11 700<span class=\"_ _78\"> </span>24 797<span class=\"_ _78\"> </span>16 437<span class=\"_ _e4\"> </span><span class=\"fca\">69 537</span>The table below show the split of deferr<span class=\"_ _0\"></span>ed income (government grant) per operating segment.OPERA<span class=\"_ _1\"></span>TING SEGMENT<span class=\"_ _1fb\"> </span><span class=\"ws19\">C<span class=\"_ _0\"></span>OUNTRY<span class=\"_ _204\"> </span>2022<span class=\"_ _63\"> </span>2021</span>Electrolyser Nor<span class=\"_ _e\"></span>way<span class=\"_ _205\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way</span>42 908<span class=\"_ _130\"> </span>41 151Fueling<span class=\"_ _116\"> </span>Denmark21 141<span class=\"_ _130\"> </span>28 386Balance as of 31.12.64 049<span class=\"_ _2a\"> </span>69 537The group is not awar<span class=\"_ _0\"></span>e of any unfulfilled conditions associated with these grants. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__130": {
   "value": "Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. rants received that relate to an acquisition or development of assets has been presented \u201cgross\u201d in Nel\u2019s financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__129": {
   "value": "Government grants are r<span class=\"_ _0\"></span>ecognised where there is r<span class=\"_ _0\"></span>easonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. rants received that r<span class=\"_ _0\"></span>elate to an acquisition or development of assets has been pr<span class=\"_ _0\"></span>esented \u201c<span class=\"_ _1\"></span>gross\u201d in Nel\u2019<span class=\"_ _0\"></span>s financial statements. A gross pr<span class=\"_ _0\"></span>esentation entails that the grant received is pr<span class=\"_ _0\"></span>esented separately as deferred income. The deferred income is pr<span class=\"_ _0\"></span>esented as a non-current liability and is amor<span class=\"_ _e\"></span>tised over the useful life of the r<span class=\"_ _0\"></span>elated asset. The amor<span class=\"_ _e\"></span>tised par<span class=\"_ _3\"></span>t o<span class=\"_ _b\"></span>f the deferred income is pr<span class=\"_ _0\"></span>esented as other operating income in the statement of compr<span class=\"_ _0\"></span>ehensive income. <span class=\"_ _45\"></span> (Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021As of 31.12.2021<span class=\"_ _201\"> </span>69 537<span class=\"_ _bb\"> </span>63 601Grants received<span class=\"_ _202\"> </span>15 291<span class=\"_ _bb\"> </span>22 145Income recognised within 'other operating income<span class=\"_ _1\"></span>' in 2022 (note 2.2)<span class=\"_ _203\"> </span>-22 307<span class=\"_ _157\"> </span>-14 679T<span class=\"_ _1\"></span>ranslation difference<span class=\"_ _1e1\"> </span>1 527<span class=\"_ _130\"> </span>-1 530As of 31.12.2022<span class=\"_ _201\"> </span>64 049<span class=\"_ _bb\"> </span>69 537The aging schedule shows the remaining governments grants divided in the year the grants was initially r<span class=\"_ _0\"></span>eceived.DEFERRED INCOME A<span class=\"_ _0\"></span>GING SCHEDULE<span class=\"_ _162\"> </span><span class=\"ws19\">&lt;2019<span class=\"_ _8b\"> </span>2019<span class=\"_ _8b\"> </span>2020<span class=\"_ _9f\"> </span>2021<span class=\"_ _9f\"> </span>2022<span class=\"_ _3a\"> </span>SUM</span>Government grants as of 31.12.20228 456<span class=\"_ _78\"> </span>11 516<span class=\"_ _78\"> </span>23 039<span class=\"_ _78\"> </span>14 923<span class=\"_ _8b\"> </span>6 116<span class=\"_ _78\"> </span><span class=\"fca\">64 049</span>Government grants as of 31.12.202116 603<span class=\"_ _78\"> </span>11 700<span class=\"_ _78\"> </span>24 797<span class=\"_ _78\"> </span>16 437<span class=\"_ _e4\"> </span><span class=\"fca\">69 537</span>The table below show the split of deferr<span class=\"_ _0\"></span>ed income (government grant) per operating segment.OPERA<span class=\"_ _1\"></span>TING SEGMENT<span class=\"_ _1fb\"> </span><span class=\"ws19\">C<span class=\"_ _0\"></span>OUNTRY<span class=\"_ _204\"> </span>2022<span class=\"_ _63\"> </span>2021</span>Electrolyser Nor<span class=\"_ _e\"></span>way<span class=\"_ _205\"> </span><span class=\"ws1a\">Nor<span class=\"_ _e\"></span>way</span>42 908<span class=\"_ _130\"> </span>41 151Fueling<span class=\"_ _116\"> </span>Denmark21 141<span class=\"_ _130\"> </span>28 386Balance as of 31.12.64 049<span class=\"_ _2a\"> </span>69 537The group is not awar<span class=\"_ _0\"></span>e of any unfulfilled conditions associated with these grants. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__133": {
   "value": "5.4  Other liabilitiesOTHER CURRENT LIABILITIES(Amounts in NOK thousands)2022 2021Vacation allowance and other salary related accruals41 438 43 534Public duties payable24 110 14 809Other current liabilities60 417 40 776Fair value of derivatives (note 6.4)7 740 4 127Balance as of 31.12.133 704 103 246OTHER NON-CURRENT LIABILITIES(Amounts in NOK thousands)2022 2021Contingent liabilities4 569 7 838Other non-current liabilities350 450Fair value of derivatives (note 6.4)2 182 163Balance as of 31.12.7 102 8 452",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__132": {
   "value": "5.4  Other liabilitiesOTHER CURRENT LIABILITIES(Amounts in NOK thousands)2022 2021Vacation allowance and other salary related accruals41 438 43 534Public duties payable24 110 14 809Other current liabilities60 417 40 776Fair value of derivatives (note 6.4)7 740 4 127Balance as of 31.12.133 704 103 246OTHER NON-CURRENT LIABILITIES(Amounts in NOK thousands)2022 2021Contingent liabilities4 569 7 838Other non-current liabilities350 450Fair value of derivatives (note 6.4)2 182 163Balance as of 31.12.7 102 8 452",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__135": {
   "value": "O<span class=\"_ _1\"></span>THER CURRENT LIABILITIES(Amounts in NOK thousands)2022<span class=\"_ _63\"> </span>2021V<span class=\"_ _1\"></span>acation allowance and other salar<span class=\"_ _3\"></span>y related accruals41 438<span class=\"_ _2a\"> </span>43 534Public duties payable24 110<span class=\"_ _2a\"> </span>14 809Other current liabilities60 417<span class=\"_ _2a\"> </span>40 776F<span class=\"_ _0\"></span>air value of derivatives (note 6.4)7 740<span class=\"_ _63\"> </span>4 127Balance as of 31.12.133 704<span class=\"_ _1c1\"> </span>103 246",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__134": {
   "value": "OTHER NON-CURRENT LIABILITIES(Amounts in NOK thousands)2022 2021Contingent liabilities4 569 7 838Other non-current liabilities350 450Fair value of derivatives (note 6.4)2 182 163Balance as of 31.12.7 102 8 452",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__139-1": {
   "value": "PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions 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 significant, provisions are calculated by discounting 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.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 8%.EMPLOYEE BENEFITSNel has short-term incentive bonuses in place for all employees. The provision for bonus incurred in 2022 to be finally measured and paid in 2023 is NOK 21.8 million. In addition, the employee benefits include provision for social security on stock options 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 Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2022 the provision is mainly related to the potential fines (no: forelegg) for the Kj\u00f8rbo incident received on February 16, 2021. In 2022 the provision is unchanged as the case is still open.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.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__136": {
   "value": "PROVISIONS, CONTINGENT LIABILITIES<span class=\"_ _0\"></span> AND CONTINGENT ASSETSThe group makes pr<span class=\"_ _0\"></span>ovisions when a legal or constructive obligation exists as a result o<span class=\"_ _0\"></span>f past events, it is more likely than not that a transfer of financial r<span class=\"_ _0\"></span>esources will be requir<span class=\"_ _0\"></span>ed to settle the obligation, and the amount of the obligation can be reliably estimated. When the gr<span class=\"_ _0\"></span>oup expects some or all of a pr<span class=\"_ _0\"></span>ovision to be reimbursed, for example, under an insurance contract, the reimbursement is r<span class=\"_ _b\"></span>ecognised as a separate asset, but only when the reimbursement is vir<span class=\"_ _e\"></span>tually cer<span class=\"_ _3\"></span>tain. When the effect is significant, provisions ar<span class=\"_ _0\"></span>e calculated by discounting expected cash flows at a pre-tax rate that reflects the time value o<span class=\"_ _0\"></span>f money and if appropriate the risks specific to the liability<span class=\"_ _1\"></span>. Increase in provisions as a result o<span class=\"_ _0\"></span>f time passing, is presented as interest expense.Information regar<span class=\"_ _0\"></span>ding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)AC<span class=\"_ _0\"></span>CRUED <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>EMPL<span class=\"_ _0\"></span>OYEE <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>SETTLEMENT AND ONEROUS W<span class=\"_ _0\"></span>ARRANT<span class=\"_ _e\"></span>YBENEFITSCL<span class=\"_ _e\"></span>AIMS CONTRA<span class=\"_ _0\"></span>CTS<span class=\"_ _4b\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>LAs of 01.01.202131 6611 257<span class=\"_ _af\"> </span>27 739<span class=\"_ _199\"> </span>14 078<span class=\"_ _2b\"> </span>74 735Additions<span class=\"_ _206\"> </span><span class=\"ws0\">33 933<span class=\"_ _dc\"> </span><span class=\"ls0\">4<span class=\"_ _207\"> </span>0<span class=\"_ _1e4\"> </span></span>2 718<span class=\"_ _2b\"> </span>36 655</span>Used during the year<span class=\"_ _88\"> </span>-7 153<span class=\"_ _162\"> </span><span class=\"ws1a\">94<span class=\"_ _32\"> </span></span>-4 007<span class=\"_ _a5\"> </span>-8 214<span class=\"_ _28\"> </span>-19 280Reversal of unused pr<span class=\"_ _0\"></span>ovisions<span class=\"_ _39\"> </span>-2 286<span class=\"_ _a6\"> </span><span class=\"ws1a\">-655<span class=\"_ _207\"> </span></span><span class=\"ls0\">0<span class=\"_ _dc\"> </span>0<span class=\"_ _4b\"> </span></span>-2 941Foreign curr<span class=\"_ _0\"></span>ency translation<span class=\"_ _14f\"> </span><span class=\"ws1a\">-695<span class=\"_ _207\"> </span></span><span class=\"ls0\">0<span class=\"_ _f5\"> </span></span><span class=\"ws1a\">38<span class=\"_ _a6\"> </span>-406<span class=\"_ _4b\"> </span></span>-1 062As of 31.12.2021<span class=\"_ _208\"> </span>55 460<span class=\"_ _178\"> </span><span class=\"ws1a\">701<span class=\"_ _199\"> </span></span>23 770<span class=\"_ _15a\"> </span>8 176<span class=\"_ _2b\"> </span>88 106Additions<span class=\"_ _206\"> </span><span class=\"ws0\">36 894<span class=\"_ _af\"> </span>21 792<span class=\"_ _b4\"> </span>2 748<span class=\"_ _af\"> </span>37 374<span class=\"_ _2b\"> </span>98 809</span>Used during the year<span class=\"_ _d2\"> </span>-15 544<span class=\"_ _a6\"> </span><span class=\"ws1a\">-701<span class=\"_ _a5\"> </span></span>-4 182<span class=\"_ _a5\"> </span>-5 458<span class=\"_ _28\"> </span>-25 885Reversal of unused pr<span class=\"_ _0\"></span>ovisions<span class=\"_ _2f\"> </span>-11 426<span class=\"_ _207\"> </span><span class=\"ls0\">0<span class=\"_ _a6\"> </span></span><span class=\"ws1a\">-818<span class=\"_ _a6\"> </span>-211<span class=\"_ _11\"> </span></span>-12 454Foreign curr<span class=\"_ _0\"></span>ency translation<span class=\"_ _209\"> </span>3 162<span class=\"_ _dc\"> </span><span class=\"ls0\">0<span class=\"_ _178\"> </span></span><span class=\"ws1a\">243<span class=\"_ _1e4\"> </span></span>1 459<span class=\"_ _8f\"> </span>4 864As of 31.12.2022<span class=\"_ _208\"> </span>68 546<span class=\"_ _af\"> </span>21 792<span class=\"_ _199\"> </span>21 762<span class=\"_ _199\"> </span>41 340<span class=\"_ _18f\"> </span>153 440",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__145-1": {
   "value": "6.1 <span class=\"_ _46\"> </span><span class=\"fc1\">Operational risk factors</span>OBJECTIVES, POLICIES AND PROCESSES FOR MANA<span class=\"_ _b\"></span>GING CAPIT<span class=\"_ _4\"></span>ALThe group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s objective is to manage the capital structur<span class=\"_ _0\"></span>e to safeguard its ability to continue as a going concern, so that<span class=\"_ _0\"></span> it can provide r<span class=\"_ _0\"></span>eturns for shareholders and benefits for other stakeholders. The group sets the size o<span class=\"_ _0\"></span>f capital in propor<span class=\"_ _e\"></span>tion to business strategy<span class=\"_ _0\"></span>, risk and financial market conditions. The group manages the capital structur<span class=\"_ _0\"></span>e and adjusts it in the light of changes in economic conditions, per<span class=\"_ _0\"></span>ceived risk associated with product development and risk characteristics<span class=\"_ _b\"></span> of the underlying assets. In or<span class=\"_ _0\"></span>der to maintain or adjust the capital structure, the gr<span class=\"_ _0\"></span>oup may adjust the amount of new share issue or incr<span class=\"_ _0\"></span>ease the debt by taking up loans. T<span class=\"_ _d\"></span>echnological changeAlong with the significant increase in the development o<span class=\"_ _0\"></span>f the hydrogen market comes incr<span class=\"_ _0\"></span>eased competition. This<span class=\"_ _e\"></span> also results in incr<span class=\"_ _0\"></span>eased activity and pace in research and development across the hydr<span class=\"_ _0\"></span>ogen industr<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>. Nel\u2019<span class=\"_ _1\"></span>s electrolyser technology consist of both Alkaline and PEM. Curr<span class=\"_ _0\"></span>ently<span class=\"_ _0\"></span>, the Alkaline technology platform presents the advantage o<span class=\"_ _0\"></span>f having the lowest cost, the highest efficiency and of being the better solution for large scale. PEM technology platform has the advantage of dynamic r<span class=\"_ _0\"></span>esponse and intermittent operation. It is a risk that one or both of the existing technologies<span class=\"_ _0\"></span> in Nel becomes obsolete. In addition, Nel continuously monitors the developments and possibilities of a disruptive technology emerging. T<span class=\"_ _d\"></span>oday<span class=\"_ _0\"></span>, Anion Exchange Membrane (AEM) and Solid Oxide (SOEL) repr<span class=\"_ _0\"></span>esent possible disruptors. While all technologies can potentially co-exist, the competing technology and sharing market potential, including the requir<span class=\"_ _0\"></span>ed investment in new technology constitutes a material risk for Nel. In addition, we cannot know for cer<span class=\"_ _e\"></span>tain whether green hydrogen emer<span class=\"_ _0\"></span>ges as the preferr<span class=\"_ _0\"></span>ed technology as the world transitions into renewable energy<span class=\"_ _1\"></span>. There ar<span class=\"_ _0\"></span>e risks associated with technological change, both related to technology elements within the field o<span class=\"_ _0\"></span>f hydrogen as well as technology elements outside the field of hydr<span class=\"_ _0\"></span>ogen that potentially could make green hydr<span class=\"_ _0\"></span>ogen less relevant for the future.If any of these cir<span class=\"_ _0\"></span>cumstances materialize in a negative direction, it may have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results or results o<span class=\"_ _0\"></span>f operations. A higher price for renewable power could<span class=\"_ _b\"></span> also negatively affect the demand for green hydr<span class=\"_ _0\"></span>ogen technologies.Expansion riskThe uneven pace of Nel\u2019<span class=\"_ _1\"></span>s anticipated expansion in facilities, staff and operations may place serious demands on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s managerial, technical, financial, and other r<span class=\"_ _0\"></span>esources. The organisation is curr<span class=\"_ _0\"></span>ently relatively small and there is no guarantee that the group will be able to build a capable organisation at a speed that is r<span class=\"_ _0\"></span>equired to meet the demands of its customers or potential customers. Nel\u2019<span class=\"_ _1\"></span>s failure to manage its growth effectively or to implement its strategy in a timely manner may significantly harm its ability to achieve pro<span class=\"_ _0\"></span>fitability<span class=\"_ _0\"></span>.Dependence o<span class=\"_ _0\"></span>f third par<span class=\"_ _e\"></span>ties in manufacturingThe group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s electr<span class=\"_ _0\"></span>olyser and hydrogen fueling manufacturing operations rely on external subcontractors and suppliers of ser<span class=\"_ _e\"></span>vices and goods to var<span class=\"_ _3\"></span>ying degrees. This operating model inherently contains a risk to the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s goodwill and branding. If suppliers fail to meet agreed or generally accepted standards in ar<span class=\"_ _0\"></span>eas such as environmental compliance, human rights, labor relations and pr<span class=\"_ _0\"></span>oduct quality<span class=\"_ _0\"></span>, this could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and results o<span class=\"_ _0\"></span>f operations. In general, the company aims at dual sourcing o<span class=\"_ _0\"></span>f critical components to limit risk. In addition, the majority of the spending is directed towar<span class=\"_ _0\"></span>ds large industrial companies with full ISO compliance and smaller vendors that are in compliance with local legislation. Fur<span class=\"_ _e\"></span>ther<span class=\"_ _1\"></span>, Nel conducts regular quality r<span class=\"_ _0\"></span>eviews, including production site visits for risk assessment. Nel is dependent on a limited number of thir<span class=\"_ _0\"></span>d-par<span class=\"_ _e\"></span>ty supplier<span class=\"_ _e\"></span>s for key production components for its electr<span class=\"_ _0\"></span>olyser and fueling equipment. All contract manufactured or pur<span class=\"_ _0\"></span>chased components are designed and selected in or<span class=\"_ _0\"></span>der to avoid a critical supply situation. However<span class=\"_ _1\"></span>, in a worst case scenario, if Nel fails to develop or maintain its relationships with its suppliers or such suppliers are prevented fr<span class=\"_ _0\"></span>om supplying, Nel may be delayed in manufacturing its products or its pr<span class=\"_ _0\"></span>oducts may be available only at a higher cost which could prevent Nel from timely delivering its pr<span class=\"_ _0\"></span>oducts to its customer<span class=\"_ _e\"></span>s and Nel may experience order cancellation, customer claims and loss of market shar<span class=\"_ _0\"></span>e. T<span class=\"_ _4\"></span>o reduce the sourcing risk Nel\u2019<span class=\"_ _1\"></span>s supply chain strategy is to have dual supply chains on all components. Nel currently has few components with single source and is at the risk o<span class=\"_ _0\"></span>f temporar<span class=\"_ _3\"></span>y supply chain disruptions should one or more suppliers fail to deliver<span class=\"_ _4\"></span>. Another supply chain risk is whether the suppliers can follow the expected growth o<span class=\"_ _0\"></span>f the industr<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>. In addition to making its current supply chain mor<span class=\"_ _0\"></span>e robust, Nel is working to facilitate increasing volumes fr<span class=\"_ _0\"></span>om impor<span class=\"_ _3\"></span>tant sub-suppliers.Project riskNel par<span class=\"_ _e\"></span>ticipates in large commercial pr<span class=\"_ _0\"></span>ojects. Large commercial pr<span class=\"_ _0\"></span>ojects are subject to risks o<span class=\"_ _b\"></span>f delay and cost overruns inherent in any lar<span class=\"_ _0\"></span>ge construction project from numerous factors, including:\u2022 <span class=\"_ _6\"> </span>unexpectedly long deliver<span class=\"_ _3\"></span>y times for<span class=\"_ _1\"></span>, or shor<span class=\"_ _3\"></span>tages of<span class=\"_ _1\"></span>, key equipment, par<span class=\"_ _e\"></span>ts and materials;\u2022 <span class=\"_ _6\"> </span>unforeseen design and engineering problems leading to delays;\u2022 <span class=\"_ _6\"> </span>labor disputes and work stoppages;\u2022 <span class=\"_ _6\"> </span>HSE accidents/incidents or other safety hazards;\u2022 <span class=\"_ _6\"> </span>disputes with supplier<span class=\"_ _e\"></span>s;\u2022 <span class=\"_ _6\"> </span>last minute changes to the customer<span class=\"_ _c\"></span>\u2019<span class=\"_ _0\"></span>s specifications;\u2022 <span class=\"_ _6\"> </span>adver<span class=\"_ _e\"></span>se weather conditions or any other force majeur<span class=\"_ _0\"></span>e events; and\u2022 <span class=\"_ _6\"> </span>inability or delay in obtaining regulator<span class=\"_ _3\"></span>y approvals or permitsF<span class=\"_ _0\"></span>ailure to complete a commer<span class=\"_ _0\"></span>cial project on time may result in the delay<span class=\"_ _0\"></span>, r<span class=\"_ _0\"></span>enegotiation or cancellation of the contract. Fur<span class=\"_ _e\"></span>ther<span class=\"_ _1\"></span>, significant delays could have a negative impact on Nel\u2019<span class=\"_ _1\"></span>s reputation and customer relationships. Nel could also be exposed to contractual penalties for failure to complete the project and commence operations in a timely manner<span class=\"_ _4\"></span>, all of which would aadversely affect Nel\u2019<span class=\"_ _1\"></span>s business, financial condition and results o<span class=\"_ _0\"></span>f operations.Key personnelThe successful development and per<span class=\"_ _e\"></span>formance o<span class=\"_ _b\"></span>f the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business depends on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s ability to attract and retain skilled pr<span class=\"_ _0\"></span>ofessionals with appropriate experience and exper<span class=\"_ _e\"></span>tise. Fur<span class=\"_ _3\"></span>ther<span class=\"_ _1\"></span>, if the group loses the ser<span class=\"_ _e\"></span>vice of its senior management or key personnel, it may not be able to execute its business strategy<span class=\"_ _1\"></span>. There is no assurance, however<span class=\"_ _1\"></span>, that the group will be able to attract or r<span class=\"_ _0\"></span>etain such per<span class=\"_ _e\"></span>sonnel on acceptable terms or at all. Any failure to attract or r<span class=\"_ _0\"></span>etain such personnel could have a material and adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business and operations.Customer riskNel\u2019<span class=\"_ _1\"></span>s ability to grow and generate incremental r<span class=\"_ _0\"></span>evenue depends<span class=\"_ _e\"></span> to a substantial degree on its ability to successfully acquir<span class=\"_ _0\"></span>e new<span class=\"_ _e\"></span> customers, and to maintain and grow its r<span class=\"_ _b\"></span>elationships with existing customers. There can be no assurance that Nel will be able to secure new customers, or maintain its r<span class=\"_ _b\"></span>elationships with existing customers, in the future. Fur<span class=\"_ _e\"></span>ther<span class=\"_ _1\"></span>, a number of Nel\u2019<span class=\"_ _1\"></span>s existing and potential customer<span class=\"_ _e\"></span>s are themselves planning substantial growth, and should these customers fail to succeed with their business plans or fail to fulfill their contracts with Nel, Nel\u2019<span class=\"_ _1\"></span>s sales to such customer<span class=\"_ _e\"></span>s may be adversely affected, and<span class=\"_ _e\"></span> Nel\u2019<span class=\"_ _1\"></span>s revenues and results may suffer as a r<span class=\"_ _0\"></span>esult.<span class=\"_ _e\"></span>  Intellectual proper<span class=\"_ _e\"></span>ty rightsNel seeks to protect important proprietar<span class=\"_ _3\"></span>y manufacturing processes, documentation and other written materials, and other intellectual property primarily under patent, trade secret and copyright laws. It also typically r<span class=\"_ _0\"></span>equires employees, consultants and companies that have access to its proprietar<span class=\"_ _e\"></span>y information to execute confidentiality agreements. The steps taken by Nel to protect its pr<span class=\"_ _0\"></span>oprietar<span class=\"_ _3\"></span>y information may not be adequate to prevent misappr<span class=\"_ _0\"></span>opriation of its technology<span class=\"_ _1\"></span>. In addition, Nel\u2019<span class=\"_ _1\"></span>s proprietar<span class=\"_ _3\"></span>y rights may not be adequately protected because:\u2022 <span class=\"_ _6\"> </span>people may not be deterred from misappr<span class=\"_ _0\"></span>opriating its technologies despite the existence of laws or contracts prohibiting misappr<span class=\"_ _0\"></span>opriation:\u2022 <span class=\"_ _6\"> </span>policing unauthorised use of Nel\u2019<span class=\"_ _0\"></span>s intellectual pr<span class=\"_ _0\"></span>oper<span class=\"_ _e\"></span>ty is difficult, expensive and time-consuming, and the group may be unable to determine the extent o<span class=\"_ _0\"></span>f any unauthorised use; and\u2022 <span class=\"_ _6\"> </span>the laws and legislation of countries in which the group sells or plans to sell its products may o<span class=\"_ _0\"></span>ffer little or no protection for its pr<span class=\"_ _0\"></span>oprietar<span class=\"_ _3\"></span>y technologies.Unauthorised copying or other misappropriation o<span class=\"_ _0\"></span>f Nel\u2019<span class=\"_ _0\"></span>s proprietar<span class=\"_ _e\"></span>y technologies could enable third par<span class=\"_ _e\"></span>ties to benefit from its technologies without paying for doing so. Any inability to adequately protect its pr<span class=\"_ _0\"></span>oprietar<span class=\"_ _3\"></span>y rights could harm the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s ability to compete, to generate r<span class=\"_ _0\"></span>evenue and to grow its business. This could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and results o<span class=\"_ _0\"></span>f operations.Some of the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s patents are due to expir<span class=\"_ _b\"></span>e within the next couple of years which means that the gr<span class=\"_ _0\"></span>oup will lose the sole right to cer<span class=\"_ _e\"></span>tain technology in cer<span class=\"_ _3\"></span>tain areas. Although the company believes that this will have little effect on the company\u2019<span class=\"_ _1\"></span>s competitive position, no assurance can be made to this point.The group may not obtain sufficient patent pr<span class=\"_ _0\"></span>otection on the technology embodied in its products and pr<span class=\"_ _0\"></span>oduction processes, which could significantly harm its competitive position. P<span class=\"_ _0\"></span>atents may provide only limited pr<span class=\"_ _b\"></span>otection for its technology and may not be sufficient to provide competitive advantages. For example, competitors could be successful in challenging any issued patents or<span class=\"_ _1\"></span>, alternatively<span class=\"_ _0\"></span>, could develop similar or more advantageous technologies on their own or design around the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s patents. Also, patent protection in certain countries may not be available or may be limited in scope and any patents obtained may not be as readily enfor<span class=\"_ _0\"></span>ceable as in all jurisdictions, making it difficult for the group to effectively pr<span class=\"_ _0\"></span>otect its intellectual proper<span class=\"_ _e\"></span>ty from misuse or infringement by other companies in these countries. Any inability to obtain and enforce intellectual property rights in some countries could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and r<span class=\"_ _0\"></span>esults of operations. In addition, given the costs of obtaining patent pr<span class=\"_ _0\"></span>otection and the sometimes limited potential for protection, the gr<span class=\"_ _0\"></span>oup may choose not to protect cer<span class=\"_ _e\"></span>tain innovations that later turn out to be impor<span class=\"_ _e\"></span>tant. There is also a general risk that the group r<span class=\"_ _0\"></span>eceives information subject to confidentiality agreements, r<span class=\"_ _0\"></span>egarding other par<span class=\"_ _e\"></span>ties\u2019 know-how and trade secrets in relation to technology which may hinder the group fr<span class=\"_ _0\"></span>om development of similar intellectual assets.Adverse publicity and product liabilityProduct liability claims against the gr<span class=\"_ _0\"></span>oup could result in adverse publicity and potentially monetar<span class=\"_ _3\"></span>y damages. It is possible that its products could r<span class=\"_ _0\"></span>esult in injur<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, whether by product malfunctions, defects, impr<span class=\"_ _0\"></span>oper installation or other causes. The successful asser<span class=\"_ _e\"></span>tion of pr<span class=\"_ _b\"></span>oduct liability claims against the group could r<span class=\"_ _0\"></span>esult in potentially significant monetar<span class=\"_ _3\"></span>y damages, which could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and results o<span class=\"_ _0\"></span>f operations. As of the date o<span class=\"_ _0\"></span>f this annual repor<span class=\"_ _e\"></span>t, the group is unawar<span class=\"_ _0\"></span>e of any current or pending pr<span class=\"_ _0\"></span>oduct liability claims made against the group.6.2 <span class=\"_ _46\"> </span><span class=\"fc1\">Financial risk factors</span>The key financial risks the group is exposed to ar<span class=\"_ _0\"></span>e related to liquidity<span class=\"_ _0\"></span>, curr<span class=\"_ _0\"></span>ency<span class=\"_ _0\"></span>, interest rate, and cr<span class=\"_ _0\"></span>edit risk.Liquidity riskLiquidity risk is the potential loss that occurs when the group fails to fulfil its contractual obligations when they fall due. Nel is operating in a fast<span class=\"_ _0\"></span>-gr<span class=\"_ _0\"></span>owing, emerging market, with a long list of initiatives in many r<span class=\"_ _0\"></span>egions. The need to address growth oppor<span class=\"_ _e\"></span>tunities ahead of actual market demand, balanced with the need to conser<span class=\"_ _3\"></span>ve cash, is a continual challenge. The timing of addr<span class=\"_ _0\"></span>essing such elements and risks is impor<span class=\"_ _3\"></span>tant. Moving too fast could result in an unnecessarily high cost level, with cash requir<span class=\"_ _0\"></span>ements beyond the current financing plan.However<span class=\"_ _1\"></span>, the group has a str<span class=\"_ _0\"></span>ong liquidity position, NOK 3 138.6 million, as per 31.12.2022. The strong cash position is a good basis for the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s gr<span class=\"_ _0\"></span>owth strategy<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup monitors its risks associated with lack of capital up against the company\u2019<span class=\"_ _1\"></span>s planned activities.The group will, if necessar<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>, attempt to raise capital through private placements, debt financing, par<span class=\"_ _e\"></span>tnerships, and strategic alliances or from other sour<span class=\"_ _0\"></span>ces. The group may fail to raise capital on acceptable terms, or not do it at all, and this can result in a liquidation o<span class=\"_ _0\"></span>f the group.Currency riskNel operates internationally and is subject to currency risks arising from for<span class=\"_ _0\"></span>eign currency transactions and exposures. As the group pr<span class=\"_ _0\"></span>esents its consolidated results in NOK<span class=\"_ _e\"></span>, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with r<span class=\"_ _0\"></span>espect to changes in USD and DKK<span class=\"_ _e\"></span>, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with pr<span class=\"_ _0\"></span>ojects in new markets the currency risk exposur<span class=\"_ _0\"></span>e increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primar<span class=\"_ _e\"></span>y focus on NOK cash flow<span class=\"_ _0\"></span>.The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s gr<span class=\"_ _0\"></span>oss foreign currency risk exposur<span class=\"_ _0\"></span>e is significant, with the majority of r<span class=\"_ _0\"></span>evenue and expenses denominated in foreign curr<span class=\"_ _0\"></span>ency<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup mitigates the currency risk exposure by entering into for<span class=\"_ _e\"></span>ward currency contracts with financial institutions. The group has a r<span class=\"_ _0\"></span>esidual net currency risk exposure considering hedging which is consider<span class=\"_ _0\"></span>ed low to medium. (Amounts in thousands)PROFIT AND L<span class=\"_ _0\"></span>OSS<span class=\"_ _20a\"> </span>CHANGES IN EXCHANGE RA<span class=\"_ _1\"></span>TE NOK/FOREIGN CURRENCIESNET PROFIT IN FOREIGN <span class=\"ls0\"> </span>V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UE IN V<span class=\"_ _0\"></span>AL<span class=\"_ _0\"></span>UE  <span class=\"ls0 ws0\"> </span>CURRENCIESCURRENCYIN NOK-10%<span class=\"_ _136\"> </span>-5%<span class=\"_ _cd\"> </span>+5%<span class=\"_ _59\"> </span>+10%DKK -316 922  -455 797 <span class=\"_ _17c\"> </span> 45 580 <span class=\"_ _1ff\"> </span> 22 790<span class=\"_ _e\"></span> <span class=\"_ _6a\"> </span> -22 790 <span class=\"_ _6a\"> </span> -45 580<span class=\"_ _e\"></span> USD<span class=\"_ _20b\"> </span><span class=\"ws0\"> -4 272 <span class=\"_ _48\"> </span> -40 158 <span class=\"_ _49\"> </span> 4 016<span class=\"_ _e\"></span> <span class=\"_ _96\"> </span> 2 008<span class=\"_ _e\"></span> <span class=\"_ _47\"> </span> -2 008 <span class=\"_ _47\"> </span> -4 016 </span>KRW<span class=\"_ _ef\"> </span><span class=\"ws0\"> 1 297 634 <span class=\"_ _67\"> </span> 10 342 <span class=\"_ _a6\"> </span> -1 034<span class=\"_ _e\"></span> <span class=\"_ _9b\"> </span> -517 <span class=\"_ _1cc\"> </span> 517 <span class=\"_ _1d6\"> </span> 1 034 </span>SEK<span class=\"_ _1c8\"> </span><span class=\"ws0\"> -57 721 <span class=\"_ _48\"> </span> -59 025 <span class=\"_ _49\"> </span> 5 903 <span class=\"_ _1d6\"> </span> 2 951 <span class=\"_ _47\"> </span> -2 951 <span class=\"_ _47\"> </span> -5 903 </span>GBP<span class=\"_ _d7\"> </span><span class=\"ws0\"> -65 <span class=\"_ _1bd\"> </span> -715 <span class=\"_ _15b\"> </span> 72 <span class=\"_ _195\"> </span> 36 <span class=\"_ _19d\"> </span> -36 <span class=\"_ _19d\"> </span> -72 </span>EUR<span class=\"_ _75\"> </span><span class=\"ws0\"> 548 <span class=\"_ _14\"> </span> 5 874 <span class=\"_ _162\"> </span> -587 <span class=\"_ _9b\"> </span> -294 <span class=\"_ _1cc\"> </span> 294 <span class=\"_ _169\"> </span> 587 </span> Effect on net income (loss) <span class=\"_ _20c\"> </span> 53 948 <span class=\"_ _1ff\"> </span> 26 974 <span class=\"_ _38\"> </span> -26 974 <span class=\"_ _6a\"> </span> -53 948 ST<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>TEMENT OF FINANCIAL POSITIONNET RECEIV<span class=\"_ _0\"></span>ABLES/LIABILITIES  IN FOREIGN CURRENCIESDKK -22 213  -31 255 <span class=\"_ _20d\"> </span> 3 126 <span class=\"_ _1d6\"> </span> 1 563 <span class=\"_ _47\"> </span> -1 563 <span class=\"_ _47\"> </span> -3 126 USD<span class=\"_ _d4\"> </span><span class=\"ws0\"> 21 315<span class=\"_ _e\"></span> <span class=\"_ _1d1\"> </span> 181 871 <span class=\"_ _1c2\"> </span> -18 187 <span class=\"_ _47\"> </span> -9 094 <span class=\"_ _1d6\"> </span> 9 094 <span class=\"_ _1ff\"> </span> 18 187<span class=\"_ _e\"></span> </span>KRW<span class=\"_ _20e\"> </span><span class=\"ls0 ws111\"> <span class=\"_ _90\"> </span>-   <span class=\"_ _167\"> </span> <span class=\"_ _90\"> </span>-   <span class=\"_ _20f\"> </span> <span class=\"_ _90\"> </span>-   <span class=\"_ _137\"> </span> <span class=\"_ _2\"> </span>-   <span class=\"_ _137\"> </span> <span class=\"_ _2\"> </span>-   <span class=\"_ _137\"> </span> <span class=\"_ _2\"> </span>-   </span>SEK<span class=\"_ _210\"> </span><span class=\"ws0\"> -6 616 <span class=\"_ _38\"> </span> -6 903 <span class=\"_ _124\"> </span> 690 <span class=\"_ _1cc\"> </span> 345 <span class=\"_ _9b\"> </span> -345 <span class=\"_ _9b\"> </span> -690 </span>GBP<span class=\"_ _d7\"> </span><span class=\"ws0\"> -53 <span class=\"_ _1bd\"> </span> -579 <span class=\"_ _15b\"> </span> 58 <span class=\"_ _195\"> </span> 29 <span class=\"_ _19d\"> </span> -29 <span class=\"_ _19d\"> </span> -58 </span>EUR<span class=\"_ _211\"> </span><span class=\"ws0\"> 7 692 <span class=\"_ _67\"> </span> 80 540 <span class=\"_ _1bc\"> </span> -8 054 <span class=\"_ _47\"> </span> -4 027 <span class=\"_ _96\"> </span> 4 027 <span class=\"_ _1d6\"> </span> 8 054 </span> Effect on net income (loss) <span class=\"_ _13e\"> </span> -22 367 <span class=\"_ _6a\"> </span> -11 184<span class=\"_ _e\"></span> <span class=\"_ _1ff\"> </span> 11 184 <span class=\"_ _1ff\"> </span> 22 367<span class=\"_ _e\"></span>  T<span class=\"_ _4\"></span>otal effect on Net income (loss) and Equity<span class=\"_ _e\"></span>  31 581  15 790 <span class=\"_ _6a\"> </span> -15 790 <span class=\"_ _38\"> </span> -31 581 The table shows the gross for<span class=\"_ _0\"></span>eign currency exposure based on each entity in the group<span class=\"_ _1\"></span>\u2019 functional currency<span class=\"_ _1\"></span>, before hedging. Nel\u2019<span class=\"_ _1\"></span>s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figur<span class=\"_ _0\"></span>es exclude translation of inter<span class=\"_ _0\"></span>company loans in Nel ASA.Interest rate riskThe group does not have a significant amount o<span class=\"_ _0\"></span>f interest bearing long-term debt. Due to the low amount o<span class=\"_ _b\"></span>f debt in the group it is assessed that a change in inter<span class=\"_ _0\"></span>est rates will not have a material effect on the financial statements.Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Nel is exposed to credit risk fr<span class=\"_ _0\"></span>om its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits withbanks and financial institutions, foreign exchange transactions and other financial instruments. The carr<span class=\"_ _3\"></span>ying amounts of financial assets and contract assets repr<span class=\"_ _0\"></span>esent the maximum credit exposur<span class=\"_ _0\"></span>e.Expected credit loss assessment  The Group uses an allowance matrix to measur<span class=\"_ _0\"></span>e the ECLs of trade receivable fr<span class=\"_ _0\"></span>om individual customer<span class=\"_ _e\"></span>s, which comprise a ver<span class=\"_ _3\"></span>y large number o<span class=\"_ _0\"></span>f small balances. Loss rates are calculated using a factor method based on the probability of a r<span class=\"_ _0\"></span>eceivable progressing thr<span class=\"_ _0\"></span>ough successive stages of delinquency to write-off<span class=\"_ _1\"></span>. Roll rates ar<span class=\"_ _b\"></span>e calculated separately for exposures in differ<span class=\"_ _0\"></span>ent segments based on the following common credit risk characteristics - geographic r<span class=\"_ _0\"></span>egion, age of customer r<span class=\"_ _0\"></span>elationship and type of pr<span class=\"_ _0\"></span>oducts purchased.The following table provides information about the exposur<span class=\"_ _0\"></span>e to credit risk and ECLs for trade r<span class=\"_ _0\"></span>eceivables from individual customers as of 31 December 2021 and 2022.Loss rates are based on actual cr<span class=\"_ _0\"></span>edit loss experience over the past two years. These rates are multiplied by a factor to reflect differ<span class=\"_ _0\"></span>ences between economic conditions during the period over which the historical data has been collected, current conditions and Nel\u2019<span class=\"_ _1\"></span>s view of economic conditions over the expected lives of the r<span class=\"_ _0\"></span>eceivables.WEIGHTED-A<span class=\"_ _0\"></span>VERA<span class=\"_ _0\"></span>GE LOSS<span class=\"_ _0\"></span> GROSS CARRYING 2022RA<span class=\"_ _1\"></span>TEAMOUNT<span class=\"_ _af\"> </span>L<span class=\"_ _0\"></span>OSS ALLOW<span class=\"_ _0\"></span>ANCECurrent (not past due)0.1 % 207 178 <span class=\"_ _212\"> </span> 208 1-30 days past due<span class=\"_ _213\"> </span>0.2 %<span class=\"_ _214\"> </span> 118 921 <span class=\"_ _212\"> </span> 238 31-60 days past due<span class=\"_ _215\"> </span>0.5 %<span class=\"_ _40\"> </span> 22 145<span class=\"_ _e\"></span> <span class=\"_ _212\"> </span> 111 61-90 days past due<span class=\"_ _215\"> </span>0.8 %<span class=\"_ _40\"> </span> 21 822<span class=\"_ _e\"></span> <span class=\"_ _212\"> </span> 164 91 days to one year past due<span class=\"_ _2f\"> </span>1.1 %<span class=\"_ _6d\"> </span> 86 541 <span class=\"_ _212\"> </span> 910 More than one year past due<span class=\"_ _100\"> </span>10.0 %<span class=\"_ _197\"> </span> 6 399 <span class=\"_ _212\"> </span> 640 T<span class=\"_ _4\"></span>otal<span class=\"_ _216\"> </span><span class=\"ws0\"> 463 005 <span class=\"_ _10b\"> </span> 2 270 </span>0.5 %WEIGHTED-A<span class=\"_ _0\"></span>VERA<span class=\"_ _0\"></span>GE LOSS<span class=\"_ _0\"></span> GROSS CARRYING 2021RA<span class=\"_ _1\"></span>TEAMOUNT<span class=\"_ _af\"> </span>L<span class=\"_ _0\"></span>OSS ALLOW<span class=\"_ _0\"></span>ANCECurrent (not past due)0.0 % 112 999 <span class=\"_ _14d\"> </span> 12 1-30 days past due<span class=\"_ _213\"> </span>0.1 %<span class=\"_ _40\"> </span> 52 871<span class=\"_ _e\"></span> <span class=\"_ _14d\"> </span> 27 31-60 days past due<span class=\"_ _215\"> </span>0.8 %<span class=\"_ _40\"> </span> 16 501<span class=\"_ _e\"></span> <span class=\"_ _212\"> </span> 124 61-90 days past due<span class=\"_ _215\"> </span>1.0 %<span class=\"_ _197\"> </span> 3 435 <span class=\"_ _14d\"> </span> 33 91 days to one year past due<span class=\"_ _2f\"> </span>1.7 %<span class=\"_ _6d\"> </span> 20 301 <span class=\"_ _212\"> </span> 337 More than one year past due<span class=\"_ _100\"> </span>10.0 %<span class=\"_ _197\"> </span> 6 479 <span class=\"_ _212\"> </span> 645 T<span class=\"_ _4\"></span>otal<span class=\"_ _216\"> </span><span class=\"ws0\"> 212 585 <span class=\"_ _10b\"> </span> 1 177 <span class=\"_ _af\"> </span>0.6 %</span>6.3 <span class=\"_ _46\"> </span><span class=\"fc1\">Market risk factors</span>Market development riskSignificant markets for fueling products, other hydr<span class=\"_ _0\"></span>ogen energy products or r<span class=\"_ _0\"></span>enewable energy as a major source for hydr<span class=\"_ _0\"></span>ogen<span class=\"_ _e\"></span> production may never develop or may develop mor<span class=\"_ _0\"></span>e slowly<span class=\"_ _e\"></span> than the group anticipates. This would significantly harm Nel\u2019<span class=\"_ _1\"></span>s revenues and may cause Nel to be unable to recover the expenditures it has incurr<span class=\"_ _0\"></span>ed and expects to incur in the<span class=\"_ _e\"></span> development of its pr<span class=\"_ _0\"></span>oducts.Regulator<span class=\"_ _3\"></span>y issuesThe group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s operations ar<span class=\"_ _0\"></span>e subject to numerous environmental r<span class=\"_ _0\"></span>equirements. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazar<span class=\"_ _0\"></span>dous waste management, and the use, composition, handling, distribution and transpor<span class=\"_ _e\"></span>tation of hazar<span class=\"_ _b\"></span>dous materials. Many of these laws and r<span class=\"_ _0\"></span>egulations are becoming increasingly stringent (and may contain \u201c<span class=\"_ _0\"></span>strict liability\u201d), and the cost of compliance with these requir<span class=\"_ _0\"></span>ements can be expected to increase over time. The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s electr<span class=\"_ _0\"></span>olyser production depends on various discharge permits granted by various authorities. Fr<span class=\"_ _0\"></span>om time to time, breaches o<span class=\"_ _0\"></span>f the allowed emission limits set out in such permits may occur<span class=\"_ _1\"></span>. If such limits o<span class=\"_ _0\"></span>f the relevant permits should be exceeded, this may have a significant effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s operations and r<span class=\"_ _0\"></span>esult, as the group may be order<span class=\"_ _0\"></span>ed to temporarily halt production, be subject to fines and/or be order<span class=\"_ _0\"></span>ed to under<span class=\"_ _3\"></span>take corrective measur<span class=\"_ _0\"></span>es.The group cannot pr<span class=\"_ _0\"></span>edict the impact of new or changed laws or regulations r<span class=\"_ _0\"></span>elating to health, safety<span class=\"_ _0\"></span>, the environment or other concerns or changes in the ways that such laws or regulations ar<span class=\"_ _0\"></span>e administered, interpreted or enfor<span class=\"_ _0\"></span>ced. The requir<span class=\"_ _0\"></span>ements to be met, as well as the technology and length of time available to meet those r<span class=\"_ _0\"></span>equirements, continue to develop and change. T<span class=\"_ _4\"></span>o the extent that any of these requir<span class=\"_ _0\"></span>ements impose substantial costs or constrain the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s ability to expand or change its pr<span class=\"_ _0\"></span>ocesses, the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, prospects, financial r<span class=\"_ _0\"></span>esults and results of operations could suffer<span class=\"_ _1\"></span>. Any br<span class=\"_ _0\"></span>each of such requir<span class=\"_ _0\"></span>ements could in addition result in fines or other substantial costs and/or constraint the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s ability to operate its pr<span class=\"_ _0\"></span>oduction plant, which could have a significant adverse effect on its business, prospects, financial r<span class=\"_ _0\"></span>esults and results of operations.The fuel cell and hydrogen industr<span class=\"_ _e\"></span>y are in its development phase and is not currently subject to industr<span class=\"_ _e\"></span>y specific government regulations in the Eur<span class=\"_ _0\"></span>opean Union, Asia and the United States, as well as other jurisdictions, relating to matters such as design, storage, transpor<span class=\"_ _e\"></span>tation and installation of fuel cell systems and hydrogen infrastructur<span class=\"_ _0\"></span>e products. However<span class=\"_ _1\"></span>, given that the production o<span class=\"_ _0\"></span>f electrical energy has typically been an area o<span class=\"_ _0\"></span>f significant government regulation, the Company expects it will encounter industr<span class=\"_ _3\"></span>y specific government regulations in the futur<span class=\"_ _0\"></span>e in the jurisdictions and markets in<span class=\"_ _e\"></span> which it operates. For example, regulator<span class=\"_ _e\"></span>y approvals or permits may be requir<span class=\"_ _0\"></span>ed for the design, installation and operation of Nel\u2019<span class=\"_ _1\"></span>s products. T<span class=\"_ _4\"></span>o the extent there ar<span class=\"_ _b\"></span>e delays in gaining such regulator<span class=\"_ _e\"></span>y approval, Nel\u2019<span class=\"_ _1\"></span>s development and growth may be constrained. Nel\u2019<span class=\"_ _1\"></span>s business will suffer if environmental policies change and no longer encourage the development and growth o<span class=\"_ _0\"></span>f clean power technologies.Nel depends substantially on government subsidies. P<span class=\"_ _0\"></span>olitical developments could lead to a material deterioration of the conditions for<span class=\"_ _1\"></span>, or a discontinuation o<span class=\"_ _b\"></span>f<span class=\"_ _1\"></span>, the subsidies for its technology<span class=\"_ _1\"></span>. It is also possible that government financial suppor<span class=\"_ _3\"></span>t for Nel\u2019<span class=\"_ _1\"></span>s technology will be subject to judicial review and determined to be in violation o<span class=\"_ _b\"></span>f applicable constitutional or legal requir<span class=\"_ _0\"></span>ements or be significantly reduced or discontinued for other reasons. Without government subsidies, or with reduced government subsidies, the availability o<span class=\"_ _0\"></span>f pro<span class=\"_ _0\"></span>fitable<span class=\"_ _e\"></span> investment oppor<span class=\"_ _e\"></span>tunities for Nel would be significantly lower<span class=\"_ _1\"></span>, which could have a material adverse effect on Nel\u2019<span class=\"_ _0\"></span>s business, financial condition, results o<span class=\"_ _0\"></span>f operations and cash flows.CompetitionThe group competes with a lar<span class=\"_ _0\"></span>ge number of competitors. Many competitors are developing and ar<span class=\"_ _b\"></span>e currently producing pr<span class=\"_ _0\"></span>oducts based on technologies that may have costs similar to, or lower than, the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s pr<span class=\"_ _0\"></span>ojected costs. Many of the gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019<span class=\"_ _1\"></span>s existing and potential competitors may have longer operating histories, greater name r<span class=\"_ _0\"></span>ecognition, structurally better cost positions through geographical location or agreements with local authorities (including dir<span class=\"_ _0\"></span>ect and indirect subsidies), better access to skilled personnel, better access to resear<span class=\"_ _0\"></span>ch and development par<span class=\"_ _3\"></span>tners, access to larger customer bases and significantly gr<span class=\"_ _0\"></span>eater financial, sales and marketing, manufacturing, distribution, technical and other resour<span class=\"_ _0\"></span>ces than the group. As a result, they may be able to respond mor<span class=\"_ _0\"></span>e quickly than the group can to the changing customer demands or to devote greater r<span class=\"_ _0\"></span>esources to the development, promotion and sales o<span class=\"_ _0\"></span>f their products. The group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business r<span class=\"_ _0\"></span>elies on sales of its pr<span class=\"_ _b\"></span>oducts, and competitors with more diversified product o<span class=\"_ _0\"></span>fferings may be better positioned to withstand a decline in the demand for products o<span class=\"_ _0\"></span>f the types that the group o<span class=\"_ _0\"></span>ffer<span class=\"_ _e\"></span>s. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquir<span class=\"_ _0\"></span>e a significant market share, which would harm the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business. If the gr<span class=\"_ _0\"></span>oup fails to compete successfully<span class=\"_ _0\"></span>, it could have a significant adverse effect on the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s business, pr<span class=\"_ _0\"></span>ospects, financial results and results of operations.DERIV<span class=\"_ _1\"></span>A<span class=\"_ _4\"></span>TIVE FINANCIAL INSTRUMENTS AND HEDGE A<span class=\"_ _b\"></span>C<span class=\"_ _0\"></span>COUNTINGThe Group holds derivative financial instruments to hedge its foreign curr<span class=\"_ _0\"></span>ency risk exposures. Derivatives are both initially and subsequently to initial recognition measur<span class=\"_ _0\"></span>ed at fair value, and changes therein ar<span class=\"_ _0\"></span>e generally recognised in pro<span class=\"_ _0\"></span>fit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable for<span class=\"_ _0\"></span>ecast transactions arising from changes in for<span class=\"_ _0\"></span>eign exchange rates. At the inception o<span class=\"_ _0\"></span>f designated hedging relationships, the Group documents the risk management objective and strategy for under<span class=\"_ _e\"></span>taking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to o<span class=\"_ _0\"></span>ffset each other<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__144": {
   "value": "OBJECTIVES, POLICIES AND PROCESSES FOR MANAGING CAPITALThe group\u2019s objective is to manage the capital structure to safeguard its ability to continue as a going concern, so that it can provide returns for shareholders and benefits for other stakeholders. The group sets the size of capital in proportion to business strategy, risk and financial market conditions. The group manages the capital structure and adjusts it in the light of changes in economic conditions, perceived risk associated with product development and risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the group may adjust the amount of new share issue or increase the debt by taking up loans.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__147": {
   "value": "Liquidity risk is the potential loss that occurs when the group fails to fulfil its contractual obligations when they fall due. Nel is operating in a fast<span class=\"_ _0\"></span>-gr<span class=\"_ _0\"></span>owing, emerging market, with a long list of initiatives in many r<span class=\"_ _0\"></span>egions. The need to address growth oppor<span class=\"_ _e\"></span>tunities ahead of actual market demand, balanced with the need to conser<span class=\"_ _3\"></span>ve cash, is a continual challenge. The timing of addr<span class=\"_ _0\"></span>essing such elements and risks is impor<span class=\"_ _3\"></span>tant. Moving too fast could result in an unnecessarily high cost level, with cash requir<span class=\"_ _0\"></span>ements beyond the current financing plan.However<span class=\"_ _1\"></span>, the group has a str<span class=\"_ _0\"></span>ong liquidity position, NOK 3 138.6 million, as per 31.12.2022. The strong cash position is a good basis for the group<span class=\"_ _1\"></span>\u2019<span class=\"_ _0\"></span>s gr<span class=\"_ _0\"></span>owth strategy<span class=\"_ _0\"></span>. The gr<span class=\"_ _0\"></span>oup monitors its risks associated with lack of capital up against the company\u2019<span class=\"_ _1\"></span>s planned activities.The group will, if necessar<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>, attempt to raise capital through private placements, debt financing, par<span class=\"_ _e\"></span>tnerships, and strategic alliances or from other sour<span class=\"_ _0\"></span>ces. The group may fail to raise capital on acceptable terms, or not do it at all, and this can result in a liquidation o<span class=\"_ _0\"></span>f the group.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__148": {
   "value": "Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Nel is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits withbanks and financial institutions, foreign exchange transactions and other financial instruments. The carrying amounts of financial assets and contract assets represent the maximum credit exposure.Expected credit loss assessment  The Group uses an allowance matrix to measure the ECLs of trade receivable from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of a receivable progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased.The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2021 and 2022.Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel\u2019s view of economic conditions over the expected lives of the receivables.WEIGHTED-AVERAGE LOSS GROSS CARRYING 2022RATEAMOUNT LOSS ALLOWANCECurrent (not past due)0.1 % 207 178   208 1-30 days past due 0.2 %  118 921   238 31-60 days past due 0.5 %  22 145   111 61-90 days past due 0.8 %  21 822   164 91 days to one year past due 1.1 %  86 541   910 More than one year past due 10.0 %  6 399   640 Total  463 005   2 270 0.5 %WEIGHTED-AVERAGE LOSS GROSS CARRYING 2021RATEAMOUNT LOSS ALLOWANCECurrent (not past due)0.0 % 112 999   12 1-30 days past due 0.1 %  52 871   27 31-60 days past due 0.8 %  16 501   124 61-90 days past due 1.0 %  3 435   33 91 days to one year past due 1.7 %  20 301   337 More than one year past due 10.0 %  6 479   645 Total  212 585   1 177  0.6 %",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__149": {
   "value": "Expected credit loss assessment  The Group uses an allowance matrix to measure the ECLs of trade receivable from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of a receivable progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased.The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2021 and 2022.Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel\u2019s view of economic conditions over the expected lives of the receivables.WEIGHTED-AVERAGE LOSS GROSS CARRYING 2022RATEAMOUNT LOSS ALLOWANCECurrent (not past due)0.1 % 207 178   208 1-30 days past due 0.2 %  118 921   238 31-60 days past due 0.5 %  22 145   111 61-90 days past due 0.8 %  21 822   164 91 days to one year past due 1.1 %  86 541   910 More than one year past due 10.0 %  6 399   640 Total  463 005   2 270 0.5 %WEIGHTED-AVERAGE LOSS GROSS CARRYING 2021RATEAMOUNT LOSS ALLOWANCECurrent (not past due)0.0 % 112 999   12 1-30 days past due 0.1 %  52 871   27 31-60 days past due 0.8 %  16 501   124 61-90 days past due 1.0 %  3 435   33 91 days to one year past due 1.7 %  20 301   337 More than one year past due 10.0 %  6 479   645 Total  212 585   1 177  0.6 %",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__150-1": {
   "value": "6.3  Market risk factorsMarket development riskSignificant markets for fueling products, other hydrogen energy products or renewable energy as a major source for hydrogen production may never develop or may develop more slowly than the group anticipates. This would significantly harm Nel\u2019s revenues and may cause Nel to be unable to recover the expenditures it has incurred and expects to incur in the development of its products.Regulatory issuesThe group\u2019s operations are subject to numerous environmental requirements. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazardous waste management, and the use, composition, handling, distribution and transportation of hazardous materials. Many of these laws and regulations are becoming increasingly stringent (and may contain \u201cstrict liability\u201d), and the cost of compliance with these requirements can be expected to increase over time. The group\u2019s electrolyser production depends on various discharge permits granted by various authorities. From time to time, breaches of the allowed emission limits set out in such permits may occur. If such limits of the relevant permits should be exceeded, this may have a significant effect on the group\u2019s operations and result, as the group may be ordered to temporarily halt production, be subject to fines and/or be ordered to undertake corrective measures.The group cannot predict the impact of new or changed laws or regulations relating to health, safety, the environment or other concerns or changes in the ways that such laws or regulations are administered, interpreted or enforced. The requirements to be met, as well as the technology and length of time available to meet those requirements, continue to develop and change. To the extent that any of these requirements impose substantial costs or constrain the group\u2019s ability to expand or change its processes, the group\u2019s business, prospects, financial results and results of operations could suffer. Any breach of such requirements could in addition result in fines or other substantial costs and/or constraint the group\u2019s ability to operate its production plant, which could have a significant adverse effect on its business, prospects, financial results and results of operations.The fuel cell and hydrogen industry are in its development phase and is not currently subject to industry specific government regulations in the European Union, Asia and the United States, as well as other jurisdictions, relating to matters such as design, storage, transportation and installation of fuel cell systems and hydrogen infrastructure products. However, given that the production of electrical energy has typically been an area of significant government regulation, the Company expects it will encounter industry specific government regulations in the future in the jurisdictions and markets in which it operates. For example, regulatory approvals or permits may be required for the design, installation and operation of Nel\u2019s products. To the extent there are delays in gaining such regulatory approval, Nel\u2019s development and growth may be constrained. Nel\u2019s business will suffer if environmental policies change and no longer encourage the development and growth of clean power technologies.Nel depends substantially on government subsidies. Political developments could lead to a material deterioration of the conditions for, or a discontinuation of, the subsidies for its technology. It is also possible that government financial support for Nel\u2019s technology will be subject to judicial review and determined to be in violation of applicable constitutional or legal requirements or be significantly reduced or discontinued for other reasons. Without government subsidies, or with reduced government subsidies, the availability of profitable investment opportunities for Nel would be significantly lower, which could have a material adverse effect on Nel\u2019s business, financial condition, results of operations and cash flows.CompetitionThe group competes with a large number of competitors. Many competitors are developing and are currently producing products based on technologies that may have costs similar to, or lower than, the group\u2019s projected costs. Many of the group\u2019s existing and potential competitors may have longer operating histories, greater name recognition, structurally better cost positions through geographical location or agreements with local authorities (including direct and indirect subsidies), better access to skilled personnel, better access to research and development partners, access to larger customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than the group. As a result, they may be able to respond more quickly than the group can to the changing customer demands or to devote greater resources to the development, promotion and sales of their products. The group\u2019s business relies on sales of its products, and competitors with more diversified product offerings may be better positioned to withstand a decline in the demand for products of the types that the group offers. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquire a significant market share, which would harm the group\u2019s business. If the group fails to compete successfully, it could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.6.4  Climate-related risks and opportunitiesClimate-related opportunitiesNel is a pure play renewable hydrogen company. The climate-related opportunities are the company\u2019s only opportunities. The assumption from climate-related opportunities in climate-related scenarios have impacted the financial statements. Specifically, the climate-related opportunities are the driver for the revenue and activity growth included in the company\u2019s impairment tests. In addition, the climate-related opportunities also impact the assessment of probable future economic benefits from capitalised technology development.Climate-related risksThe company pursue solely climate-related opportunities; therefore, the company does not have any transformation of any legacy business negatively impacted by the climate-related scenarios. Further analysis of the climate-related risks below:Regulatory risks and GeopoliticsWhile climate change is the megatrend, the anticipated role of green hydrogen as a sustainable activity contributing to climate change mitigation could change. How geopolitics will impact and shape climate policies going forward constitutes a risk for Nel. We would not be significantly impacted by the introduction of a potential carbon tax or restrictions on the use of carbon-intensive assets. Further, we do not consume products from conflict areas and our consumption of rare materials is limited. Reputation RiskNel recognizes the importance of maintaining a strong brand in the developing renewable hydrogen industry. Reputational risk comprises: i) any damage to brand value that will cause lost opportunities, ii) challenges in recruiting and retaining talent that in turn could halt technology developments and damage customer experience, and iii) challenges in attracting investors due to damaged reputation which could affect the going concern status of the group.Physical RiskNone of our manufacturing facilities are located in environments overly exposed to physical risks. Relatedly, our facilities are not located in the areas most exposed to sustained long-term shifts in climate patterns. However, our delivered solutions require continuous access to water and electricity, a shortage of which could impact our products\u2019 performance. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__153": {
   "value": "6.5  Hedge accountingDERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2022, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Swedish krona, Euro and British pound. In addition, purchase of property, plant and equipment in Euro and highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2022, the Group held the following instruments to hedge exposures to changes in foreign currency.MORE THAN MATURITY/HEDGING INSTRUMENTS 2023-Q1 2023-Q2 2023-Q3 2023-Q4ONE YEAR TOTALUSD forward contracts, net6 915 0 441 0 0 7 356Average NOK:USD forward contracts rate9.60 0.00 9.07 0.00 0.00 9.57USDHedged NOK, net (nominal amount)66 364 0 3 999 0 0 70 363Fair value USD forward contracts-1 716 0 -295 0 0 -2 011SEK forward contracts, net-22 532 -22 532 0 0 -103 171 -148 236Average NOK:SEK forward contracts rate0.98 0.98 0.00 0.00 0.97 0.97SEKHedged NOK, net (nominal amount)-22 085 -22 125 0 0 -99 738 -143 948Fair value SEK forward contracts-787 -821 0 0 -2 132 -3 740GBP forward contracts, net2 706 0 0 0 0 2 706Average NOK:GBP forward contracts rate11.93 0.00 0.00 0.00 0.00 11.93GBPHedged NOK, net (nominal amount)32 287 0 0 0 0 32 287Fair value GBP forward contracts245 0 0 0 0 245EUR forward contracts, net13 131 7 207 11 923 5 683 21 465 59 409Average NOK:EUR forward contracts rate10.38 10.44 10.48 10.52 10.55 10.48EURHedged NOK, net (nominal amount)136 319 75 248 124 917 59 791 226 525 622 800Fair value EUR forward contracts-2 028 -774 -924 -132 138 -3 719TOTAL hedged NOK, net (nominal amount)212 885 53 123 128 916 59 791 126 787 581 502TOTAL fair value, NOK-4 285 -1 595 -1 219 -132 -1 994 -9 225The effects that hedge accounting has had on the statement of financial position, statement of profit or loss and OCI and statement of changes in equityHedging instruments are measured at fair value and recognised in the statement of financial position as either an asset or a liability depending on the whether the instrument has a positive or negative value. The fair values recognised represents unrealised gains/losses driven by the changes in foreign exchange rates.Statement of financial positionThe table below show the fair value of forward exchange contracts designated as hedging instruments in the statement of financial position.(Amounts in NOK thousands)OTHER  CURRENT  NON-CURRENT CURRENT  NON-CURRENT TYPE OF HEDGE ITEMSASSETSASSETSLIABILITESLIABILITIES TOTALRevenue7 989 1 877 -1 400 -163 8 302Raw materials187 0 -2 288 0 -2 101Property, plant and equipment0 0 -439 0 -439As of 31.12.20218 176 1 877 -4 127 -163 5 762Revenue438 189 -5 829 -50 -5 253Raw materials0 0 -1 840 -2 132 -3 972Property plant and equipment0 0 0 0 0As of 31.12.2022438 189 -7 669 -2 182 -9 225Profit or loss and OCIThe table below includes the reconciliation of movements in hedging reserve, cash flow hedges, in OCI during the year.(Amounts in NOK thousands)PROPERTY, RAW  PLANT AND REVENUEMATERIALS FINANCE COSTSEQUIPMENT TOTALAs of 01.01.202114 800-832 0 -2 524 11 444Effective portion of changes in fair value 2 989 -2 332 -1 481 -2 263 -3 086Reclassified to profit or loss -4 663 0 1 481 0 -3 182Reclassified to statement of financial positions -5 473 1 063 0 4 348 -62(basis adjustment)As of 01.01.2022 7 654 -2 101 0 -439 5 114Effective portion of changes in fair value -7 876 -31 153 854 -6 900Reclassified to profit or loss -2 930 0 -153 0 -3 084Reclassified to statement of financial positions -3 349 0 0 -415 -3 764(basis adjustment)As of 31.12.2022 -6 502 -2 132 0 0 -8 634During the year, a hedging gain of NOK 2.9 (4.7) million has been realised and reclassified to profit or loss within \u2018Revenue from contracts with customers\u2019.  The timeline below illustrates when the unrealised changes in fair value of the foreign currency forward contracts may be reclassified to profit or loss and statement of financial position.(Amounts in NOK thousands)2022 2023 2024 2025 TOTALRevenue 5 940 1 713 0 0 7 654Raw materials -2 101 0 0 0 -2 101Property, plant and equipment -439 0 0 0 -439As of 31.12.2021 5 114Revenue -6 640 138 0 -6 502Raw materials 0 -2 132 0 -2 132As of 31.12.2022 -8 634Economic relationship and effectivenessThe hedged item creates an exposure to buy a foreign currency and sell the functional currency. The forward contract is to sell foreign currency and buy the functional currency. As the hedged exposure is exactly matched by the currency leg of the forward contract (i.e. they are the same amount of currency with the same payment date), there is a clear economic relationship between the hedging instrument and the hedged item. Hedging less than 100 % is considered when natural hedge positions could occur during the hedging period, or to limit the risk of over-hedging given the inherent uncertainties in any estimated cash flow.If there\u2019s no change in the hedge item cash magnitude (e.g. contract termination or amendment) the hedge would be effective as long as the timing of the hedge instrument and hedge item are aligned. No ineffectiveness has been recognised in the income statement in 2022 or 2021.The Group does not have any fair value hedge or net investment hedge. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__157": {
   "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2022, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Swedish krona, Euro and British pound. In addition, purchase of property, plant and equipment in Euro and highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2022, the Group held the following instruments to hedge exposures to changes in foreign currency",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__156": {
   "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2022, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Swedish krona, Euro and British pound. In addition, purchase of property, plant and equipment in Euro and highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2022, the Group held the following instruments to hedge exposures to changes in foreign currency",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__155": {
   "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2022, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Swedish krona, Euro and British pound. In addition, purchase of property, plant and equipment in Euro and highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2022, the Group held the following instruments to hedge exposures to changes in foreign currency",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__163": {
   "value": "6.6  Financial instrumentsNel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.FINANCIAL INSTRUMENTS AND FAIR VALUES  2022CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging626 626 626 626Financial asset - equity instruments 489 406 489 406 450 296 39 110 489 406SUM 626 489 406 490 033 450 296 626 39 110 490 033LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-9 851 -9 851 -9 851 -9 851SUM -9 851 -9 851 -9 851 -9 851Financial liabilities not  measured at fair valueLong-term debt 22 431 22 431 22 431 22 431SUM 22 431 22 431 22 431 22 4312021CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets  measured at fair valueForward exchange contracts used for hedging 10 053 10 053 10 053 10 053Financial asset - equity instruments 600 092 600 092 568 191 31 902 600 092SUM 10 053 600 092 610 145 568 191 10 053 31 902 610 145LiabilitiesFinancial liabilities  measured at fair valueForward exchange contracts used for hedging -4 290 -4 290 -4 290 -4 290SUM -4 290 -4 290 -4 290 -4 290Financial liabilities  not measured at fair valueLong-term debt 23 191 23 191 23 191 23 191SUM 23 191 23 191 23 191 23 191The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__162": {
   "value": "6.6  Financial instrumentsNel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.FINANCIAL INSTRUMENTS AND FAIR VALUES  2022CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging626 626 626 626Financial asset - equity instruments 489 406 489 406 450 296 39 110 489 406SUM 626 489 406 490 033 450 296 626 39 110 490 033LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-9 851 -9 851 -9 851 -9 851SUM -9 851 -9 851 -9 851 -9 851Financial liabilities not  measured at fair valueLong-term debt 22 431 22 431 22 431 22 431SUM 22 431 22 431 22 431 22 4312021CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets  measured at fair valueForward exchange contracts used for hedging 10 053 10 053 10 053 10 053Financial asset - equity instruments 600 092 600 092 568 191 31 902 600 092SUM 10 053 600 092 610 145 568 191 10 053 31 902 610 145LiabilitiesFinancial liabilities  measured at fair valueForward exchange contracts used for hedging -4 290 -4 290 -4 290 -4 290SUM -4 290 -4 290 -4 290 -4 290Financial liabilities  not measured at fair valueLong-term debt 23 191 23 191 23 191 23 191SUM 23 191 23 191 23 191 23 191The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__161": {
   "value": "6.6  Financial instrumentsNel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.FINANCIAL INSTRUMENTS AND FAIR VALUES  2022CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging626 626 626 626Financial asset - equity instruments 489 406 489 406 450 296 39 110 489 406SUM 626 489 406 490 033 450 296 626 39 110 490 033LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-9 851 -9 851 -9 851 -9 851SUM -9 851 -9 851 -9 851 -9 851Financial liabilities not  measured at fair valueLong-term debt 22 431 22 431 22 431 22 431SUM 22 431 22 431 22 431 22 4312021CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets  measured at fair valueForward exchange contracts used for hedging 10 053 10 053 10 053 10 053Financial asset - equity instruments 600 092 600 092 568 191 31 902 600 092SUM 10 053 600 092 610 145 568 191 10 053 31 902 610 145LiabilitiesFinancial liabilities  measured at fair valueForward exchange contracts used for hedging -4 290 -4 290 -4 290 -4 290SUM -4 290 -4 290 -4 290 -4 290Financial liabilities  not measured at fair valueLong-term debt 23 191 23 191 23 191 23 191SUM 23 191 23 191 23 191 23 191The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__160": {
   "value": "6.6  Financial instrumentsNel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.FINANCIAL INSTRUMENTS AND FAIR VALUES  2022CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging626 626 626 626Financial asset - equity instruments 489 406 489 406 450 296 39 110 489 406SUM 626 489 406 490 033 450 296 626 39 110 490 033LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-9 851 -9 851 -9 851 -9 851SUM -9 851 -9 851 -9 851 -9 851Financial liabilities not  measured at fair valueLong-term debt 22 431 22 431 22 431 22 431SUM 22 431 22 431 22 431 22 4312021CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets  measured at fair valueForward exchange contracts used for hedging 10 053 10 053 10 053 10 053Financial asset - equity instruments 600 092 600 092 568 191 31 902 600 092SUM 10 053 600 092 610 145 568 191 10 053 31 902 610 145LiabilitiesFinancial liabilities  measured at fair valueForward exchange contracts used for hedging -4 290 -4 290 -4 290 -4 290SUM -4 290 -4 290 -4 290 -4 290Financial liabilities  not measured at fair valueLong-term debt 23 191 23 191 23 191 23 191SUM 23 191 23 191 23 191 23 191The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__159": {
   "value": "6.6  Financial instrumentsNel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.FINANCIAL INSTRUMENTS AND FAIR VALUES  2022CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging626 626 626 626Financial asset - equity instruments 489 406 489 406 450 296 39 110 489 406SUM 626 489 406 490 033 450 296 626 39 110 490 033LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-9 851 -9 851 -9 851 -9 851SUM -9 851 -9 851 -9 851 -9 851Financial liabilities not  measured at fair valueLong-term debt 22 431 22 431 22 431 22 431SUM 22 431 22 431 22 431 22 4312021CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY  FINANCIAL ASSETS - HEDGING AT FVTPL  AND LIABILTIES AT  INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets  measured at fair valueForward exchange contracts used for hedging 10 053 10 053 10 053 10 053Financial asset - equity instruments 600 092 600 092 568 191 31 902 600 092SUM 10 053 600 092 610 145 568 191 10 053 31 902 610 145LiabilitiesFinancial liabilities  measured at fair valueForward exchange contracts used for hedging -4 290 -4 290 -4 290 -4 290SUM -4 290 -4 290 -4 290 -4 290Financial liabilities  not measured at fair valueLong-term debt 23 191 23 191 23 191 23 191SUM 23 191 23 191 23 191 23 191The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__166": {
   "value": "6.7  Contractual commitments and commitments for future investments  Nel is committed to future investments for Her\u00f8ya expansion in Norway, see note 3.2 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__165": {
   "value": "6.7  Contractual commitments and commitments for future investments  Nel is committed to future investments for Her\u00f8ya expansion in Norway, see note 3.2 for additional information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__169": {
   "value": "7.1  Composition of the groupThe following subsidiaries are included in the consolidated financial statements:MAIN  CONSOLIDATED OWNERSHIP/ OWNERSHIP/ COMPANY LOCATIONOPERATIONSFROM:VOTES 2022VOTES 2021Nel Hydrogen Electrolyser AS Notodden, Norway Alkaline electrolysers 01.10.2015 100 % 100 %Hydrogen fueling Nel Hydrogen A/S Herning, Denmarkstations 01.07.2015 100 % 100 %Nel Fuel AS Oslo, Norway Investment/holding 01.07.2015 100 % 100 %Proton Energy Systems Inc Wallingford, Connecticut, USA PEM electrolysers 01.07.2017 100 % 100 %Nel Korea Co. Ltd Seoul, South Korea  Service of H2Station\u00ae 01.07.2018 100 % 100 %Nel Hydrogen Inc San Leandro, California USA Service of H2Station\u00ae 01.01.2019 100 % 100 %Nel Hydrogen  Electrolyser Germany GmbH Munich, Germany Electrolysers sales office 24.10.2022 100 % 100 %Nel Hydrogen  Electrolyser Belgium BV Brussels, Belgium Electrolyser sales office 27.09.2021 100 % 100 %Nel Austria GmbH Wien, Austria Fueling sales office 30.03.2022 100 % 100 %All subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__167": {
   "value": "7.1  Composition of the groupThe following subsidiaries are included in the consolidated financial statements:MAIN  CONSOLIDATED OWNERSHIP/ OWNERSHIP/ COMPANY LOCATIONOPERATIONSFROM:VOTES 2022VOTES 2021Nel Hydrogen Electrolyser AS Notodden, Norway Alkaline electrolysers 01.10.2015 100 % 100 %Hydrogen fueling Nel Hydrogen A/S Herning, Denmarkstations 01.07.2015 100 % 100 %Nel Fuel AS Oslo, Norway Investment/holding 01.07.2015 100 % 100 %Proton Energy Systems Inc Wallingford, Connecticut, USA PEM electrolysers 01.07.2017 100 % 100 %Nel Korea Co. Ltd Seoul, South Korea  Service of H2Station\u00ae 01.07.2018 100 % 100 %Nel Hydrogen Inc San Leandro, California USA Service of H2Station\u00ae 01.01.2019 100 % 100 %Nel Hydrogen  Electrolyser Germany GmbH Munich, Germany Electrolysers sales office 24.10.2022 100 % 100 %Nel Hydrogen  Electrolyser Belgium BV Brussels, Belgium Electrolyser sales office 27.09.2021 100 % 100 %Nel Austria GmbH Wien, Austria Fueling sales office 30.03.2022 100 % 100 %All subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__170-1": {
   "value": "7.2 <span class=\"_ _46\"> </span>Executive management r<span class=\"_ _0\"></span>emunerationNel Executive Management Compensation and number o<span class=\"_ _0\"></span>f shares owned2022(Amounts in NOK thousands)REMUNERA<span class=\"_ _1\"></span>TION OF <span class=\"ls0\"> </span>PENSION <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>O<span class=\"_ _0\"></span>THER <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span> NUMBER OF 1)MANAGEMENT 2022<span class=\"_ _197\"> </span><span class=\"ws19\">SAL<span class=\"_ _3\"></span>ARY<span class=\"_ _12e\"> </span>BONUS</span>EXPENSEREMUNERA<span class=\"_ _1\"></span>TIONREMUNERA<span class=\"_ _1\"></span>TIONSHARES2)H\u00e5kon V<span class=\"_ _0\"></span>olldal, CEO 2 156<span class=\"_ _3f\"> </span><span class=\"ws1a\">589<span class=\"_ _5f\"> </span>96<span class=\"_ _124\"> </span></span><span class=\"ls0\">0<span class=\"_ _229\"> </span></span>2 842<span class=\"_ _27\"> </span><span class=\"ls0\">0</span>3)Jon Andr\u00e9 L\u00f8kke, CEO 2 297<span class=\"_ _28\"> </span>1 563<span class=\"_ _5f\"> </span><span class=\"ws1a\">68<span class=\"_ _e8\"> </span></span>1 500<span class=\"_ _1c9\"> </span>5 428<span class=\"_ _6a\"> </span>550 000Kjell Christian Bj\u00f8rnsen, CFO <span class=\"_ _dc\"> </span>2 837<span class=\"_ _38\"> </span><span class=\"ws1a\">71<span class=\"_ _183\"> </span>191<span class=\"_ _124\"> </span></span><span class=\"ls0\">0<span class=\"_ _1c9\"> </span></span>3 099<span class=\"_ _192\"> </span><span class=\"ls0\">0</span>Anders S\u00f8reng, CT<span class=\"_ _0\"></span>O<span class=\"_ _22a\"> </span>2 381<span class=\"_ _38\"> </span><span class=\"ws1a\">62<span class=\"_ _183\"> </span>191<span class=\"_ _aa\"> </span>894<span class=\"_ _1c9\"> </span></span>3 528<span class=\"_ _6a\"> </span>135 0004)J\u00f8rn Rosenlund, CSO 1 185<span class=\"_ _47\"> </span><span class=\"ls0\">0<span class=\"_ _5f\"> </span></span><span class=\"ws1a\">66<span class=\"_ _aa\"> </span>911<span class=\"_ _1c9\"> </span></span>2 161<span class=\"_ _27\"> </span><span class=\"ls0\">0</span>5)Esa Laukkanen, COO 1 140<span class=\"_ _47\"> </span><span class=\"ls0\">0<span class=\"_ _cb\"> </span>0<span class=\"_ _bd\"> </span>0<span class=\"_ _1c9\"> </span></span>1 140<span class=\"_ _192\"> </span><span class=\"ls0\">0</span>Rober<span class=\"_ _e\"></span>t Borin, SVP Nel Hydrogen Fueling<span class=\"_ _61\"> </span>3 084<span class=\"_ _38\"> </span><span class=\"ws1a\">79<span class=\"_ _183\"> </span>257<span class=\"_ _bd\"> </span></span><span class=\"ls0\">0<span class=\"_ _1c9\"> </span></span>3 419<span class=\"_ _192\"> </span><span class=\"ls0\">0</span>Filip Smeets, SVP Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser<span class=\"_ _67\"> </span><span class=\"ls9\">2 173<span class=\"_ _6a\"> </span><span class=\"ws1a\">58<span class=\"_ _cb\"> </span></span><span class=\"ls0\">0<span class=\"_ _bd\"> </span>0<span class=\"_ _1c9\"> </span></span>2 232<span class=\"_ _192\"> </span><span class=\"ls0\">0</span></span>Hans Hide, SVP Projects<span class=\"_ _db\"> </span>2 122<span class=\"_ _38\"> </span><span class=\"ws1a\">52<span class=\"_ _183\"> </span>191<span class=\"_ _aa\"> </span>872<span class=\"_ _1c9\"> </span></span>3 236<span class=\"_ _47\"> </span>20 000Stein Ove Erdal, Vice Pr<span class=\"_ _0\"></span>esident Legal and<span class=\"_ _e\"></span> General Counsel<span class=\"_ _22b\"> </span>2 192<span class=\"_ _38\"> </span><span class=\"ws1a\">57<span class=\"_ _183\"> </span>191<span class=\"_ _aa\"> </span>872<span class=\"_ _1c9\"> </span></span>3 311<span class=\"_ _27\"> </span><span class=\"ls0\">0</span>Caroline Duyckaerts, Chief Human Resources Officer<span class=\"_ _22c\"> </span><span class=\"ws0\">1 866<span class=\"_ _38\"> </span></span>50<span class=\"_ _183\"> </span>191<span class=\"_ _124\"> </span><span class=\"ls0 ws0\">0<span class=\"_ _1c9\"> </span><span class=\"ls9\">2 107<span class=\"_ _192\"> </span></span>0</span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _206\"> </span><span class=\"ls9 ws0\">23 434<span class=\"_ _28\"> </span>2 582<span class=\"_ _78\"> </span>1 439<span class=\"_ _e8\"> </span>5 048<span class=\"_ _158\"> </span>32 502<span class=\"_ _6a\"> </span>705 000</span>1) Other remuneration is mainly r<span class=\"_ _b\"></span>elated to share option pr<span class=\"_ _0\"></span>ogram and severance pay2) Employed in Nel from July 2022. Has a six months notice period, plus is entitled to six months sever<span class=\"_ _b\"></span>ence pay<span class=\"_ _0\"></span>, if terminated by the company<span class=\"_ _0\"></span>.3) Left Nel in June 20224) Left Nel in April 20225) Employed in Nel from August 20222021(Amounts in NOK thousands)REMUNERA<span class=\"_ _1\"></span>TION OF <span class=\"ls0\"> </span>PENSION <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>O<span class=\"_ _0\"></span>THER <span class=\"_ _a\"></span><span class=\"ls0 ws0\"> </span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L<span class=\"_ _3\"></span> <span class=\"_ _45\"></span><span class=\"ls0 ws0\"> </span> NUMBER OF 1)MANAGEMENT 2021<span class=\"_ _11e\"> </span><span class=\"ws19\">SALARY<span class=\"_ _12c\"> </span>BONUS</span>EXPENSEREMUNERA<span class=\"_ _1\"></span>TIONREMUNERA<span class=\"_ _1\"></span>TIONSHARES2)Jon Andr\u00e9 L\u00f8kke, CEO 3 015<span class=\"_ _31\"> </span><span class=\"ws1b\">753<span class=\"_ _3a\"> </span></span> 181 <span class=\"_ _121\"> </span><span class=\"ls0\">0<span class=\"_ _e8\"> </span></span>3 949<span class=\"_ _78\"> </span><span class=\"fsc ls9\">2 000 000</span>Kjell Christian Bj\u00f8rnsen, CFO 2 579<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _3a\"> </span></span> 181 <span class=\"_ _121\"> </span><span class=\"ls0\">0<span class=\"_ _e8\"> </span></span>2 760<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>Anders S\u00f8reng, CT<span class=\"_ _0\"></span>O2 226<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span><span class=\"ws1b\">181<span class=\"_ _178\"> </span>596<span class=\"_ _e8\"> </span></span>3 003<span class=\"_ _92\"> </span><span class=\"fsc ls9\">200 000</span>J\u00f8rn Rosenlund, CSO2 730<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span><span class=\"ws1b\">198<span class=\"_ _178\"> </span>607<span class=\"_ _e8\"> </span></span>3 535<span class=\"_ _92\"> </span><span class=\"fsc ls9\">250 000</span>Rober<span class=\"_ _e\"></span>t Borin, SVP Nel Hydrogen Fueling2 214<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span><span class=\"ws1b\">176<span class=\"_ _1c7\"> </span></span><span class=\"ls0\">0<span class=\"_ _e8\"> </span></span>2 391<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>Filip Smeets, SVP Nel Hydrogen Electr<span class=\"_ _0\"></span>olyser2 462<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _14b\"> </span>0<span class=\"_ _bd\"> </span>0<span class=\"_ _e8\"> </span></span>2 462<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>Hans Hide, SVP Projects1 906<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _3a\"> </span></span> 181 <span class=\"_ _c1\"> </span><span class=\"ws1b\">581<span class=\"_ _e8\"> </span></span>2 668<span class=\"_ _5f\"> </span><span class=\"fsc ls9\">20 000</span>Stein Ove Erdal, Vice Pr<span class=\"_ _0\"></span>esident Legal and<span class=\"_ _e\"></span> General Counsel2 070<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _3a\"> </span></span> 181 <span class=\"_ _c1\"> </span><span class=\"ws1b\">581<span class=\"_ _e8\"> </span></span>2 832<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>Caroline Duyckaerts, Chief Human<span class=\"_ _e\"></span> <span class=\"ls0\"> </span>Resources Officer1 632<span class=\"_ _9f\"> </span><span class=\"ls0\">0<span class=\"_ _8a\"> </span></span><span class=\"ws1b\">181<span class=\"_ _1c7\"> </span></span><span class=\"ls0\">0<span class=\"_ _e8\"> </span></span>1 813<span class=\"_ _156\"> </span><span class=\"fsc ls0\">0</span>TOT<span class=\"_ _0\"></span>A<span class=\"_ _3\"></span>L20 834<span class=\"_ _31\"> </span><span class=\"ws1b\">753<span class=\"_ _67\"> </span></span>1 462<span class=\"_ _b4\"> </span>2 365<span class=\"_ _b9\"> </span>25 413<span class=\"_ _78\"> </span><span class=\"fsc ls9\">2 470 000</span>1) Other remuneration is mainly r<span class=\"_ _b\"></span>elated to share option pr<span class=\"_ _0\"></span>ogram2) Jon Andr\u00e9 L\u00f8kke has a six months notice period, plus is entitled to six months sever<span class=\"_ _b\"></span>ence pay<span class=\"_ _0\"></span>.The Board o<span class=\"_ _0\"></span>f Directors determines the remuneration o<span class=\"_ _0\"></span>f the CEO based on a proposal fr<span class=\"_ _0\"></span>om the Remuneration Committee and approves the general terms o<span class=\"_ _0\"></span>f the company\u2019<span class=\"_ _0\"></span>s incentive plans for Executive management and other key employees. The CEO determines the compensation to the other members of Nel\u2019<span class=\"_ _1\"></span>s Executive Management. Nel\u2019<span class=\"_ _1\"></span>s approach is to provide the CEO and other members of Nel\u2019<span class=\"_ _1\"></span>s executive Management as well as employees with a market competitive o<span class=\"_ _b\"></span>ffer for our renewable industr<span class=\"_ _e\"></span>y<span class=\"_ _0\"></span>. The compensation should be: \u2022 <span class=\"_ _6\"> </span>attractive to recruit and retain executives and other talents to Nel; \u2022 <span class=\"_ _6\"> </span>market competitive in the respective locations but not market leading, fitting for our renewable industr<span class=\"_ _e\"></span>y; \u2022 <span class=\"_ _6\"> </span>Suppor<span class=\"_ _3\"></span>t the creation o<span class=\"_ _0\"></span>f sustainable value to Nel\u2019<span class=\"_ _0\"></span>s shareholders T<span class=\"_ _4\"></span>otal compensation for each member of Executive Management is compared to the r<span class=\"_ _0\"></span>elevant market on a regular basis. Nel\u2019<span class=\"_ _1\"></span>s remuneration of the Executive Management includes the Base Salar<span class=\"_ _3\"></span>y<span class=\"_ _0\"></span>, Bonus, Shar<span class=\"_ _0\"></span>e Option Program, P<span class=\"_ _0\"></span>ension (defined contribution plans) and other compensation elements such as car<span class=\"_ _1\"></span>, cell phone and internet connection.EXECUTIVE MANA<span class=\"_ _b\"></span>GEMENT Information on key management compensation is disclosed in note \u20187.2 executive management remuneration\u2019<span class=\"_ _1\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__171": {
   "value": "7.3  External audit remunerationFEES TO THE GROUP AUDITOR 2022 2021Statutory auditing services 3 073 2 834Attestation services 160 285Non-auditing services 0 428TOTAL 3 233 3 547In addition to the fees included in the remuneration table above, the group incurred NOK 1.4 (1.4) million in 2022 of attestation services and non-auditing services provided by company other than EY, the group auditor.FEES TO OTHER AUDITORS  ELECTED BY SUBSIDIARIES 2022 2021Statutory auditing services0 0Attestation services1 435 882Non-auditing services0 503TOTAL1 435 1 385",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__172": {
   "value": "7.4  Related partiesEXECUTIVE MANAGEMENT Information on key management compensation is disclosed in note \u20187.2 executive management remuneration\u2019.ASSOCIATED AND JOINT VENTURESNel\u2019s significant transactions with associated companies and joint ventures are described in note 3.4 Investments in associated companies and joint ventures.Transactions with related parties are at arm\u2019s length principles.BOARD OF DIRECTORSMembers of Nel\u2019s Board of Directors\u2019 remuneration and share ownership are disclosed in the tables below.2022BOARD OF DIRECTORS 2022 REMUNERATION  NUMBER OF SHARES OWNERSHIPOle Enger - Chair of the Board 616 149 462 0.01 %Tom R\u00f8tjer 341 0 0.00 %Beatriz Malo de Molina 341 0 0.00 %Charlotta Falvin 341 0 0.00 %1)Finn Jebsen 341 50 620 0.00 %Hanne Blume 341 0 0.00 %Jon Andr\u00e9 L\u00f8kke 341 550 000 0.04 %TOTAL 2,659 750 082 0.05 %1)  Consisting of shares held through Fateburet ASAUDIT COMMITTEE 2022 REMUNERATIONBeatriz Malo de Molina - chair of the committee110Charlotta Falvin75TOTAL185REMUNERATION COMMITTEE 2022 REMUNERATIONHanne Blume - chair of the committee90Ole Enger60TOTAL1502021BOARD OF DIRECTORS 2021 REMUNERATION  NUMBER OF SHARES OWNERSHIPOle Enger - Chair of the Board 589 149 462 0.01 %Tom R\u00f8tjer 319 0 0.00 %Beatriz Malo de Molina 319 0 0.00 %Charlotta Falvin 319 0 0.00 %1)Finn Jebsen 319 310 620 0.02 %Hanne Blume 319 0 0.00 %TOTAL 2 186 460 082 0.03 %1)  Consisting of shares held through Fateburet ASAUDIT COMMITTEE 2021 REMUNERATIONFinn Jebsen - chair of the audit committee85Beatriz Malo de Molina50TOTAL135REMUNERATION COMMITTEE 2021 REMUNERATIONHanne Blume - chair of the committee65Ole Enger35TOTAL100",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__174": {
   "value": "7.5  Events after the balance sheet dateThere have been no significant changes in the financial position of the Group since the date of the interim financial statements for twelve months ended 31 December 2022.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s7_notes__6__175": {
   "value": "7.6  Going concernThe financial statement is presented on the going concern assumption 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 prepared in accordance with this assumption.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:549300G6XN5IXMRKEG37",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}