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"value": "Note 1 Accounting principles and basisfor preparation1.1 The basis for the preparation of the financial statementsThe Group\u2019s consolidated financial statementsof Zalaris ASA for the accounting year 2022 have been prepared in accordance with international accounting standards (\u201cIFRS\u201d) asadopted by the European Union (EU).The consolidated financial statements are based on the principles of historic cost, apart from financial instruments which are recognised at fair value. The consolidated financial statements have been prepared based on going concern principle.1.2 Accounting principles Basis of consolidation The consolidated financial statements comprise the financial statements of Zalaris ASA and its subsidiaries (together referred to as \u201cthe Group\u201d). Subsidiaries are all entities controlled by the Company. Control is achievedwhere the Company has the power to govern the financial and operating policies of an entityto obtain benefits from its activities. The resultsof subsidiaries acquired or disposed during the year are included in the consolidated financial statement from the date when control is obtained, to the date the Group no longer has control. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intercompany balances and transactions have been eliminated upon consolidation. The acquisition of a subsidiary is considered ona case-by-case basis to determine whether theacquisition should be deemed as a business combination or as an asset acquisition. Business combinations are accounted for usingthe acquisition method of accounting. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Transaction costs are expensed as incurred. The excess of the consideration transferred over the fair value of the identifiable net assets of the subsidiary acquired is recordedas goodwill. When acquisitions are deemed as asset acquisitions no deferred tax on initiadifferences between carrying values and tax bases are recorded, nor are any goodwill recorded at the date of acquisition.Foreign currency Functional currency, presentation currency and consolidation:The Group\u2019s presentation currency is Norwegian Kroner (NOK). The functional currency of the Parent Company is NOK. For consolidation purposes, the balance sheet figures for subsidiaries with a different functional currency than NOK are translated into the presentation currency (NOK) at the rateapplicable at the balance sheet date. Income statements are translated at the average monthly exchange rate. Exchange differences from translating subsidiaries are recognised in other comprehensive income.Transactions in foreign currency Foreign currency transactions are translated into the functional currency using the exchangerates at the transaction date. Monetary balances in foreign currencies are translated into the functional currency at the exchange rates on the date of the balance sheet. Foreignexchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of profit or loss. Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to whichthe Group expects to be entitled in exchange for those goods or services. The Group\u2019s revenue consists of revenue from providing payroll and HR services, so called Managed Services. Managed Services does also include cloud services. The other segmenis Professional Services which, basically is consulting services. Managed Services; the revenue from contractsrelated to outsourcing consists of a basic fixed fee and variable revenue based on a number of factors such as number of employees, pay slips and expense claims produced. All the above-mentioned deliverables are considered to be highly interrelated and are therefore considered to not be separate identifiable, i.e. one performance obligation. Revenuefrom outsourcing contracts is also recognisedThe consolidated financial statements of Zalaris for the period ending on 31 December 2022 were approved in a board meeting on 13April 2023. limited liabilitycompanydomiciled in Norway. The Group\u2019smain office is inHoffsveien 4, Oslo, Norway.The Group is a provider of payroll and humancapital management solutions.The Zalaris Group consists ofZalaris ASAandits subsidiaries. Zalaris ASA is aover time, since the customer simultaneously receives and consumes the benefits provided by the Group.Cloud services, a part of Managed Services, delivered by the Group may comprise of several deliverables (monthly services, hostinglicenses etc.) The hosting of program solutionsis either on the Group\u2019s platform or third-party platform. All the deliverables are highly interdependent and are therefore deemed to be one performance obligation. The revenue from cloud services is recognised over time, since the customer simultaneously receives and consumes the benefits provided by the Group. Revenue from Professional Services contains one performance obligation, i.e. consultant services. The revenue from these contracts is recognised over time since the customer simultaneously receives and consumes the benefits provided by the Group. The measurement of progress is based on hours. Costs related to customer contracts are expensed as incurred. However, a portion of costs incurred in the initial phase of outsourcing contracts (transition and/or transformation costs) may be deferred when they are costs specific to a given contract, generate or enhance the Group\u2019s resources that will be used in satisfying performance obligations in the future, and are recoverable. These costs are considered to be \u201ccosts to fulfill a contract\u201d and are recognised as customer project asset. The deferred costs are expensed evenly over the period the outsourcing services are provided. The amortisation of deferred cost is presented in the Statement of Profit and Loss in the line item \u201camortisation implementation costs customer projects\u201d. These costs are accrued before startup of the delivery. The customer\u2019s acceptance of startup signifies the recognitionof the delivery and revenue is hence renderedfrom this date forward. Contract balances Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group is transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Trade receivables: A receivable represents theGroup\u2019s right to an amount of consideration that is unconditional. Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfills the performance obligation(s) under the contract. The Group may receive prepayments from customers in the implementation phase of outsourcing projects. The payments are recognised as contract liabilities (\u201ccustomer project liabilities\u201d) and recognised as revenue over the period the Group fulfills the related performance obligation. Principal versus agent considerations (Cloud services) For Cloud services the Group delivers servicespartly based on a SAP-license. Where hosting services are delivered from the Group togetherwith other services rendered, the customer willhave to discontinue the hosting service upon atermination of the contract. Where the hosting is rendered by a third party there is a possibilityfor the customer to continue to receive the hosting service, but without the add-ons and services rendered by the Group. This will leavethe customer with a different product, and hence the Group is the principal supplier of cloud services as a whole. Consideration The Group\u2019s revenue is determined on contractual pricing connected to delivered services within a certain period. Outsourcing and Cloud services revenue is based on rendered service in the period while consultingservices are invoiced based on hourly performance. The is no right of return of the services sold by the Group. If the consideration in a contract includes a variable amount, the Group estimates the mostlikely amount of consideration to which it will be entitled in exchange for transferring the good or service to the customer. The variable consideration is estimated at contract inceptionand constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.Consideration of significant financing component in a contract The Group invoices for delivered services throughout the contractual period. Some of these services are short-term financed by the Group while outsourcing contracts contains an element of financing over the contract periods.However, the financing of customer project is not considered to be significant. For contracts with duration of 12 months or less , the Group has chosen to apply the practical expedient noto adjust any prepayments form customers. Income tax Income tax expense for the period comprises current tax expense and deferred tax expense.Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity. Items of the other comprehensive income presented net of related tax effects in the Statement of Other Comprehensive Income. Deferred tax assets and liabilities are calculated on the basis of existing temporary differences between the carrying amounts of assets and liabilities in the financial statement and their tax bases, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to apply when theassets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted onthe balance sheet date. Deferred tax assets arerecognised only to the extent that it is probablethat future taxable profits will be available against which the assets can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against currenttax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. The companies included in the consolidated financial statement are subject to income tax inthe countries where they are domiciled.Intangible assets: Internally developed software Costs related to internally developed software are capitalised to the extent that a future economic benefit associated with the development of identifiable intangible assets and costs can be reliably measured. Otherwisethe costs are expensed as incurred. Capitaliseddevelopment is amortised over their useful lives. Research costs are expensed as incurred.Fixed assets Fixed assets are valued at cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the gross carrying amount and depreciation are derecognised, and any gain or loss on thesale or disposal is recognised in the income statement.The gross carrying amount of fixed assets is the purchase price, including duties/taxes anddirect acquisition costs related to making the fixed asset ready for use.The depreciation periods and methods are assessed each year. The residual value is estimated every year-end and changes in the estimate for residual value are accounted for as an estimation change. The residual value othe Group\u2019s fixed assets is estimated to be nil.Leases Zalaris has applied IFRS 16 according to the following principles: a) Identifying a leaseAt the inception of a contract, Zalaris assesseswhether the contract is, or contains, a lease.A contract is, or contains, a lease if thecontract conveys the right to control the useof an identified asset for a period of time inexchange for consideration. To determinewhether a contract conveys the right to controthe use of an identified asset, the Groupassesses whether:\u2022 The agreement creates enforceable rights ofpayment and obligations\u2022 The identified asset is physically distinct\u2022 It has the right to obtain substantially all ofthe economic benefits from use of the asset\u2022 It has the right to direct the use of the asset\u2022 The supplier does not have a substantiveright to substitute the asset throughout theperiod of useb) Zalaris as a lesseeSeparating components in the lease contractZalaris accounts for each lease componentwithin the contract as a lease separately fromnon-lease components of the contract. Non-lease components, such as other occupancycosts related to office lease agreements, areaccounted for by applying other applicablestandards.c) Recognition of leases and exemptionsAt the lease commencement date, Zalaris recognises a lease liability and correspondingright-of-use asset for all lease agreements in which it is the lessee, except for the followingexemptions applied:\u2022 Short-term leases (defined as 12 monthsor less)\u2022 Low value assets (NOK 50,000 or less)For these leases, Zalaris recognises the leasepayments as other operating expenses in thestatement of profit or loss when they incur.d) Measuring the lease liabilityThe lease liability is initially measured atthe present value of the lease paymentsfor the right to use the underlying assetduring the lease term that are not paid atthe commencement date. The lease termrepresents the non-cancellable period of thelease, together with both periods covered by an option to extend the lease when Zalaris is reasonably certain to exercise that option, and periods covered by an option to terminate the lease when Zalaris is reasonably certain not to exercise that option. Based on relevant circumstances, Zalaris does consider whether to exercise extension options or termination options or not when determining the lease term. Zalaris is not expecting the terms for the extension period to be lower than the current market price at the time of execution of an extension period compared to similar lease agreements. The Group continuously evaluatesmore cost-effective leases as the business does not have assets that are particularly important.The lease payments included in the measurement comprise of:\u2022 Fixed lease payments (including in-substancefixed payments), less any lease incentivesreceivable\u2022 Variable lease payments that depend on anindex or a rate, initially measured using theindex or rate as at the commencement dateZalaris presents its lease liabilities as separate line items in the statement of financial position.e) Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise:\u2022 The amount of the initial measurement of thelease liability\u2022 Any lease payments made at or before thecommencement date, less any lease incen-tives received\u2022 Any initial direct costs incurred by the GroupThe right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use asset is depreciated from the commencement date to the earlier of the leaseterm and the remaining useful life of the right-of-use asset. The Group has elected to not apply the revaluation model for its right of use asset for leased buildings. The Group applies IAS 36 Impairment of Assetsto determine whether the right-of-use asset is impaired and to account for any impairment loss identified. The Group presents its right-of-use assets as separate line items in the consolidated statement of financial position.Trade and other receivables Trade and other receivables are non-derivativefinancial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest ratemethod, less impairment. Amortised cost is calculated by taking into account any discountor premium on acquisition and fees or costs that are an integral part of the effective interesrate. The effective interest rate amortisation is included in finance income in the statement of profit or loss The losses arising from impairment are recognised in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables.Trade receivables that do not contain a significant financing component, as defined by IFRS 15 \u2013 Revenue from Contracts with Customers, measured at the transaction price (e g, invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Determining whether a significant financing component exists involves considering things like the difference between the cash price for an asset and the transaction price in the contract, the term of the receivable and prevailing interest rates. As a practical expedient, Zalaris presumes that a trade receivable does not have a significant financing component if the expected term is less than one year. According to IFRS 9, Zalaris can recognise a loss allowance based on lifetime ECLs (Expected Credit Loss) after the simplified approach if the asset does not consist of a significant financing component in accordance with IFRS 15 Zalaris uses a provision matrix as a practical approach for measuring expected credit losses for trade receivables. The provision matrix is based on historical default rates within different ranges of overdue receivables for groupings of trade receivables that share similar default patterns. Groupings are made based on segment and product type. The provision matrix is also calibrated based on assessment of current and future financial conditions. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in themanufacturing sector, the historical default rates are adjusted. At every reporting date, thehistorical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be Cash and cash equivalents Cash and the equivalents include cash on hand, deposits with banks and other shortterm highly liquid investments with originalmaturities of three months or less.Financial liabilities The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes derivative financial instruments entered into by the Groupthat are not designated as hedging instrumentsin hedge relationships as defined by IFRS 9. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised and amortised over borrowing period. All other borrowing costs are expensed in the period in which they occurBorrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds as defined in IAS 23.Gains and losses are recognised in profit or loss when the liabilities are derecognised. For further information see note 19. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the GroupAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well asthrough the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies tointerest-bearing loans and borrowings.Pension plans Defined contribution plan The Group has only defined contributions plans. Contributions are paid to pension insurance plans and charged to the income statement in the corresponding period. Once the contributions have been paid, there are nofurther payment obligations.Share-based compensation The Group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options and restricted stock units (RSUs)) of the GroupThe fair value of the employee services received in exchange for the grant of the options or RSUs is recognised as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determinedby reference to the fair value of the options and RSUs 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 Grouprevises its estimates of the number of options and RSUs that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. If options are forfeited, the expenses relating to those options are reversed. The fair value of the options which have been estimated at grant date and are notsubsequently 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 (nominal value) and share premium.Earnings per share The calculation of basic earnings per share is based on the profit attributable to ordinaryshares using the weighted average number ofordinary shares outstanding during the year after deduction of the average number of treasury shares held over the period. The calculation of diluted earnings per share is consistent with the calculation of the basic earnings per share, but gives at the same timeeffect to all dilutive potential ordinary shares that were outstanding during the period, by adjusting the profit/loss and the weighted average number of shares outstanding for theeffects of all dilutive potential shares, i.e.: \u2022 The profit/loss for the period attributable to ordinary shares is adjusted for changes in profit/loss that would result from the conversion of the dilutive potential ordinary shares.The weighted average number of ordinary shares is increased by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary. representative of customer\u2019s actual default inthe future.1.3 New and amended standards and interpretations Below are comments on the standards relevanfor the Zalaris Group. Standards issued and effective The following standards effective as of 1st January 2022 (or before) does not have any implication for the Group, and hence had no effect on the figures presented as at 31 December 2022. \u2022 Amendments to IFRS 16 Lease (2021)\u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework (1st January 2022)\u2022 Amendments to IAS 16 \u2013 Property, plant and Equipment \u2013 Proceeds before intended use (1st January 2022)\u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 Cost of fulfilling a contract (1st January 2022) Standards issued but not yet effective Standards, amendments and interpretations to existing standards that are not yet effective and for which early adoption has not been applied by the Group, are listed below. The Group will adopt these new and amended standards and interpretations, if applicable, when they become effective.1.4 Key sources of estimation uncertainty and critical accounting judgments The preparation of the financial statements in accordance with IFRS requires management to make judgments, use estimates and assumptions that affect the reported amountsof assets and liabilities, income and expensesThe estimates and associated assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. The management does not assess that there are any specific areas for which there has been much estimation uncertainty. Critical accounting judgements Customer projects Revenues from outsourcing agreements are recognised over the term of the contract as the services are rendered. The related costs are recognised as they are incurred. Howevera portion of costs incurred in the initial phase of outsourcing contracts may be deferred when they are specific to a given contract, relate to future activity on the contract, will generate future economic benefits and are recoverable. These costs are capitalised as \u201ccustomer projects assets\u201d and any prepaid revenues by the client are presented separately as \u201ccustomer projects liabilities\u201d in the statement of financial position. When calculating cost, the hourly rates applied are based on estimates. The deferred costs are expensed evenly over the period the outsourcing services are provided and included in the line item \u201cAmortisation implementation cost customer projects\u201d. Prepayments from customers related to performance obligations that are satisfied over time are recognised as revenueover the period of which the performance obligation is satisfied.The principle requires management to ensure routines for correct and complete allocation of cost and prepaid revenues to the individual customer project and updated and accurate rates to be applied in the cost estimation. Capitalised customer projects are tested at least annually for impairment. Capitalisation of intangible assets Development costs of software have been capitalised as intangible assets to the extent it is assessed that future benefits can be substantiated. Judgment must be applied in determining which amount of expenses that can be capitalised. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its valuein use. The value in use calculation is based ona DCF model. The cash flows are derived fromthe budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performanceof the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the \u2022 IFRS 17 - Insurance Contracts (1st January 2023)\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current (1st January 2024)\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies (1st January 2024)\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates (1st January 2023)\u2022 Amendments to IAS 12 \u2013 Deferred Tax re-lated to Assets and Liabilities arising from aSingle Transaction (1st January 2023)The group is evaluating the Amendment to IAS 1 and IFRS Practice Statement 2 and howand if this will have have significant effect. The other amendments are expected to not have significant effect on the financial statements when implemented / effective.Note 2 \u2013 Segment information The Corporate Management Team is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. The Group is organised into business units based on its main products andservices and has two reportable segments, asfollows: The Managed Services segment, which includes a full range of payroll and HR outsourcing services, such as payroll processing, time and attendance, travel expenses as well as related cloud system solutions and services. This includes additional cloud-based HR functionality to existing outsourcing customers as talent management, digital personnel archive, HR analytics, mobile solutions, etc. These services are predominantly of a recurring nature and are generally based on long-term contracts (3 \u2013 7 years).The Professional Services segment, which includes the implementation of SAP HCM & Payroll and SuccessFactors, based on Zalaris templates, or implementation of customer-specific functionalities. This segment unit also assists customers with cost-effective maintenance and support of customers\u2019 own on-premise SAP solutions (\u201cAMO\u201d). The AMO services are generally of a recurring nature, and much of the services are based on long-term customer relationships.For internal reporting and management purposes the financial information is organisedby the two business segments by geography. During 2022, Zalaris established a new geographical region, encompassing the Asia-Pacific (APAC), headquartered in Australia. The new region offers products and services from both Professional Services and ManagedServices. The region, which is a greenfield investment, is not classified as a separate business segment, but is reported separately until it has reached a sustainable business level, for information purposes. Items that are not allocated to business segments are mainly intercompany sales, interest-bearing loans and other associated expenses and assets related to administrationof the Group. The Group\u2019s executive management is the chief decision maker in theGroup. The investing activities comprise total cost in the period for the acquisition of assets that have an expected useful life of more than one year.Share-based payments Estimating fair value for share-based paymentransactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option and RSUs orappreciation right, volatility and dividend yieldand making assumptions about them. The fairvalue of the RSUs is the weighted average share price at grant date. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 22.growth rate used for extrapolation purposes. These estimates are most relevant to goodwill or customer contracts recognised by the Group on acquisition. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in Note 9. If there are any indications of impairment, the Group will test if carrying amounts exceed its recoverable amount (higher of fair value less cost to sell and its value in use). Determining recoverable amount requires thathe management makes several assumptions related to future cash flows from these assets which may involve high degree of uncertainty. As of 31 December, no indication of impairment was identified.Deferred tax asset Deferred tax asset is recognised in the different entities where it is expected to be utilised within the jurisdiction in question, andaccording to expected future profits in the same jurisdiction. 2022Managed Professional Gr.Ovhd & (NOK 1000)ServicesServices APACUnallocated TotalRevenue, external 644 801 243 138 4 803 - 892 742Operating expenses (536 580) (213 865) (10 438) (25 675) (786 558EBITDA 108 221 29 273 (5 635) (25 675) 106 184Depreciation and amortisation (43 994) (9 281) (63) (29 151) (82 489EBIT 64 227 19 992 (5 698) (54 826) 23 695Net financial income/(expenses) (40 102) (40 102)Income tax (6 295) (6 295Profit for the period 64 227 19 992 (5 698) (101 223) (22 702Cash flow from investing activities (39 163202Managed Professional Gr.Ovhd & (NOK 1000)ServicesServices APACUnallocated TotalRevenue, external 529 685 245 580 - - 775 265Operating expenses (428 087) (218 921) - (26 314) (673 323)EBITDA 101 598 26 659 - (26 314) 101 942Depreciation and amortisation (39 598) (8 717) - (31 042) (79 357EBIT 62 000 17 942 - (57 356) 22 586Net financial income/(expenses) (7 571) (7 571Income tax (2 203) (2 203)Profit for the period 62 000 17 942 - (67 130) 12 812Cash flow from investing activities (14 345Geographic information The Group\u2019s operations are carried out in several countries, and information regardingrevenue based on geography based on geography per segment, where revenue in APAC has been included in the ProfessionalServices (PS) segment, is provided below. Information is based on location of the entitygenerating the revenue, which, to a large extent, corresponds to the geographical location of the customers. 2022 2021MS PS NOK 1000 as % of total MS PS NOK 1000 as % of totaNorway 198 785 1 067 199 852 22% 199 415 1 460 200 875 26%Northern Europe, 263 341 3 150 266 491 30% 218 728 2 318 221 046 29%excluding NorwayCentral Europe 160 714 213 968 374 682 42% 100 083 214 457 314 540 41%UK & Ireland 21 952 24 902 46 854 5% 11 555 27 249 38 804 5%APAC - 4 863 4 863 1% - - - 0%Total 644 792 247 950 892 742 100% 529 781 245 484 775 265 100%Information about major customers2022 2021as % of total NOK 1000 as % of total NOK 1000 Largest customer 10% 89 591 11% 88 720 5 largest customers 22% 197 362 24% 182 34810 largest customers 34% 302 994 36% 281 05420 largest customers 50% 441 600 54% 416 086The Group has only one customer, which accounts for more than 10% of the total revenue(ref. largest customer in the table above). Note 3 \u2013 Revenue fromcontracts with customersDisaggregated revenue information The Group\u2019s revenue from contracts with customers has been disaggregated and presented in note 2.Contract balances(NOK 1000) Note 2022 202Trade receivables 12 191 715 141 397Customer project assets 135 359 94 799Customer project liabilities (103 744) (66 452Trade receivables are non-interest bearing andare on general terms from 14 to 90 days credit.In 2022 NOK 125k (2021: NOK 234k) was recognised as provision for expected credit losses on trade receivables.Customer project assets are costs incurred on specific customers contracts, which will be used in satisfying performance obligations in the future, and that are recoverable. These aregenerally cost incurred in the implementation phase of customer contract for the delivery of BPO HCM services, and is a prerequisite for being able to deliver these services. They are incurred from own employees, external consultants and external suppliers. These costsare deferred and amortised evenly over the period the outsourcing services are provided. Customer project liabilities are generally payments from customers specific to a given contract, to cover part of the costs for the implementation of the outsourcing contract. The customer payments are recognised as revenue evenly as the Group fulfils the related performance obligations over the contract period. Prepayments from customers comprise a combination of short- and long-term advances from customers. The short-term advances are typically deferred revenues related to smaller projects or change orders related to the system solution. The long-term liabilities relate to initial advances paid upon signing the contract. These advances are contracted to be utilised by the customer on either transformation projects, change orders, or other projects. These advances are recognisedas revenue when the work is performed on agreed projects If the contract expires, or is terminated, any unused amount becomes the property of Zalaris, and is recognised asrevenue by the Group. Movements in customer project liabilities through the period:(NOK 1000) 2022 2021Opening balance 1 January 94 799 78 246Cost capitalised 67 771 51 350Amortisation (31 638) (29 874Currency 4 427 (4 923Customer projects assets 135 359 94 799Movements in customer project liabilities through the period:(NOK 1000) 2022 2021Opening balance 1 January (66 452) (50 256Revenue deferred (62 134) (41 356Revenue recognised 20 807 21 70Currency 4 035 3 458Customer project liabilities (103 744) (66 453)Performance obligations Information related to the Group\u2019s performanceobligations and related revenue recognition is summarised below: Professional services (Consulting) Consulting services consist of services delivered and defined by project plans with defined milestones and completion specifications (one performance obligation). The performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group recognises revenue based on the labour hours incurred relative to the total expected labour hours to complete the installation. Where contracts have clauses of support hours utilised by the customer the revenue is recognised when support has beendelivered. In contracts where some unused hours may be transferred to later periods the performance obligation is not deemed fulfilled,and revenue is only recognised when the hours later are utilised or on the last possible time of transfer of un-utilised hours to future periods. Managed Services (Outsourcing and Cloud) HR Outsourcing normally consists of services delivered on a regular basis. Typically, the deliverables for these contracts are payroll services where different variable elements are delivered. These may be salary calculation, payslip delivery, accounting reports, official statistics reporting, travel expense claims reimbursed, sick leave registration and reporting etc. All the deliverables are highly interrelated and therefore not capable to be distinct, i.e. one performance obligation. The performance obligation is satisfied over time, because the customer simultaneously receivesand consumes the benefits provided by the Group. The Group recognises revenue based on the labour hours incurred. Cloud services delivered by the Group comprise of several deliverables (hosting, licenses etc.), all the deliverables are highly interdependent and are therefore deemed to be one performance obligation. The revenue from the cloud services is recognised over time, since the customer simultaneously receives and consumes the benefits provided by the Group. Transaction price The transaction price is determined either by fixed agreed price per period for licenses and hosting services while for outsourcing and consulting the actual consumption, being manhours spent or customer employee transactions initiated, on agreed price per unit. The variable element of the contracts are typically not limited on customer-initiated transactions while transition and change projects can be limited. The transaction price is distributed over the time the services has been rendered. Remaining performance obligation All material contracts with the customers are for periods of one year or less, or are billed based on time incurred or products or servicesdelivered. As permitted under IFRS 15, the transaction price allocated to these unsatisfiedcontracts is not disclosed.Note 4 \u2013 Personnel expenses(NOK 1000) 2022 2021Salary 416 264 357 333 Bonus 18 719 19 452 Social security tax 61 387 55 823 Pension costs (see note 17) 21 841 18 480 Share based payments (see note 22) 8 627 5 749 Other personnel expenses 14 992 11 906 Capitalised to internal development projects (14 540) (11 444)Capitalised to customer project assets (43 466) (42 777) Total personnel expenses 483 824 414 522 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costswith NOK 8.5 million2022 202Average number of employees 959 81Average number of FTEs 884 733See note 20 for transactions with related partiesNote 5 \u2013 Other operating expenses(NOK 1000) 2022 2021External consultants for customer projects 97 214 95 287 External services 32 692 21 054 IT and telecom 41 706 37 516 Office premises 14 762 8 930 Travel and accomodation 15 096 7 910 Freight, postage etc. 11 532 6 506 Marketing 7 382 5 121 Audit & Accounting 4 691 5 154 Other expenses (2 537) 3 836 Total other operating expenses 222 538 191 314 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costs with NOK 8.5 millionAuditors fee(NOK 1000) 2022 2021Auditor fee 3 231 2 559Fee for tax services 668 458 Other attestation services - 142Other fees 350 - Total 4 249 3 159Note 6 \u2013 Finance income and finance expenses(NOK 1000) 2022 202Interest income on bank accounts and receivables 304 99Currency gain 6 028 19 988Other financial income 1 232 1 372Finance income 7 564 21 459Interest expense on financial liabilities measured at amor- 18 522 17 625tised costCurrency loss 21 079 5 685Interest expense on leasing 2 237 1 28Other financial expenses 5 829 4 440Finance expenses 47 667 29 03Net financial items (40 103) (7 572Note 7 \u2013 Income Taxes(NOK 1000) 2022 202Tax paid / payable (12 991) (8 917Changes in deferred taxes 6 696 6 714Tax expense (6 295) (2 203Effective tax rate:(NOK 1000) 2022 202Ordinary profit before tax (16 407) 15 014Tax at Zalaris ASA's statutory tax rate of 22 % 3 610 (3 303Effect of different tax rates and impact of changes in rates and legislation 280 3 607Non tax deductible costs and other permanent differences 73 (2 386)Losses not recognised as deferred tax assets (9 773) Adjustments in respect of prior years and other adjustments (485) Tax expense (6 295) (2 203Effective tax rate -38,4 % 14.7 %Tax payable in balance sheet:(NOK 1000) 2022 202Calculated tax payable 3 270 2 550Total income tax payable 3 270 2 550Specification of tax effects of temporary differences:(NOK 1000) 2022 202Property, plant, equipment and immaterial assets 66 678 82 557Other differences (3 393) (3 155)Tax losses carry forward (114 189) (99 028)Total temporary differences (50 904) (19 626Deferred tax:(NOK 1000) 2022 202Total deferred tax assets 29 837 26 999Total deferred tax liability 23 899 26 836Net recognised deferred tax/(liability) 22 % 5 938 163The Group offsets tax assets and liabilities, if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities. In 2022 the group has an uncapitalised tax asset in the holding companyof NOK 9.8 million. The tax loss carried forwardrelating to uncapitalised tax asset is NOK 44.4 million.The Group has tax losses, which have arisen in Norway, of NOK 144.4 million as of 31 December 2022 that has no expiration date (NOK 101.9 million). As of 31 December 2022 the Group has deferred tax liabilities of NOK 4.8 million on excess values in connection with the acquisition of vyble GmbH. Note 8 \u2013 Earnings per shareThe calculation of basic earnings per share is based on the net income attributable to the shareholders of the parent company and a weighted average number of shares outstanding during the years ending 31 December 2022 and 31 December 2021 respectively. Shares issued during the periods are included in the calculations of weighted average number of shares from the date the shares issue was approved by the general meeting. Diluted equity instruments outstanding are related to employee share based purchase programs. (NOK 1000) 2022 202Net profit/(loss) attributable to ordinary equity holders of the (38 720) 12 812parentWeighted average number of shares 21 594 586 21 293 532Weighted average diluted number of shares 21 594 586* 22 736 146Basic earnings per share (NOK) (1,79) 0,60Diluted earnings per share (1,79) 0,56* 2 126 541 shares (employee share options) are not included in average diluted number of shares as the company is presenting a loss for the year 2022Note 9 \u2013 Intangible assetsInternally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total Acquisition costAt 1st January 2021 38 473 99 931 11 068 106 178 160 418 416 068Additions through acquistions 936 2 006 14 509 - - 17 45Additions of the year 17 153 - - 17 632 33 368 68 153Disposals of the year (19 889) (25 974) (4 627) - - (50 490)Reclassifications - 13 615 (13 615) - - Currency effects (1 978) (1 124) 1 258 (2 948) (5 943) (10 735At 31 December 2021 34 695 88 454 8 593 120 862 187 843 440 447Additions through acquistions 6 975 - - - 2 045 8 84Additions of the year 42 6 385 15 734 - - 22 16Disposals of the year (227) (3 594) - - - (3 821Miscellaneous and reclassifications 1 608 5 995 (2 549) - - 2 858Reclassifications held for sale (6 795) - - - (2 045) (8 841Currency effects 1 319 661 (936) 5 094 7 991 16 324At 31 December 2022 37 437 97 901 20 841 125 956 195 834 477 969Internally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total AmortisationAt 1st January 2021 35 561 62 488 - 37 705 - 135 754Disposals of amortisation and currency effects (19 880) (25 562) - - - (45 442Acquisitions 17 632 - - - - 17 632This year's ordinary amortisation 479 16 981 - 11 836 - 29 296Miscellaneous - (1 602) - (1 146) - (2 748)Currency effects (950) (339) - (739) - (2 028At 31 December 2021 32 842 51 966 - 47 656 - 132 464Disposals of amortisation (227) (3 594) - - - (3 821This year's ordinary amortisation 1 032 15 551 - 11 826 - 28 409Miscellaneous 1 608 - - - - 1 608Currency effects 1 242 366 - 2 726 - 4 334At 31 December 2022 36 497 64 289 - 62 208 - 162 994Net book valueAt 31 December 2021 1 853 36 488 8 594 73 206 187 843 307 983At 31 December 2022 940 33 612 20 841 63 748 195 834 314 975Useful life 3-10 years 5 years N/A 10 years IndefiniteDepreciation method linear linear linearThe goodwill and customer relationships & contracts in the table above relate to the acquisitions of sumarum AG (sumarum) and Roc Global Solution Ltd. (ROC) in 2017 and ba.se services and consulting GmbH (ba.se) in 2021. NOK 110.6 million of the goodwill relates to Managed Services and NOK 77.3 million relates to Professional Services. The calculated recoverable amount of Goodwill has been calculated based on the corresponding CGU in each of its segments Managed Services and Professional Services. The recoverable amount is based on a value-in-use calculation, using cash flow projections for the next 5 years. The cash \ufb02ow projections are based on segment estimates for the period 2023 to 2027, with the first year being based on board approved budgets, and the remaining years based on the business plan. Only expected organic growth has been included in the revenue projections. A terminalvalue is included in the calculations. Estimates and pertaining assumptions are made to the best of the management\u2019s knowledge of historical and current events, experience and other factors that are deemed reasonable in the circumstances. The revenue growth and EBITDA margins assumptions are partly based on known new customer contracts, that will have a revenue effect in later years, the size of the pipeline of potential new customers andprojects, and general developments in the cosbase. Capital investments required and the development in working capital, which are partof the cash flow projections, are largely basedon historical figures.The value-in-use calculation is most sensitive to the following assumptions: \u2022 Revenue: (5 % organic growth)\u2022 EBITDA / EBITDA margin\u2022 Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash \ufb02ow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. The beta factor is evaluated annually based onpublicly available market data and is the samefor all segments.A conservative growth assumption of 1.5% (2021: 1.5%) is applied in the terminal value, which is slightly below the in\ufb02ation targets for the markets in which the Group operates.A headroom sensitivity analysis has been carried out, which indicates sensitivity to changes in WACC and operating profit. The range is +/-20% in EBITDA and +/-2% in WACC. 2022Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital8,7% 9,7% 10,7% 11,7% 12,7%-20,0% 183 103 40 (11) (52-10,0% 356 255 175 111 59Percentage change in EBITDA0,0% 529 406 310 233 17010,0% 702 558 445 355 28020,0% 875 710 580 476 39Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital7,2% 8,2% 9,2% 10,2% 11,2%-20,0% 291 224 175 137 107-10,0% 370 291 233 189 153Percentage change in EBITDA0,0% 449 359 292 241 20010,0% 529 427 351 293 24620,0% 608 494 410 345 2932021Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital6,0% 7,0% 8,0% 9,0% 10,0%-20,0% 477 312 198 114 50-10,0% 719 510 365 259 178Percentage change in EBITDA0,0% 961 708 533 404 30610,0% 1 202 905 700 549 43420,0% 1 444 1 103 867 694 561Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital5,3% 6,3% 7,3% 8,3% 9,3%-20,0% 537 391 295 227 177-10,0% 663 491 378 298 239Percentage change in EBITDA0,0% 790 591 461 369 30010,0% 916 691 544 440 36220,0% 1 042 792 627 510 424Note 10 \u2013 Property, Plant and Equipment(NOK 1000) Land Buildings Vehicles Furniture IT- equip- Total and ment fixtures Acquisition costAt 1st January 2021 3 942 25 276 554 18 888 8 422 57 082Additions through acquisition - 28 - 3 500 - 3 528Additions of the year - - - 381 1 251 1 632Disposals of the year - - (473) (3 093) (2 042) (5 608Currency effects (183) (1 173) (26) (228) (82) (1 692At 31 December 2021 3 759 24 131 55 19 448 7 549 54 942Additions through acquistions - - - - - Additions of the year - - - 1 495 4 189 5 684Disposals of the year - - (57) (4 879) (2 085) (7 021)Miscelaneous - - - (1 097) 1 097 Currency effects 211 1 351 2 624 325 2 513At 31 December 2022 3 970 25 482 - 15 591 11 075 56 118 Furniture and IT- equip-(NOK 1000) Land Buildings Vehicles fixtures ment TotaDepreciationAt 1st January 2021 - 1 559 539 15 358 7 109 24 565Accumulated depreciation at - (19) - (3 402) - (3 421closing on additions through acquisitionsDisposals of ordinary depreci- - - (473) (3 093) (2 042) (5 608ationThis year's ordinary depreciation - 521 15 8 026 1 124 9 686Currency effects - (72) (25) 165 (201) (133)At 31 December 2021 - 1 989 56 17 054 5 990 25 089Disposals of ordinary depreci- - - (57) (4 563) (2 012) (6 632ationThis year's ordinary depreciation - 489 - 999 2 419 3 907Miscelaneous - - - (1 096) 1 096 Currency effects - 133 2 413 119 667At 31 December 2022 - 2 611 1 12 807 7 612 23 03Net book valueAt 31 December 2021 3 759 22 144 (1) 2 394 1 559 29 856At 31 December 2022 3 970 22 871 (1) 2 784 3 463 33 087Economic life indefinite 50 years 3 years 5 years 3 yearsDepreciation method none linear linear linear linearNote 11 \u2013 Right-of-use Assets and Lease LiabilitiesZalaris as a lesseeRight-of-use assets Zalaris leases several assets such as buildingsequipment and vehicles. The Group\u2019s right-of-use assets are categorised and presented in the table below: Right-of-use assets(NOK 1000) Buildings Equipment Vehicles TotaAcquisition costAt 1 January 2021 51 490 4 329 6 991 62 810Additions and adjustments 18 929 308 5 617 24 854Disposals (220) - (160) (380Currency changes (630) 22 238 (37031 December 2021 69 569 4 659 12 686 86 914Additions and adjustments 35 301 1 542 1 833 38 676Disposals (1 812) - - (1 812Currency changes 243 24 - 267At 31 December 2022 103 301 6 225 14 519 124 045Right-of-use assets(NOK 1000) Buildings Equipment Vehicles TotaDepreciationAt1 January 2021 32 361 3 055 5 617 41 033Depreciation 13 618 343 2 153 16 114At 31 December 2021 45 979 3 398 7 770 57 147Depreciation 14 325 748 3 253 18 326Currency 37 8 163 208At 31 December 2022 60 341 4 154 11 186 75 68Carrying amount at 31 December 2021 23 588 1 261 4 916 29 765Carrying amount at 31 December 2022 42 960 2 071 3 332 48 363Lease liabilities(NOK 1000) 2022 202Current 17 783 14 423Non-current 32 328 16 445Lease liabilities at 31 December 2022 50 111 30 868Interest expense included (in finance cost) 2 237 1 281Operating expenses related to short-term leases - 160Operating expenses related to low value assets 10 122Total cash outflows for leases 20 121 17 048Extension options Zalaris\u2019 lease of buildings has lease terms that vary from one year to ten years, and several agreements involve a right of renewal which may be exercised during the last period of the lease term. Zalaris assesses at the commencement whether it is reasonably certain to exercise the renewal right. This is because the Group is not expecting the terms for the extension period to be lower than the current market price at the time of execution oan extension period compared to similar leaseagreements. Zalaris continuously evaluates more cost-effective leases, as the Group does not consider these assets to be critical to the business. The leases do not contain any restrictions on Zalaris\u2019 dividend policy or financing. Zalaris does not have significant residual value guarantees related to its leases to disclose.Note 12 \u2013 Trade Accounts Receivables(NOK 1000) 2022 202Gross trade accounts receivable 191 839 141 634Provisions for losses (125) (237Trade accounts receivable 191 714 141 397Losses on trade accounts receivable are classified as other operating expenses in the income statement. See note 19 for assessmenof credit risk. Movements in the provision for loss are as follows: 2022 202Opening balance (237) (350Provision of the year (41) (46Realised loss this year 153 159Closing balance (125) (237Calculation of the expected credit losses Determine the 0 days 1-30 days 31-60 days 61-90 days More than 90 Totalexpected credit losspast duepast duepast duepast duedays past dueBalances outstanding 148 809 32 500 6 680 1 360 2 490 191 839at reporting dateExpected credit losses 0,03% 0,16% 0,19% 0,20% 0,20%Expected credit loss 52 53 13 3 5 125allowanceDetails on the credit risk concerning tradeaccounts receivable are given in note 19.The Group had the following trade accountsreceivable due, but not paid or written off(NOK 1000) Total Not due <30 d 30-60d 60-90d >90d31 December 2022 191 715 148 795 32 500 6 680 1 365 2 37531 December 2021 141 397 116 216 18 430 2 222 487 4 043Expected credit loss 52 53 13 3 5 125allowanceNote 13 \u2013 Other Current Assets(NOK 1000) 2022 202Advances to employees 1 352 34Prepaid rent 903 550Prepaid hardware 1 437 Prepaid software 1 193 558Prepaid insurance 943 830Prepaid other expenses 1 252 2 04Prepaid maintenance and service 796 1 539Accrued income 25 625 8 070Public duties and taxes 6 671 2 653Other receivables 1 809 3 03Deposit accounts 6 244 Total other short-term receivables 48 225 19 613Note 14 \u2013 Cash and Cash Equivalents andShort-Term Deposits (NOK 1000) 2022 202Cash in hand and at bank - unrestricted funds 87 706 170 034Deposit accounts - guarantee rent obligations - restricted funds - 2 078Employee withheld taxes - restricted funds 4 090 4 112Cash and cash equivalents in the balance sheet continuing operations 91 796 176 224Cash discontinuing operation 1 655 Cash and cash equivalents in the balance sheet continuing and 93 451 176 224discontinuing operationsShort-Term Deposits The Group pays salaries on behalf of its customers. For this purpose, separate deposit accounts are established. These deposits accounts are not recognised in the Group\u2019s balance sheets. The table below provides information about on the total balance of thesedeposit accounts.Short-term deposits(NOK 1000) 2022 202Customer deposits 94 1 318Note 15 \u2013 Share Capital and Shareholderinformation and dividendShares 2022 202Shares - nominal value NOK 0,10 22 135 279 22 135 279Total number of shares 22 135 279 22 135 279The nominal value of the share is NOK 0.10. Althe shares in the company have equal voting rights and are entitled to dividend. The computation of earnings per share is shown in note 8.The major shareholders at 31. December 2022 are:Shareholder Number of shares: % of totaNorwegian Retail AS 2 891 482 13,06%Skandinaviska Enskilda Banken AB 2 170 440 9,81%Verdipapirfondet Alfred Berg Gamba 2 056 346 9,29%J.P. Morgan Se 1 044 168 4,72%Protector Forsikring ASA 1 001 663 4,53%Vestland Invest AS 910 659 4,11%Vpf Dnb Norge Selektiv 720 642 3,26%Verdipapirfondet DNB SMB 608 479 2,75%Verdipapirfondet Nordea Avkastning 507 705 2,29%Verdipapirfondet Nordea Norge Plus 466 816 2,11%Verdipapirfondet Nordea Kapital 367 540 1,66%Tigerstaden Invest AS 351 700 1,59%\u00d8lja AS 349 650 1,58%AS Mascot Holding 320 000 1,45%Skandinaviska Enskilda Banken AB 300 000 1,36%N\u00e6ringslivets Hovedorganisasjon 283 217 1,28%Harlem Food AS 265 533 1,20%Taconic AS 262 040 1,18%BSN AS 240 000 1,08%Shares owned by the Company 540 693 2,44%Others 6 476 506 29,26%Total 22 135 279 100,00%Equity and dividend The General Meeting held on 20 May 2022, approved a dividend of NOK 0.35 per share, amounting to NOK 7.6 million, which was paid in June 2022. The board will propose to pay adividend for 2022 of NOK 0.50 per outstandingshare, which amounts to NOK 21.6 million, to be paid to the shareholders of the parent company, subject to the Company being in compliance with the incurrence test in the bond loan agreement. The Company has not accrued for the proposed dividend for 2022. Assets pledged as security Shares in all subsidiaries of Zalaris ASA have been pledged as guarantee for the bond loanIn addition, assets in the subsidiaries Zalaris HR Services Norway AS, Zalaris HR Services Sweden AB, Zalaris HR Services Denmark AS,Zalaris HR Services Finland OY and Zalaris Deutschland GmbH have been pledged as guarantees for the loan. Nordea has pledged guarantee of NOK 7 million against assets in Zalaris ASA as security for bank deposits.Note 16 \u2013 Interest-Bearing Loans and Borrowings (NOK 1000) 2022 2021Financial institution Maturity Duration Interest rate non-current current Total non-current current TotalOslo Stock Exchange* Agreement - - - - 368 208 368 208 346 806 - 346 806Commerzbank, Bank** Bank loan Dec 2031 14 years 1.3% 9 874 1 234 11 108 10 519 1 169 11 688KfW Bank, Germany Bank loan Dec 2022 10 years 2,45 - 4 % - - - 562 187 749De Lage Landen Finans Leasing Jan 2028 5 years 7,05% 1 017 251 1 268 - - -Interest-bearing debt and 10 891 369 693 380 584 357 887 1 356 359 243borrowings*The bond loan was repaid in March 2023. See note 25 for further details.**Zalaris Deutschland GmbH entered a loan agreement with Commerzbank in March 2017 related to the financing of the office building in Leipzig.Total loans(NOK 1000) 2022 2021Lease Interest-bearing debt and borrowings Total Lease Interest-bearing debt and borrowings TotaAt 1 January 2022 30 869 359 243 390 112 22 896 377 077 399 973Additions 39 363 - 40 714 24 102 - 25 020Payments 2022 (20 121) (2 650) (23 022) (17 048) (1 919) (18 967Currency changes - 23 990 23 990 918 (15 914) (15 914At 31 December 2022 50 110 380 583 431 794 30 868 359 244 390 112Guarantees and commitments There are not issued any guarantees from theparent company on behalf of the Company against third parties. The Company is a certified SAP BPO partner. SAP BPO Partners offer the full stack of business process outsourcing services based on SAP SF and SAP HCM business applications. Certified providers undergo a rigorous assessment of their delivery and support capabilities every two years by SAP\u2019soutsourcing partner certification group. The agreement involves commitments for future purchases of licenses and maintenance fees amounting to NOK 21.6 million (NOK 25.9 million).For leasing liabilities relating to right-of-use assets, see note 11. Note 17 \u2013 Pensions Pension for employees in the Norwegian entities The Group is required to have an occupational pension scheme in accordance with the Norwegian law on mandatory occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d). The Group\u2019s pension schemes satisfy the requirements of this law, and represent a defined contribution plan, with disability coverage. At the end of the yearthere were 110 (141) participants in this defined contribution plan, including the AFP-scheme.The pension expenses equal the calculated contribution for the year and is NOK 4.4 million(NOK 5.3 million). The scheme is administered by Storebrand.In 2016 a new AFP-scheme was established. The new AFP-scheme is not an early retirement plan, but a plan that gives a lifelongcontribution to the ordinary pension. The employees can choose to exercise the new AFP-scheme starting at the age of 62 years, also in combination with continued work, and the annual regular post-employment benefits increases in the new scheme if early AFP retirement is rejected. The new AFP-scheme is a defined benefit multi-employer plan which is financed through contributions that are determined by a percentage of the employee\u2019searnings. There is currently no reliable measure and allocation of liabilities and assetsin the plan. The plan is accounted for as a defined contribution plan which means that thecontributions are recognised as expenses withno provisions.The premium paid during 2022 was 2.6% of salary between 1 G and 7.1 G. 1G equals NOK 111.5k as of 31 December 2022 (NOK 106.4k).The AFP-scheme does not publish any estimates on future rate of premiums, but it is expected that the premiums will be increased over time to meet the expectations of increased pension payments. Pensions for other employees Employees in Group companies outside Norway have pension plans in accordance with local practice and local legislation. The Group has only defined contribution plans. Contributions are paid to pension insurance plans and charged to the income statement in the corresponding period. Once the contributions have been paid, there are no further payment obligations.Denmark has defined contribution plans for all employees, a total of 28 people end of the year. Finland has a defined contribution plan for all its employees, a total of 45 employees. Sweden has a defined contribution plan for all employees, a total of 54 employees. UK has a defined contribution plan for all employees, atotal of 40 employees. Germany has defined contribution plan for executive employees.Total expenses recognised related to pensionin 2022 amounted to NOK 21.8 million (NOK 18.5 million). Note 19 \u2013 Financial InstrumentsFinancial instruments by categoryFinancial assets Fair value Financial at amortised through profit liabilities at Total book2022costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 191 715 191 715Other short-term receivables 41 981 41 981Cash and cash equivalents 91 796 91 796Total 331 736 - - 331 736Financial liabilities at amortised costContigent considerations 659 659Borrowings, long term 10 891 10 89Borrowings, short term 369 693 369 693Trade accounts payables 45 407 45 407Other short-term debt 92 003 92 003Total - 659 517 994 518 653Note 18 \u2013 Other Short-Term Liabilities(NOK 1000) 2022 2021Prepayments from customers* 18 711 9 474Wages, holiday pay and bonus 26 139 21 632Accrued expenses and other current liabilities 47 153 42 815Total 92 003 73 92* Prepayments from customers both relate to prepayments of fixed service fees for the first month starting outsourcing deliveries, and prepayments related to liabilities for transferred personnel.Financial risk management The Group has some exposure to risks from itsuse of financial instruments, including credit risk, liquidity risk, interest rate risk and currencyrisk. This note presents information about the Group\u2019s exposure to each of the above-mentioned risks, and the Group\u2019s objectives, policies and processes for managing such risks. At the end of this note, information regarding the Group\u2019s capital management is provided.Market Risk from Financial Instruments Market risk is the risk that the fair value of future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market prices.Market prices comprise three types of risk: market risk (e.g. interest rate risk and currency risk), commodity price risk and other price risk. The Company\u2019s financial instruments are mainly exposed to interest rate and currency risks. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. The Group\u2019s interest risk mainly relates to the Company\u2019s bond loan of EUR 35 million (ref. Note 16), which has an interest rate equal to the 3 months Euribor plus 4.75%. Any +0.5 percentage point increase in the 3 monthsEuribor would increase the Group\u2019s annual interest expense by approximately NOK 1.9 million. The interest risk is thus considered to be moderate.Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in foreign exchange rates. The Company is primarily exposed to foreign exchange risk arising from various currency exposures with respect to the SEK, EUR and GBP in relation toits debt obligations as well as from commerciatransactions.For operational transactions denominated in currencies other than the functional currency of the entities in the Group, the Company\u2019s policy is to exchange into foreign currency as required on a spot basis. Most transactions carried out by Group entities are done in the functional currency of those entities.As of 31 December 2022 the Company has a Euro-based bond loan of EUR 35 million. Per 31 December 2022 the Company had an unrealised currency loss amounting to NOK 44,7 million (2021 NOK 25.1 million) related to this loan. Otherwise, the Group has limited exposure to currency risk from assets and liabilities recognised as of 31 December 2022 that are denominated in currencies other than the functional currency of the Group entities. As of 31 December 2022 the Group has currency exposure from EUR, DKK, INR, Financial assets Fair value Financial at amortised through profit liabilities at Total book2021costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 141 397 141 397Other short-term receivables 19 614 19 614Cash and cash equivalents 176 224 176 224Total 337 235 - - 337 235Financial liabilities at amortised costDerivatives, Interest rate swaps 249 249Contigent considerations 4 065 4 065Borrowings, long term 357 887 357 887Borrowings, short term 1 356 1 356Trade accounts payables 18 257 18 257Other short-term debt 73 921 73 921Total - 4 314 451 421 455 735Fair value of financial instruments The Group classifies fair value measurementsby using a fair value hierarchy which re\ufb02ects the importance of the input used in the preparation of the measurements. The fair value hierarchy has the following levels:It is assessed that the carrying amounts of financial instruments recognised at amortisedcost in the financial statements approximate their fair values. The assessment is based on ajudgment that difference between interest rateat year-end compared to draw down. Value assessment of liabilities of financial instrumentsis set Level 3 in the fair value hierarchy. In 2022 the Group realised a gain of NOK 0.8 million (2021 NOK 0.0) on fair value through profit and loss. SEK, GBP, CHF and PLN. It is mainly the EUR exchange rate that constitutes a currency risk for the Company. A +/-5% change in the exchange rate of EUR vs NOK would have resulted in a finance gain/loss pre-tax of approximately NOK 17.7 million, with most of thepotential loss/gain related to the EUR 35 millionbond loan.Credit Risk Credit risk is the risk that a counterparty will notmeet its obligations under a financial instrumentor customer contract, leading to a financial loss.The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, derivatives, debt instruments and account receivables. The counterparty to the cash and cash equivalents and deposits banks which areassessed to be solid. Trade Receivables and Contract Assets Customer credit risk is managed by each business unit subject to the Group\u2019s establishedpolicy, procedures and control relating to customer credit risk management. Credit qualityof a customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contractassets are regularly monitored. The Group has a customer portfolio of well-known companies and has had low credit losses (Note 16). An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provisionrates are based on days past due for groupingsof various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation re\ufb02ects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respecto trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Liquidity risk Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group\u2019sapproach to managing liquidity risk is to ensurethat it will always have enough liquidity to meetits financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Prudent liquidity risk management implies maintaining enough cash and the availability of appropriate funding.The table below details the contractual maturities for the Group\u2019s financial liabilities. NOK 368.2 million of the short-term borrowingsThe tables do not include interest paymentsThe contractual amounts were estimated based on the closing exchange rates at balance sheet date.Per 31 December 2022Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 7 188 3 703 10 891Borrowings, short term 348 369 345 369 693Trade creditors and other short term liabilities 45 407 73 291 18 711 137 409Leasing IFRS 16 4 010 13 773 27 009 5 319 50 11Total liabilities 49 765 456 409 52 908 9 022 568 104Per 31 December 2021Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 352 628 5 259 357 887Borrowings, short term 330 1 027 1 357Trade creditors and other short term liabilities 18 257 64 447 9 474 92 178Leasing IFRS 16 3 588 10 764 16 517 30 869Total liabilities 22 175 76 238 378 619 5 259 482 29b) Remuneration to senior group management and the board(NOK 1000) 2022 2021Short-term benefit 14 172 13 270Pension benefits 783 758Share-based payment 5 775 9 614Total 20 730 23 642Further details can be found in the annual remuneration report for 2022 published on www.zalaris.com of NOK 369.3 million relates to the bond loan repaid in March 2023. See note 25 for further information. Capital management A key objective in relation to capital management is to ensure that the Company maintains a sufficient capital structure in order to support its business development and to maintain a strong credit rating. The Company evaluates its capital structure in lighof current and projected cash \ufb02ows, potential new business opportunities and the Group\u2019s financial commitments.The Company has a long-term equity ratio target of between 25 \u2013 30%. The equity ratio as of 31 December 2022 was 18.1% (2021: 25.3%).The Group aims to maximise shareholder return over time, and the long-term target is todistribute dividends to shareholders of around50% of the annual net profit before tax, takinginto consideration its outlook, investment opportunities and financial position. There arerestrictions on dividend payments in the bondloan agreement.In order to maintain or adjust the capital structure, the Company may issue new sharesor obtain new loans.Note 20 \u2013 Transactionswith Related Partiesa) Purchase from related partiesRelated Party Transaction 2022 2021Rayon Design AS1) Management 2 815 2 274ServicesTotal 2 815 2 2741) Norwegian Retail AS, a company owned 100% by Hans-Petter Mellerud, CEO of Zalaris ASA, owns 40% of the shares in Rayon Design AS. All pricing is done on armth length principleNote 21 \u2013 Overview of Subsidiaries The following subsidiaries are included in the consolidated accountsCompany Country \"Ownership/Voting shareba.se consulting & services GmbH Germany 100%vyble GmbH Germany 90%Zalaris Australia Pty Ltd Australia 100%Zalaris Deutschland AG Germany 100%Zalaris France SAS France 100%Zalaris HR Services Denmark A/S Denmark 100%Zalaris HR Services Espa\u00f1a SL Spain 100%Zalaris HR Services Estonia Estonia 100%Zalaris HR Services Finland OY Finland 100%Zalaris HR Services India Pvt Ltd India 100%Zalaris HR Services Ireland Ltd Ireland 100%Zalaris HR Services Latvia SIA Latvia 100%Zalaris HR Services Lithuania UAB Lithuania 100%Zalaris HR Services Norway AS Norway 100%Zalaris HR Services Sverige AB Sweden 100%Zalaris Magyarorsz\u00e1g Kft Hungary 100%Zalaris Polska Sp Z.o.o Poland 100%Zalaris Singapore Pte Ltd Singapore 100%Zalaris UK Ltd UK 100%Note 22 \u2013 Share-based payment plan Zalaris ASA (the \u201cCompany\u201d) operates a share-based payment plan for members of theexecutive management and key employees. The share-based payment plan consists of a share option program and restricted stock units (\u201cRSUs\u201d). The costs recognised for the share-based payment plan are shown in the following table(NOK 1000) 2022 202Restricted Stock Units 1 101 5 749Employee share options 7 526 318Accrued social security costs (110) 1 444Total recognised costs 8 517 7 51Accrued payroll tax at the end of the period 118 643Restricted stock units The general meeting of Zalaris ASA held on 18 May 2021, gave the Board the authority to grant up to 135,000 RSUs annually to executivemanagement, with matching requirements. Under this plan the executive management may convert up to 50% of approved bonuses to RSU\u2019s at a 100% higher value (e.g. NOK 50k of annual bonus is converted to NOK 100k worth of RSUs). The purpose of the RSUs is to further align the interests of the Company, its subsidiaries and its shareholders by providing long term incentives in the form of an own investment in the Company done by the participant and matching awards (the RSUs).The granted RSUs have a three-year vesting period. The RSUs require the employee to purchase the required number of matching shares at the grant date and hold these until the RSUs are fully vested. Non-vested RSUs are cancelled when the employee has given notice of termination and are treated as forfeited. If for some reason the Company is not holding a sufficient number of shares at the relevant settlement date, any RSUs awarded and settled under the plan shall be settled by a cash bonus payment equal to the fair market value per share on the date of settlement multiplied by the number of RSUs. A total of 41,031 RSUs were granted in 2022 (2021: 18,041).The Company will do its utmost to settle the granted RSUs as shares, and thus accounts fothe RSUs as an equity-settled plan. The following table illustrates the number oRSUs outstanding:Number of RSUs 2022 2021Outstanding at the beginning of the period 125 268 307 152Granted 41 031 18 04Released (100 000) (199 925)Outstanding at the end of the period 66 299 125 268The fair value of the RSUs is the weightedaverage share price at grant date:The weighted average assumptions used 2022 202Expected life of RSUs (year) 3,00 3,00Weighted average share price 47,00 66,00Share Option Program The general meeting of Zalaris ASA held on 18 May 2021, gave the Board the authority to grant up to 1 million employee share options annually for a three-year period. The strike price is based on the weighted average shareprice for seven days preceding the grant. The options granted vest after 36 months. Each share option corresponds to one share. Employee share options are not subject to anyperformance-based vesting conditions. The Company has the option to settle the share options in cash, however they have no legal or constructive obligation to repurchase or offer cash-settlements for options granted. Non-vested share options are cancelled when the employee has given notice of termination and are treated as forfeited. A total of 807,000 options were granted in 2022 (2021: 971,500). The options were granted at an average exercise price of NOK 37.06 (2021: NOK 59.59)The following table illustrates the number of options outstanding and their weighted average exercise price (WAEP):2022 2021Number of Number of options WAEP (NOK)options WAEP (NOKOutstanding at the beginning of the period 1 519 500 51,87 618 000 38,55Granted 807 000 37,06 971 500 59,59Terminated (83 000) 51,02 (70 000) 41,41Outstanding at the end of the period 2 243 500 46,57 1 519 500 51,87Exercisable at the end of the period - - - The range of exercise prices for options outstanding at the end of the year was NOK 29.10 to NOK 61.91.The fair value of the share options is estimatedat the grant date using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the share options were granted. The weighted average fair value of share options granted to employees during 2022 was NOK 11.12 per option (NOK 17.35). The following table lists the key inputs to the model used for the year ended 31 December:The weighted average assumptions used 2022 202Expected volatility (%) 44,22 43,17Risk-free interest rate (%) 2,97 0,92Expected life of options (year) 3,2 3,0Weighted average share price 34,78 58,70Expected dividend - Historic volatility is assumed to be a reasonable indicator of expected volatility. Expected volatility is therefore defined as historic volatility. The risk-free interest rate used for share option calculations is collected as of grant date of Norwegian state bonds fromNorges Bank. Where there is no exact match between the term of the interest rates and the term of the share options, interpolation is usedto estimate a comparable term. Social security costs on employee share options outstanding are estimated at the end of each quarter based on the difference between actual share price and exercise price for the option, and recognised as an expense over the vesting period. Annual share purchase program The Company completed an annual share purchase program for employees in December 2022. As part of the program, Zalaris has sold 44,798 own shares to employees at a subscription price of NOK 20.28 per share for Norwegian employees and NOK 19.09 for non-Norwegian employees. The shares were transferred to the employees in February 2023. The subscription price was based on the volume-weighted average share price in the period between 18 November to 30 November 2022, less a 20 % discount. To receive the discount the shares have a 12 months lock-up period. See Executive Remuneration Policy available at www.zalaris.com for detailed information onthe Group\u2019s share based payment plan. Note 23 \u2013 AcquisitionOn 1 February 2022, the Group acquired 90% of the voting shares of vyble GmbH, a non-listed company based in Germany withoutprevious activity. Subsequently vyble GmbH purchased assets from vyble AG, a payroll and HR solution start-up located in Rostock and Hamburg, Germany. vyble has a completesuite of Payroll and HR solutions delivered as Software as a Service (SaaS) targeting the SMEmarket in Germany.The company was acquired by free cash. The assets acquired were intangible assets at NOK6.8 million, fixed assets at NOK 0.6 million andcustomer relations at NOK 1.9 million.(NOK 1 000) AmounEstimated purchase consideration 11 317Identified assets to fair value* 9 272Goodwill** 2 045* Whereof: customer contracts, deferred tax** The acquired goodwill is not tax deductable and mainly relates to human relationsIn addition an amount of NOK 0.3 million has been considered as obligation for payroll of employees terminating employment with the company. The amount of the non-controlling interest is recognised with NOK 1.1 million. The acquired company is at the balance date not consolidated and both revenue, costs and assets and liabilities has been classified as discontinued operations held for sale. The Group has elected to measure the non-controlling interests in the acquiree at fair valueFollowing is a preliminary purchase prices analysis (\u201cPPA\u201d) for the acquisition of vyble. The goodwill is calculated on the basis of expected synergies between Zalaris\u2019 experience and technical solutions and vyble\u2019smarket presence, and established customerrelations, in addition to the assembled workforce. The intangible assets in vyble are license costs posted at fair value. There are no contingent agreements. There are no transactions recognised separately from the acquisition of the assets and liabilities.vyble GmbH was included in Zalaris\u2019 consolidated figures in Q1 2022. However it was in June 2022 decided to sell the companyand hence it is is shown as discontinued operations in the year-end figures of 2022. See note 24 \u2013 Discontinued operations for further details. Note 24 \u2013 Discontunued operations In the board meeting on 13 June 2022, the Group decided to initiate a process to reduce its ownership in vyble GmbH (\u201cvyble\u201d), a company based in Hagen, Germany. The Group acquired a 90 % ownership. The transaction is expected to be completed within a year from this date. At 30 June 2022, vyble was classified as a company held for sale and as a discontinued operation. The business of vyble represented the entirety of the Group\u2019s HR & Payroll Tech Investments, established in January 2022, until the decision of sale was made. With vyble being classified as discontinued operations, the HR & Payroll Tech Investments segment is no longer presented in thesegment note. The results of vyble for the year are presented below:Profit & Loss from discontinued operations(NOK 1000) 2022Revenue 3 378Operating expenses 23 992Operating loss (20 614Finance costs 167Profit/(loss) before tax from discontinued operation (20 781Tax expense 4 763Profit/(loss) for the year tax from discontinued operation (16 018The accumulated loss attributed to non-controlling interest NOK 1,6 million, which is also this yearsloss. There are no dividend paid to either The Group or the non-controlling interest.The major classes of assets and liabilities of vyble classified as held for sale as at 30 Juneare as follows, whereof 10 % is attributed to the non-controlling interest: Assets held for sale(NOK 1000) Assets 2022Intangible assets 9 628Property, plant and equipment 1Trade accounts receivable 1 089Cash and cash equivalents 1 655Total assets held for sale 12 383LiabilitiesCreditors 1 500Interest-bearing loans and borrowings 3 283Liabilties directly associated with assets held for sale 4 783Net assets directly associated with disposal group 7 600The net cash flows incurred by vyble are as followsCash flow(NOK 1000) 2022Operating (18 828Investing (11 592)Net cash outflow (30 420Note 25 \u2013 Events After the Balance Sheet Date Subsequent to year-end, the Company\u2019s bond loan of EUR 35 million (NOK 368.2 million) outstanding 31 December 2022 was repaid and replaced by a new bond loan of EUR 40 million. This new bond loan matures at the endof March 2028, with no down payments beforematurity. Interest rate to be paid is 3 months Euribor plus 5.25% compared to 3 months Euribor plus 4.75% for the loan outstanding at the end of December 2022. Upon calling the previous bond loan unamortised transaction costs of NOK 1.2 million were expensed. The realised currency exchange loss relating to thebond loan repaid is NOK 15.5 million in 2023. The new bond loan is valued at NOK 439.8 million, net of estimated transaction costs, based on the EUR/NOK exchange rate at 28 March 2023.There have been no other events after the balance sheet date which have had a material effect on the issued accounts.",
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"value": "Note 1 Accounting principles and basisfor preparationThe consolidated financial statements of Zalaris for the period ending on 31 December 2022 were approved in a board meeting on 13April 2023. The Zalaris Group consists ofandits subsidiaries. Zalaris ASA is a",
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"value": "Note 1 Accounting principles and basisfor preparation1.1 The basis for the preparation of the financial statementsThe Group\u2019s consolidated financial statementsof Zalaris ASA for the accounting year 2022 have been prepared in accordance with international accounting standards (\u201cIFRS\u201d) asadopted by the European Union (EU).The consolidated financial statements are based on the principles of historic cost, apart from financial instruments which are recognised at fair value. The consolidated financial statements have been prepared based on going concern principle.1.2 Accounting principles Basis of consolidation The consolidated financial statements comprise the financial statements of Zalaris ASA and its subsidiaries (together referred to as \u201cthe Group\u201d). Subsidiaries are all entities controlled by the Company. Control is achievedwhere the Company has the power to govern the financial and operating policies of an entityto obtain benefits from its activities. The resultsof subsidiaries acquired or disposed during the year are included in the consolidated financial statement from the date when control is obtained, to the date the Group no longer has control. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intercompany balances and transactions have been eliminated upon consolidation. The acquisition of a subsidiary is considered ona case-by-case basis to determine whether theacquisition should be deemed as a business combination or as an asset acquisition. Business combinations are accounted for usingthe acquisition method of accounting. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Transaction costs are expensed as incurred. The excess of the consideration transferred over the fair value of the identifiable net assets of the subsidiary acquired is recordedas goodwill. When acquisitions are deemed as asset acquisitions no deferred tax on initiadifferences between carrying values and tax bases are recorded, nor are any goodwill recorded at the date of acquisition.Foreign currency Functional currency, presentation currency and consolidation:The Group\u2019s presentation currency is Norwegian Kroner (NOK). The functional currency of the Parent Company is NOK. For consolidation purposes, the balance sheet figures for subsidiaries with a different functional currency than NOK are translated into the presentation currency (NOK) at the rateapplicable at the balance sheet date. Income statements are translated at the average monthly exchange rate. Exchange differences from translating subsidiaries are recognised in other comprehensive income.Transactions in foreign currency Foreign currency transactions are translated into the functional currency using the exchangerates at the transaction date. Monetary balances in foreign currencies are translated into the functional currency at the exchange rates on the date of the balance sheet. Foreignexchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of profit or loss. Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to whichthe Group expects to be entitled in exchange for those goods or services. The Group\u2019s revenue consists of revenue from providing payroll and HR services, so called Managed Services. Managed Services does also include cloud services. The other segmenis Professional Services which, basically is consulting services. Managed Services; the revenue from contractsrelated to outsourcing consists of a basic fixed fee and variable revenue based on a number of factors such as number of employees, pay slips and expense claims produced. All the above-mentioned deliverables are considered to be highly interrelated and are therefore considered to not be separate identifiable, i.e. one performance obligation. Revenuefrom outsourcing contracts is also recognisedThe consolidated financial statements of Zalaris for the period ending on 31 December 2022 were approved in a board meeting on 13April 2023. limited liabilitycompanydomiciled in Norway. The Group\u2019smain office is inHoffsveien 4, Oslo, Norway.The Group is a provider of payroll and humancapital management solutions.The Zalaris Group consists ofZalaris ASAandits subsidiaries. Zalaris ASA is aover time, since the customer simultaneously receives and consumes the benefits provided by the Group.Cloud services, a part of Managed Services, delivered by the Group may comprise of several deliverables (monthly services, hostinglicenses etc.) The hosting of program solutionsis either on the Group\u2019s platform or third-party platform. All the deliverables are highly interdependent and are therefore deemed to be one performance obligation. The revenue from cloud services is recognised over time, since the customer simultaneously receives and consumes the benefits provided by the Group. Revenue from Professional Services contains one performance obligation, i.e. consultant services. The revenue from these contracts is recognised over time since the customer simultaneously receives and consumes the benefits provided by the Group. The measurement of progress is based on hours. Costs related to customer contracts are expensed as incurred. However, a portion of costs incurred in the initial phase of outsourcing contracts (transition and/or transformation costs) may be deferred when they are costs specific to a given contract, generate or enhance the Group\u2019s resources that will be used in satisfying performance obligations in the future, and are recoverable. These costs are considered to be \u201ccosts to fulfill a contract\u201d and are recognised as customer project asset. The deferred costs are expensed evenly over the period the outsourcing services are provided. The amortisation of deferred cost is presented in the Statement of Profit and Loss in the line item \u201camortisation implementation costs customer projects\u201d. These costs are accrued before startup of the delivery. The customer\u2019s acceptance of startup signifies the recognitionof the delivery and revenue is hence renderedfrom this date forward. Contract balances Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group is transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Trade receivables: A receivable represents theGroup\u2019s right to an amount of consideration that is unconditional. Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfills the performance obligation(s) under the contract. The Group may receive prepayments from customers in the implementation phase of outsourcing projects. The payments are recognised as contract liabilities (\u201ccustomer project liabilities\u201d) and recognised as revenue over the period the Group fulfills the related performance obligation. Principal versus agent considerations (Cloud services) For Cloud services the Group delivers servicespartly based on a SAP-license. Where hosting services are delivered from the Group togetherwith other services rendered, the customer willhave to discontinue the hosting service upon atermination of the contract. Where the hosting is rendered by a third party there is a possibilityfor the customer to continue to receive the hosting service, but without the add-ons and services rendered by the Group. This will leavethe customer with a different product, and hence the Group is the principal supplier of cloud services as a whole. Consideration The Group\u2019s revenue is determined on contractual pricing connected to delivered services within a certain period. Outsourcing and Cloud services revenue is based on rendered service in the period while consultingservices are invoiced based on hourly performance. The is no right of return of the services sold by the Group. If the consideration in a contract includes a variable amount, the Group estimates the mostlikely amount of consideration to which it will be entitled in exchange for transferring the good or service to the customer. The variable consideration is estimated at contract inceptionand constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.Consideration of significant financing component in a contract The Group invoices for delivered services throughout the contractual period. Some of these services are short-term financed by the Group while outsourcing contracts contains an element of financing over the contract periods.However, the financing of customer project is not considered to be significant. For contracts with duration of 12 months or less , the Group has chosen to apply the practical expedient noto adjust any prepayments form customers. Income tax Income tax expense for the period comprises current tax expense and deferred tax expense.Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity. Items of the other comprehensive income presented net of related tax effects in the Statement of Other Comprehensive Income. Deferred tax assets and liabilities are calculated on the basis of existing temporary differences between the carrying amounts of assets and liabilities in the financial statement and their tax bases, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to apply when theassets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted onthe balance sheet date. Deferred tax assets arerecognised only to the extent that it is probablethat future taxable profits will be available against which the assets can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against currenttax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. The companies included in the consolidated financial statement are subject to income tax inthe countries where they are domiciled.Intangible assets: Internally developed software Costs related to internally developed software are capitalised to the extent that a future economic benefit associated with the development of identifiable intangible assets and costs can be reliably measured. Otherwisethe costs are expensed as incurred. Capitaliseddevelopment is amortised over their useful lives. Research costs are expensed as incurred.Fixed assets Fixed assets are valued at cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the gross carrying amount and depreciation are derecognised, and any gain or loss on thesale or disposal is recognised in the income statement.The gross carrying amount of fixed assets is the purchase price, including duties/taxes anddirect acquisition costs related to making the fixed asset ready for use.The depreciation periods and methods are assessed each year. The residual value is estimated every year-end and changes in the estimate for residual value are accounted for as an estimation change. The residual value othe Group\u2019s fixed assets is estimated to be nil.Leases Zalaris has applied IFRS 16 according to the following principles: a) Identifying a leaseAt the inception of a contract, Zalaris assesseswhether the contract is, or contains, a lease.A contract is, or contains, a lease if thecontract conveys the right to control the useof an identified asset for a period of time inexchange for consideration. To determinewhether a contract conveys the right to controthe use of an identified asset, the Groupassesses whether:\u2022 The agreement creates enforceable rights ofpayment and obligations\u2022 The identified asset is physically distinct\u2022 It has the right to obtain substantially all ofthe economic benefits from use of the asset\u2022 It has the right to direct the use of the asset\u2022 The supplier does not have a substantiveright to substitute the asset throughout theperiod of useb) Zalaris as a lesseeSeparating components in the lease contractZalaris accounts for each lease componentwithin the contract as a lease separately fromnon-lease components of the contract. Non-lease components, such as other occupancycosts related to office lease agreements, areaccounted for by applying other applicablestandards.c) Recognition of leases and exemptionsAt the lease commencement date, Zalaris recognises a lease liability and correspondingright-of-use asset for all lease agreements in which it is the lessee, except for the followingexemptions applied:\u2022 Short-term leases (defined as 12 monthsor less)\u2022 Low value assets (NOK 50,000 or less)For these leases, Zalaris recognises the leasepayments as other operating expenses in thestatement of profit or loss when they incur.d) Measuring the lease liabilityThe lease liability is initially measured atthe present value of the lease paymentsfor the right to use the underlying assetduring the lease term that are not paid atthe commencement date. The lease termrepresents the non-cancellable period of thelease, together with both periods covered by an option to extend the lease when Zalaris is reasonably certain to exercise that option, and periods covered by an option to terminate the lease when Zalaris is reasonably certain not to exercise that option. Based on relevant circumstances, Zalaris does consider whether to exercise extension options or termination options or not when determining the lease term. Zalaris is not expecting the terms for the extension period to be lower than the current market price at the time of execution of an extension period compared to similar lease agreements. The Group continuously evaluatesmore cost-effective leases as the business does not have assets that are particularly important.The lease payments included in the measurement comprise of:\u2022 Fixed lease payments (including in-substancefixed payments), less any lease incentivesreceivable\u2022 Variable lease payments that depend on anindex or a rate, initially measured using theindex or rate as at the commencement dateZalaris presents its lease liabilities as separate line items in the statement of financial position.e) Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise:\u2022 The amount of the initial measurement of thelease liability\u2022 Any lease payments made at or before thecommencement date, less any lease incen-tives received\u2022 Any initial direct costs incurred by the GroupThe right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use asset is depreciated from the commencement date to the earlier of the leaseterm and the remaining useful life of the right-of-use asset. The Group has elected to not apply the revaluation model for its right of use asset for leased buildings. The Group applies IAS 36 Impairment of Assetsto determine whether the right-of-use asset is impaired and to account for any impairment loss identified. The Group presents its right-of-use assets as separate line items in the consolidated statement of financial position.Trade and other receivables Trade and other receivables are non-derivativefinancial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest ratemethod, less impairment. Amortised cost is calculated by taking into account any discountor premium on acquisition and fees or costs that are an integral part of the effective interesrate. The effective interest rate amortisation is included in finance income in the statement of profit or loss The losses arising from impairment are recognised in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables.Trade receivables that do not contain a significant financing component, as defined by IFRS 15 \u2013 Revenue from Contracts with Customers, measured at the transaction price (e g, invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Determining whether a significant financing component exists involves considering things like the difference between the cash price for an asset and the transaction price in the contract, the term of the receivable and prevailing interest rates. As a practical expedient, Zalaris presumes that a trade receivable does not have a significant financing component if the expected term is less than one year. According to IFRS 9, Zalaris can recognise a loss allowance based on lifetime ECLs (Expected Credit Loss) after the simplified approach if the asset does not consist of a significant financing component in accordance with IFRS 15 Zalaris uses a provision matrix as a practical approach for measuring expected credit losses for trade receivables. The provision matrix is based on historical default rates within different ranges of overdue receivables for groupings of trade receivables that share similar default patterns. Groupings are made based on segment and product type. The provision matrix is also calibrated based on assessment of current and future financial conditions. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in themanufacturing sector, the historical default rates are adjusted. At every reporting date, thehistorical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be Cash and cash equivalents Cash and the equivalents include cash on hand, deposits with banks and other shortterm highly liquid investments with originalmaturities of three months or less.Financial liabilities The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes derivative financial instruments entered into by the Groupthat are not designated as hedging instrumentsin hedge relationships as defined by IFRS 9. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised and amortised over borrowing period. All other borrowing costs are expensed in the period in which they occurBorrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds as defined in IAS 23.Gains and losses are recognised in profit or loss when the liabilities are derecognised. For further information see note 19. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the GroupAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well asthrough the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies tointerest-bearing loans and borrowings.Pension plans Defined contribution plan The Group has only defined contributions plans. Contributions are paid to pension insurance plans and charged to the income statement in the corresponding period. Once the contributions have been paid, there are nofurther payment obligations.Share-based compensation The Group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options and restricted stock units (RSUs)) of the GroupThe fair value of the employee services received in exchange for the grant of the options or RSUs is recognised as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determinedby reference to the fair value of the options and RSUs 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 Grouprevises its estimates of the number of options and RSUs that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. If options are forfeited, the expenses relating to those options are reversed. The fair value of the options which have been estimated at grant date and are notsubsequently 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 (nominal value) and share premium.Earnings per share The calculation of basic earnings per share is based on the profit attributable to ordinaryshares using the weighted average number ofordinary shares outstanding during the year after deduction of the average number of treasury shares held over the period. The calculation of diluted earnings per share is consistent with the calculation of the basic earnings per share, but gives at the same timeeffect to all dilutive potential ordinary shares that were outstanding during the period, by adjusting the profit/loss and the weighted average number of shares outstanding for theeffects of all dilutive potential shares, i.e.: \u2022 The profit/loss for the period attributable to ordinary shares is adjusted for changes in profit/loss that would result from the conversion of the dilutive potential ordinary shares.The weighted average number of ordinary shares is increased by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary. representative of customer\u2019s actual default inthe future.1.3 New and amended standards and interpretations Below are comments on the standards relevanfor the Zalaris Group. Standards issued and effective The following standards effective as of 1st January 2022 (or before) does not have any implication for the Group, and hence had no effect on the figures presented as at 31 December 2022. \u2022 Amendments to IFRS 16 Lease (2021)\u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework (1st January 2022)\u2022 Amendments to IAS 16 \u2013 Property, plant and Equipment \u2013 Proceeds before intended use (1st January 2022)\u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 Cost of fulfilling a contract (1st January 2022) Standards issued but not yet effective Standards, amendments and interpretations to existing standards that are not yet effective and for which early adoption has not been applied by the Group, are listed below. The Group will adopt these new and amended standards and interpretations, if applicable, when they become effective.1.4 Key sources of estimation uncertainty and critical accounting judgments The preparation of the financial statements in accordance with IFRS requires management to make judgments, use estimates and assumptions that affect the reported amountsof assets and liabilities, income and expensesThe estimates and associated assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. The management does not assess that there are any specific areas for which there has been much estimation uncertainty. Critical accounting judgements Customer projects Revenues from outsourcing agreements are recognised over the term of the contract as the services are rendered. The related costs are recognised as they are incurred. Howevera portion of costs incurred in the initial phase of outsourcing contracts may be deferred when they are specific to a given contract, relate to future activity on the contract, will generate future economic benefits and are recoverable. These costs are capitalised as \u201ccustomer projects assets\u201d and any prepaid revenues by the client are presented separately as \u201ccustomer projects liabilities\u201d in the statement of financial position. When calculating cost, the hourly rates applied are based on estimates. The deferred costs are expensed evenly over the period the outsourcing services are provided and included in the line item \u201cAmortisation implementation cost customer projects\u201d. Prepayments from customers related to performance obligations that are satisfied over time are recognised as revenueover the period of which the performance obligation is satisfied.The principle requires management to ensure routines for correct and complete allocation of cost and prepaid revenues to the individual customer project and updated and accurate rates to be applied in the cost estimation. Capitalised customer projects are tested at least annually for impairment. Capitalisation of intangible assets Development costs of software have been capitalised as intangible assets to the extent it is assessed that future benefits can be substantiated. Judgment must be applied in determining which amount of expenses that can be capitalised. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its valuein use. The value in use calculation is based ona DCF model. The cash flows are derived fromthe budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performanceof the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the \u2022 IFRS 17 - Insurance Contracts (1st January 2023)\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current (1st January 2024)\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies (1st January 2024)\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates (1st January 2023)\u2022 Amendments to IAS 12 \u2013 Deferred Tax re-lated to Assets and Liabilities arising from aSingle Transaction (1st January 2023)The group is evaluating the Amendment to IAS 1 and IFRS Practice Statement 2 and howand if this will have have significant effect. The other amendments are expected to not have significant effect on the financial statements when implemented / effective.Share-based payments Estimating fair value for share-based paymentransactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option and RSUs orappreciation right, volatility and dividend yieldand making assumptions about them. The fairvalue of the RSUs is the weighted average share price at grant date. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 22.growth rate used for extrapolation purposes. These estimates are most relevant to goodwill or customer contracts recognised by the Group on acquisition. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in Note 9. If there are any indications of impairment, the Group will test if carrying amounts exceed its recoverable amount (higher of fair value less cost to sell and its value in use). Determining recoverable amount requires thathe management makes several assumptions related to future cash flows from these assets which may involve high degree of uncertainty. As of 31 December, no indication of impairment was identified.Deferred tax asset Deferred tax asset is recognised in the different entities where it is expected to be utilised within the jurisdiction in question, andaccording to expected future profits in the same jurisdiction. ",
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"value": " limited liabilitycompany",
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"value": "domiciled in Norway. The Group\u2019smain office is in",
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"value": "domiciled in Norway. The Group\u2019smain office is in",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "domiciled in Norway. The Group\u2019smain office is in",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Hoffsveien 4, Oslo, Norway.",
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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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"value": "The Group is a provider of payroll and humancapital management solutions.",
"dimensions": {
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"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "1.1 The basis for the preparation of the financial statementsThe Group\u2019s consolidated financial statementsof Zalaris ASA for the accounting year 2022 have been prepared in accordance with international accounting standards (\u201cIFRS\u201d) asadopted by the European Union (EU).The consolidated financial statements are based on the principles of historic cost, apart from financial instruments which are recognised at fair value. The consolidated financial statements have been prepared based on going concern principle.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"value": "1.1 The basis for the preparation of the financial statementsThe Group\u2019s consolidated financial statementsof Zalaris ASA for the accounting year 2022 have been prepared in accordance with international accounting standards (\u201cIFRS\u201d) asadopted by the European Union (EU).The consolidated financial statements are based on the principles of historic cost, apart from financial instruments which are recognised at fair value. The consolidated financial statements have been prepared based on going concern principle.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"value": "1.1 The basis for the preparation of the financial statementsThe Group\u2019s consolidated financial statementsof Zalaris ASA for the accounting year 2022 have been prepared in accordance with international accounting standards (\u201cIFRS\u201d) asadopted by the European Union (EU).The consolidated financial statements are based on the principles of historic cost, apart from financial instruments which are recognised at fair value. The consolidated financial statements have been prepared based on going concern principle.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-2-5": {
"value": "1.1 The basis for the preparation of the financial statementsThe Group\u2019s consolidated financial statementsof Zalaris ASA for the accounting year 2022 have been prepared in accordance with international accounting standards (\u201cIFRS\u201d) asadopted by the European Union (EU).The consolidated financial statements are based on the principles of historic cost, apart from financial instruments which are recognised at fair value. The consolidated financial statements have been prepared based on going concern principle.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-3-2": {
"value": "1.2 Accounting principles Basis of consolidation The consolidated financial statements comprise the financial statements of Zalaris ASA and its subsidiaries (together referred to as \u201cthe Group\u201d). Subsidiaries are all entities controlled by the Company. Control is achievedwhere the Company has the power to govern the financial and operating policies of an entityto obtain benefits from its activities. The resultsof subsidiaries acquired or disposed during the year are included in the consolidated financial statement from the date when control is obtained, to the date the Group no longer has control. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intercompany balances and transactions have been eliminated upon consolidation. The acquisition of a subsidiary is considered ona case-by-case basis to determine whether theacquisition should be deemed as a business combination or as an asset acquisition. Business combinations are accounted for usingthe acquisition method of accounting. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Transaction costs are expensed as incurred. The excess of the consideration transferred over the fair value of the identifiable net assets of the subsidiary acquired is recordedas goodwill. When acquisitions are deemed as asset acquisitions no deferred tax on initiadifferences between carrying values and tax bases are recorded, nor are any goodwill recorded at the date of acquisition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-3-4": {
"value": "1.2 Accounting principles Basis of consolidation The consolidated financial statements comprise the financial statements of Zalaris ASA and its subsidiaries (together referred to as \u201cthe Group\u201d). Subsidiaries are all entities controlled by the Company. Control is achievedwhere the Company has the power to govern the financial and operating policies of an entityto obtain benefits from its activities. The resultsof subsidiaries acquired or disposed during the year are included in the consolidated financial statement from the date when control is obtained, to the date the Group no longer has control. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intercompany balances and transactions have been eliminated upon consolidation. The acquisition of a subsidiary is considered ona case-by-case basis to determine whether theacquisition should be deemed as a business combination or as an asset acquisition. Business combinations are accounted for usingthe acquisition method of accounting. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Transaction costs are expensed as incurred. The excess of the consideration transferred over the fair value of the identifiable net assets of the subsidiary acquired is recordedas goodwill. When acquisitions are deemed as asset acquisitions no deferred tax on initiadifferences between carrying values and tax bases are recorded, nor are any goodwill recorded at the date of acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-3-5": {
"value": "1.2 Accounting principles Basis of consolidation The consolidated financial statements comprise the financial statements of Zalaris ASA and its subsidiaries (together referred to as \u201cthe Group\u201d). Subsidiaries are all entities controlled by the Company. Control is achievedwhere the Company has the power to govern the financial and operating policies of an entityto obtain benefits from its activities. The resultsof subsidiaries acquired or disposed during the year are included in the consolidated financial statement from the date when control is obtained, to the date the Group no longer has control. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intercompany balances and transactions have been eliminated upon consolidation. The acquisition of a subsidiary is considered ona case-by-case basis to determine whether theacquisition should be deemed as a business combination or as an asset acquisition. Business combinations are accounted for usingthe acquisition method of accounting. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred, and the equity interests issued by the Group. The consideration transferred includes the fair ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-5-3": {
"value": "Foreign currency Functional currency, presentation currency and consolidation:The Group\u2019s presentation currency is Norwegian Kroner (NOK). The functional currency of the Parent Company is NOK. For consolidation purposes, the balance sheet figures for subsidiaries with a different functional currency than NOK are translated into the presentation currency (NOK) at the rateapplicable at the balance sheet date. Income statements are translated at the average monthly exchange rate. Exchange differences from translating subsidiaries are recognised in other comprehensive income.Transactions in foreign currency Foreign currency transactions are translated into the functional currency using the exchangerates at the transaction date. Monetary balances in foreign currencies are translated into the functional currency at the exchange rates on the date of the balance sheet. Foreignexchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-5-4": {
"value": "Foreign currency Functional currency, presentation currency and consolidation:The Group\u2019s presentation currency is Norwegian Kroner (NOK). The functional currency of the Parent Company is NOK. For consolidation purposes, the balance sheet figures for subsidiaries with a different functional currency than NOK are translated into the presentation currency (NOK) at the rateapplicable at the balance sheet date. Income statements are translated at the average monthly exchange rate. Exchange differences from translating subsidiaries are recognised in other comprehensive income.Transactions in foreign currency Foreign currency transactions are translated into the functional currency using the exchangerates at the transaction date. Monetary balances in foreign currencies are translated into the functional currency at the exchange rates on the date of the balance sheet. Foreignexchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-7-3": {
"value": "Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to whichthe Group expects to be entitled in exchange for those goods or services. The Group\u2019s revenue consists of revenue from providing payroll and HR services, so called Managed Services. Managed Services does also include cloud services. The other segmenis Professional Services which, basically is consulting services. Managed Services; the revenue from contractsrelated to outsourcing consists of a basic fixed fee and variable revenue based on a number of factors such as number of employees, pay slips and expense claims produced. All the above-mentioned deliverables are considered to be highly interrelated and are therefore considered to not be separate identifiable, i.e. one performance obligation. Revenuefrom outsourcing contracts is also recognisedover time, since the customer simultaneously receives and consumes the benefits provided by the Group.Cloud services, a part of Managed Services, delivered by the Group may comprise of several deliverables (monthly services, hostinglicenses etc.) The hosting of program solutionsis either on the Group\u2019s platform or third-party platform. All the deliverables are highly interdependent and are therefore deemed to be one performance obligation. The revenue from cloud services is recognised over time, since the customer simultaneously receives and consumes the benefits provided by the Group. Revenue from Professional Services contains one performance obligation, i.e. consultant services. The revenue from these contracts is recognised over time since the customer simultaneously receives and consumes the benefits provided by the Group. The measurement of progress is based on hours. Costs related to customer contracts are expensed as incurred. However, a portion of costs incurred in the initial phase of outsourcing contracts (transition and/or transformation costs) may be deferred when they are costs specific to a given contract, generate or enhance the Group\u2019s resources that will be used in satisfying performance obligations in the future, and are recoverable. These costs are considered to be \u201ccosts to fulfill a contract\u201d and are recognised as customer project asset. The deferred costs are expensed evenly over the period the outsourcing services are provided. The amortisation of deferred cost is presented in the Statement of Profit and Loss in the line item \u201camortisation implementation costs customer projects\u201d. These costs are accrued before startup of the delivery. The customer\u2019s acceptance of startup signifies the recognitionof the delivery and revenue is hence renderedfrom this date forward. Contract balances Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group is transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Trade receivables: A receivable represents theGroup\u2019s right to an amount of consideration that is unconditional. Contract liabilities: A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfills the performance obligation(s) under the contract. The Group may receive prepayments from customers in the implementation phase of outsourcing projects. The payments are recognised as contract liabilities (\u201ccustomer project liabilities\u201d) and recognised as revenue over the period the Group fulfills the related performance obligation. Principal versus agent considerations (Cloud services) For Cloud services the Group delivers servicespartly based on a SAP-license. Where hosting services are delivered from the Group togetherwith other services rendered, the customer willhave to discontinue the hosting service upon atermination of the contract. Where the hosting is rendered by a third party there is a possibilityfor the customer to continue to receive the hosting service, but without the add-ons and services rendered by the Group. This will leavethe customer with a different product, and hence the Group is the principal supplier of cloud services as a whole. Consideration The Group\u2019s revenue is determined on contractual pricing connected to delivered services within a certain period. Outsourcing and Cloud services revenue is based on rendered service in the period while consultingservices are invoiced based on hourly performance. The is no right of return of the services sold by the Group. If the consideration in a contract includes a variable amount, the Group estimates the mostlikely amount of consideration to which it will be entitled in exchange for transferring the good or service to the customer. The variable consideration is estimated at contract inceptionand constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.Consideration of significant financing component in a contract The Group invoices for delivered services throughout the contractual period. Some of these services are short-term financed by the Group while outsourcing contracts contains an element of financing over the contract periods.However, the financing of customer project is not considered to be significant. For contracts with duration of 12 months or less , the Group has chosen to apply the practical expedient noto adjust any prepayments form customers. ",
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"value": "Income tax Income tax expense for the period comprises current tax expense and deferred tax expense.Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity. Items of the other comprehensive income presented net of related tax effects in the Statement of Other Comprehensive Income. Deferred tax assets and liabilities are calculated on the basis of existing temporary differences between the carrying amounts of assets and liabilities in the financial statement and their tax bases, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to apply when theassets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted onthe balance sheet date. Deferred tax assets arerecognised only to the extent that it is probablethat future taxable profits will be available against which the assets can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against currenttax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. The companies included in the consolidated financial statement are subject to income tax inthe countries where they are domiciled.",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-25-4": {
"value": "Income tax Income tax expense for the period comprises current tax expense and deferred tax expense.Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity. Items of the other comprehensive income presented net of related tax effects in the Statement of Other Comprehensive Income. Deferred tax assets and liabilities are calculated on the basis of existing temporary differences between the carrying amounts of assets and liabilities in the financial statement and their tax bases, together with tax losses carried forward at the balance sheet date. Deferred tax assets and liabilities are calculated based on the tax rates and tax legislation that are expected to apply when theassets are realised or the liabilities are settled, based on the tax rates and tax legislation that have been enacted or substantially enacted onthe balance sheet date. Deferred tax assets arerecognised only to the extent that it is probablethat future taxable profits will be available against which the assets can be utilised. Deferred tax assets and liabilities are not discounted. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against currenttax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity. The companies included in the consolidated financial statement are subject to income tax inthe countries where they are domiciled.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-2": {
"value": "Intangible assets: Internally developed software Costs related to internally developed software are capitalised to the extent that a future economic benefit associated with the development of identifiable intangible assets and costs can be reliably measured. Otherwisethe costs are expensed as incurred. Capitaliseddevelopment is amortised over their useful lives. Research costs are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "Intangible assets: Internally developed software Costs related to internally developed software are capitalised to the extent that a future economic benefit associated with the development of identifiable intangible assets and costs can be reliably measured. Otherwisethe costs are expensed as incurred. Capitaliseddevelopment is amortised over their useful lives. Research costs are expensed as incurred.Note 3 \u2013 Revenue fromcontracts with customersDisaggregated revenue information The Group\u2019s revenue from contracts with customers has been disaggregated and presented in note 2.Contract balances(NOK 1000) Note 2022 202Trade receivables 12 191 715 141 397Customer project assets 135 359 94 799Customer project liabilities (103 744) (66 452Trade receivables are non-interest bearing andare on general terms from 14 to 90 days credit.In 2022 NOK 125k (2021: NOK 234k) was recognised as provision for expected credit losses on trade receivables.Customer project assets are costs incurred on specific customers contracts, which will be used in satisfying performance obligations in the future, and that are recoverable. These aregenerally cost incurred in the implementation phase of customer contract for the delivery of BPO HCM services, and is a prerequisite for being able to deliver these services. They are incurred from own employees, external consultants and external suppliers. These costsare deferred and amortised evenly over the period the outsourcing services are provided. Customer project liabilities are generally payments from customers specific to a given contract, to cover part of the costs for the implementation of the outsourcing contract. The customer payments are recognised as revenue evenly as the Group fulfils the related performance obligations over the contract period. Prepayments from customers comprise a combination of short- and long-term advances from customers. The short-term advances are typically deferred revenues related to smaller projects or change orders related to the system solution. The long-term liabilities relate to initial advances paid upon signing the contract. These advances are contracted to be utilised by the customer on either transformation projects, change orders, or other projects. These advances are recognisedas revenue when the work is performed on agreed projects If the contract expires, or is terminated, any unused amount becomes the property of Zalaris, and is recognised asrevenue by the Group. Movements in customer project liabilities through the period:(NOK 1000) 2022 2021Opening balance 1 January 94 799 78 246Cost capitalised 67 771 51 350Amortisation (31 638) (29 874Currency 4 427 (4 923Customer projects assets 135 359 94 799Movements in customer project liabilities through the period:(NOK 1000) 2022 2021Opening balance 1 January (66 452) (50 256Revenue deferred (62 134) (41 356Revenue recognised 20 807 21 70Currency 4 035 3 458Customer project liabilities (103 744) (66 453)Performance obligations Information related to the Group\u2019s performanceobligations and related revenue recognition is summarised below: Professional services (Consulting) Consulting services consist of services delivered and defined by project plans with defined milestones and completion specifications (one performance obligation). The performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group recognises revenue based on the labour hours incurred relative to the total expected labour hours to complete the installation. Where contracts have clauses of support hours utilised by the customer the revenue is recognised when support has beendelivered. In contracts where some unused hours may be transferred to later periods the performance obligation is not deemed fulfilled,and revenue is only recognised when the hours later are utilised or on the last possible time of transfer of un-utilised hours to future periods. Managed Services (Outsourcing and Cloud) HR Outsourcing normally consists of services delivered on a regular basis. Typically, the deliverables for these contracts are payroll services where different variable elements are delivered. These may be salary calculation, payslip delivery, accounting reports, official statistics reporting, travel expense claims reimbursed, sick leave registration and reporting etc. All the deliverables are highly interrelated and therefore not capable to be distinct, i.e. one performance obligation. The performance obligation is satisfied over time, because the customer simultaneously receivesand consumes the benefits provided by the Group. The Group recognises revenue based on the labour hours incurred. Cloud services delivered by the Group comprise of several deliverables (hosting, licenses etc.), all the deliverables are highly interdependent and are therefore deemed to be one performance obligation. The revenue from the cloud services is recognised over time, since the customer simultaneously receives and consumes the benefits provided by the Group. Transaction price The transaction price is determined either by fixed agreed price per period for licenses and hosting services while for outsourcing and consulting the actual consumption, being manhours spent or customer employee transactions initiated, on agreed price per unit. The variable element of the contracts are typically not limited on customer-initiated transactions while transition and change projects can be limited. The transaction price is distributed over the time the services has been rendered. Remaining performance obligation All material contracts with the customers are for periods of one year or less, or are billed based on time incurred or products or servicesdelivered. As permitted under IFRS 15, the transaction price allocated to these unsatisfiedcontracts is not disclosed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-5": {
"value": "Intangible assets: Internally developed software Costs related to internally developed software are capitalised to the extent that a future economic benefit associated with the development of identifiable intangible assets and costs can be reliably measured. Otherwisethe costs are expensed as incurred. Capitaliseddevelopment is amortised over their useful lives. Research costs are expensed as incurred.1.3 New and amended standards and interpretations Below are comments on the standards relevanfor the Zalaris Group. Standards issued and effective The following standards effective as of 1st January 2022 (or before) does not have any implication for the Group, and hence had no effect on the figures presented as at 31 December 2022. \u2022 Amendments to IFRS 16 Lease (2021)\u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework (1st January 2022)\u2022 Amendments to IAS 16 \u2013 Property, plant and Equipment \u2013 Proceeds before intended use (1st January 2022)\u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 Cost of fulfilling a contract (1st January 2022) Standards issued but not yet effective Standards, amendments and interpretations to existing standards that are not yet effective and for which early adoption has not been applied by the Group, are listed below. The Group will adopt these new and amended standards and interpretations, if applicable, when they become effective.\u2022 IFRS 17 - Insurance Contracts (1st January 2023)\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current (1st January 2024)\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies (1st January 2024)\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates (1st January 2023)\u2022 Amendments to IAS 12 \u2013 Deferred Tax re-lated to Assets and Liabilities arising from aSingle Transaction (1st January 2023)The group is evaluating the Amendment to IAS 1 and IFRS Practice Statement 2 and howand if this will have have significant effect. The other amendments are expected to not have significant effect on the financial statements when implemented / effective.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "Fixed assets Fixed assets are valued at cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the gross carrying amount and depreciation are derecognised, and any gain or loss on thesale or disposal is recognised in the income statement.The gross carrying amount of fixed assets is the purchase price, including duties/taxes anddirect acquisition costs related to making the fixed asset ready for use.The depreciation periods and methods are assessed each year. The residual value is estimated every year-end and changes in the estimate for residual value are accounted for as an estimation change. The residual value othe Group\u2019s fixed assets is estimated to be nil.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-4": {
"value": "Fixed assets Fixed assets are valued at cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the gross carrying amount and depreciation are derecognised, and any gain or loss on thesale or disposal is recognised in the income statement.The gross carrying amount of fixed assets is the purchase price, including duties/taxes anddirect acquisition costs related to making the fixed asset ready for use.The depreciation periods and methods are assessed each year. The residual value is estimated every year-end and changes in the estimate for residual value are accounted for as an estimation change. The residual value othe Group\u2019s fixed assets is estimated to be nil.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-28-5": {
"value": "Fixed assets Fixed assets are valued at cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the gross carrying amount and depreciation are derecognised, and any gain or loss on thesale or disposal is recognised in the income statement.The gross carrying amount of fixed assets is the purchase price, including duties/taxes anddirect acquisition costs related to making the fixed asset ready for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "Leases Zalaris has applied IFRS 16 according to the following principles: a) Identifying a leaseAt the inception of a contract, Zalaris assesseswhether the contract is, or contains, a lease.A contract is, or contains, a lease if thecontract conveys the right to control the useof an identified asset for a period of time inexchange for consideration. To determinewhether a contract conveys the right to controthe use of an identified asset, the Groupassesses whether:\u2022 The agreement creates enforceable rights ofpayment and obligations\u2022 The identified asset is physically distinct\u2022 It has the right to obtain substantially all ofthe economic benefits from use of the asset\u2022 It has the right to direct the use of the asset\u2022 The supplier does not have a substantiveright to substitute the asset throughout theperiod of useb) Zalaris as a lesseeSeparating components in the lease contractZalaris accounts for each lease componentwithin the contract as a lease separately fromnon-lease components of the contract. Non-lease components, such as other occupancycosts related to office lease agreements, areaccounted for by applying other applicablestandards.c) Recognition of leases and exemptionsAt the lease commencement date, Zalaris recognises a lease liability and correspondingright-of-use asset for all lease agreements in which it is the lessee, except for the followingexemptions applied:\u2022 Short-term leases (defined as 12 monthsor less)\u2022 Low value assets (NOK 50,000 or less)For these leases, Zalaris recognises the leasepayments as other operating expenses in thestatement of profit or loss when they incur.d) Measuring the lease liabilityThe lease liability is initially measured atthe present value of the lease paymentsfor the right to use the underlying assetduring the lease term that are not paid atthe commencement date. The lease termrepresents the non-cancellable period of thelease, together with both periods covered by an option to extend the lease when Zalaris is reasonably certain to exercise that option, and periods covered by an option to terminate the lease when Zalaris is reasonably certain not to exercise that option. Based on relevant circumstances, Zalaris does consider whether to exercise extension options or termination options or not when determining the lease term. Zalaris is not expecting the terms for the extension period to be lower than the current market price at the time of execution of an extension period compared to similar lease agreements. The Group continuously evaluatesmore cost-effective leases as the business does not have assets that are particularly important.The lease payments included in the measurement comprise of:\u2022 Fixed lease payments (including in-substancefixed payments), less any lease incentivesreceivable\u2022 Variable lease payments that depend on anindex or a rate, initially measured using theindex or rate as at the commencement dateZalaris presents its lease liabilities as separate line items in the statement of financial position.e) Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset comprise:\u2022 The amount of the initial measurement of thelease liability\u2022 Any lease payments made at or before thecommencement date, less any lease incen-tives received\u2022 Any initial direct costs incurred by the GroupThe right-of-use asset is subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use asset is depreciated from the commencement date to the earlier of the leaseterm and the remaining useful life of the right-of-use asset. The Group has elected to not apply the revaluation model for its right of use asset for leased buildings. The Group applies IAS 36 Impairment of Assetsto determine whether the right-of-use asset is impaired and to account for any impairment loss identified. The Group presents its right-of-use assets as separate line items in the consolidated statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-2": {
"value": "Trade and other receivables Trade and other receivables are non-derivativefinancial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest ratemethod, less impairment. Amortised cost is calculated by taking into account any discountor premium on acquisition and fees or costs that are an integral part of the effective interesrate. The effective interest rate amortisation is included in finance income in the statement of profit or loss The losses arising from impairment are recognised in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables.Trade receivables that do not contain a significant financing component, as defined by IFRS 15 \u2013 Revenue from Contracts with Customers, measured at the transaction price (e g, invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Determining whether a significant financing component exists involves considering things like the difference between the cash price for an asset and the transaction price in the contract, the term of the receivable and prevailing interest rates. As a practical expedient, Zalaris presumes that a trade receivable does not have a significant financing component if the expected term is less than one year. According to IFRS 9, Zalaris can recognise a loss allowance based on lifetime ECLs (Expected Credit Loss) after the simplified approach if the asset does not consist of a significant financing component in accordance with IFRS 15 Zalaris uses a provision matrix as a practical approach for measuring expected credit losses for trade receivables. The provision matrix is based on historical default rates within different ranges of overdue receivables for groupings of trade receivables that share similar default patterns. Groupings are made based on segment and product type. The provision matrix is also calibrated based on assessment of current and future financial conditions. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in themanufacturing sector, the historical default rates are adjusted. At every reporting date, thehistorical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of customer\u2019s actual default inthe future.Note 12 \u2013 Trade Accounts Receivables(NOK 1000) 2022 202Gross trade accounts receivable 191 839 141 634Provisions for losses (125) (237Trade accounts receivable 191 714 141 397Losses on trade accounts receivable are classified as other operating expenses in the income statement. See note 19 for assessmenof credit risk. Movements in the provision for loss are as follows: 2022 202Opening balance (237) (350Provision of the year (41) (46Realised loss this year 153 159Closing balance (125) (237Calculation of the expected credit losses Determine the 0 days 1-30 days 31-60 days 61-90 days More than 90 Totalexpected credit losspast duepast duepast duepast duedays past dueBalances outstanding 148 809 32 500 6 680 1 360 2 490 191 839at reporting dateExpected credit losses 0,03% 0,16% 0,19% 0,20% 0,20%Expected credit loss 52 53 13 3 5 125allowanceDetails on the credit risk concerning tradeaccounts receivable are given in note 19.The Group had the following trade accountsreceivable due, but not paid or written off(NOK 1000) Total Not due <30 d 30-60d 60-90d >90d31 December 2022 191 715 148 795 32 500 6 680 1 365 2 37531 December 2021 141 397 116 216 18 430 2 222 487 4 043Expected credit loss 52 53 13 3 5 125allowance",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "Trade and other receivables Trade and other receivables are non-derivativefinancial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest ratemethod, less impairment. Amortised cost is calculated by taking into account any discountor premium on acquisition and fees or costs that are an integral part of the effective interesrate. The effective interest rate amortisation is included in finance income in the statement of profit or loss The losses arising from impairment are recognised in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables.Trade receivables that do not contain a significant financing component, as defined by IFRS 15 \u2013 Revenue from Contracts with Customers, measured at the transaction price (e g, invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Determining whether a significant financing component exists involves considering things like the difference between the cash price for an asset and the transaction price in the contract, the term of the receivable and prevailing interest rates. As a practical expedient, Zalaris presumes that a trade receivable does not have a significant financing component if the expected term is less than one year. According to IFRS 9, Zalaris can recognise a loss allowance based on lifetime ECLs (Expected Credit Loss) after the simplified approach if the asset does not consist of a significant financing component in accordance with IFRS 15 Zalaris uses a provision matrix as a practical approach for measuring expected credit losses for trade receivables. The provision matrix is based on historical default rates within different ranges of overdue receivables for groupings of trade receivables that share similar default patterns. Groupings are made based on segment and product type. The provision matrix is also calibrated based on assessment of current and future financial conditions. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in themanufacturing sector, the historical default rates are adjusted. At every reporting date, thehistorical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of customer\u2019s actual default inthe future.Note 19 \u2013 Financial InstrumentsFinancial instruments by categoryFinancial assets Fair value Financial at amortised through profit liabilities at Total book2022costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 191 715 191 715Other short-term receivables 41 981 41 981Cash and cash equivalents 91 796 91 796Total 331 736 - - 331 736Financial liabilities at amortised costContigent considerations 659 659Borrowings, long term 10 891 10 89Borrowings, short term 369 693 369 693Trade accounts payables 45 407 45 407Other short-term debt 92 003 92 003Total - 659 517 994 518 653Financial assets Fair value Financial at amortised through profit liabilities at Total book2021costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 141 397 141 397Other short-term receivables 19 614 19 614Cash and cash equivalents 176 224 176 224Total 337 235 - - 337 235Financial liabilities at amortised costDerivatives, Interest rate swaps 249 249Contigent considerations 4 065 4 065Borrowings, long term 357 887 357 887Borrowings, short term 1 356 1 356Trade accounts payables 18 257 18 257Other short-term debt 73 921 73 921Total - 4 314 451 421 455 735Fair value of financial instruments The Group classifies fair value measurementsby using a fair value hierarchy which re\ufb02ects the importance of the input used in the preparation of the measurements. The fair value hierarchy has the following levels:It is assessed that the carrying amounts of financial instruments recognised at amortisedcost in the financial statements approximate their fair values. The assessment is based on ajudgment that difference between interest rateat year-end compared to draw down. Value assessment of liabilities of financial instrumentsis set Level 3 in the fair value hierarchy. In 2022 the Group realised a gain of NOK 0.8 million (2021 NOK 0.0) on fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-5": {
"value": "Trade and other receivables Trade and other receivables are non-derivativefinancial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest ratemethod, less impairment. Amortised cost is calculated by taking into account any discountor premium on acquisition and fees or costs that are an integral part of the effective interesrate. The effective interest rate amortisation is included in finance income in the statement of profit or loss The losses arising from impairment are recognised in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables.Trade receivables that do not contain a significant financing component, as defined by IFRS 15 \u2013 Revenue from Contracts with Customers, measured at the transaction price (e g, invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Determining whether a significant financing component exists involves considering things like the difference between the cash price for an asset and the transaction price in the contract, the term of the receivable and prevailing interest rates. As a practical expedient, Zalaris presumes that a trade receivable does not have a significant financing component if the expected term is less than one year. According to IFRS 9, Zalaris can recognise a loss allowance based on lifetime ECLs (Expected Credit Loss) after the simplified approach if the asset does not consist of a significant financing component in accordance with IFRS 15 Zalaris uses a provision matrix as a practical approach for measuring expected credit losses for trade receivables. The provision matrix is based on historical default rates within different ranges of overdue receivables for groupings of trade receivables that share similar default patterns. Groupings are made based on segment and product type. The provision matrix is also calibrated based on assessment of current and future financial conditions. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in themanufacturing sector, the historical default rates are adjusted. At every reporting date, thehistorical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be representative of customer\u2019s actual default inthe future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-6": {
"value": "Trade and other receivables Trade and other receivables are non-derivativefinancial assets with fixed or determinable payments that are not quoted in an active market. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest ratemethod, less impairment. Amortised cost is calculated by taking into account any discountor premium on acquisition and fees or costs that are an integral part of the effective interesrate. The effective interest rate amortisation is included in finance income in the statement of profit or loss The losses arising from impairment are recognised in the statement of profit or loss in finance costs for loans and in cost of sales or other operating expenses for receivables.Trade receivables that do not contain a significant financing component, as defined by IFRS 15 \u2013 Revenue from Contracts with Customers, measured at the transaction price (e g, invoice amount excluding costs collected on behalf of third parties, such as sales taxes). Determining whether a significant financing component exists involves considering things like the difference between the cash price for an asset and the transaction price in the contract, the term of the receivable and prevailing interest rates. As a practical expedient, Zalaris presumes that a trade receivable does not have a significant financing component if the expected term is less than one year. According to IFRS 9, Zalaris can recognise a loss allowance based on lifetime ECLs (Expected Credit Loss) after the simplified approach if the asset does not consist of a significant financing component in accordance with IFRS 15 Zalaris uses a provision matrix as a practical approach for measuring expected credit losses for trade receivables. The provision matrix is based on historical default rates within different ranges of overdue receivables for groupings of trade receivables that share similar default patterns. Groupings are made based on segment and product type. The provision matrix is also calibrated based on assessment of current and future financial conditions. For instance, if forecast economic conditions (i.e., gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of defaults in themanufacturing sector, the historical default rates are adjusted. At every reporting date, thehistorical observed default rates are updated and changes in the forward-looking estimates are analysed. The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group\u2019s historical credit loss experience and forecast of economic conditions may also not be Financial liabilities The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes derivative financial instruments entered into by the Groupthat are not designated as hedging instrumentsin hedge relationships as defined by IFRS 9. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised and amortised over borrowing period. All other borrowing costs are expensed in the period in which they occurBorrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds as defined in IAS 23.Gains and losses are recognised in profit or loss when the liabilities are derecognised. For further information see note 19. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the GroupAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well asthrough the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies tointerest-bearing loans and borrowings.representative of customer\u2019s actual default inthe future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "Cash and cash equivalents Cash and the equivalents include cash on hand, deposits with banks and other shortterm highly liquid investments with originalmaturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-2": {
"value": "Financial liabilities The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes derivative financial instruments entered into by the Groupthat are not designated as hedging instrumentsin hedge relationships as defined by IFRS 9. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised and amortised over borrowing period. All other borrowing costs are expensed in the period in which they occurBorrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds as defined in IAS 23.Gains and losses are recognised in profit or loss when the liabilities are derecognised. For further information see note 19. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the GroupAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well asthrough the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies tointerest-bearing loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-5": {
"value": "Financial liabilities The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes derivative financial instruments entered into by the Groupthat are not designated as hedging instrumentsin hedge relationships as defined by IFRS 9. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised and amortised over borrowing period. All other borrowing costs are expensed in the period in which they occurBorrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds as defined in IAS 23.Gains and losses are recognised in profit or loss when the liabilities are derecognised. For further information see note 19. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the GroupAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well asthrough the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies tointerest-bearing loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-6": {
"value": "Financial liabilities The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes derivative financial instruments entered into by the Groupthat are not designated as hedging instrumentsin hedge relationships as defined by IFRS 9. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised and amortised over borrowing period. All other borrowing costs are expensed in the period in which they occurBorrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds as defined in IAS 23.Gains and losses are recognised in profit or loss when the liabilities are derecognised. For further information see note 19. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the GroupAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well asthrough the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies tointerest-bearing loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-7": {
"value": "Financial liabilities The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes derivative financial instruments entered into by the Groupthat are not designated as hedging instrumentsin hedge relationships as defined by IFRS 9. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised and amortised over borrowing period. All other borrowing costs are expensed in the period in which they occurBorrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds as defined in IAS 23.Gains and losses are recognised in profit or loss when the liabilities are derecognised. For further information see note 19. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the GroupAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well asthrough the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies tointerest-bearing loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-8": {
"value": "Financial liabilities The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. The measurement of financial liabilities depends on their classification. Financial liabilities at fair value through profit or loss. Financial liabilities at fair value through profit or loss includes derivative financial instruments entered into by the Groupthat are not designated as hedging instrumentsin hedge relationships as defined by IFRS 9. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised and amortised over borrowing period. All other borrowing costs are expensed in the period in which they occurBorrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds as defined in IAS 23.Gains and losses are recognised in profit or loss when the liabilities are derecognised. For further information see note 19. Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the GroupAfter initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well asthrough the EIR amortisation process.Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies tointerest-bearing loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-2": {
"value": "Pension plans Defined contribution plan The Group has only defined contributions plans. Contributions are paid to pension insurance plans and charged to the income statement in the corresponding period. Once the contributions have been paid, there are nofurther payment obligations.Share-based compensation The Group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options and restricted stock units (RSUs)) of the GroupThe fair value of the employee services received in exchange for the grant of the options or RSUs is recognised as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determinedby reference to the fair value of the options and RSUs 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 Grouprevises its estimates of the number of options and RSUs that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. If options are forfeited, the expenses relating to those options are reversed. The fair value of the options which have been estimated at grant date and are notsubsequently 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 (nominal value) and share premium.Note 4 \u2013 Personnel expenses(NOK 1000) 2022 2021Salary 416 264 357 333 Bonus 18 719 19 452 Social security tax 61 387 55 823 Pension costs (see note 17) 21 841 18 480 Share based payments (see note 22) 8 627 5 749 Other personnel expenses 14 992 11 906 Capitalised to internal development projects (14 540) (11 444)Capitalised to customer project assets (43 466) (42 777) Total personnel expenses 483 824 414 522 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costswith NOK 8.5 million2022 202Average number of employees 959 81Average number of FTEs 884 733See note 20 for transactions with related partiesNote 17 \u2013 Pensions Pension for employees in the Norwegian entities The Group is required to have an occupational pension scheme in accordance with the Norwegian law on mandatory occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d). The Group\u2019s pension schemes satisfy the requirements of this law, and represent a defined contribution plan, with disability coverage. At the end of the yearthere were 110 (141) participants in this defined contribution plan, including the AFP-scheme.The pension expenses equal the calculated contribution for the year and is NOK 4.4 million(NOK 5.3 million). The scheme is administered by Storebrand.In 2016 a new AFP-scheme was established. The new AFP-scheme is not an early retirement plan, but a plan that gives a lifelongcontribution to the ordinary pension. The employees can choose to exercise the new AFP-scheme starting at the age of 62 years, also in combination with continued work, and the annual regular post-employment benefits increases in the new scheme if early AFP retirement is rejected. The new AFP-scheme is a defined benefit multi-employer plan which is financed through contributions that are determined by a percentage of the employee\u2019searnings. There is currently no reliable measure and allocation of liabilities and assetsin the plan. The plan is accounted for as a defined contribution plan which means that thecontributions are recognised as expenses withno provisions.The premium paid during 2022 was 2.6% of salary between 1 G and 7.1 G. 1G equals NOK 111.5k as of 31 December 2022 (NOK 106.4k).The AFP-scheme does not publish any estimates on future rate of premiums, but it is expected that the premiums will be increased over time to meet the expectations of increased pension payments. Pensions for other employees Employees in Group companies outside Norway have pension plans in accordance with local practice and local legislation. The Group has only defined contribution plans. Contributions are paid to pension insurance plans and charged to the income statement in the corresponding period. Once the contributions have been paid, there are no further payment obligations.Denmark has defined contribution plans for all employees, a total of 28 people end of the year. Finland has a defined contribution plan for all its employees, a total of 45 employees. Sweden has a defined contribution plan for all employees, a total of 54 employees. UK has a defined contribution plan for all employees, atotal of 40 employees. Germany has defined contribution plan for executive employees.Total expenses recognised related to pensionin 2022 amounted to NOK 21.8 million (NOK 18.5 million). b) Remuneration to senior group management and the board(NOK 1000) 2022 2021Short-term benefit 14 172 13 270Pension benefits 783 758Share-based payment 5 775 9 614Total 20 730 23 642Further details can be found in the annual remuneration report for 2022 published on www.zalaris.com Note 20 \u2013 Transactionswith Related Partiesa) Purchase from related partiesRelated Party Transaction 2022 2021Rayon Design AS1) Management 2 815 2 274ServicesTotal 2 815 2 2741) Norwegian Retail AS, a company owned 100% by Hans-Petter Mellerud, CEO of Zalaris ASA, owns 40% of the shares in Rayon Design AS. All pricing is done on armth length principleNote 22 \u2013 Share-based payment plan Zalaris ASA (the \u201cCompany\u201d) operates a share-based payment plan for members of theexecutive management and key employees. The share-based payment plan consists of a share option program and restricted stock units (\u201cRSUs\u201d). The costs recognised for the share-based payment plan are shown in the following table(NOK 1000) 2022 202Restricted Stock Units 1 101 5 749Employee share options 7 526 318Accrued social security costs (110) 1 444Total recognised costs 8 517 7 51Accrued payroll tax at the end of the period 118 643Restricted stock units The general meeting of Zalaris ASA held on 18 May 2021, gave the Board the authority to grant up to 135,000 RSUs annually to executivemanagement, with matching requirements. Under this plan the executive management may convert up to 50% of approved bonuses to RSU\u2019s at a 100% higher value (e.g. NOK 50k of annual bonus is converted to NOK 100k worth of RSUs). The purpose of the RSUs is to further align the interests of the Company, its subsidiaries and its shareholders by providing long term incentives in the form of an own investment in the Company done by the participant and matching awards (the RSUs).The granted RSUs have a three-year vesting period. The RSUs require the employee to purchase the required number of matching shares at the grant date and hold these until the RSUs are fully vested. Non-vested RSUs are cancelled when the employee has given notice of termination and are treated as forfeited. If for some reason the Company is not holding a sufficient number of shares at the relevant settlement date, any RSUs awarded and settled under the plan shall be settled by a cash bonus payment equal to the fair market value per share on the date of settlement multiplied by the number of RSUs. A total of 41,031 RSUs were granted in 2022 (2021: 18,041).The Company will do its utmost to settle the granted RSUs as shares, and thus accounts fothe RSUs as an equity-settled plan. The following table illustrates the number oRSUs outstanding:Number of RSUs 2022 2021Outstanding at the beginning of the period 125 268 307 152Granted 41 031 18 04Released (100 000) (199 925)Outstanding at the end of the period 66 299 125 268The fair value of the RSUs is the weightedaverage share price at grant date:The weighted average assumptions used 2022 202Expected life of RSUs (year) 3,00 3,00Weighted average share price 47,00 66,00Share Option Program The general meeting of Zalaris ASA held on 18 May 2021, gave the Board the authority to grant up to 1 million employee share options annually for a three-year period. The strike price is based on the weighted average shareprice for seven days preceding the grant. The options granted vest after 36 months. Each share option corresponds to one share. Employee share options are not subject to anyperformance-based vesting conditions. The Company has the option to settle the share options in cash, however they have no legal or constructive obligation to repurchase or offer cash-settlements for options granted. Non-vested share options are cancelled when the employee has given notice of termination and are treated as forfeited. A total of 807,000 options were granted in 2022 (2021: 971,500). The options were granted at an average exercise price of NOK 37.06 (2021: NOK 59.59)The following table illustrates the number of options outstanding and their weighted average exercise price (WAEP):2022 2021Number of Number of options WAEP (NOK)options WAEP (NOKOutstanding at the beginning of the period 1 519 500 51,87 618 000 38,55Granted 807 000 37,06 971 500 59,59Terminated (83 000) 51,02 (70 000) 41,41Outstanding at the end of the period 2 243 500 46,57 1 519 500 51,87Exercisable at the end of the period - - - The range of exercise prices for options outstanding at the end of the year was NOK 29.10 to NOK 61.91.The fair value of the share options is estimatedat the grant date using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the share options were granted. The weighted average fair value of share options granted to employees during 2022 was NOK 11.12 per option (NOK 17.35). The following table lists the key inputs to the model used for the year ended 31 December:The weighted average assumptions used 2022 202Expected volatility (%) 44,22 43,17Risk-free interest rate (%) 2,97 0,92Expected life of options (year) 3,2 3,0Weighted average share price 34,78 58,70Expected dividend - Historic volatility is assumed to be a reasonable indicator of expected volatility. Expected volatility is therefore defined as historic volatility. The risk-free interest rate used for share option calculations is collected as of grant date of Norwegian state bonds fromNorges Bank. Where there is no exact match between the term of the interest rates and the term of the share options, interpolation is usedto estimate a comparable term. Social security costs on employee share options outstanding are estimated at the end of each quarter based on the difference between actual share price and exercise price for the option, and recognised as an expense over the vesting period. Annual share purchase program The Company completed an annual share purchase program for employees in December 2022. As part of the program, Zalaris has sold 44,798 own shares to employees at a subscription price of NOK 20.28 per share for Norwegian employees and NOK 19.09 for non-Norwegian employees. The shares were transferred to the employees in February 2023. The subscription price was based on the volume-weighted average share price in the period between 18 November to 30 November 2022, less a 20 % discount. To receive the discount the shares have a 12 months lock-up period. See Executive Remuneration Policy available at www.zalaris.com for detailed information onthe Group\u2019s share based payment plan. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-4": {
"value": "Pension plans Defined contribution plan The Group has only defined contributions plans. Contributions are paid to pension insurance plans and charged to the income statement in the corresponding period. Once the contributions have been paid, there are nofurther payment obligations.Share-based compensation The Group operates an equity-settled compensation plan, under which the entity receives services from employees as consideration for equity instruments (options and restricted stock units (RSUs)) of the GroupThe fair value of the employee services received in exchange for the grant of the options or RSUs is recognised as an expense (payroll expenses) over the vesting period. The total amount to be expensed is determinedby reference to the fair value of the options and RSUs 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 Grouprevises its estimates of the number of options and RSUs that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to equity. If options are forfeited, the expenses relating to those options are reversed. The fair value of the options which have been estimated at grant date and are notsubsequently 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 (nominal value) and share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "Earnings per share The calculation of basic earnings per share is based on the profit attributable to ordinaryshares using the weighted average number ofordinary shares outstanding during the year after deduction of the average number of treasury shares held over the period. The calculation of diluted earnings per share is consistent with the calculation of the basic earnings per share, but gives at the same timeeffect to all dilutive potential ordinary shares that were outstanding during the period, by adjusting the profit/loss and the weighted average number of shares outstanding for theeffects of all dilutive potential shares, i.e.: \u2022 The profit/loss for the period attributable to ordinary shares is adjusted for changes in profit/loss that would result from the conversion of the dilutive potential ordinary shares.The weighted average number of ordinary shares is increased by the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-2": {
"value": "1.3 New and amended standards and interpretations Below are comments on the standards relevanfor the Zalaris Group. Standards issued and effective The following standards effective as of 1st January 2022 (or before) does not have any implication for the Group, and hence had no effect on the figures presented as at 31 December 2022. \u2022 Amendments to IFRS 16 Lease (2021)\u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework (1st January 2022)\u2022 Amendments to IAS 16 \u2013 Property, plant and Equipment \u2013 Proceeds before intended use (1st January 2022)\u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 Cost of fulfilling a contract (1st January 2022) Standards issued but not yet effective Standards, amendments and interpretations to existing standards that are not yet effective and for which early adoption has not been applied by the Group, are listed below. The Group will adopt these new and amended standards and interpretations, if applicable, when they become effective.\u2022 IFRS 17 - Insurance Contracts (1st January 2023)\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current (1st January 2024)\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies (1st January 2024)\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates (1st January 2023)\u2022 Amendments to IAS 12 \u2013 Deferred Tax re-lated to Assets and Liabilities arising from aSingle Transaction (1st January 2023)The group is evaluating the Amendment to IAS 1 and IFRS Practice Statement 2 and howand if this will have have significant effect. The other amendments are expected to not have significant effect on the financial statements when implemented / effective.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-3": {
"value": "1.3 New and amended standards and interpretations Below are comments on the standards relevanfor the Zalaris Group. Standards issued and effective The following standards effective as of 1st January 2022 (or before) does not have any implication for the Group, and hence had no effect on the figures presented as at 31 December 2022. \u2022 Amendments to IFRS 16 Lease (2021)\u2022 Amendments to IFRS 3 \u2013 Reference to the conceptual framework (1st January 2022)\u2022 Amendments to IAS 16 \u2013 Property, plant and Equipment \u2013 Proceeds before intended use (1st January 2022)\u2022 Amendments to IAS 37 \u2013 Onerous contracts \u2013 Cost of fulfilling a contract (1st January 2022) Standards issued but not yet effective Standards, amendments and interpretations to existing standards that are not yet effective and for which early adoption has not been applied by the Group, are listed below. The Group will adopt these new and amended standards and interpretations, if applicable, when they become effective.\u2022 IFRS 17 - Insurance Contracts (1st January 2023)\u2022 Amendments to IAS 1 \u2013 Classification of liabilities as current or non-current (1st January 2024)\u2022 Amendments to IAS 1 and IFRS Practice Statement 2 \u2013 Disclosure of Accounting Policies (1st January 2024)\u2022 Amendments to IAS 8 \u2013 Definition of Accounting Estimates (1st January 2023)\u2022 Amendments to IAS 12 \u2013 Deferred Tax re-lated to Assets and Liabilities arising from aSingle Transaction (1st January 2023)The group is evaluating the Amendment to IAS 1 and IFRS Practice Statement 2 and howand if this will have have significant effect. The other amendments are expected to not have significant effect on the financial statements when implemented / effective.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-2": {
"value": "1.4 Key sources of estimation uncertainty and critical accounting judgments The preparation of the financial statements in accordance with IFRS requires management to make judgments, use estimates and assumptions that affect the reported amountsof assets and liabilities, income and expensesThe estimates and associated assumptions are based on historical experience and various other factors that are considered to be reasonable under the circumstances. The estimates and underlying assumptions are reviewed on an ongoing basis. The management does not assess that there are any specific areas for which there has been much estimation uncertainty. Critical accounting judgements Customer projects Revenues from outsourcing agreements are recognised over the term of the contract as the services are rendered. The related costs are recognised as they are incurred. Howevera portion of costs incurred in the initial phase of outsourcing contracts may be deferred when they are specific to a given contract, relate to future activity on the contract, will generate future economic benefits and are recoverable. These costs are capitalised as \u201ccustomer projects assets\u201d and any prepaid revenues by the client are presented separately as \u201ccustomer projects liabilities\u201d in the statement of financial position. When calculating cost, the hourly rates applied are based on estimates. The deferred costs are expensed evenly over the period the outsourcing services are provided and included in the line item \u201cAmortisation implementation cost customer projects\u201d. Prepayments from customers related to performance obligations that are satisfied over time are recognised as revenueover the period of which the performance obligation is satisfied.The principle requires management to ensure routines for correct and complete allocation of cost and prepaid revenues to the individual customer project and updated and accurate rates to be applied in the cost estimation. Capitalised customer projects are tested at least annually for impairment. Capitalisation of intangible assets Development costs of software have been capitalised as intangible assets to the extent it is assessed that future benefits can be substantiated. Judgment must be applied in determining which amount of expenses that can be capitalised. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its valuein use. The value in use calculation is based ona DCF model. The cash flows are derived fromthe budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the performanceof the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the Share-based payments Estimating fair value for share-based paymentransactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option and RSUs orappreciation right, volatility and dividend yieldand making assumptions about them. The fairvalue of the RSUs is the weighted average share price at grant date. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 22.growth rate used for extrapolation purposes. These estimates are most relevant to goodwill or customer contracts recognised by the Group on acquisition. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in Note 9. If there are any indications of impairment, the Group will test if carrying amounts exceed its recoverable amount (higher of fair value less cost to sell and its value in use). Determining recoverable amount requires thathe management makes several assumptions related to future cash flows from these assets which may involve high degree of uncertainty. As of 31 December, no indication of impairment was identified.Deferred tax asset Deferred tax asset is recognised in the different entities where it is expected to be utilised within the jurisdiction in question, andaccording to expected future profits in the same jurisdiction. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-4": {
"value": "Share-based payments Estimating fair value for share-based paymentransactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option and RSUs orappreciation right, volatility and dividend yieldand making assumptions about them. The fairvalue of the RSUs is the weighted average share price at grant date. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-2": {
"value": "Note 2 \u2013 Segment information The Corporate Management Team is the Chief Operating Decision Maker (CODM) and monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements. The Group is organised into business units based on its main products andservices and has two reportable segments, asfollows: The Managed Services segment, which includes a full range of payroll and HR outsourcing services, such as payroll processing, time and attendance, travel expenses as well as related cloud system solutions and services. This includes additional cloud-based HR functionality to existing outsourcing customers as talent management, digital personnel archive, HR analytics, mobile solutions, etc. These services are predominantly of a recurring nature and are generally based on long-term contracts (3 \u2013 7 years).The Professional Services segment, which includes the implementation of SAP HCM & Payroll and SuccessFactors, based on Zalaris templates, or implementation of customer-specific functionalities. This segment unit also assists customers with cost-effective maintenance and support of customers\u2019 own on-premise SAP solutions (\u201cAMO\u201d). The AMO services are generally of a recurring nature, and much of the services are based on long-term customer relationships.For internal reporting and management purposes the financial information is organisedby the two business segments by geography. During 2022, Zalaris established a new geographical region, encompassing the Asia-Pacific (APAC), headquartered in Australia. The new region offers products and services from both Professional Services and ManagedServices. The region, which is a greenfield investment, is not classified as a separate business segment, but is reported separately until it has reached a sustainable business level, for information purposes. Items that are not allocated to business segments are mainly intercompany sales, interest-bearing loans and other associated expenses and assets related to administrationof the Group. The Group\u2019s executive management is the chief decision maker in theGroup. The investing activities comprise total cost in the period for the acquisition of assets that have an expected useful life of more than one year.2022Managed Professional Gr.Ovhd & (NOK 1000)ServicesServices APACUnallocated TotalRevenue, external 644 801 243 138 4 803 - 892 742Operating expenses (536 580) (213 865) (10 438) (25 675) (786 558EBITDA 108 221 29 273 (5 635) (25 675) 106 184Depreciation and amortisation (43 994) (9 281) (63) (29 151) (82 489EBIT 64 227 19 992 (5 698) (54 826) 23 695Net financial income/(expenses) (40 102) (40 102)Income tax (6 295) (6 295Profit for the period 64 227 19 992 (5 698) (101 223) (22 702Cash flow from investing activities (39 163202Managed Professional Gr.Ovhd & (NOK 1000)ServicesServices APACUnallocated TotalRevenue, external 529 685 245 580 - - 775 265Operating expenses (428 087) (218 921) - (26 314) (673 323)EBITDA 101 598 26 659 - (26 314) 101 942Depreciation and amortisation (39 598) (8 717) - (31 042) (79 357EBIT 62 000 17 942 - (57 356) 22 586Net financial income/(expenses) (7 571) (7 571Income tax (2 203) (2 203)Profit for the period 62 000 17 942 - (67 130) 12 812Cash flow from investing activities (14 345Geographic information The Group\u2019s operations are carried out in several countries, and information regardingrevenue based on geography based on geography per segment, where revenue in APAC has been included in the ProfessionalServices (PS) segment, is provided below. Information is based on location of the entitygenerating the revenue, which, to a large extent, corresponds to the geographical location of the customers. 2022 2021MS PS NOK 1000 as % of total MS PS NOK 1000 as % of totaNorway 198 785 1 067 199 852 22% 199 415 1 460 200 875 26%Northern Europe, 263 341 3 150 266 491 30% 218 728 2 318 221 046 29%excluding NorwayCentral Europe 160 714 213 968 374 682 42% 100 083 214 457 314 540 41%UK & Ireland 21 952 24 902 46 854 5% 11 555 27 249 38 804 5%APAC - 4 863 4 863 1% - - - 0%Total 644 792 247 950 892 742 100% 529 781 245 484 775 265 100%Information about major customers2022 2021as % of total NOK 1000 as % of total NOK 1000 Largest customer 10% 89 591 11% 88 720 5 largest customers 22% 197 362 24% 182 34810 largest customers 34% 302 994 36% 281 05420 largest customers 50% 441 600 54% 416 086The Group has only one customer, which accounts for more than 10% of the total revenue(ref. largest customer in the table above). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-3": {
"value": "Note 3 \u2013 Revenue fromcontracts with customersDisaggregated revenue information The Group\u2019s revenue from contracts with customers has been disaggregated and presented in note 2.Contract balances(NOK 1000) Note 2022 202Trade receivables 12 191 715 141 397Customer project assets 135 359 94 799Customer project liabilities (103 744) (66 452Trade receivables are non-interest bearing andare on general terms from 14 to 90 days credit.In 2022 NOK 125k (2021: NOK 234k) was recognised as provision for expected credit losses on trade receivables.Customer project assets are costs incurred on specific customers contracts, which will be used in satisfying performance obligations in the future, and that are recoverable. These aregenerally cost incurred in the implementation phase of customer contract for the delivery of BPO HCM services, and is a prerequisite for being able to deliver these services. They are incurred from own employees, external consultants and external suppliers. These costsare deferred and amortised evenly over the period the outsourcing services are provided. Customer project liabilities are generally payments from customers specific to a given contract, to cover part of the costs for the implementation of the outsourcing contract. The customer payments are recognised as revenue evenly as the Group fulfils the related performance obligations over the contract period. Prepayments from customers comprise a combination of short- and long-term advances from customers. The short-term advances are typically deferred revenues related to smaller projects or change orders related to the system solution. The long-term liabilities relate to initial advances paid upon signing the contract. These advances are contracted to be utilised by the customer on either transformation projects, change orders, or other projects. These advances are recognisedas revenue when the work is performed on agreed projects If the contract expires, or is terminated, any unused amount becomes the property of Zalaris, and is recognised asrevenue by the Group. Movements in customer project liabilities through the period:(NOK 1000) 2022 2021Opening balance 1 January 94 799 78 246Cost capitalised 67 771 51 350Amortisation (31 638) (29 874Currency 4 427 (4 923Customer projects assets 135 359 94 799Movements in customer project liabilities through the period:(NOK 1000) 2022 2021Opening balance 1 January (66 452) (50 256Revenue deferred (62 134) (41 356Revenue recognised 20 807 21 70Currency 4 035 3 458Customer project liabilities (103 744) (66 453)Performance obligations Information related to the Group\u2019s performanceobligations and related revenue recognition is summarised below: Professional services (Consulting) Consulting services consist of services delivered and defined by project plans with defined milestones and completion specifications (one performance obligation). The performance obligation is satisfied over time because the customer simultaneously receives and consumes the benefits provided by the Group. The Group recognises revenue based on the labour hours incurred relative to the total expected labour hours to complete the installation. Where contracts have clauses of support hours utilised by the customer the revenue is recognised when support has beendelivered. In contracts where some unused hours may be transferred to later periods the performance obligation is not deemed fulfilled,and revenue is only recognised when the hours later are utilised or on the last possible time of transfer of un-utilised hours to future periods. Managed Services (Outsourcing and Cloud) HR Outsourcing normally consists of services delivered on a regular basis. Typically, the deliverables for these contracts are payroll services where different variable elements are delivered. These may be salary calculation, payslip delivery, accounting reports, official statistics reporting, travel expense claims reimbursed, sick leave registration and reporting etc. All the deliverables are highly interrelated and therefore not capable to be distinct, i.e. one performance obligation. The performance obligation is satisfied over time, because the customer simultaneously receivesand consumes the benefits provided by the Group. The Group recognises revenue based on the labour hours incurred. Cloud services delivered by the Group comprise of several deliverables (hosting, licenses etc.), all the deliverables are highly interdependent and are therefore deemed to be one performance obligation. The revenue from the cloud services is recognised over time, since the customer simultaneously receives and consumes the benefits provided by the Group. Transaction price The transaction price is determined either by fixed agreed price per period for licenses and hosting services while for outsourcing and consulting the actual consumption, being manhours spent or customer employee transactions initiated, on agreed price per unit. The variable element of the contracts are typically not limited on customer-initiated transactions while transition and change projects can be limited. The transaction price is distributed over the time the services has been rendered. Remaining performance obligation All material contracts with the customers are for periods of one year or less, or are billed based on time incurred or products or servicesdelivered. As permitted under IFRS 15, the transaction price allocated to these unsatisfiedcontracts is not disclosed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-3": {
"value": "Note 4 \u2013 Personnel expenses(NOK 1000) 2022 2021Salary 416 264 357 333 Bonus 18 719 19 452 Social security tax 61 387 55 823 Pension costs (see note 17) 21 841 18 480 Share based payments (see note 22) 8 627 5 749 Other personnel expenses 14 992 11 906 Capitalised to internal development projects (14 540) (11 444)Capitalised to customer project assets (43 466) (42 777) Total personnel expenses 483 824 414 522 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costswith NOK 8.5 million2022 202Average number of employees 959 81Average number of FTEs 884 733See note 20 for transactions with related partiesNote 5 \u2013 Other operating expenses(NOK 1000) 2022 2021External consultants for customer projects 97 214 95 287 External services 32 692 21 054 IT and telecom 41 706 37 516 Office premises 14 762 8 930 Travel and accomodation 15 096 7 910 Freight, postage etc. 11 532 6 506 Marketing 7 382 5 121 Audit & Accounting 4 691 5 154 Other expenses (2 537) 3 836 Total other operating expenses 222 538 191 314 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costs with NOK 8.5 millionAuditors fee(NOK 1000) 2022 2021Auditor fee 3 231 2 559Fee for tax services 668 458 Other attestation services - 142Other fees 350 - Total 4 249 3 159",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-75-4": {
"value": "Note 4 \u2013 Personnel expenses(NOK 1000) 2022 2021Salary 416 264 357 333 Bonus 18 719 19 452 Social security tax 61 387 55 823 Pension costs (see note 17) 21 841 18 480 Share based payments (see note 22) 8 627 5 749 Other personnel expenses 14 992 11 906 Capitalised to internal development projects (14 540) (11 444)Capitalised to customer project assets (43 466) (42 777) Total personnel expenses 483 824 414 522 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costswith NOK 8.5 million2022 202Average number of employees 959 81Average number of FTEs 884 733See note 20 for transactions with related parties",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-3": {
"value": "Note 5 \u2013 Other operating expenses(NOK 1000) 2022 2021External consultants for customer projects 97 214 95 287 External services 32 692 21 054 IT and telecom 41 706 37 516 Office premises 14 762 8 930 Travel and accomodation 15 096 7 910 Freight, postage etc. 11 532 6 506 Marketing 7 382 5 121 Audit & Accounting 4 691 5 154 Other expenses (2 537) 3 836 Total other operating expenses 222 538 191 314 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costs with NOK 8.5 millionAuditors fee(NOK 1000) 2022 2021Auditor fee 3 231 2 559Fee for tax services 668 458 Other attestation services - 142Other fees 350 - Total 4 249 3 159",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-4": {
"value": "Note 5 \u2013 Other operating expenses(NOK 1000) 2022 2021External consultants for customer projects 97 214 95 287 External services 32 692 21 054 IT and telecom 41 706 37 516 Office premises 14 762 8 930 Travel and accomodation 15 096 7 910 Freight, postage etc. 11 532 6 506 Marketing 7 382 5 121 Audit & Accounting 4 691 5 154 Other expenses (2 537) 3 836 Total other operating expenses 222 538 191 314 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costs with NOK 8.5 millionAuditors fee(NOK 1000) 2022 2021Auditor fee 3 231 2 559Fee for tax services 668 458 Other attestation services - 142Other fees 350 - Total 4 249 3 159",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-5": {
"value": "Note 5 \u2013 Other operating expenses(NOK 1000) 2022 2021External consultants for customer projects 97 214 95 287 External services 32 692 21 054 IT and telecom 41 706 37 516 Office premises 14 762 8 930 Travel and accomodation 15 096 7 910 Freight, postage etc. 11 532 6 506 Marketing 7 382 5 121 Audit & Accounting 4 691 5 154 Other expenses (2 537) 3 836 Total other operating expenses 222 538 191 314 *Reclassification 2021: Costs relating to customer projects performed by external consultants have been reclassified from personnel expenses to other operating costs with NOK 8.5 millionAuditors fee(NOK 1000) 2022 2021Auditor fee 3 231 2 559Fee for tax services 668 458 Other attestation services - 142Other fees 350 - Total 4 249 3 159",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-2": {
"value": "Note 6 \u2013 Finance income and finance expenses(NOK 1000) 2022 202Interest income on bank accounts and receivables 304 99Currency gain 6 028 19 988Other financial income 1 232 1 372Finance income 7 564 21 459Interest expense on financial liabilities measured at amor- 18 522 17 625tised costCurrency loss 21 079 5 685Interest expense on leasing 2 237 1 28Other financial expenses 5 829 4 440Finance expenses 47 667 29 03Net financial items (40 103) (7 572Note 7 \u2013 Income Taxes(NOK 1000) 2022 202Tax paid / payable (12 991) (8 917Changes in deferred taxes 6 696 6 714Tax expense (6 295) (2 203Effective tax rate:(NOK 1000) 2022 202Ordinary profit before tax (16 407) 15 014Tax at Zalaris ASA's statutory tax rate of 22 % 3 610 (3 303Effect of different tax rates and impact of changes in rates and legislation 280 3 607Non tax deductible costs and other permanent differences 73 (2 386)Losses not recognised as deferred tax assets (9 773) Adjustments in respect of prior years and other adjustments (485) Tax expense (6 295) (2 203Effective tax rate -38,4 % 14.7 %Tax payable in balance sheet:(NOK 1000) 2022 202Calculated tax payable 3 270 2 550Total income tax payable 3 270 2 550Specification of tax effects of temporary differences:(NOK 1000) 2022 202Property, plant, equipment and immaterial assets 66 678 82 557Other differences (3 393) (3 155)Tax losses carry forward (114 189) (99 028)Total temporary differences (50 904) (19 626Deferred tax:(NOK 1000) 2022 202Total deferred tax assets 29 837 26 999Total deferred tax liability 23 899 26 836Net recognised deferred tax/(liability) 22 % 5 938 163The Group offsets tax assets and liabilities, if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities. In 2022 the group has an uncapitalised tax asset in the holding companyof NOK 9.8 million. The tax loss carried forwardrelating to uncapitalised tax asset is NOK 44.4 million.The Group has tax losses, which have arisen in Norway, of NOK 144.4 million as of 31 December 2022 that has no expiration date (NOK 101.9 million). As of 31 December 2022 the Group has deferred tax liabilities of NOK 4.8 million on excess values in connection with the acquisition of vyble GmbH. Note 8 \u2013 Earnings per shareThe calculation of basic earnings per share is based on the net income attributable to the shareholders of the parent company and a weighted average number of shares outstanding during the years ending 31 December 2022 and 31 December 2021 respectively. Shares issued during the periods are included in the calculations of weighted average number of shares from the date the shares issue was approved by the general meeting. Diluted equity instruments outstanding are related to employee share based purchase programs. (NOK 1000) 2022 202Net profit/(loss) attributable to ordinary equity holders of the (38 720) 12 812parentWeighted average number of shares 21 594 586 21 293 532Weighted average diluted number of shares 21 594 586* 22 736 146Basic earnings per share (NOK) (1,79) 0,60Diluted earnings per share (1,79) 0,56* 2 126 541 shares (employee share options) are not included in average diluted number of shares as the company is presenting a loss for the year 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-3": {
"value": "Note 6 \u2013 Finance income and finance expenses(NOK 1000) 2022 202Interest income on bank accounts and receivables 304 99Currency gain 6 028 19 988Other financial income 1 232 1 372Finance income 7 564 21 459Interest expense on financial liabilities measured at amor- 18 522 17 625tised costCurrency loss 21 079 5 685Interest expense on leasing 2 237 1 28Other financial expenses 5 829 4 440Finance expenses 47 667 29 03Net financial items (40 103) (7 572Note 7 \u2013 Income Taxes(NOK 1000) 2022 202Tax paid / payable (12 991) (8 917Changes in deferred taxes 6 696 6 714Tax expense (6 295) (2 203Effective tax rate:(NOK 1000) 2022 202Ordinary profit before tax (16 407) 15 014Tax at Zalaris ASA's statutory tax rate of 22 % 3 610 (3 303Effect of different tax rates and impact of changes in rates and legislation 280 3 607Non tax deductible costs and other permanent differences 73 (2 386)Losses not recognised as deferred tax assets (9 773) Adjustments in respect of prior years and other adjustments (485) Tax expense (6 295) (2 203Effective tax rate -38,4 % 14.7 %Tax payable in balance sheet:(NOK 1000) 2022 202Calculated tax payable 3 270 2 550Total income tax payable 3 270 2 550Specification of tax effects of temporary differences:(NOK 1000) 2022 202Property, plant, equipment and immaterial assets 66 678 82 557Other differences (3 393) (3 155)Tax losses carry forward (114 189) (99 028)Total temporary differences (50 904) (19 626Deferred tax:(NOK 1000) 2022 202Total deferred tax assets 29 837 26 999Total deferred tax liability 23 899 26 836Net recognised deferred tax/(liability) 22 % 5 938 163The Group offsets tax assets and liabilities, if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities. In 2022 the group has an uncapitalised tax asset in the holding companyof NOK 9.8 million. The tax loss carried forwardrelating to uncapitalised tax asset is NOK 44.4 million.The Group has tax losses, which have arisen in Norway, of NOK 144.4 million as of 31 December 2022 that has no expiration date (NOK 101.9 million). As of 31 December 2022 the Group has deferred tax liabilities of NOK 4.8 million on excess values in connection with the acquisition of vyble GmbH. Note 8 \u2013 Earnings per shareThe calculation of basic earnings per share is based on the net income attributable to the shareholders of the parent company and a weighted average number of shares outstanding during the years ending 31 December 2022 and 31 December 2021 respectively. Shares issued during the periods are included in the calculations of weighted average number of shares from the date the shares issue was approved by the general meeting. Diluted equity instruments outstanding are related to employee share based purchase programs. (NOK 1000) 2022 202Net profit/(loss) attributable to ordinary equity holders of the (38 720) 12 812parentWeighted average number of shares 21 594 586 21 293 532Weighted average diluted number of shares 21 594 586* 22 736 146Basic earnings per share (NOK) (1,79) 0,60Diluted earnings per share (1,79) 0,56* 2 126 541 shares (employee share options) are not included in average diluted number of shares as the company is presenting a loss for the year 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-4": {
"value": "Note 6 \u2013 Finance income and finance expenses(NOK 1000) 2022 202Interest income on bank accounts and receivables 304 99Currency gain 6 028 19 988Other financial income 1 232 1 372Finance income 7 564 21 459Interest expense on financial liabilities measured at amor- 18 522 17 625tised costCurrency loss 21 079 5 685Interest expense on leasing 2 237 1 28Other financial expenses 5 829 4 440Finance expenses 47 667 29 03Net financial items (40 103) (7 572Note 7 \u2013 Income Taxes(NOK 1000) 2022 202Tax paid / payable (12 991) (8 917Changes in deferred taxes 6 696 6 714Tax expense (6 295) (2 203Effective tax rate:(NOK 1000) 2022 202Ordinary profit before tax (16 407) 15 014Tax at Zalaris ASA's statutory tax rate of 22 % 3 610 (3 303Effect of different tax rates and impact of changes in rates and legislation 280 3 607Non tax deductible costs and other permanent differences 73 (2 386)Losses not recognised as deferred tax assets (9 773) Adjustments in respect of prior years and other adjustments (485) Tax expense (6 295) (2 203Effective tax rate -38,4 % 14.7 %Tax payable in balance sheet:(NOK 1000) 2022 202Calculated tax payable 3 270 2 550Total income tax payable 3 270 2 550Specification of tax effects of temporary differences:(NOK 1000) 2022 202Property, plant, equipment and immaterial assets 66 678 82 557Other differences (3 393) (3 155)Tax losses carry forward (114 189) (99 028)Total temporary differences (50 904) (19 626Deferred tax:(NOK 1000) 2022 202Total deferred tax assets 29 837 26 999Total deferred tax liability 23 899 26 836Net recognised deferred tax/(liability) 22 % 5 938 163The Group offsets tax assets and liabilities, if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities. In 2022 the group has an uncapitalised tax asset in the holding companyof NOK 9.8 million. The tax loss carried forwardrelating to uncapitalised tax asset is NOK 44.4 million.The Group has tax losses, which have arisen in Norway, of NOK 144.4 million as of 31 December 2022 that has no expiration date (NOK 101.9 million). As of 31 December 2022 the Group has deferred tax liabilities of NOK 4.8 million on excess values in connection with the acquisition of vyble GmbH. Note 8 \u2013 Earnings per shareThe calculation of basic earnings per share is based on the net income attributable to the shareholders of the parent company and a weighted average number of shares outstanding during the years ending 31 December 2022 and 31 December 2021 respectively. Shares issued during the periods are included in the calculations of weighted average number of shares from the date the shares issue was approved by the general meeting. Diluted equity instruments outstanding are related to employee share based purchase programs. (NOK 1000) 2022 202Net profit/(loss) attributable to ordinary equity holders of the (38 720) 12 812parentWeighted average number of shares 21 594 586 21 293 532Weighted average diluted number of shares 21 594 586* 22 736 146Basic earnings per share (NOK) (1,79) 0,60Diluted earnings per share (1,79) 0,56* 2 126 541 shares (employee share options) are not included in average diluted number of shares as the company is presenting a loss for the year 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-2": {
"value": "Note 9 \u2013 Intangible assetsInternally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total Acquisition costAt 1st January 2021 38 473 99 931 11 068 106 178 160 418 416 068Additions through acquistions 936 2 006 14 509 - - 17 45Additions of the year 17 153 - - 17 632 33 368 68 153Disposals of the year (19 889) (25 974) (4 627) - - (50 490)Reclassifications - 13 615 (13 615) - - Currency effects (1 978) (1 124) 1 258 (2 948) (5 943) (10 735At 31 December 2021 34 695 88 454 8 593 120 862 187 843 440 447Additions through acquistions 6 975 - - - 2 045 8 84Additions of the year 42 6 385 15 734 - - 22 16Disposals of the year (227) (3 594) - - - (3 821Miscellaneous and reclassifications 1 608 5 995 (2 549) - - 2 858Reclassifications held for sale (6 795) - - - (2 045) (8 841Currency effects 1 319 661 (936) 5 094 7 991 16 324At 31 December 2022 37 437 97 901 20 841 125 956 195 834 477 969Internally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total AmortisationAt 1st January 2021 35 561 62 488 - 37 705 - 135 754Disposals of amortisation and currency effects (19 880) (25 562) - - - (45 442Acquisitions 17 632 - - - - 17 632This year's ordinary amortisation 479 16 981 - 11 836 - 29 296Miscellaneous - (1 602) - (1 146) - (2 748)Currency effects (950) (339) - (739) - (2 028At 31 December 2021 32 842 51 966 - 47 656 - 132 464Disposals of amortisation (227) (3 594) - - - (3 821This year's ordinary amortisation 1 032 15 551 - 11 826 - 28 409Miscellaneous 1 608 - - - - 1 608Currency effects 1 242 366 - 2 726 - 4 334At 31 December 2022 36 497 64 289 - 62 208 - 162 994Net book valueAt 31 December 2021 1 853 36 488 8 594 73 206 187 843 307 983At 31 December 2022 940 33 612 20 841 63 748 195 834 314 975Useful life 3-10 years 5 years N/A 10 years IndefiniteDepreciation method linear linear linearThe goodwill and customer relationships & contracts in the table above relate to the acquisitions of sumarum AG (sumarum) and Roc Global Solution Ltd. (ROC) in 2017 and ba.se services and consulting GmbH (ba.se) in 2021. NOK 110.6 million of the goodwill relates to Managed Services and NOK 77.3 million relates to Professional Services. The calculated recoverable amount of Goodwill has been calculated based on the corresponding CGU in each of its segments Managed Services and Professional Services. The recoverable amount is based on a value-in-use calculation, using cash flow projections for the next 5 years. The cash \ufb02ow projections are based on segment estimates for the period 2023 to 2027, with the first year being based on board approved budgets, and the remaining years based on the business plan. Only expected organic growth has been included in the revenue projections. A terminalvalue is included in the calculations. Estimates and pertaining assumptions are made to the best of the management\u2019s knowledge of historical and current events, experience and other factors that are deemed reasonable in the circumstances. The revenue growth and EBITDA margins assumptions are partly based on known new customer contracts, that will have a revenue effect in later years, the size of the pipeline of potential new customers andprojects, and general developments in the cosbase. Capital investments required and the development in working capital, which are partof the cash flow projections, are largely basedon historical figures.The value-in-use calculation is most sensitive to the following assumptions: \u2022 Revenue: (5 % organic growth)\u2022 EBITDA / EBITDA margin\u2022 Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash \ufb02ow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. The beta factor is evaluated annually based onpublicly available market data and is the samefor all segments.A conservative growth assumption of 1.5% (2021: 1.5%) is applied in the terminal value, which is slightly below the in\ufb02ation targets for the markets in which the Group operates.A headroom sensitivity analysis has been carried out, which indicates sensitivity to changes in WACC and operating profit. The range is +/-20% in EBITDA and +/-2% in WACC. 2022Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital8,7% 9,7% 10,7% 11,7% 12,7%-20,0% 183 103 40 (11) (52-10,0% 356 255 175 111 59Percentage change in EBITDA0,0% 529 406 310 233 17010,0% 702 558 445 355 28020,0% 875 710 580 476 39Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital7,2% 8,2% 9,2% 10,2% 11,2%-20,0% 291 224 175 137 107-10,0% 370 291 233 189 153Percentage change in EBITDA0,0% 449 359 292 241 20010,0% 529 427 351 293 24620,0% 608 494 410 345 2932021Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital6,0% 7,0% 8,0% 9,0% 10,0%-20,0% 477 312 198 114 50-10,0% 719 510 365 259 178Percentage change in EBITDA0,0% 961 708 533 404 30610,0% 1 202 905 700 549 43420,0% 1 444 1 103 867 694 561Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital5,3% 6,3% 7,3% 8,3% 9,3%-20,0% 537 391 295 227 177-10,0% 663 491 378 298 239Percentage change in EBITDA0,0% 790 591 461 369 30010,0% 916 691 544 440 36220,0% 1 042 792 627 510 424",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-3": {
"value": "Note 9 \u2013 Intangible assetsInternally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total Acquisition costAt 1st January 2021 38 473 99 931 11 068 106 178 160 418 416 068Additions through acquistions 936 2 006 14 509 - - 17 45Additions of the year 17 153 - - 17 632 33 368 68 153Disposals of the year (19 889) (25 974) (4 627) - - (50 490)Reclassifications - 13 615 (13 615) - - Currency effects (1 978) (1 124) 1 258 (2 948) (5 943) (10 735At 31 December 2021 34 695 88 454 8 593 120 862 187 843 440 447Additions through acquistions 6 975 - - - 2 045 8 84Additions of the year 42 6 385 15 734 - - 22 16Disposals of the year (227) (3 594) - - - (3 821Miscellaneous and reclassifications 1 608 5 995 (2 549) - - 2 858Reclassifications held for sale (6 795) - - - (2 045) (8 841Currency effects 1 319 661 (936) 5 094 7 991 16 324At 31 December 2022 37 437 97 901 20 841 125 956 195 834 477 969Internally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total AmortisationAt 1st January 2021 35 561 62 488 - 37 705 - 135 754Disposals of amortisation and currency effects (19 880) (25 562) - - - (45 442Acquisitions 17 632 - - - - 17 632This year's ordinary amortisation 479 16 981 - 11 836 - 29 296Miscellaneous - (1 602) - (1 146) - (2 748)Currency effects (950) (339) - (739) - (2 028At 31 December 2021 32 842 51 966 - 47 656 - 132 464Disposals of amortisation (227) (3 594) - - - (3 821This year's ordinary amortisation 1 032 15 551 - 11 826 - 28 409Miscellaneous 1 608 - - - - 1 608Currency effects 1 242 366 - 2 726 - 4 334At 31 December 2022 36 497 64 289 - 62 208 - 162 994Net book valueAt 31 December 2021 1 853 36 488 8 594 73 206 187 843 307 983At 31 December 2022 940 33 612 20 841 63 748 195 834 314 975Useful life 3-10 years 5 years N/A 10 years IndefiniteDepreciation method linear linear linearThe goodwill and customer relationships & contracts in the table above relate to the acquisitions of sumarum AG (sumarum) and Roc Global Solution Ltd. (ROC) in 2017 and ba.se services and consulting GmbH (ba.se) in 2021. NOK 110.6 million of the goodwill relates to Managed Services and NOK 77.3 million relates to Professional Services. The calculated recoverable amount of Goodwill has been calculated based on the corresponding CGU in each of its segments Managed Services and Professional Services. The recoverable amount is based on a value-in-use calculation, using cash flow projections for the next 5 years. The cash \ufb02ow projections are based on segment estimates for the period 2023 to 2027, with the first year being based on board approved budgets, and the remaining years based on the business plan. Only expected organic growth has been included in the revenue projections. A terminalvalue is included in the calculations. Estimates and pertaining assumptions are made to the best of the management\u2019s knowledge of historical and current events, experience and other factors that are deemed reasonable in the circumstances. The revenue growth and EBITDA margins assumptions are partly based on known new customer contracts, that will have a revenue effect in later years, the size of the pipeline of potential new customers andprojects, and general developments in the cosbase. Capital investments required and the development in working capital, which are partof the cash flow projections, are largely basedon historical figures.The value-in-use calculation is most sensitive to the following assumptions: \u2022 Revenue: (5 % organic growth)\u2022 EBITDA / EBITDA margin\u2022 Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash \ufb02ow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. The beta factor is evaluated annually based onpublicly available market data and is the samefor all segments.A conservative growth assumption of 1.5% (2021: 1.5%) is applied in the terminal value, which is slightly below the in\ufb02ation targets for the markets in which the Group operates.A headroom sensitivity analysis has been carried out, which indicates sensitivity to changes in WACC and operating profit. The range is +/-20% in EBITDA and +/-2% in WACC. 2022Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital8,7% 9,7% 10,7% 11,7% 12,7%-20,0% 183 103 40 (11) (52-10,0% 356 255 175 111 59Percentage change in EBITDA0,0% 529 406 310 233 17010,0% 702 558 445 355 28020,0% 875 710 580 476 39Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital7,2% 8,2% 9,2% 10,2% 11,2%-20,0% 291 224 175 137 107-10,0% 370 291 233 189 153Percentage change in EBITDA0,0% 449 359 292 241 20010,0% 529 427 351 293 24620,0% 608 494 410 345 2932021Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital6,0% 7,0% 8,0% 9,0% 10,0%-20,0% 477 312 198 114 50-10,0% 719 510 365 259 178Percentage change in EBITDA0,0% 961 708 533 404 30610,0% 1 202 905 700 549 43420,0% 1 444 1 103 867 694 561Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital5,3% 6,3% 7,3% 8,3% 9,3%-20,0% 537 391 295 227 177-10,0% 663 491 378 298 239Percentage change in EBITDA0,0% 790 591 461 369 30010,0% 916 691 544 440 36220,0% 1 042 792 627 510 424",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-88-4": {
"value": "Note 9 \u2013 Intangible assetsInternally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total Acquisition costAt 1st January 2021 38 473 99 931 11 068 106 178 160 418 416 068Additions through acquistions 936 2 006 14 509 - - 17 45Additions of the year 17 153 - - 17 632 33 368 68 153Disposals of the year (19 889) (25 974) (4 627) - - (50 490)Reclassifications - 13 615 (13 615) - - Currency effects (1 978) (1 124) 1 258 (2 948) (5 943) (10 735At 31 December 2021 34 695 88 454 8 593 120 862 187 843 440 447Additions through acquistions 6 975 - - - 2 045 8 84Additions of the year 42 6 385 15 734 - - 22 16Disposals of the year (227) (3 594) - - - (3 821Miscellaneous and reclassifications 1 608 5 995 (2 549) - - 2 858Reclassifications held for sale (6 795) - - - (2 045) (8 841Currency effects 1 319 661 (936) 5 094 7 991 16 324At 31 December 2022 37 437 97 901 20 841 125 956 195 834 477 969Internally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total AmortisationAt 1st January 2021 35 561 62 488 - 37 705 - 135 754Disposals of amortisation and currency effects (19 880) (25 562) - - - (45 442Acquisitions 17 632 - - - - 17 632This year's ordinary amortisation 479 16 981 - 11 836 - 29 296Miscellaneous - (1 602) - (1 146) - (2 748)Currency effects (950) (339) - (739) - (2 028At 31 December 2021 32 842 51 966 - 47 656 - 132 464Disposals of amortisation (227) (3 594) - - - (3 821This year's ordinary amortisation 1 032 15 551 - 11 826 - 28 409Miscellaneous 1 608 - - - - 1 608Currency effects 1 242 366 - 2 726 - 4 334At 31 December 2022 36 497 64 289 - 62 208 - 162 994Net book valueAt 31 December 2021 1 853 36 488 8 594 73 206 187 843 307 983At 31 December 2022 940 33 612 20 841 63 748 195 834 314 975Useful life 3-10 years 5 years N/A 10 years IndefiniteDepreciation method linear linear linearThe goodwill and customer relationships & contracts in the table above relate to the acquisitions of sumarum AG (sumarum) and Roc Global Solution Ltd. (ROC) in 2017 and ba.se services and consulting GmbH (ba.se) in 2021. NOK 110.6 million of the goodwill relates to Managed Services and NOK 77.3 million relates to Professional Services. The calculated recoverable amount of Goodwill has been calculated based on the corresponding CGU in each of its segments Managed Services and Professional Services. The recoverable amount is based on a value-in-use calculation, using cash flow projections for the next 5 years. The cash \ufb02ow projections are based on segment estimates for the period 2023 to 2027, with the first year being based on board approved budgets, and the remaining years based on the business plan. Only expected organic growth has been included in the revenue projections. A terminalvalue is included in the calculations. Estimates and pertaining assumptions are made to the best of the management\u2019s knowledge of historical and current events, experience and other factors that are deemed reasonable in the circumstances. The revenue growth and EBITDA margins assumptions are partly based on known new customer contracts, that will have a revenue effect in later years, the size of the pipeline of potential new customers andprojects, and general developments in the cosbase. Capital investments required and the development in working capital, which are partof the cash flow projections, are largely basedon historical figures.The value-in-use calculation is most sensitive to the following assumptions: \u2022 Revenue: (5 % organic growth)\u2022 EBITDA / EBITDA margin\u2022 Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash \ufb02ow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. The beta factor is evaluated annually based onpublicly available market data and is the samefor all segments.A conservative growth assumption of 1.5% (2021: 1.5%) is applied in the terminal value, which is slightly below the in\ufb02ation targets for the markets in which the Group operates.A headroom sensitivity analysis has been carried out, which indicates sensitivity to changes in WACC and operating profit. The range is +/-20% in EBITDA and +/-2% in WACC. 2022Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital8,7% 9,7% 10,7% 11,7% 12,7%-20,0% 183 103 40 (11) (52-10,0% 356 255 175 111 59Percentage change in EBITDA0,0% 529 406 310 233 17010,0% 702 558 445 355 28020,0% 875 710 580 476 39Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital7,2% 8,2% 9,2% 10,2% 11,2%-20,0% 291 224 175 137 107-10,0% 370 291 233 189 153Percentage change in EBITDA0,0% 449 359 292 241 20010,0% 529 427 351 293 24620,0% 608 494 410 345 2932021Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital6,0% 7,0% 8,0% 9,0% 10,0%-20,0% 477 312 198 114 50-10,0% 719 510 365 259 178Percentage change in EBITDA0,0% 961 708 533 404 30610,0% 1 202 905 700 549 43420,0% 1 444 1 103 867 694 561Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital5,3% 6,3% 7,3% 8,3% 9,3%-20,0% 537 391 295 227 177-10,0% 663 491 378 298 239Percentage change in EBITDA0,0% 790 591 461 369 30010,0% 916 691 544 440 36220,0% 1 042 792 627 510 424",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-5": {
"value": "Note 9 \u2013 Intangible assetsInternally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total Acquisition costAt 1st January 2021 38 473 99 931 11 068 106 178 160 418 416 068Additions through acquistions 936 2 006 14 509 - - 17 45Additions of the year 17 153 - - 17 632 33 368 68 153Disposals of the year (19 889) (25 974) (4 627) - - (50 490)Reclassifications - 13 615 (13 615) - - Currency effects (1 978) (1 124) 1 258 (2 948) (5 943) (10 735At 31 December 2021 34 695 88 454 8 593 120 862 187 843 440 447Additions through acquistions 6 975 - - - 2 045 8 84Additions of the year 42 6 385 15 734 - - 22 16Disposals of the year (227) (3 594) - - - (3 821Miscellaneous and reclassifications 1 608 5 995 (2 549) - - 2 858Reclassifications held for sale (6 795) - - - (2 045) (8 841Currency effects 1 319 661 (936) 5 094 7 991 16 324At 31 December 2022 37 437 97 901 20 841 125 956 195 834 477 969Internally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total AmortisationAt 1st January 2021 35 561 62 488 - 37 705 - 135 754Disposals of amortisation and currency effects (19 880) (25 562) - - - (45 442Acquisitions 17 632 - - - - 17 632This year's ordinary amortisation 479 16 981 - 11 836 - 29 296Miscellaneous - (1 602) - (1 146) - (2 748)Currency effects (950) (339) - (739) - (2 028At 31 December 2021 32 842 51 966 - 47 656 - 132 464Disposals of amortisation (227) (3 594) - - - (3 821This year's ordinary amortisation 1 032 15 551 - 11 826 - 28 409Miscellaneous 1 608 - - - - 1 608Currency effects 1 242 366 - 2 726 - 4 334At 31 December 2022 36 497 64 289 - 62 208 - 162 994Net book valueAt 31 December 2021 1 853 36 488 8 594 73 206 187 843 307 983At 31 December 2022 940 33 612 20 841 63 748 195 834 314 975Useful life 3-10 years 5 years N/A 10 years IndefiniteDepreciation method linear linear linearThe goodwill and customer relationships & contracts in the table above relate to the acquisitions of sumarum AG (sumarum) and Roc Global Solution Ltd. (ROC) in 2017 and ba.se services and consulting GmbH (ba.se) in 2021. NOK 110.6 million of the goodwill relates to Managed Services and NOK 77.3 million relates to Professional Services. The calculated recoverable amount of Goodwill has been calculated based on the corresponding CGU in each of its segments Managed Services and Professional Services. The recoverable amount is based on a value-in-use calculation, using cash flow projections for the next 5 years. The cash \ufb02ow projections are based on segment estimates for the period 2023 to 2027, with the first year being based on board approved budgets, and the remaining years based on the business plan. Only expected organic growth has been included in the revenue projections. A terminalvalue is included in the calculations. Estimates and pertaining assumptions are made to the best of the management\u2019s knowledge of historical and current events, experience and other factors that are deemed reasonable in the circumstances. The revenue growth and EBITDA margins assumptions are partly based on known new customer contracts, that will have a revenue effect in later years, the size of the pipeline of potential new customers andprojects, and general developments in the cosbase. Capital investments required and the development in working capital, which are partof the cash flow projections, are largely basedon historical figures.The value-in-use calculation is most sensitive to the following assumptions: \u2022 Revenue: (5 % organic growth)\u2022 EBITDA / EBITDA margin\u2022 Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash \ufb02ow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. The beta factor is evaluated annually based onpublicly available market data and is the samefor all segments.A conservative growth assumption of 1.5% (2021: 1.5%) is applied in the terminal value, which is slightly below the in\ufb02ation targets for the markets in which the Group operates.A headroom sensitivity analysis has been carried out, which indicates sensitivity to changes in WACC and operating profit. The range is +/-20% in EBITDA and +/-2% in WACC. 2022Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital8,7% 9,7% 10,7% 11,7% 12,7%-20,0% 183 103 40 (11) (52-10,0% 356 255 175 111 59Percentage change in EBITDA0,0% 529 406 310 233 17010,0% 702 558 445 355 28020,0% 875 710 580 476 39Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital7,2% 8,2% 9,2% 10,2% 11,2%-20,0% 291 224 175 137 107-10,0% 370 291 233 189 153Percentage change in EBITDA0,0% 449 359 292 241 20010,0% 529 427 351 293 24620,0% 608 494 410 345 2932021Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital6,0% 7,0% 8,0% 9,0% 10,0%-20,0% 477 312 198 114 50-10,0% 719 510 365 259 178Percentage change in EBITDA0,0% 961 708 533 404 30610,0% 1 202 905 700 549 43420,0% 1 444 1 103 867 694 561Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital5,3% 6,3% 7,3% 8,3% 9,3%-20,0% 537 391 295 227 177-10,0% 663 491 378 298 239Percentage change in EBITDA0,0% 790 591 461 369 30010,0% 916 691 544 440 36220,0% 1 042 792 627 510 424Note 10 \u2013 Property, Plant and Equipment(NOK 1000) Land Buildings Vehicles Furniture IT- equip- Total and ment fixtures Acquisition costAt 1st January 2021 3 942 25 276 554 18 888 8 422 57 082Additions through acquisition - 28 - 3 500 - 3 528Additions of the year - - - 381 1 251 1 632Disposals of the year - - (473) (3 093) (2 042) (5 608Currency effects (183) (1 173) (26) (228) (82) (1 692At 31 December 2021 3 759 24 131 55 19 448 7 549 54 942Additions through acquistions - - - - - Additions of the year - - - 1 495 4 189 5 684Disposals of the year - - (57) (4 879) (2 085) (7 021)Miscelaneous - - - (1 097) 1 097 Currency effects 211 1 351 2 624 325 2 513At 31 December 2022 3 970 25 482 - 15 591 11 075 56 118 Furniture and IT- equip-(NOK 1000) Land Buildings Vehicles fixtures ment TotaDepreciationAt 1st January 2021 - 1 559 539 15 358 7 109 24 565Accumulated depreciation at - (19) - (3 402) - (3 421closing on additions through acquisitionsDisposals of ordinary depreci- - - (473) (3 093) (2 042) (5 608ationThis year's ordinary depreciation - 521 15 8 026 1 124 9 686Currency effects - (72) (25) 165 (201) (133)At 31 December 2021 - 1 989 56 17 054 5 990 25 089Disposals of ordinary depreci- - - (57) (4 563) (2 012) (6 632ationThis year's ordinary depreciation - 489 - 999 2 419 3 907Miscelaneous - - - (1 096) 1 096 Currency effects - 133 2 413 119 667At 31 December 2022 - 2 611 1 12 807 7 612 23 03Net book valueAt 31 December 2021 3 759 22 144 (1) 2 394 1 559 29 856At 31 December 2022 3 970 22 871 (1) 2 784 3 463 33 087Economic life indefinite 50 years 3 years 5 years 3 yearsDepreciation method none linear linear linear linearNote 11 \u2013 Right-of-use Assets and Lease LiabilitiesZalaris as a lesseeRight-of-use assets Zalaris leases several assets such as buildingsequipment and vehicles. The Group\u2019s right-of-use assets are categorised and presented in the table below: Right-of-use assets(NOK 1000) Buildings Equipment Vehicles TotaAcquisition costAt 1 January 2021 51 490 4 329 6 991 62 810Additions and adjustments 18 929 308 5 617 24 854Disposals (220) - (160) (380Currency changes (630) 22 238 (37031 December 2021 69 569 4 659 12 686 86 914Additions and adjustments 35 301 1 542 1 833 38 676Disposals (1 812) - - (1 812Currency changes 243 24 - 267At 31 December 2022 103 301 6 225 14 519 124 045Right-of-use assets(NOK 1000) Buildings Equipment Vehicles TotaDepreciationAt1 January 2021 32 361 3 055 5 617 41 033Depreciation 13 618 343 2 153 16 114At 31 December 2021 45 979 3 398 7 770 57 147Depreciation 14 325 748 3 253 18 326Currency 37 8 163 208At 31 December 2022 60 341 4 154 11 186 75 68Carrying amount at 31 December 2021 23 588 1 261 4 916 29 765Carrying amount at 31 December 2022 42 960 2 071 3 332 48 363Lease liabilities(NOK 1000) 2022 202Current 17 783 14 423Non-current 32 328 16 445Lease liabilities at 31 December 2022 50 111 30 868Interest expense included (in finance cost) 2 237 1 281Operating expenses related to short-term leases - 160Operating expenses related to low value assets 10 122Total cash outflows for leases 20 121 17 048Extension options Zalaris\u2019 lease of buildings has lease terms that vary from one year to ten years, and several agreements involve a right of renewal which may be exercised during the last period of the lease term. Zalaris assesses at the commencement whether it is reasonably certain to exercise the renewal right. This is because the Group is not expecting the terms for the extension period to be lower than the current market price at the time of execution oan extension period compared to similar leaseagreements. Zalaris continuously evaluates more cost-effective leases, as the Group does not consider these assets to be critical to the business. The leases do not contain any restrictions on Zalaris\u2019 dividend policy or financing. Zalaris does not have significant residual value guarantees related to its leases to disclose.",
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"pp-value-88-6": {
"value": "Note 9 \u2013 Intangible assetsInternally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total Acquisition costAt 1st January 2021 38 473 99 931 11 068 106 178 160 418 416 068Additions through acquistions 936 2 006 14 509 - - 17 45Additions of the year 17 153 - - 17 632 33 368 68 153Disposals of the year (19 889) (25 974) (4 627) - - (50 490)Reclassifications - 13 615 (13 615) - - Currency effects (1 978) (1 124) 1 258 (2 948) (5 943) (10 735At 31 December 2021 34 695 88 454 8 593 120 862 187 843 440 447Additions through acquistions 6 975 - - - 2 045 8 84Additions of the year 42 6 385 15 734 - - 22 16Disposals of the year (227) (3 594) - - - (3 821Miscellaneous and reclassifications 1 608 5 995 (2 549) - - 2 858Reclassifications held for sale (6 795) - - - (2 045) (8 841Currency effects 1 319 661 (936) 5 094 7 991 16 324At 31 December 2022 37 437 97 901 20 841 125 956 195 834 477 969Internally developed Internally developed soft-Customer Relationships & (NOK 1000) Licenses and software software ware under construction Contracts Goodwill Total AmortisationAt 1st January 2021 35 561 62 488 - 37 705 - 135 754Disposals of amortisation and currency effects (19 880) (25 562) - - - (45 442Acquisitions 17 632 - - - - 17 632This year's ordinary amortisation 479 16 981 - 11 836 - 29 296Miscellaneous - (1 602) - (1 146) - (2 748)Currency effects (950) (339) - (739) - (2 028At 31 December 2021 32 842 51 966 - 47 656 - 132 464Disposals of amortisation (227) (3 594) - - - (3 821This year's ordinary amortisation 1 032 15 551 - 11 826 - 28 409Miscellaneous 1 608 - - - - 1 608Currency effects 1 242 366 - 2 726 - 4 334At 31 December 2022 36 497 64 289 - 62 208 - 162 994Net book valueAt 31 December 2021 1 853 36 488 8 594 73 206 187 843 307 983At 31 December 2022 940 33 612 20 841 63 748 195 834 314 975Useful life 3-10 years 5 years N/A 10 years IndefiniteDepreciation method linear linear linearThe goodwill and customer relationships & contracts in the table above relate to the acquisitions of sumarum AG (sumarum) and Roc Global Solution Ltd. (ROC) in 2017 and ba.se services and consulting GmbH (ba.se) in 2021. NOK 110.6 million of the goodwill relates to Managed Services and NOK 77.3 million relates to Professional Services. The calculated recoverable amount of Goodwill has been calculated based on the corresponding CGU in each of its segments Managed Services and Professional Services. The recoverable amount is based on a value-in-use calculation, using cash flow projections for the next 5 years. The cash \ufb02ow projections are based on segment estimates for the period 2023 to 2027, with the first year being based on board approved budgets, and the remaining years based on the business plan. Only expected organic growth has been included in the revenue projections. A terminalvalue is included in the calculations. Estimates and pertaining assumptions are made to the best of the management\u2019s knowledge of historical and current events, experience and other factors that are deemed reasonable in the circumstances. The revenue growth and EBITDA margins assumptions are partly based on known new customer contracts, that will have a revenue effect in later years, the size of the pipeline of potential new customers andprojects, and general developments in the cosbase. Capital investments required and the development in working capital, which are partof the cash flow projections, are largely basedon historical figures.The value-in-use calculation is most sensitive to the following assumptions: \u2022 Revenue: (5 % organic growth)\u2022 EBITDA / EBITDA margin\u2022 Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash \ufb02ow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. The beta factor is evaluated annually based onpublicly available market data and is the samefor all segments.A conservative growth assumption of 1.5% (2021: 1.5%) is applied in the terminal value, which is slightly below the in\ufb02ation targets for the markets in which the Group operates.A headroom sensitivity analysis has been carried out, which indicates sensitivity to changes in WACC and operating profit. The range is +/-20% in EBITDA and +/-2% in WACC. 2022Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital8,7% 9,7% 10,7% 11,7% 12,7%-20,0% 183 103 40 (11) (52-10,0% 356 255 175 111 59Percentage change in EBITDA0,0% 529 406 310 233 17010,0% 702 558 445 355 28020,0% 875 710 580 476 39Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital7,2% 8,2% 9,2% 10,2% 11,2%-20,0% 291 224 175 137 107-10,0% 370 291 233 189 153Percentage change in EBITDA0,0% 449 359 292 241 20010,0% 529 427 351 293 24620,0% 608 494 410 345 2932021Managed Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital6,0% 7,0% 8,0% 9,0% 10,0%-20,0% 477 312 198 114 50-10,0% 719 510 365 259 178Percentage change in EBITDA0,0% 961 708 533 404 30610,0% 1 202 905 700 549 43420,0% 1 444 1 103 867 694 561Professional Services Headroom sensitivity analysis in NOK millionWeighted average cost of capital5,3% 6,3% 7,3% 8,3% 9,3%-20,0% 537 391 295 227 177-10,0% 663 491 378 298 239Percentage change in EBITDA0,0% 790 591 461 369 30010,0% 916 691 544 440 36220,0% 1 042 792 627 510 424",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-3": {
"value": "Note 10 \u2013 Property, Plant and Equipment(NOK 1000) Land Buildings Vehicles Furniture IT- equip- Total and ment fixtures Acquisition costAt 1st January 2021 3 942 25 276 554 18 888 8 422 57 082Additions through acquisition - 28 - 3 500 - 3 528Additions of the year - - - 381 1 251 1 632Disposals of the year - - (473) (3 093) (2 042) (5 608Currency effects (183) (1 173) (26) (228) (82) (1 692At 31 December 2021 3 759 24 131 55 19 448 7 549 54 942Additions through acquistions - - - - - Additions of the year - - - 1 495 4 189 5 684Disposals of the year - - (57) (4 879) (2 085) (7 021)Miscelaneous - - - (1 097) 1 097 Currency effects 211 1 351 2 624 325 2 513At 31 December 2022 3 970 25 482 - 15 591 11 075 56 118 Furniture and IT- equip-(NOK 1000) Land Buildings Vehicles fixtures ment TotaDepreciationAt 1st January 2021 - 1 559 539 15 358 7 109 24 565Accumulated depreciation at - (19) - (3 402) - (3 421closing on additions through acquisitionsDisposals of ordinary depreci- - - (473) (3 093) (2 042) (5 608ationThis year's ordinary depreciation - 521 15 8 026 1 124 9 686Currency effects - (72) (25) 165 (201) (133)At 31 December 2021 - 1 989 56 17 054 5 990 25 089Disposals of ordinary depreci- - - (57) (4 563) (2 012) (6 632ationThis year's ordinary depreciation - 489 - 999 2 419 3 907Miscelaneous - - - (1 096) 1 096 Currency effects - 133 2 413 119 667At 31 December 2022 - 2 611 1 12 807 7 612 23 03Net book valueAt 31 December 2021 3 759 22 144 (1) 2 394 1 559 29 856At 31 December 2022 3 970 22 871 (1) 2 784 3 463 33 087Economic life indefinite 50 years 3 years 5 years 3 yearsDepreciation method none linear linear linear linear",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-3": {
"value": "Note 11 \u2013 Right-of-use Assets and Lease LiabilitiesZalaris as a lesseeRight-of-use assets Zalaris leases several assets such as buildingsequipment and vehicles. The Group\u2019s right-of-use assets are categorised and presented in the table below: Right-of-use assets(NOK 1000) Buildings Equipment Vehicles TotaAcquisition costAt 1 January 2021 51 490 4 329 6 991 62 810Additions and adjustments 18 929 308 5 617 24 854Disposals (220) - (160) (380Currency changes (630) 22 238 (37031 December 2021 69 569 4 659 12 686 86 914Additions and adjustments 35 301 1 542 1 833 38 676Disposals (1 812) - - (1 812Currency changes 243 24 - 267At 31 December 2022 103 301 6 225 14 519 124 045Right-of-use assets(NOK 1000) Buildings Equipment Vehicles TotaDepreciationAt1 January 2021 32 361 3 055 5 617 41 033Depreciation 13 618 343 2 153 16 114At 31 December 2021 45 979 3 398 7 770 57 147Depreciation 14 325 748 3 253 18 326Currency 37 8 163 208At 31 December 2022 60 341 4 154 11 186 75 68Carrying amount at 31 December 2021 23 588 1 261 4 916 29 765Carrying amount at 31 December 2022 42 960 2 071 3 332 48 363Lease liabilities(NOK 1000) 2022 202Current 17 783 14 423Non-current 32 328 16 445Lease liabilities at 31 December 2022 50 111 30 868Interest expense included (in finance cost) 2 237 1 281Operating expenses related to short-term leases - 160Operating expenses related to low value assets 10 122Total cash outflows for leases 20 121 17 048Extension options Zalaris\u2019 lease of buildings has lease terms that vary from one year to ten years, and several agreements involve a right of renewal which may be exercised during the last period of the lease term. Zalaris assesses at the commencement whether it is reasonably certain to exercise the renewal right. This is because the Group is not expecting the terms for the extension period to be lower than the current market price at the time of execution oan extension period compared to similar leaseagreements. Zalaris continuously evaluates more cost-effective leases, as the Group does not consider these assets to be critical to the business. The leases do not contain any restrictions on Zalaris\u2019 dividend policy or financing. Zalaris does not have significant residual value guarantees related to its leases to disclose.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-3": {
"value": "Note 12 \u2013 Trade Accounts Receivables(NOK 1000) 2022 202Gross trade accounts receivable 191 839 141 634Provisions for losses (125) (237Trade accounts receivable 191 714 141 397Losses on trade accounts receivable are classified as other operating expenses in the income statement. See note 19 for assessmenof credit risk. Movements in the provision for loss are as follows: 2022 202Opening balance (237) (350Provision of the year (41) (46Realised loss this year 153 159Closing balance (125) (237Calculation of the expected credit losses Determine the 0 days 1-30 days 31-60 days 61-90 days More than 90 Totalexpected credit losspast duepast duepast duepast duedays past dueBalances outstanding 148 809 32 500 6 680 1 360 2 490 191 839at reporting dateExpected credit losses 0,03% 0,16% 0,19% 0,20% 0,20%Expected credit loss 52 53 13 3 5 125allowanceDetails on the credit risk concerning tradeaccounts receivable are given in note 19.The Group had the following trade accountsreceivable due, but not paid or written off(NOK 1000) Total Not due <30 d 30-60d 60-90d >90d31 December 2022 191 715 148 795 32 500 6 680 1 365 2 37531 December 2021 141 397 116 216 18 430 2 222 487 4 043Expected credit loss 52 53 13 3 5 125allowance",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-2": {
"value": "Note 13 \u2013 Other Current Assets(NOK 1000) 2022 202Advances to employees 1 352 34Prepaid rent 903 550Prepaid hardware 1 437 Prepaid software 1 193 558Prepaid insurance 943 830Prepaid other expenses 1 252 2 04Prepaid maintenance and service 796 1 539Accrued income 25 625 8 070Public duties and taxes 6 671 2 653Other receivables 1 809 3 03Deposit accounts 6 244 Total other short-term receivables 48 225 19 613",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-3": {
"value": "Note 13 \u2013 Other Current Assets(NOK 1000) 2022 202Advances to employees 1 352 34Prepaid rent 903 550Prepaid hardware 1 437 Prepaid software 1 193 558Prepaid insurance 943 830Prepaid other expenses 1 252 2 04Prepaid maintenance and service 796 1 539Accrued income 25 625 8 070Public duties and taxes 6 671 2 653Other receivables 1 809 3 03Deposit accounts 6 244 Total other short-term receivables 48 225 19 613",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-2": {
"value": "Note 14 \u2013 Cash and Cash Equivalents andShort-Term Deposits (NOK 1000) 2022 202Cash in hand and at bank - unrestricted funds 87 706 170 034Deposit accounts - guarantee rent obligations - restricted funds - 2 078Employee withheld taxes - restricted funds 4 090 4 112Cash and cash equivalents in the balance sheet continuing operations 91 796 176 224Cash discontinuing operation 1 655 Cash and cash equivalents in the balance sheet continuing and 93 451 176 224discontinuing operationsShort-Term Deposits The Group pays salaries on behalf of its customers. For this purpose, separate deposit accounts are established. These deposits accounts are not recognised in the Group\u2019s balance sheets. The table below provides information about on the total balance of thesedeposit accounts.Short-term deposits(NOK 1000) 2022 202Customer deposits 94 1 318",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-115-3": {
"value": "Short-Term Deposits The Group pays salaries on behalf of its customers. For this purpose, separate deposit accounts are established. These deposits accounts are not recognised in the Group\u2019s balance sheets. The table below provides information about on the total balance of thesedeposit accounts.Short-term deposits(NOK 1000) 2022 202Customer deposits 94 1 318",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-2": {
"value": "Note 15 \u2013 Share Capital and Shareholderinformation and dividendShares 2022 202Shares - nominal value NOK 0,10 22 135 279 22 135 279Total number of shares 22 135 279 22 135 279The nominal value of the share is NOK 0.10. Althe shares in the company have equal voting rights and are entitled to dividend. The computation of earnings per share is shown in note 8.The major shareholders at 31. December 2022 are:Shareholder Number of shares: % of totaNorwegian Retail AS 2 891 482 13,06%Skandinaviska Enskilda Banken AB 2 170 440 9,81%Verdipapirfondet Alfred Berg Gamba 2 056 346 9,29%J.P. Morgan Se 1 044 168 4,72%Protector Forsikring ASA 1 001 663 4,53%Vestland Invest AS 910 659 4,11%Vpf Dnb Norge Selektiv 720 642 3,26%Verdipapirfondet DNB SMB 608 479 2,75%Verdipapirfondet Nordea Avkastning 507 705 2,29%Verdipapirfondet Nordea Norge Plus 466 816 2,11%Verdipapirfondet Nordea Kapital 367 540 1,66%Tigerstaden Invest AS 351 700 1,59%\u00d8lja AS 349 650 1,58%AS Mascot Holding 320 000 1,45%Skandinaviska Enskilda Banken AB 300 000 1,36%N\u00e6ringslivets Hovedorganisasjon 283 217 1,28%Harlem Food AS 265 533 1,20%Taconic AS 262 040 1,18%BSN AS 240 000 1,08%Shares owned by the Company 540 693 2,44%Others 6 476 506 29,26%Total 22 135 279 100,00%Equity and dividend The General Meeting held on 20 May 2022, approved a dividend of NOK 0.35 per share, amounting to NOK 7.6 million, which was paid in June 2022. The board will propose to pay adividend for 2022 of NOK 0.50 per outstandingshare, which amounts to NOK 21.6 million, to be paid to the shareholders of the parent company, subject to the Company being in compliance with the incurrence test in the bond loan agreement. The Company has not accrued for the proposed dividend for 2022. Assets pledged as security Shares in all subsidiaries of Zalaris ASA have been pledged as guarantee for the bond loanIn addition, assets in the subsidiaries Zalaris HR Services Norway AS, Zalaris HR Services Sweden AB, Zalaris HR Services Denmark AS,Zalaris HR Services Finland OY and Zalaris Deutschland GmbH have been pledged as guarantees for the loan. Nordea has pledged guarantee of NOK 7 million against assets in Zalaris ASA as security for bank deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-3": {
"value": "Note 15 \u2013 Share Capital and Shareholderinformation and dividendShares 2022 202Shares - nominal value NOK 0,10 22 135 279 22 135 279Total number of shares 22 135 279 22 135 279The nominal value of the share is NOK 0.10. Althe shares in the company have equal voting rights and are entitled to dividend. The computation of earnings per share is shown in note 8.The major shareholders at 31. December 2022 are:Shareholder Number of shares: % of totaNorwegian Retail AS 2 891 482 13,06%Skandinaviska Enskilda Banken AB 2 170 440 9,81%Verdipapirfondet Alfred Berg Gamba 2 056 346 9,29%J.P. Morgan Se 1 044 168 4,72%Protector Forsikring ASA 1 001 663 4,53%Vestland Invest AS 910 659 4,11%Vpf Dnb Norge Selektiv 720 642 3,26%Verdipapirfondet DNB SMB 608 479 2,75%Verdipapirfondet Nordea Avkastning 507 705 2,29%Verdipapirfondet Nordea Norge Plus 466 816 2,11%Verdipapirfondet Nordea Kapital 367 540 1,66%Tigerstaden Invest AS 351 700 1,59%\u00d8lja AS 349 650 1,58%AS Mascot Holding 320 000 1,45%Skandinaviska Enskilda Banken AB 300 000 1,36%N\u00e6ringslivets Hovedorganisasjon 283 217 1,28%Harlem Food AS 265 533 1,20%Taconic AS 262 040 1,18%BSN AS 240 000 1,08%Shares owned by the Company 540 693 2,44%Others 6 476 506 29,26%Total 22 135 279 100,00%Equity and dividend The General Meeting held on 20 May 2022, approved a dividend of NOK 0.35 per share, amounting to NOK 7.6 million, which was paid in June 2022. The board will propose to pay adividend for 2022 of NOK 0.50 per outstandingshare, which amounts to NOK 21.6 million, to be paid to the shareholders of the parent company, subject to the Company being in compliance with the incurrence test in the bond loan agreement. The Company has not accrued for the proposed dividend for 2022. Assets pledged as security Shares in all subsidiaries of Zalaris ASA have been pledged as guarantee for the bond loanIn addition, assets in the subsidiaries Zalaris HR Services Norway AS, Zalaris HR Services Sweden AB, Zalaris HR Services Denmark AS,Zalaris HR Services Finland OY and Zalaris Deutschland GmbH have been pledged as guarantees for the loan. Nordea has pledged guarantee of NOK 7 million against assets in Zalaris ASA as security for bank deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-4": {
"value": "Shares 2022 202Shares - nominal value NOK 0,10 22 135 279 22 135 279Total number of shares 22 135 279 22 135 279The nominal value of the share is NOK 0.10. Althe shares in the company have equal voting rights and are entitled to dividend. The computation of earnings per share is shown in note 8.Equity and dividend The General Meeting held on 20 May 2022, approved a dividend of NOK 0.35 per share, amounting to NOK 7.6 million, which was paid in June 2022. The board will propose to pay adividend for 2022 of NOK 0.50 per outstandingshare, which amounts to NOK 21.6 million, to be paid to the shareholders of the parent company, subject to the Company being in compliance with the incurrence test in the bond loan agreement. The Company has not accrued for the proposed dividend for 2022. Assets pledged as security Shares in all subsidiaries of Zalaris ASA have been pledged as guarantee for the bond loanIn addition, assets in the subsidiaries Zalaris HR Services Norway AS, Zalaris HR Services Sweden AB, Zalaris HR Services Denmark AS,Zalaris HR Services Finland OY and Zalaris Deutschland GmbH have been pledged as guarantees for the loan. Nordea has pledged guarantee of NOK 7 million against assets in Zalaris ASA as security for bank deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s9_notes__5__5": {
"value": "0.35",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s9_notes__6__5": {
"value": "0.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"pp-value-123-2": {
"value": "Note 16 \u2013 Interest-Bearing Loans and Borrowings (NOK 1000) 2022 2021Financial institution Maturity Duration Interest rate non-current current Total non-current current TotalOslo Stock Exchange* Agreement - - - - 368 208 368 208 346 806 - 346 806Commerzbank, Bank** Bank loan Dec 2031 14 years 1.3% 9 874 1 234 11 108 10 519 1 169 11 688KfW Bank, Germany Bank loan Dec 2022 10 years 2,45 - 4 % - - - 562 187 749De Lage Landen Finans Leasing Jan 2028 5 years 7,05% 1 017 251 1 268 - - -Interest-bearing debt and 10 891 369 693 380 584 357 887 1 356 359 243borrowings*The bond loan was repaid in March 2023. See note 25 for further details.**Zalaris Deutschland GmbH entered a loan agreement with Commerzbank in March 2017 related to the financing of the office building in Leipzig.Total loans(NOK 1000) 2022 2021Lease Interest-bearing debt and borrowings Total Lease Interest-bearing debt and borrowings TotaAt 1 January 2022 30 869 359 243 390 112 22 896 377 077 399 973Additions 39 363 - 40 714 24 102 - 25 020Payments 2022 (20 121) (2 650) (23 022) (17 048) (1 919) (18 967Currency changes - 23 990 23 990 918 (15 914) (15 914At 31 December 2022 50 110 380 583 431 794 30 868 359 244 390 112Guarantees and commitments There are not issued any guarantees from theparent company on behalf of the Company against third parties. The Company is a certified SAP BPO partner. SAP BPO Partners offer the full stack of business process outsourcing services based on SAP SF and SAP HCM business applications. Certified providers undergo a rigorous assessment of their delivery and support capabilities every two years by SAP\u2019soutsourcing partner certification group. The agreement involves commitments for future purchases of licenses and maintenance fees amounting to NOK 21.6 million (NOK 25.9 million).For leasing liabilities relating to right-of-use assets, see note 11. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-3": {
"value": "Note 17 \u2013 Pensions Pension for employees in the Norwegian entities The Group is required to have an occupational pension scheme in accordance with the Norwegian law on mandatory occupational pension (\u201cLov om obligatorisk tjenestepensjon\u201d). The Group\u2019s pension schemes satisfy the requirements of this law, and represent a defined contribution plan, with disability coverage. At the end of the yearthere were 110 (141) participants in this defined contribution plan, including the AFP-scheme.The pension expenses equal the calculated contribution for the year and is NOK 4.4 million(NOK 5.3 million). The scheme is administered by Storebrand.In 2016 a new AFP-scheme was established. The new AFP-scheme is not an early retirement plan, but a plan that gives a lifelongcontribution to the ordinary pension. The employees can choose to exercise the new AFP-scheme starting at the age of 62 years, also in combination with continued work, and the annual regular post-employment benefits increases in the new scheme if early AFP retirement is rejected. The new AFP-scheme is a defined benefit multi-employer plan which is financed through contributions that are determined by a percentage of the employee\u2019searnings. There is currently no reliable measure and allocation of liabilities and assetsin the plan. The plan is accounted for as a defined contribution plan which means that thecontributions are recognised as expenses withno provisions.The premium paid during 2022 was 2.6% of salary between 1 G and 7.1 G. 1G equals NOK 111.5k as of 31 December 2022 (NOK 106.4k).The AFP-scheme does not publish any estimates on future rate of premiums, but it is expected that the premiums will be increased over time to meet the expectations of increased pension payments. Pensions for other employees Employees in Group companies outside Norway have pension plans in accordance with local practice and local legislation. The Group has only defined contribution plans. Contributions are paid to pension insurance plans and charged to the income statement in the corresponding period. Once the contributions have been paid, there are no further payment obligations.Denmark has defined contribution plans for all employees, a total of 28 people end of the year. Finland has a defined contribution plan for all its employees, a total of 45 employees. Sweden has a defined contribution plan for all employees, a total of 54 employees. UK has a defined contribution plan for all employees, atotal of 40 employees. Germany has defined contribution plan for executive employees.Total expenses recognised related to pensionin 2022 amounted to NOK 21.8 million (NOK 18.5 million). b) Remuneration to senior group management and the board(NOK 1000) 2022 2021Short-term benefit 14 172 13 270Pension benefits 783 758Share-based payment 5 775 9 614Total 20 730 23 642Further details can be found in the annual remuneration report for 2022 published on www.zalaris.com Note 20 \u2013 Transactionswith Related Partiesa) Purchase from related partiesRelated Party Transaction 2022 2021Rayon Design AS1) Management 2 815 2 274ServicesTotal 2 815 2 2741) Norwegian Retail AS, a company owned 100% by Hans-Petter Mellerud, CEO of Zalaris ASA, owns 40% of the shares in Rayon Design AS. All pricing is done on armth length principle",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-130-3": {
"value": "Note 18 \u2013 Other Short-Term Liabilities(NOK 1000) 2022 2021Prepayments from customers* 18 711 9 474Wages, holiday pay and bonus 26 139 21 632Accrued expenses and other current liabilities 47 153 42 815Total 92 003 73 92* Prepayments from customers both relate to prepayments of fixed service fees for the first month starting outsourcing deliveries, and prepayments related to liabilities for transferred personnel.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-130-4": {
"value": "Note 18 \u2013 Other Short-Term Liabilities(NOK 1000) 2022 2021Prepayments from customers* 18 711 9 474Wages, holiday pay and bonus 26 139 21 632Accrued expenses and other current liabilities 47 153 42 815Total 92 003 73 92* Prepayments from customers both relate to prepayments of fixed service fees for the first month starting outsourcing deliveries, and prepayments related to liabilities for transferred personnel.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-130-5": {
"value": "Note 18 \u2013 Other Short-Term Liabilities(NOK 1000) 2022 2021Prepayments from customers* 18 711 9 474Wages, holiday pay and bonus 26 139 21 632Accrued expenses and other current liabilities 47 153 42 815Total 92 003 73 92* Prepayments from customers both relate to prepayments of fixed service fees for the first month starting outsourcing deliveries, and prepayments related to liabilities for transferred personnel.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-128-2": {
"value": "Note 19 \u2013 Financial InstrumentsFinancial instruments by categoryFinancial assets Fair value Financial at amortised through profit liabilities at Total book2022costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 191 715 191 715Other short-term receivables 41 981 41 981Cash and cash equivalents 91 796 91 796Total 331 736 - - 331 736Financial liabilities at amortised costContigent considerations 659 659Borrowings, long term 10 891 10 89Borrowings, short term 369 693 369 693Trade accounts payables 45 407 45 407Other short-term debt 92 003 92 003Total - 659 517 994 518 653Financial assets Fair value Financial at amortised through profit liabilities at Total book2021costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 141 397 141 397Other short-term receivables 19 614 19 614Cash and cash equivalents 176 224 176 224Total 337 235 - - 337 235Financial liabilities at amortised costDerivatives, Interest rate swaps 249 249Contigent considerations 4 065 4 065Borrowings, long term 357 887 357 887Borrowings, short term 1 356 1 356Trade accounts payables 18 257 18 257Other short-term debt 73 921 73 921Total - 4 314 451 421 455 735Fair value of financial instruments The Group classifies fair value measurementsby using a fair value hierarchy which re\ufb02ects the importance of the input used in the preparation of the measurements. The fair value hierarchy has the following levels:It is assessed that the carrying amounts of financial instruments recognised at amortisedcost in the financial statements approximate their fair values. The assessment is based on ajudgment that difference between interest rateat year-end compared to draw down. Value assessment of liabilities of financial instrumentsis set Level 3 in the fair value hierarchy. In 2022 the Group realised a gain of NOK 0.8 million (2021 NOK 0.0) on fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-128-3": {
"value": "Note 19 \u2013 Financial InstrumentsFinancial instruments by categoryFinancial assets Fair value Financial at amortised through profit liabilities at Total book2022costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 191 715 191 715Other short-term receivables 41 981 41 981Cash and cash equivalents 91 796 91 796Total 331 736 - - 331 736Financial liabilities at amortised costContigent considerations 659 659Borrowings, long term 10 891 10 89Borrowings, short term 369 693 369 693Trade accounts payables 45 407 45 407Other short-term debt 92 003 92 003Total - 659 517 994 518 653Financial assets Fair value Financial at amortised through profit liabilities at Total book2021costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 141 397 141 397Other short-term receivables 19 614 19 614Cash and cash equivalents 176 224 176 224Total 337 235 - - 337 235Financial liabilities at amortised costDerivatives, Interest rate swaps 249 249Contigent considerations 4 065 4 065Borrowings, long term 357 887 357 887Borrowings, short term 1 356 1 356Trade accounts payables 18 257 18 257Other short-term debt 73 921 73 921Total - 4 314 451 421 455 735Fair value of financial instruments The Group classifies fair value measurementsby using a fair value hierarchy which re\ufb02ects the importance of the input used in the preparation of the measurements. The fair value hierarchy has the following levels:It is assessed that the carrying amounts of financial instruments recognised at amortisedcost in the financial statements approximate their fair values. The assessment is based on ajudgment that difference between interest rateat year-end compared to draw down. Value assessment of liabilities of financial instrumentsis set Level 3 in the fair value hierarchy. In 2022 the Group realised a gain of NOK 0.8 million (2021 NOK 0.0) on fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-128-4": {
"value": "Note 19 \u2013 Financial InstrumentsFinancial instruments by categoryFinancial assets Fair value Financial at amortised through profit liabilities at Total book2022costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 191 715 191 715Other short-term receivables 41 981 41 981Cash and cash equivalents 91 796 91 796Total 331 736 - - 331 736Financial liabilities at amortised costContigent considerations 659 659Borrowings, long term 10 891 10 89Borrowings, short term 369 693 369 693Trade accounts payables 45 407 45 407Other short-term debt 92 003 92 003Total - 659 517 994 518 653Financial risk management The Group has some exposure to risks from itsuse of financial instruments, including credit risk, liquidity risk, interest rate risk and currencyrisk. This note presents information about the Group\u2019s exposure to each of the above-mentioned risks, and the Group\u2019s objectives, policies and processes for managing such risks. At the end of this note, information regarding the Group\u2019s capital management is provided.Market Risk from Financial Instruments Market risk is the risk that the fair value of future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market prices.Market prices comprise three types of risk: market risk (e.g. interest rate risk and currency risk), commodity price risk and other price risk. The Company\u2019s financial instruments are mainly exposed to interest rate and currency risks. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. The Group\u2019s interest risk mainly relates to the Company\u2019s bond loan of EUR 35 million (ref. Note 16), which has an interest rate equal to the 3 months Euribor plus 4.75%. Any +0.5 percentage point increase in the 3 monthsEuribor would increase the Group\u2019s annual interest expense by approximately NOK 1.9 million. The interest risk is thus considered to be moderate.Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in foreign exchange rates. The Company is primarily exposed to foreign exchange risk arising from various currency exposures with respect to the SEK, EUR and GBP in relation toits debt obligations as well as from commerciatransactions.For operational transactions denominated in currencies other than the functional currency of the entities in the Group, the Company\u2019s policy is to exchange into foreign currency as required on a spot basis. Most transactions carried out by Group entities are done in the functional currency of those entities.As of 31 December 2022 the Company has a Euro-based bond loan of EUR 35 million. Per 31 December 2022 the Company had an unrealised currency loss amounting to NOK 44,7 million (2021 NOK 25.1 million) related to this loan. Otherwise, the Group has limited exposure to currency risk from assets and liabilities recognised as of 31 December 2022 that are denominated in currencies other than the functional currency of the Group entities. As of 31 December 2022 the Group has currency exposure from EUR, DKK, INR, Financial assets Fair value Financial at amortised through profit liabilities at Total book2021costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 141 397 141 397Other short-term receivables 19 614 19 614Cash and cash equivalents 176 224 176 224Total 337 235 - - 337 235Financial liabilities at amortised costDerivatives, Interest rate swaps 249 249Contigent considerations 4 065 4 065Borrowings, long term 357 887 357 887Borrowings, short term 1 356 1 356Trade accounts payables 18 257 18 257Other short-term debt 73 921 73 921Total - 4 314 451 421 455 735Fair value of financial instruments The Group classifies fair value measurementsby using a fair value hierarchy which re\ufb02ects the importance of the input used in the preparation of the measurements. The fair value hierarchy has the following levels:It is assessed that the carrying amounts of financial instruments recognised at amortisedcost in the financial statements approximate their fair values. The assessment is based on ajudgment that difference between interest rateat year-end compared to draw down. Value assessment of liabilities of financial instrumentsis set Level 3 in the fair value hierarchy. In 2022 the Group realised a gain of NOK 0.8 million (2021 NOK 0.0) on fair value through profit and loss. SEK, GBP, CHF and PLN. It is mainly the EUR exchange rate that constitutes a currency risk for the Company. A +/-5% change in the exchange rate of EUR vs NOK would have resulted in a finance gain/loss pre-tax of approximately NOK 17.7 million, with most of thepotential loss/gain related to the EUR 35 millionbond loan.Credit Risk Credit risk is the risk that a counterparty will notmeet its obligations under a financial instrumentor customer contract, leading to a financial loss.The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, derivatives, debt instruments and account receivables. The counterparty to the cash and cash equivalents and deposits banks which areassessed to be solid. Trade Receivables and Contract Assets Customer credit risk is managed by each business unit subject to the Group\u2019s establishedpolicy, procedures and control relating to customer credit risk management. Credit qualityof a customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contractassets are regularly monitored. The Group has a customer portfolio of well-known companies and has had low credit losses (Note 16). An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provisionrates are based on days past due for groupingsof various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation re\ufb02ects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respecto trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Liquidity risk Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group\u2019sapproach to managing liquidity risk is to ensurethat it will always have enough liquidity to meetits financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Prudent liquidity risk management implies maintaining enough cash and the availability of appropriate funding.The table below details the contractual maturities for the Group\u2019s financial liabilities. NOK 368.2 million of the short-term borrowingsThe tables do not include interest paymentsThe contractual amounts were estimated based on the closing exchange rates at balance sheet date.Per 31 December 2022Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 7 188 3 703 10 891Borrowings, short term 348 369 345 369 693Trade creditors and other short term liabilities 45 407 73 291 18 711 137 409Leasing IFRS 16 4 010 13 773 27 009 5 319 50 11Total liabilities 49 765 456 409 52 908 9 022 568 104Per 31 December 2021Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 352 628 5 259 357 887Borrowings, short term 330 1 027 1 357Trade creditors and other short term liabilities 18 257 64 447 9 474 92 178Leasing IFRS 16 3 588 10 764 16 517 30 869Total liabilities 22 175 76 238 378 619 5 259 482 29of NOK 369.3 million relates to the bond loan repaid in March 2023. See note 25 for further information. Capital management A key objective in relation to capital management is to ensure that the Company maintains a sufficient capital structure in order to support its business development and to maintain a strong credit rating. The Company evaluates its capital structure in lighof current and projected cash \ufb02ows, potential new business opportunities and the Group\u2019s financial commitments.The Company has a long-term equity ratio target of between 25 \u2013 30%. The equity ratio as of 31 December 2022 was 18.1% (2021: 25.3%).The Group aims to maximise shareholder return over time, and the long-term target is todistribute dividends to shareholders of around50% of the annual net profit before tax, takinginto consideration its outlook, investment opportunities and financial position. There arerestrictions on dividend payments in the bondloan agreement.In order to maintain or adjust the capital structure, the Company may issue new sharesor obtain new loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-128-5": {
"value": "Note 19 \u2013 Financial InstrumentsFinancial instruments by categoryFinancial assets Fair value Financial at amortised through profit liabilities at Total book2022costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 191 715 191 715Other short-term receivables 41 981 41 981Cash and cash equivalents 91 796 91 796Total 331 736 - - 331 736Financial liabilities at amortised costContigent considerations 659 659Borrowings, long term 10 891 10 89Borrowings, short term 369 693 369 693Trade accounts payables 45 407 45 407Other short-term debt 92 003 92 003Total - 659 517 994 518 653Financial assets Fair value Financial at amortised through profit liabilities at Total book2021costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 141 397 141 397Other short-term receivables 19 614 19 614Cash and cash equivalents 176 224 176 224Total 337 235 - - 337 235Financial liabilities at amortised costDerivatives, Interest rate swaps 249 249Contigent considerations 4 065 4 065Borrowings, long term 357 887 357 887Borrowings, short term 1 356 1 356Trade accounts payables 18 257 18 257Other short-term debt 73 921 73 921Total - 4 314 451 421 455 735Fair value of financial instruments The Group classifies fair value measurementsby using a fair value hierarchy which re\ufb02ects the importance of the input used in the preparation of the measurements. The fair value hierarchy has the following levels:It is assessed that the carrying amounts of financial instruments recognised at amortisedcost in the financial statements approximate their fair values. The assessment is based on ajudgment that difference between interest rateat year-end compared to draw down. Value assessment of liabilities of financial instrumentsis set Level 3 in the fair value hierarchy. In 2022 the Group realised a gain of NOK 0.8 million (2021 NOK 0.0) on fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-128-6": {
"value": "Note 19 \u2013 Financial InstrumentsFinancial instruments by categoryFinancial assets Fair value Financial at amortised through profit liabilities at Total book2022costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 191 715 191 715Other short-term receivables 41 981 41 981Cash and cash equivalents 91 796 91 796Total 331 736 - - 331 736Financial liabilities at amortised costContigent considerations 659 659Borrowings, long term 10 891 10 89Borrowings, short term 369 693 369 693Trade accounts payables 45 407 45 407Other short-term debt 92 003 92 003Total - 659 517 994 518 653Note 18 \u2013 Other Short-Term Liabilities(NOK 1000) 2022 2021Prepayments from customers* 18 711 9 474Wages, holiday pay and bonus 26 139 21 632Accrued expenses and other current liabilities 47 153 42 815Total 92 003 73 92* Prepayments from customers both relate to prepayments of fixed service fees for the first month starting outsourcing deliveries, and prepayments related to liabilities for transferred personnel.Financial assets Fair value Financial at amortised through profit liabilities at Total book2021costor lossamortised costvalue(NOK 1000)Financial assetsTrade accounts receivable 141 397 141 397Other short-term receivables 19 614 19 614Cash and cash equivalents 176 224 176 224Total 337 235 - - 337 235Financial liabilities at amortised costDerivatives, Interest rate swaps 249 249Contigent considerations 4 065 4 065Borrowings, long term 357 887 357 887Borrowings, short term 1 356 1 356Trade accounts payables 18 257 18 257Other short-term debt 73 921 73 921Total - 4 314 451 421 455 735Fair value of financial instruments The Group classifies fair value measurementsby using a fair value hierarchy which re\ufb02ects the importance of the input used in the preparation of the measurements. The fair value hierarchy has the following levels:It is assessed that the carrying amounts of financial instruments recognised at amortisedcost in the financial statements approximate their fair values. The assessment is based on ajudgment that difference between interest rateat year-end compared to draw down. Value assessment of liabilities of financial instrumentsis set Level 3 in the fair value hierarchy. In 2022 the Group realised a gain of NOK 0.8 million (2021 NOK 0.0) on fair value through profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-3": {
"value": "Financial risk management The Group has some exposure to risks from itsuse of financial instruments, including credit risk, liquidity risk, interest rate risk and currencyrisk. This note presents information about the Group\u2019s exposure to each of the above-mentioned risks, and the Group\u2019s objectives, policies and processes for managing such risks. At the end of this note, information regarding the Group\u2019s capital management is provided.Market Risk from Financial Instruments Market risk is the risk that the fair value of future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market prices.Market prices comprise three types of risk: market risk (e.g. interest rate risk and currency risk), commodity price risk and other price risk. The Company\u2019s financial instruments are mainly exposed to interest rate and currency risks. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. The Group\u2019s interest risk mainly relates to the Company\u2019s bond loan of EUR 35 million (ref. Note 16), which has an interest rate equal to the 3 months Euribor plus 4.75%. Any +0.5 percentage point increase in the 3 monthsEuribor would increase the Group\u2019s annual interest expense by approximately NOK 1.9 million. The interest risk is thus considered to be moderate.Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in foreign exchange rates. The Company is primarily exposed to foreign exchange risk arising from various currency exposures with respect to the SEK, EUR and GBP in relation toits debt obligations as well as from commerciatransactions.For operational transactions denominated in currencies other than the functional currency of the entities in the Group, the Company\u2019s policy is to exchange into foreign currency as required on a spot basis. Most transactions carried out by Group entities are done in the functional currency of those entities.As of 31 December 2022 the Company has a Euro-based bond loan of EUR 35 million. Per 31 December 2022 the Company had an unrealised currency loss amounting to NOK 44,7 million (2021 NOK 25.1 million) related to this loan. Otherwise, the Group has limited exposure to currency risk from assets and liabilities recognised as of 31 December 2022 that are denominated in currencies other than the functional currency of the Group entities. As of 31 December 2022 the Group has currency exposure from EUR, DKK, INR, SEK, GBP, CHF and PLN. It is mainly the EUR exchange rate that constitutes a currency risk for the Company. A +/-5% change in the exchange rate of EUR vs NOK would have resulted in a finance gain/loss pre-tax of approximately NOK 17.7 million, with most of thepotential loss/gain related to the EUR 35 millionbond loan.Credit Risk Credit risk is the risk that a counterparty will notmeet its obligations under a financial instrumentor customer contract, leading to a financial loss.The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, derivatives, debt instruments and account receivables. The counterparty to the cash and cash equivalents and deposits banks which areassessed to be solid. Trade Receivables and Contract Assets Customer credit risk is managed by each business unit subject to the Group\u2019s establishedpolicy, procedures and control relating to customer credit risk management. Credit qualityof a customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contractassets are regularly monitored. The Group has a customer portfolio of well-known companies and has had low credit losses (Note 16). An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provisionrates are based on days past due for groupingsof various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation re\ufb02ects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respecto trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Liquidity risk Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group\u2019sapproach to managing liquidity risk is to ensurethat it will always have enough liquidity to meetits financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Prudent liquidity risk management implies maintaining enough cash and the availability of appropriate funding.The table below details the contractual maturities for the Group\u2019s financial liabilities. NOK 368.2 million of the short-term borrowingsThe tables do not include interest paymentsThe contractual amounts were estimated based on the closing exchange rates at balance sheet date.Per 31 December 2022Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 7 188 3 703 10 891Borrowings, short term 348 369 345 369 693Trade creditors and other short term liabilities 45 407 73 291 18 711 137 409Leasing IFRS 16 4 010 13 773 27 009 5 319 50 11Total liabilities 49 765 456 409 52 908 9 022 568 104Per 31 December 2021Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 352 628 5 259 357 887Borrowings, short term 330 1 027 1 357Trade creditors and other short term liabilities 18 257 64 447 9 474 92 178Leasing IFRS 16 3 588 10 764 16 517 30 869Total liabilities 22 175 76 238 378 619 5 259 482 29of NOK 369.3 million relates to the bond loan repaid in March 2023. See note 25 for further information. Capital management A key objective in relation to capital management is to ensure that the Company maintains a sufficient capital structure in order to support its business development and to maintain a strong credit rating. The Company evaluates its capital structure in lighof current and projected cash \ufb02ows, potential new business opportunities and the Group\u2019s financial commitments.The Company has a long-term equity ratio target of between 25 \u2013 30%. The equity ratio as of 31 December 2022 was 18.1% (2021: 25.3%).The Group aims to maximise shareholder return over time, and the long-term target is todistribute dividends to shareholders of around50% of the annual net profit before tax, takinginto consideration its outlook, investment opportunities and financial position. There arerestrictions on dividend payments in the bondloan agreement.In order to maintain or adjust the capital structure, the Company may issue new sharesor obtain new loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-4": {
"value": "Financial risk management The Group has some exposure to risks from itsuse of financial instruments, including credit risk, liquidity risk, interest rate risk and currencyrisk. This note presents information about the Group\u2019s exposure to each of the above-mentioned risks, and the Group\u2019s objectives, policies and processes for managing such risks. At the end of this note, information regarding the Group\u2019s capital management is provided.Market Risk from Financial Instruments Market risk is the risk that the fair value of future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market prices.Market prices comprise three types of risk: market risk (e.g. interest rate risk and currency risk), commodity price risk and other price risk. The Company\u2019s financial instruments are mainly exposed to interest rate and currency risks. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. The Group\u2019s interest risk mainly relates to the Company\u2019s bond loan of EUR 35 million (ref. Note 16), which has an interest rate equal to the 3 months Euribor plus 4.75%. Any +0.5 percentage point increase in the 3 monthsEuribor would increase the Group\u2019s annual interest expense by approximately NOK 1.9 million. The interest risk is thus considered to be moderate.Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in foreign exchange rates. The Company is primarily exposed to foreign exchange risk arising from various currency exposures with respect to the SEK, EUR and GBP in relation toits debt obligations as well as from commerciatransactions.For operational transactions denominated in currencies other than the functional currency of the entities in the Group, the Company\u2019s policy is to exchange into foreign currency as required on a spot basis. Most transactions carried out by Group entities are done in the functional currency of those entities.As of 31 December 2022 the Company has a Euro-based bond loan of EUR 35 million. Per 31 December 2022 the Company had an unrealised currency loss amounting to NOK 44,7 million (2021 NOK 25.1 million) related to this loan. Otherwise, the Group has limited exposure to currency risk from assets and liabilities recognised as of 31 December 2022 that are denominated in currencies other than the functional currency of the Group entities. As of 31 December 2022 the Group has currency exposure from EUR, DKK, INR, SEK, GBP, CHF and PLN. It is mainly the EUR exchange rate that constitutes a currency risk for the Company. A +/-5% change in the exchange rate of EUR vs NOK would have resulted in a finance gain/loss pre-tax of approximately NOK 17.7 million, with most of thepotential loss/gain related to the EUR 35 millionbond loan.Credit Risk Credit risk is the risk that a counterparty will notmeet its obligations under a financial instrumentor customer contract, leading to a financial loss.The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, derivatives, debt instruments and account receivables. The counterparty to the cash and cash equivalents and deposits banks which areassessed to be solid. Trade Receivables and Contract Assets Customer credit risk is managed by each business unit subject to the Group\u2019s establishedpolicy, procedures and control relating to customer credit risk management. Credit qualityof a customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contractassets are regularly monitored. The Group has a customer portfolio of well-known companies and has had low credit losses (Note 16). An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provisionrates are based on days past due for groupingsof various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation re\ufb02ects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respecto trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Liquidity risk Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group\u2019sapproach to managing liquidity risk is to ensurethat it will always have enough liquidity to meetits financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Prudent liquidity risk management implies maintaining enough cash and the availability of appropriate funding.The table below details the contractual maturities for the Group\u2019s financial liabilities. NOK 368.2 million of the short-term borrowingsThe tables do not include interest paymentsThe contractual amounts were estimated based on the closing exchange rates at balance sheet date.Per 31 December 2022Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 7 188 3 703 10 891Borrowings, short term 348 369 345 369 693Trade creditors and other short term liabilities 45 407 73 291 18 711 137 409Leasing IFRS 16 4 010 13 773 27 009 5 319 50 11Total liabilities 49 765 456 409 52 908 9 022 568 104Per 31 December 2021Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 352 628 5 259 357 887Borrowings, short term 330 1 027 1 357Trade creditors and other short term liabilities 18 257 64 447 9 474 92 178Leasing IFRS 16 3 588 10 764 16 517 30 869Total liabilities 22 175 76 238 378 619 5 259 482 29of NOK 369.3 million relates to the bond loan repaid in March 2023. See note 25 for further information. Capital management A key objective in relation to capital management is to ensure that the Company maintains a sufficient capital structure in order to support its business development and to maintain a strong credit rating. The Company evaluates its capital structure in lighof current and projected cash \ufb02ows, potential new business opportunities and the Group\u2019s financial commitments.The Company has a long-term equity ratio target of between 25 \u2013 30%. The equity ratio as of 31 December 2022 was 18.1% (2021: 25.3%).The Group aims to maximise shareholder return over time, and the long-term target is todistribute dividends to shareholders of around50% of the annual net profit before tax, takinginto consideration its outlook, investment opportunities and financial position. There arerestrictions on dividend payments in the bondloan agreement.In order to maintain or adjust the capital structure, the Company may issue new sharesor obtain new loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-5": {
"value": "Financial risk management The Group has some exposure to risks from itsuse of financial instruments, including credit risk, liquidity risk, interest rate risk and currencyrisk. This note presents information about the Group\u2019s exposure to each of the above-mentioned risks, and the Group\u2019s objectives, policies and processes for managing such risks. At the end of this note, information regarding the Group\u2019s capital management is provided.Market Risk from Financial Instruments Market risk is the risk that the fair value of future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market prices.Market prices comprise three types of risk: market risk (e.g. interest rate risk and currency risk), commodity price risk and other price risk. The Company\u2019s financial instruments are mainly exposed to interest rate and currency risks. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. The Group\u2019s interest risk mainly relates to the Company\u2019s bond loan of EUR 35 million (ref. Note 16), which has an interest rate equal to the 3 months Euribor plus 4.75%. Any +0.5 percentage point increase in the 3 monthsEuribor would increase the Group\u2019s annual interest expense by approximately NOK 1.9 million. The interest risk is thus considered to be moderate.Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in foreign exchange rates. The Company is primarily exposed to foreign exchange risk arising from various currency exposures with respect to the SEK, EUR and GBP in relation toits debt obligations as well as from commerciatransactions.For operational transactions denominated in currencies other than the functional currency of the entities in the Group, the Company\u2019s policy is to exchange into foreign currency as required on a spot basis. Most transactions carried out by Group entities are done in the functional currency of those entities.As of 31 December 2022 the Company has a Euro-based bond loan of EUR 35 million. Per 31 December 2022 the Company had an unrealised currency loss amounting to NOK 44,7 million (2021 NOK 25.1 million) related to this loan. Otherwise, the Group has limited exposure to currency risk from assets and liabilities recognised as of 31 December 2022 that are denominated in currencies other than the functional currency of the Group entities. As of 31 December 2022 the Group has currency exposure from EUR, DKK, INR, SEK, GBP, CHF and PLN. It is mainly the EUR exchange rate that constitutes a currency risk for the Company. A +/-5% change in the exchange rate of EUR vs NOK would have resulted in a finance gain/loss pre-tax of approximately NOK 17.7 million, with most of thepotential loss/gain related to the EUR 35 millionbond loan.Credit Risk Credit risk is the risk that a counterparty will notmeet its obligations under a financial instrumentor customer contract, leading to a financial loss.The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, derivatives, debt instruments and account receivables. The counterparty to the cash and cash equivalents and deposits banks which areassessed to be solid. Trade Receivables and Contract Assets Customer credit risk is managed by each business unit subject to the Group\u2019s establishedpolicy, procedures and control relating to customer credit risk management. Credit qualityof a customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contractassets are regularly monitored. The Group has a customer portfolio of well-known companies and has had low credit losses (Note 16). An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provisionrates are based on days past due for groupingsof various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation re\ufb02ects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respecto trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Liquidity risk Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group\u2019sapproach to managing liquidity risk is to ensurethat it will always have enough liquidity to meetits financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Prudent liquidity risk management implies maintaining enough cash and the availability of appropriate funding.The table below details the contractual maturities for the Group\u2019s financial liabilities. NOK 368.2 million of the short-term borrowingsThe tables do not include interest paymentsThe contractual amounts were estimated based on the closing exchange rates at balance sheet date.Per 31 December 2022Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 7 188 3 703 10 891Borrowings, short term 348 369 345 369 693Trade creditors and other short term liabilities 45 407 73 291 18 711 137 409Leasing IFRS 16 4 010 13 773 27 009 5 319 50 11Total liabilities 49 765 456 409 52 908 9 022 568 104Per 31 December 2021Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 352 628 5 259 357 887Borrowings, short term 330 1 027 1 357Trade creditors and other short term liabilities 18 257 64 447 9 474 92 178Leasing IFRS 16 3 588 10 764 16 517 30 869Total liabilities 22 175 76 238 378 619 5 259 482 29of NOK 369.3 million relates to the bond loan repaid in March 2023. See note 25 for further information. Capital management A key objective in relation to capital management is to ensure that the Company maintains a sufficient capital structure in order to support its business development and to maintain a strong credit rating. The Company evaluates its capital structure in lighof current and projected cash \ufb02ows, potential new business opportunities and the Group\u2019s financial commitments.The Company has a long-term equity ratio target of between 25 \u2013 30%. The equity ratio as of 31 December 2022 was 18.1% (2021: 25.3%).The Group aims to maximise shareholder return over time, and the long-term target is todistribute dividends to shareholders of around50% of the annual net profit before tax, takinginto consideration its outlook, investment opportunities and financial position. There arerestrictions on dividend payments in the bondloan agreement.In order to maintain or adjust the capital structure, the Company may issue new sharesor obtain new loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-6": {
"value": "Financial risk management The Group has some exposure to risks from itsuse of financial instruments, including credit risk, liquidity risk, interest rate risk and currencyrisk. This note presents information about the Group\u2019s exposure to each of the above-mentioned risks, and the Group\u2019s objectives, policies and processes for managing such risks. At the end of this note, information regarding the Group\u2019s capital management is provided.Market Risk from Financial Instruments Market risk is the risk that the fair value of future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market prices.Market prices comprise three types of risk: market risk (e.g. interest rate risk and currency risk), commodity price risk and other price risk. The Company\u2019s financial instruments are mainly exposed to interest rate and currency risks. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. The Group\u2019s interest risk mainly relates to the Company\u2019s bond loan of EUR 35 million (ref. Note 16), which has an interest rate equal to the 3 months Euribor plus 4.75%. Any +0.5 percentage point increase in the 3 monthsEuribor would increase the Group\u2019s annual interest expense by approximately NOK 1.9 million. The interest risk is thus considered to be moderate.Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in foreign exchange rates. The Company is primarily exposed to foreign exchange risk arising from various currency exposures with respect to the SEK, EUR and GBP in relation toits debt obligations as well as from commerciatransactions.For operational transactions denominated in currencies other than the functional currency of the entities in the Group, the Company\u2019s policy is to exchange into foreign currency as required on a spot basis. Most transactions carried out by Group entities are done in the functional currency of those entities.As of 31 December 2022 the Company has a Euro-based bond loan of EUR 35 million. Per 31 December 2022 the Company had an unrealised currency loss amounting to NOK 44,7 million (2021 NOK 25.1 million) related to this loan. Otherwise, the Group has limited exposure to currency risk from assets and liabilities recognised as of 31 December 2022 that are denominated in currencies other than the functional currency of the Group entities. As of 31 December 2022 the Group has currency exposure from EUR, DKK, INR, SEK, GBP, CHF and PLN. It is mainly the EUR exchange rate that constitutes a currency risk for the Company. A +/-5% change in the exchange rate of EUR vs NOK would have resulted in a finance gain/loss pre-tax of approximately NOK 17.7 million, with most of thepotential loss/gain related to the EUR 35 millionbond loan.Credit Risk Credit risk is the risk that a counterparty will notmeet its obligations under a financial instrumentor customer contract, leading to a financial loss.The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, derivatives, debt instruments and account receivables. The counterparty to the cash and cash equivalents and deposits banks which areassessed to be solid. Trade Receivables and Contract Assets Customer credit risk is managed by each business unit subject to the Group\u2019s establishedpolicy, procedures and control relating to customer credit risk management. Credit qualityof a customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contractassets are regularly monitored. The Group has a customer portfolio of well-known companies and has had low credit losses (Note 16). An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provisionrates are based on days past due for groupingsof various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation re\ufb02ects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respecto trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Liquidity risk Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group\u2019sapproach to managing liquidity risk is to ensurethat it will always have enough liquidity to meetits financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Prudent liquidity risk management implies maintaining enough cash and the availability of appropriate funding.The table below details the contractual maturities for the Group\u2019s financial liabilities. NOK 368.2 million of the short-term borrowingsThe tables do not include interest paymentsThe contractual amounts were estimated based on the closing exchange rates at balance sheet date.Per 31 December 2022Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 7 188 3 703 10 891Borrowings, short term 348 369 345 369 693Trade creditors and other short term liabilities 45 407 73 291 18 711 137 409Leasing IFRS 16 4 010 13 773 27 009 5 319 50 11Total liabilities 49 765 456 409 52 908 9 022 568 104Per 31 December 2021Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 352 628 5 259 357 887Borrowings, short term 330 1 027 1 357Trade creditors and other short term liabilities 18 257 64 447 9 474 92 178Leasing IFRS 16 3 588 10 764 16 517 30 869Total liabilities 22 175 76 238 378 619 5 259 482 29of NOK 369.3 million relates to the bond loan repaid in March 2023. See note 25 for further information. Capital management A key objective in relation to capital management is to ensure that the Company maintains a sufficient capital structure in order to support its business development and to maintain a strong credit rating. The Company evaluates its capital structure in lighof current and projected cash \ufb02ows, potential new business opportunities and the Group\u2019s financial commitments.The Company has a long-term equity ratio target of between 25 \u2013 30%. The equity ratio as of 31 December 2022 was 18.1% (2021: 25.3%).The Group aims to maximise shareholder return over time, and the long-term target is todistribute dividends to shareholders of around50% of the annual net profit before tax, takinginto consideration its outlook, investment opportunities and financial position. There arerestrictions on dividend payments in the bondloan agreement.In order to maintain or adjust the capital structure, the Company may issue new sharesor obtain new loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-7": {
"value": "Financial risk management The Group has some exposure to risks from itsuse of financial instruments, including credit risk, liquidity risk, interest rate risk and currencyrisk. This note presents information about the Group\u2019s exposure to each of the above-mentioned risks, and the Group\u2019s objectives, policies and processes for managing such risks. At the end of this note, information regarding the Group\u2019s capital management is provided.Market Risk from Financial Instruments Market risk is the risk that the fair value of future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market prices.Market prices comprise three types of risk: market risk (e.g. interest rate risk and currency risk), commodity price risk and other price risk. The Company\u2019s financial instruments are mainly exposed to interest rate and currency risks. Interest Rate Risk Interest rate risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in market interest rates. The Group\u2019s interest risk mainly relates to the Company\u2019s bond loan of EUR 35 million (ref. Note 16), which has an interest rate equal to the 3 months Euribor plus 4.75%. Any +0.5 percentage point increase in the 3 monthsEuribor would increase the Group\u2019s annual interest expense by approximately NOK 1.9 million. The interest risk is thus considered to be moderate.Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash \ufb02ows of a financial instrument will \ufb02uctuate because of changes in foreign exchange rates. The Company is primarily exposed to foreign exchange risk arising from various currency exposures with respect to the SEK, EUR and GBP in relation toits debt obligations as well as from commerciatransactions.For operational transactions denominated in currencies other than the functional currency of the entities in the Group, the Company\u2019s policy is to exchange into foreign currency as required on a spot basis. Most transactions carried out by Group entities are done in the functional currency of those entities.As of 31 December 2022 the Company has a Euro-based bond loan of EUR 35 million. Per 31 December 2022 the Company had an unrealised currency loss amounting to NOK 44,7 million (2021 NOK 25.1 million) related to this loan. Otherwise, the Group has limited exposure to currency risk from assets and liabilities recognised as of 31 December 2022 that are denominated in currencies other than the functional currency of the Group entities. As of 31 December 2022 the Group has currency exposure from EUR, DKK, INR, SEK, GBP, CHF and PLN. It is mainly the EUR exchange rate that constitutes a currency risk for the Company. A +/-5% change in the exchange rate of EUR vs NOK would have resulted in a finance gain/loss pre-tax of approximately NOK 17.7 million, with most of thepotential loss/gain related to the EUR 35 millionbond loan.Credit Risk Credit risk is the risk that a counterparty will notmeet its obligations under a financial instrumentor customer contract, leading to a financial loss.The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, derivatives, debt instruments and account receivables. The counterparty to the cash and cash equivalents and deposits banks which areassessed to be solid. Trade Receivables and Contract Assets Customer credit risk is managed by each business unit subject to the Group\u2019s establishedpolicy, procedures and control relating to customer credit risk management. Credit qualityof a customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and contractassets are regularly monitored. The Group has a customer portfolio of well-known companies and has had low credit losses (Note 16). An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provisionrates are based on days past due for groupingsof various customer segments with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit insurance). The calculation re\ufb02ects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. Generally, trade receivables are written off if past due for more than one year and are not subject to enforcement activity. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respecto trade receivables and contract assets as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. Liquidity risk Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group\u2019sapproach to managing liquidity risk is to ensurethat it will always have enough liquidity to meetits financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Prudent liquidity risk management implies maintaining enough cash and the availability of appropriate funding.The table below details the contractual maturities for the Group\u2019s financial liabilities. NOK 368.2 million of the short-term borrowingsThe tables do not include interest paymentsThe contractual amounts were estimated based on the closing exchange rates at balance sheet date.Per 31 December 2022Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 7 188 3 703 10 891Borrowings, short term 348 369 345 369 693Trade creditors and other short term liabilities 45 407 73 291 18 711 137 409Leasing IFRS 16 4 010 13 773 27 009 5 319 50 11Total liabilities 49 765 456 409 52 908 9 022 568 104Per 31 December 2021Less than 3 3 to 12 1 to 5 6 to 10 (NOK 1000)monthsmonthsyearsyears TotalBorrowings, long term 352 628 5 259 357 887Borrowings, short term 330 1 027 1 357Trade creditors and other short term liabilities 18 257 64 447 9 474 92 178Leasing IFRS 16 3 588 10 764 16 517 30 869Total liabilities 22 175 76 238 378 619 5 259 482 29of NOK 369.3 million relates to the bond loan repaid in March 2023. See note 25 for further information. Capital management A key objective in relation to capital management is to ensure that the Company maintains a sufficient capital structure in order to support its business development and to maintain a strong credit rating. The Company evaluates its capital structure in lighof current and projected cash \ufb02ows, potential new business opportunities and the Group\u2019s financial commitments.The Company has a long-term equity ratio target of between 25 \u2013 30%. The equity ratio as of 31 December 2022 was 18.1% (2021: 25.3%).The Group aims to maximise shareholder return over time, and the long-term target is todistribute dividends to shareholders of around50% of the annual net profit before tax, takinginto consideration its outlook, investment opportunities and financial position. There arerestrictions on dividend payments in the bondloan agreement.In order to maintain or adjust the capital structure, the Company may issue new sharesor obtain new loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-146-2": {
"value": "Note 21 \u2013 Overview of Subsidiaries The following subsidiaries are included in the consolidated accountsCompany Country \"Ownership/Voting shareba.se consulting & services GmbH Germany 100%vyble GmbH Germany 90%Zalaris Australia Pty Ltd Australia 100%Zalaris Deutschland AG Germany 100%Zalaris France SAS France 100%Zalaris HR Services Denmark A/S Denmark 100%Zalaris HR Services Espa\u00f1a SL Spain 100%Zalaris HR Services Estonia Estonia 100%Zalaris HR Services Finland OY Finland 100%Zalaris HR Services India Pvt Ltd India 100%Zalaris HR Services Ireland Ltd Ireland 100%Zalaris HR Services Latvia SIA Latvia 100%Zalaris HR Services Lithuania UAB Lithuania 100%Zalaris HR Services Norway AS Norway 100%Zalaris HR Services Sverige AB Sweden 100%Zalaris Magyarorsz\u00e1g Kft Hungary 100%Zalaris Polska Sp Z.o.o Poland 100%Zalaris Singapore Pte Ltd Singapore 100%Zalaris UK Ltd UK 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-3": {
"value": "Note 22 \u2013 Share-based payment plan Zalaris ASA (the \u201cCompany\u201d) operates a share-based payment plan for members of theexecutive management and key employees. The share-based payment plan consists of a share option program and restricted stock units (\u201cRSUs\u201d). The costs recognised for the share-based payment plan are shown in the following table(NOK 1000) 2022 202Restricted Stock Units 1 101 5 749Employee share options 7 526 318Accrued social security costs (110) 1 444Total recognised costs 8 517 7 51Accrued payroll tax at the end of the period 118 643Restricted stock units The general meeting of Zalaris ASA held on 18 May 2021, gave the Board the authority to grant up to 135,000 RSUs annually to executivemanagement, with matching requirements. Under this plan the executive management may convert up to 50% of approved bonuses to RSU\u2019s at a 100% higher value (e.g. NOK 50k of annual bonus is converted to NOK 100k worth of RSUs). The purpose of the RSUs is to further align the interests of the Company, its subsidiaries and its shareholders by providing long term incentives in the form of an own investment in the Company done by the participant and matching awards (the RSUs).The granted RSUs have a three-year vesting period. The RSUs require the employee to purchase the required number of matching shares at the grant date and hold these until the RSUs are fully vested. Non-vested RSUs are cancelled when the employee has given notice of termination and are treated as forfeited. If for some reason the Company is not holding a sufficient number of shares at the relevant settlement date, any RSUs awarded and settled under the plan shall be settled by a cash bonus payment equal to the fair market value per share on the date of settlement multiplied by the number of RSUs. A total of 41,031 RSUs were granted in 2022 (2021: 18,041).The Company will do its utmost to settle the granted RSUs as shares, and thus accounts fothe RSUs as an equity-settled plan. The following table illustrates the number oRSUs outstanding:Number of RSUs 2022 2021Outstanding at the beginning of the period 125 268 307 152Granted 41 031 18 04Released (100 000) (199 925)Outstanding at the end of the period 66 299 125 268The fair value of the RSUs is the weightedaverage share price at grant date:The weighted average assumptions used 2022 202Expected life of RSUs (year) 3,00 3,00Weighted average share price 47,00 66,00Share Option Program The general meeting of Zalaris ASA held on 18 May 2021, gave the Board the authority to grant up to 1 million employee share options annually for a three-year period. The strike price is based on the weighted average shareprice for seven days preceding the grant. The options granted vest after 36 months. Each share option corresponds to one share. Employee share options are not subject to anyperformance-based vesting conditions. The Company has the option to settle the share options in cash, however they have no legal or constructive obligation to repurchase or offer cash-settlements for options granted. Non-vested share options are cancelled when the employee has given notice of termination and are treated as forfeited. A total of 807,000 options were granted in 2022 (2021: 971,500). The options were granted at an average exercise price of NOK 37.06 (2021: NOK 59.59)The following table illustrates the number of options outstanding and their weighted average exercise price (WAEP):2022 2021Number of Number of options WAEP (NOK)options WAEP (NOKOutstanding at the beginning of the period 1 519 500 51,87 618 000 38,55Granted 807 000 37,06 971 500 59,59Terminated (83 000) 51,02 (70 000) 41,41Outstanding at the end of the period 2 243 500 46,57 1 519 500 51,87Exercisable at the end of the period - - - The range of exercise prices for options outstanding at the end of the year was NOK 29.10 to NOK 61.91.The fair value of the share options is estimatedat the grant date using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the share options were granted. The weighted average fair value of share options granted to employees during 2022 was NOK 11.12 per option (NOK 17.35). The following table lists the key inputs to the model used for the year ended 31 December:The weighted average assumptions used 2022 202Expected volatility (%) 44,22 43,17Risk-free interest rate (%) 2,97 0,92Expected life of options (year) 3,2 3,0Weighted average share price 34,78 58,70Expected dividend - Historic volatility is assumed to be a reasonable indicator of expected volatility. Expected volatility is therefore defined as historic volatility. The risk-free interest rate used for share option calculations is collected as of grant date of Norwegian state bonds fromNorges Bank. Where there is no exact match between the term of the interest rates and the term of the share options, interpolation is usedto estimate a comparable term. Social security costs on employee share options outstanding are estimated at the end of each quarter based on the difference between actual share price and exercise price for the option, and recognised as an expense over the vesting period. Annual share purchase program The Company completed an annual share purchase program for employees in December 2022. As part of the program, Zalaris has sold 44,798 own shares to employees at a subscription price of NOK 20.28 per share for Norwegian employees and NOK 19.09 for non-Norwegian employees. The shares were transferred to the employees in February 2023. The subscription price was based on the volume-weighted average share price in the period between 18 November to 30 November 2022, less a 20 % discount. To receive the discount the shares have a 12 months lock-up period. See Executive Remuneration Policy available at www.zalaris.com for detailed information onthe Group\u2019s share based payment plan. ",
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"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-163-2": {
"value": "Note 23 \u2013 AcquisitionOn 1 February 2022, the Group acquired 90% of the voting shares of vyble GmbH, a non-listed company based in Germany withoutprevious activity. Subsequently vyble GmbH purchased assets from vyble AG, a payroll and HR solution start-up located in Rostock and Hamburg, Germany. vyble has a completesuite of Payroll and HR solutions delivered as Software as a Service (SaaS) targeting the SMEmarket in Germany.The company was acquired by free cash. The assets acquired were intangible assets at NOK6.8 million, fixed assets at NOK 0.6 million andcustomer relations at NOK 1.9 million.(NOK 1 000) AmounEstimated purchase consideration 11 317Identified assets to fair value* 9 272Goodwill** 2 045* Whereof: customer contracts, deferred tax** The acquired goodwill is not tax deductable and mainly relates to human relationsIn addition an amount of NOK 0.3 million has been considered as obligation for payroll of employees terminating employment with the company. The amount of the non-controlling interest is recognised with NOK 1.1 million. The acquired company is at the balance date not consolidated and both revenue, costs and assets and liabilities has been classified as discontinued operations held for sale. The Group has elected to measure the non-controlling interests in the acquiree at fair valueFollowing is a preliminary purchase prices analysis (\u201cPPA\u201d) for the acquisition of vyble. The goodwill is calculated on the basis of expected synergies between Zalaris\u2019 experience and technical solutions and vyble\u2019smarket presence, and established customerrelations, in addition to the assembled workforce. The intangible assets in vyble are license costs posted at fair value. There are no contingent agreements. There are no transactions recognised separately from the acquisition of the assets and liabilities.vyble GmbH was included in Zalaris\u2019 consolidated figures in Q1 2022. However it was in June 2022 decided to sell the companyand hence it is is shown as discontinued operations in the year-end figures of 2022. See note 24 \u2013 Discontinued operations for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-163-3": {
"value": "Note 23 \u2013 AcquisitionOn 1 February 2022, the Group acquired 90% of the voting shares of vyble GmbH, a non-listed company based in Germany withoutprevious activity. Subsequently vyble GmbH purchased assets from vyble AG, a payroll and HR solution start-up located in Rostock and Hamburg, Germany. vyble has a completesuite of Payroll and HR solutions delivered as Software as a Service (SaaS) targeting the SMEmarket in Germany.The company was acquired by free cash. The assets acquired were intangible assets at NOK6.8 million, fixed assets at NOK 0.6 million andcustomer relations at NOK 1.9 million.(NOK 1 000) AmounEstimated purchase consideration 11 317Identified assets to fair value* 9 272Goodwill** 2 045* Whereof: customer contracts, deferred tax** The acquired goodwill is not tax deductable and mainly relates to human relationsIn addition an amount of NOK 0.3 million has been considered as obligation for payroll of employees terminating employment with the company. The amount of the non-controlling interest is recognised with NOK 1.1 million. The acquired company is at the balance date not consolidated and both revenue, costs and assets and liabilities has been classified as discontinued operations held for sale. The Group has elected to measure the non-controlling interests in the acquiree at fair valueFollowing is a preliminary purchase prices analysis (\u201cPPA\u201d) for the acquisition of vyble. The goodwill is calculated on the basis of expected synergies between Zalaris\u2019 experience and technical solutions and vyble\u2019smarket presence, and established customerrelations, in addition to the assembled workforce. The intangible assets in vyble are license costs posted at fair value. There are no contingent agreements. There are no transactions recognised separately from the acquisition of the assets and liabilities.vyble GmbH was included in Zalaris\u2019 consolidated figures in Q1 2022. However it was in June 2022 decided to sell the companyand hence it is is shown as discontinued operations in the year-end figures of 2022. See note 24 \u2013 Discontinued operations for further details. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-2": {
"value": "Note 24 \u2013 Discontunued operations In the board meeting on 13 June 2022, the Group decided to initiate a process to reduce its ownership in vyble GmbH (\u201cvyble\u201d), a company based in Hagen, Germany. The Group acquired a 90 % ownership. The transaction is expected to be completed within a year from this date. At 30 June 2022, vyble was classified as a company held for sale and as a discontinued operation. The business of vyble represented the entirety of the Group\u2019s HR & Payroll Tech Investments, established in January 2022, until the decision of sale was made. With vyble being classified as discontinued operations, the HR & Payroll Tech Investments segment is no longer presented in thesegment note. The results of vyble for the year are presented below:Profit & Loss from discontinued operations(NOK 1000) 2022Revenue 3 378Operating expenses 23 992Operating loss (20 614Finance costs 167Profit/(loss) before tax from discontinued operation (20 781Tax expense 4 763Profit/(loss) for the year tax from discontinued operation (16 018The accumulated loss attributed to non-controlling interest NOK 1,6 million, which is also this yearsloss. There are no dividend paid to either The Group or the non-controlling interest.The major classes of assets and liabilities of vyble classified as held for sale as at 30 Juneare as follows, whereof 10 % is attributed to the non-controlling interest: Assets held for sale(NOK 1000) Assets 2022Intangible assets 9 628Property, plant and equipment 1Trade accounts receivable 1 089Cash and cash equivalents 1 655Total assets held for sale 12 383LiabilitiesCreditors 1 500Interest-bearing loans and borrowings 3 283Liabilties directly associated with assets held for sale 4 783Net assets directly associated with disposal group 7 600The net cash flows incurred by vyble are as followsCash flow(NOK 1000) 2022Operating (18 828Investing (11 592)Net cash outflow (30 420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-3": {
"value": "Note 24 \u2013 Discontunued operations In the board meeting on 13 June 2022, the Group decided to initiate a process to reduce its ownership in vyble GmbH (\u201cvyble\u201d), a company based in Hagen, Germany. The Group acquired a 90 % ownership. The transaction is expected to be completed within a year from this date. At 30 June 2022, vyble was classified as a company held for sale and as a discontinued operation. The business of vyble represented the entirety of the Group\u2019s HR & Payroll Tech Investments, established in January 2022, until the decision of sale was made. With vyble being classified as discontinued operations, the HR & Payroll Tech Investments segment is no longer presented in thesegment note. The results of vyble for the year are presented below:Profit & Loss from discontinued operations(NOK 1000) 2022Revenue 3 378Operating expenses 23 992Operating loss (20 614Finance costs 167Profit/(loss) before tax from discontinued operation (20 781Tax expense 4 763Profit/(loss) for the year tax from discontinued operation (16 018The accumulated loss attributed to non-controlling interest NOK 1,6 million, which is also this yearsloss. There are no dividend paid to either The Group or the non-controlling interest.The major classes of assets and liabilities of vyble classified as held for sale as at 30 Juneare as follows, whereof 10 % is attributed to the non-controlling interest: Assets held for sale(NOK 1000) Assets 2022Intangible assets 9 628Property, plant and equipment 1Trade accounts receivable 1 089Cash and cash equivalents 1 655Total assets held for sale 12 383LiabilitiesCreditors 1 500Interest-bearing loans and borrowings 3 283Liabilties directly associated with assets held for sale 4 783Net assets directly associated with disposal group 7 600The net cash flows incurred by vyble are as followsCash flow(NOK 1000) 2022Operating (18 828Investing (11 592)Net cash outflow (30 420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-4": {
"value": "Note 24 \u2013 Discontunued operations In the board meeting on 13 June 2022, the Group decided to initiate a process to reduce its ownership in vyble GmbH (\u201cvyble\u201d), a company based in Hagen, Germany. The Group acquired a 90 % ownership. The transaction is expected to be completed within a year from this date. At 30 June 2022, vyble was classified as a company held for sale and as a discontinued operation. The business of vyble represented the entirety of the Group\u2019s HR & Payroll Tech Investments, established in January 2022, until the decision of sale was made. With vyble being classified as discontinued operations, the HR & Payroll Tech Investments segment is no longer presented in thesegment note. The results of vyble for the year are presented below:Profit & Loss from discontinued operations(NOK 1000) 2022Revenue 3 378Operating expenses 23 992Operating loss (20 614Finance costs 167Profit/(loss) before tax from discontinued operation (20 781Tax expense 4 763Profit/(loss) for the year tax from discontinued operation (16 018The accumulated loss attributed to non-controlling interest NOK 1,6 million, which is also this yearsloss. There are no dividend paid to either The Group or the non-controlling interest.The major classes of assets and liabilities of vyble classified as held for sale as at 30 Juneare as follows, whereof 10 % is attributed to the non-controlling interest: Assets held for sale(NOK 1000) Assets 2022Intangible assets 9 628Property, plant and equipment 1Trade accounts receivable 1 089Cash and cash equivalents 1 655Total assets held for sale 12 383LiabilitiesCreditors 1 500Interest-bearing loans and borrowings 3 283Liabilties directly associated with assets held for sale 4 783Net assets directly associated with disposal group 7 600The net cash flows incurred by vyble are as followsCash flow(NOK 1000) 2022Operating (18 828Investing (11 592)Net cash outflow (30 420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-174-2": {
"value": "Note 25 \u2013 Events After the Balance Sheet Date Subsequent to year-end, the Company\u2019s bond loan of EUR 35 million (NOK 368.2 million) outstanding 31 December 2022 was repaid and replaced by a new bond loan of EUR 40 million. This new bond loan matures at the endof March 2028, with no down payments beforematurity. Interest rate to be paid is 3 months Euribor plus 5.25% compared to 3 months Euribor plus 4.75% for the loan outstanding at the end of December 2022. Upon calling the previous bond loan unamortised transaction costs of NOK 1.2 million were expensed. The realised currency exchange loss relating to thebond loan repaid is NOK 15.5 million in 2023. The new bond loan is valued at NOK 439.8 million, net of estimated transaction costs, based on the EUR/NOK exchange rate at 28 March 2023.There have been no other events after the balance sheet date which have had a material effect on the issued accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300XBITM62HH7HW18",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}