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"s11_notes__7__7": {
"value": "Note 1 Corporate informationThe parent company Axactor ASA (\u201cAxactor\u201d) is a Norwegian public limited liability company (Allmennaksjeselskap), domiciled in Norway. The registered address is Drammensveien 167, 0277 Oslo. The company\u2019s shares are traded in Norway on Oslo B\u00f8rs.The principal activities of the Company and its subsidiaries (the Group) are debt management, specializing on both purchasing and collection on own loan portfolios and providing collection services for third-party owned portfolios. The activities are further described in note 5.The Annual Report and Parent Company Report for Axactor ASA were adopted by the Board of Directors on 30 March 2023 and will be submitted for approval to the Annual General Meeting on 3 May 2023.",
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"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__5": {
"value": "Note 1 Corporate informationThe parent company Axactor ASA (\u201cAxactor\u201d) is a Norwegian public limited liability company (Allmennaksjeselskap), domiciled in Norway. The registered address is Drammensveien 167, 0277 Oslo. The company\u2019s shares are traded in Norway on Oslo B\u00f8rs.The principal activities of the Company and its subsidiaries (the Group) are debt management, specializing on both purchasing and collection on own loan portfolios and providing collection services for third-party owned portfolios. The activities are further described in note 5.The Annual Report and Parent Company Report for Axactor ASA were adopted by the Board of Directors on 30 March 2023 and will be submitted for approval to the Annual General Meeting on 3 May 2023.Note 2 Significant accounting policies2.1 Basis for preparationThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) and effective as of 31 December 2022. Axactor also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act.The parent company\u2019s functional currency is euro (EUR) and this is also the reporting currency for the Group. All amounts in the financial reports are stated in EUR thousand unless otherwise specified.As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.Preparation of financial statements including note disclosures requires management to make estimates and assumptions that affect amounts reported. Actual outcomes may deviate from management\u2019s estimates. The most important accounting principles that have been applied are described below. These principles have been applied consistently for all years presented, unless otherwise specified.2.2 Consolidation principlesThe Group\u2019s consolidated financial statements comprise Axactor ASA and entities in which Axactor ASA has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements.The assessments are done for each individual investment. The Group re-assesses whether it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the shareholders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests are presented separately under equity in the Group\u2019s consolidated statement of financial position.Change in ownership interest without loss of controlA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the asset is recognized against the equity attributable to the parent.Loss of controlIn cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when control is lost. Differences between the consideration and the carrying amount of the asset are recognized as a gain or loss in profit or loss. Investments retained, if any, are recognized at fair value, and surplus or deficits, if any, are recognized in profit or loss as a part of gain/loss on subsidiary disposal. Amounts included in other comprehensive income are recognized in profit or loss or directly as equity depending on their prior classification in other comprehensive income.2.3 Functional currencies and presentation currencyThe financial statements are presented in EUR, which is also the functional currency of Axactor ASA. For the purposes of presenting this consolidated financial statement, the assets, and liabilities of the Group\u2019s non-euro operations (i.e. Sweden and Norway) are translated to EUR using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for each month. All group transactions and group unsettled matters, and profit and losses for transactions between group companies, are eliminated..2.4 Business combinationsBusiness combinations are accounted for using the acquisition accounting method. Acquisition costs incurred are expensed and included in operating expenses. When the Group acquires a business, it assesses the identifiable assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances, and relevant conditions at the acquisition date. The acquirer\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date, except for non-current assets that are classified as held for sale and recognized at fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value.Goodwill arising from an acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interests and the amount of any non-controlling interests in the acquire over the net amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group\u2019s interest in the net fair value of the acquirer\u2019s identifiable assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognized in profit or loss immediately.Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in profit or loss as financial income or expense. If the contingent consideration is classified as equity, it will not be remeasured, and subsequent settlement will be accounted for within equity.If the business combination is achieved in stages, the fair value of the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss.2.5 Segment reportingThe Group derives its revenues from the following two operating segments: Non-performing loans (NPL) and Third-party collection (3PC). The Group reports its business through reporting segments which correspond to the operating segments. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group\u2019s resources. For management purposes, the Group is additionally organized into business units based on geographical locations.The internal reporting provided to the Board, which is the Group\u2019s chief decision maker, is in accordance with this structure.2.6 Revenue and revenue recognitionRevenue from purchased loan portfolios is recognized according to IFRS 9 Financial Instruments using the effective interest rate method, while revenue from 3PC is recognized according to IFRS 15 Revenue from Contracts with Customers.The recognition of revenues from purchased loan portfolios is described in detail in 2.12.1. The Group can sell a loan portfolio to another debt collector. The revenue will be recognized at the time the portfolio is transferred to an external buyer.3PC revenue is derived from a combination of fixed fees paid by Axactor\u2019s customers for services provided and commissions for solved cases and/or fees paid by the debtors to an Axactor entity. Revenue from 3PC is recognized in \u2018Other operating revenue\u2019 in the consolidated statement of profit or loss.Revenue from repossessed assets is recognized at the point of time where the ownership of the property has been transferred to an external buyer. Revenue from repossessed assets is recognized in line item \u2018Revenue from sale of repossessed assets\u2019 in the consolidated statement of profit or loss.2.7 Employee benefits2.7.1 Pension obligationsThe Group\u2019s pension obligations vary between countries depending on the local legislation and different pension systems, see notes 7, 8, 26 and 27 for further descriptions.Defined contribution retirement plans are retirement plans where the company\u2019s payment obligations are limited to the fixed contributions and where the fees already have been undertaken. The retirement benefits for the individual employee are dependent on the contributions paid to the retirement plan or an insurance company by the employer, and the return of capital invested in the retirement fund. Consequently, it is the employee that holds the risk of return (that the return will be lower than expected) and the risk of the investment (the risk that the invested pension provision will not be sufficient to cover expected retirement compensation in the future). The obligations of the Group related to payments of defined contribution retirement plans are expensed in profit or loss as they are earned by the employee for services rendered on behalf of the employer during the period.For defined benefit plans, the pension obligations do not cease until the agreed pensions have been paid. Defined benefit plans typically define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.2.7.2 Share-based compensationThe group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the option is recognized as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 Including any market performance conditions (e.g. an entity\u2019s share price)\u2022 Excluding the impact of any service and non-market performance vesting conditions\u2022 Including the impact of any non-vesting conditionsAt the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The fair value of the options has been estimated at grant date and is not subsequently changed. When the options are exercised, and the company elects to issue new shares, the proceeds received net of any directly attributable transaction costs are credited to share capital (par value) and share premium.Social security costs related to the options are accrued on a quarterly basis and become payable at exercise of the options. The social security provisions are estimated based on the gain on the options multiplied with the relevant social security rate.2.8 TaxesIncome taxes consist of current tax and deferred tax.Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available, or which unused tax losses and unused tax credits can be utilized. A deferred tax asset arising from unused tax losses or tax credit is only recognized to the extent that the entity has sufficient taxable temporary differences or that there is other convincing evidence supporting the utilization of the tax losses and tax credits, including the impact of time restriction by local tax authorities. The carrying amount of deferred tax assets are reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each reporting date. Deferred income tax assets and deferred income tax liabilities are offset only when a legally enforceable right exists to set off tax assets against income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority.2.9 Intangible assetsExpenditures for software development that can be attributed to identifiable assets under the Group\u2019s control and with anticipated future economic benefits are capitalized and recognized as intangible assets, in accordance with IAS 38 Intangible Assets. These capitalized expenses can include staff expenses if the resource has been taken out of its ordinary course of work for a longer period to work on the development project, which has been recognized as having future economic benefits. Customer contracts that are recognized as intangible assets relate to fair value recognized upon acquisition in accordance with IFRS 3 Business Combinations. Customer contracts are amortized on a straight-line basis over their estimated period of use. Other intangible assets relate to other acquired rights and are amortized on a straight-line basis over their estimated period of use. If there is an indication that an asset is impaired, the recoverable amount of the asset is calculated in accordance with IAS 36 Impairment of Assets. For goodwill, other intangible assets with indefinite useful lives and intangible assets not yet ready for use, the recoverable amount is assessed annually.2.9.1 GoodwillGoodwill represents the excess of cost of an acquisition over the fair value of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill from acquisition of subsidiaries is included within intangible assets. Goodwill that arises on the acquisition of subsidiaries is allocated to cash generating units (CGUs). Goodwill is measured at cost (residual) less accumulated impairment losses. Goodwill is tested for impairment at least annually, or when there are indications of impairment. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. When the Group disposes of an operation within a CGU or group of CGUs to which goodwill has been allocated, a portion of the goodwill is included in the carrying amount of the operation when determining the gain or loss on disposal. The portion of the goodwill allocated is measured based on the relative values of the operation disposed of and the portion of the CGU retained at the date of the partial disposal, unless it can be demonstrated that another method better reflects the goodwill associated with the operation disposed of. The same principle is used for allocation of goodwill when the Group reorganizes its businesses.2.9.2 Customer contracts and databasesSeparately acquired customer contracts and databases are initially recognized at historical cost. The assets acquired in a business combination are recognized at fair value at the acquisition date. Customer contracts and databases have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their useful lives.Development costs on an individual project are recognized as an intangible asset only when there is an identifiable asset that will generate expected future economic benefits and when the cost of such an asset can be measured reliably, otherwise development costs are recognized as an expense when incurred.2.10 Property, plant and equipmentProperty, plant and equipment are reported at cost in the consolidated statement of financial position, with a deduction for accumulated depreciation and any impairment. Depreciation is made on a straightline basis over each asset\u2019s estimated useful life, which is assessed on an individual basis.2.11 Right of use assets and lease liabilitiesThe Group has applied IFRS 16 Leases. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.For contracts that constitute or contain a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract.At the lease commencement date, the Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor these leases, the Group recognizes the lease payments as other operating expenses in profit or loss when they incur.The lease liability is recognized at the commencement date of the lease. The Group measures the lease liability at the present value of the future lease payments for the right to use the underlying asset during the lease term.The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in profit or loss.The Group presents its lease liabilities as separate line items in the statement of financial position.The Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities.The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment for depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identified.2.12 Financial instrumentsA financial asset or liability is recognized in the consolidated statement of financial position when the Group has a contractual commitment regarding such an instrument. Financial instruments reported as assets in the consolidated statement of financial position are included in the line items purchased loan portfolios, other non-current assets, accounts receivable, other current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified as measured at amortized cost, with the exception of derivatives which are classified as measured at fair value through profit or loss.Financial instruments reported as liabilities in the consolidated statement of financial position are included in the line items interest-bearing debt, accounts payable, lease liabilities and other current and non-current liabilities. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire, or when the Group has either transferred the contractual right to receive the cash flows from that asset or has assumed an obligation to pay those cash flows to one or more recipients, subject to certain criteria.A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired, usually when the Group has paid the contractual obligation. Interest income and interest cost are calculated using the effective interest rate method.2.12.1 Purchased loan portfoliosPurchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired.For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019. All non- performing loans are classified as non-current assets.Purchased loan portfolios that are secured by a property may have the securing property repossessed. Repossessed assets are not classified as non-performing loans according to IFRS 9, hence all values relating to the asset is derecognized from the portfolio value in the consolidated statement of financial position. Repossessed assets are held for sale and valued at the lower of cost and net realizable value in accordance with IAS 2 Inventories.2.12.2 Forward flow agreementsThe Group has entered into several forward flow agreements to purchase future non-performing loan portfolios. These are agreements whereby Axactor agrees to buy and the counterparty agrees to sell future periods\u2019 financial assets (loans) that fulfils a set of specified criteria (past due status etc.) in a number of batches over a specified time period. The price at which Axactor buys the loans is agreed when the contract is signed and can be segmented by types of claims or size bands. The value of a forward flow agreement shall reflect fair value.Any significant changes to the expected future cash flow will lead to a revaluation of the portfolio. If external factors assumed directly or implicitly in the business case valuation change significantly before the acquisition date of one or more batches in a portfolio, so that it will impact the value of the batch(es) through a change in the expected future cash flow from the batch(es), the change in value is recorded as a fair value adjustment with immediate effect. The fair value adjustment is recognized in the consolidated statement of profit or loss as \u2018Other operating revenue\u2019.2.12.3 Accounts receivableAccounts receivable are recognized initially at fair value and measured at amortized cost. Evaluation of the value of overdue accounts receivable are based on individual judgment and/or from historical experience.2.12.4 Accounts payable and other payablesAccounts payable are recognized at the original invoiced amount. Other payables are recognized initially at fair value. The payables are measured at amortized cost.2.12.5 Client fundsClient funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position, and shown on a separate line in note 22 and note 28.2.12.6 Cash and cash equivalentsCash and cash equivalents include cash in banks and on hand, and other short term highly liquid investments with original maturities of three months or less.2.12.7 DerivativesDerivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives are designated as hedging instruments in cash flow hedge relationships, and related gains or losses are recognized as described in note 2.14.2.13 Provisions and contingent liabilitiesProvisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.Restructuring provisions are recognized only when the recognition criteria for provisions are fulfilled. The Group has a constructive obligation when a detailed formal plan identifies the activities concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected have been notified of the plan\u2019s main features.2.14 Hedge accountingThe Group has elected to apply the hedge accounting rules in IFRS 9. When a hedging relationship meets the specified hedge accounting criteria in IFRS 9, the Group applies hedge accounting, based on the purpose of the hedge. Currently, the Group applies cash flow hedge accounting to mitigate the impact of changes in floating interest rates. Derivatives are used as hedging instruments.At inception, the Group formally documents how the hedging relationship meets the hedge accounting criteria. It records the economic relationship between the hedged item and the hedging instrument, including the nature of the risk, the risk management objective and strategy for undertaking the hedge, the hedge ratio determined in the risk management strategy and the ratio in the actual hedges performed and the effect of credit risk on the relationship, which cannot dominate the value changes from the economic relationship. The Group\u2019s qualifying instruments are designated in their entirety as hedging instruments.For designated and qualifying cash flow hedges, the effective portion of the cumulative gain or loss on the hedging instrument is initially recognized in OCI as fair value net gain/(loss) on cash flow hedges in the cash flow hedge reserve. The ineffective portion of the gain or loss on the hedging instrument is recognized immediately in profit or loss as a financial revenue or expense. When the hedged cash flow affects the profit or loss, the effective portion of the gain or loss on the hedging instrument is recorded in the corresponding income or expense line. The market value is calculated by third parties. The calculation is based on a net present value calculation of the difference between agreed premium and market premium at the reporting date.To test the hedge effectiveness, the Group compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risk.When a hedging instrument expires, is sold, terminated, exercised, or when a hedge relationship no longer meets the criteria for hedge accounting or the risk management objectives, any cumulative gain or loss that has been recognized in OCI at that time remains in OCI and is recognized when the hedged forecast transaction is ultimately recognized in profit or loss. Further information is provided in note19.2.15 Discontinued operations and assets held for saleThe Group has applied IFRS 5 for discontinued operations and assets held for sale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. The comparative consolidated statement of profit or loss has been re-presented to show the discontinued operation separately from continuing operations.Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position. Assets and liabilities classified as held for sale are not re-presented in prior period statements of financial position.Assets held for sale, liabilities in disposal groups and income and expenses from discontinued operations are excluded from specifications presented in the notes unless otherwise stated. Additional disclosures are provided in note 32.2.16 Changes in accounting policies and disclosures implemented in 2022On 1 January 2022, the Group implemented the amendments to IAS 16, IAS 37, IFRS 3 and Annual Improvements to IFRS Standards 2018\u20132020. The implementation of the amendments had no impact on the consolidated financial statements of the Group.In 2022, the Group has presented portfolios of purchased real estate as discontinued operations. Comparative information in the consolidated statement of profit or loss has been re-presented. Further information is provided in note 32.2.17 Changes in accounting policies and disclosures for 2023 or thereafterThe new and amended standards and interpretations that are issued, but not yet effective, are not expected to have a material impact on the Group.Note 3 Risk managementAxactor defines risk as all factors which could have a negative impact on the ability of the Group to achieve its business objectives. All economic activities are associated with risk. Axactor\u2019s risks are managed within the Group in accordance with the policies established by the Board. Axactor conducts risk management at both a group and company level, where risks are evaluated and monitored in a systematic manner. Risk management and internal control is an integral part of management responsibility. Key risks are monitored through monthly business reviews with the executive management, and through quarterly reporting to the Board. The Group has assessed risks in the Board of Director\u2019s report section 10, the Corporate governance report section 10 (unaudited) as well as in the Group\u2019s Sustainability report (unaudited). Financial risk and non-financial risk in relation to the financial statements are presented separately below. Financial risk managementAxactor\u2019s financing and financial risks are managed within the Group in accordance with the treasury policy established by the Board. The treasury policy contains rules for managing financial activities, delegating responsibility, measuring and identifying financial risks and limiting these risks. The main categories of financials risks identified are the following; market risk, credit risk and liquidity risk.Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For Axactor, market risk compromises interest rate risk and currency risk.Interest rate riskInterest rate risk is related to the risk the Group is exposed to from changes in the market\u2019s interest rate which can affect the net profit. The Group\u2019s main interest rate risk arises from long-term borrowings with variable rates. The nominal value of interest-bearing debt (less treasury bonds) amounted to EUR 960.5 million on 31 December 2022 (2021: EUR 852.0 million). The loans carry a variable interest rate based on the interbank rate in each currency with a margin.The Group\u00b4s risk management objective and strategy is to apply cash flow hedge accounting for interest rate risk in order to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The Group\u2019s strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. Per 31 December 2022, the strategy is under implementation and the Group is still committed to the strategy which it expects to fully implement. On 31 December 2022, the Group holds two interest rate caps with a strike of 0.5% EURIBOR with start date 15 December 2022 and maturity 15 December 2023. The two contracts hedge the interest risk of EUR 573 million in borrowings, equaling a hedging ratio of 60%. The details of the hedge relationships are described in note 2.14 and 19.The average interest rate in 2022 was 6.2% (2021: 6.2%). An annualized increase by 100 basis point would have reduced the Group\u2019s profit before tax for 2022 by EUR 9.0 million (2021: EUR 7.0 million), before the impact of hedge accounting.Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries. The majority of the Group\u2019s business operation is taking place in euro countries. The Group\u2019s presentation currency is therefore euro. However, some of its business operations is in non-euro countries, Norway and Sweden. This foreign exchange exposure may affect the Group\u2019s results and the value of its monetary assets. When the financial position of foreign subsidiaries is recalculated in euro, a translation exposure arises that affects consolidated shareholders\u2019 equity. The Group aims to reduce currency risk by keeping interest-bearing debt in the same currencies as the Group\u2019s asset.Credit riskCredit risks is the risk that the counterparty will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to purchased loan portfolios, trade receivables and from its financing activities, including deposits with banks. Customer credit risk is managed subject to established policies, procedures and controls relating to customer credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.Credit risk from balances with banks and financial institutions is managed by the Group\u2019s treasury department in accordance with the Group\u2019s policy. The credit risk (excluding purchased loan portfolios) is not considered to be a material risk for the Group.Credit risk inherent in purchased loan portfoliosAxactor invests in non-performing loans which consists of portfolios of delinquent consumer debt. The portfolios are purchased significantly below nominal value, and the purchase price reflects both incurred and expected credit losses. The portfolios are thus defined as credit impaired at acquisition. Even though the portfolios are credit impaired at acquisition, there is still inherent credit risk in the purchased loans. To mitigate this risk, the Group places high yield requirements on purchased loan portfolios and before every acquisition a careful assessment is made with a projection of future cash flows (collected amount) from the portfolio. In its calculations, Axactor is aided by scoring models (where the debtors\u2019 payment capacities are assessed through statistical analysis) and historical data. In addition, Axactor uses specialized industry consultants to get a second opinion on contemplated loan portfolio purchases. This reduces the credit risk in the Group\u2019s purchased loan portfolios.Liquidity riskLiquidity risk is the potential loss arising from the Group\u2019s inability to meet its contractual obligations when due. Axactor is exposed to liquidity risk related to its operations and financing activities. The Group monitors its risk of a shortage of funds using cash flow forecasts regularly. The Group had positive cash flow operating activities before NPL investments of EUR 220.0 million in 2022, as shown in the consolidated statement of cash flows (2021: 224.7 million). For 2022, the cash flows from operating activities ended at EUR -71.0 million (2021: EUR 109.6 million). The driver of the negative cash flows from operating activities is investments in NPL portfolios, which amounted to EUR 290.8 million in 2022 (2021: EUR 115.4 million). These investments can be scaled down relatively quick, as evident by the 46% reduction in investments in NPL portfolios from 2020 to 2021. The cash flow from operating activities in future years will be positively affected by the investment levels in 2022.The table below analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date (for both continuing and discontinued operations). The contractual maturity is based on the earliest date on which the Group may be required to pay. The amounts disclosed in the table are the contractual undiscounted cash flows. The table only include liabilities classified as financial instruments, contractual maturities of lease liabilities are presented in note 10. For NPL investment commitments, expected cash flows are presented.The maturity calculation is made under the assumption that Axactor has a constant revolving credit facility draw in the period. The table includes both interest and principal cash flows. The loan repayment amounts presented are subject to change dependent on changes in variable interest rates. To the extent that interest flows are floating rate, the undiscounted amount is derived from the interest rate curves at the end of the reporting period. When applying the interest rate curves at the end of the reporting period, the Group\u2019s interest rate caps are expected to reduce the interest payments for borrowings. The effect of the interest rate caps is hence included in the table below.The Group\u2019s estimated remaining collection for purchased loan portfolios for the next 15 years is presented below the table of contractual maturities (see also note 18). Per 31 December 2022, the Group\u2019s estimated collection from purchased loan portfolios exceeds the Group\u2019s contractual commitments for all periods presented, with the exception of Q4 2023 which includes repayment of the revolving credit facility.Contractual maturities per 31 December 2022 Contractual maturities per 31 December 2021EUR thousand Q1-23 Q2-23 Q3-23 Q4-23 1\u20132 years 2\u20134 years 4+ years Total Q1-22 Q2-22 Q3-22 Q4-22 1\u20132 years 2\u20134 years 4+ years Total\u20061 NPL investment commitments, non-cancellable31,158 15,710 4,003 3,461 2,880 - - 57,211 34,597 19,938 19,420 21,092 31,984 - - 127,030\u20061 NPL investment commitments, cancellable- 4,604 4,604 4,604 6,438 - - 20,249 - 8,992 7,116 6,300 45,600 17,349 - 85,357Revolving credit facility 7,113 8,077 8,063 517,957 - - - 541,211 2,772 2,772 2,772 2,772 363,064 - - 374,152Bond ACR02 (ISIN: NO0010914666) 3,897 4,326 3,186 4,608 170,218 - - 186,235 3,578 3,500 3,539 3,578 14,194 203,578 - 231,967Bond ACR03 (ISIN: NO0011093718) 5,305 6,003 6,414 4,426 25,013 324,824 - 371,984 4,013 4,102 4,102 4,057 16,273 32,590 312,216 377,352Interest rate caps -1,988 -3,314 -2,658 -2,110 - - - -10,071 - - - - - - - -Other non-current liabilities - - - - - - 3,423 3,422 - - - - - - 1,994 1,994Accounts payable 7,141 - - - - - - 7,141 7,282 - - - - - - 7,282Other current liabilities 21,111 3,203 - 800 - - - 25,114 23,177 3,764 - - - - - 26,939Total contractual maturities 73,737 38,609 23,612 533,745 204,549 324,824 3,423 1,202,496 75,418 43,067 36,948 37,799 471,115 253,517 314,210 1,232,0741 Expected cash flows based on the last three months\u2019 actual delivieres. Per 31 December 2022, cash flows are limited to EUR 132.1 million (2021: EUR 308.5 million) by contracted capex limits. The NPL commitmens that are cancellable are cancellable with three to twelwe months\u2019 noticeERC per 31 December 2022 ERC per 31 December 2021EUR thousand Q1-23 Q2-23 Q3-23 Q4-23 1\u20132 years 2\u20134 years 4+ years Total Q1-22 Q2-22 Q3-22 Q4-22 1\u20132 years 2\u20134 years 4+ years TotalEstimated remaining collection (ERC) 77,147 79,664 75,691 77,525 305,914 508,765 1,420,714 2,545,419 67,775 70,806 64,367 65,884 261,948 426,662 1,183,100 2,140,543The Group manages the liquidity risk by continuously monitoring the liquidity status and the monthly rolling consolidated result- and cash flow forecasts. Securing non-current financing at competitive terms is an important part of the Group\u2019s long-term liquidity planning. The revolving credit facility matures on 22 December 2023. Hence, the contractual maturity of interest-bearing debt presented as less than one year (EUR 569.1 million) includes both interest and repayment of the revolving credit facility. The Group has started the process to refinance the revolving credit facility and expects to conclude the refinancing well in advance of the maturity date. On 31 December 2022, the Group had an unused part of the RCF agreement of EUR 35 million (2021: EUR 193 million), an uncommitted accordion option of EUR 75 million, in addition to unrestricted cash and cash equivalents of EUR 39.7 million (2021: EUR 44.0 million).Axactor was compliant with all covenants throughout the year.Capital managementThe primary objective of the Group\u2019s capital management is to ensure the Group maintains a solid capital structure enabling it to develop and build its business to maximize shareholder value. The Group\u2019s objective is to maintain a balance of financial assets that reflects the cash requirement of its operations and investments for the next 12\u201324 months. No change was made to the objectives, policies, or process for managing capital during the year ended 31 December 2022.Non-financial riskGeopolitical risk, regulatory risk and climate risk in relation to the financial statements are described below.Geopolitical riskDuring 2022, Europe has seen increasing geopolitical risk with the ongoing conflict in Ukraine. Although Axactor\u2019s operations are not directly impacted by the conflict, the executive management and the Board closely monitors the situation and potential indirect business impacts and maintains the business continuity plans.Regulatory risksIncreased regulatory scrutiny from the authorities continues to be subject to close monitoring by Axactor. Previously included but still relevant examples include MAR (market abuse regulation), AML (anti-money laundering), GDPR (general data protection regulation), the NPL directive, and BEPS (base erosion and profit shifting). During the year, several regulatory initiatives from the EU have been either adopted or announced, stipulating stricter and more comprehensive sustainability related disclosure- and reporting requirements, including EU taxonomy regulation, CSRD (corporate sustainability reporting directive) to replace NFRD (non-financial reporting directive), CSDDD (corporate sustainability due diligence directive) and SFRD (sustainable finance disclosure regulation). These requirements are primarily expected to have an administrative cost in management but does also offer opportunities in terms of standardization and comparability to peers. This trend is coupled with more consumer-friendly debt collection legislations and practices across the EU Member States in which Axactor operates, having various consequences such as lower (regulatory) collection fees and more lenient debt forgiveness arrangements. The cumulated effects for Axactor are not currently expected to have any material financial impact, but Axactor is still actively working to identify and mitigate potential negative effects of regulatory changes and developments, and to promote the interests of the debt management industry through its various dialogues with the authorities. Climate riskThe Group has considered the impact of climate change and no material impact on the financial reporting judgments and estimates have been identified. The Group has not identified any material impact on the financial reporting from transitional risks, which are the risks associated to shifting to a low-carbon economy, or to physical risks arising from projected climate changes. The Group\u2019s assets mainly consist of unsecured non-performing loans. Less than 1% of the Group\u2019s assets are tangible, whereas approximately 4% of the Group\u2019s assets are secured by collateral in property objects, mainly in Spain.The climate risk assessment of Axactor\u2019s locations shows limited climate-related risks associated with its locations. Operational resilience is secured through business continuity processes and procedures, with the ability to move locations and leverage home office solutions if necessary.Note 4 Significant accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.Purchased loan portfoliosPurchased loan portfolios consist of acquired non-performing (credit impaired) loans. The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the consolidated statement of profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019.Estimating the timing and amount of cash flows, which forms the basis of the carrying amount and revenue recognition, requires significant professional judgment regarding the key assumptions. The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collection (ERC) the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collection. The fact that the claims are credit impaired reduces the presence of non-linear effects on credit losses.Estimated future cash flow from the portfolios is assessed and updated regularly. Each quarter the ERC is reviewed, and the Group\u2019s actual collection is compared to the forecasted collection over time. The review considers several factors that may impact collection, some of which may be inherently subjective. Changes in the assumptions used to estimate the expected cash flows can result in significant changes to the carrying amount of the portfolios.For more details, see note 2.12.1 Purchased loan portfolios and note 18 Purchased loan portfolios.Update on process with FSAAs communicated in a press release on 13 December 2021, Axactor ASA received a conclusion from the Norwegian Financial Supervisory Authority (FSA) in accordance with the preliminary conclusion as stated in the press release of 2 September 2021. The conclusion imposed Axactor to change its future accounting practice for subsequent measurement of expected credit losses for purchased loan portfolios with effect from the reporting of the annual accounts for the financial year 2022. The subsequent measurement shall apply current and future macroeconomic factors as input and use more than one scenario. Axactor has in previous periods considered relevant macro factors and market specific factors when estimating future cash flows but not as a direct input generating output in the portfolio revaluation model.During 2022, Axactor has performed extensive work to expand the portfolio revaluation model as required by the FSA. The work has included testing of correlation between macroeconomic factors and collection. The macroeconomic factors that have been assessed include central bank interest rate, unemployment rate, GDP growth, house price indexes, household consumption, disposable income, inflation and salary growth. The purpose of the testing has been to identify macroeconomic factors with prediction value on collection. Although it has been possible to identify correlations at reduced levels of statistical significance, the correlations have been weak and inconsistent. One possible explanation could be the data availability limited to Axactor\u2019s short history. The company will continue to look for correlations through regular testing.Axactor has now implemented the expanded revaluation model that applies current and future macroeconomic factors as input and use of scenarios, with the model performance limitations explained above. The expanded revaluation model has been applied on Axactor\u2019s portfolios of non-performing loans and a revaluation of EUR -1.9 million was recognized in the financial statement line item \u2018Net gain/(loss) purchased loan portfolios\u2019 in 2022. The revaluation is recognized as a change in an accounting estimate in accordance with IAS 8 Change in Accounting Policies, Changes in Accounting Estimates and Errors.GoodwillIn accordance with the stated accounting policy, the Group annually tests whether goodwill has suffered any impairment or more frequently if impairment indicators are identified. The recoverable amount of cash-generating units has been determined based on value in use calculations. These calculations require the use of estimates. The value in use calculation is based on a discounted cash flow model. The cash flows are based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model, as well as the expected future cash-inflows (sensitive to estimates of sales and cost levels) and the growth rate used for extrapolation purposes. Further details about goodwill and impairment reviews are included in note 15.Note 5 Operating segmentsAxactor delivers credit management services and the Group\u2019s revenue is derived from the following two operating segments:\u2022 Non-performing loans (NPL)\u2022 Third-party collection (3PC)The NPL segment invests in portfolios of non-performing loans, presented as \u2018Purchased loan portfolios\u2019 in the consolidated statement of financial position. Subsequently, the outstanding loans are collected through either amicable or legal proceedings.The 3PC segment\u2019s focus is to perform debt collection services on behalf of third-party clients. The operating segment applies both amicable and legal proceedings to collect the non-performing loans, and normally receive a commission for these services. Other services provided include, amongst others, helping creditors to prepare documentation for future legal proceedings against debtors, handling of invoices between the invoice date and the default date and sending out reminders. For these latter services, Axactor normally receives a fixed fee.Axactor reports its business through reporting segments which correspond to the operating segments. Segment revenue reported represents revenue generated from external customers. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group\u2019s resources.The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 2. Segment contribution margin represents contribution margin earned by each segment without allocation of management fee, central administration costs, other gains and losses and financial items. The measurement basis of the performance of the segment is the segment\u2019s contribution margin.Portfolios of purchased real estate is classified as a discontinued operation (see note 32). Portfolios of purchased real estate has prior to 2022 been reported as part of the real estate owned (REO) operating segment. From 2022, in line with internal reporting, REO is no longer considered a separate operating segment. The REO segment consisted of portfolios of purchased real estate as well as repossessed assets from secured non-performing loans. From 2022, in line with the organization and reporting structure used by management, the repossessed assets from secured non-performing loans are reported as part of the NPL segment, whereas amounts from discontinued operations are not included in the segment reporting. Segment information for earlier periods is re-presented to reflect the change in operating segments.2022Eliminations/EUR thousand NPL 3PCNot allocated TotalCollection on own portfolios 276,524 - - 276,524Portfolio amortization and revaluation -97,218 - - -97,218Revenue from sale of repossessed assets 4,526 - - 4,526Other operating incomeChange in fair value forward flow commitments - - - -Other operating revenue and other income - 55,846 15 55,861Total income 183,831 55,846 15 239,692Cost of repossessed assets sold -1,430 - - -1,430Impairment repossessed assets -65 - - -65Direct operating expenses -41,980 -34,674 - -76,654Contribution margin 140,356 21,172 15 161,543SG&A, IT and corporate cost -42,588 -42,588EBITDA 118,955Amortization and depreciation -8,895 -8,895Operating result 110,060Total operating expenses -43,475 -34,674 -42,588 -120,738Contribution margin (%) 76.4% 37.9% na 67.4%EBITDA margin (%) 49.6%Opex ex SG&A, IT and corporate cost / Gross revenue 15.5% 62.1% na 23.2%SG&A, IT and corporate cost / Gross revenue 12.6%2021Eliminations/EUR thousand NPL 3PCNot allocated TotalCollection on own portfolios 254,949 - - 254,949Portfolio amortization and revaluation -148,542 - - -148,542Revenue from sale of repossessed assets 3,018 - - 3,018Other operating incomeChange in fair value forward flow commitments -782 - - -782Other operating revenue and other income - 49,640 15 49,655Total income 108,643 49,640 15 158,298Cost of repossessed assets sold -2,046 - - -2,046Impairment repossessed assets -90 - - -90Direct operating expenses -36,819 -34,235 - -71,055Contribution margin 69,687 15,405 15 85,107SG&A, IT and corporate cost -44,609 -44,609EBITDA 40,498Amortization and depreciation -9,616 -9,616Operating result 30,882Total operating expenses -38,956 -34,235 -44,609 -117,800Contribution margin (%) 64.1% 31.0% na 53.8%EBITDA margin (%) 25.6%Opex ex SG&A, IT and corporate cost / Gross revenue 15.1% 69.0% na 23.8%SG&A, IT and corporate cost / Gross revenue 14.5%Note 6 IncomeThe Group delivers credit management services in six European countries: Finland, Germany, Italy, Norway, Spain and Sweden. Axactor also owns certain portfolios through entities based in Luxembourg.The Group\u2019s income from continuing operations from external customers by location of operations and information about its non-current assets by location of assets are detailed below.The information in the table presented is based on the location of the debtors and the country of the company performing the collection (which correspond). This is not necessarily the same as the country owning the portfolio. The same principle is used for the allocation of the non-current assets. Non-current assets presented in the table below consists of intangible assets, goodwill, property, plant and equipment and right of use assets.Total income Non-current assetsEUR thousand 2022 2021 2022 2021Finland 16,100 10,113 3,747 4,052Germany 35,112 30,331 15,894 15,884Italy 28,574 17,387 16,039 9,184Norway 40,862 35,271 33,068 36,088Spain 91,029 59,009 19,883 17,519Sweden 28,016 6,187 3,185 4,115Total 239,692 158,298 91,816 86,843Portfolio revenuePortfolio revenue consists of interest income from purchased loan portfolios, net gain/(loss) from purchased loan portfolios and revenue from sale of repossessed assets. In line with the information given in note 5 and 32, revenue from sale of repossessed assets is reported as part of the NPL segment. Net gain/(loss) from purchased loan portfolios is split into collection above/(below) collection forecasts (previously reported as CU1) and net present value of changes in collection forecasts (previously reported as CU2 and CU2 tail).EUR thousand Finland Germany Italy Norway Spain Sweden 2022Interest income from purchased loan portfolios 14,962 29,700 19,081 39,464 56,266 28,017 187,490Collection above/(below) forecasts 463 -3,784 -33 -3,130 1,023 -88 -5,550NPV of changes in collection forecasts -15 790 239 -1,847 685 -2,487 -2,635Net gain/(loss) purchased loan portfolios 448 -2,994 206 -4,976 1,708 -2,576 -8,185Sale of repossessed assets 4,526 4,526Total portfolio revenue 15,410 26,705 19,287 34,487 62,500 25,442 183,831EUR thousand Finland Germany Italy Norway Spain Sweden 2021Interest income from purchased loan portfolios 14,931 21,612 16,023 36,889 44,911 34,055 168,421Collection above/(below) forecasts -1,728 -1,223 -272 -5,932 -1,605 -7,107 -17,867NPV of changes in collection forecasts -3,817 -229 -684 -2,728 -14,589 -22,098 -44,146Net gain/(loss) purchased loan portfolios -5,546 -1,452 -956 -8,660 -16,194 -29,206 -62,013Sale of repossessed assets 3,018 3,018Total portfolio revenue 9,385 20,160 15,067 28,230 31,734 4,849 109,426Note 7 Employee remunerationPersonnel expensesEUR thousand 2022 2021Salaries 41,203 39,862Bonus 7,192 4,036Commissions 2,203 2,210Social security costs 10,593 10,047Pension costs 1,315 1,489Share-based payment expense 462 180Other benefits 1,688 3,489Total personnel expenses 64,655 61,313Average number of FTEs2022 2021Number of FTEs, 1 Jan 1,096 1,128Number of FTEs, 31 Dec 1,301 1,096Average number of FTEs 1,199 1,112Number of FTEs at end of year, per country2022 2021Finland 42 42Germany 151 148\u20061 Italy286 104Norway 108 111Spain 672 628Sweden 42 64Total number of FTEs 1,301 1,0961 In 2022, the Axactor Group purchased CRS, an Italian debt collection agency with 150 employeesAxactor Group is compliant with the different local mandatory occupational pension requirements. For information on the country specific pension schemes, see note 26.Note 8 Executive remunerationBoard of Directors remunerationThe following remuneration has been made to the members of the Board of Directors during the year. Remuneration presented includes remuneration for participation in Board committees.EUR thousand 2022 2021\u20061 Kristian Melhuus80 10Terje Mj\u00f8s 55 45Brita Eilertsen 57 47Lars Erich Nilsen 46 41Kathrine Astrup Fredriksen 41 41\u20062,\u20063 Merete Haugli9 54\u20063 Hans Har\u00e9n10 41\u20064 Glen Ole R\u00f8dland- 27Total remuneration 298 3061 Chair of the Board from February 20222 Interim Chair of the Board from May 2021 to February 20223 Member of the Board until April 20224 Chair of the Board until May 2021Nomination committeeThe following remuneration has been made to the members of the nomination committee during the year:EUR thousand 2022 2021Anne Lise Ellingsen Gryte 6 -Magnus Tvenge 4 -Total remuneration 10 -Group executive management remunerationShare \u20067\u2006Pensionoptions 1EUR thousand Salary Bonus Other 2022Johnny Tsolis, CEO 407 260 34 34 1 734Nina Mortensen, CFO 204 106 17 16 1 343Arnt Andre Dullum, COO 198 88 14 12 1 312Vibeke Ly, Chief of Staff 197 89 14 12 1 312Kyrre Svae, Chief of Strategy and IR 194 88 14 11 1 307Robin Knowles, Chief Investment Officer 236 95 1 8 - 340Total remuneration 1,435 726 95 91 6 2,349Share \u20067\u2006Pensionoptions 1EUR thousand Salary Bonus Other 2021Johnny Tsolis, CEO 410 87 35 39 1 573\u20062 Endre Ragnes, CEO- 44 - - - 44\u20063 Nina Mortensen, CFO92 20 7 - 1 120\u20064 Teemu Alaviitala, CFO44 16 2 - - 61Arnt Andre Dullum, COO 178 18 16 17 2 230\u20065 Oddgeir Hansen, COO46 133 - - - 179Vibeke Ly, Chief of Staff 199 29 14 17 1 261\u20066 Kyrre Svae, Chief of Strategy and IR185 49 14 8 2 257Robin Knowles, Chief Investment Officer 297 25 3 19 - 344Total remuneration 1,451 420 91 100 7 2,0691 Cost in relation to share option program, not exercised2 CEO until 3 April 20203 CFO from 1 August 20214 CFO until 31 January 20215 COO until 1 July 20206 Interim CFO from 1 February to 31 July 20217 Bonus for 2022 represents accrued bonus for the financial year, whereas bonus for 2021 represents paid bonus in the financial yearThe CEO, Johnny Tsolis, has a six-month notice period and is entitled to a severance pay of six months in case of termination by the company. In addition, there is a non-compete and non-solicitation clause in the employment agreement.The share-based option program is presented in note 24. Bonus stated in the tables above reflects the paid amounts during the year. At the end of 2022 no loan or prepayments were granted to members of the Board or Group executive management.Members of the Group executive management, employed in Axactor ASA, has an additional contribution plan entitling them to pension rights for salary above 12G (Norwegian Grunnbel\u00f8p).Note 9 Other operating expensesOther operating expensesEUR thousand 2022 2021Direct operating expenses, excluding salary 8,307 7,282External services 31,789 29,822IT expenses 12,309 11,496Restructuring cost - 1,591Other expenses 2,181 4,159Total other operating expenses 54,587 54,350Auditor\u2019s remunerationPricewaterhouseCoopers AS (PwC) is the Group auditor of Axactor ASA. The following table shows fees to the appointed auditor. The reported fees are the recognized expenses for the year.EUR thousand 2022 2021Auditing 903 966Audit related services 118 26Other services 148 187Total auditor\u2019s remuneration 1,169 1,179Note 10 LeasesThe Group leases premises, office equipment and vehicles under non-cancellable lease agreements. The lease terms are between 1\u20139 years and the majority of the lease agreements are renewable after the end of the lease period. No periods covered by an option to extend the lease has been included in the lease term, as the Group is not reasonably certain to exercise the individual options. Leasing contracts are classified as lease liabilities and right of use assets under IFRS 16, see note 2, section 2.11.Right of use assetsEUR thousand Buildings Vehicles Other TotalRight of use assets at 31 Dec 2020 3,949 797 80 4,826Additons 9,333 107 51 9,491Depreciation -2,503 -346 -80 -2,929Disposals -484 -84 -4 -572Currency translation differences -48 1 - -48Right of use assets at 31 Dec 2021 10,247 475 46 10,768Additions 4,293 339 69 4,701Depreciation -2,668 -386 -19 -3,073Disposals -298 -24 - -322Currency translation differences -310 -3 -3 -317Right of use assets at 31 Dec 2022 11,263 401 93 11,757New leases amounted to EUR 4.3 million in 2022, mainly relating to new offices in Germany, Italy and Spain. The interest costs relating to IFRS 16 leases during the year are reflected in profit or loss with EUR 702 thousand (EUR 366 thousand). The interest rate used for discounting the lease liability is based on the interest rate on the Group\u2019s external financing.Lease liabilitiesEUR thousand 2022 2021Lease liabilities at 1 Jan 11,051 5,086Net new leases 4,241 8,812Lease payments, principal amount -2,755 -2,812Currency translation differences -297 -35Lease liabilities at 31 Dec 12,239 11,051Current 2,835 2,185Non-current 9,404 8,866The future aggregated minimum lease payments under lease liabilities are as follows:EUR thousand 2022 2021Undiscounted lease liabilities and maturity of cash outflows< 1 year 3,441 2,7171\u20132 years 3,015 2,5112\u20133 years 2,620 2,0653\u20134 years 2,464 1,8214\u20135 years 822 1,800> 5 years 1,745 2,100Total undiscounted lease liabilities 14,106 13,015Discounting element -1,866 -1,964Total lease liabilities 12,239 11,051Note 11 Financial itemsEUR thousand 2022 2021Financial revenueInterest on bank deposits 203 5\u20061 Net foreign exchange gain550 -Gain on purchase of bonds in own bond loans (note 25) 2,349 -Other financial income 91 46Total financial revenue 3,194 51Financial expenses\u20062 Interest expense on borrowings-57,902 -49,099\u20061 Net foreign exchange loss- -1,504Other financial expenses -1,158 -427Total financial expenses -59,061 -51,030Total net financial items -55,867 -50,9791 Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position2 In 2022, EUR 0.3 million are reclassified from the cash flow hedge reserve (OCI) into interest expense on borrowings, see note 19Note 12 Income taxIncome tax calculationThe Group\u2019s tax expense is affected by several factors, where the most important are limitation of interest deduction, unrecognized tax losses carried forward, currency effects and local GAAP/IFRS-differences for calculation of taxable profit. The Group\u2019s tax is related to continuing operations only, as there is no tax related to discontinued operations, see note 32.Tax expense in consolidated profit or lossEUR thousand 2022 2021Profit/(loss) before tax from continuing operations 54,193 -20,097Basis for income tax 54,193 -20,097Income tax calculated on profit from continuing operations -13,548 5,411Tax effect on permanent differences -1,541 -7,859Adjustment for previous year -2,325 7Limitation of interest deduction, for which no deferred tax asset was recognized -1,768 4,014Tax assets, previously not recognized 309 -Tax losses for which no deferred tax asset was recognized -30 -1,530Tax effect of change in net deferred income tax liabilites/assets 4,234 -3,912Effect on foreign exchange rates 1,121 -1,426Income tax expense -13,549 -5,296Effective tax rate 25% -26%Tax included in consolidated other comprehensive incomeEUR thousand 2022 2021Fair value net gain/(loss) on cash flow hedges 2,720 -Cumulative (gain)/loss on cash flow hedges reclassified to profit or loss -69 -Deferred tax charged to OCI 2,651 -Deferred taxesEUR thousand 2022 2021Non-current portfolios -3,213 -2,887Non-current intangible assets/liabilities -636 -159Current assets -925 158Non-current liabilities 528 -52Tax losses carried forward 6,110 10,496Deferred tax related to hedges through OCI -2,651 -Net deferred tax -787 7,556Deferred tax asset 5,356 13,700Deferred tax liability -6,143 -6,144Net deferred tax -787 7,556Unrecognized deferred tax assetsA deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Tax losses carried forward, not recognized, mainly relates to companies in Luxembourg and Italy. Limitation of interest deduction, not recognized, relates mainly to Norway:EUR thousand 2022 2021Tax losses carried forward, not recognized 35,001 32,349Limitation of interest deduction, not recognized 13,925 4,014Net asset not recognized 48,926 36,363Note 13 Earnings per shareBasic earnings per share (EPS) is calculated by dividing the profit attributable to shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year.Axactor currently has no share-based compensation programs that results in a dilutive effect on earnings per share. See note 24 for an overview of outstanding instruments in the share option plan.The following table reflects the income and share data used in the basic and diluted EPS calculations:Continuing operations Discontinued operations TotalEUR thousand 2022 2021 2022 2021 2022 2021Net profit/(loss) to shareholders of the parent company 40,156 -24,440 -3,399 -8,357 36,757 -32,797Number of shares (in thousands)Weighted average number of ordinary shares 302,145 293,408 302,145 293,408 302,145 293,408Effects of dilution from share options - - - - - -Weighted average number of shares adjusted for the effect of dilution 302,145 293,408 302,145 293,408 302,145 293,408Basic and diluted earnings per share 0.133 -0.083 -0.011 -0.028 0.122 -0.112The following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share:2022 2021Employee share options 13,267,100 8,548,969Note 14 Intangible assetsEUR thousand Customer contracts Databases Software Goodwill Other intangibles TotalCost priceCost price at 31 Dec 2020 12,308 3,611 28,076 54,879 3,905 102,779Acquisitions - - 3,131 - 412 3,543Reclassification - - 619 - - 619Disposals at cost price - - -2,885 - - -2,885Currency translation differences 324 69 15 1,081 10 1,499Cost price at 31 Dec 2021 12,631 3,680 28,956 55,960 4,328 105,555Acquisition of CRS Italy - - 46 6,326 - 6,372Acquisitions - - 3,281 - 552 3,833Disposals at cost price - - -158 - -67 -226Currency translation differences -330 -70 -98 -1,218 -13 -1,728Cost price at 31 Dec 2022 12,301 3,610 32,026 61,069 4,800 113,806AmortizationAccumulated amortizations at 31 Dec 2020 -11,718 -3,013 -11,483 - -1,697 -27,911Amortization -597 -553 -4,188 - -517 -5,854Reclassification - - -619 - - -619Disposals accumulated amortizations - - 2,863 - 135 2,998Currency translation differences -316 -59 -6 - -2 -383Accumulated amortizations at 31 Dec 2021 -12,631 -3,625 -13,433 - -2,081 -31,769Acquisition of CRS Italy - - -30 - - -30Amortization - -55 -4,480 - -506 -5,041Disposals accumulated amortizations - - 158 - 67 226Currency translation differences 330 70 91 - 5 496Accumulated amortizations at 31 Dec 2022 -12,301 -3,610 -17,694 - -2,514 -36,118Carrying amount at 31 Dec 2022 - - 14,332 61,069 2,286 77,687Useful life 3\u20135 yr 3\u20136 yr 3\u201310 yr na 1\u201310 yrFor impairment testing of goodwill see note 15.Note 15 Goodwill and intangible assets with indefinite useful livesGoodwill stated in the consolidated financial position is derived from excess values following the acquisitions of ALD Abagados in Spain (2015), IKAS Group in Norway (2016), CS Union in Italy (2016), Altor Group in Germany (2016), Profact in Sweden (2017), SPT Group in Finland (2018) and CRS in Italy (2022). Recognized goodwill amounts to 61.0 EUR million on 31 December 2022 (2021: EUR 56.0 million). Only goodwill has an indefinite lifetime, all other intangible assets are amortized in accordance with their useful life, see note 14.Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually, and more frequently if there are indications of impairment.The recoverable amount for each CGU has been determined estimating their value in use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.Goodwill has been allocated for impairment testing purposes to the CGU \u201cThird-party collection business\u201d for the following CGU \u201cCountries\u201d:EUR thousand 2022 2021Finland 2,592 2,592Germany 9,301 9,301Italy 13,636 7,310Norway 20,146 21,270Spain 14,328 14,328Sweden 1,066 1,159Total goodwill 61,069 55,960Cash flow projections and assumptionsA five-year forecast of discounted cash flows plus a terminal value has been used to determine the net present value of the CGU. Discounted cash flows related to the third-party collection business were calculated pre-tax and by applying a pre-tax WACC. The pre-tax WACC was derived by back-solving based on the estimated value using the post-tax WACC and the post-tax cash flow.The terminal value is based on the estimated pre-tax net cash flow in year five, using a standard perpetuity formula with a long-term growth rate.Key assumptions for the value in use calculationsThe calculation of VIU for the CGUs is most sensitive when it comes to the following assumptions:Discount rateThe input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine the best estimate. The WACC was calculated after tax, and then back solved to arrive at a pre-tax WACC. All parameters were set to reflect the forecast period of the cash flows.Key inputs for the WACC:EUR NOK SEKRisk-free rate 2.5% 3.1% 2.5%Market risk premium 4.9% 4.9% 4.9%Beta 1.81 1.81 1.81Small cap premium 2.0% 2.0% 2.0%Cost of equity before tax 13.3% 14.0% 13.4%Cost of debt 7.4% 7.4% 7.4%Equity ratio 29.5% 29.5% 29.5%Corporate income tax rate 25% 22% 20.6%WACC 7.8% 8.2% 8.1%\u2022 Risk free rate: Five year risk free bond per country\u2022 Market risk premium: The market risk premium is based on empirical data for risk premium (Damodaran)\u2022 Beta: Observed monthly levered beta for Axactor for the last five years\u2022 Small cap premium/company specific premium: Based on the market cap of Axactor, Ibbotson research 2014, similar sized companies and industry peers\u2022 Cost of debt: Applied cost of debt of 7.4% based on company estimated forecasts\u2022 Capital structure: Applied 29.5% equity ratio based on company estimates for 2023\u2022 Corporate income tax rate: The Group\u2019s average tax rate for EUR and country specific tax rate for NOK and SEKGrowth rateThe growth rate in the forecast period is based on management\u2019s expectation for the development in the different markets, and management\u2019s strategic plan. The terminal growth rate applied in 2022 is 2.0% as opposed to 1.5% in 2021. The increase in growth rate is adjusted to be in line with expected long-term inflation rates from relevant central banks.Cash flowThe calculation includes cash flows for five years, in addition to a terminal value. Cash flow estimates are based on the Board approved 2023 budget and a projection for the next four years.Impairment \u2013 test results and conclusionThe impairment test concluded that the VIU exceeded the carrying amount for each of the CGUs. Hence, no impairment was recognized in 2022 (2021: EUR 0 million). Based on a sensitivity analysis, the ceteris paribus impact of reducing the terminal growth rate from 2.0% to 1.5% would not result in any impairment of goodwill. Similarly, the ceteris paribus impact of increasing the WACC by one percentage point would not result in any impairment of goodwill. Management has considered and assessed reasonable possible changes for key assumptions and has not identified any instance that could cause the carrying amount of the goodwill to exceed its recoverable amount.Note 16 Property, plant and equipmentEUR thousand Fixtures Vehicles Office eqipment TotalCost priceCost price at 31 Dec 2020 4,581 80 3,600 8,260Acquisitions 472 - 591 1,063Disposals at cost price -2,233 -80 -852 -3,165Currency translation differences -7 - 27 21Cost price at 31 Dec 2021 2,814 - 3,366 6,180Acquisition of CRS Italy - - 624 624Acquisitions 746 - 284 1,030Disposals at cost price -163 - -266 -429Currency translation differences -44 - -70 -115Cost price at 31 Dec 2022 3,353 - 3,937 7,290DepreciationAccumulated depreciations at 31 Dec 2020 -3,107 -55 -2,568 -5,730Depreciation -338 -7 -515 -860Disposals accumulated depreciations 1,916 62 747 2,725Currency translation differences 2 - -25 -23Accumulated depreciations at 31 Dec 2021 -1,527 - -2,363 -3,889Acquisition of CRS Italy - - -575 -575Depreciation -318 - -464 -781Disposals accumulated depreciations 7 - 258 265Currency translation differences 19 - 44 63Accumulated depreciations at 31 Dec 2022 -1,818 - -3,100 -4,918Carrying amount at 31 Dec 2022 1,535 - 838 2,372Useful life 3\u20136 yr 5 yr 3\u20135 yrNote 17 Fair value measurementThe Group\u2019s financial assets consist of purchased loan portfolios, derivatives, accounts receivable and other receivables, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified, at initial recognition, as subsequently measured at amortized cost, with the exception of derivatives which are classified as subsequently measured at fair value through profit or loss. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by the inputs used in the valuation techniques:Level 1: Quoted prices in active markets for identical assets or liabilitiesLevel 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectlyLevel 3: Inputs for the asset or liability that are not based on observable market data (unobservable input)The level in this fair value hierarchy within which the measurements are categorized is determined based on the lowest level input that is significant to the fair value measurement.The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.Carrying amount Fair valueLoans and EUR thousandreceivables Other Total Level 1 Level 2 Level 3 Total2022Financial assetsPurchased loan portfolios 1,252,642 - 1,252,642 - - 1,322,320 1,322,320Cash flow hedge derivatives (note 19) - 12,367 12,367 - 12,367 - 12,367Total financial assets 1,252,642 - 1,252,642 - 12,367 1,322,320 1,334,686Financial liabilities\u20061 Interest-bearing debt955,546 - 955,546 421,673 510,134 - 931,807Total financial liabilities 955,546 - 955,546 421,673 510,134 - 931,8072021Financial assetsPurchased loan portfolios 1,095,789 - 1,095,789 - - 1,238,070 1,238,070Total financial assets 1,095,789 - 1,095,789 - - 1,238,070 1,238,070Financial liabilitiesInterest-bearing debt 838,256 - 838,256 503,320 351,998 - 855,318Fair value forward flow commitments - 409 409 - - 409 409Cash flow hedge derivatives (note 19) - 230 230 - 230 - 230Total financial liabilities 838,256 639 838,894 503,320 352,228 409 855,9571 The interest-bearing debt in the table includes interest-bearing debt attributable to both continuing and discontinued operationsFair value estimation of interest-bearing loansThe fair value of the bond loans was determined using the quoted market values for the bond loans from the Norwegian Verdipapirforetakenes Forbund. The fair value of the other interest-bearing loans is equal to the nominal value and accrued interest.Fair value estimation of purchased loan portfoliosThe fair value of purchased loan portfolios is calculated as the net present value of estimated net cash flows after tax for the next 15 years. The estimated net cash flows from portfolios are the assumed future collection, less assumed collection costs per portfolio and tax. The estimated net cash flows are for existing portfolios only, no cash flows from future investments are included. Collection costs consist of operational costs in the portfolio segment, i.e. commission to debt collection, payroll expenses, premises, communication costs, and other costs directly and indirectly attributable to the debt purchasing segment. The Group\u2019s estimated average tax rate has been applied to the cash flows.The weighted average cost of capital after tax for the portfolio segment is estimated to 7.8% on 31 December 2022 (2021: 5.8%). The key inputs for the WACC applied for the portfolio segment are the same as those presented for EUR WACC in note 15. Most of the Group\u2019s portfolio cash flows are in EUR, although some part of the Group\u2019s portfolio cash flows are in NOK and SEK. Calculating a currency specific WACC, the risk-free rate element would have increased the WACC slightly compared to the WACC estimated for the Group. A sensitivity analysis of the cash flow estimates is presented in the table to the right.Note 18 Purchased loan portfoliosEUR thousand 2022 2021Balance at 1 Jan 1,095,789 1,124,699\u20063 Acquisitions during the year288,052 113,979Collection -276,524 -254,949Interest income from purchased loan portfolios 187,490 168,421\u20061 Net gain/(loss) purchased loan portfolios-8,185 -62,013Repossessions -1,925 -845Deliveries on forward flow contracts -409 -1,221\u20061 Disposals- -193Currency translation differences -31,646 7,911Balance at 31 Dec 1,252,642 1,095,789\u20062 Payments during the year for investments in loan portfolios amounted to EUR290,816 115,4021 Gain on disposals is netted in profit or loss as \u2018Net gain/(loss) purchased loan portfolios\u20192 Payments during the year will not correspond to credit impaired acqusitions during the year due to deferred payments3 Reconciliation of credit impaired acquisitions during the year;Nominal value purchased loan portfolios 2,429,169 827,810Expected credit losses at acquisition -2,141,117 -713,831Acquisitions during the year 288,052 113,979For a description of Axactor\u2019s accounting principles for purchased loan portfolios, see note 2 and for a description of revenue recognition and fair value estimation, see note 4.Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired. For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate.Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the profit or loss as income or expense in \u2018Net gain/ (loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019.The majority of the purchased loan portfolios are unsecured, whereas approximately 5% of the book value of the loans are secured by a property object per 31 December 2022 (2021: 3%).Book valueMarket 2022 2021Finland 121,300 111,841Germany 179,654 131,059Italy 147,678 111,348Norway 243,468 249,439Spain 357,137 264,034Sweden 203,405 228,068Total book value 1,252,642 1,095,789The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collection the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collection.The ERC represents the estimated gross collection on the purchased loan portfolios. The ERC, amortization and interest income from purchased loan portfolios can be broken down per year as follows (year 1 means the first 12 months from the reporting date):EUR thousand Estimated remaining collection (ERC), amortization and yield per yearYear 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total ERC2022ERC 310,027 305,914 271,347 237,417 212,308 185,750 168,327 152,172 137,607 124,971 113,833 99,900 84,323 74,817 66,705 2,545,419Amortization 113,530 130,485 118,518 103,930 95,595 83,424 78,622 74,325 71,027 69,190 68,662 65,230 59,403 59,493 61,207 1,252,642\u20061 Interest196,496 175,428 152,829 133,487 116,714 102,326 89,705 77,847 66,581 55,781 45,171 34,670 24,921 15,324 5,498 1,292,7772021ERC 268,832 261,948 225,843 200,819 177,633 160,087 141,774 127,467 114,766 103,142 93,135 84,078 72,064 58,344 50,611 2,140,543Amortization 107,788 118,694 101,236 91,330 81,907 76,761 69,424 65,132 61,836 59,169 57,780 57,213 53,505 47,268 46,746 1,095,789\u20061 Interest161,045 143,254 124,607 109,489 95,726 83,326 72,350 62,335 52,930 43,973 35,354 26,865 18,559 11,075 3,864 1,044,7541 Interest income from purchased loan portfoliosNote 19 Hedge accountingThe Group\u00b4s risk management objective is to mitigate the effect of interest rate changes related to its floating rate instruments. In order to achieve the objective, the Group\u00b4s strategy is to use derivatives to limit the impact of changes in interest rates on the Group\u00b4s interest expenses. The Group has applied cash flow hedge accounting to ensure that the Group\u00b4s risk management strategy is reflected in its financial statements.Cash flow hedgesInterest rate risk in floating rate instrumentsThe Group has applied cash flow hedge accounting for interest rate risk in order to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The hedged items consist of a proportion of issued floating-rate loans. The hedging instruments consist of interest rate caps. The hedge ratio for the relationships is defined by the ratio of the principal of the interest rate cap to the designated proportion of the hedged item, resulting in 100% hedge ratio. The cash flow hedges of interest rate risk on loans are expected to be highly effective. Potential sources of ineffectiveness have been identified as differences in timing of cash flows of hedged items and hedging instruments, derivatives used as hedging instruments having a non-nil fair value at the time of designation and the effect of changes in counterparties\u2019 credit risk on the fair values of hedging instruments or hedged items.The Group\u2019s strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. Per 31 December 2022, the strategy is under implementation and the Group is still committed to the strategy which it expects to fully implement. On 31 December 2022, the Group holds two interest rate caps with a strike of 0.5% EURIBOR and maturity 15 December 2023. The two contracts hedge the interest risk of EUR 573 million in borrowings, equaling a hedging ratio of 60%. The hedged items are included as part of current and non-current interest-bearing debt in the consolidated statement of financial position. Per 31 December 2022, the fair value of the interest rate hedging derivatives was positive EUR 12.4 million (2021: -0.2 million), reported as part of other current receivables (2021: other non-current liabilities) in the consolidated statement of financial position.The financial instruments designated as hedged items in existing cash flow hedge relationships are:Hedged items2022 2021Nominal amount Nominal amount Nominal designated for Cash flow Nominal designated for Cash flow EUR thousandamounthedge accountinghedge reserveamounthedge accountinghedge reserveInterest rate riskFloating rate issued loans 573,000 573,000 9,630 200,000 200,000 -230Total 573,000 573,000 9,630 200,000 200,000 -230The table below sets out the derivatives designated as hedging instruments in existing cash flow hedge relationships, and the outcome of the Group\u00b4s hedging strategy:Hedging instruments2022 2021EUR thousand Up to 1 year 1\u20135 years Total Up to 1 year 1\u20135 years TotalInterest rate capsNominal amount 573,000 - 573,000 2,778 197,222 200,000Average strike 0.5% - 0.5% 0.5% 0.5% 0.5%The effective portion of changes in the fair value on the hedging instrument that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Hedge ineffectiveness is, if applicable, recorded as part of financial expenses or financial revenue. There was no material ineffectiveness in 2022 or 2021. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item. In 2022, EUR 0.2 million (net of tax) has been reclassified from the cash flows hedge reserve (OCI) into profit or loss, reducing the interest rate expenses on borrowings reported in note 11 with EUR 0.3 million (pre-tax).Note 20 Shares in subsidiariesThe table is an overview of the subsidiaries included in the Axactor Group. The financial figures of the subsidiaries have been included in the consolidated financial statements of Axactor Group from the date of acquisition. During 2022, Axactor purchased CRS Italy, see note 30 for the purchase price allocation. Several small entities have also either been liquidated or merged into other entities during the year to simplify the legal structure within the Group.EUR thousand Ownership Head office CountryAxactor Holding Srl 100.0% Cuneo ItalyAxactor Italy SpA 100.0% Cuneo ItalyAxactor Capital Italy Srl 100.0% Cuneo ItalyCR Service Srl 100.0% Grosseto ItalyAxactor Portfolio Holding AB 100.0% Gothenburg SwedenAxactor Platform Holding AB 100.0% Gothenburg SwedenAxactor Sweden AB 100.0% Gothenburg SwedenAxactor Capital AS 100.0% Oslo NorwayAxactor Norway AS 100.0% Drammen Norway1Reolux Holding SARL50.0% Luxembourg LuxembourgAxactor Invest 1 SARL 100.0% Luxembourg LuxembourgAxactor Capital Luxembourg SARL 100.0% Luxembourg Luxembourg\u20062 Beta Properties SLU100.0% Madrid Spain\u20062 Borneo Commercial Investments SLU100.0% Madrid Spain\u20062 Alcala Lands Investments SLU100.0% Madrid Spain\u20063 PropCo Malagueta SL75.0% Malaga Spain\u20063 Proyecto Lima SL75.0% Madrid SpainAxactor Espana SLU 100.0% Madrid SpainAxactor Espana Platform SA 100.0% Madrid SpainAxactor Germany Holding GmbH 100.0% Heidelberg GermanyAxactor Germany GmbH 100.0% Heidelberg GermanyHeidelberger Forderingskauf GmbH 100.0% Heidelberg GermanyHeidelberger Forderungskaurf II GmbH 100.0% Heidelberg GermanyAxactor Finland OY 100.0% Helsinki Finland1 The parent company owns 50% of the shares of Reolux Holding. Based on the contractual arrangements between the Group and the other investor, the Group has concluded that it has control of Reolux Holding and the company is therefore consolidated in the Group\u2019s financial statements2 The company is owned 100% by Reolux Holding SARL, in which Axactor owns 50% of the shares and has control3 The company is owned 75% by Reolux Holding SARL, in which Axactor owns 50% of the shares and has controlNote 21 Accounts receivable and other current assetsAccounts receivableEUR thousand 2022 2021Accounts receivable 6,376 7,060Due to the nature of the business the amount of outstanding accounts receivable is low and shows an acceptable aging. Allowances for doubtful debts are recognized against account receivable on an individual basis. The allowance amount recognized is immaterial.Other current assetsEUR thousand 2022 2021Prepaid taxes 2,855 3,019Prepaid expenses 4,773 4,609\u20061 Accrued revenue5,747 2,754Cash flow hedge derivatives (note 19) 12,367 -Other 3,279 5,772Total other current assets 29,021 16,1541 Accrued revenue relates to 3PC businessNote 22 Cash and cash equivalentsFor the purpose of the consolidated statement of cash flows, cash and cash equivalents include cash on hand and in banks. Cash and cash equivalents including restricted cash as shown in the consolidated statement of cash flows can be reconciled to the related items in the consolidated statement of financial position as follows:EUR thousand 2022 2021Cash and bank deposits 29,045 38,155\u20061 Restricted cash - client funds6,060 5,090Restricted cash and bank deposits 966 708Cash and cash equivalents, discontinued operations (note 32) 3,607 -Total cash and cash equivalents, incl. restricted cash 39,679 43,9531 The corresponding client funds payable is reported as part of other current liabilities in note 28Restricted cash relates to client funds, deposits for building rent guarantee and employee withholding taxes. Cash in bank earns interest at floating rates based on daily bank deposit rates. The composition of the cash per currency is shown below:EUR thousand 2022 2021EUR 7,213 25,816GBP 2 6NOK 31,651 17,583SEK 813 548Total cash and cash equivalents, incl. restricted cash 39,679 43,953Note 23 Issued shares and share capitalOn 21 April 2022, Axactor ASA converted form from a Societas Europaea company (SE) to a Norwegian public limited liability company (ASA) and converted the share capital from EUR to NOK. A bonus issue was carried out the same day, whereby NOK 2,126,326 (EUR 218,961) was transferred from unrestricted equity to share capital. The share capital of Axactor ASA as of 31 December 2022 was NOK 1,537,920,412 (EUR 158,368,902) consisting of 302,145,464 ordinary shares at NOK 5.09 per share. Each share has the same rights, and all issued shares are fully paid.Issued shares and share capitalNumber of shares Share capital (EUR)At 31 Dec 2020 185,395,464 97,040,286New share issues 116,750,000 61,109,656At 31 Dec 2021 302,145,464 158,149,942Bonus issue - 218,961At 31 Dec 2022 302,145,464 158,368,90220 largest shareholders at 31 December 2022Name Shareholding Share %Geveran Trading Co Ltd 140,784,692 46.6%Torstein Ingvald Tvenge 10,000,000 3.3%Ferd AS 7,864,139 2.6%Skandinaviska Enskilda Banken AB (Nominee) 5,279,467 1.7%Skandinaviska Enskilda Banken AB 4,500,000 1.5%Verdipapirfondet Nordea Norge Verdi 4,454,162 1.5%Nordnet Livsforsikring AS 2,443,779 0.8%Endre Rangnes 2,017,000 0.7%Gvepseborg AS 2,009,694 0.7%Stavern Helse og Forvaltning AS 2,000,000 0.7%Alpette AS 1,661,643 0.5%Klotind AS 1,532,704 0.5%Velde Holding AS 1,500,000 0.5%Masani AS 1,400,000 0.5%David Martin Ibeas 1,177,525 0.4%Andres Lopez Sanchez 1,177,525 0.4%Latino Invest AS 1,040,000 0.3%Verdipapirfondet Nordea Avkastning 1,035,709 0.3%Titas Eiendom AS 1,000,000 0.3%Kistefos Investment AS 1,000,000 0.3%Total 20 largest shareholders 193,878,039 64.2%Other shareholders 108,267,425 35.8%Total number of shares 302,145,464 100%Total number of shareholders 9,825Shares owned by the Board and Group executive management per 31 December 2022Name Shareholding Share %\u20061 Latino Invest AS1,040,000 0.3%\u20061,\u20064 Johnny Tsolis Vasili670,000 0.2%\u20063 Terje Mj\u00f8s Holding AS500,000 0.2%\u20062 Robin Knowles352,921 0.1%\u20062 Vibeke Ly203,750 0.1%\u20062 Arnt Andre Dullum162,000 0.1%\u20062Nina Mortensen 160,000 0.1%\u20062 Kyrre Svae150,000 0.0%\u20063 Brita Eilertsen19,892 0.0%1 CEO/related to the CEO of Axactor ASA2 Member of the Group executive management3 Member of the Board of Directors/controlled by member of the Board of Directors4 Holds 300,000 call options that will be settled in cash on 22 June 2023Note 24 Share-based paymentsTo incentivize and retain key employees, the Group operates an equity-settled option plan. Each option gives the right to acquire one share in Axactor ASA on exercise. The options carry neither right to dividends nor voting rights before exercised into ordinary shares. There is no cash settlement alternatives for the employees and the Group does not have a past practice of cash settlement for share option awards.Share options approved 2017\u20132021The share options approved and granted from 2017 to 2020 vest annually in equal tranches over a three-year period following the date of the grant, with one third vesting each year. The options expire five years after the date of the grant. Options approved and granted in 2021 vest annually in equal trances over a two-year period following the date of the grant, with one half vesting each year, and expiry four years after the date of the grant. The share options approved from 2017 to 2021 vest based on service conditions/continuing employment as vesting criteria.Share options approved 2022In April 2022, the Annual General Meeting approved 1,000,000 share options to be granted to a key employee with grant date 18 May 2021. The grant has been accounted for in 2022. The exercise price of the options of NOK 5.09 was equal to par value of the shares at the date of approval of the grant. The options vest if the key employee is still employed three years from the grant date and expire 20 days after vesting date.In June 2022, 5,500,000 share options were granted to key employees. The exercise price of the options of NOK 6.07 was equal to the average traded share price of the Axactor ASA share 30 trading days prior to the grant. The vesting period of the options is three years. One third of the options vests subject to the option holder being employed at the vesting date, one third vests based on relative market performance in the performance period and one third vests based on the Group\u2019s return on equity in the performance period. The performance period is from June 2022 to June 2025.Measurement of fair valuesThe Black-Scholes-Merton Option Pricing Model is used for valuing the share options without performance criteria, whereas the Monte Carlo Valuation Model is used to estimate the fair value of the options subject to performance criteria.Expected volatility has been based on an evaluation of the historical volatility of Axactor\u2019s share price equal to the expected lifetime of the options. The lifetime of the option is set to the shortest period of either one year after vesting or expiry. The expected lifetime is hence not always set to expiry. This is because it is reasonable to assume, and prior exercise behavior has shown, that participants tend to exercise early as the options are \u201cnon-transferable\u201d and the options\u2019 gains are taxed as personal income (higher) and gains on ordinary shares are taxed as capital gains (lower). It is only possible to exercise at structured exercise windows, which might not coincide with time of vesting. The shortest period of either one year after vesting or expiry is therefore used as the assumption for the life of the option. Exercise patterns are monitored frequently and expected option lifetime for future grants will reflect exercise behavior.The inputs used in the measurement of the fair values at grant date of the equity settled share-bare based payment plans approved in 2022 were as follows (weighted average parameters at grant):June 2022-grant May 2021-grantStrike price (NOK) 6.07 5.09Share price (NOK) 5.48 9.30Expected lifetime 3.67 3.07Volatility 58.6% 56.2%Interest rate 2.9% 0.7%Dividend - -Fair value per option 2.29 5.32Outstanding share optionsThe number and weighted-average exercise prices of share options outstanding during the year are as follows:2022 2021Weighted average Weighted average Activity Number of optionsstrike price (NOK) Number of optionsstrike price (NOK)Outstanding at 1 Jan 8,548,969 26.50 13,775,508 24.98\u20061 Granted during the year6,500,000 5.92 500,000 24.10Forfeited during the year -113,744 13.54 -4,101,481 26.54Expired during the year -1,668,125 33.60 -1,625,058 12.74Outstanding at 31 Dec 13,267,100 15.62 8,548,969 26.50Vested at 31 Dec 5,175,432 24.95 4,531,169 28.051 2022 number includes May 2021-grant, which was approved and accounted for in 2022No options were exercised in 2022 or 2021.At 31 December 2022 the Group has options outstanding that were granted from 2019 to 2022. The exercise prices vary from NOK 5.09 to NOK 28.00 per option (2021: NOK 17.50 to NOK 37.50).Outstanding options Vested optionsWeighted average remaining Weighted average Vested options Weighted average Strike price (NOK) Number of optionscontractual lifestrike price (NOK)31.12.2022strike price (NOK)5.09 1,000,000 1.45 5.09 - -6.07 5,425,000 4.46 6.07 - -17.25 950,000 2.51 17.25 616,666 17.2522.00 1,425,000 2.51 22.00 925,000 22.0024.50 723,189 1.32 24.50 723,189 24.5026.50 723,189 1.32 26.50 723,189 26.5028.00 3,020,722 2.25 28.00 2,187,388 28.00Total 13,267,100 5,175,432Expenses recognized in profit or loss and liabilities arising from share-based payment transactionsThe total expense recognized for the share-based programs during 2022 was EUR 0.5 million (2021: EUR 0.2 million). There are no liabilities related to share-based payment transactions on 31 December 2022 (2021: EUR 0 million), total social security provisions amount to EUR 0 million on 31 December 2022 and 2021.Note 25 Interest-bearing loans and borrowingsThe Group\u2019s total loans and borrowings, attributable to both continuing and discontinued operations, are as follows:Capitalized Carrying EUR thousand Currency Facility limit Nominal value Treasury bondsloan\u202ffees Accrued interestamount, EUR Interest coupon MaturityFacilityBond ACR02 (ISIN: NO0010914666) EUR 200,000 -30,550 -2,009 3,133 170,574 3m EURIBOR+700pbs 12.01.2024Bond ACR03 (ISIN: NO0011093718) EUR 300,000 -18,950 -2,901 925 279,074 3m EURIBOR+535bps 15.09.2026Total bond loans 500,000 -49,500 -4,910 4,057 449,648Revolving credit facility EUR 197,390 -4,234 116 193,272 EURIBOR+ margin 22.12.2023(multiple currency facility) NOK 159,529 159,529 NIBOR+ margin 22.12.2023SEK 153,099 153,099 STIBOR+ margin 22.12.2023Total credit facilities 545,000 510,018 -4,234 116 505,899Total loans and borrowings at 31 Dec 2022 1,010,018 -49,500 -9,144 4,172 955,546Of the total borrowings, EUR 945.3 million is attributed to continuing operations, whereof EUR 445.6 million is classified as non-current and EUR 499.7 million is classified as current. Discontinued operations has EUR 10.3 million in current borrowings (note 32). All borrowings in discontinued operations are denominated in EUR.Change in loans and borrowings from financial activitiesEUR thousand Bond loans Credit facilities Other borrowings Total BorrowingsTotal loans and borrowings at 31 Dec 2020 200,283 530,278 205,625 936,185Proceeds from loans and borrowings 311,050 231,446 - 542,496Repayment of loans and borrowings -11,050 -411,175 -206,456 -628,681Loan fees -10,948 -13,087 2 -24,033Total changes in financial cash flow 289,052 -192,816 -206,454 -110,218Change in accrued interest 3,513 -45 -334 3,134Amortization of capitalized loan fees 2,345 4,239 1,165 7,749Currency translation differences - 1,406 - 1,406Total loans and borrowings at 31 Dec 2021 495,193 343,063 - 838,256Proceeds from loans and borrowings - 354,051 - 354,051Repayment of loans and borrowings -49,500 -172,501 - -222,001Loan fees - -83 - -83Total changes in financial cash flow -49,500 181,467 - 131,967Change in accrued interest 232 235 - 467Amortization of capitalized loan fees 3,721 4,785 - 8,506Currency translation differences - -23,651 - -23,651Total loans and borrowings at 31 Dec 2022 449,648 505,899 - 955,546Change in lease liabilities are presented in note 10. Other borrowings presented in the table are related to Italian facilities which were repaid in full in 2021.MaturityThe maturity calculation is made under the assumption that no new portfolios are acquired, and the revolving credit facility draw is constant to maturity date.Estimated future cash flow withinCurrency Carrying amount Total future cash flow 6 months or\u202fless 6\u201312 months 1\u20132 years 2\u20135 yearsBond ACR02 (ISIN: NO0010914666) EUR 170,574 186,235 8,224 7,794 170,218 -Bond ACR03 (ISIN: NO0011093718) EUR 279,074 371,985 11,308 10,840 25,013 324,824Total bond loans 449,648 558,220 19,531 18,633 195,231 324,824Revolving credit facility (multiple currency facility) NOK/SEK/EUR 505,900 530,964 15,190 515,774 - -Total credit facilities 505,900 530,964 15,190 515,774 - -Total loans and borrowings at 31 Dec 2022 955,546 1,089,184 34,722 534,408 195,231 324,824Bond ACR02The bond was placed at 3m EURIBOR + 7% interest, with maturity date 12 January 2024. The bond is listed on Oslo B\u00f8rs (ISIN: NO0010914666).The following financial covenants apply:\u2022 Interest coverage ratio: >4.0x (Pro-forma adjusted cash EBITDA to net interest expenses)\u2022 Leverage ratio: <4.0x (NIBD to pro-forma adjusted cash EBITDA)\u2022 Net loan to value: <75% (NIBD to total book value all loan portfolios and REOs)\u2022 Net secured loan to value: <65% (secured loans less cash to total book value all loan portfolios and REOs)Trustee: Nordic TrusteeBond ACR03The bond was placed at 3m EURIBOR + 5.35% interest, with maturity date 15 September 2026. The bond is listed on Oslo B\u00f8rs (ISIN: NO0011093718).The following financial covenants apply:\u2022 Interest coverage ratio: >4.0x (Pro-forma adjusted Cash EBITDA to net interest expenses)\u2022 Leverage ratio: <4.0x (NIBD to pro-forma adjusted cash EBITDA)\u2022 Net loan to value: <80% (NIBD to total book value all loan portfolios and REOs)\u2022 Net secured loan to value: <65% (secured loans less cash to total book value all loan portfolios and REOs)Trustee: Nordic TrusteeDuring 2022 the Group has repurchased part of the outstanding bonds. On 31 December 2022, the Group holds treasury bonds with a nominal value of EUR 49.5 million, split between EUR 30.6 million in ACR02 (ISIN NO 0010914666) and EUR 19.0 million in ACR03 (ISIN NO 0011093718).Revolving credit facility DNB/NordeaThe revolving credit facility consists of EUR 545 million in a multicurrency facility, with an addition of 75 million in the form of accordion option. The loan carries a variable interest rate based on the interbank rate in each currency with a margin. The maturity date for the facility is 22 December 2023.The following financial covenants apply:\u2022 NIBD ratio to pro-forma adjusted cash EBITDA < 3:1 (secured loans (RCF) less cash to pro-forma adjusted cash EBITDA L12M)\u2022 Portfolio loan to value ratio < 60% (NIBD to total book value of loan portfolios)\u2022 Portfolio collection performance > 90% (actual portfolio performance L6M to active forecast L6M)\u2022 Parent loan to value < 80% (total loans for the Group less cash to total book value of all loan portfolios and REOs) margin.Subsidiaries in the Group have granted a pledge as part of the security package for this facility, see note 31.Note 26 Post-employment benefitsAxactor operates defined contribution retirement benefit plans for all qualifying employees of its subsidiaries in Sweden and Norway. The Group\u2019s legal obligation for these plans is limited to the contributions. Members of the Group executive management, employed in Axactor ASA, has an additional contribution plan entitling them to pension rights for salary above 12G (Norwegian Grunnbel\u00f8p).The employees of the Finnish, German and Spanish subsidiaries are member of a state managed retirement benefit plan operated by the government of Finland, Germany and Spain respectively. The subsidiaries are required to contribute a specified percentage of payroll costs to the retirement benefit scheme to fund the benefits. The Group\u2019s legal obligation for these plans is limited to the contributions. Axactor meets the different local mandatory occupational pension requirements in the countries where Axactor operates. In Italy all employees are entitled to a termination indemnity (TFR) upon termination of employment for any reason. This TFR is considered a defined benefit obligation to be accounted for in accordance with IAS 19. Axactor funds defined benefit plans for the qualifying employees.Pension liabilities are recognized in the consolidated statement of financial position as other non-current liabilities (note 27). The total pension expenses recognized in profit or loss amount to EUR 1.3 million (2021: EUR 1.5 million) and represent contributions payable to these plans by Axactor at rates specified in the rules of the plans.Note 27 Other non-current liabilitiesEUR thousand 2022 2021Post-employment liabilities (note 26) 1,572 1,293Cash flow hedge derivatives (note 19) - 230Other liabilities 1,851 471Total other non-current liabilities 3,423 1,994Note 28 Other current liabilitiesEUR thousand 2022 2021Public duties 3,483 3,943Personnel related liabilities 7,083 6,452Deferred payments relating to purchased loan portfolios 7,522 8,863\u20061 Client funds payable6,060 5,090Fair value of forward flow commitments, liability - 409Accrued restructuring cost - 1,039Other liabilities 594 1,145Total other current liabilities 24,741 26,9411 The corresponding client funds cash balance is reported as part of cash in note 22A forward flow agreement is an obligation to acquire a portfolio as described in a contract. Typically, these agreements are to buy defaulted cases from the vendor on a monthly basis. The total volume under the contract can be capped. The price for the cases in the forward flow is agreed upfront when the contract is signed. Initially the fair value of the forward flow commitment is nil, as the future expected collection level is unchanged from the valuation assumption underlying the contract. If the future cash flow estimates for the forward flow changes from the assumed level when signing the contract, there can be a change in the value of the forward flow commitment.Note 29 Related party transactionsEUR thousand 2022 2021Related party balances at 31 Dec - -Related party transactions during the yearOn 17 February 2020, Axactor ASA entered into a servicing agreement with Seatankers Management Co. Ltd., a company controlled by Geveran, under which Seatankers Management Co. Ltd. has agreed to provide the company with advisory and other support services upon request. The agreement is entered on an arms-length basis and is not considered material. 150 7On 5 January 2021 Axactor aquired the remaining 50% of the shares in Axactor Invest 1 SARL from Geveran Trading Co LTD. Axactor Invest 1 SARL was prior to the aquisition fully consolidated by Axactor, as a result of this there is a change between non-controlling interest and equity related to shareholders of the parent company in the consolidated statement of changes in equity. - 37,635On 1 October 2021 Axactor ASA entered an agreement with Aston AS (a company controlled by Kristian Melhuus, former personal deputy board member for board member Kathrine Astrup Fredriksen and now Chair of the Board) for the delivery of advisory services to the company. The agreement was terminated in Q2 2022. 4 -For additional information on agreements with related parties, see the Corporate governance report.Note 30 Purchase price allocationsThe Group secured 100% of the shares in C.R. Service - Credit Recovery Service Srl (CRS) on 26 October 2021 and the transaction was closed 3 January 2022.CRS is an Italian debt collection agency, managed from the headquarter in Grosseto (Tuscany) and has a contact center in Milazzo (Sicily). CRS is a top-5 independent 3PC-player in the Italian bank and finance segment. The acquisition supports the Group\u2019s strategy of strengthening the position in existing countries, improving capabilities on 3PC and preparing for post-pandemic volumes and new signed contracts in Italy.The purchase price allocation identifies a fair value of the equity of EUR 0.7 million, the residual value of the transferred consideration, EUR 6.3 million, is allocated to goodwill. All goodwill in the acquisition is related to CRS\u2019 3PC business. The total amount of goodwill recognized in the period that is expected to be deductible for tax purposes is nil. The Group has recognized a provision per 3 January 2022 of EUR 2.6 million related to three contingent considerations. The payments are contingent upon retention and financial performance.The table discloses the impact from the transaction effective from 3 January 2022.EUR thousandDate of acquisition 3 Jan 2022Acquired part of company 100%Purchase price 7,033Whereof cash consideration 4,433Whereof contingent consideration 2,600AssetsDeferred tax assets 103Other intangible assets 15Right of use assets 990Property, plant and equipment 50Current receivables 989Cash and cash equivalents 1,348Total assets 3,495LiabilitiesNon-current interest-bearing debt 67Deferred tax liabilities 265Accounts payable 256Lease liabilities 1,095Other short-term liabilities 1,105Total liabilities 2,788Total net assets acquired 707Identified goodwill 6,326Cash consideration 4,433Less cash and cash equivalent balances acquired 1,348Net cash outflow arising on acquisition 3,085Note 31 Pledged assetsEUR thousand 2022 2021Group 897,880 977,958Parent 332,108 530,843All material subsidiaries of the Group are guarantors and have granted a share pledge and bank account pledge as part of the security package for the revolving credit facility, see note 25. Reolux Holding SARL is not part of the agreement nor the security arrangement.Note 32 Discontinued operationsThe Board resolved to dispose of the Group\u2019s real estate owned (REO) operating segment from 1 January 2022. The REO segment consisted of portfolios of purchased real estate and repossessed assets from secured loan portfolios. In the first quarter of 2022, both portfolios of purchased real estate and repossessed assets from secured non- performing loans were presented as discontinued operations in line with the Board\u2019s resolution. In the second quarter of 2022, it was resolved that it is only the portfolios of purchased real estate that shall be classified as discontinued operations. Assets repossessed from secured loan portfolios prior to 2022 are thus presented as continuing operations, and the Group will also continue with repossessions from secured loan portfolios going forward.The disposal of portfolios of purchased real estate is consistent with the Group\u2019s long-term policy to focus its activities on the Group\u2019s other operating segments. These operations, which were expected to be sold within 12 months, have been classified as a disposal group held for sale and presented separately in the statement of financial position. The proceeds of disposal were expected to equal the carrying amount of the related net assets and accordingly no impairment losses have been recognized on the classification of these operations as held for sale.As per 31 December 2022, the Group is still pursuing a buyer for the assets classified as held for sale. Negotiations with several interested parties have taken place, but the Group has not reached an agreement at the reporting date. With rising inflation, rising interest rates and a weakened economy during 2022, the market conditions that existed at the date the assets were classified initially as held for sale has deteriorated, and as a result the assets are not sold. During this period, the Group has actively solicited but not received any reasonable offers to purchase the assets. The Group has impaired the assets by EUR 0.8 million in 2022. The assets continue to be actively marketed at a price that is reasonable given the change in market condition and is hence classified as held for sale on 31 December 2022.All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between continuing operations and discontinued operations are eliminated in the consolidated financial statements. The elimination of the intragroup transactions seeks to portray the results of the continuing operations after the disposal. The discontinued operation has intragroup debt related to their operations. To seek to portray the results of the continuing operations after disposal, the intragroup receivable with corresponding interest income related to discontinued operations is eliminated within continuing operations. The same applies for intragroup debt and corresponding interest expense, taking minority interest into account and capped according to the cash flow the parent company expects to receive from the asset values in the discontinued operations. The rest of the intragroup debt is eliminated within discontinued operations. A part of the Group\u2019s total debt and interest expense are hence retained in discontinued operations, as this debt is considered to be directly associated with the discontinued operations. The net assets directly associated with the assets classified as held for sale represents minority interests in the discontinued operations.The results of the discontinued operations, which have been included in net profit/(loss) after tax, were as follows:EUR thousand 2022 2021Other operating revenue 14,113 36,828Total income 14,113 36,828Cost of REOs sold, incl impairment -18,318 -48,379Other operating expenses -2,803 -5,215Total operating expenses -21,121 -53,593EBITDA -7,008 -16,765Amortization and depreciation - -38Operating profit -7,008 -16,803Financial expenses -1,059 -3,796Net financial items -1,059 -3,796Profit/(loss) before tax -8,066 -20,599Income tax expense - -Net profit/(loss) after tax -8,066 -20,599Attributable to:Non-controlling interests -4,668 -12,242Shareholders of the parent company -3,399 -8,357Earnings per share: basic and diluted -0.011 -0.028The major classes of assets and liabilities comprising the operations classified as held for sale were as follows:EUR thousand 2022Current assetsStock of secured assets 8,418Accounts receivable 116Other current assets 518Cash and cash equivalents 3,607Assets classified as held for sale 12,660Current liabilitiesInterest-bearing debt 10,247Other current liabilities 373Liabilities directly associated with assets classified as held for sale 10,619Net assets classified as held for sale 2,041The net cash flows incurred by the operations classified as held for sale were as follows:EUR thousand 2022 2021Net cash flow from operating activities 11,310 28,535 Net cash flow from investing activities - - Net cash flow from financing activities -12,220 -33,151 Total net cash flow -910 -4,616Note 33 Events after the reporting periodThere has been no material events after the reporting period for 2022.",
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"value": "Note 2 Significant accounting policies2.1 Basis for preparationThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) and effective as of 31 December 2022. Axactor also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act.The parent company\u2019s functional currency is euro (EUR) and this is also the reporting currency for the Group. All amounts in the financial reports are stated in EUR thousand unless otherwise specified.As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.Preparation of financial statements including note disclosures requires management to make estimates and assumptions that affect amounts reported. Actual outcomes may deviate from management\u2019s estimates. The most important accounting principles that have been applied are described below. These principles have been applied consistently for all years presented, unless otherwise specified.2.2 Consolidation principlesThe Group\u2019s consolidated financial statements comprise Axactor ASA and entities in which Axactor ASA has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements.The assessments are done for each individual investment. The Group re-assesses whether it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the shareholders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests are presented separately under equity in the Group\u2019s consolidated statement of financial position.Change in ownership interest without loss of controlA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the asset is recognized against the equity attributable to the parent.Loss of controlIn cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when control is lost. Differences between the consideration and the carrying amount of the asset are recognized as a gain or loss in profit or loss. Investments retained, if any, are recognized at fair value, and surplus or deficits, if any, are recognized in profit or loss as a part of gain/loss on subsidiary disposal. Amounts included in other comprehensive income are recognized in profit or loss or directly as equity depending on their prior classification in other comprehensive income.2.3 Functional currencies and presentation currencyThe financial statements are presented in EUR, which is also the functional currency of Axactor ASA. For the purposes of presenting this consolidated financial statement, the assets, and liabilities of the Group\u2019s non-euro operations (i.e. Sweden and Norway) are translated to EUR using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for each month. All group transactions and group unsettled matters, and profit and losses for transactions between group companies, are eliminated..2.4 Business combinationsBusiness combinations are accounted for using the acquisition accounting method. Acquisition costs incurred are expensed and included in operating expenses. When the Group acquires a business, it assesses the identifiable assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances, and relevant conditions at the acquisition date. The acquirer\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date, except for non-current assets that are classified as held for sale and recognized at fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value.Goodwill arising from an acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interests and the amount of any non-controlling interests in the acquire over the net amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group\u2019s interest in the net fair value of the acquirer\u2019s identifiable assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognized in profit or loss immediately.Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in profit or loss as financial income or expense. If the contingent consideration is classified as equity, it will not be remeasured, and subsequent settlement will be accounted for within equity.If the business combination is achieved in stages, the fair value of the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss.2.5 Segment reportingThe Group derives its revenues from the following two operating segments: Non-performing loans (NPL) and Third-party collection (3PC). The Group reports its business through reporting segments which correspond to the operating segments. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group\u2019s resources. For management purposes, the Group is additionally organized into business units based on geographical locations.The internal reporting provided to the Board, which is the Group\u2019s chief decision maker, is in accordance with this structure.2.6 Revenue and revenue recognitionRevenue from purchased loan portfolios is recognized according to IFRS 9 Financial Instruments using the effective interest rate method, while revenue from 3PC is recognized according to IFRS 15 Revenue from Contracts with Customers.The recognition of revenues from purchased loan portfolios is described in detail in 2.12.1. The Group can sell a loan portfolio to another debt collector. The revenue will be recognized at the time the portfolio is transferred to an external buyer.3PC revenue is derived from a combination of fixed fees paid by Axactor\u2019s customers for services provided and commissions for solved cases and/or fees paid by the debtors to an Axactor entity. Revenue from 3PC is recognized in \u2018Other operating revenue\u2019 in the consolidated statement of profit or loss.Revenue from repossessed assets is recognized at the point of time where the ownership of the property has been transferred to an external buyer. Revenue from repossessed assets is recognized in line item \u2018Revenue from sale of repossessed assets\u2019 in the consolidated statement of profit or loss.2.7 Employee benefits2.7.1 Pension obligationsThe Group\u2019s pension obligations vary between countries depending on the local legislation and different pension systems, see notes 7, 8, 26 and 27 for further descriptions.Defined contribution retirement plans are retirement plans where the company\u2019s payment obligations are limited to the fixed contributions and where the fees already have been undertaken. The retirement benefits for the individual employee are dependent on the contributions paid to the retirement plan or an insurance company by the employer, and the return of capital invested in the retirement fund. Consequently, it is the employee that holds the risk of return (that the return will be lower than expected) and the risk of the investment (the risk that the invested pension provision will not be sufficient to cover expected retirement compensation in the future). The obligations of the Group related to payments of defined contribution retirement plans are expensed in profit or loss as they are earned by the employee for services rendered on behalf of the employer during the period.For defined benefit plans, the pension obligations do not cease until the agreed pensions have been paid. Defined benefit plans typically define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.2.7.2 Share-based compensationThe group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the option is recognized as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 Including any market performance conditions (e.g. an entity\u2019s share price)\u2022 Excluding the impact of any service and non-market performance vesting conditions\u2022 Including the impact of any non-vesting conditionsAt the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The fair value of the options has been estimated at grant date and is not subsequently changed. When the options are exercised, and the company elects to issue new shares, the proceeds received net of any directly attributable transaction costs are credited to share capital (par value) and share premium.Social security costs related to the options are accrued on a quarterly basis and become payable at exercise of the options. The social security provisions are estimated based on the gain on the options multiplied with the relevant social security rate.2.8 TaxesIncome taxes consist of current tax and deferred tax.Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available, or which unused tax losses and unused tax credits can be utilized. A deferred tax asset arising from unused tax losses or tax credit is only recognized to the extent that the entity has sufficient taxable temporary differences or that there is other convincing evidence supporting the utilization of the tax losses and tax credits, including the impact of time restriction by local tax authorities. The carrying amount of deferred tax assets are reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each reporting date. Deferred income tax assets and deferred income tax liabilities are offset only when a legally enforceable right exists to set off tax assets against income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority.2.9 Intangible assetsExpenditures for software development that can be attributed to identifiable assets under the Group\u2019s control and with anticipated future economic benefits are capitalized and recognized as intangible assets, in accordance with IAS 38 Intangible Assets. These capitalized expenses can include staff expenses if the resource has been taken out of its ordinary course of work for a longer period to work on the development project, which has been recognized as having future economic benefits. Customer contracts that are recognized as intangible assets relate to fair value recognized upon acquisition in accordance with IFRS 3 Business Combinations. Customer contracts are amortized on a straight-line basis over their estimated period of use. Other intangible assets relate to other acquired rights and are amortized on a straight-line basis over their estimated period of use. If there is an indication that an asset is impaired, the recoverable amount of the asset is calculated in accordance with IAS 36 Impairment of Assets. For goodwill, other intangible assets with indefinite useful lives and intangible assets not yet ready for use, the recoverable amount is assessed annually.2.9.1 GoodwillGoodwill represents the excess of cost of an acquisition over the fair value of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill from acquisition of subsidiaries is included within intangible assets. Goodwill that arises on the acquisition of subsidiaries is allocated to cash generating units (CGUs). Goodwill is measured at cost (residual) less accumulated impairment losses. Goodwill is tested for impairment at least annually, or when there are indications of impairment. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. When the Group disposes of an operation within a CGU or group of CGUs to which goodwill has been allocated, a portion of the goodwill is included in the carrying amount of the operation when determining the gain or loss on disposal. The portion of the goodwill allocated is measured based on the relative values of the operation disposed of and the portion of the CGU retained at the date of the partial disposal, unless it can be demonstrated that another method better reflects the goodwill associated with the operation disposed of. The same principle is used for allocation of goodwill when the Group reorganizes its businesses.2.9.2 Customer contracts and databasesSeparately acquired customer contracts and databases are initially recognized at historical cost. The assets acquired in a business combination are recognized at fair value at the acquisition date. Customer contracts and databases have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their useful lives.Development costs on an individual project are recognized as an intangible asset only when there is an identifiable asset that will generate expected future economic benefits and when the cost of such an asset can be measured reliably, otherwise development costs are recognized as an expense when incurred.2.10 Property, plant and equipmentProperty, plant and equipment are reported at cost in the consolidated statement of financial position, with a deduction for accumulated depreciation and any impairment. Depreciation is made on a straightline basis over each asset\u2019s estimated useful life, which is assessed on an individual basis.2.11 Right of use assets and lease liabilitiesThe Group has applied IFRS 16 Leases. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.For contracts that constitute or contain a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract.At the lease commencement date, the Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor these leases, the Group recognizes the lease payments as other operating expenses in profit or loss when they incur.The lease liability is recognized at the commencement date of the lease. The Group measures the lease liability at the present value of the future lease payments for the right to use the underlying asset during the lease term.The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in profit or loss.The Group presents its lease liabilities as separate line items in the statement of financial position.The Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities.The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment for depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identified.2.12 Financial instrumentsA financial asset or liability is recognized in the consolidated statement of financial position when the Group has a contractual commitment regarding such an instrument. Financial instruments reported as assets in the consolidated statement of financial position are included in the line items purchased loan portfolios, other non-current assets, accounts receivable, other current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified as measured at amortized cost, with the exception of derivatives which are classified as measured at fair value through profit or loss.Financial instruments reported as liabilities in the consolidated statement of financial position are included in the line items interest-bearing debt, accounts payable, lease liabilities and other current and non-current liabilities. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire, or when the Group has either transferred the contractual right to receive the cash flows from that asset or has assumed an obligation to pay those cash flows to one or more recipients, subject to certain criteria.A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired, usually when the Group has paid the contractual obligation. Interest income and interest cost are calculated using the effective interest rate method.2.12.1 Purchased loan portfoliosPurchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired.For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019. All non- performing loans are classified as non-current assets.Purchased loan portfolios that are secured by a property may have the securing property repossessed. Repossessed assets are not classified as non-performing loans according to IFRS 9, hence all values relating to the asset is derecognized from the portfolio value in the consolidated statement of financial position. Repossessed assets are held for sale and valued at the lower of cost and net realizable value in accordance with IAS 2 Inventories.2.12.2 Forward flow agreementsThe Group has entered into several forward flow agreements to purchase future non-performing loan portfolios. These are agreements whereby Axactor agrees to buy and the counterparty agrees to sell future periods\u2019 financial assets (loans) that fulfils a set of specified criteria (past due status etc.) in a number of batches over a specified time period. The price at which Axactor buys the loans is agreed when the contract is signed and can be segmented by types of claims or size bands. The value of a forward flow agreement shall reflect fair value.Any significant changes to the expected future cash flow will lead to a revaluation of the portfolio. If external factors assumed directly or implicitly in the business case valuation change significantly before the acquisition date of one or more batches in a portfolio, so that it will impact the value of the batch(es) through a change in the expected future cash flow from the batch(es), the change in value is recorded as a fair value adjustment with immediate effect. The fair value adjustment is recognized in the consolidated statement of profit or loss as \u2018Other operating revenue\u2019.2.12.3 Accounts receivableAccounts receivable are recognized initially at fair value and measured at amortized cost. Evaluation of the value of overdue accounts receivable are based on individual judgment and/or from historical experience.2.12.4 Accounts payable and other payablesAccounts payable are recognized at the original invoiced amount. Other payables are recognized initially at fair value. The payables are measured at amortized cost.2.12.5 Client fundsClient funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position, and shown on a separate line in note 22 and note 28.2.12.6 Cash and cash equivalentsCash and cash equivalents include cash in banks and on hand, and other short term highly liquid investments with original maturities of three months or less.2.12.7 DerivativesDerivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives are designated as hedging instruments in cash flow hedge relationships, and related gains or losses are recognized as described in note 2.14.2.13 Provisions and contingent liabilitiesProvisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.Restructuring provisions are recognized only when the recognition criteria for provisions are fulfilled. The Group has a constructive obligation when a detailed formal plan identifies the activities concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected have been notified of the plan\u2019s main features.2.14 Hedge accountingThe Group has elected to apply the hedge accounting rules in IFRS 9. When a hedging relationship meets the specified hedge accounting criteria in IFRS 9, the Group applies hedge accounting, based on the purpose of the hedge. Currently, the Group applies cash flow hedge accounting to mitigate the impact of changes in floating interest rates. Derivatives are used as hedging instruments.At inception, the Group formally documents how the hedging relationship meets the hedge accounting criteria. It records the economic relationship between the hedged item and the hedging instrument, including the nature of the risk, the risk management objective and strategy for undertaking the hedge, the hedge ratio determined in the risk management strategy and the ratio in the actual hedges performed and the effect of credit risk on the relationship, which cannot dominate the value changes from the economic relationship. The Group\u2019s qualifying instruments are designated in their entirety as hedging instruments.For designated and qualifying cash flow hedges, the effective portion of the cumulative gain or loss on the hedging instrument is initially recognized in OCI as fair value net gain/(loss) on cash flow hedges in the cash flow hedge reserve. The ineffective portion of the gain or loss on the hedging instrument is recognized immediately in profit or loss as a financial revenue or expense. When the hedged cash flow affects the profit or loss, the effective portion of the gain or loss on the hedging instrument is recorded in the corresponding income or expense line. The market value is calculated by third parties. The calculation is based on a net present value calculation of the difference between agreed premium and market premium at the reporting date.To test the hedge effectiveness, the Group compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risk.When a hedging instrument expires, is sold, terminated, exercised, or when a hedge relationship no longer meets the criteria for hedge accounting or the risk management objectives, any cumulative gain or loss that has been recognized in OCI at that time remains in OCI and is recognized when the hedged forecast transaction is ultimately recognized in profit or loss. Further information is provided in note19.2.15 Discontinued operations and assets held for saleThe Group has applied IFRS 5 for discontinued operations and assets held for sale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. The comparative consolidated statement of profit or loss has been re-presented to show the discontinued operation separately from continuing operations.Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position. Assets and liabilities classified as held for sale are not re-presented in prior period statements of financial position.Assets held for sale, liabilities in disposal groups and income and expenses from discontinued operations are excluded from specifications presented in the notes unless otherwise stated. Additional disclosures are provided in note 32.2.16 Changes in accounting policies and disclosures implemented in 2022On 1 January 2022, the Group implemented the amendments to IAS 16, IAS 37, IFRS 3 and Annual Improvements to IFRS Standards 2018\u20132020. The implementation of the amendments had no impact on the consolidated financial statements of the Group.In 2022, the Group has presented portfolios of purchased real estate as discontinued operations. Comparative information in the consolidated statement of profit or loss has been re-presented. Further information is provided in note 32.2.17 Changes in accounting policies and disclosures for 2023 or thereafterThe new and amended standards and interpretations that are issued, but not yet effective, are not expected to have a material impact on the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__20": {
"value": "2.1 Basis for preparationThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) and effective as of 31 December 2022. Axactor also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act.The parent company\u2019s functional currency is euro (EUR) and this is also the reporting currency for the Group. All amounts in the financial reports are stated in EUR thousand unless otherwise specified.As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.Preparation of financial statements including note disclosures requires management to make estimates and assumptions that affect amounts reported. Actual outcomes may deviate from management\u2019s estimates. The most important accounting principles that have been applied are described below. These principles have been applied consistently for all years presented, unless otherwise specified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__19": {
"value": "2.1 Basis for preparationThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU) and effective as of 31 December 2022. Axactor also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act.The parent company\u2019s functional currency is euro (EUR) and this is also the reporting currency for the Group. All amounts in the financial reports are stated in EUR thousand unless otherwise specified.As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column.Preparation of financial statements including note disclosures requires management to make estimates and assumptions that affect amounts reported. Actual outcomes may deviate from management\u2019s estimates. The most important accounting principles that have been applied are described below. These principles have been applied consistently for all years presented, unless otherwise specified.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__22": {
"value": "2.2 Consolidation principlesThe Group\u2019s consolidated financial statements comprise Axactor ASA and entities in which Axactor ASA has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements.The assessments are done for each individual investment. The Group re-assesses whether it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the shareholders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests are presented separately under equity in the Group\u2019s consolidated statement of financial position.Change in ownership interest without loss of controlA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the asset is recognized against the equity attributable to the parent.Loss of controlIn cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when control is lost. Differences between the consideration and the carrying amount of the asset are recognized as a gain or loss in profit or loss. Investments retained, if any, are recognized at fair value, and surplus or deficits, if any, are recognized in profit or loss as a part of gain/loss on subsidiary disposal. Amounts included in other comprehensive income are recognized in profit or loss or directly as equity depending on their prior classification in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__21": {
"value": "2.2 Consolidation principlesThe Group\u2019s consolidated financial statements comprise Axactor ASA and entities in which Axactor ASA has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity, including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements.The assessments are done for each individual investment. The Group re-assesses whether it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the shareholders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests are presented separately under equity in the Group\u2019s consolidated statement of financial position.Change in ownership interest without loss of controlA change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the asset is recognized against the equity attributable to the parent.Loss of controlIn cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when control is lost. Differences between the consideration and the carrying amount of the asset are recognized as a gain or loss in profit or loss. Investments retained, if any, are recognized at fair value, and surplus or deficits, if any, are recognized in profit or loss as a part of gain/loss on subsidiary disposal. Amounts included in other comprehensive income are recognized in profit or loss or directly as equity depending on their prior classification in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__24": {
"value": "2.3 Functional currencies and presentation currencyThe financial statements are presented in EUR, which is also the functional currency of Axactor ASA. For the purposes of presenting this consolidated financial statement, the assets, and liabilities of the Group\u2019s non-euro operations (i.e. Sweden and Norway) are translated to EUR using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for each month. All group transactions and group unsettled matters, and profit and losses for transactions between group companies, are eliminated..",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__23": {
"value": "2.3 Functional currencies and presentation currencyThe financial statements are presented in EUR, which is also the functional currency of Axactor ASA. For the purposes of presenting this consolidated financial statement, the assets, and liabilities of the Group\u2019s non-euro operations (i.e. Sweden and Norway) are translated to EUR using exchange rates prevailing at the end of each reporting period. Income and expense items are translated at the average exchange rates for each month. All group transactions and group unsettled matters, and profit and losses for transactions between group companies, are eliminated..",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__25": {
"value": "2.4 Business combinationsBusiness combinations are accounted for using the acquisition accounting method. Acquisition costs incurred are expensed and included in operating expenses. When the Group acquires a business, it assesses the identifiable assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances, and relevant conditions at the acquisition date. The acquirer\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date, except for non-current assets that are classified as held for sale and recognized at fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value.Goodwill arising from an acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interests and the amount of any non-controlling interests in the acquire over the net amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group\u2019s interest in the net fair value of the acquirer\u2019s identifiable assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognized in profit or loss immediately.Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in profit or loss as financial income or expense. If the contingent consideration is classified as equity, it will not be remeasured, and subsequent settlement will be accounted for within equity.If the business combination is achieved in stages, the fair value of the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__26": {
"value": "2.5 Segment reportingThe Group derives its revenues from the following two operating segments: Non-performing loans (NPL) and Third-party collection (3PC). The Group reports its business through reporting segments which correspond to the operating segments. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group\u2019s resources. For management purposes, the Group is additionally organized into business units based on geographical locations.The internal reporting provided to the Board, which is the Group\u2019s chief decision maker, is in accordance with this structure.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__27": {
"value": "2.6 Revenue and revenue recognitionRevenue from purchased loan portfolios is recognized according to IFRS 9 Financial Instruments using the effective interest rate method, while revenue from 3PC is recognized according to IFRS 15 Revenue from Contracts with Customers.The recognition of revenues from purchased loan portfolios is described in detail in 2.12.1. The Group can sell a loan portfolio to another debt collector. The revenue will be recognized at the time the portfolio is transferred to an external buyer.3PC revenue is derived from a combination of fixed fees paid by Axactor\u2019s customers for services provided and commissions for solved cases and/or fees paid by the debtors to an Axactor entity. Revenue from 3PC is recognized in \u2018Other operating revenue\u2019 in the consolidated statement of profit or loss.Revenue from repossessed assets is recognized at the point of time where the ownership of the property has been transferred to an external buyer. Revenue from repossessed assets is recognized in line item \u2018Revenue from sale of repossessed assets\u2019 in the consolidated statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__28": {
"value": "2.7 Employee benefits2.7.1 Pension obligationsThe Group\u2019s pension obligations vary between countries depending on the local legislation and different pension systems, see notes 7, 8, 26 and 27 for further descriptions.Defined contribution retirement plans are retirement plans where the company\u2019s payment obligations are limited to the fixed contributions and where the fees already have been undertaken. The retirement benefits for the individual employee are dependent on the contributions paid to the retirement plan or an insurance company by the employer, and the return of capital invested in the retirement fund. Consequently, it is the employee that holds the risk of return (that the return will be lower than expected) and the risk of the investment (the risk that the invested pension provision will not be sufficient to cover expected retirement compensation in the future). The obligations of the Group related to payments of defined contribution retirement plans are expensed in profit or loss as they are earned by the employee for services rendered on behalf of the employer during the period.For defined benefit plans, the pension obligations do not cease until the agreed pensions have been paid. Defined benefit plans typically define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the consolidated statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.2.7.2 Share-based compensationThe group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the option is recognized as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 Including any market performance conditions (e.g. an entity\u2019s share price)\u2022 Excluding the impact of any service and non-market performance vesting conditions\u2022 Including the impact of any non-vesting conditionsAt the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The fair value of the options has been estimated at grant date and is not subsequently changed. When the options are exercised, and the company elects to issue new shares, the proceeds received net of any directly attributable transaction costs are credited to share capital (par value) and share premium.Social security costs related to the options are accrued on a quarterly basis and become payable at exercise of the options. The social security provisions are estimated based on the gain on the options multiplied with the relevant social security rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__29": {
"value": "2.7.2 Share-based compensationThe group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the option is recognized as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 Including any market performance conditions (e.g. an entity\u2019s share price)\u2022 Excluding the impact of any service and non-market performance vesting conditions\u2022 Including the impact of any non-vesting conditionsAt the end of each reporting period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. The fair value of the options has been estimated at grant date and is not subsequently changed. When the options are exercised, and the company elects to issue new shares, the proceeds received net of any directly attributable transaction costs are credited to share capital (par value) and share premium.Social security costs related to the options are accrued on a quarterly basis and become payable at exercise of the options. The social security provisions are estimated based on the gain on the options multiplied with the relevant social security rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__30": {
"value": "2.8 TaxesIncome taxes consist of current tax and deferred tax.Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the tax authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__31": {
"value": "Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences, except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.A deferred tax asset is recognized to the extent that it is probable that future taxable profit will be available, or which unused tax losses and unused tax credits can be utilized. A deferred tax asset arising from unused tax losses or tax credit is only recognized to the extent that the entity has sufficient taxable temporary differences or that there is other convincing evidence supporting the utilization of the tax losses and tax credits, including the impact of time restriction by local tax authorities. The carrying amount of deferred tax assets are reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each reporting date. Deferred income tax assets and deferred income tax liabilities are offset only when a legally enforceable right exists to set off tax assets against income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__32": {
"value": "2.9 Intangible assetsExpenditures for software development that can be attributed to identifiable assets under the Group\u2019s control and with anticipated future economic benefits are capitalized and recognized as intangible assets, in accordance with IAS 38 Intangible Assets. These capitalized expenses can include staff expenses if the resource has been taken out of its ordinary course of work for a longer period to work on the development project, which has been recognized as having future economic benefits. Customer contracts that are recognized as intangible assets relate to fair value recognized upon acquisition in accordance with IFRS 3 Business Combinations. Customer contracts are amortized on a straight-line basis over their estimated period of use. Other intangible assets relate to other acquired rights and are amortized on a straight-line basis over their estimated period of use. If there is an indication that an asset is impaired, the recoverable amount of the asset is calculated in accordance with IAS 36 Impairment of Assets. For goodwill, other intangible assets with indefinite useful lives and intangible assets not yet ready for use, the recoverable amount is assessed annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__33": {
"value": "2.9.1 GoodwillGoodwill represents the excess of cost of an acquisition over the fair value of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill from acquisition of subsidiaries is included within intangible assets. Goodwill that arises on the acquisition of subsidiaries is allocated to cash generating units (CGUs). Goodwill is measured at cost (residual) less accumulated impairment losses. Goodwill is tested for impairment at least annually, or when there are indications of impairment. Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. When the Group disposes of an operation within a CGU or group of CGUs to which goodwill has been allocated, a portion of the goodwill is included in the carrying amount of the operation when determining the gain or loss on disposal. The portion of the goodwill allocated is measured based on the relative values of the operation disposed of and the portion of the CGU retained at the date of the partial disposal, unless it can be demonstrated that another method better reflects the goodwill associated with the operation disposed of. The same principle is used for allocation of goodwill when the Group reorganizes its businesses.2.9.2 Customer contracts and databasesSeparately acquired customer contracts and databases are initially recognized at historical cost. The assets acquired in a business combination are recognized at fair value at the acquisition date. Customer contracts and databases have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost over their useful lives.Development costs on an individual project are recognized as an intangible asset only when there is an identifiable asset that will generate expected future economic benefits and when the cost of such an asset can be measured reliably, otherwise development costs are recognized as an expense when incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__34": {
"value": "2.10 Property, plant and equipmentProperty, plant and equipment are reported at cost in the consolidated statement of financial position, with a deduction for accumulated depreciation and any impairment. Depreciation is made on a straightline basis over each asset\u2019s estimated useful life, which is assessed on an individual basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__35": {
"value": "2.11 Right of use assets and lease liabilitiesThe Group has applied IFRS 16 Leases. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.For contracts that constitute or contain a lease, the Group separates lease components if it benefits from the use of each underlying asset either on its own or together with other resources that are readily available, and the underlying asset is neither highly dependent on, nor highly interrelated with, the other underlying assets in the contract. The Group then accounts for each lease component within the contract as a lease separately from non-lease components of the contract.At the lease commencement date, the Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:\u2022 Short-term leases (defined as 12 months or less)\u2022 Low value assetsFor these leases, the Group recognizes the lease payments as other operating expenses in profit or loss when they incur.The lease liability is recognized at the commencement date of the lease. The Group measures the lease liability at the present value of the future lease payments for the right to use the underlying asset during the lease term.The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in profit or loss.The Group presents its lease liabilities as separate line items in the statement of financial position.The Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities.The Group applies the depreciation requirements in IAS 16 Property, Plant and Equipment for depreciating the right of use asset, except that the right of use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right of use asset.The Group applies IAS 36 Impairment of Assets to determine whether the right of use asset is impaired and to account for any impairment loss identified.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__36": {
"value": "2.12 Financial instrumentsA financial asset or liability is recognized in the consolidated statement of financial position when the Group has a contractual commitment regarding such an instrument. Financial instruments reported as assets in the consolidated statement of financial position are included in the line items purchased loan portfolios, other non-current assets, accounts receivable, other current assets, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified as measured at amortized cost, with the exception of derivatives which are classified as measured at fair value through profit or loss.Financial instruments reported as liabilities in the consolidated statement of financial position are included in the line items interest-bearing debt, accounts payable, lease liabilities and other current and non-current liabilities. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire, or when the Group has either transferred the contractual right to receive the cash flows from that asset or has assumed an obligation to pay those cash flows to one or more recipients, subject to certain criteria.A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired, usually when the Group has paid the contractual obligation. Interest income and interest cost are calculated using the effective interest rate method.2.12.1 Purchased loan portfoliosPurchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired.For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019. All non- performing loans are classified as non-current assets.Purchased loan portfolios that are secured by a property may have the securing property repossessed. Repossessed assets are not classified as non-performing loans according to IFRS 9, hence all values relating to the asset is derecognized from the portfolio value in the consolidated statement of financial position. Repossessed assets are held for sale and valued at the lower of cost and net realizable value in accordance with IAS 2 Inventories.2.12.2 Forward flow agreementsThe Group has entered into several forward flow agreements to purchase future non-performing loan portfolios. These are agreements whereby Axactor agrees to buy and the counterparty agrees to sell future periods\u2019 financial assets (loans) that fulfils a set of specified criteria (past due status etc.) in a number of batches over a specified time period. The price at which Axactor buys the loans is agreed when the contract is signed and can be segmented by types of claims or size bands. The value of a forward flow agreement shall reflect fair value.Any significant changes to the expected future cash flow will lead to a revaluation of the portfolio. If external factors assumed directly or implicitly in the business case valuation change significantly before the acquisition date of one or more batches in a portfolio, so that it will impact the value of the batch(es) through a change in the expected future cash flow from the batch(es), the change in value is recorded as a fair value adjustment with immediate effect. The fair value adjustment is recognized in the consolidated statement of profit or loss as \u2018Other operating revenue\u2019.2.12.3 Accounts receivableAccounts receivable are recognized initially at fair value and measured at amortized cost. Evaluation of the value of overdue accounts receivable are based on individual judgment and/or from historical experience.2.12.4 Accounts payable and other payablesAccounts payable are recognized at the original invoiced amount. Other payables are recognized initially at fair value. The payables are measured at amortized cost.2.12.5 Client fundsClient funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position, and shown on a separate line in note 22 and note 28.2.12.6 Cash and cash equivalentsCash and cash equivalents include cash in banks and on hand, and other short term highly liquid investments with original maturities of three months or less.2.12.7 DerivativesDerivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives are designated as hedging instruments in cash flow hedge relationships, and related gains or losses are recognized as described in note 2.14.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__37": {
"value": "A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire, or when the Group has either transferred the contractual right to receive the cash flows from that asset or has assumed an obligation to pay those cash flows to one or more recipients, subject to certain criteria.A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expired, usually when the Group has paid the contractual obligation. Interest income and interest cost are calculated using the effective interest rate method.2.12.1 Purchased loan portfoliosPurchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired.For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019. All non- performing loans are classified as non-current assets.Purchased loan portfolios that are secured by a property may have the securing property repossessed. Repossessed assets are not classified as non-performing loans according to IFRS 9, hence all values relating to the asset is derecognized from the portfolio value in the consolidated statement of financial position. Repossessed assets are held for sale and valued at the lower of cost and net realizable value in accordance with IAS 2 Inventories.2.12.2 Forward flow agreementsThe Group has entered into several forward flow agreements to purchase future non-performing loan portfolios. These are agreements whereby Axactor agrees to buy and the counterparty agrees to sell future periods\u2019 financial assets (loans) that fulfils a set of specified criteria (past due status etc.) in a number of batches over a specified time period. The price at which Axactor buys the loans is agreed when the contract is signed and can be segmented by types of claims or size bands. The value of a forward flow agreement shall reflect fair value.Any significant changes to the expected future cash flow will lead to a revaluation of the portfolio. If external factors assumed directly or implicitly in the business case valuation change significantly before the acquisition date of one or more batches in a portfolio, so that it will impact the value of the batch(es) through a change in the expected future cash flow from the batch(es), the change in value is recorded as a fair value adjustment with immediate effect. The fair value adjustment is recognized in the consolidated statement of profit or loss as \u2018Other operating revenue\u2019.2.12.3 Accounts receivableAccounts receivable are recognized initially at fair value and measured at amortized cost. Evaluation of the value of overdue accounts receivable are based on individual judgment and/or from historical experience.2.12.4 Accounts payable and other payablesAccounts payable are recognized at the original invoiced amount. Other payables are recognized initially at fair value. The payables are measured at amortized cost.2.12.5 Client fundsClient funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position, and shown on a separate line in note 22 and note 28.2.12.6 Cash and cash equivalentsCash and cash equivalents include cash in banks and on hand, and other short term highly liquid investments with original maturities of three months or less.2.12.7 DerivativesDerivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives are designated as hedging instruments in cash flow hedge relationships, and related gains or losses are recognized as described in note 2.14.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__38": {
"value": "2.12.1 Purchased loan portfoliosPurchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired.For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate. Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019. All non- performing loans are classified as non-current assets.Purchased loan portfolios that are secured by a property may have the securing property repossessed. Repossessed assets are not classified as non-performing loans according to IFRS 9, hence all values relating to the asset is derecognized from the portfolio value in the consolidated statement of financial position. Repossessed assets are held for sale and valued at the lower of cost and net realizable value in accordance with IAS 2 Inventories.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__39": {
"value": "The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019. All non- performing loans are classified as non-current assets.Purchased loan portfolios that are secured by a property may have the securing property repossessed. Repossessed assets are not classified as non-performing loans according to IFRS 9, hence all values relating to the asset is derecognized from the portfolio value in the consolidated statement of financial position. Repossessed assets are held for sale and valued at the lower of cost and net realizable value in accordance with IAS 2 Inventories.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__40": {
"value": "2.12.3 Accounts receivableAccounts receivable are recognized initially at fair value and measured at amortized cost. Evaluation of the value of overdue accounts receivable are based on individual judgment and/or from historical experience.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__41": {
"value": "2.12.4 Accounts payable and other payablesAccounts payable are recognized at the original invoiced amount. Other payables are recognized initially at fair value. The payables are measured at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__42": {
"value": "2.12.5 Client fundsClient funds arise from cash received on collections on behalf of a client. Collections are kept on separate restricted bank accounts and are reflected simultaneously as a liability. The funds are reported as \u2018Restricted cash\u2019 and \u2018Other current liabilities\u2019 in the consolidated statement of financial position, and shown on a separate line in note 22 and note 28.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__43": {
"value": "2.12.6 Cash and cash equivalentsCash and cash equivalents include cash in banks and on hand, and other short term highly liquid investments with original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__44": {
"value": "2.12.7 DerivativesDerivatives are recognized at fair value on the date the contract is entered into and are subsequently measured at fair value. Derivatives are designated as hedging instruments in cash flow hedge relationships, and related gains or losses are recognized as described in note 2.14.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__45": {
"value": "2.13 Provisions and contingent liabilitiesProvisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation.If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__46": {
"value": "Restructuring provisions are recognized only when the recognition criteria for provisions are fulfilled. The Group has a constructive obligation when a detailed formal plan identifies the activities concerned, the location and number of employees affected, a detailed estimate of the associated costs, and an appropriate timeline. Furthermore, the employees affected have been notified of the plan\u2019s main features.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__47": {
"value": "2.14 Hedge accountingThe Group has elected to apply the hedge accounting rules in IFRS 9. When a hedging relationship meets the specified hedge accounting criteria in IFRS 9, the Group applies hedge accounting, based on the purpose of the hedge. Currently, the Group applies cash flow hedge accounting to mitigate the impact of changes in floating interest rates. Derivatives are used as hedging instruments.At inception, the Group formally documents how the hedging relationship meets the hedge accounting criteria. It records the economic relationship between the hedged item and the hedging instrument, including the nature of the risk, the risk management objective and strategy for undertaking the hedge, the hedge ratio determined in the risk management strategy and the ratio in the actual hedges performed and the effect of credit risk on the relationship, which cannot dominate the value changes from the economic relationship. The Group\u2019s qualifying instruments are designated in their entirety as hedging instruments.For designated and qualifying cash flow hedges, the effective portion of the cumulative gain or loss on the hedging instrument is initially recognized in OCI as fair value net gain/(loss) on cash flow hedges in the cash flow hedge reserve. The ineffective portion of the gain or loss on the hedging instrument is recognized immediately in profit or loss as a financial revenue or expense. When the hedged cash flow affects the profit or loss, the effective portion of the gain or loss on the hedging instrument is recorded in the corresponding income or expense line. The market value is calculated by third parties. The calculation is based on a net present value calculation of the difference between agreed premium and market premium at the reporting date.To test the hedge effectiveness, the Group compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risk.When a hedging instrument expires, is sold, terminated, exercised, or when a hedge relationship no longer meets the criteria for hedge accounting or the risk management objectives, any cumulative gain or loss that has been recognized in OCI at that time remains in OCI and is recognized when the hedged forecast transaction is ultimately recognized in profit or loss. Further information is provided in note19.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__48": {
"value": "2.15 Discontinued operations and assets held for saleThe Group has applied IFRS 5 for discontinued operations and assets held for sale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. The comparative consolidated statement of profit or loss has been re-presented to show the discontinued operation separately from continuing operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__49": {
"value": "Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position. Assets and liabilities classified as held for sale are not re-presented in prior period statements of financial position.Assets held for sale, liabilities in disposal groups and income and expenses from discontinued operations are excluded from specifications presented in the notes unless otherwise stated. Additional disclosures are provided in note 32.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__52": {
"value": "Note 3 Risk managementAxactor defines risk as all factors which could have a negative impact on the ability of the Group to achieve its business objectives. All economic activities are associated with risk. Axactor\u2019s risks are managed within the Group in accordance with the policies established by the Board. Axactor conducts risk management at both a group and company level, where risks are evaluated and monitored in a systematic manner. Risk management and internal control is an integral part of management responsibility. Key risks are monitored through monthly business reviews with the executive management, and through quarterly reporting to the Board. The Group has assessed risks in the Board of Director\u2019s report section 10, the Corporate governance report section 10 (unaudited) as well as in the Group\u2019s Sustainability report (unaudited). Financial risk and non-financial risk in relation to the financial statements are presented separately below. Financial risk managementAxactor\u2019s financing and financial risks are managed within the Group in accordance with the treasury policy established by the Board. The treasury policy contains rules for managing financial activities, delegating responsibility, measuring and identifying financial risks and limiting these risks. The main categories of financials risks identified are the following;",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__54": {
"value": "market risk, credit risk and liquidity risk.Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For Axactor, market risk compromises interest rate risk and currency risk.Interest rate riskInterest rate risk is related to the risk the Group is exposed to from changes in the market\u2019s interest rate which can affect the net profit. The Group\u2019s main interest rate risk arises from long-term borrowings with variable rates. The nominal value of interest-bearing debt (less treasury bonds) amounted to EUR 960.5 million on 31 December 2022 (2021: EUR 852.0 million). The loans carry a variable interest rate based on the interbank rate in each currency with a margin.The Group\u00b4s risk management objective and strategy is to apply cash flow hedge accounting for interest rate risk in order to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The Group\u2019s strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. Per 31 December 2022, the strategy is under implementation and the Group is still committed to the strategy which it expects to fully implement. On 31 December 2022, the Group holds two interest rate caps with a strike of 0.5% EURIBOR with start date 15 December 2022 and maturity 15 December 2023. The two contracts hedge the interest risk of EUR 573 million in borrowings, equaling a hedging ratio of 60%. The details of the hedge relationships are described in note 2.14 and 19.The average interest rate in 2022 was 6.2% (2021: 6.2%). An annualized increase by 100 basis point would have reduced the Group\u2019s profit before tax for 2022 by EUR 9.0 million (2021: EUR 7.0 million), before the impact of hedge accounting.Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries. The majority of the Group\u2019s business operation is taking place in euro countries. The Group\u2019s presentation currency is therefore euro. However, some of its business operations is in non-euro countries, Norway and Sweden. This foreign exchange exposure may affect the Group\u2019s results and the value of its monetary assets. When the financial position of foreign subsidiaries is recalculated in euro, a translation exposure arises that affects consolidated shareholders\u2019 equity. The Group aims to reduce currency risk by keeping interest-bearing debt in the same currencies as the Group\u2019s asset.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__51": {
"value": "credit risk and liquidity risk.Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For Axactor, market risk compromises interest rate risk and currency risk.Interest rate riskInterest rate risk is related to the risk the Group is exposed to from changes in the market\u2019s interest rate which can affect the net profit. The Group\u2019s main interest rate risk arises from long-term borrowings with variable rates. The nominal value of interest-bearing debt (less treasury bonds) amounted to EUR 960.5 million on 31 December 2022 (2021: EUR 852.0 million). The loans carry a variable interest rate based on the interbank rate in each currency with a margin.The Group\u00b4s risk management objective and strategy is to apply cash flow hedge accounting for interest rate risk in order to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The Group\u2019s strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. Per 31 December 2022, the strategy is under implementation and the Group is still committed to the strategy which it expects to fully implement. On 31 December 2022, the Group holds two interest rate caps with a strike of 0.5% EURIBOR with start date 15 December 2022 and maturity 15 December 2023. The two contracts hedge the interest risk of EUR 573 million in borrowings, equaling a hedging ratio of 60%. The details of the hedge relationships are described in note 2.14 and 19.The average interest rate in 2022 was 6.2% (2021: 6.2%). An annualized increase by 100 basis point would have reduced the Group\u2019s profit before tax for 2022 by EUR 9.0 million (2021: EUR 7.0 million), before the impact of hedge accounting.Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries. The majority of the Group\u2019s business operation is taking place in euro countries. The Group\u2019s presentation currency is therefore euro. However, some of its business operations is in non-euro countries, Norway and Sweden. This foreign exchange exposure may affect the Group\u2019s results and the value of its monetary assets. When the financial position of foreign subsidiaries is recalculated in euro, a translation exposure arises that affects consolidated shareholders\u2019 equity. The Group aims to reduce currency risk by keeping interest-bearing debt in the same currencies as the Group\u2019s asset.Credit riskCredit risks is the risk that the counterparty will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to purchased loan portfolios, trade receivables and from its financing activities, including deposits with banks. Customer credit risk is managed subject to established policies, procedures and controls relating to customer credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.Credit risk from balances with banks and financial institutions is managed by the Group\u2019s treasury department in accordance with the Group\u2019s policy. The credit risk (excluding purchased loan portfolios) is not considered to be a material risk for the Group.Credit risk inherent in purchased loan portfoliosAxactor invests in non-performing loans which consists of portfolios of delinquent consumer debt. The portfolios are purchased significantly below nominal value, and the purchase price reflects both incurred and expected credit losses. The portfolios are thus defined as credit impaired at acquisition. Even though the portfolios are credit impaired at acquisition, there is still inherent credit risk in the purchased loans. To mitigate this risk, the Group places high yield requirements on purchased loan portfolios and before every acquisition a careful assessment is made with a projection of future cash flows (collected amount) from the portfolio. In its calculations, Axactor is aided by scoring models (where the debtors\u2019 payment capacities are assessed through statistical analysis) and historical data. In addition, Axactor uses specialized industry consultants to get a second opinion on contemplated loan portfolio purchases. This reduces the credit risk in the Group\u2019s purchased loan portfolios.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__53": {
"value": "liquidity risk.Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. For Axactor, market risk compromises interest rate risk and currency risk.Interest rate riskInterest rate risk is related to the risk the Group is exposed to from changes in the market\u2019s interest rate which can affect the net profit. The Group\u2019s main interest rate risk arises from long-term borrowings with variable rates. The nominal value of interest-bearing debt (less treasury bonds) amounted to EUR 960.5 million on 31 December 2022 (2021: EUR 852.0 million). The loans carry a variable interest rate based on the interbank rate in each currency with a margin.The Group\u00b4s risk management objective and strategy is to apply cash flow hedge accounting for interest rate risk in order to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The Group\u2019s strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. Per 31 December 2022, the strategy is under implementation and the Group is still committed to the strategy which it expects to fully implement. On 31 December 2022, the Group holds two interest rate caps with a strike of 0.5% EURIBOR with start date 15 December 2022 and maturity 15 December 2023. The two contracts hedge the interest risk of EUR 573 million in borrowings, equaling a hedging ratio of 60%. The details of the hedge relationships are described in note 2.14 and 19.The average interest rate in 2022 was 6.2% (2021: 6.2%). An annualized increase by 100 basis point would have reduced the Group\u2019s profit before tax for 2022 by EUR 9.0 million (2021: EUR 7.0 million), before the impact of hedge accounting.Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries. The majority of the Group\u2019s business operation is taking place in euro countries. The Group\u2019s presentation currency is therefore euro. However, some of its business operations is in non-euro countries, Norway and Sweden. This foreign exchange exposure may affect the Group\u2019s results and the value of its monetary assets. When the financial position of foreign subsidiaries is recalculated in euro, a translation exposure arises that affects consolidated shareholders\u2019 equity. The Group aims to reduce currency risk by keeping interest-bearing debt in the same currencies as the Group\u2019s asset.Credit riskCredit risks is the risk that the counterparty will not meet its obligations under a financial contract or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily related to purchased loan portfolios, trade receivables and from its financing activities, including deposits with banks. Customer credit risk is managed subject to established policies, procedures and controls relating to customer credit risk management. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets.Credit risk from balances with banks and financial institutions is managed by the Group\u2019s treasury department in accordance with the Group\u2019s policy. The credit risk (excluding purchased loan portfolios) is not considered to be a material risk for the Group.Credit risk inherent in purchased loan portfoliosAxactor invests in non-performing loans which consists of portfolios of delinquent consumer debt. The portfolios are purchased significantly below nominal value, and the purchase price reflects both incurred and expected credit losses. The portfolios are thus defined as credit impaired at acquisition. Even though the portfolios are credit impaired at acquisition, there is still inherent credit risk in the purchased loans. To mitigate this risk, the Group places high yield requirements on purchased loan portfolios and before every acquisition a careful assessment is made with a projection of future cash flows (collected amount) from the portfolio. In its calculations, Axactor is aided by scoring models (where the debtors\u2019 payment capacities are assessed through statistical analysis) and historical data. In addition, Axactor uses specialized industry consultants to get a second opinion on contemplated loan portfolio purchases. This reduces the credit risk in the Group\u2019s purchased loan portfolios.Liquidity riskLiquidity risk is the potential loss arising from the Group\u2019s inability to meet its contractual obligations when due. Axactor is exposed to liquidity risk related to its operations and financing activities. The Group monitors its risk of a shortage of funds using cash flow forecasts regularly. The Group had positive cash flow operating activities before NPL investments of EUR 220.0 million in 2022, as shown in the consolidated statement of cash flows (2021: 224.7 million). For 2022, the cash flows from operating activities ended at EUR -71.0 million (2021: EUR 109.6 million). The driver of the negative cash flows from operating activities is investments in NPL portfolios, which amounted to EUR 290.8 million in 2022 (2021: EUR 115.4 million). These investments can be scaled down relatively quick, as evident by the 46% reduction in investments in NPL portfolios from 2020 to 2021. The cash flow from operating activities in future years will be positively affected by the investment levels in 2022.The table below analyses non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date (for both continuing and discontinued operations). The contractual maturity is based on the earliest date on which the Group may be required to pay. The amounts disclosed in the table are the contractual undiscounted cash flows. The table only include liabilities classified as financial instruments, contractual maturities of lease liabilities are presented in note 10. For NPL investment commitments, expected cash flows are presented.The maturity calculation is made under the assumption that Axactor has a constant revolving credit facility draw in the period. The table includes both interest and principal cash flows. The loan repayment amounts presented are subject to change dependent on changes in variable interest rates. To the extent that interest flows are floating rate, the undiscounted amount is derived from the interest rate curves at the end of the reporting period. When applying the interest rate curves at the end of the reporting period, the Group\u2019s interest rate caps are expected to reduce the interest payments for borrowings. The effect of the interest rate caps is hence included in the table below.The Group\u2019s estimated remaining collection for purchased loan portfolios for the next 15 years is presented below the table of contractual maturities (see also note 18). Per 31 December 2022, the Group\u2019s estimated collection from purchased loan portfolios exceeds the Group\u2019s contractual commitments for all periods presented, with the exception of Q4 2023 which includes repayment of the revolving credit facility.Contractual maturities per 31 December 2022 Contractual maturities per 31 December 2021EUR thousand Q1-23 Q2-23 Q3-23 Q4-23 1\u20132 years 2\u20134 years 4+ years Total Q1-22 Q2-22 Q3-22 Q4-22 1\u20132 years 2\u20134 years 4+ years Total\u20061 NPL investment commitments, non-cancellable31,158 15,710 4,003 3,461 2,880 - - 57,211 34,597 19,938 19,420 21,092 31,984 - - 127,030\u20061 NPL investment commitments, cancellable- 4,604 4,604 4,604 6,438 - - 20,249 - 8,992 7,116 6,300 45,600 17,349 - 85,357Revolving credit facility 7,113 8,077 8,063 517,957 - - - 541,211 2,772 2,772 2,772 2,772 363,064 - - 374,152Bond ACR02 (ISIN: NO0010914666) 3,897 4,326 3,186 4,608 170,218 - - 186,235 3,578 3,500 3,539 3,578 14,194 203,578 - 231,967Bond ACR03 (ISIN: NO0011093718) 5,305 6,003 6,414 4,426 25,013 324,824 - 371,984 4,013 4,102 4,102 4,057 16,273 32,590 312,216 377,352Interest rate caps -1,988 -3,314 -2,658 -2,110 - - - -10,071 - - - - - - - -Other non-current liabilities - - - - - - 3,423 3,422 - - - - - - 1,994 1,994Accounts payable 7,141 - - - - - - 7,141 7,282 - - - - - - 7,282Other current liabilities 21,111 3,203 - 800 - - - 25,114 23,177 3,764 - - - - - 26,939Total contractual maturities 73,737 38,609 23,612 533,745 204,549 324,824 3,423 1,202,496 75,418 43,067 36,948 37,799 471,115 253,517 314,210 1,232,0741 Expected cash flows based on the last three months\u2019 actual delivieres. Per 31 December 2022, cash flows are limited to EUR 132.1 million (2021: EUR 308.5 million) by contracted capex limits. The NPL commitmens that are cancellable are cancellable with three to twelwe months\u2019 noticeERC per 31 December 2022 ERC per 31 December 2021EUR thousand Q1-23 Q2-23 Q3-23 Q4-23 1\u20132 years 2\u20134 years 4+ years Total Q1-22 Q2-22 Q3-22 Q4-22 1\u20132 years 2\u20134 years 4+ years TotalEstimated remaining collection (ERC) 77,147 79,664 75,691 77,525 305,914 508,765 1,420,714 2,545,419 67,775 70,806 64,367 65,884 261,948 426,662 1,183,100 2,140,543The Group manages the liquidity risk by continuously monitoring the liquidity status and the monthly rolling consolidated result- and cash flow forecasts. Securing non-current financing at competitive terms is an important part of the Group\u2019s long-term liquidity planning. The revolving credit facility matures on 22 December 2023. Hence, the contractual maturity of interest-bearing debt presented as less than one year (EUR 569.1 million) includes both interest and repayment of the revolving credit facility. The Group has started the process to refinance the revolving credit facility and expects to conclude the refinancing well in advance of the maturity date. On 31 December 2022, the Group had an unused part of the RCF agreement of EUR 35 million (2021: EUR 193 million), an uncommitted accordion option of EUR 75 million, in addition to unrestricted cash and cash equivalents of EUR 39.7 million (2021: EUR 44.0 million).Axactor was compliant with all covenants throughout the year.Capital managementThe primary objective of the Group\u2019s capital management is to ensure the Group maintains a solid capital structure enabling it to develop and build its business to maximize shareholder value. The Group\u2019s objective is to maintain a balance of financial assets that reflects the cash requirement of its operations and investments for the next 12\u201324 months. No change was made to the objectives, policies, or process for managing capital during the year ended 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__56": {
"value": "Note 4 Significant accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.Purchased loan portfoliosPurchased loan portfolios consist of acquired non-performing (credit impaired) loans. The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the consolidated statement of profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019.Estimating the timing and amount of cash flows, which forms the basis of the carrying amount and revenue recognition, requires significant professional judgment regarding the key assumptions. The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collection (ERC) the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collection. The fact that the claims are credit impaired reduces the presence of non-linear effects on credit losses.Estimated future cash flow from the portfolios is assessed and updated regularly. Each quarter the ERC is reviewed, and the Group\u2019s actual collection is compared to the forecasted collection over time. The review considers several factors that may impact collection, some of which may be inherently subjective. Changes in the assumptions used to estimate the expected cash flows can result in significant changes to the carrying amount of the portfolios.For more details, see note 2.12.1 Purchased loan portfolios and note 18 Purchased loan portfolios.Update on process with FSAAs communicated in a press release on 13 December 2021, Axactor ASA received a conclusion from the Norwegian Financial Supervisory Authority (FSA) in accordance with the preliminary conclusion as stated in the press release of 2 September 2021. The conclusion imposed Axactor to change its future accounting practice for subsequent measurement of expected credit losses for purchased loan portfolios with effect from the reporting of the annual accounts for the financial year 2022. The subsequent measurement shall apply current and future macroeconomic factors as input and use more than one scenario. Axactor has in previous periods considered relevant macro factors and market specific factors when estimating future cash flows but not as a direct input generating output in the portfolio revaluation model.During 2022, Axactor has performed extensive work to expand the portfolio revaluation model as required by the FSA. The work has included testing of correlation between macroeconomic factors and collection. The macroeconomic factors that have been assessed include central bank interest rate, unemployment rate, GDP growth, house price indexes, household consumption, disposable income, inflation and salary growth. The purpose of the testing has been to identify macroeconomic factors with prediction value on collection. Although it has been possible to identify correlations at reduced levels of statistical significance, the correlations have been weak and inconsistent. One possible explanation could be the data availability limited to Axactor\u2019s short history. The company will continue to look for correlations through regular testing.Axactor has now implemented the expanded revaluation model that applies current and future macroeconomic factors as input and use of scenarios, with the model performance limitations explained above. The expanded revaluation model has been applied on Axactor\u2019s portfolios of non-performing loans and a revaluation of EUR -1.9 million was recognized in the financial statement line item \u2018Net gain/(loss) purchased loan portfolios\u2019 in 2022. The revaluation is recognized as a change in an accounting estimate in accordance with IAS 8 Change in Accounting Policies, Changes in Accounting Estimates and Errors.GoodwillIn accordance with the stated accounting policy, the Group annually tests whether goodwill has suffered any impairment or more frequently if impairment indicators are identified. The recoverable amount of cash-generating units has been determined based on value in use calculations. These calculations require the use of estimates. The value in use calculation is based on a discounted cash flow model. The cash flows are based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model, as well as the expected future cash-inflows (sensitive to estimates of sales and cost levels) and the growth rate used for extrapolation purposes. Further details about goodwill and impairment reviews are included in note 15.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__57": {
"value": "The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__58": {
"value": "Purchased loan portfoliosPurchased loan portfolios consist of acquired non-performing (credit impaired) loans. The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the consolidated statement of profit or loss as income or expense in \u2018Net gain/(loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest income from purchased loan portfolios\u2019.Estimating the timing and amount of cash flows, which forms the basis of the carrying amount and revenue recognition, requires significant professional judgment regarding the key assumptions. The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collection (ERC) the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collection. The fact that the claims are credit impaired reduces the presence of non-linear effects on credit losses.Estimated future cash flow from the portfolios is assessed and updated regularly. Each quarter the ERC is reviewed, and the Group\u2019s actual collection is compared to the forecasted collection over time. The review considers several factors that may impact collection, some of which may be inherently subjective. Changes in the assumptions used to estimate the expected cash flows can result in significant changes to the carrying amount of the portfolios.For more details, see note 2.12.1 Purchased loan portfolios and note 18 Purchased loan portfolios.Update on process with FSAAs communicated in a press release on 13 December 2021, Axactor ASA received a conclusion from the Norwegian Financial Supervisory Authority (FSA) in accordance with the preliminary conclusion as stated in the press release of 2 September 2021. The conclusion imposed Axactor to change its future accounting practice for subsequent measurement of expected credit losses for purchased loan portfolios with effect from the reporting of the annual accounts for the financial year 2022. The subsequent measurement shall apply current and future macroeconomic factors as input and use more than one scenario. Axactor has in previous periods considered relevant macro factors and market specific factors when estimating future cash flows but not as a direct input generating output in the portfolio revaluation model.During 2022, Axactor has performed extensive work to expand the portfolio revaluation model as required by the FSA. The work has included testing of correlation between macroeconomic factors and collection. The macroeconomic factors that have been assessed include central bank interest rate, unemployment rate, GDP growth, house price indexes, household consumption, disposable income, inflation and salary growth. The purpose of the testing has been to identify macroeconomic factors with prediction value on collection. Although it has been possible to identify correlations at reduced levels of statistical significance, the correlations have been weak and inconsistent. One possible explanation could be the data availability limited to Axactor\u2019s short history. The company will continue to look for correlations through regular testing.Axactor has now implemented the expanded revaluation model that applies current and future macroeconomic factors as input and use of scenarios, with the model performance limitations explained above. The expanded revaluation model has been applied on Axactor\u2019s portfolios of non-performing loans and a revaluation of EUR -1.9 million was recognized in the financial statement line item \u2018Net gain/(loss) purchased loan portfolios\u2019 in 2022. The revaluation is recognized as a change in an accounting estimate in accordance with IAS 8 Change in Accounting Policies, Changes in Accounting Estimates and Errors.GoodwillIn accordance with the stated accounting policy, the Group annually tests whether goodwill has suffered any impairment or more frequently if impairment indicators are identified. The recoverable amount of cash-generating units has been determined based on value in use calculations. These calculations require the use of estimates. The value in use calculation is based on a discounted cash flow model. The cash flows are based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model, as well as the expected future cash-inflows (sensitive to estimates of sales and cost levels) and the growth rate used for extrapolation purposes. Further details about goodwill and impairment reviews are included in note 15.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__60": {
"value": "Note 5 Operating segmentsAxactor delivers credit management services and the Group\u2019s revenue is derived from the following two operating segments:\u2022 Non-performing loans (NPL)\u2022 Third-party collection (3PC)The NPL segment invests in portfolios of non-performing loans, presented as \u2018Purchased loan portfolios\u2019 in the consolidated statement of financial position. Subsequently, the outstanding loans are collected through either amicable or legal proceedings.The 3PC segment\u2019s focus is to perform debt collection services on behalf of third-party clients. The operating segment applies both amicable and legal proceedings to collect the non-performing loans, and normally receive a commission for these services. Other services provided include, amongst others, helping creditors to prepare documentation for future legal proceedings against debtors, handling of invoices between the invoice date and the default date and sending out reminders. For these latter services, Axactor normally receives a fixed fee.Axactor reports its business through reporting segments which correspond to the operating segments. Segment revenue reported represents revenue generated from external customers. Segment profitability and country profitability are the two most important dimensions when making strategic priorities and deciding where to allocate the Group\u2019s resources.The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described in note 2. Segment contribution margin represents contribution margin earned by each segment without allocation of management fee, central administration costs, other gains and losses and financial items. The measurement basis of the performance of the segment is the segment\u2019s contribution margin.Portfolios of purchased real estate is classified as a discontinued operation (see note 32). Portfolios of purchased real estate has prior to 2022 been reported as part of the real estate owned (REO) operating segment. From 2022, in line with internal reporting, REO is no longer considered a separate operating segment. The REO segment consisted of portfolios of purchased real estate as well as repossessed assets from secured non-performing loans. From 2022, in line with the organization and reporting structure used by management, the repossessed assets from secured non-performing loans are reported as part of the NPL segment, whereas amounts from discontinued operations are not included in the segment reporting. Segment information for earlier periods is re-presented to reflect the change in operating segments.2022Eliminations/EUR thousand NPL 3PCNot allocated TotalCollection on own portfolios 276,524 - - 276,524Portfolio amortization and revaluation -97,218 - - -97,218Revenue from sale of repossessed assets 4,526 - - 4,526Other operating incomeChange in fair value forward flow commitments - - - -Other operating revenue and other income - 55,846 15 55,861Total income 183,831 55,846 15 239,692Cost of repossessed assets sold -1,430 - - -1,430Impairment repossessed assets -65 - - -65Direct operating expenses -41,980 -34,674 - -76,654Contribution margin 140,356 21,172 15 161,543SG&A, IT and corporate cost -42,588 -42,588EBITDA 118,955Amortization and depreciation -8,895 -8,895Operating result 110,060Total operating expenses -43,475 -34,674 -42,588 -120,738Contribution margin (%) 76.4% 37.9% na 67.4%EBITDA margin (%) 49.6%Opex ex SG&A, IT and corporate cost / Gross revenue 15.5% 62.1% na 23.2%SG&A, IT and corporate cost / Gross revenue 12.6%2021Eliminations/EUR thousand NPL 3PCNot allocated TotalCollection on own portfolios 254,949 - - 254,949Portfolio amortization and revaluation -148,542 - - -148,542Revenue from sale of repossessed assets 3,018 - - 3,018Other operating incomeChange in fair value forward flow commitments -782 - - -782Other operating revenue and other income - 49,640 15 49,655Total income 108,643 49,640 15 158,298Cost of repossessed assets sold -2,046 - - -2,046Impairment repossessed assets -90 - - -90Direct operating expenses -36,819 -34,235 - -71,055Contribution margin 69,687 15,405 15 85,107SG&A, IT and corporate cost -44,609 -44,609EBITDA 40,498Amortization and depreciation -9,616 -9,616Operating result 30,882Total operating expenses -38,956 -34,235 -44,609 -117,800Contribution margin (%) 64.1% 31.0% na 53.8%EBITDA margin (%) 25.6%Opex ex SG&A, IT and corporate cost / Gross revenue 15.1% 69.0% na 23.8%SG&A, IT and corporate cost / Gross revenue 14.5%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__62": {
"value": "Note 6 IncomeThe Group delivers credit management services in six European countries: Finland, Germany, Italy, Norway, Spain and Sweden. Axactor also owns certain portfolios through entities based in Luxembourg.The Group\u2019s income from continuing operations from external customers by location of operations and information about its non-current assets by location of assets are detailed below.The information in the table presented is based on the location of the debtors and the country of the company performing the collection (which correspond). This is not necessarily the same as the country owning the portfolio. The same principle is used for the allocation of the non-current assets. Non-current assets presented in the table below consists of intangible assets, goodwill, property, plant and equipment and right of use assets.Total income Non-current assetsEUR thousand 2022 2021 2022 2021Finland 16,100 10,113 3,747 4,052Germany 35,112 30,331 15,894 15,884Italy 28,574 17,387 16,039 9,184Norway 40,862 35,271 33,068 36,088Spain 91,029 59,009 19,883 17,519Sweden 28,016 6,187 3,185 4,115Total 239,692 158,298 91,816 86,843Portfolio revenuePortfolio revenue consists of interest income from purchased loan portfolios, net gain/(loss) from purchased loan portfolios and revenue from sale of repossessed assets. In line with the information given in note 5 and 32, revenue from sale of repossessed assets is reported as part of the NPL segment. Net gain/(loss) from purchased loan portfolios is split into collection above/(below) collection forecasts (previously reported as CU1) and net present value of changes in collection forecasts (previously reported as CU2 and CU2 tail).EUR thousand Finland Germany Italy Norway Spain Sweden 2022Interest income from purchased loan portfolios 14,962 29,700 19,081 39,464 56,266 28,017 187,490Collection above/(below) forecasts 463 -3,784 -33 -3,130 1,023 -88 -5,550NPV of changes in collection forecasts -15 790 239 -1,847 685 -2,487 -2,635Net gain/(loss) purchased loan portfolios 448 -2,994 206 -4,976 1,708 -2,576 -8,185Sale of repossessed assets 4,526 4,526Total portfolio revenue 15,410 26,705 19,287 34,487 62,500 25,442 183,831EUR thousand Finland Germany Italy Norway Spain Sweden 2021Interest income from purchased loan portfolios 14,931 21,612 16,023 36,889 44,911 34,055 168,421Collection above/(below) forecasts -1,728 -1,223 -272 -5,932 -1,605 -7,107 -17,867NPV of changes in collection forecasts -3,817 -229 -684 -2,728 -14,589 -22,098 -44,146Net gain/(loss) purchased loan portfolios -5,546 -1,452 -956 -8,660 -16,194 -29,206 -62,013Sale of repossessed assets 3,018 3,018Total portfolio revenue 9,385 20,160 15,067 28,230 31,734 4,849 109,426",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__64": {
"value": "Note 7 Employee remunerationPersonnel expensesEUR thousand 2022 2021Salaries 41,203 39,862Bonus 7,192 4,036Commissions 2,203 2,210Social security costs 10,593 10,047Pension costs 1,315 1,489Share-based payment expense 462 180Other benefits 1,688 3,489Total personnel expenses 64,655 61,313Average number of FTEs2022 2021Number of FTEs, 1 Jan 1,096 1,128Number of FTEs, 31 Dec 1,301 1,096Average number of FTEs 1,199 1,112Number of FTEs at end of year, per country2022 2021Finland 42 42Germany 151 148\u20061 Italy286 104Norway 108 111Spain 672 628Sweden 42 64Total number of FTEs 1,301 1,0961 In 2022, the Axactor Group purchased CRS, an Italian debt collection agency with 150 employeesAxactor Group is compliant with the different local mandatory occupational pension requirements. For information on the country specific pension schemes, see note 26.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__65": {
"value": "Average number of FTEs2022 2021Number of FTEs, 1 Jan 1,096 1,128Number of FTEs, 31 Dec 1,301 1,096Average number of FTEs 1,199 1,112Number of FTEs at end of year, per country2022 2021Finland 42 42Germany 151 148\u20061 Italy286 104Norway 108 111Spain 672 628Sweden 42 64Total number of FTEs 1,301 1,0961 In 2022, the Axactor Group purchased CRS, an Italian debt collection agency with 150 employeesAxactor Group is compliant with the different local mandatory occupational pension requirements. For information on the country specific pension schemes, see note 26.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__67": {
"value": "Note 8 Executive remunerationBoard of Directors remunerationThe following remuneration has been made to the members of the Board of Directors during the year. Remuneration presented includes remuneration for participation in Board committees.EUR thousand 2022 2021\u20061 Kristian Melhuus80 10Terje Mj\u00f8s 55 45Brita Eilertsen 57 47Lars Erich Nilsen 46 41Kathrine Astrup Fredriksen 41 41\u20062,\u20063 Merete Haugli9 54\u20063 Hans Har\u00e9n10 41\u20064 Glen Ole R\u00f8dland- 27Total remuneration 298 3061 Chair of the Board from February 20222 Interim Chair of the Board from May 2021 to February 20223 Member of the Board until April 20224 Chair of the Board until May 2021Nomination committeeThe following remuneration has been made to the members of the nomination committee during the year:EUR thousand 2022 2021Anne Lise Ellingsen Gryte 6 -Magnus Tvenge 4 -Total remuneration 10 -Group executive management remunerationShare \u20067\u2006Pensionoptions 1EUR thousand Salary Bonus Other 2022Johnny Tsolis, CEO 407 260 34 34 1 734Nina Mortensen, CFO 204 106 17 16 1 343Arnt Andre Dullum, COO 198 88 14 12 1 312Vibeke Ly, Chief of Staff 197 89 14 12 1 312Kyrre Svae, Chief of Strategy and IR 194 88 14 11 1 307Robin Knowles, Chief Investment Officer 236 95 1 8 - 340Total remuneration 1,435 726 95 91 6 2,349Share \u20067\u2006Pensionoptions 1EUR thousand Salary Bonus Other 2021Johnny Tsolis, CEO 410 87 35 39 1 573\u20062 Endre Ragnes, CEO- 44 - - - 44\u20063 Nina Mortensen, CFO92 20 7 - 1 120\u20064 Teemu Alaviitala, CFO44 16 2 - - 61Arnt Andre Dullum, COO 178 18 16 17 2 230\u20065 Oddgeir Hansen, COO46 133 - - - 179Vibeke Ly, Chief of Staff 199 29 14 17 1 261\u20066 Kyrre Svae, Chief of Strategy and IR185 49 14 8 2 257Robin Knowles, Chief Investment Officer 297 25 3 19 - 344Total remuneration 1,451 420 91 100 7 2,0691 Cost in relation to share option program, not exercised2 CEO until 3 April 20203 CFO from 1 August 20214 CFO until 31 January 20215 COO until 1 July 20206 Interim CFO from 1 February to 31 July 20217 Bonus for 2022 represents accrued bonus for the financial year, whereas bonus for 2021 represents paid bonus in the financial yearThe CEO, Johnny Tsolis, has a six-month notice period and is entitled to a severance pay of six months in case of termination by the company. In addition, there is a non-compete and non-solicitation clause in the employment agreement.The share-based option program is presented in note 24. Bonus stated in the tables above reflects the paid amounts during the year. At the end of 2022 no loan or prepayments were granted to members of the Board or Group executive management.Members of the Group executive management, employed in Axactor ASA, has an additional contribution plan entitling them to pension rights for salary above 12G (Norwegian Grunnbel\u00f8p).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__69": {
"value": "Note 9 Other operating expensesOther operating expensesEUR thousand 2022 2021Direct operating expenses, excluding salary 8,307 7,282External services 31,789 29,822IT expenses 12,309 11,496Restructuring cost - 1,591Other expenses 2,181 4,159Total other operating expenses 54,587 54,350Auditor\u2019s remunerationPricewaterhouseCoopers AS (PwC) is the Group auditor of Axactor ASA. The following table shows fees to the appointed auditor. The reported fees are the recognized expenses for the year.EUR thousand 2022 2021Auditing 903 966Audit related services 118 26Other services 148 187Total auditor\u2019s remuneration 1,169 1,179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__70": {
"value": "Other operating expensesOther operating expensesEUR thousand 2022 2021Direct operating expenses, excluding salary 8,307 7,282External services 31,789 29,822IT expenses 12,309 11,496Restructuring cost - 1,591Other expenses 2,181 4,159Total other operating expenses 54,587 54,350",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__71": {
"value": "Auditor\u2019s remunerationPricewaterhouseCoopers AS (PwC) is the Group auditor of Axactor ASA. The following table shows fees to the appointed auditor. The reported fees are the recognized expenses for the year.EUR thousand 2022 2021Auditing 903 966Audit related services 118 26Other services 148 187Total auditor\u2019s remuneration 1,169 1,179",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__73": {
"value": "Note 10 LeasesThe Group leases premises, office equipment and vehicles under non-cancellable lease agreements. The lease terms are between 1\u20139 years and the majority of the lease agreements are renewable after the end of the lease period. No periods covered by an option to extend the lease has been included in the lease term, as the Group is not reasonably certain to exercise the individual options. Leasing contracts are classified as lease liabilities and right of use assets under IFRS 16, see note 2, section 2.11.Right of use assetsEUR thousand Buildings Vehicles Other TotalRight of use assets at 31 Dec 2020 3,949 797 80 4,826Additons 9,333 107 51 9,491Depreciation -2,503 -346 -80 -2,929Disposals -484 -84 -4 -572Currency translation differences -48 1 - -48Right of use assets at 31 Dec 2021 10,247 475 46 10,768Additions 4,293 339 69 4,701Depreciation -2,668 -386 -19 -3,073Disposals -298 -24 - -322Currency translation differences -310 -3 -3 -317Right of use assets at 31 Dec 2022 11,263 401 93 11,757New leases amounted to EUR 4.3 million in 2022, mainly relating to new offices in Germany, Italy and Spain. The interest costs relating to IFRS 16 leases during the year are reflected in profit or loss with EUR 702 thousand (EUR 366 thousand). The interest rate used for discounting the lease liability is based on the interest rate on the Group\u2019s external financing.Lease liabilitiesEUR thousand 2022 2021Lease liabilities at 1 Jan 11,051 5,086Net new leases 4,241 8,812Lease payments, principal amount -2,755 -2,812Currency translation differences -297 -35Lease liabilities at 31 Dec 12,239 11,051Current 2,835 2,185Non-current 9,404 8,866The future aggregated minimum lease payments under lease liabilities are as follows:EUR thousand 2022 2021Undiscounted lease liabilities and maturity of cash outflows< 1 year 3,441 2,7171\u20132 years 3,015 2,5112\u20133 years 2,620 2,0653\u20134 years 2,464 1,8214\u20135 years 822 1,800> 5 years 1,745 2,100Total undiscounted lease liabilities 14,106 13,015Discounting element -1,866 -1,964Total lease liabilities 12,239 11,051",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__75": {
"value": "Note 11 Financial itemsEUR thousand 2022 2021Financial revenueInterest on bank deposits 203 5\u20061 Net foreign exchange gain550 -Gain on purchase of bonds in own bond loans (note 25) 2,349 -Other financial income 91 46Total financial revenue 3,194 51Financial expenses\u20062 Interest expense on borrowings-57,902 -49,099\u20061 Net foreign exchange loss- -1,504Other financial expenses -1,158 -427Total financial expenses -59,061 -51,030Total net financial items -55,867 -50,9791 Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position2 In 2022, EUR 0.3 million are reclassified from the cash flow hedge reserve (OCI) into interest expense on borrowings, see note 19",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__76": {
"value": "Financial revenueInterest on bank deposits 203 5\u20061 Net foreign exchange gain550 -Gain on purchase of bonds in own bond loans (note 25) 2,349 -Other financial income 91 46Total financial revenue 3,194 51",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__77": {
"value": "Financial expenses\u20062 Interest expense on borrowings-57,902 -49,099\u20061 Net foreign exchange loss- -1,504Other financial expenses -1,158 -427Total financial expenses -59,061 -51,030Total net financial items -55,867 -50,9791 Foreign exchange gains and losses are presented net as either financial revenue or financial expenses, depending on the net position2 In 2022, EUR 0.3 million are reclassified from the cash flow hedge reserve (OCI) into interest expense on borrowings, see note 19",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__79": {
"value": "Note 12 Income taxIncome tax calculationThe Group\u2019s tax expense is affected by several factors, where the most important are limitation of interest deduction, unrecognized tax losses carried forward, currency effects and local GAAP/IFRS-differences for calculation of taxable profit. The Group\u2019s tax is related to continuing operations only, as there is no tax related to discontinued operations, see note 32.Tax expense in consolidated profit or lossEUR thousand 2022 2021Profit/(loss) before tax from continuing operations 54,193 -20,097Basis for income tax 54,193 -20,097Income tax calculated on profit from continuing operations -13,548 5,411Tax effect on permanent differences -1,541 -7,859Adjustment for previous year -2,325 7Limitation of interest deduction, for which no deferred tax asset was recognized -1,768 4,014Tax assets, previously not recognized 309 -Tax losses for which no deferred tax asset was recognized -30 -1,530Tax effect of change in net deferred income tax liabilites/assets 4,234 -3,912Effect on foreign exchange rates 1,121 -1,426Income tax expense -13,549 -5,296Effective tax rate 25% -26%Tax included in consolidated other comprehensive incomeEUR thousand 2022 2021Fair value net gain/(loss) on cash flow hedges 2,720 -Cumulative (gain)/loss on cash flow hedges reclassified to profit or loss -69 -Deferred tax charged to OCI 2,651 -Deferred taxesEUR thousand 2022 2021Non-current portfolios -3,213 -2,887Non-current intangible assets/liabilities -636 -159Current assets -925 158Non-current liabilities 528 -52Tax losses carried forward 6,110 10,496Deferred tax related to hedges through OCI -2,651 -Net deferred tax -787 7,556Deferred tax asset 5,356 13,700Deferred tax liability -6,143 -6,144Net deferred tax -787 7,556Unrecognized deferred tax assetsA deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Tax losses carried forward, not recognized, mainly relates to companies in Luxembourg and Italy. Limitation of interest deduction, not recognized, relates mainly to Norway:EUR thousand 2022 2021Tax losses carried forward, not recognized 35,001 32,349Limitation of interest deduction, not recognized 13,925 4,014Net asset not recognized 48,926 36,363",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__80": {
"value": "Deferred taxesEUR thousand 2022 2021Non-current portfolios -3,213 -2,887Non-current intangible assets/liabilities -636 -159Current assets -925 158Non-current liabilities 528 -52Tax losses carried forward 6,110 10,496Deferred tax related to hedges through OCI -2,651 -Net deferred tax -787 7,556Deferred tax asset 5,356 13,700Deferred tax liability -6,143 -6,144Net deferred tax -787 7,556Unrecognized deferred tax assetsA deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Tax losses carried forward, not recognized, mainly relates to companies in Luxembourg and Italy. Limitation of interest deduction, not recognized, relates mainly to Norway:EUR thousand 2022 2021Tax losses carried forward, not recognized 35,001 32,349Limitation of interest deduction, not recognized 13,925 4,014Net asset not recognized 48,926 36,363",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__82": {
"value": "Note 13 Earnings per shareBasic earnings per share (EPS) is calculated by dividing the profit attributable to shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year.Axactor currently has no share-based compensation programs that results in a dilutive effect on earnings per share. See note 24 for an overview of outstanding instruments in the share option plan.The following table reflects the income and share data used in the basic and diluted EPS calculations:Continuing operations Discontinued operations TotalEUR thousand 2022 2021 2022 2021 2022 2021Net profit/(loss) to shareholders of the parent company 40,156 -24,440 -3,399 -8,357 36,757 -32,797Number of shares (in thousands)Weighted average number of ordinary shares 302,145 293,408 302,145 293,408 302,145 293,408Effects of dilution from share options - - - - - -Weighted average number of shares adjusted for the effect of dilution 302,145 293,408 302,145 293,408 302,145 293,408Basic and diluted earnings per share 0.133 -0.083 -0.011 -0.028 0.122 -0.112The following potential ordinary shares are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per share:2022 2021Employee share options 13,267,100 8,548,969",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300P5VT8OMA17TJ33",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__7__84": {
"value": "Note 14 Intangible assetsEUR thousand Customer contracts Databases Software Goodwill Other intangibles TotalCost priceCost price at 31 Dec 2020 12,308 3,611 28,076 54,879 3,905 102,779Acquisitions - - 3,131 - 412 3,543Reclassification - - 619 - - 619Disposals at cost price - - -2,885 - - -2,885Currency translation differences 324 69 15 1,081 10 1,499Cost price at 31 Dec 2021 12,631 3,680 28,956 55,960 4,328 105,555Acquisition of CRS Italy - - 46 6,326 - 6,372Acquisitions - - 3,281 - 552 3,833Disposals at cost price - - -158 - -67 -226Currency translation differences -330 -70 -98 -1,218 -13 -1,728Cost price at 31 Dec 2022 12,301 3,610 32,026 61,069 4,800 113,806AmortizationAccumulated amortizations at 31 Dec 2020 -11,718 -3,013 -11,483 - -1,697 -27,911Amortization -597 -553 -4,188 - -517 -5,854Reclassification - - -619 - - -619Disposals accumulated amortizations - - 2,863 - 135 2,998Currency translation differences -316 -59 -6 - -2 -383Accumulated amortizations at 31 Dec 2021 -12,631 -3,625 -13,433 - -2,081 -31,769Acquisition of CRS Italy - - -30 - - -30Amortization - -55 -4,480 - -506 -5,041Disposals accumulated amortizations - - 158 - 67 226Currency translation differences 330 70 91 - 5 496Accumulated amortizations at 31 Dec 2022 -12,301 -3,610 -17,694 - -2,514 -36,118Carrying amount at 31 Dec 2022 - - 14,332 61,069 2,286 77,687Useful life 3\u20135 yr 3\u20136 yr 3\u201310 yr na 1\u201310 yrFor impairment testing of goodwill see note 15.",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s11_notes__7__86": {
"value": "Note 15 Goodwill and intangible assets with indefinite useful livesGoodwill stated in the consolidated financial position is derived from excess values following the acquisitions of ALD Abagados in Spain (2015), IKAS Group in Norway (2016), CS Union in Italy (2016), Altor Group in Germany (2016), Profact in Sweden (2017), SPT Group in Finland (2018) and CRS in Italy (2022). Recognized goodwill amounts to 61.0 EUR million on 31 December 2022 (2021: EUR 56.0 million). Only goodwill has an indefinite lifetime, all other intangible assets are amortized in accordance with their useful life, see note 14.Goodwill is tested for impairment for each cash generating unit (CGU) prior to preparation of the annual accounts. The test is performed annually, and more frequently if there are indications of impairment.The recoverable amount for each CGU has been determined estimating their value in use (VIU) and comparing that to the carrying amount of the specific CGU. The calculation of VIU has been based on management\u2019s best estimate, reflecting the Group\u2019s strategy plan. The discount rates are derived as the weighted average cost of capital (WACC) for a similar business in the same business environment.Goodwill has been allocated for impairment testing purposes to the CGU \u201cThird-party collection business\u201d for the following CGU \u201cCountries\u201d:EUR thousand 2022 2021Finland 2,592 2,592Germany 9,301 9,301Italy 13,636 7,310Norway 20,146 21,270Spain 14,328 14,328Sweden 1,066 1,159Total goodwill 61,069 55,960Cash flow projections and assumptionsA five-year forecast of discounted cash flows plus a terminal value has been used to determine the net present value of the CGU. Discounted cash flows related to the third-party collection business were calculated pre-tax and by applying a pre-tax WACC. The pre-tax WACC was derived by back-solving based on the estimated value using the post-tax WACC and the post-tax cash flow.The terminal value is based on the estimated pre-tax net cash flow in year five, using a standard perpetuity formula with a long-term growth rate.Key assumptions for the value in use calculationsThe calculation of VIU for the CGUs is most sensitive when it comes to the following assumptions:Discount rateThe input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine the best estimate. The WACC was calculated after tax, and then back solved to arrive at a pre-tax WACC. All parameters were set to reflect the forecast period of the cash flows.Key inputs for the WACC:EUR NOK SEKRisk-free rate 2.5% 3.1% 2.5%Market risk premium 4.9% 4.9% 4.9%Beta 1.81 1.81 1.81Small cap premium 2.0% 2.0% 2.0%Cost of equity before tax 13.3% 14.0% 13.4%Cost of debt 7.4% 7.4% 7.4%Equity ratio 29.5% 29.5% 29.5%Corporate income tax rate 25% 22% 20.6%WACC 7.8% 8.2% 8.1%\u2022 Risk free rate: Five year risk free bond per country\u2022 Market risk premium: The market risk premium is based on empirical data for risk premium (Damodaran)\u2022 Beta: Observed monthly levered beta for Axactor for the last five years\u2022 Small cap premium/company specific premium: Based on the market cap of Axactor, Ibbotson research 2014, similar sized companies and industry peers\u2022 Cost of debt: Applied cost of debt of 7.4% based on company estimated forecasts\u2022 Capital structure: Applied 29.5% equity ratio based on company estimates for 2023\u2022 Corporate income tax rate: The Group\u2019s average tax rate for EUR and country specific tax rate for NOK and SEKGrowth rateThe growth rate in the forecast period is based on management\u2019s expectation for the development in the different markets, and management\u2019s strategic plan. The terminal growth rate applied in 2022 is 2.0% as opposed to 1.5% in 2021. The increase in growth rate is adjusted to be in line with expected long-term inflation rates from relevant central banks.Cash flowThe calculation includes cash flows for five years, in addition to a terminal value. Cash flow estimates are based on the Board approved 2023 budget and a projection for the next four years.Impairment \u2013 test results and conclusionThe impairment test concluded that the VIU exceeded the carrying amount for each of the CGUs. Hence, no impairment was recognized in 2022 (2021: EUR 0 million). Based on a sensitivity analysis, the ceteris paribus impact of reducing the terminal growth rate from 2.0% to 1.5% would not result in any impairment of goodwill. Similarly, the ceteris paribus impact of increasing the WACC by one percentage point would not result in any impairment of goodwill. Management has considered and assessed reasonable possible changes for key assumptions and has not identified any instance that could cause the carrying amount of the goodwill to exceed its recoverable amount.",
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"s11_notes__7__88": {
"value": "Note 16 Property, plant and equipmentEUR thousand Fixtures Vehicles Office eqipment TotalCost priceCost price at 31 Dec 2020 4,581 80 3,600 8,260Acquisitions 472 - 591 1,063Disposals at cost price -2,233 -80 -852 -3,165Currency translation differences -7 - 27 21Cost price at 31 Dec 2021 2,814 - 3,366 6,180Acquisition of CRS Italy - - 624 624Acquisitions 746 - 284 1,030Disposals at cost price -163 - -266 -429Currency translation differences -44 - -70 -115Cost price at 31 Dec 2022 3,353 - 3,937 7,290DepreciationAccumulated depreciations at 31 Dec 2020 -3,107 -55 -2,568 -5,730Depreciation -338 -7 -515 -860Disposals accumulated depreciations 1,916 62 747 2,725Currency translation differences 2 - -25 -23Accumulated depreciations at 31 Dec 2021 -1,527 - -2,363 -3,889Acquisition of CRS Italy - - -575 -575Depreciation -318 - -464 -781Disposals accumulated depreciations 7 - 258 265Currency translation differences 19 - 44 63Accumulated depreciations at 31 Dec 2022 -1,818 - -3,100 -4,918Carrying amount at 31 Dec 2022 1,535 - 838 2,372Useful life 3\u20136 yr 5 yr 3\u20135 yr",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s11_notes__7__90": {
"value": "Note 17 Fair value measurementThe Group\u2019s financial assets consist of purchased loan portfolios, derivatives, accounts receivable and other receivables, restricted cash and cash and cash equivalents. The majority of the Group\u2019s financial assets are classified, at initial recognition, as subsequently measured at amortized cost, with the exception of derivatives which are classified as subsequently measured at fair value through profit or loss. The Group\u2019s debt and other financial liabilities are, with the exception of derivatives, initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Derivative liabilities are, as derivative assets, measured at fair value through profit or loss.The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by the inputs used in the valuation techniques:Level 1: Quoted prices in active markets for identical assets or liabilitiesLevel 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectlyLevel 3: Inputs for the asset or liability that are not based on observable market data (unobservable input)The level in this fair value hierarchy within which the measurements are categorized is determined based on the lowest level input that is significant to the fair value measurement.The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.Carrying amount Fair valueLoans and EUR thousandreceivables Other Total Level 1 Level 2 Level 3 Total2022Financial assetsPurchased loan portfolios 1,252,642 - 1,252,642 - - 1,322,320 1,322,320Cash flow hedge derivatives (note 19) - 12,367 12,367 - 12,367 - 12,367Total financial assets 1,252,642 - 1,252,642 - 12,367 1,322,320 1,334,686Financial liabilities\u20061 Interest-bearing debt955,546 - 955,546 421,673 510,134 - 931,807Total financial liabilities 955,546 - 955,546 421,673 510,134 - 931,8072021Financial assetsPurchased loan portfolios 1,095,789 - 1,095,789 - - 1,238,070 1,238,070Total financial assets 1,095,789 - 1,095,789 - - 1,238,070 1,238,070Financial liabilitiesInterest-bearing debt 838,256 - 838,256 503,320 351,998 - 855,318Fair value forward flow commitments - 409 409 - - 409 409Cash flow hedge derivatives (note 19) - 230 230 - 230 - 230Total financial liabilities 838,256 639 838,894 503,320 352,228 409 855,9571 The interest-bearing debt in the table includes interest-bearing debt attributable to both continuing and discontinued operationsFair value estimation of interest-bearing loansThe fair value of the bond loans was determined using the quoted market values for the bond loans from the Norwegian Verdipapirforetakenes Forbund. The fair value of the other interest-bearing loans is equal to the nominal value and accrued interest.Fair value estimation of purchased loan portfoliosThe fair value of purchased loan portfolios is calculated as the net present value of estimated net cash flows after tax for the next 15 years. The estimated net cash flows from portfolios are the assumed future collection, less assumed collection costs per portfolio and tax. The estimated net cash flows are for existing portfolios only, no cash flows from future investments are included. Collection costs consist of operational costs in the portfolio segment, i.e. commission to debt collection, payroll expenses, premises, communication costs, and other costs directly and indirectly attributable to the debt purchasing segment. The Group\u2019s estimated average tax rate has been applied to the cash flows.The weighted average cost of capital after tax for the portfolio segment is estimated to 7.8% on 31 December 2022 (2021: 5.8%). The key inputs for the WACC applied for the portfolio segment are the same as those presented for EUR WACC in note 15. Most of the Group\u2019s portfolio cash flows are in EUR, although some part of the Group\u2019s portfolio cash flows are in NOK and SEK. Calculating a currency specific WACC, the risk-free rate element would have increased the WACC slightly compared to the WACC estimated for the Group. A sensitivity analysis of the cash flow estimates is presented in the table to the right.",
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"s11_notes__7__91": {
"value": "The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.Carrying amount Fair valueLoans and EUR thousandreceivables Other Total Level 1 Level 2 Level 3 Total2022Financial assetsPurchased loan portfolios 1,252,642 - 1,252,642 - - 1,322,320 1,322,320Cash flow hedge derivatives (note 19) - 12,367 12,367 - 12,367 - 12,367Total financial assets 1,252,642 - 1,252,642 - 12,367 1,322,320 1,334,686Financial liabilities\u20061 Interest-bearing debt955,546 - 955,546 421,673 510,134 - 931,807Total financial liabilities 955,546 - 955,546 421,673 510,134 - 931,8072021Financial assetsPurchased loan portfolios 1,095,789 - 1,095,789 - - 1,238,070 1,238,070Total financial assets 1,095,789 - 1,095,789 - - 1,238,070 1,238,070Financial liabilitiesInterest-bearing debt 838,256 - 838,256 503,320 351,998 - 855,318Fair value forward flow commitments - 409 409 - - 409 409Cash flow hedge derivatives (note 19) - 230 230 - 230 - 230Total financial liabilities 838,256 639 838,894 503,320 352,228 409 855,9571 The interest-bearing debt in the table includes interest-bearing debt attributable to both continuing and discontinued operations",
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"s11_notes__7__93": {
"value": "Note 18 Purchased loan portfoliosEUR thousand 2022 2021Balance at 1 Jan 1,095,789 1,124,699\u20063 Acquisitions during the year288,052 113,979Collection -276,524 -254,949Interest income from purchased loan portfolios 187,490 168,421\u20061 Net gain/(loss) purchased loan portfolios-8,185 -62,013Repossessions -1,925 -845Deliveries on forward flow contracts -409 -1,221\u20061 Disposals- -193Currency translation differences -31,646 7,911Balance at 31 Dec 1,252,642 1,095,789\u20062 Payments during the year for investments in loan portfolios amounted to EUR290,816 115,4021 Gain on disposals is netted in profit or loss as \u2018Net gain/(loss) purchased loan portfolios\u20192 Payments during the year will not correspond to credit impaired acqusitions during the year due to deferred payments3 Reconciliation of credit impaired acquisitions during the year;Nominal value purchased loan portfolios 2,429,169 827,810Expected credit losses at acquisition -2,141,117 -713,831Acquisitions during the year 288,052 113,979For a description of Axactor\u2019s accounting principles for purchased loan portfolios, see note 2 and for a description of revenue recognition and fair value estimation, see note 4.Purchased loan portfolios consists of portfolios of delinquent consumer debts purchased significantly below nominal value, reflecting incurred and expected credit losses, and thus defined as credit impaired. For purchased loan portfolios, timely collection of principal and interest is no longer reasonably assured at the date of purchase. Purchased loan portfolios are recognized at fair value at the date of purchase. Since the loans are measured at fair value, which includes an estimate of future credit losses, no allowance for credit losses is recorded on the day of acquisition of the loans. The loans are subsequently measured at amortized cost according to a credit adjusted effective interest rate.Since the delinquent consumer debts are a homogenous group, the future cash flows are projected on a portfolio basis except for secured portfolios, for which cash flows are projected on a collateral asset basis.The carrying amount of each portfolio is determined by projecting future cash flows discounted to present value using the credit adjusted effective interest rate as at the date the portfolio was acquired. The total cash flows (both principal and interest) expected to be collected on purchased credit impaired loans are regularly reviewed. Changes in expected cash flows are adjusted in the carrying amount and are recognized in the profit or loss as income or expense in \u2018Net gain/ (loss) purchased loan portfolios\u2019. Interest revenue is recognized using a credit adjusted effective interest rate, included in \u2018Interest revenue from purchased loan portfolios\u2019.The majority of the purchased loan portfolios are unsecured, whereas approximately 5% of the book value of the loans are secured by a property object per 31 December 2022 (2021: 3%).Book valueMarket 2022 2021Finland 121,300 111,841Germany 179,654 131,059Italy 147,678 111,348Norway 243,468 249,439Spain 357,137 264,034Sweden 203,405 228,068Total book value 1,252,642 1,095,789The estimation of future cash flows is affected by several factors, including general macro factors, market specific factors, portfolio specific factors and internal factors. Axactor has incorporated into the estimated remaining collection the effect of the economic factors and conditions that is expected to influence collections going forward. Scenarios have been used to consider possible non-linear relationships between macroeconomic factors and collection.The ERC represents the estimated gross collection on the purchased loan portfolios. The ERC, amortization and interest income from purchased loan portfolios can be broken down per year as follows (year 1 means the first 12 months from the reporting date):EUR thousand Estimated remaining collection (ERC), amortization and yield per yearYear 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Total ERC2022ERC 310,027 305,914 271,347 237,417 212,308 185,750 168,327 152,172 137,607 124,971 113,833 99,900 84,323 74,817 66,705 2,545,419Amortization 113,530 130,485 118,518 103,930 95,595 83,424 78,622 74,325 71,027 69,190 68,662 65,230 59,403 59,493 61,207 1,252,642\u20061 Interest196,496 175,428 152,829 133,487 116,714 102,326 89,705 77,847 66,581 55,781 45,171 34,670 24,921 15,324 5,498 1,292,7772021ERC 268,832 261,948 225,843 200,819 177,633 160,087 141,774 127,467 114,766 103,142 93,135 84,078 72,064 58,344 50,611 2,140,543Amortization 107,788 118,694 101,236 91,330 81,907 76,761 69,424 65,132 61,836 59,169 57,780 57,213 53,505 47,268 46,746 1,095,789\u20061 Interest161,045 143,254 124,607 109,489 95,726 83,326 72,350 62,335 52,930 43,973 35,354 26,865 18,559 11,075 3,864 1,044,7541 Interest income from purchased loan portfolios",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s11_notes__7__95": {
"value": "Note 19 Hedge accountingThe Group\u00b4s risk management objective is to mitigate the effect of interest rate changes related to its floating rate instruments. In order to achieve the objective, the Group\u00b4s strategy is to use derivatives to limit the impact of changes in interest rates on the Group\u00b4s interest expenses. The Group has applied cash flow hedge accounting to ensure that the Group\u00b4s risk management strategy is reflected in its financial statements.Cash flow hedgesInterest rate risk in floating rate instrumentsThe Group has applied cash flow hedge accounting for interest rate risk in order to mitigate the effect of increasing interest rates on issued loans and therefore limit the impact on the Group\u00b4s interest expenses. The hedged items consist of a proportion of issued floating-rate loans. The hedging instruments consist of interest rate caps. The hedge ratio for the relationships is defined by the ratio of the principal of the interest rate cap to the designated proportion of the hedged item, resulting in 100% hedge ratio. The cash flow hedges of interest rate risk on loans are expected to be highly effective. Potential sources of ineffectiveness have been identified as differences in timing of cash flows of hedged items and hedging instruments, derivatives used as hedging instruments having a non-nil fair value at the time of designation and the effect of changes in counterparties\u2019 credit risk on the fair values of hedging instruments or hedged items.The Group\u2019s strategy is to hedge between 50% and 70% of interest-bearing debt with a duration of three to five years. Per 31 December 2022, the strategy is under implementation and the Group is still committed to the strategy which it expects to fully implement. On 31 December 2022, the Group holds two interest rate caps with a strike of 0.5% EURIBOR and maturity 15 December 2023. The two contracts hedge the interest risk of EUR 573 million in borrowings, equaling a hedging ratio of 60%. The hedged items are included as part of current and non-current interest-bearing debt in the consolidated statement of financial position. Per 31 December 2022, the fair value of the interest rate hedging derivatives was positive EUR 12.4 million (2021: -0.2 million), reported as part of other current receivables (2021: other non-current liabilities) in the consolidated statement of financial position.The financial instruments designated as hedged items in existing cash flow hedge relationships are:Hedged items2022 2021Nominal amount Nominal amount Nominal designated for Cash flow Nominal designated for Cash flow EUR thousandamounthedge accountinghedge reserveamounthedge accountinghedge reserveInterest rate riskFloating rate issued loans 573,000 573,000 9,630 200,000 200,000 -230Total 573,000 573,000 9,630 200,000 200,000 -230The table below sets out the derivatives designated as hedging instruments in existing cash flow hedge relationships, and the outcome of the Group\u00b4s hedging strategy:Hedging instruments2022 2021EUR thousand Up to 1 year 1\u20135 years Total Up to 1 year 1\u20135 years TotalInterest rate capsNominal amount 573,000 - 573,000 2,778 197,222 200,000Average strike 0.5% - 0.5% 0.5% 0.5% 0.5%The effective portion of changes in the fair value on the hedging instrument that are designated and qualify as cash flow hedges is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Hedge ineffectiveness is, if applicable, recorded as part of financial expenses or financial revenue. There was no material ineffectiveness in 2022 or 2021. Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the same line as the recognized hedged item. In 2022, EUR 0.2 million (net of tax) has been reclassified from the cash flows hedge reserve (OCI) into profit or loss, reducing the interest rate expenses on borrowings reported in note 11 with EUR 0.3 million (pre-tax).",
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"s11_notes__7__97": {
"value": "Note 20 Shares in subsidiariesThe table is an overview of the subsidiaries included in the Axactor Group. The financial figures of the subsidiaries have been included in the consolidated financial statements of Axactor Group from the date of acquisition. During 2022, Axactor purchased CRS Italy, see note 30 for the purchase price allocation. Several small entities have also either been liquidated or merged into other entities during the year to simplify the legal structure within the Group.EUR thousand Ownership Head office CountryAxactor Holding Srl 100.0% Cuneo ItalyAxactor Italy SpA 100.0% Cuneo ItalyAxactor Capital Italy Srl 100.0% Cuneo ItalyCR Service Srl 100.0% Grosseto ItalyAxactor Portfolio Holding AB 100.0% Gothenburg SwedenAxactor Platform Holding AB 100.0% Gothenburg SwedenAxactor Sweden AB 100.0% Gothenburg SwedenAxactor Capital AS 100.0% Oslo NorwayAxactor Norway AS 100.0% Drammen Norway1Reolux Holding SARL50.0% Luxembourg LuxembourgAxactor Invest 1 SARL 100.0% Luxembourg LuxembourgAxactor Capital Luxembourg SARL 100.0% Luxembourg Luxembourg\u20062 Beta Properties SLU100.0% Madrid Spain\u20062 Borneo Commercial Investments SLU100.0% Madrid Spain\u20062 Alcala Lands Investments SLU100.0% Madrid Spain\u20063 PropCo Malagueta SL75.0% Malaga Spain\u20063 Proyecto Lima SL75.0% Madrid SpainAxactor Espana SLU 100.0% Madrid SpainAxactor Espana Platform SA 100.0% Madrid SpainAxactor Germany Holding GmbH 100.0% Heidelberg GermanyAxactor Germany GmbH 100.0% Heidelberg GermanyHeidelberger Forderingskauf GmbH 100.0% Heidelberg GermanyHeidelberger Forderungskaurf II GmbH 100.0% Heidelberg GermanyAxactor Finland OY 100.0% Helsinki Finland1 The parent company owns 50% of the shares of Reolux Holding. Based on the contractual arrangements between the Group and the other investor, the Group has concluded that it has control of Reolux Holding and the company is therefore consolidated in the Group\u2019s financial statements2 The company is owned 100% by Reolux Holding SARL, in which Axactor owns 50% of the shares and has control3 The company is owned 75% by Reolux Holding SARL, in which Axactor owns 50% of the shares and has control",
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