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statements are set out in the following section. The policies have been consistently applied to all the years presented, unless otherwise stated.The consolidated financial statements are presented in NOK, which is also the functional currency of the parent. Amounts are rounded to the nearest thousand, unless otherwise stated.These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are prepared under the basis of going concern.The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.The annual report were approved by the Board of Directors and the Chief Executive Officer on the 25th of April 2023 and will be presented for approval at the Annual General Meeting on 14th of June 2023.Note 2 - Accounting policiesBasis of measurementThe consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details):- Financial investments \u2013 fair value through profit or loss (Note 4)- Contingent consideration - fair value through profit or lossRevenuePerformance obligations and timing of revenue recognitionThe majority of the group\u2019s revenue is derived from selling goods with revenue recognised at a point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer, as our general delivery term is Incoterms DAP. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the group no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.Some goods sold by the group include warranties which require the group to either replace or mend a defective product during the warranty period if the goods fail to comply with agreed-upon specifications. In accordance with IFRS 15, such warranties are not accounted for as separate performance obligations and hence no revenue is allocated to them.Determining the transaction priceThe group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices.Allocating amounts to performance obligationsFor most contracts, there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered). Where a customer orders more than one product line, the Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately).Deferred revenue recognitionThe Group does not have any deferred revenue recognition due to there is no obligation to the customer after delivery in regards of update of software.Basis of consolidationWhere the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of profit and loss from the date on which control is obtained. They are deconsolidated from the date on which control ceases.GoodwillGoodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.Impairment of non-financial assets (excluding inventories and deferred tax assets)Impairment tests on goodwill are performed annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.Foreign currencyTransactions in foreign currency are converted at the exchange rate at the time of the transaction. Monetary items in foreign currency are converted into the component`s functional currency to presentation currency (which is NOK) using the statement of financial position date's exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are converted into NOK using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognized in the income statement on an ongoing basis during the accounting period.Assets and liabilities in foreign operations are converted into functional currency to presentation currency (which is NOK) using the balance sheet date's currency rate. Revenues and expenses in foreign operations converted into NOK using quarterly average currency rates. The translation difference because of the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recycled into profit and loss upon divestment of foreign operations.Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Other than financial assets in a qualifying hedging relationship, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprimises investment in financial investments in interest rate funds. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.It also comprimises investments in shares, Switch EV Ltd. Fair value is measured at level 2 in the valuation hierarchy. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.Amortised costThese assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.The Company's financial assets measured at amortised cost comprise trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.Financial liabilitiesThe Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprises contingent consideration. Contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. Other than the contingent consideration, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.Other financial liabilitiesBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.Share capitalFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.The Group's ordinary shares are classified as equity instruments.Defined contribution schemesContributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive income in the year to which they relate.Share-based programsWhere equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.LeasesAll leases are accounted for by recognizing a right-of-use asset and a lease liability except for:- Leases of low value assets; and- Leases with a duration of 12 months or lessLease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.On initial recognition, the carrying value of the lease liability also includes:- Amounts expected to be payable under any residual value guarantee;- The exercise price of any purchase option granted in favour of the group if it is reasonable certain toassess that option;- Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercisedRight of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:- Lease payments made at or before commencement of the lease; and- Initial direct costs incurredSubsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.When the group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Externally acquired intangible assetsExternally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful lives.Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/ legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation Internally generated intangible assets (development costs)Expenditure on internally developed products is capitalised if it can be demonstrated that:- It is technically feasible to develop the product for it to be sold- Adequate resources are available to complete the development- There is an intention to complete and sell the product- The Group is able to sell the product- Sale of the product will generate future economic benefits, and- Expenditure on the project can be measured reliablyCapitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the \u201c Depreciation and amortization expense\u201d in the consolidated statement of comprehensive income.Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of comprehensive income as incurred.DividendsDividends are recognised when they become legally payable.TaxesThe tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates on the balance sheet date and any corrections of tax payable for previous years.Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.Property, plant and equipmentItems of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives.Treasury sharesConsideration paid/ received for the purchase/ sale of treasury shares is recognised directly in equity. Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings.Inventories Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.Government grantsGovernment grants received on capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased. Grants for expenditure are netted against the cost incurred by the Group. Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to the consolidated statement of comprehensive income or netted against the asset purchased.ProvisionsThe group has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims, leasehold dilapidations and legal disputes. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability.Refer to Note 7 and 18 for provisions for additional information.Note 3 - Critical accounting estimates and judgementsThe Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.AssumptionsSignificant judgements: - Share-based program - Value of stock options at grant time (Note 7)Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.Note 5 - Segment informationThe Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.Zaptec Charger ASThis segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.Zaptec Sverige ABThis segment is involved in the sale and distribution of Zaptec products in Sweden.Novavolt AGThis segment is involved in the sale and distribution of Zaptec products in Switzerland.OtherConsist of all other legal entities in the group.01.01 - 31.12.2022In NOK 1000Zaptec Zaptec Novavolt AG OtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers361 618 155 714 210 152 29 914 0 757 398Revenues from internal sales 291 060 3 392 0 1 000 -295 451 0Other operating income 0 0 0 0 0 0Total operating income 652 678 159 106 210 152 30 914 -295 451 757 398Operating expensesCost of inventories431 961 110 075 106 308 22 983 -220 688 450 638Employee benefit expenses80 449 8 703 22 382 28 774 16 782 157 090Depreciation and amortisation expense9 215 0 36 1 558 9 764 20 573Other operating expenses102 806 30 552 74 796 49 933 -103 896 154 190Total operating expenses624 431 149 330 203 522 103 247 -298 038 782 492Operating result 28 246 9 776 6 630 -72 332 2 586 -25 09401.01 - 31.12.2021In NOK 1000Zaptec Zaptec Novavolt AGOtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers344 072 74 047 65 884 4 969 0 488 972Revenues from internal sales88 736 0 0 0 -88 736 0Other operating income0 0 0 0 27 27Total operating income432 808 74 047 65 884 4 969 -88 709 488 999Operating expensesCost of inventories 268 030 53 083 35 922 548 -83 740 273 843Employee benefit expenses 50 432 4 175 7 720 13 005 2 640 77 973Depreciation and amortisation expense 6 100 0 10 1 806 4 975 12 890Other operating expenses 45 686 6 326 1 426 13 072 -4 718 61 791Total operating expenses 370 248 63 584 45 078 28 431 -80 843 426 497Operating result 62 560 10 463 20 806 -23 462 -7 866 62 502Adjustments and eliminationsThe Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. Adjustments and eliminations is as follows:01.01 - 31.12.2022In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales(1) -295 451 -220 516 0 0 -73 946Elimination of employee benefits allocated (2) 0 0 16 782 0 -24 892IFRS 16 adjustments (4)0 0 0 4 904 -5 057GAAP-adjustment to inventory (5) -3 401Amortization of excess values (6) 0 0 0 4 860 0Gains on internal transactions (7)0 3 228 0 0 0Total -295 451 -220 688 16 782 9 764 -103 89601.01 - 31.12.2021In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales (1) -88 709 -84 001 0 0 36Reversal of internal gains on fixed assets (7) 0 261 0 0 0Cost relating to incorporation of subs (3) 0 0 2 640 0 -1 417IFRS 16 adjustments (4) 00 0 3 204 -3 337Amortization of excess values (6) 0 0 0 1 771 0Total -88 709 -83 740 2 640 4 975 -4 718(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses.(2) As part of the increased activity outside of Norway in 2022, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation.(3) Cost included in the cost of subsidiaries in the separate financial statements are expensed on group level.(4) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.(5) Novavolt includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed.(6) Excess value from the acquisition of Novavolt is included on group level.(7) Gains on internal transaction of inventory.Note 6 - Revenues from contracts with customersDisaggregation of RevenueThe Group has disaggregated revenue into various categories in the following table which is intended to:- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and- Enable users to understand the relationship with revenue segment information provided in Note 5Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers:01.01 - 31.12.2022SegmentsIn NOK 1000Zaptec Zaptec Novavolt AG Other TotalCharger ASSverige ABProduct sales361 618 155 714 210 152 23 791 751 275Other 0 0 0 6 123 6 123Total operating income 361 618 155 714 210 152 29 914 757 398By business area - Geographical distributionNorway 222 520 0 0 12 413 234 933Sweden 10 163 155 714 0 0 165 877Switzerland 0 0 210 152 0 210 152Denmark 70 608 0 0 0 70 608Iceland 13 093 0 0 0 13 093Rest of Europe 42 311 0 0 17 501 59 813Other 2 922 0 0 0 2 922Total operating income 361 618 155 714 210 152 29 914 757 398Timing of revenue recognitionGoods transferred at a point in time 361 618 155 714 210 152 29 914 757 398Goods and services transferred over time 0 0 0 0 0Total operating income 361 618 155 714 210 152 29 914 757 39801.01 - 31.12.2021SegmentsIn NOK 1000Zaptec Zaptec Novavolt AG Other TotalCharger ASSverige ABProduct sales 344 072 74 047 65 884 2 169 486 172Other 0 0 0 2 800 2 800Total operating income 344 072 74 047 65 884 4 969 488 972By business area - Geographical distributionNorway 236 067 0 0 3 799 239 866Sweden 7 173 74 047 0 0 81 220Switzerland 0 0 65 884 0 65 884Denmark 40 072 0 0 0 40 072Iceland 10 999 0 0 0 10 999Rest of Europe 49 627 0 0 1 171 50 798Other 133 0 0 0 133Total operating income 344 072 74 047 65 884 4 969 488 972Timing of revenue recognitionGoods transferred at a point in time 344 072 74 047 65 884 4 969 486 172Goods and services transferred over time 0 0 0 0 2 800Total operating income 344 072 74 047 65 884 4 969 488 972Note 7 - Employee benefit expensesPayroll costsIn NOK 10002022 2021Salaries 130 798 45 049Share based payment expense excluded payroll tax 11 511 8 399Payroll tax 13 619 14 414Other benefits 1 162 10 111Total 157 090 77 973Average full-time 111 59Management remuneration2022Board of directorsIn NOK 1000Salaries BonusShare based Other TotalpaymentbenefitsStig H. Christiansen 300 0 958 0 1 258Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth * 150 0 0 0 150Peter Bardenfleth-Hansen 150 0 1 917 0 2 067Total 750 0 2 875 0 3 625Chief executive officerAnders Thingb\u00f8 2 198 0 0 16 075 18 273Peter Bardenfleth-Hansen 2 485 2 500 2 359 126 7 470Total 4 683 2 500 2 359 16 201 25 743Chief financial officerKurt \u00d8strem 2 145 1 000 0 213 3 358Total 2 145 1 000 0 213 3 358Others in managementKristian S\u00e6ther 1 309 106 0 73 1 487Eirik Fjells\u00e5 H\u00e6rem 744 0 0 6 751Knut Braut 1 507 0 0 114 1 621Lasse Hult 1 305 0 0 163 1 468P\u00e5l Tumyr 513 41 45 6 605Siren Erzeid 660 0 0 7 667Martin Malmanger 1 043 0 0 14 1 057Anna-Karin Andersen 1 360 0 0 0 1 360Total 8 441 147 45 383 9 0162021Board of directorsIn NOK 1000 Salaries BonusShare based Other TotalStig H. Christiansen 167 0 1 967 0 2 134Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth 200 0 0 0 200Peter Bardenfleth-Hansen 230 0 3 933 0 4 163Total 747 0 5 900 0 6 647Chief executive officerAnders Thingb\u00f8 3 165 0 1 363 18 4 546Total 3 165 0 1 363 18 4 546Chief financial officerKurt \u00d8strem 1 825 0 455 14 2 294Total 1 825 0 455 14 2 294Others in managementKristian S\u00e6ther 695 0 0 59 754Knut Braut 1 332 0 455 111 1 898Lasse Hult 1 203 0 0 161 1 364P\u00e5l Tumyr 367 0 0 4 371Siren Erzeid 500 0 0 5 505Martin Malmanger 634 0 0 10 644Kurt Aadn\u00f8y 1 047 0 227 7 1 281Total 5 778 0 682 357 6 817* Member of the Board up until 07.11.2022Anders Thingb\u00f8 left the company 28.02.2022. Settlement of share based payment of MNOK 15 984 is included in other benefits. The settlement has been accounted for as an acceleration of vesting, and the amount that otherwise would have been recognised for services received over the vesting period (to 01.10.2022) has been expensed in the first quarter of 2022.The reimbursement payment made to the former CEO on the settlement of the grant is accounted for as repurchase of an equity interest, i.e. as a deduction from equity, as there is no payment in excess of the fair value of the equity instruments granted, measured at the repurchase date.PensionThe group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group's pension schemes comply with the requirements under that law. This year's pension cost of NOK 4 102 212 is recognised in the consolidated statement of profit and loss and included in Other benefits.Remuneration to auditorsIn NOK 10002022 2021Statutory audit 1 648 306Other non-auditing services 1 303 435Total 2 952 741All amounts exclude VAT.Loans and guarantees to management and leading employeesThe group does not have any loans or guarantees to management and leading employees.Share-based compensationShare-based incentive program for all employeesAs of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022.The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.The company operates two equity-settled share-based remuneration schemes for key management:Share-based incentive program for managementAs of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 440 000 rights to receive shares has been granted under this program as of 31.12.2022. The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.* The expense for social security contribution is accrued based on the intrinsic value of the equity instruments vested. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period.Share-based payment program for key management and board of directors (Stock option program)2022 2021In NOK 1000Weighted average NumberWeighted average Numberexercise priceexercise priceOutstanding at 1 January 13,471 350 000 12,58 1 750 000Granted during the year 0,00 0 11,25 300 000Forfeited during the year 14,25 600 000 0,00 0Exercised during the year 11,25 150 000 10,29 700 000Lapsed during the year 0,00 0 0,00 0Outstanding at 31 December13,25 600 000 13,47 1 350 000Vested at 31 December 600 000 650 000The following information is relevant in the determination of the fair value of options granted during the year under :2022 2021Option pricing model used Black-Sholes Black-ScholesShare price at date of grant * 40Strike * 11,25Contractual life (in days) * 593Expected life (in days) * 486Expected volatility * 78 %Risk-free interest rate * 0,4%-0,6%Fair value at grant date (average) * 29,25* No new options grantedAs of 31.12.2022 The Group had employee stock options agreements with 4 employees, CEO Peter Bardenfleth-Hansen, CFO Kurt \u00d8strem, CTO Knut Braut and Kurt Aadn\u00f8y in Zaptec Charger. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11,25 to NOK 15,25. As of 31.12.2022 remaining stock options is 550 000 shares. All of these stock options can be excercised as of 31.12.2022.One board member, Stig H. Christiansen (Chairman) holds stock options as of 31.12.2022. The agreement have vesting periods ranging for 6,4 - 18,4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11,25.2022Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddatePeter Bardenfleth-Hansen CEO 100 000 11,25 31.12.2022 31.12.2023Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.20232021Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddateAnders Thingb\u00f8 CEO 300 000 13,25 06.10.2021 31.12.2024Anders Thingb\u00f8 CEO 300 000 15,25 06.10.2022 31.12.2024Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2021 31.12.2023Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2021 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2022 31.12.2023During the year 150 000 options was exercised, subscription amount was 1,7 MNOK . Weighted share price of these options is 40,31 NOK per share.The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2022 the provision for employer contribution is 3 MNOK (6,9 MNOK for 2021).All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. The settlement of option agreement this year (-15,9 MNOK) relates to reimbursement for terminating option agreement.Total share-based payment expense is charged to the income statement with the following amount:2022 2021Option program 3 653 8399Share-based incentive program for all employees 1 402 0Share-based incentive program for management 6 457 0Total share based payment expense excluded social security costs 11 511 8 399 Cash portion Share-based incentive program for all employees 686 0Payroll tax expense* -5 791 6905Total share based payment expense 6 406 15 304Note 8 - Financial income and expenseIn NOK 10002022 2021Finance incomeInterest income 94 33Gain on investments at fair value 0 2 749Other finance income 5 990 403Total finance income 6 084 3 185Finance expenseInterest on debts and borrowings 2 119 205Interest from leases 511 436Other interest paid 0 587Loss on investments at fair value 5 015 0Unwinding of discount on contingent consideration 1 037 1 037Other finance expense 4 847 788Total finance expense 13 528 3 053Investment in fundIn NOK 10002022 20211 January 183 500 221 012Sold during the period -177 691 -35 352Change in fair value -5 808 -2 16031 December 0 183 500Note 9 - Income taxIn NOK 10002022 2021Income tax expenseCurrent income tax 3 115 6 792Changes in deferred tax 1 284 10 341Total income tax expense (+)/benefit (-) 4 399 17 134Temporary differences and tax positionsIntangible assets -20 147 -24 365Property plant and equipment 6 255 4 873Right of use assets 15 710 15 210Inventories 172 223Receivables 1 467 724Lease liabilities -15 942 -15 210Provisions 4 229 7 282Other differences 2 155 305Total temporary differences and tax positions -6 100 -10 959Tax losses carried forward 62 424 23 287Temporary differences and tax positions not included in the basis for deferred tax -61 670 -11 840Basis for deferred tax -5 346 488Net deferred tax asset 22 % -1 176 107The deferred tax assets is mainly due to tax losses carried forward in Norwegian entities. The carried forward loss is expected to be utilized going forward as the Group is expected to have a taxable income going forward.There is no time limit of the tax losses carried forward. Tax losses not included in the basis for deferred tax relates to subsidiaries where there a still uncertainty about the availability of future tax income that can utilise these losses.Specification in the statement of financial positionDeferred tax asset 4 725 5 468Deferred tax 5 901 5 360Net deferred tax -1 176 107Tax payable in the statement of financial positionCurrent income tax payable 9 844 6 860Prepaid tax 1 264 2 388Net tax payable 11 107 9 248In NOK 10002022 2021Reconciliation of effective tax rateResult before tax -32 536 62 635Income tax based on applicable tax rate (22%) 22 % -7 158 13 780Effect from foreign currency and different tax rates 172 -119Changes in not recognized tax loss carried forward 13 567 241Not deductible expenses employee share options -2 713 1 848Note deductible expenses 81 1 554Tax loss in foreign subsidiaries 0 0Goodwill 0 0Not taxable income 450 -169Total income tax expense (+)/benefit (-) 4 399 17 134Effective tax rate -13,5 % 27,4 %Note 10 - Earnings per shareBasic earnings per share is based on the earnings attributable to shareholders of the company and the weighted average number of ordinary shares outstanding for the year, less ordinary shares purchased by the company and held as treasury shares.In NOK 10002022 2021Net profit or loss for the year attributable to owners of the parent company -36 935 45 501Adjustments for basic earnings 0 0Earnings used in basic EPS -36 935 45 501Adjustments for diluted earnings 0 0Earnings used in diluted EPS -36 935 45 501No. of shares outstanding as at 1 January 76 009 678 75 009 678Share issue during the year 400 000 1 000 000No. of shares outstanding as at 31 December 76 409 678 76 009 678Weighted average number of shares outstanding through the year used in basic EPS 76 327 120 75 511 533Potential shares relating to employee share options 674 819 923 925Weighted average number of shares used in diluted EPS 77 001 939 76 435 458Basic earnings per shares -0,48 0,60Diluted earnings per shares -0,48 0,6028th of February 2023 Zaptec ASA increased the share capital to MNOK 1 313, divided into 87 520 790 shares with a face value of NOK 0,015.Note 11 - Intangible assets and goodwill2022In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 103 260 63 061 27 073 749 194 143Additions 18 752 0 0 0 18 752Additions business combinations 0 0 0 0 0Foreign currency effects 0 6 577 2 202 0 8 779Acquisition cost 31 December 122 012 69 638 29 275 749 221 674Acc. amortisation and impairments 1 January 50 310 0 2 707 0 53 017Amortisation charge 7 721 0 5 640 0 13 361Disposals 196 0 0 0 196Foreign currency effects 0 0 0 0 0Acc. amortisation and impairments 31 December 58 227 0 8 347 0 66 574Carrying amount 31 December 63 785 69 638 20 928 749 155 0992021In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 91 134 0 0 371 91 505Additions 12 126 0 0 378 12 505Additions business combinations 0 60 419 25 939 0 86 358Foreign currency effects 0 2 641 1 134 0 3 775Acquisition cost 31 December 103 260 63 061 27 073 749 194 143Acc. amortisation and impairments 1 January 44 990 0 0 0 44 990Amortisation charge 5 320 0 2 660 0 7 980Disposals 0 0 0 0 0Foreign currency effects 0 0 47 0 47Acc. amortisation and impairments 31 December 50 310 0 2 707 0 53 017Carrying amount 31 December 52 950 63 061 24 366 749 141 125Expected economic life 2-10 years Indefinite 5 years IndefiniteAmortization plan Linear None* Linear None* Goodwill are tested for impairment annualy. For 2022 no impairment triggeres are identified and no impairment besides the annual test of goodwill has been performed. See below for more information regarding the impairment test.Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2022 the Group invested 18,8 MNOK in development/patents primarily related to the development of Zaptec Pro MID, Zaptec Go UK and Zaptec Sense. The development cost of Zaptec Pro relates to country specific adaptions.The goodwill and customer relationships are allocated to the Novavolt CGU for the impairment test.Goodwill assets by segment or CGUIn NOK 1000Goodwill TotalNovavolt 69 638 69 638Impairment test of goodwill and intangible assetsGoodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2023 based on previous performance and expectations for market developments. Growth rates for the period 2024 - 2027 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2023. After 2027, 1,5% perpetual growth is based on cash flows in the year 2026. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.Impairment test of Novavolt CGUThe Novavolt CGU consist of all operations in the Novavolt AG and is identical to the Novavolt segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from year 6 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2022, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 26,51% is used for the value in use calculation for 2022. In 2021 the WACC used in the PPA was 24,7%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to Key inputs for the WACC for the CGU: -Risk free rate: Average risk free rate in Switzerland in 2022 -Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used. -Market risk premium: The market risk premium is based on empirical data for risk premium. -Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate -Capital structure: Equity ratio of 100%.SensitivityThe management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount.Impairment testing showed that headroom for the CGU is >112%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.Impairment - test results and conclusion The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.Note 12 - Property, plant and equipmentIn NOK 10002022 2021Acquisition cost 1 January 8 415 3 893Additions 6 699 4 468Additions business combinations 0 53Foreign currency effects -53 0Acquisition cost 31 December15 061 8 415Accumulated depreciation and impairments 1 January 3 355 1 647Depreciation 2 692 1 497Impairments 0 211Accumulated depreciation and impairments 31 December 6 047 3 355Carrying amount 31 December 9 015 5 061Economic life 0 - 10 year 0 - 10 yearDepreciation method Linear LinearNote 13 - Right of use assets and lease liabilities2022In NOK 1000VehiclesLand and Totalbuildings1 January 1 052 14 159 15 210Additions 3 030 2 052 5 082Disposals 0 0 0Additions through business combinations 0 0 0Amortisation -1 055 -3 849 -4 904Foreign currency effects 187 135 32231 December 3 214 12 496 15 7102021In NOK 1000VehiclesLand and Totalbuildings1 January 0 1 388 1 388Additions 506 16 844 17 350Disposals 0 -1 041 -1 041Additions through business combinations 674 0 674Amortisation -153 -3 051 -3 204Foreign currency effects 26 19 4431 December 1 052 14 159 15 210Economic life/lease term 5 - 15 year 3 - 7 yearAmortisation method Straight line Straight lineLease liabilitiesUndiscounted lease payments and year of paymentIn NOK 10002022 2021Less than 1 year 5 878 4 2451-3 years 10 051 8 2283-5 years 885 3 420more than 5 years 0 0Total 16 813 15 892Changes in lease liabilitiesIn NOK 10002022 20211 January 15 432 1 417Additions 4 749 17 940Disposals 0 -1 068Interest expenses 511 436Lease payments -5 057 -3 337Foreign currency effects 307 4531 December 15 942 15 432In NOK 10002022 2021Current lease liabilities 5 414 3 813Non-current lease liabilities 10 528 11 619Total 15 942 15 432The lease contracts do not include any restrictions with regards to the Group's dividend policy or financing opportunities. Lease payment expensedIn NOK 10002022 2021Expensed lease payment for short-term leases and low value leases 2 110 0Variable lease payments 0 0Total 2 110 0Note 14 - InventoriesThe inventory consists solely of finished goods (acquired goods produced for the group for resale).In NOK 10002022 2021Finished goods69 261 26 395Goods in transit to end user 21 527 0Inventory obsolescence provision0 -223Total 90 788 26 173Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 888 MNOK from January 2023 till end of 2023. A significant portion of the committed production may be postponed to 2024 based on quarterly updated forecasts.The balance has increased by 64,1 MNOK (245%) when compared to the balance at 31 December last year. The main reason for this is due to the challenging market situation for components present in late 2021 to mid-2022. In the last 6 months of 2022 we are increasing production to meet the expected demand.The Group has reversed inventory obsolescence provision for 2022, as the net realisable value is greater than carrying amount. There is a high demand for chargers in the market, and the sales price is higher than the cost price.Note 15 - Trade receivablesIn NOK 10002022 2021Accounts receivables at face value as of 31.12 148 727 81 429Invoiced, not earned-31 994 0Less: Provision for impairment of accounts receivables-396 -513Total 116 337 80 916Receivables written off during the year 0 0Collected on receivables written of in prior periods 0 0Changes in provision during the year 117 -253Impairment loss during the year 117 -253Method for assessing credit lossesFor trade receivables the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but insted recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjustet for forward-looking factors specific to the debtors and the economic environment.Overdue trade receivables:In NOK 10000 - 30 Days 31 - 60 Days 61 - 90 DaysOver 90 TotalTrade receivables 25 541 2 537 1 797 6 384 36 259Trade receivables are non-interest bearing and are generally on terms of 15-30 days.Note 16 - Cash and cash equivalentsThe Group's cash and cash equivalents consists of bank balances and withholding tax. In NOK 10002022 2021Cash and cash equivalents 102 862 76 258Including restricted funds of:Restricted funds for employee withholding tax 5 467 2 103Note 17 - Shareholders and shareholders informationShare capital at 31 December:Number of Face value Book valuesharesOrdinary shares 76 409 678 0,01500 1 146 145Total 76 409 678 1 146 145Main shareholders at 31 December:Number of Ownership Voting sharesinterestrightsVALINOR AS 10 400 000 13,61 % 13,61 %Nordnet Bank AB 10 178 565 13,32 % 13,32 %Avanza Bank AB 7 140 305 9,34 % 9,34 %Skandinaviska Enskilda Banken AB 7 004 286 9,17 % 9,17 %Danske Bank A/S 3 415 671 4,47 % 4,47 %CLEARSTREAM BANKING S.A. 3 203 753 4,19 % 4,19 %VPF DNB NORGE SELEKTIV 3 138 069 4,11 % 4,11 %State Street Bank and Trust Comp 2 735 503 3,58 % 3,58 %The Bank of New York Mellon SA/NV 2 114 963 2,77 % 2,77 %Morgan Stanley & Co. Int. Plc. 1 761 549 2,31 % 2,31 %MUST INVEST AS 1 554 726 2,03 % 2,03 %Saxo Bank A/S 1 540 663 2,02 % 2,02 %VERDIPAPIRFONDET DNB SMB 1 330 995 1,74 % 1,74 %BNP Paribas 1 245 300 1,63 % 1,63 %Nordea Bank Abp 1 227 290 1,61 % 1,61 %VERDIPAPIRFONDET PARETO INVESTMENT 1 200 000 1,57 % 1,57 %\u00d8STREM INVEST AS 1 000 000 1,31 % 1,31 %Euroclear Bank S.A./N.V. 914 321 1,20 % 1,20 %Soci\u00e9t\u00e9 G\u00e9n\u00e9rale 853 000 1,12 % 1,12 %Banque De Luxembourg S.A. 787 052 1,03 % 1,03 %Zaptec ASA - Treasury shares* 71 599 0,09 % 0,09 %Others (less than 1% ownership) 13 592 068 17,79 % 17,79 %Total 76 409 678 100,00 % 100,00 %*The treasury shares are purchased/sold for use in the company's share-based program. Number of Portion of sharesequityTreasury shares 01.01.2022 20 825 0,027 %Purchase of treasury shares 250 000 0,327 %Allocated to management and employees -199 226 -0,261 %Treasury shares 31.12.2022 71 599 0,094 %Stocks and options owned by members of the board and management:Name PositionNumbers of OptionssharesPeter Bardenfleth-Hansen CEO 130 000 100 000Kurt \u00d8strem CFO 1 000 000 300 000Stig H. Christiansen Chairman of the board 50 000 50 000Lars Helge Helvig*, ** Deputy board member 10 400 000 0P\u00e5l Selboe Valseth ** Board member 420 115 0Christian Rangen Board member 186 281 0* Lars Helge Helvig is the owner of Valinor AS, where he indirect owns the 10 400 000 shares in Zaptec ASA.** Member of the Board up until 07.11.2022Note 18 - ProvisionsThe company have a provision for warranty claims of 2,1 MNOK at period end, i.e. a change of 2,1 MNOK compared to period end 2021. There has not been any used or reversed provision in the period. However, during 2022 4,7 MNOK (3,1 MNOK in 2021) has been expensed over profit and loss statement in other operating expenses related to warranty claims.The warranty expense accrual is based on historical returns of products and projected towards the end of warranty period.The remaining long term provisions is related to the long-term incentive program for employees.Note 19 - Loans and borrowingsIn NOK 10002022 2021Short-term loans and borrowings 29 229 3 833Guaranties pledges as security2 500 2 500Secured in the following assets, book value:Property, plant and equipment 9 015 5 061Inventories73 622 22 476Trade receivables 209 846 61 451Total 292 483 88 988Zaptec has repaid a 3,833 MNOK on loans from financial institutions in line with the repayment terms. In addition, the Group drew down 29,229 MNOK on the existing credit facility.The Group have increased it's overdraft facility from 50 MNOK to 70 MNOK in 2022. The interest rate is 3,9 % of overdraft.The terms are as follows:- Short term overdraft facility. - Annual maturity, will be renewed automatically when a credit rating is performed.The financial covenants are as follows:- Total overdraft shall not exceed 70% of total book value of projects in progress, inventory and trade receivable (not older than 90 days).- Positive adjusted EBITDA on a consolidated level on a year to date basis.- Dividend from Zaptec ASA to be approved.- No sale or transfer of IP-rights from or between any of the group companies without prior approval.The company have complied with all covenants as at, and for the twelve months ended 31 December 2022Note 20 - Other current liabilitiesIn NOK 10002022 2021Public duties payable 21 816 9 313Other short term liabilities 25 890 12 714Contingent considerations* 0 38 963Total 47 706 60 989The contingent consideration was linked to the performance of Novavolt for the second part of 2021. In the event of the target being achieved, the Company is obliged to pay an additional amount up to a maximum of 40 MNOK. As of 31 December 2021 the target triggeringthe maximum payment for the contingent consideration was achieved.Note 21 - Notes supporting the cash flows01.01 - 31.12.2022In NOK 1000Non-currentCurrentLoans and Lease Loans and Lease TotalborrowingsliabilitiesborrowingsliabilitiesAt 1 January0 11 6063 8333 800 19 239Cash flowsDown payment of loans00-3 8330-3 833New loans000 00Net change in overdraft facility0029 2290 29 229Net lease payments000-4 853 -4 853Non-cash flowsChanges from business combinations000 00Termination of lease agreement0 0 000New lease agreement05 082 005 082Reclassification short/long term0-6 1600 6 1600Foreign exchange effect00 0 307307At 31 December010 52829 2295 41445 17101.01 - 31.12.2021In NOK 1000Non-currentCurrentLoans and Lease Loans and Lease TotalborrowingsliabilitiesborrowingsliabilitiesAt 1 January3 83303 8341 417 9 084Cash flowsDown payment of loans00 -3 8340 -3 834New loans00 00 0Net change in overdraft facility 0000 0Net lease payments0 0 0 -2 893 -2 893Non-cash flowsChanges from business combinations0 6750 0675Termination of lease agreement0 00 -1 071-1 071New lease agreement0 17 2330 0 17 233Reclassification short/long term-3 833-6 302 3 833 6 302 0Foreign exchange effect0 0045 45At 31 December 011 606 3 8333 80019 239Note 22 - Other current assetsBreakdown of other current assets:In NOK 100031.12.2022 31.12.2021Loan to finance inventory*75 273 10 000VAT refund 17 720 9 981Other20 307 8 624Total 113 30028 605* The company have not identified any impairment indicators related to the loans to Westcontrol and Sanmina.Note 23 - Consolidated companiesThe following companies are included in the consolidated financial statements:Legal company Association Head office Currency OwnershipZaptec ASA Parent Stavanger NOKZaptec Charger AS Subsidiary Stavanger NOK 100 %Zaptec IP AS Subsidiary Stavanger NOK 100 %Zaptec Power AS Subsidiary Stavanger NOK 100 %Charge365 AS Subsidiary Stavanger NOK 100 %Zaptec Sverige AB Subsidiary Stockholm SEK 100 %Zaptec Denmark ApS Subsidiary Copenhagen DKK 100 %Zaptec Deutchland GmbH Subsidiary M\u00fcnchen EUR 100 %Zaptec U.K. Ltd Subsidiary Broseley GBP 100 %NovaVolt AG Subsidiary Z\u00fcrich CHF 100 %Zaptec France SAS Subsidiary Paris EUR 100 %Zaptec Netherlands B.V. Subsidiary Amsterdam EUR 100 %Zaptec Charger AS is funding group entitites in the startup fase with loans.Note 24 - Government grantsGovernment grants have been received in relation to R&D project through SkatteFunn of MNOK 0,6. The amount reduces the costs related to the projects.Note 25 - Related party transactionsPart from transaction with key management and board members included in Note 7 there are no transactions with related parties.Note 26 - Events after the reporting datePrivate placementThe company completed 21 February 2023 a contemplated private placement, raising 300 MNOK in gross proceeds through a private placement of 11 111 112 new shares at a price per share of 27 NOK.Financial Statements Zaptec ASAP.O. Box 80344068 Stavanger, Norwaywww.zaptec.com", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__9": { "value": "Note 1 - Basis of preparationThe principal accounting policies adopted in the preparation of the consolidated financial statements are set out in the following section. The policies have been consistently applied to all the years presented, unless otherwise stated.The consolidated financial statements are presented in NOK, which is also the functional currency of the parent. Amounts are rounded to the nearest thousand, unless otherwise stated.These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are prepared under the basis of going concern.The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.The annual report were approved by the Board of Directors and the Chief Executive Officer on the 25th of April 2023 and will be presented for approval at the Annual General Meeting on 14th of June 2023.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__8": { "value": "Note 1 - Basis of preparationThe principal accounting policies adopted in the preparation of the consolidated financial statements are set out in the following section. The policies have been consistently applied to all the years presented, unless otherwise stated.The consolidated financial statements are presented in NOK, which is also the functional currency of the parent. Amounts are rounded to the nearest thousand, unless otherwise stated.These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are prepared under the basis of going concern.The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.The annual report were approved by the Board of Directors and the Chief Executive Officer on the 25th of April 2023 and will be presented for approval at the Annual General Meeting on 14th of June 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__7": { "value": "Note 2 - Accounting policiesBasis of measurementThe consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details):- Financial investments \u2013 fair value through profit or loss (Note 4)- Contingent consideration - fair value through profit or lossRevenuePerformance obligations and timing of revenue recognitionThe majority of the group\u2019s revenue is derived from selling goods with revenue recognised at a point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer, as our general delivery term is Incoterms DAP. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the group no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.Some goods sold by the group include warranties which require the group to either replace or mend a defective product during the warranty period if the goods fail to comply with agreed-upon specifications. In accordance with IFRS 15, such warranties are not accounted for as separate performance obligations and hence no revenue is allocated to them.Determining the transaction priceThe group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices.Allocating amounts to performance obligationsFor most contracts, there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered). Where a customer orders more than one product line, the Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately).Deferred revenue recognitionThe Group does not have any deferred revenue recognition due to there is no obligation to the customer after delivery in regards of update of software.Basis of consolidationWhere the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of profit and loss from the date on which control is obtained. They are deconsolidated from the date on which control ceases.GoodwillGoodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.Impairment of non-financial assets (excluding inventories and deferred tax assets)Impairment tests on goodwill are performed annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.Foreign currencyTransactions in foreign currency are converted at the exchange rate at the time of the transaction. Monetary items in foreign currency are converted into the component`s functional currency to presentation currency (which is NOK) using the statement of financial position date's exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are converted into NOK using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognized in the income statement on an ongoing basis during the accounting period.Assets and liabilities in foreign operations are converted into functional currency to presentation currency (which is NOK) using the balance sheet date's currency rate. Revenues and expenses in foreign operations converted into NOK using quarterly average currency rates. The translation difference because of the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recycled into profit and loss upon divestment of foreign operations.Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Other than financial assets in a qualifying hedging relationship, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprimises investment in financial investments in interest rate funds. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.It also comprimises investments in shares, Switch EV Ltd. Fair value is measured at level 2 in the valuation hierarchy. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.Amortised costThese assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.The Company's financial assets measured at amortised cost comprise trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.Financial liabilitiesThe Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprises contingent consideration. Contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. Other than the contingent consideration, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.Other financial liabilitiesBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.Share capitalFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.The Group's ordinary shares are classified as equity instruments.Defined contribution schemesContributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive income in the year to which they relate.Share-based programsWhere equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.LeasesAll leases are accounted for by recognizing a right-of-use asset and a lease liability except for:- Leases of low value assets; and- Leases with a duration of 12 months or lessLease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.On initial recognition, the carrying value of the lease liability also includes:- Amounts expected to be payable under any residual value guarantee;- The exercise price of any purchase option granted in favour of the group if it is reasonable certain toassess that option;- Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercisedRight of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:- Lease payments made at or before commencement of the lease; and- Initial direct costs incurredSubsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.When the group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Externally acquired intangible assetsExternally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful lives.Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/ legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation Internally generated intangible assets (development costs)Expenditure on internally developed products is capitalised if it can be demonstrated that:- It is technically feasible to develop the product for it to be sold- Adequate resources are available to complete the development- There is an intention to complete and sell the product- The Group is able to sell the product- Sale of the product will generate future economic benefits, and- Expenditure on the project can be measured reliablyCapitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the \u201c Depreciation and amortization expense\u201d in the consolidated statement of comprehensive income.Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of comprehensive income as incurred.DividendsDividends are recognised when they become legally payable.TaxesThe tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates on the balance sheet date and any corrections of tax payable for previous years.Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.Property, plant and equipmentItems of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives.Treasury sharesConsideration paid/ received for the purchase/ sale of treasury shares is recognised directly in equity. Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings.Inventories Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.Government grantsGovernment grants received on capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased. Grants for expenditure are netted against the cost incurred by the Group. Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to the consolidated statement of comprehensive income or netted against the asset purchased.ProvisionsThe group has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims, leasehold dilapidations and legal disputes. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability.Refer to Note 7 and 18 for provisions for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__10": { "value": "Basis of measurementThe consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details):- Financial investments \u2013 fair value through profit or loss (Note 4)- Contingent consideration - fair value through profit or loss", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__11": { "value": "RevenuePerformance obligations and timing of revenue recognitionThe majority of the group\u2019s revenue is derived from selling goods with revenue recognised at a point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer, as our general delivery term is Incoterms DAP. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the group no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question.Some goods sold by the group include warranties which require the group to either replace or mend a defective product during the warranty period if the goods fail to comply with agreed-upon specifications. In accordance with IFRS 15, such warranties are not accounted for as separate performance obligations and hence no revenue is allocated to them.Determining the transaction priceThe group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices.Allocating amounts to performance obligationsFor most contracts, there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered). Where a customer orders more than one product line, the Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately).Deferred revenue recognitionThe Group does not have any deferred revenue recognition due to there is no obligation to the customer after delivery in regards of update of software.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__6": { "value": "These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are prepared under the basis of going concern.The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.The annual report were approved by the Board of Directors and the Chief Executive Officer on the 25th of April 2023 and will be presented for approval at the Annual General Meeting on 14th of June 2023.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__14-1": { "value": "Basis of consolidationWhere the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of profit and loss from the date on which control is obtained. They are deconsolidated from the date on which control ceases.GoodwillGoodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.Impairment of non-financial assets (excluding inventories and deferred tax assets)Impairment tests on goodwill are performed annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__13": { "value": "Basis of consolidationWhere the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of profit and loss from the date on which control is obtained. They are deconsolidated from the date on which control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__12": { "value": "Basis of consolidationWhere the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of profit and loss from the date on which control is obtained. They are deconsolidated from the date on which control ceases.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__17-1": { "value": "GoodwillGoodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.Impairment of non-financial assets (excluding inventories and deferred tax assets)Impairment tests on goodwill are performed annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__15": { "value": "GoodwillGoodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__19": { "value": "Impairment of non-financial assets (excluding inventories and deferred tax assets)Impairment tests on goodwill are performed annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__18": { "value": "Impairment of non-financial assets (excluding inventories and deferred tax assets)Impairment tests on goodwill are performed annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__48": { "value": "inventories and deferred tax assets)Impairment tests on goodwill are performed annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.Foreign currencyTransactions in foreign currency are converted at the exchange rate at the time of the transaction. Monetary items in foreign currency are converted into the component`s functional currency to presentation currency (which is NOK) using the statement of financial position date's exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are converted into NOK using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognized in the income statement on an ongoing basis during the accounting period.Assets and liabilities in foreign operations are converted into functional currency to presentation currency (which is NOK) using the balance sheet date's currency rate. Revenues and expenses in foreign operations converted into NOK using quarterly average currency rates. The translation difference because of the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recycled into profit and loss upon divestment of foreign operations.Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Other than financial assets in a qualifying hedging relationship, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprimises investment in financial investments in interest rate funds. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.It also comprimises investments in shares, Switch EV Ltd. Fair value is measured at level 2 in the valuation hierarchy. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.Amortised costThese assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.The Company's financial assets measured at amortised cost comprise trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.Financial liabilitiesThe Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprises contingent consideration. Contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. Other than the contingent consideration, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.Other financial liabilitiesBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.Share capitalFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.The Group's ordinary shares are classified as equity instruments.Defined contribution schemesContributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive income in the year to which they relate.Share-based programsWhere equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.LeasesAll leases are accounted for by recognizing a right-of-use asset and a lease liability except for:- Leases of low value assets; and- Leases with a duration of 12 months or lessLease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.On initial recognition, the carrying value of the lease liability also includes:- Amounts expected to be payable under any residual value guarantee;- The exercise price of any purchase option granted in favour of the group if it is reasonable certain toassess that option;- Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercisedRight of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:- Lease payments made at or before commencement of the lease; and- Initial direct costs incurredSubsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.When the group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Externally acquired intangible assetsExternally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful lives.Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/ legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation Internally generated intangible assets (development costs)Expenditure on internally developed products is capitalised if it can be demonstrated that:- It is technically feasible to develop the product for it to be sold- Adequate resources are available to complete the development- There is an intention to complete and sell the product- The Group is able to sell the product- Sale of the product will generate future economic benefits, and- Expenditure on the project can be measured reliablyCapitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the \u201c Depreciation and amortization expense\u201d in the consolidated statement of comprehensive income.Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of comprehensive income as incurred.DividendsDividends are recognised when they become legally payable.TaxesThe tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates on the balance sheet date and any corrections of tax payable for previous years.Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.Property, plant and equipmentItems of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives.Treasury sharesConsideration paid/ received for the purchase/ sale of treasury shares is recognised directly in equity. Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings.Inventories Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__22": { "value": "Foreign currencyTransactions in foreign currency are converted at the exchange rate at the time of the transaction. Monetary items in foreign currency are converted into the component`s functional currency to presentation currency (which is NOK) using the statement of financial position date's exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are converted into NOK using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognized in the income statement on an ongoing basis during the accounting period.Assets and liabilities in foreign operations are converted into functional currency to presentation currency (which is NOK) using the balance sheet date's currency rate. Revenues and expenses in foreign operations converted into NOK using quarterly average currency rates. The translation difference because of the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recycled into profit and loss upon divestment of foreign operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__25-1": { "value": "Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Other than financial assets in a qualifying hedging relationship, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprimises investment in financial investments in interest rate funds. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.It also comprimises investments in shares, Switch EV Ltd. Fair value is measured at level 2 in the valuation hierarchy. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.Amortised costThese assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.The Company's financial assets measured at amortised cost comprise trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__24": { "value": "Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Other than financial assets in a qualifying hedging relationship, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprimises investment in financial investments in interest rate funds. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.It also comprimises investments in shares, Switch EV Ltd. Fair value is measured at level 2 in the valuation hierarchy. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__23": { "value": "Financial assetsThe Group classifies its financial assets into one of the categories discussed below, depending on the purpose for which the asset was acquired. Other than financial assets in a qualifying hedging relationship, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprimises investment in financial investments in interest rate funds. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.It also comprimises investments in shares, Switch EV Ltd. Fair value is measured at level 2 in the valuation hierarchy. They are carried in the statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income in the finance income or expense line.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__28": { "value": "Amortised costThese assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.The Company's financial assets measured at amortised cost comprise trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__27": { "value": "Amortised costThese assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.The Company's financial assets measured at amortised cost comprise trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.Cash and cash equivalents includes cash in hand, deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__31": { "value": "Financial liabilitiesThe Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprises contingent consideration. Contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. Other than the contingent consideration, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.Other financial liabilitiesBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__30": { "value": "Financial liabilitiesThe Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:Fair value through profit or lossThis category comprises contingent consideration. Contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. Other than the contingent consideration, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss.Other financial liabilitiesBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__29": { "value": "Fair value through profit or lossThis category comprises contingent consideration. Contingent consideration is carried in the consolidated statement of financial position at fair value with changes in fair value recognised in the consolidated statement of comprehensive income. Other than the contingent consideration, the Group does not have any liabilities held for trading nor has it designated any financial liabilities as being at fair value through profit or loss", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__33": { "value": "Other financial liabilitiesBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__32": { "value": "Other financial liabilitiesBank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__34": { "value": "Share capitalFinancial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.The Group's ordinary shares are classified as equity instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__36": { "value": "Share-based programsWhere equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__35": { "value": "Share-based programsWhere equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__37": { "value": "LeasesAll leases are accounted for by recognizing a right-of-use asset and a lease liability except for:- Leases of low value assets; and- Leases with a duration of 12 months or lessLease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.On initial recognition, the carrying value of the lease liability also includes:- Amounts expected to be payable under any residual value guarantee;- The exercise price of any purchase option granted in favour of the group if it is reasonable certain toassess that option;- Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercisedRight of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:- Lease payments made at or before commencement of the lease; and- Initial direct costs incurredSubsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.When the group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__38-1": { "value": "Externally acquired intangible assetsExternally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful lives.Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/ legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuationInternally generated intangible assets (development costs)Expenditure on internally developed products is capitalised if it can be demonstrated that:- It is technically feasible to develop the product for it to be sold- Adequate resources are available to complete the development- There is an intention to complete and sell the product- The Group is able to sell the product- Sale of the product will generate future economic benefits, and- Expenditure on the project can be measured reliablyCapitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the \u201c Depreciation and amortization expense\u201d in the consolidated statement of comprehensive income.Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of comprehensive income as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__39": { "value": "Internally generated intangible assets (development costs)Expenditure on internally developed products is capitalised if it can be demonstrated that:- It is technically feasible to develop the product for it to be sold- Adequate resources are available to complete the development- There is an intention to complete and sell the product- The Group is able to sell the product- Sale of the product will generate future economic benefits, and- Expenditure on the project can be measured reliablyCapitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the \u201c Depreciation and amortization expense\u201d in the consolidated statement of comprehensive income.Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of comprehensive income as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__41": { "value": "DividendsDividends are recognised when they become legally payable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__44": { "value": "TaxesThe tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates on the balance sheet date and any corrections of tax payable for previous years.Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__43": { "value": "TaxesThe tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates on the balance sheet date and any corrections of tax payable for previous years.Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__42": { "value": "TaxesThe tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates on the balance sheet date and any corrections of tax payable for previous years.Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__46": { "value": "Property, plant and equipmentItems of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__45": { "value": "Property, plant and equipmentItems of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__47": { "value": "Treasury sharesConsideration paid/ received for the purchase/ sale of treasury shares is recognised directly in equity. Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__49": { "value": "Government grantsGovernment grants received on capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased. Grants for expenditure are netted against the cost incurred by the Group. Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to the consolidated statement of comprehensive income or netted against the asset purchased.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__50": { "value": "ProvisionsThe group has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims, leasehold dilapidations and legal disputes. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability.Refer to Note 7 and 18 for provisions for additional information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__52": { "value": "Note 3 - Critical accounting estimates and judgementsThe Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.AssumptionsSignificant judgements: - Share-based program - Value of stock options at grant time (Note 7)", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__51": { "value": "Note 3 - Critical accounting estimates and judgementsThe Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.AssumptionsSignificant judgements: - Share-based program - Value of stock options at grant time (Note 7)", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__63": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__61-1": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.Note 14 - InventoriesThe inventory consists solely of finished goods (acquired goods produced for the group for resale).In NOK 10002022 2021Finished goods69 261 26 395Goods in transit to end user 21 527 0Inventory obsolescence provision0 -223Total 90 788 26 173Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 888 MNOK from January 2023 till end of 2023. A significant portion of the committed production may be postponed to 2024 based on quarterly updated forecasts.The balance has increased by 64,1 MNOK (245%) when compared to the balance at 31 December last year. The main reason for this is due to the challenging market situation for components present in late 2021 to mid-2022. In the last 6 months of 2022 we are increasing production to meet the expected demand.The Group has reversed inventory obsolescence provision for 2022, as the net realisable value is greater than carrying amount. There is a high demand for chargers in the market, and the sales price is higher than the cost price.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__60-1": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.Note 14 - InventoriesThe inventory consists solely of finished goods (acquired goods produced for the group for resale).In NOK 10002022 2021Finished goods69 261 26 395Goods in transit to end user 21 527 0Inventory obsolescence provision0 -223Total 90 788 26 173Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 888 MNOK from January 2023 till end of 2023. A significant portion of the committed production may be postponed to 2024 based on quarterly updated forecasts.The balance has increased by 64,1 MNOK (245%) when compared to the balance at 31 December last year. The main reason for this is due to the challenging market situation for components present in late 2021 to mid-2022. In the last 6 months of 2022 we are increasing production to meet the expected demand.The Group has reversed inventory obsolescence provision for 2022, as the net realisable value is greater than carrying amount. There is a high demand for chargers in the market, and the sales price is higher than the cost price.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__59": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__58": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__57": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__56": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__55": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__54-1": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.Note 15 - Trade receivablesIn NOK 10002022 2021Accounts receivables at face value as of 31.12 148 727 81 429Invoiced, not earned-31 994 0Less: Provision for impairment of accounts receivables-396 -513Total 116 337 80 916Receivables written off during the year 0 0Collected on receivables written of in prior periods 0 0Changes in provision during the year 117 -253Impairment loss during the year 117 -253Method for assessing credit lossesFor trade receivables the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but insted recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjustet for forward-looking factors specific to the debtors and the economic environment.Overdue trade receivables:In NOK 10000 - 30 Days 31 - 60 Days 61 - 90 DaysOver 90 TotalTrade receivables 25 541 2 537 1 797 6 384 36 259Trade receivables are non-interest bearing and are generally on terms of 15-30 days.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__53": { "value": "Note 4 - Risk ManagementThe Group is exposed through its operations to the following financial risks:- Credit risk- Interest rate risk- Foreign exchange risk- Other market price risk, and- Liquidity risk- Operational riskIn common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.There have been no substantive changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.(i) Principal The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:- Trade receivables- Other receivables- Cash and cash equivalents - Investments in funds- Trade and other payables- Bank overdrafts- Floating-rate bank loans(ii) Financial instruments by category2022In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 0 0 4 872 0 4 872Other non-current assets 0 5 310 0 0 5 310Trade receivables 0 116 337 0 0 116 337Other current assets 0 113 299 0 0 113 299Cash and cash equivalents 0 102 862 0 0 102 862Total 0 337 808 4 872 0 342 680LiabilitiesShort-term loans and borrowings 0 0 0 29 229 29 229Trade payables 0 0 0 146 057 146 057Contingent consideration 0 0 0 0 0Other current liabilities 0 0 0 47 706 47 706Total 0 0 0 222 991 222 991Net financial assets and liabilities at 31 December 0 337 808 4 872 -222 991 119 6892021In NOK 1000Financial assets Financial liabilities Totalfair valueamortized fair valueamortized costcostAssetsFinancial investments 183 500 0 0 0 183 500Other non-current assets 0 109 0 0 109Trade receivables 0 80 916 0 0 80 916Other current assets 0 28 605 0 0 28 605Cash and cash equivalents 0 76 258 0 0 76 258Total 183 500 185 888 0 0 369 388LiabilitiesShort-term loans and borrowings 0 0 0 3 833 3 833Trade payables 0 0 0 66 142 66 142Contingent consideration 0 0 38 963 0 38 963Other current liabilities 0 0 0 22 026 22 026Total 0 0 38 963 92 001 130 964Net financial assets and liabilities at 31 December 183 500 185 888 -38 963 -92 001 238 424(iii) Financial instruments not measured at fair valueFinancial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings.Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value.(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__62": { "value": "(iv) Financial instruments measured at fair valueInvestments in 2021 are measured based on observable inputs at level 1 in the fair value hierarchy, as these are investments in funds which have an observable value available in the market.Investments in 2022 are measured based on obervable inputs at level 2, as this investments in shares in EV Switch and a observable market value is not available.General objectives, policies and processesThe Board has overall responsibility for the determination of the Group's risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group's finance function.The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. Further details regarding these policies are set out below:Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0Operational riskOperational risk is\ue61fthe risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can't be avoided as it is part of the daily business activity of a company.In Q2 2022 there was a challenging market situation with logistics and components shortage, resulting in temporary production stop in April for Westcontrol, the company's main produser of EV chargers. To meet the expected demand the production were increased in the half end of 2022. The Group has until 2022 had one material supplier, Westcontrol. In late 2022 an agreement with Sanmina was entered. Sanmina will also be a material supplier for the Group.Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__64": { "value": "Credit riskCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.Further disclosures regarding trade and other receivables are provided in Note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__65": { "value": "Market riskMarket risk arises from the Group's use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).Interest rate riskThe Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities.Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk.As per 31.12.2022 the Group`s borrowings is mainly a overdraft facility. The terms are explained in details in Note 19.Foreign exchange riskForeign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group's policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency.The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency.The main currency risk relates to the long term borrowings in NOK from Novavolt AG to Zaptec Charger AS, where Novavolt AG`s functional currency is CHF and USD to Sanmina Corp. from Zaptec Charger AS and is the only items which has been included in the below sensitivity tables.ExposureNOK 1 000 31.12.2022 31.12.2021Interest bearing loan 40 000 0Effect in profit before tax with change in foreign exchange rate CHF/NOK:10% increase 4 000 010% decrease -4 000 0USD 1 000 31.12.2022 31.12.2021Interest bearing loan 3 578 0Effect in profit before tax with change in foreign exchange rate USD/NOK:10% increase 358 010% decrease -358 0Other market price riskPart of The Group\u2019s liquidity reserve is invested in financial instruments considered to have a low risk profile. The directors believe that the exposure to market price risk from this activity is acceptable in the Group's circumstances.As of 31 December the group holds the following investment in funds:2022 2021DNB High Yield D 0 22 238DNB Obligasjon E 0 80 182DNB Likviditet Institusjon 0 81 080Total 0 183 500The funds has been sold during 2022.As of 31 December the group holds following investments in shares:2022 2021Switch Ev Ltd 4 872 0Total 4 872 0Zaptec ASA invested in 31 619 (13,5%) shares in Swicth EV Ltd in 2022 for GBP 400 000. During Q1 2023 a new third party invested in a significant portion of Switch EV Ltd. At the share price observed in that transaction, Zaptec ASAs value would have been GBP 440 882. The value of Switch EV Ltd in the financial statement per 31.12.2022 is therefore at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__66": { "value": "Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.At year end the company had available 29 MNOK in undrawn overdraft facility and 103 MNOK in cash and cash equivalents. Due to high product demand and expected growth the company raised additional 300 MNOK in a private placement (Note 26) to secure financing for the expected increase in working capital. This was completed in February 2023.Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors.The Group comitted to a purchase obligation of 888 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina.The table below shows the maturity structure of the Group's financial liabilities:2022In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsLoans and borrowings with interest 29 514 285 29 229 0 0 0Trade payables 146 057 146 057 0 0 0 0Lease liabilities including interest 16 311 1 444 4 339 5 529 4 999 0Other current liabilities 47 706 47 535 7 672 0 0 0Total 239 588 195 321 41 240 5 529 4 999 02021In NOK 1000Cash flows including interestCarrying Less than 3 3-12 Months 1-2 Years 2-5 Years After 5 amountMonthsyearsShort-term loans and borrowings 3 833 958 2 875 0 0 0Trade payables 66 142 66 142 0 0 0 0Lease liabilities including interest 18 062 2 064 4 376 3 919 7 703 0Contingent consideration 38 963 0 38 963 0 0 0Other current liabilities 22 026 17 535 4 491 0 0 0Total 149 026 86 699 50 705 3 919 7 703 0", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__68": { "value": "Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__67": { "value": "Capital DisclosuresThe Group's objectives when maintaining capital are:- To safeguard the entity's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, and- To provide an adequate return to shareholders by pricing products and services commensurately with the level of riskThe Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__128": { "value": "Note 5 - Segment informationThe Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.Zaptec Charger ASThis segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.Zaptec Sverige ABThis segment is involved in the sale and distribution of Zaptec products in Sweden.Novavolt AGThis segment is involved in the sale and distribution of Zaptec products in Switzerland.OtherConsist of all other legal entities in the group.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__73": { "value": "Note 5 - Segment informationThe Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.Zaptec Charger ASThis segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.Zaptec Sverige ABThis segment is involved in the sale and distribution of Zaptec products in Sweden.Novavolt AGThis segment is involved in the sale and distribution of Zaptec products in Switzerland.OtherConsist of all other legal entities in the group.01.01 - 31.12.2022In NOK 1000Zaptec Zaptec Novavolt AG OtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers361 618 155 714 210 152 29 914 0 757 398Revenues from internal sales 291 060 3 392 0 1 000 -295 451 0Other operating income 0 0 0 0 0 0Total operating income 652 678 159 106 210 152 30 914 -295 451 757 398Operating expensesCost of inventories431 961 110 075 106 308 22 983 -220 688 450 638Employee benefit expenses80 449 8 703 22 382 28 774 16 782 157 090Depreciation and amortisation expense9 215 0 36 1 558 9 764 20 573Other operating expenses102 806 30 552 74 796 49 933 -103 896 154 190Total operating expenses624 431 149 330 203 522 103 247 -298 038 782 492Operating result 28 246 9 776 6 630 -72 332 2 586 -25 09401.01 - 31.12.2021In NOK 1000Zaptec Zaptec Novavolt AGOtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers344 072 74 047 65 884 4 969 0 488 972Revenues from internal sales88 736 0 0 0 -88 736 0Other operating income0 0 0 0 27 27Total operating income432 808 74 047 65 884 4 969 -88 709 488 999Operating expensesCost of inventories 268 030 53 083 35 922 548 -83 740 273 843Employee benefit expenses 50 432 4 175 7 720 13 005 2 640 77 973Depreciation and amortisation expense 6 100 0 10 1 806 4 975 12 890Other operating expenses 45 686 6 326 1 426 13 072 -4 718 61 791Total operating expenses 370 248 63 584 45 078 28 431 -80 843 426 497Operating result 62 560 10 463 20 806 -23 462 -7 866 62 502Adjustments and eliminationsThe Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. Adjustments and eliminations is as follows:01.01 - 31.12.2022In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales(1) -295 451 -220 516 0 0 -73 946Elimination of employee benefits allocated (2) 0 0 16 782 0 -24 892IFRS 16 adjustments (4)0 0 0 4 904 -5 057GAAP-adjustment to inventory (5) -3 401Amortization of excess values (6) 0 0 0 4 860 0Gains on internal transactions (7)0 3 228 0 0 0Total -295 451 -220 688 16 782 9 764 -103 89601.01 - 31.12.2021In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales (1) -88 709 -84 001 0 0 36Reversal of internal gains on fixed assets (7) 0 261 0 0 0Cost relating to incorporation of subs (3) 0 0 2 640 0 -1 417IFRS 16 adjustments (4) 00 0 3 204 -3 337Amortization of excess values (6) 0 0 0 1 771 0Total -88 709 -83 740 2 640 4 975 -4 718(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses.(2) As part of the increased activity outside of Norway in 2022, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation.(3) Cost included in the cost of subsidiaries in the separate financial statements are expensed on group level.(4) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.(5) Novavolt includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed.(6) Excess value from the acquisition of Novavolt is included on group level.(7) Gains on internal transaction of inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__72": { "value": "Note 5 - Segment informationThe Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.Zaptec Charger ASThis segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.Zaptec Sverige ABThis segment is involved in the sale and distribution of Zaptec products in Sweden.Novavolt AGThis segment is involved in the sale and distribution of Zaptec products in Switzerland.OtherConsist of all other legal entities in the group.01.01 - 31.12.2022In NOK 1000Zaptec Zaptec Novavolt AG OtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers361 618 155 714 210 152 29 914 0 757 398Revenues from internal sales 291 060 3 392 0 1 000 -295 451 0Other operating income 0 0 0 0 0 0Total operating income 652 678 159 106 210 152 30 914 -295 451 757 398Operating expensesCost of inventories431 961 110 075 106 308 22 983 -220 688 450 638Employee benefit expenses80 449 8 703 22 382 28 774 16 782 157 090Depreciation and amortisation expense9 215 0 36 1 558 9 764 20 573Other operating expenses102 806 30 552 74 796 49 933 -103 896 154 190Total operating expenses624 431 149 330 203 522 103 247 -298 038 782 492Operating result 28 246 9 776 6 630 -72 332 2 586 -25 09401.01 - 31.12.2021In NOK 1000Zaptec Zaptec Novavolt AGOtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers344 072 74 047 65 884 4 969 0 488 972Revenues from internal sales88 736 0 0 0 -88 736 0Other operating income0 0 0 0 27 27Total operating income432 808 74 047 65 884 4 969 -88 709 488 999Operating expensesCost of inventories 268 030 53 083 35 922 548 -83 740 273 843Employee benefit expenses 50 432 4 175 7 720 13 005 2 640 77 973Depreciation and amortisation expense 6 100 0 10 1 806 4 975 12 890Other operating expenses 45 686 6 326 1 426 13 072 -4 718 61 791Total operating expenses 370 248 63 584 45 078 28 431 -80 843 426 497Operating result 62 560 10 463 20 806 -23 462 -7 866 62 502Adjustments and eliminationsThe Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. Adjustments and eliminations is as follows:01.01 - 31.12.2022In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales(1) -295 451 -220 516 0 0 -73 946Elimination of employee benefits allocated (2) 0 0 16 782 0 -24 892IFRS 16 adjustments (4)0 0 0 4 904 -5 057GAAP-adjustment to inventory (5) -3 401Amortization of excess values (6) 0 0 0 4 860 0Gains on internal transactions (7)0 3 228 0 0 0Total -295 451 -220 688 16 782 9 764 -103 89601.01 - 31.12.2021In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales (1) -88 709 -84 001 0 0 36Reversal of internal gains on fixed assets (7) 0 261 0 0 0Cost relating to incorporation of subs (3) 0 0 2 640 0 -1 417IFRS 16 adjustments (4) 00 0 3 204 -3 337Amortization of excess values (6) 0 0 0 1 771 0Total -88 709 -83 740 2 640 4 975 -4 718(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses.(2) As part of the increased activity outside of Norway in 2022, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation.(3) Cost included in the cost of subsidiaries in the separate financial statements are expensed on group level.(4) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.(5) Novavolt includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed.(6) Excess value from the acquisition of Novavolt is included on group level.(7) Gains on internal transaction of inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__71": { "value": "Note 5 - Segment informationThe Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.Zaptec Charger ASThis segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.Zaptec Sverige ABThis segment is involved in the sale and distribution of Zaptec products in Sweden.Novavolt AGThis segment is involved in the sale and distribution of Zaptec products in Switzerland.OtherConsist of all other legal entities in the group.01.01 - 31.12.2022In NOK 1000Zaptec Zaptec Novavolt AG OtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers361 618 155 714 210 152 29 914 0 757 398Revenues from internal sales 291 060 3 392 0 1 000 -295 451 0Other operating income 0 0 0 0 0 0Total operating income 652 678 159 106 210 152 30 914 -295 451 757 398Operating expensesCost of inventories431 961 110 075 106 308 22 983 -220 688 450 638Employee benefit expenses80 449 8 703 22 382 28 774 16 782 157 090Depreciation and amortisation expense9 215 0 36 1 558 9 764 20 573Other operating expenses102 806 30 552 74 796 49 933 -103 896 154 190Total operating expenses624 431 149 330 203 522 103 247 -298 038 782 492Operating result 28 246 9 776 6 630 -72 332 2 586 -25 09401.01 - 31.12.2021In NOK 1000Zaptec Zaptec Novavolt AGOtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers344 072 74 047 65 884 4 969 0 488 972Revenues from internal sales88 736 0 0 0 -88 736 0Other operating income0 0 0 0 27 27Total operating income432 808 74 047 65 884 4 969 -88 709 488 999Operating expensesCost of inventories 268 030 53 083 35 922 548 -83 740 273 843Employee benefit expenses 50 432 4 175 7 720 13 005 2 640 77 973Depreciation and amortisation expense 6 100 0 10 1 806 4 975 12 890Other operating expenses 45 686 6 326 1 426 13 072 -4 718 61 791Total operating expenses 370 248 63 584 45 078 28 431 -80 843 426 497Operating result 62 560 10 463 20 806 -23 462 -7 866 62 502Adjustments and eliminationsThe Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. Adjustments and eliminations is as follows:01.01 - 31.12.2022In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales(1) -295 451 -220 516 0 0 -73 946Elimination of employee benefits allocated (2) 0 0 16 782 0 -24 892IFRS 16 adjustments (4)0 0 0 4 904 -5 057GAAP-adjustment to inventory (5) -3 401Amortization of excess values (6) 0 0 0 4 860 0Gains on internal transactions (7)0 3 228 0 0 0Total -295 451 -220 688 16 782 9 764 -103 89601.01 - 31.12.2021In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales (1) -88 709 -84 001 0 0 36Reversal of internal gains on fixed assets (7) 0 261 0 0 0Cost relating to incorporation of subs (3) 0 0 2 640 0 -1 417IFRS 16 adjustments (4) 00 0 3 204 -3 337Amortization of excess values (6) 0 0 0 1 771 0Total -88 709 -83 740 2 640 4 975 -4 718(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses.(2) As part of the increased activity outside of Norway in 2022, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation.(3) Cost included in the cost of subsidiaries in the separate financial statements are expensed on group level.(4) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.(5) Novavolt includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed.(6) Excess value from the acquisition of Novavolt is included on group level.(7) Gains on internal transaction of inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__70": { "value": "Note 5 - Segment informationThe Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.Zaptec Charger ASThis segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.Zaptec Sverige ABThis segment is involved in the sale and distribution of Zaptec products in Sweden.Novavolt AGThis segment is involved in the sale and distribution of Zaptec products in Switzerland.OtherConsist of all other legal entities in the group.01.01 - 31.12.2022In NOK 1000Zaptec Zaptec Novavolt AG OtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers361 618 155 714 210 152 29 914 0 757 398Revenues from internal sales 291 060 3 392 0 1 000 -295 451 0Other operating income 0 0 0 0 0 0Total operating income 652 678 159 106 210 152 30 914 -295 451 757 398Operating expensesCost of inventories431 961 110 075 106 308 22 983 -220 688 450 638Employee benefit expenses80 449 8 703 22 382 28 774 16 782 157 090Depreciation and amortisation expense9 215 0 36 1 558 9 764 20 573Other operating expenses102 806 30 552 74 796 49 933 -103 896 154 190Total operating expenses624 431 149 330 203 522 103 247 -298 038 782 492Operating result 28 246 9 776 6 630 -72 332 2 586 -25 09401.01 - 31.12.2021In NOK 1000Zaptec Zaptec Novavolt AGOtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers344 072 74 047 65 884 4 969 0 488 972Revenues from internal sales88 736 0 0 0 -88 736 0Other operating income0 0 0 0 27 27Total operating income432 808 74 047 65 884 4 969 -88 709 488 999Operating expensesCost of inventories 268 030 53 083 35 922 548 -83 740 273 843Employee benefit expenses 50 432 4 175 7 720 13 005 2 640 77 973Depreciation and amortisation expense 6 100 0 10 1 806 4 975 12 890Other operating expenses 45 686 6 326 1 426 13 072 -4 718 61 791Total operating expenses 370 248 63 584 45 078 28 431 -80 843 426 497Operating result 62 560 10 463 20 806 -23 462 -7 866 62 502Adjustments and eliminationsThe Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. Adjustments and eliminations is as follows:01.01 - 31.12.2022In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales(1) -295 451 -220 516 0 0 -73 946Elimination of employee benefits allocated (2) 0 0 16 782 0 -24 892IFRS 16 adjustments (4)0 0 0 4 904 -5 057GAAP-adjustment to inventory (5) -3 401Amortization of excess values (6) 0 0 0 4 860 0Gains on internal transactions (7)0 3 228 0 0 0Total -295 451 -220 688 16 782 9 764 -103 89601.01 - 31.12.2021In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales (1) -88 709 -84 001 0 0 36Reversal of internal gains on fixed assets (7) 0 261 0 0 0Cost relating to incorporation of subs (3) 0 0 2 640 0 -1 417IFRS 16 adjustments (4) 00 0 3 204 -3 337Amortization of excess values (6) 0 0 0 1 771 0Total -88 709 -83 740 2 640 4 975 -4 718(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses.(2) As part of the increased activity outside of Norway in 2022, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation.(3) Cost included in the cost of subsidiaries in the separate financial statements are expensed on group level.(4) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.(5) Novavolt includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed.(6) Excess value from the acquisition of Novavolt is included on group level.(7) Gains on internal transaction of inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__69": { "value": "Note 5 - Segment informationThe Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.Zaptec Charger ASThis segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.Zaptec Sverige ABThis segment is involved in the sale and distribution of Zaptec products in Sweden.Novavolt AGThis segment is involved in the sale and distribution of Zaptec products in Switzerland.OtherConsist of all other legal entities in the group.01.01 - 31.12.2022In NOK 1000Zaptec Zaptec Novavolt AG OtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers361 618 155 714 210 152 29 914 0 757 398Revenues from internal sales 291 060 3 392 0 1 000 -295 451 0Other operating income 0 0 0 0 0 0Total operating income 652 678 159 106 210 152 30 914 -295 451 757 398Operating expensesCost of inventories431 961 110 075 106 308 22 983 -220 688 450 638Employee benefit expenses80 449 8 703 22 382 28 774 16 782 157 090Depreciation and amortisation expense9 215 0 36 1 558 9 764 20 573Other operating expenses102 806 30 552 74 796 49 933 -103 896 154 190Total operating expenses624 431 149 330 203 522 103 247 -298 038 782 492Operating result 28 246 9 776 6 630 -72 332 2 586 -25 09401.01 - 31.12.2021In NOK 1000Zaptec Zaptec Novavolt AGOtherAdjustmentTotalCharger ASSverige ABs and eliminationsOperating incomeRevenues from contracts with customers344 072 74 047 65 884 4 969 0 488 972Revenues from internal sales88 736 0 0 0 -88 736 0Other operating income0 0 0 0 27 27Total operating income432 808 74 047 65 884 4 969 -88 709 488 999Operating expensesCost of inventories 268 030 53 083 35 922 548 -83 740 273 843Employee benefit expenses 50 432 4 175 7 720 13 005 2 640 77 973Depreciation and amortisation expense 6 100 0 10 1 806 4 975 12 890Other operating expenses 45 686 6 326 1 426 13 072 -4 718 61 791Total operating expenses 370 248 63 584 45 078 28 431 -80 843 426 497Operating result 62 560 10 463 20 806 -23 462 -7 866 62 502Adjustments and eliminationsThe Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. Adjustments and eliminations is as follows:01.01 - 31.12.2022In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales(1) -295 451 -220 516 0 0 -73 946Elimination of employee benefits allocated (2) 0 0 16 782 0 -24 892IFRS 16 adjustments (4)0 0 0 4 904 -5 057GAAP-adjustment to inventory (5) -3 401Amortization of excess values (6) 0 0 0 4 860 0Gains on internal transactions (7)0 3 228 0 0 0Total -295 451 -220 688 16 782 9 764 -103 89601.01 - 31.12.2021In NOK 1000Revenues Cost of Employee DepreciatioOther from inventoriesbenefit n and operating internal expensesamortisatioexpensessalesn expenseElimination of internal sales (1) -88 709 -84 001 0 0 36Reversal of internal gains on fixed assets (7) 0 261 0 0 0Cost relating to incorporation of subs (3) 0 0 2 640 0 -1 417IFRS 16 adjustments (4) 00 0 3 204 -3 337Amortization of excess values (6) 0 0 0 1 771 0Total -88 709 -83 740 2 640 4 975 -4 718(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses.(2) As part of the increased activity outside of Norway in 2022, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation.(3) Cost included in the cost of subsidiaries in the separate financial statements are expensed on group level.(4) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.(5) Novavolt includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed.(6) Excess value from the acquisition of Novavolt is included on group level.(7) Gains on internal transaction of inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__75": { "value": "Note 6 - Revenues from contracts with customersDisaggregation of RevenueThe Group has disaggregated revenue into various categories in the following table which is intended to:- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and- Enable users to understand the relationship with revenue segment information provided in Note 5Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers:01.01 - 31.12.2022SegmentsIn NOK 1000Zaptec Zaptec Novavolt AG Other TotalCharger ASSverige ABProduct sales361 618 155 714 210 152 23 791 751 275Other 0 0 0 6 123 6 123Total operating income 361 618 155 714 210 152 29 914 757 398By business area - Geographical distributionNorway 222 520 0 0 12 413 234 933Sweden 10 163 155 714 0 0 165 877Switzerland 0 0 210 152 0 210 152Denmark 70 608 0 0 0 70 608Iceland 13 093 0 0 0 13 093Rest of Europe 42 311 0 0 17 501 59 813Other 2 922 0 0 0 2 922Total operating income 361 618 155 714 210 152 29 914 757 398Timing of revenue recognitionGoods transferred at a point in time 361 618 155 714 210 152 29 914 757 398Goods and services transferred over time 0 0 0 0 0Total operating income 361 618 155 714 210 152 29 914 757 39801.01 - 31.12.2021SegmentsIn NOK 1000Zaptec Zaptec Novavolt AG Other TotalCharger ASSverige ABProduct sales 344 072 74 047 65 884 2 169 486 172Other 0 0 0 2 800 2 800Total operating income 344 072 74 047 65 884 4 969 488 972By business area - Geographical distributionNorway 236 067 0 0 3 799 239 866Sweden 7 173 74 047 0 0 81 220Switzerland 0 0 65 884 0 65 884Denmark 40 072 0 0 0 40 072Iceland 10 999 0 0 0 10 999Rest of Europe 49 627 0 0 1 171 50 798Other 133 0 0 0 133Total operating income 344 072 74 047 65 884 4 969 488 972Timing of revenue recognitionGoods transferred at a point in time 344 072 74 047 65 884 4 969 486 172Goods and services transferred over time 0 0 0 0 2 800Total operating income 344 072 74 047 65 884 4 969 488 972", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__74": { "value": "Note 6 - Revenues from contracts with customersDisaggregation of RevenueThe Group has disaggregated revenue into various categories in the following table which is intended to:- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and- Enable users to understand the relationship with revenue segment information provided in Note 5Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers:01.01 - 31.12.2022SegmentsIn NOK 1000Zaptec Zaptec Novavolt AG Other TotalCharger ASSverige ABProduct sales361 618 155 714 210 152 23 791 751 275Other 0 0 0 6 123 6 123Total operating income 361 618 155 714 210 152 29 914 757 398By business area - Geographical distributionNorway 222 520 0 0 12 413 234 933Sweden 10 163 155 714 0 0 165 877Switzerland 0 0 210 152 0 210 152Denmark 70 608 0 0 0 70 608Iceland 13 093 0 0 0 13 093Rest of Europe 42 311 0 0 17 501 59 813Other 2 922 0 0 0 2 922Total operating income 361 618 155 714 210 152 29 914 757 398Timing of revenue recognitionGoods transferred at a point in time 361 618 155 714 210 152 29 914 757 398Goods and services transferred over time 0 0 0 0 0Total operating income 361 618 155 714 210 152 29 914 757 39801.01 - 31.12.2021SegmentsIn NOK 1000Zaptec Zaptec Novavolt AG Other TotalCharger ASSverige ABProduct sales 344 072 74 047 65 884 2 169 486 172Other 0 0 0 2 800 2 800Total operating income 344 072 74 047 65 884 4 969 488 972By business area - Geographical distributionNorway 236 067 0 0 3 799 239 866Sweden 7 173 74 047 0 0 81 220Switzerland 0 0 65 884 0 65 884Denmark 40 072 0 0 0 40 072Iceland 10 999 0 0 0 10 999Rest of Europe 49 627 0 0 1 171 50 798Other 133 0 0 0 133Total operating income 344 072 74 047 65 884 4 969 488 972Timing of revenue recognitionGoods transferred at a point in time 344 072 74 047 65 884 4 969 486 172Goods and services transferred over time 0 0 0 0 2 800Total operating income 344 072 74 047 65 884 4 969 488 972", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__82": { "value": "Note 7 - Employee benefit expensesPayroll costsIn NOK 10002022 2021Salaries 130 798 45 049Share based payment expense excluded payroll tax 11 511 8 399Payroll tax 13 619 14 414Other benefits 1 162 10 111Total 157 090 77 973Average full-time 111 59Management remuneration2022Board of directorsIn NOK 1000Salaries BonusShare based Other TotalpaymentbenefitsStig H. Christiansen 300 0 958 0 1 258Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth * 150 0 0 0 150Peter Bardenfleth-Hansen 150 0 1 917 0 2 067Total 750 0 2 875 0 3 625Chief executive officerAnders Thingb\u00f8 2 198 0 0 16 075 18 273Peter Bardenfleth-Hansen 2 485 2 500 2 359 126 7 470Total 4 683 2 500 2 359 16 201 25 743Chief financial officerKurt \u00d8strem 2 145 1 000 0 213 3 358Total 2 145 1 000 0 213 3 358Others in managementKristian S\u00e6ther 1 309 106 0 73 1 487Eirik Fjells\u00e5 H\u00e6rem 744 0 0 6 751Knut Braut 1 507 0 0 114 1 621Lasse Hult 1 305 0 0 163 1 468P\u00e5l Tumyr 513 41 45 6 605Siren Erzeid 660 0 0 7 667Martin Malmanger 1 043 0 0 14 1 057Anna-Karin Andersen 1 360 0 0 0 1 360Total 8 441 147 45 383 9 0162021Board of directorsIn NOK 1000 Salaries BonusShare based Other TotalStig H. Christiansen 167 0 1 967 0 2 134Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth 200 0 0 0 200Peter Bardenfleth-Hansen 230 0 3 933 0 4 163Total 747 0 5 900 0 6 647Chief executive officerAnders Thingb\u00f8 3 165 0 1 363 18 4 546Total 3 165 0 1 363 18 4 546Chief financial officerKurt \u00d8strem 1 825 0 455 14 2 294Total 1 825 0 455 14 2 294Others in managementKristian S\u00e6ther 695 0 0 59 754Knut Braut 1 332 0 455 111 1 898Lasse Hult 1 203 0 0 161 1 364P\u00e5l Tumyr 367 0 0 4 371Siren Erzeid 500 0 0 5 505Martin Malmanger 634 0 0 10 644Kurt Aadn\u00f8y 1 047 0 227 7 1 281Total 5 778 0 682 357 6 817* Member of the Board up until 07.11.2022Anders Thingb\u00f8 left the company 28.02.2022. Settlement of share based payment of MNOK 15 984 is included in other benefits. The settlement has been accounted for as an acceleration of vesting, and the amount that otherwise would have been recognised for services received over the vesting period (to 01.10.2022) has been expensed in the first quarter of 2022.The reimbursement payment made to the former CEO on the settlement of the grant is accounted for as repurchase of an equity interest, i.e. as a deduction from equity, as there is no payment in excess of the fair value of the equity instruments granted, measured at the repurchase date.PensionThe group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group's pension schemes comply with the requirements under that law. This year's pension cost of NOK 4 102 212 is recognised in the consolidated statement of profit and loss and included in Other benefits.Remuneration to auditorsIn NOK 10002022 2021Statutory audit 1 648 306Other non-auditing services 1 303 435Total 2 952 741All amounts exclude VAT.Loans and guarantees to management and leading employeesThe group does not have any loans or guarantees to management and leading employees.Share-based compensationShare-based incentive program for all employeesAs of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022.The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.The company operates two equity-settled share-based remuneration schemes for key management:Share-based incentive program for managementAs of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 440 000 rights to receive shares has been granted under this program as of 31.12.2022. The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.* The expense for social security contribution is accrued based on the intrinsic value of the equity instruments vested. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period.Share-based payment program for key management and board of directors (Stock option program)2022 2021In NOK 1000Weighted average NumberWeighted average Numberexercise priceexercise priceOutstanding at 1 January 13,471 350 000 12,58 1 750 000Granted during the year 0,00 0 11,25 300 000Forfeited during the year 14,25 600 000 0,00 0Exercised during the year 11,25 150 000 10,29 700 000Lapsed during the year 0,00 0 0,00 0Outstanding at 31 December13,25 600 000 13,47 1 350 000Vested at 31 December 600 000 650 000The following information is relevant in the determination of the fair value of options granted during the year under :2022 2021Option pricing model used Black-Sholes Black-ScholesShare price at date of grant * 40Strike * 11,25Contractual life (in days) * 593Expected life (in days) * 486Expected volatility * 78 %Risk-free interest rate * 0,4%-0,6%Fair value at grant date (average) * 29,25* No new options grantedAs of 31.12.2022 The Group had employee stock options agreements with 4 employees, CEO Peter Bardenfleth-Hansen, CFO Kurt \u00d8strem, CTO Knut Braut and Kurt Aadn\u00f8y in Zaptec Charger. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11,25 to NOK 15,25. As of 31.12.2022 remaining stock options is 550 000 shares. All of these stock options can be excercised as of 31.12.2022.One board member, Stig H. Christiansen (Chairman) holds stock options as of 31.12.2022. The agreement have vesting periods ranging for 6,4 - 18,4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11,25.2022Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddatePeter Bardenfleth-Hansen CEO 100 000 11,25 31.12.2022 31.12.2023Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.20232021Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddateAnders Thingb\u00f8 CEO 300 000 13,25 06.10.2021 31.12.2024Anders Thingb\u00f8 CEO 300 000 15,25 06.10.2022 31.12.2024Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2021 31.12.2023Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2021 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2022 31.12.2023During the year 150 000 options was exercised, subscription amount was 1,7 MNOK . Weighted share price of these options is 40,31 NOK per share.The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2022 the provision for employer contribution is 3 MNOK (6,9 MNOK for 2021).All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. The settlement of option agreement this year (-15,9 MNOK) relates to reimbursement for terminating option agreement.Total share-based payment expense is charged to the income statement with the following amount:2022 2021Option program 3 653 8399Share-based incentive program for all employees 1 402 0Share-based incentive program for management 6 457 0Total share based payment expense excluded social security costs 11 511 8 399 Cash portion Share-based incentive program for all employees 686 0Payroll tax expense* -5 791 6905Total share based payment expense 6 406 15 304", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__80": { "value": "Note 7 - Employee benefit expensesPayroll costsIn NOK 10002022 2021Salaries 130 798 45 049Share based payment expense excluded payroll tax 11 511 8 399Payroll tax 13 619 14 414Other benefits 1 162 10 111Total 157 090 77 973Average full-time 111 59Management remuneration2022Board of directorsIn NOK 1000Salaries BonusShare based Other TotalpaymentbenefitsStig H. Christiansen 300 0 958 0 1 258Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth * 150 0 0 0 150Peter Bardenfleth-Hansen 150 0 1 917 0 2 067Total 750 0 2 875 0 3 625Chief executive officerAnders Thingb\u00f8 2 198 0 0 16 075 18 273Peter Bardenfleth-Hansen 2 485 2 500 2 359 126 7 470Total 4 683 2 500 2 359 16 201 25 743Chief financial officerKurt \u00d8strem 2 145 1 000 0 213 3 358Total 2 145 1 000 0 213 3 358Others in managementKristian S\u00e6ther 1 309 106 0 73 1 487Eirik Fjells\u00e5 H\u00e6rem 744 0 0 6 751Knut Braut 1 507 0 0 114 1 621Lasse Hult 1 305 0 0 163 1 468P\u00e5l Tumyr 513 41 45 6 605Siren Erzeid 660 0 0 7 667Martin Malmanger 1 043 0 0 14 1 057Anna-Karin Andersen 1 360 0 0 0 1 360Total 8 441 147 45 383 9 0162021Board of directorsIn NOK 1000 Salaries BonusShare based Other TotalStig H. Christiansen 167 0 1 967 0 2 134Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth 200 0 0 0 200Peter Bardenfleth-Hansen 230 0 3 933 0 4 163Total 747 0 5 900 0 6 647Chief executive officerAnders Thingb\u00f8 3 165 0 1 363 18 4 546Total 3 165 0 1 363 18 4 546Chief financial officerKurt \u00d8strem 1 825 0 455 14 2 294Total 1 825 0 455 14 2 294Others in managementKristian S\u00e6ther 695 0 0 59 754Knut Braut 1 332 0 455 111 1 898Lasse Hult 1 203 0 0 161 1 364P\u00e5l Tumyr 367 0 0 4 371Siren Erzeid 500 0 0 5 505Martin Malmanger 634 0 0 10 644Kurt Aadn\u00f8y 1 047 0 227 7 1 281Total 5 778 0 682 357 6 817* Member of the Board up until 07.11.2022Anders Thingb\u00f8 left the company 28.02.2022. Settlement of share based payment of MNOK 15 984 is included in other benefits. The settlement has been accounted for as an acceleration of vesting, and the amount that otherwise would have been recognised for services received over the vesting period (to 01.10.2022) has been expensed in the first quarter of 2022.The reimbursement payment made to the former CEO on the settlement of the grant is accounted for as repurchase of an equity interest, i.e. as a deduction from equity, as there is no payment in excess of the fair value of the equity instruments granted, measured at the repurchase date.PensionThe group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group's pension schemes comply with the requirements under that law. This year's pension cost of NOK 4 102 212 is recognised in the consolidated statement of profit and loss and included in Other benefits.Remuneration to auditorsIn NOK 10002022 2021Statutory audit 1 648 306Other non-auditing services 1 303 435Total 2 952 741All amounts exclude VAT.Loans and guarantees to management and leading employeesThe group does not have any loans or guarantees to management and leading employees.Share-based compensationShare-based incentive program for all employeesAs of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022.The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.The company operates two equity-settled share-based remuneration schemes for key management:Share-based incentive program for managementAs of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 440 000 rights to receive shares has been granted under this program as of 31.12.2022. The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.* The expense for social security contribution is accrued based on the intrinsic value of the equity instruments vested. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period.Share-based payment program for key management and board of directors (Stock option program)2022 2021In NOK 1000Weighted average NumberWeighted average Numberexercise priceexercise priceOutstanding at 1 January 13,471 350 000 12,58 1 750 000Granted during the year 0,00 0 11,25 300 000Forfeited during the year 14,25 600 000 0,00 0Exercised during the year 11,25 150 000 10,29 700 000Lapsed during the year 0,00 0 0,00 0Outstanding at 31 December13,25 600 000 13,47 1 350 000Vested at 31 December 600 000 650 000The following information is relevant in the determination of the fair value of options granted during the year under :2022 2021Option pricing model used Black-Sholes Black-ScholesShare price at date of grant * 40Strike * 11,25Contractual life (in days) * 593Expected life (in days) * 486Expected volatility * 78 %Risk-free interest rate * 0,4%-0,6%Fair value at grant date (average) * 29,25* No new options grantedAs of 31.12.2022 The Group had employee stock options agreements with 4 employees, CEO Peter Bardenfleth-Hansen, CFO Kurt \u00d8strem, CTO Knut Braut and Kurt Aadn\u00f8y in Zaptec Charger. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11,25 to NOK 15,25. As of 31.12.2022 remaining stock options is 550 000 shares. All of these stock options can be excercised as of 31.12.2022.One board member, Stig H. Christiansen (Chairman) holds stock options as of 31.12.2022. The agreement have vesting periods ranging for 6,4 - 18,4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11,25.2022Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddatePeter Bardenfleth-Hansen CEO 100 000 11,25 31.12.2022 31.12.2023Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.20232021Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddateAnders Thingb\u00f8 CEO 300 000 13,25 06.10.2021 31.12.2024Anders Thingb\u00f8 CEO 300 000 15,25 06.10.2022 31.12.2024Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2021 31.12.2023Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2021 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2022 31.12.2023During the year 150 000 options was exercised, subscription amount was 1,7 MNOK . Weighted share price of these options is 40,31 NOK per share.The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2022 the provision for employer contribution is 3 MNOK (6,9 MNOK for 2021).All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. The settlement of option agreement this year (-15,9 MNOK) relates to reimbursement for terminating option agreement.Total share-based payment expense is charged to the income statement with the following amount:2022 2021Option program 3 653 8399Share-based incentive program for all employees 1 402 0Share-based incentive program for management 6 457 0Total share based payment expense excluded social security costs 11 511 8 399 Cash portion Share-based incentive program for all employees 686 0Payroll tax expense* -5 791 6905Total share based payment expense 6 406 15 304", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__79": { "value": "Note 7 - Employee benefit expensesPayroll costsIn NOK 10002022 2021Salaries 130 798 45 049Share based payment expense excluded payroll tax 11 511 8 399Payroll tax 13 619 14 414Other benefits 1 162 10 111Total 157 090 77 973Average full-time 111 59Management remuneration2022Board of directorsIn NOK 1000Salaries BonusShare based Other TotalpaymentbenefitsStig H. Christiansen 300 0 958 0 1 258Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth * 150 0 0 0 150Peter Bardenfleth-Hansen 150 0 1 917 0 2 067Total 750 0 2 875 0 3 625Chief executive officerAnders Thingb\u00f8 2 198 0 0 16 075 18 273Peter Bardenfleth-Hansen 2 485 2 500 2 359 126 7 470Total 4 683 2 500 2 359 16 201 25 743Chief financial officerKurt \u00d8strem 2 145 1 000 0 213 3 358Total 2 145 1 000 0 213 3 358Others in managementKristian S\u00e6ther 1 309 106 0 73 1 487Eirik Fjells\u00e5 H\u00e6rem 744 0 0 6 751Knut Braut 1 507 0 0 114 1 621Lasse Hult 1 305 0 0 163 1 468P\u00e5l Tumyr 513 41 45 6 605Siren Erzeid 660 0 0 7 667Martin Malmanger 1 043 0 0 14 1 057Anna-Karin Andersen 1 360 0 0 0 1 360Total 8 441 147 45 383 9 0162021Board of directorsIn NOK 1000 Salaries BonusShare based Other TotalStig H. Christiansen 167 0 1 967 0 2 134Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth 200 0 0 0 200Peter Bardenfleth-Hansen 230 0 3 933 0 4 163Total 747 0 5 900 0 6 647Chief executive officerAnders Thingb\u00f8 3 165 0 1 363 18 4 546Total 3 165 0 1 363 18 4 546Chief financial officerKurt \u00d8strem 1 825 0 455 14 2 294Total 1 825 0 455 14 2 294Others in managementKristian S\u00e6ther 695 0 0 59 754Knut Braut 1 332 0 455 111 1 898Lasse Hult 1 203 0 0 161 1 364P\u00e5l Tumyr 367 0 0 4 371Siren Erzeid 500 0 0 5 505Martin Malmanger 634 0 0 10 644Kurt Aadn\u00f8y 1 047 0 227 7 1 281Total 5 778 0 682 357 6 817* Member of the Board up until 07.11.2022Anders Thingb\u00f8 left the company 28.02.2022. Settlement of share based payment of MNOK 15 984 is included in other benefits. The settlement has been accounted for as an acceleration of vesting, and the amount that otherwise would have been recognised for services received over the vesting period (to 01.10.2022) has been expensed in the first quarter of 2022.The reimbursement payment made to the former CEO on the settlement of the grant is accounted for as repurchase of an equity interest, i.e. as a deduction from equity, as there is no payment in excess of the fair value of the equity instruments granted, measured at the repurchase date.PensionThe group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group's pension schemes comply with the requirements under that law. This year's pension cost of NOK 4 102 212 is recognised in the consolidated statement of profit and loss and included in Other benefits.Remuneration to auditorsIn NOK 10002022 2021Statutory audit 1 648 306Other non-auditing services 1 303 435Total 2 952 741All amounts exclude VAT.Loans and guarantees to management and leading employeesThe group does not have any loans or guarantees to management and leading employees.Share-based compensationShare-based incentive program for all employeesAs of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022.The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.The company operates two equity-settled share-based remuneration schemes for key management:Share-based incentive program for managementAs of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 440 000 rights to receive shares has been granted under this program as of 31.12.2022. The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.* The expense for social security contribution is accrued based on the intrinsic value of the equity instruments vested. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period.Share-based payment program for key management and board of directors (Stock option program)2022 2021In NOK 1000Weighted average NumberWeighted average Numberexercise priceexercise priceOutstanding at 1 January 13,471 350 000 12,58 1 750 000Granted during the year 0,00 0 11,25 300 000Forfeited during the year 14,25 600 000 0,00 0Exercised during the year 11,25 150 000 10,29 700 000Lapsed during the year 0,00 0 0,00 0Outstanding at 31 December13,25 600 000 13,47 1 350 000Vested at 31 December 600 000 650 000The following information is relevant in the determination of the fair value of options granted during the year under :2022 2021Option pricing model used Black-Sholes Black-ScholesShare price at date of grant * 40Strike * 11,25Contractual life (in days) * 593Expected life (in days) * 486Expected volatility * 78 %Risk-free interest rate * 0,4%-0,6%Fair value at grant date (average) * 29,25* No new options grantedAs of 31.12.2022 The Group had employee stock options agreements with 4 employees, CEO Peter Bardenfleth-Hansen, CFO Kurt \u00d8strem, CTO Knut Braut and Kurt Aadn\u00f8y in Zaptec Charger. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11,25 to NOK 15,25. As of 31.12.2022 remaining stock options is 550 000 shares. All of these stock options can be excercised as of 31.12.2022.One board member, Stig H. Christiansen (Chairman) holds stock options as of 31.12.2022. The agreement have vesting periods ranging for 6,4 - 18,4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11,25.2022Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddatePeter Bardenfleth-Hansen CEO 100 000 11,25 31.12.2022 31.12.2023Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.20232021Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddateAnders Thingb\u00f8 CEO 300 000 13,25 06.10.2021 31.12.2024Anders Thingb\u00f8 CEO 300 000 15,25 06.10.2022 31.12.2024Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2021 31.12.2023Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2021 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2022 31.12.2023During the year 150 000 options was exercised, subscription amount was 1,7 MNOK . Weighted share price of these options is 40,31 NOK per share.The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2022 the provision for employer contribution is 3 MNOK (6,9 MNOK for 2021).All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. The settlement of option agreement this year (-15,9 MNOK) relates to reimbursement for terminating option agreement.Total share-based payment expense is charged to the income statement with the following amount:2022 2021Option program 3 653 8399Share-based incentive program for all employees 1 402 0Share-based incentive program for management 6 457 0Total share based payment expense excluded social security costs 11 511 8 399 Cash portion Share-based incentive program for all employees 686 0Payroll tax expense* -5 791 6905Total share based payment expense 6 406 15 304", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__78": { "value": "Note 7 - Employee benefit expensesPayroll costsIn NOK 10002022 2021Salaries 130 798 45 049Share based payment expense excluded payroll tax 11 511 8 399Payroll tax 13 619 14 414Other benefits 1 162 10 111Total 157 090 77 973Average full-time 111 59Management remuneration2022Board of directorsIn NOK 1000Salaries BonusShare based Other TotalpaymentbenefitsStig H. Christiansen 300 0 958 0 1 258Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth * 150 0 0 0 150Peter Bardenfleth-Hansen 150 0 1 917 0 2 067Total 750 0 2 875 0 3 625Chief executive officerAnders Thingb\u00f8 2 198 0 0 16 075 18 273Peter Bardenfleth-Hansen 2 485 2 500 2 359 126 7 470Total 4 683 2 500 2 359 16 201 25 743Chief financial officerKurt \u00d8strem 2 145 1 000 0 213 3 358Total 2 145 1 000 0 213 3 358Others in managementKristian S\u00e6ther 1 309 106 0 73 1 487Eirik Fjells\u00e5 H\u00e6rem 744 0 0 6 751Knut Braut 1 507 0 0 114 1 621Lasse Hult 1 305 0 0 163 1 468P\u00e5l Tumyr 513 41 45 6 605Siren Erzeid 660 0 0 7 667Martin Malmanger 1 043 0 0 14 1 057Anna-Karin Andersen 1 360 0 0 0 1 360Total 8 441 147 45 383 9 0162021Board of directorsIn NOK 1000 Salaries BonusShare based Other TotalStig H. Christiansen 167 0 1 967 0 2 134Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth 200 0 0 0 200Peter Bardenfleth-Hansen 230 0 3 933 0 4 163Total 747 0 5 900 0 6 647Chief executive officerAnders Thingb\u00f8 3 165 0 1 363 18 4 546Total 3 165 0 1 363 18 4 546Chief financial officerKurt \u00d8strem 1 825 0 455 14 2 294Total 1 825 0 455 14 2 294Others in managementKristian S\u00e6ther 695 0 0 59 754Knut Braut 1 332 0 455 111 1 898Lasse Hult 1 203 0 0 161 1 364P\u00e5l Tumyr 367 0 0 4 371Siren Erzeid 500 0 0 5 505Martin Malmanger 634 0 0 10 644Kurt Aadn\u00f8y 1 047 0 227 7 1 281Total 5 778 0 682 357 6 817* Member of the Board up until 07.11.2022Anders Thingb\u00f8 left the company 28.02.2022. Settlement of share based payment of MNOK 15 984 is included in other benefits. The settlement has been accounted for as an acceleration of vesting, and the amount that otherwise would have been recognised for services received over the vesting period (to 01.10.2022) has been expensed in the first quarter of 2022.The reimbursement payment made to the former CEO on the settlement of the grant is accounted for as repurchase of an equity interest, i.e. as a deduction from equity, as there is no payment in excess of the fair value of the equity instruments granted, measured at the repurchase date.PensionThe group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group's pension schemes comply with the requirements under that law. This year's pension cost of NOK 4 102 212 is recognised in the consolidated statement of profit and loss and included in Other benefits.Remuneration to auditorsIn NOK 10002022 2021Statutory audit 1 648 306Other non-auditing services 1 303 435Total 2 952 741All amounts exclude VAT.Loans and guarantees to management and leading employeesThe group does not have any loans or guarantees to management and leading employees.Share-based compensationShare-based incentive program for all employeesAs of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022.The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.The company operates two equity-settled share-based remuneration schemes for key management:Share-based incentive program for managementAs of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 440 000 rights to receive shares has been granted under this program as of 31.12.2022. The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.* The expense for social security contribution is accrued based on the intrinsic value of the equity instruments vested. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period.Share-based payment program for key management and board of directors (Stock option program)2022 2021In NOK 1000Weighted average NumberWeighted average Numberexercise priceexercise priceOutstanding at 1 January 13,471 350 000 12,58 1 750 000Granted during the year 0,00 0 11,25 300 000Forfeited during the year 14,25 600 000 0,00 0Exercised during the year 11,25 150 000 10,29 700 000Lapsed during the year 0,00 0 0,00 0Outstanding at 31 December13,25 600 000 13,47 1 350 000Vested at 31 December 600 000 650 000The following information is relevant in the determination of the fair value of options granted during the year under :2022 2021Option pricing model used Black-Sholes Black-ScholesShare price at date of grant * 40Strike * 11,25Contractual life (in days) * 593Expected life (in days) * 486Expected volatility * 78 %Risk-free interest rate * 0,4%-0,6%Fair value at grant date (average) * 29,25* No new options grantedAs of 31.12.2022 The Group had employee stock options agreements with 4 employees, CEO Peter Bardenfleth-Hansen, CFO Kurt \u00d8strem, CTO Knut Braut and Kurt Aadn\u00f8y in Zaptec Charger. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11,25 to NOK 15,25. As of 31.12.2022 remaining stock options is 550 000 shares. All of these stock options can be excercised as of 31.12.2022.One board member, Stig H. Christiansen (Chairman) holds stock options as of 31.12.2022. The agreement have vesting periods ranging for 6,4 - 18,4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11,25.2022Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddatePeter Bardenfleth-Hansen CEO 100 000 11,25 31.12.2022 31.12.2023Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.20232021Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddateAnders Thingb\u00f8 CEO 300 000 13,25 06.10.2021 31.12.2024Anders Thingb\u00f8 CEO 300 000 15,25 06.10.2022 31.12.2024Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2021 31.12.2023Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2021 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2022 31.12.2023During the year 150 000 options was exercised, subscription amount was 1,7 MNOK . Weighted share price of these options is 40,31 NOK per share.The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2022 the provision for employer contribution is 3 MNOK (6,9 MNOK for 2021).All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. The settlement of option agreement this year (-15,9 MNOK) relates to reimbursement for terminating option agreement.Total share-based payment expense is charged to the income statement with the following amount:2022 2021Option program 3 653 8399Share-based incentive program for all employees 1 402 0Share-based incentive program for management 6 457 0Total share based payment expense excluded social security costs 11 511 8 399 Cash portion Share-based incentive program for all employees 686 0Payroll tax expense* -5 791 6905Total share based payment expense 6 406 15 304", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__76-1": { "value": "Note 7 - Employee benefit expensesPayroll costsIn NOK 10002022 2021Salaries 130 798 45 049Share based payment expense excluded payroll tax 11 511 8 399Payroll tax 13 619 14 414Other benefits 1 162 10 111Total 157 090 77 973Average full-time 111 59Management remuneration2022Board of directorsIn NOK 1000Salaries BonusShare based Other TotalpaymentbenefitsStig H. Christiansen 300 0 958 0 1 258Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth * 150 0 0 0 150Peter Bardenfleth-Hansen 150 0 1 917 0 2 067Total 750 0 2 875 0 3 625Chief executive officerAnders Thingb\u00f8 2 198 0 0 16 075 18 273Peter Bardenfleth-Hansen 2 485 2 500 2 359 126 7 470Total 4 683 2 500 2 359 16 201 25 743Chief financial officerKurt \u00d8strem 2 145 1 000 0 213 3 358Total 2 145 1 000 0 213 3 358Others in managementKristian S\u00e6ther 1 309 106 0 73 1 487Eirik Fjells\u00e5 H\u00e6rem 744 0 0 6 751Knut Braut 1 507 0 0 114 1 621Lasse Hult 1 305 0 0 163 1 468P\u00e5l Tumyr 513 41 45 6 605Siren Erzeid 660 0 0 7 667Martin Malmanger 1 043 0 0 14 1 057Anna-Karin Andersen 1 360 0 0 0 1 360Total 8 441 147 45 383 9 0162021Board of directorsIn NOK 1000 Salaries BonusShare based Other TotalStig H. Christiansen 167 0 1 967 0 2 134Christian Rangen 150 0 0 0 150P\u00e5l Selboe Valseth 200 0 0 0 200Peter Bardenfleth-Hansen 230 0 3 933 0 4 163Total 747 0 5 900 0 6 647Chief executive officerAnders Thingb\u00f8 3 165 0 1 363 18 4 546Total 3 165 0 1 363 18 4 546Chief financial officerKurt \u00d8strem 1 825 0 455 14 2 294Total 1 825 0 455 14 2 294Others in managementKristian S\u00e6ther 695 0 0 59 754Knut Braut 1 332 0 455 111 1 898Lasse Hult 1 203 0 0 161 1 364P\u00e5l Tumyr 367 0 0 4 371Siren Erzeid 500 0 0 5 505Martin Malmanger 634 0 0 10 644Kurt Aadn\u00f8y 1 047 0 227 7 1 281Total 5 778 0 682 357 6 817* Member of the Board up until 07.11.2022Anders Thingb\u00f8 left the company 28.02.2022. Settlement of share based payment of MNOK 15 984 is included in other benefits. The settlement has been accounted for as an acceleration of vesting, and the amount that otherwise would have been recognised for services received over the vesting period (to 01.10.2022) has been expensed in the first quarter of 2022.The reimbursement payment made to the former CEO on the settlement of the grant is accounted for as repurchase of an equity interest, i.e. as a deduction from equity, as there is no payment in excess of the fair value of the equity instruments granted, measured at the repurchase date.PensionThe group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group's pension schemes comply with the requirements under that law. This year's pension cost of NOK 4 102 212 is recognised in the consolidated statement of profit and loss and included in Other benefits.Remuneration to auditorsIn NOK 10002022 2021Statutory audit 1 648 306Other non-auditing services 1 303 435Total 2 952 741All amounts exclude VAT.Loans and guarantees to management and leading employeesThe group does not have any loans or guarantees to management and leading employees.Share-based compensationShare-based incentive program for all employeesAs of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022.The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.The company operates two equity-settled share-based remuneration schemes for key management:Share-based incentive program for managementAs of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 440 000 rights to receive shares has been granted under this program as of 31.12.2022. The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.* The expense for social security contribution is accrued based on the intrinsic value of the equity instruments vested. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period.Share-based payment program for key management and board of directors (Stock option program)2022 2021In NOK 1000Weighted average NumberWeighted average Numberexercise priceexercise priceOutstanding at 1 January 13,471 350 000 12,58 1 750 000Granted during the year 0,00 0 11,25 300 000Forfeited during the year 14,25 600 000 0,00 0Exercised during the year 11,25 150 000 10,29 700 000Lapsed during the year 0,00 0 0,00 0Outstanding at 31 December13,25 600 000 13,47 1 350 000Vested at 31 December 600 000 650 000The following information is relevant in the determination of the fair value of options granted during the year under :2022 2021Option pricing model used Black-Sholes Black-ScholesShare price at date of grant * 40Strike * 11,25Contractual life (in days) * 593Expected life (in days) * 486Expected volatility * 78 %Risk-free interest rate * 0,4%-0,6%Fair value at grant date (average) * 29,25* No new options grantedAs of 31.12.2022 The Group had employee stock options agreements with 4 employees, CEO Peter Bardenfleth-Hansen, CFO Kurt \u00d8strem, CTO Knut Braut and Kurt Aadn\u00f8y in Zaptec Charger. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11,25 to NOK 15,25. As of 31.12.2022 remaining stock options is 550 000 shares. All of these stock options can be excercised as of 31.12.2022.One board member, Stig H. Christiansen (Chairman) holds stock options as of 31.12.2022. The agreement have vesting periods ranging for 6,4 - 18,4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11,25.2022Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddatePeter Bardenfleth-Hansen CEO 100 000 11,25 31.12.2022 31.12.2023Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.20232021Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddateAnders Thingb\u00f8 CEO 300 000 13,25 06.10.2021 31.12.2024Anders Thingb\u00f8 CEO 300 000 15,25 06.10.2022 31.12.2024Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2021 31.12.2023Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2021 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2022 31.12.2023During the year 150 000 options was exercised, subscription amount was 1,7 MNOK . Weighted share price of these options is 40,31 NOK per share.The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2022 the provision for employer contribution is 3 MNOK (6,9 MNOK for 2021).All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. The settlement of option agreement this year (-15,9 MNOK) relates to reimbursement for terminating option agreement.Total share-based payment expense is charged to the income statement with the following amount:2022 2021Option program 3 653 8399Share-based incentive program for all employees 1 402 0Share-based incentive program for management 6 457 0Total share based payment expense excluded social security costs 11 511 8 399 Cash portion Share-based incentive program for all employees 686 0Payroll tax expense* -5 791 6905Total share based payment expense 6 406 15 304Note 13 - Right of use assets and lease liabilities2022In NOK 1000VehiclesLand and Totalbuildings1 January 1 052 14 159 15 210Additions 3 030 2 052 5 082Disposals 0 0 0Additions through business combinations 0 0 0Amortisation -1 055 -3 849 -4 904Foreign currency effects 187 135 32231 December 3 214 12 496 15 7102021In NOK 1000VehiclesLand and Totalbuildings1 January 0 1 388 1 388Additions 506 16 844 17 350Disposals 0 -1 041 -1 041Additions through business combinations 674 0 674Amortisation -153 -3 051 -3 204Foreign currency effects 26 19 4431 December 1 052 14 159 15 210Economic life/lease term 5 - 15 year 3 - 7 yearAmortisation method Straight line Straight lineLease liabilitiesUndiscounted lease payments and year of paymentIn NOK 10002022 2021Less than 1 year 5 878 4 2451-3 years 10 051 8 2283-5 years 885 3 420more than 5 years 0 0Total 16 813 15 892Changes in lease liabilitiesIn NOK 10002022 20211 January 15 432 1 417Additions 4 749 17 940Disposals 0 -1 068Interest expenses 511 436Lease payments -5 057 -3 337Foreign currency effects 307 4531 December 15 942 15 432In NOK 10002022 2021Current lease liabilities 5 414 3 813Non-current lease liabilities 10 528 11 619Total 15 942 15 432The lease contracts do not include any restrictions with regards to the Group's dividend policy or financing opportunities. Lease payment expensedIn NOK 10002022 2021Expensed lease payment for short-term leases and low value leases 2 110 0Variable lease payments 0 0Total 2 110 0", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__77": { "value": "Remuneration to auditorsIn NOK 10002022 2021Statutory audit 1 648 306Other non-auditing services 1 303 435Total 2 952 741All amounts exclude VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__81": { "value": "Share-based compensationShare-based incentive program for all employeesAs of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022.The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date.The company operates two equity-settled share-based remuneration schemes for key management:Share-based incentive program for managementAs of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 440 000 rights to receive shares has been granted under this program as of 31.12.2022. The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.* The expense for social security contribution is accrued based on the intrinsic value of the equity instruments vested. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period.Share-based payment program for key management and board of directors (Stock option program)2022 2021In NOK 1000Weighted average NumberWeighted average Numberexercise priceexercise priceOutstanding at 1 January 13,471 350 000 12,58 1 750 000Granted during the year 0,00 0 11,25 300 000Forfeited during the year 14,25 600 000 0,00 0Exercised during the year 11,25 150 000 10,29 700 000Lapsed during the year 0,00 0 0,00 0Outstanding at 31 December13,25 600 000 13,47 1 350 000Vested at 31 December 600 000 650 000The following information is relevant in the determination of the fair value of options granted during the year under :2022 2021Option pricing model used Black-Sholes Black-ScholesShare price at date of grant * 40Strike * 11,25Contractual life (in days) * 593Expected life (in days) * 486Expected volatility * 78 %Risk-free interest rate * 0,4%-0,6%Fair value at grant date (average) * 29,25* No new options grantedAs of 31.12.2022 The Group had employee stock options agreements with 4 employees, CEO Peter Bardenfleth-Hansen, CFO Kurt \u00d8strem, CTO Knut Braut and Kurt Aadn\u00f8y in Zaptec Charger. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11,25 to NOK 15,25. As of 31.12.2022 remaining stock options is 550 000 shares. All of these stock options can be excercised as of 31.12.2022.One board member, Stig H. Christiansen (Chairman) holds stock options as of 31.12.2022. The agreement have vesting periods ranging for 6,4 - 18,4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11,25.2022Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddatePeter Bardenfleth-Hansen CEO 100 000 11,25 31.12.2022 31.12.2023Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.20232021Name RoleShare Strike (NOK)Vesting Expiration optionsperiod enddateAnders Thingb\u00f8 CEO 300 000 13,25 06.10.2021 31.12.2024Anders Thingb\u00f8 CEO 300 000 15,25 06.10.2022 31.12.2024Kurt \u00d8strem CFO 100 000 11,25 06.10.2020 31.12.2024Kurt \u00d8strem CFO 100 000 13,25 06.10.2021 31.12.2024Kurt \u00d8strem CFO 100 000 15,25 06.10.2022 31.12.2024Knut Braut CTO 100 000 15,25 06.10.2022 31.12.2024Kurt Aadn\u00f8y 50 000 15,25 06.10.2022 31.12.2024Stig H. Christiansen Chairman 50 000 11,25 31.12.2021 31.12.2023Stig H. Christiansen Chairman 50 000 11,25 31.12.2022 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2021 31.12.2023Peter Bardenfleth-Hansen Board member 100 000 11,25 31.12.2022 31.12.2023During the year 150 000 options was exercised, subscription amount was 1,7 MNOK . Weighted share price of these options is 40,31 NOK per share.The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2022 the provision for employer contribution is 3 MNOK (6,9 MNOK for 2021).All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. The settlement of option agreement this year (-15,9 MNOK) relates to reimbursement for terminating option agreement.Total share-based payment expense is charged to the income statement with the following amount:2022 2021Option program 3 653 8399Share-based incentive program for all employees 1 402 0Share-based incentive program for management 6 457 0Total share based payment expense excluded social security costs 11 511 8 399 Cash portion Share-based incentive program for all employees 686 0Payroll tax expense* -5 791 6905Total share based payment expense 6 406 15 304", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__88": { "value": "Note 8 - Financial income and expenseIn NOK 10002022 2021Finance incomeInterest income 94 33Gain on investments at fair value 0 2 749Other finance income 5 990 403Total finance income 6 084 3 185Finance expenseInterest on debts and borrowings 2 119 205Interest from leases 511 436Other interest paid 0 587Loss on investments at fair value 5 015 0Unwinding of discount on contingent consideration 1 037 1 037Other finance expense 4 847 788Total finance expense 13 528 3 053Investment in fundIn NOK 10002022 20211 January 183 500 221 012Sold during the period -177 691 -35 352Change in fair value -5 808 -2 16031 December 0 183 500", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__87": { "value": "Note 8 - Financial income and expenseIn NOK 10002022 2021Finance incomeInterest income 94 33Gain on investments at fair value 0 2 749Other finance income 5 990 403Total finance income 6 084 3 185Finance expenseInterest on debts and borrowings 2 119 205Interest from leases 511 436Other interest paid 0 587Loss on investments at fair value 5 015 0Unwinding of discount on contingent consideration 1 037 1 037Other finance expense 4 847 788Total finance expense 13 528 3 053Investment in fundIn NOK 10002022 20211 January 183 500 221 012Sold during the period -177 691 -35 352Change in fair value -5 808 -2 16031 December 0 183 500", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__86": { "value": "Note 8 - Financial income and expenseIn NOK 10002022 2021Finance incomeInterest income 94 33Gain on investments at fair value 0 2 749Other finance income 5 990 403Total finance income 6 084 3 185Finance expenseInterest on debts and borrowings 2 119 205Interest from leases 511 436Other interest paid 0 587Loss on investments at fair value 5 015 0Unwinding of discount on contingent consideration 1 037 1 037Other finance expense 4 847 788Total finance expense 13 528 3 053Investment in fundIn NOK 10002022 20211 January 183 500 221 012Sold during the period -177 691 -35 352Change in fair value -5 808 -2 16031 December 0 183 500", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__85": { "value": "Note 8 - Financial income and expenseIn NOK 10002022 2021Finance incomeInterest income 94 33Gain on investments at fair value 0 2 749Other finance income 5 990 403Total finance income 6 084 3 185Finance expenseInterest on debts and borrowings 2 119 205Interest from leases 511 436Other interest paid 0 587Loss on investments at fair value 5 015 0Unwinding of discount on contingent consideration 1 037 1 037Other finance expense 4 847 788Total finance expense 13 528 3 053Investment in fundIn NOK 10002022 20211 January 183 500 221 012Sold during the period -177 691 -35 352Change in fair value -5 808 -2 16031 December 0 183 500", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__84": { "value": "Note 8 - Financial income and expenseIn NOK 10002022 2021Finance incomeInterest income 94 33Gain on investments at fair value 0 2 749Other finance income 5 990 403Total finance income 6 084 3 185Finance expenseInterest on debts and borrowings 2 119 205Interest from leases 511 436Other interest paid 0 587Loss on investments at fair value 5 015 0Unwinding of discount on contingent consideration 1 037 1 037Other finance expense 4 847 788Total finance expense 13 528 3 053Investment in fundIn NOK 10002022 20211 January 183 500 221 012Sold during the period -177 691 -35 352Change in fair value -5 808 -2 16031 December 0 183 500", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__83": { "value": "Note 8 - Financial income and expenseIn NOK 10002022 2021Finance incomeInterest income 94 33Gain on investments at fair value 0 2 749Other finance income 5 990 403Total finance income 6 084 3 185Finance expenseInterest on debts and borrowings 2 119 205Interest from leases 511 436Other interest paid 0 587Loss on investments at fair value 5 015 0Unwinding of discount on contingent consideration 1 037 1 037Other finance expense 4 847 788Total finance expense 13 528 3 053Investment in fundIn NOK 10002022 20211 January 183 500 221 012Sold during the period -177 691 -35 352Change in fair value -5 808 -2 16031 December 0 183 500", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__90": { "value": "Note 9 - Income taxIn NOK 10002022 2021Income tax expenseCurrent income tax 3 115 6 792Changes in deferred tax 1 284 10 341Total income tax expense (+)/benefit (-) 4 399 17 134Temporary differences and tax positionsIntangible assets -20 147 -24 365Property plant and equipment 6 255 4 873Right of use assets 15 710 15 210Inventories 172 223Receivables 1 467 724Lease liabilities -15 942 -15 210Provisions 4 229 7 282Other differences 2 155 305Total temporary differences and tax positions -6 100 -10 959Tax losses carried forward 62 424 23 287Temporary differences and tax positions not included in the basis for deferred tax -61 670 -11 840Basis for deferred tax -5 346 488Net deferred tax asset 22 % -1 176 107The deferred tax assets is mainly due to tax losses carried forward in Norwegian entities. The carried forward loss is expected to be utilized going forward as the Group is expected to have a taxable income going forward.There is no time limit of the tax losses carried forward. Tax losses not included in the basis for deferred tax relates to subsidiaries where there a still uncertainty about the availability of future tax income that can utilise these losses.Specification in the statement of financial positionDeferred tax asset 4 725 5 468Deferred tax 5 901 5 360Net deferred tax -1 176 107Tax payable in the statement of financial positionCurrent income tax payable 9 844 6 860Prepaid tax 1 264 2 388Net tax payable 11 107 9 248In NOK 10002022 2021Reconciliation of effective tax rateResult before tax -32 536 62 635Income tax based on applicable tax rate (22%) 22 % -7 158 13 780Effect from foreign currency and different tax rates 172 -119Changes in not recognized tax loss carried forward 13 567 241Not deductible expenses employee share options -2 713 1 848Note deductible expenses 81 1 554Tax loss in foreign subsidiaries 0 0Goodwill 0 0Not taxable income 450 -169Total income tax expense (+)/benefit (-) 4 399 17 134Effective tax rate -13,5 % 27,4 %", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__89": { "value": "Note 9 - Income taxIn NOK 10002022 2021Income tax expenseCurrent income tax 3 115 6 792Changes in deferred tax 1 284 10 341Total income tax expense (+)/benefit (-) 4 399 17 134Temporary differences and tax positionsIntangible assets -20 147 -24 365Property plant and equipment 6 255 4 873Right of use assets 15 710 15 210Inventories 172 223Receivables 1 467 724Lease liabilities -15 942 -15 210Provisions 4 229 7 282Other differences 2 155 305Total temporary differences and tax positions -6 100 -10 959Tax losses carried forward 62 424 23 287Temporary differences and tax positions not included in the basis for deferred tax -61 670 -11 840Basis for deferred tax -5 346 488Net deferred tax asset 22 % -1 176 107The deferred tax assets is mainly due to tax losses carried forward in Norwegian entities. The carried forward loss is expected to be utilized going forward as the Group is expected to have a taxable income going forward.There is no time limit of the tax losses carried forward. Tax losses not included in the basis for deferred tax relates to subsidiaries where there a still uncertainty about the availability of future tax income that can utilise these losses.Specification in the statement of financial positionDeferred tax asset 4 725 5 468Deferred tax 5 901 5 360Net deferred tax -1 176 107Tax payable in the statement of financial positionCurrent income tax payable 9 844 6 860Prepaid tax 1 264 2 388Net tax payable 11 107 9 248In NOK 10002022 2021Reconciliation of effective tax rateResult before tax -32 536 62 635Income tax based on applicable tax rate (22%) 22 % -7 158 13 780Effect from foreign currency and different tax rates 172 -119Changes in not recognized tax loss carried forward 13 567 241Not deductible expenses employee share options -2 713 1 848Note deductible expenses 81 1 554Tax loss in foreign subsidiaries 0 0Goodwill 0 0Not taxable income 450 -169Total income tax expense (+)/benefit (-) 4 399 17 134Effective tax rate -13,5 % 27,4 %", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__91": { "value": "Note 10 - Earnings per shareBasic earnings per share is based on the earnings attributable to shareholders of the company and the weighted average number of ordinary shares outstanding for the year, less ordinary shares purchased by the company and held as treasury shares.In NOK 10002022 2021Net profit or loss for the year attributable to owners of the parent company -36 935 45 501Adjustments for basic earnings 0 0Earnings used in basic EPS -36 935 45 501Adjustments for diluted earnings 0 0Earnings used in diluted EPS -36 935 45 501No. of shares outstanding as at 1 January 76 009 678 75 009 678Share issue during the year 400 000 1 000 000No. of shares outstanding as at 31 December 76 409 678 76 009 678Weighted average number of shares outstanding through the year used in basic EPS 76 327 120 75 511 533Potential shares relating to employee share options 674 819 923 925Weighted average number of shares used in diluted EPS 77 001 939 76 435 458Basic earnings per shares -0,48 0,60Diluted earnings per shares -0,48 0,6028th of February 2023 Zaptec ASA increased the share capital to MNOK 1 313, divided into 87 520 790 shares with a face value of NOK 0,015.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__97-1": { "value": "Note 11 - Intangible assets and goodwill2022In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 103 260 63 061 27 073 749 194 143Additions 18 752 0 0 0 18 752Additions business combinations 0 0 0 0 0Foreign currency effects 0 6 577 2 202 0 8 779Acquisition cost 31 December 122 012 69 638 29 275 749 221 674Acc. amortisation and impairments 1 January 50 310 0 2 707 0 53 017Amortisation charge 7 721 0 5 640 0 13 361Disposals 196 0 0 0 196Foreign currency effects 0 0 0 0 0Acc. amortisation and impairments 31 December 58 227 0 8 347 0 66 574Carrying amount 31 December 63 785 69 638 20 928 749 155 0992021In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 91 134 0 0 371 91 505Additions 12 126 0 0 378 12 505Additions business combinations 0 60 419 25 939 0 86 358Foreign currency effects 0 2 641 1 134 0 3 775Acquisition cost 31 December 103 260 63 061 27 073 749 194 143Acc. amortisation and impairments 1 January 44 990 0 0 0 44 990Amortisation charge 5 320 0 2 660 0 7 980Disposals 0 0 0 0 0Foreign currency effects 0 0 47 0 47Acc. amortisation and impairments 31 December 50 310 0 2 707 0 53 017Carrying amount 31 December 52 950 63 061 24 366 749 141 125Expected economic life 2-10 years Indefinite 5 years IndefiniteAmortization plan Linear None* Linear None* Goodwill are tested for impairment annualy. For 2022 no impairment triggeres are identified and no impairment besides the annual test of goodwill has been performed. See below for more information regarding the impairment test.Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2022 the Group invested 18,8 MNOK in development/patents primarily related to the development of Zaptec Pro MID, Zaptec Go UK and Zaptec Sense. The development cost of Zaptec Pro relates to country specific adaptions.The goodwill and customer relationships are allocated to the Novavolt CGU for the impairment test.Goodwill assets by segment or CGUIn NOK 1000Goodwill TotalNovavolt 69 638 69 638Impairment test of goodwill and intangible assetsGoodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2023 based on previous performance and expectations for market developments. Growth rates for the period 2024 - 2027 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2023. After 2027, 1,5% perpetual growth is based on cash flows in the year 2026. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.Impairment test of Novavolt CGUThe Novavolt CGU consist of all operations in the Novavolt AG and is identical to the Novavolt segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from year 6 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2022, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 26,51% is used for the value in use calculation for 2022. In 2021 the WACC used in the PPA was 24,7%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to Key inputs for the WACC for the CGU: -Risk free rate: Average risk free rate in Switzerland in 2022 -Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used. -Market risk premium: The market risk premium is based on empirical data for risk premium. -Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate -Capital structure: Equity ratio of 100%.SensitivityThe management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount.Impairment testing showed that headroom for the CGU is >112%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.Impairment - test results and conclusion The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.Note 12 - Property, plant and equipmentIn NOK 10002022 2021Acquisition cost 1 January 8 415 3 893Additions 6 699 4 468Additions business combinations 0 53Foreign currency effects -53 0Acquisition cost 31 December15 061 8 415Accumulated depreciation and impairments 1 January 3 355 1 647Depreciation 2 692 1 497Impairments 0 211Accumulated depreciation and impairments 31 December 6 047 3 355Carrying amount 31 December 9 015 5 061Economic life 0 - 10 year 0 - 10 yearDepreciation method Linear Linear", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__96-1": { "value": "Note 11 - Intangible assets and goodwill2022In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 103 260 63 061 27 073 749 194 143Additions 18 752 0 0 0 18 752Additions business combinations 0 0 0 0 0Foreign currency effects 0 6 577 2 202 0 8 779Acquisition cost 31 December 122 012 69 638 29 275 749 221 674Acc. amortisation and impairments 1 January 50 310 0 2 707 0 53 017Amortisation charge 7 721 0 5 640 0 13 361Disposals 196 0 0 0 196Foreign currency effects 0 0 0 0 0Acc. amortisation and impairments 31 December 58 227 0 8 347 0 66 574Carrying amount 31 December 63 785 69 638 20 928 749 155 0992021In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 91 134 0 0 371 91 505Additions 12 126 0 0 378 12 505Additions business combinations 0 60 419 25 939 0 86 358Foreign currency effects 0 2 641 1 134 0 3 775Acquisition cost 31 December 103 260 63 061 27 073 749 194 143Acc. amortisation and impairments 1 January 44 990 0 0 0 44 990Amortisation charge 5 320 0 2 660 0 7 980Disposals 0 0 0 0 0Foreign currency effects 0 0 47 0 47Acc. amortisation and impairments 31 December 50 310 0 2 707 0 53 017Carrying amount 31 December 52 950 63 061 24 366 749 141 125Expected economic life 2-10 years Indefinite 5 years IndefiniteAmortization plan Linear None* Linear None* Goodwill are tested for impairment annualy. For 2022 no impairment triggeres are identified and no impairment besides the annual test of goodwill has been performed. See below for more information regarding the impairment test.Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2022 the Group invested 18,8 MNOK in development/patents primarily related to the development of Zaptec Pro MID, Zaptec Go UK and Zaptec Sense. The development cost of Zaptec Pro relates to country specific adaptions.The goodwill and customer relationships are allocated to the Novavolt CGU for the impairment test.Goodwill assets by segment or CGUIn NOK 1000Goodwill TotalNovavolt 69 638 69 638Impairment test of goodwill and intangible assetsGoodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2023 based on previous performance and expectations for market developments. Growth rates for the period 2024 - 2027 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2023. After 2027, 1,5% perpetual growth is based on cash flows in the year 2026. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.Impairment test of Novavolt CGUThe Novavolt CGU consist of all operations in the Novavolt AG and is identical to the Novavolt segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from year 6 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2022, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 26,51% is used for the value in use calculation for 2022. In 2021 the WACC used in the PPA was 24,7%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to Key inputs for the WACC for the CGU: -Risk free rate: Average risk free rate in Switzerland in 2022 -Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used. -Market risk premium: The market risk premium is based on empirical data for risk premium. -Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate -Capital structure: Equity ratio of 100%.SensitivityThe management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount.Impairment testing showed that headroom for the CGU is >112%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.Impairment - test results and conclusion The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.Note 12 - Property, plant and equipmentIn NOK 10002022 2021Acquisition cost 1 January 8 415 3 893Additions 6 699 4 468Additions business combinations 0 53Foreign currency effects -53 0Acquisition cost 31 December15 061 8 415Accumulated depreciation and impairments 1 January 3 355 1 647Depreciation 2 692 1 497Impairments 0 211Accumulated depreciation and impairments 31 December 6 047 3 355Carrying amount 31 December 9 015 5 061Economic life 0 - 10 year 0 - 10 yearDepreciation method Linear Linear", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__95": { "value": "Note 11 - Intangible assets and goodwill2022In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 103 260 63 061 27 073 749 194 143Additions 18 752 0 0 0 18 752Additions business combinations 0 0 0 0 0Foreign currency effects 0 6 577 2 202 0 8 779Acquisition cost 31 December 122 012 69 638 29 275 749 221 674Acc. amortisation and impairments 1 January 50 310 0 2 707 0 53 017Amortisation charge 7 721 0 5 640 0 13 361Disposals 196 0 0 0 196Foreign currency effects 0 0 0 0 0Acc. amortisation and impairments 31 December 58 227 0 8 347 0 66 574Carrying amount 31 December 63 785 69 638 20 928 749 155 0992021In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 91 134 0 0 371 91 505Additions 12 126 0 0 378 12 505Additions business combinations 0 60 419 25 939 0 86 358Foreign currency effects 0 2 641 1 134 0 3 775Acquisition cost 31 December 103 260 63 061 27 073 749 194 143Acc. amortisation and impairments 1 January 44 990 0 0 0 44 990Amortisation charge 5 320 0 2 660 0 7 980Disposals 0 0 0 0 0Foreign currency effects 0 0 47 0 47Acc. amortisation and impairments 31 December 50 310 0 2 707 0 53 017Carrying amount 31 December 52 950 63 061 24 366 749 141 125Expected economic life 2-10 years Indefinite 5 years IndefiniteAmortization plan Linear None* Linear None* Goodwill are tested for impairment annualy. For 2022 no impairment triggeres are identified and no impairment besides the annual test of goodwill has been performed. See below for more information regarding the impairment test.Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2022 the Group invested 18,8 MNOK in development/patents primarily related to the development of Zaptec Pro MID, Zaptec Go UK and Zaptec Sense. The development cost of Zaptec Pro relates to country specific adaptions.The goodwill and customer relationships are allocated to the Novavolt CGU for the impairment test.Goodwill assets by segment or CGUIn NOK 1000Goodwill TotalNovavolt 69 638 69 638Impairment test of goodwill and intangible assetsGoodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2023 based on previous performance and expectations for market developments. Growth rates for the period 2024 - 2027 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2023. After 2027, 1,5% perpetual growth is based on cash flows in the year 2026. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.Impairment test of Novavolt CGUThe Novavolt CGU consist of all operations in the Novavolt AG and is identical to the Novavolt segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from year 6 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2022, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 26,51% is used for the value in use calculation for 2022. In 2021 the WACC used in the PPA was 24,7%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to Key inputs for the WACC for the CGU: -Risk free rate: Average risk free rate in Switzerland in 2022 -Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used. -Market risk premium: The market risk premium is based on empirical data for risk premium. -Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate -Capital structure: Equity ratio of 100%.SensitivityThe management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount.Impairment testing showed that headroom for the CGU is >112%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.Impairment - test results and conclusion The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__94": { "value": "Note 11 - Intangible assets and goodwill2022In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 103 260 63 061 27 073 749 194 143Additions 18 752 0 0 0 18 752Additions business combinations 0 0 0 0 0Foreign currency effects 0 6 577 2 202 0 8 779Acquisition cost 31 December 122 012 69 638 29 275 749 221 674Acc. amortisation and impairments 1 January 50 310 0 2 707 0 53 017Amortisation charge 7 721 0 5 640 0 13 361Disposals 196 0 0 0 196Foreign currency effects 0 0 0 0 0Acc. amortisation and impairments 31 December 58 227 0 8 347 0 66 574Carrying amount 31 December 63 785 69 638 20 928 749 155 0992021In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 91 134 0 0 371 91 505Additions 12 126 0 0 378 12 505Additions business combinations 0 60 419 25 939 0 86 358Foreign currency effects 0 2 641 1 134 0 3 775Acquisition cost 31 December 103 260 63 061 27 073 749 194 143Acc. amortisation and impairments 1 January 44 990 0 0 0 44 990Amortisation charge 5 320 0 2 660 0 7 980Disposals 0 0 0 0 0Foreign currency effects 0 0 47 0 47Acc. amortisation and impairments 31 December 50 310 0 2 707 0 53 017Carrying amount 31 December 52 950 63 061 24 366 749 141 125Expected economic life 2-10 years Indefinite 5 years IndefiniteAmortization plan Linear None* Linear None* Goodwill are tested for impairment annualy. For 2022 no impairment triggeres are identified and no impairment besides the annual test of goodwill has been performed. See below for more information regarding the impairment test.Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2022 the Group invested 18,8 MNOK in development/patents primarily related to the development of Zaptec Pro MID, Zaptec Go UK and Zaptec Sense. The development cost of Zaptec Pro relates to country specific adaptions.The goodwill and customer relationships are allocated to the Novavolt CGU for the impairment test.Goodwill assets by segment or CGUIn NOK 1000Goodwill TotalNovavolt 69 638 69 638Impairment test of goodwill and intangible assetsGoodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2023 based on previous performance and expectations for market developments. Growth rates for the period 2024 - 2027 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2023. After 2027, 1,5% perpetual growth is based on cash flows in the year 2026. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.Impairment test of Novavolt CGUThe Novavolt CGU consist of all operations in the Novavolt AG and is identical to the Novavolt segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from year 6 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2022, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 26,51% is used for the value in use calculation for 2022. In 2021 the WACC used in the PPA was 24,7%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to Key inputs for the WACC for the CGU: -Risk free rate: Average risk free rate in Switzerland in 2022 -Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used. -Market risk premium: The market risk premium is based on empirical data for risk premium. -Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate -Capital structure: Equity ratio of 100%.SensitivityThe management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount.Impairment testing showed that headroom for the CGU is >112%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.Impairment - test results and conclusion The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__93": { "value": "Note 11 - Intangible assets and goodwill2022In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 103 260 63 061 27 073 749 194 143Additions 18 752 0 0 0 18 752Additions business combinations 0 0 0 0 0Foreign currency effects 0 6 577 2 202 0 8 779Acquisition cost 31 December 122 012 69 638 29 275 749 221 674Acc. amortisation and impairments 1 January 50 310 0 2 707 0 53 017Amortisation charge 7 721 0 5 640 0 13 361Disposals 196 0 0 0 196Foreign currency effects 0 0 0 0 0Acc. amortisation and impairments 31 December 58 227 0 8 347 0 66 574Carrying amount 31 December 63 785 69 638 20 928 749 155 0992021In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 91 134 0 0 371 91 505Additions 12 126 0 0 378 12 505Additions business combinations 0 60 419 25 939 0 86 358Foreign currency effects 0 2 641 1 134 0 3 775Acquisition cost 31 December 103 260 63 061 27 073 749 194 143Acc. amortisation and impairments 1 January 44 990 0 0 0 44 990Amortisation charge 5 320 0 2 660 0 7 980Disposals 0 0 0 0 0Foreign currency effects 0 0 47 0 47Acc. amortisation and impairments 31 December 50 310 0 2 707 0 53 017Carrying amount 31 December 52 950 63 061 24 366 749 141 125Expected economic life 2-10 years Indefinite 5 years IndefiniteAmortization plan Linear None* Linear None* Goodwill are tested for impairment annualy. For 2022 no impairment triggeres are identified and no impairment besides the annual test of goodwill has been performed. See below for more information regarding the impairment test.Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2022 the Group invested 18,8 MNOK in development/patents primarily related to the development of Zaptec Pro MID, Zaptec Go UK and Zaptec Sense. The development cost of Zaptec Pro relates to country specific adaptions.The goodwill and customer relationships are allocated to the Novavolt CGU for the impairment test.Goodwill assets by segment or CGUIn NOK 1000Goodwill TotalNovavolt 69 638 69 638Impairment test of goodwill and intangible assetsGoodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2023 based on previous performance and expectations for market developments. Growth rates for the period 2024 - 2027 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2023. After 2027, 1,5% perpetual growth is based on cash flows in the year 2026. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.Impairment test of Novavolt CGUThe Novavolt CGU consist of all operations in the Novavolt AG and is identical to the Novavolt segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from year 6 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2022, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 26,51% is used for the value in use calculation for 2022. In 2021 the WACC used in the PPA was 24,7%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to Key inputs for the WACC for the CGU: -Risk free rate: Average risk free rate in Switzerland in 2022 -Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used. -Market risk premium: The market risk premium is based on empirical data for risk premium. -Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate -Capital structure: Equity ratio of 100%.SensitivityThe management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount.Impairment testing showed that headroom for the CGU is >112%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.Impairment - test results and conclusion The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__92": { "value": "Note 11 - Intangible assets and goodwill2022In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 103 260 63 061 27 073 749 194 143Additions 18 752 0 0 0 18 752Additions business combinations 0 0 0 0 0Foreign currency effects 0 6 577 2 202 0 8 779Acquisition cost 31 December 122 012 69 638 29 275 749 221 674Acc. amortisation and impairments 1 January 50 310 0 2 707 0 53 017Amortisation charge 7 721 0 5 640 0 13 361Disposals 196 0 0 0 196Foreign currency effects 0 0 0 0 0Acc. amortisation and impairments 31 December 58 227 0 8 347 0 66 574Carrying amount 31 December 63 785 69 638 20 928 749 155 0992021In NOK 1000DevelopemGoodwillCustomer Webshop Totalent cost / relationsPatentsAcquisition cost 1 January 91 134 0 0 371 91 505Additions 12 126 0 0 378 12 505Additions business combinations 0 60 419 25 939 0 86 358Foreign currency effects 0 2 641 1 134 0 3 775Acquisition cost 31 December 103 260 63 061 27 073 749 194 143Acc. amortisation and impairments 1 January 44 990 0 0 0 44 990Amortisation charge 5 320 0 2 660 0 7 980Disposals 0 0 0 0 0Foreign currency effects 0 0 47 0 47Acc. amortisation and impairments 31 December 50 310 0 2 707 0 53 017Carrying amount 31 December 52 950 63 061 24 366 749 141 125Expected economic life 2-10 years Indefinite 5 years IndefiniteAmortization plan Linear None* Linear None* Goodwill are tested for impairment annualy. For 2022 no impairment triggeres are identified and no impairment besides the annual test of goodwill has been performed. See below for more information regarding the impairment test.Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets.Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2022 the Group invested 18,8 MNOK in development/patents primarily related to the development of Zaptec Pro MID, Zaptec Go UK and Zaptec Sense. The development cost of Zaptec Pro relates to country specific adaptions.The goodwill and customer relationships are allocated to the Novavolt CGU for the impairment test.Goodwill assets by segment or CGUIn NOK 1000Goodwill TotalNovavolt 69 638 69 638Impairment test of goodwill and intangible assetsGoodwill is allocated to the Group's cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use).The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2023 based on previous performance and expectations for market developments. Growth rates for the period 2024 - 2027 are in accordance with management's long-term plan and are used as projections of budgeted figures for 2023. After 2027, 1,5% perpetual growth is based on cash flows in the year 2026. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU.Impairment test of Novavolt CGUThe Novavolt CGU consist of all operations in the Novavolt AG and is identical to the Novavolt segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from year 6 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2022, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 26,51% is used for the value in use calculation for 2022. In 2021 the WACC used in the PPA was 24,7%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to Key inputs for the WACC for the CGU: -Risk free rate: Average risk free rate in Switzerland in 2022 -Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used. -Market risk premium: The market risk premium is based on empirical data for risk premium. -Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate -Capital structure: Equity ratio of 100%.SensitivityThe management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount.Impairment testing showed that headroom for the CGU is >112%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU.Impairment - test results and conclusion The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__98": { "value": "Note 12 - Property, plant and equipmentIn NOK 10002022 2021Acquisition cost 1 January 8 415 3 893Additions 6 699 4 468Additions business combinations 0 53Foreign currency effects -53 0Acquisition cost 31 December15 061 8 415Accumulated depreciation and impairments 1 January 3 355 1 647Depreciation 2 692 1 497Impairments 0 211Accumulated depreciation and impairments 31 December 6 047 3 355Carrying amount 31 December 9 015 5 061Economic life 0 - 10 year 0 - 10 yearDepreciation method Linear Linear", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__101-1": { "value": "Note 13 - Right of use assets and lease liabilities2022In NOK 1000VehiclesLand and Totalbuildings1 January 1 052 14 159 15 210Additions 3 030 2 052 5 082Disposals 0 0 0Additions through business combinations 0 0 0Amortisation -1 055 -3 849 -4 904Foreign currency effects 187 135 32231 December 3 214 12 496 15 7102021In NOK 1000VehiclesLand and Totalbuildings1 January 0 1 388 1 388Additions 506 16 844 17 350Disposals 0 -1 041 -1 041Additions through business combinations 674 0 674Amortisation -153 -3 051 -3 204Foreign currency effects 26 19 4431 December 1 052 14 159 15 210Economic life/lease term 5 - 15 year 3 - 7 yearAmortisation method Straight line Straight lineLease liabilitiesUndiscounted lease payments and year of paymentIn NOK 10002022 2021Less than 1 year 5 878 4 2451-3 years 10 051 8 2283-5 years 885 3 420more than 5 years 0 0Total 16 813 15 892Changes in lease liabilitiesIn NOK 10002022 20211 January 15 432 1 417Additions 4 749 17 940Disposals 0 -1 068Interest expenses 511 436Lease payments -5 057 -3 337Foreign currency effects 307 4531 December 15 942 15 432In NOK 10002022 2021Current lease liabilities 5 414 3 813Non-current lease liabilities 10 528 11 619Total 15 942 15 432The lease contracts do not include any restrictions with regards to the Group's dividend policy or financing opportunities. Lease payment expensedIn NOK 10002022 2021Expensed lease payment for short-term leases and low value leases 2 110 0Variable lease payments 0 0Total 2 110 0", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__104": { "value": "Note 14 - InventoriesThe inventory consists solely of finished goods (acquired goods produced for the group for resale).In NOK 10002022 2021Finished goods69 261 26 395Goods in transit to end user 21 527 0Inventory obsolescence provision0 -223Total 90 788 26 173Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 888 MNOK from January 2023 till end of 2023. A significant portion of the committed production may be postponed to 2024 based on quarterly updated forecasts.The balance has increased by 64,1 MNOK (245%) when compared to the balance at 31 December last year. The main reason for this is due to the challenging market situation for components present in late 2021 to mid-2022. In the last 6 months of 2022 we are increasing production to meet the expected demand.The Group has reversed inventory obsolescence provision for 2022, as the net realisable value is greater than carrying amount. There is a high demand for chargers in the market, and the sales price is higher than the cost price.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__109": { "value": "Note 16 - Cash and cash equivalentsThe Group's cash and cash equivalents consists of bank balances and withholding tax. In NOK 10002022 2021Cash and cash equivalents 102 862 76 258Including restricted funds of:Restricted funds for employee withholding tax 5 467 2 103", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__108": { "value": "Note 16 - Cash and cash equivalentsThe Group's cash and cash equivalents consists of bank balances and withholding tax. In NOK 10002022 2021Cash and cash equivalents 102 862 76 258Including restricted funds of:Restricted funds for employee withholding tax 5 467 2 103", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__110": { "value": "Note 17 - Shareholders and shareholders informationShare capital at 31 December:Number of Face value Book valuesharesOrdinary shares 76 409 678 0,01500 1 146 145Total 76 409 678 1 146 145Main shareholders at 31 December:Number of Ownership Voting sharesinterestrightsVALINOR AS 10 400 000 13,61 % 13,61 %Nordnet Bank AB 10 178 565 13,32 % 13,32 %Avanza Bank AB 7 140 305 9,34 % 9,34 %Skandinaviska Enskilda Banken AB 7 004 286 9,17 % 9,17 %Danske Bank A/S 3 415 671 4,47 % 4,47 %CLEARSTREAM BANKING S.A. 3 203 753 4,19 % 4,19 %VPF DNB NORGE SELEKTIV 3 138 069 4,11 % 4,11 %State Street Bank and Trust Comp 2 735 503 3,58 % 3,58 %The Bank of New York Mellon SA/NV 2 114 963 2,77 % 2,77 %Morgan Stanley & Co. Int. Plc. 1 761 549 2,31 % 2,31 %MUST INVEST AS 1 554 726 2,03 % 2,03 %Saxo Bank A/S 1 540 663 2,02 % 2,02 %VERDIPAPIRFONDET DNB SMB 1 330 995 1,74 % 1,74 %BNP Paribas 1 245 300 1,63 % 1,63 %Nordea Bank Abp 1 227 290 1,61 % 1,61 %VERDIPAPIRFONDET PARETO INVESTMENT 1 200 000 1,57 % 1,57 %\u00d8STREM INVEST AS 1 000 000 1,31 % 1,31 %Euroclear Bank S.A./N.V. 914 321 1,20 % 1,20 %Soci\u00e9t\u00e9 G\u00e9n\u00e9rale 853 000 1,12 % 1,12 %Banque De Luxembourg S.A. 787 052 1,03 % 1,03 %Zaptec ASA - Treasury shares* 71 599 0,09 % 0,09 %Others (less than 1% ownership) 13 592 068 17,79 % 17,79 %Total 76 409 678 100,00 % 100,00 %*The treasury shares are purchased/sold for use in the company's share-based program. Number of Portion of sharesequityTreasury shares 01.01.2022 20 825 0,027 %Purchase of treasury shares 250 000 0,327 %Allocated to management and employees -199 226 -0,261 %Treasury shares 31.12.2022 71 599 0,094 %Stocks and options owned by members of the board and management:Name PositionNumbers of OptionssharesPeter Bardenfleth-Hansen CEO 130 000 100 000Kurt \u00d8strem CFO 1 000 000 300 000Stig H. Christiansen Chairman of the board 50 000 50 000Lars Helge Helvig*, ** Deputy board member 10 400 000 0P\u00e5l Selboe Valseth ** Board member 420 115 0Christian Rangen Board member 186 281 0* Lars Helge Helvig is the owner of Valinor AS, where he indirect owns the 10 400 000 shares in Zaptec ASA.** Member of the Board up until 07.11.2022", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__111": { "value": "Note 18 - ProvisionsThe company have a provision for warranty claims of 2,1 MNOK at period end, i.e. a change of 2,1 MNOK compared to period end 2021. There has not been any used or reversed provision in the period. However, during 2022 4,7 MNOK (3,1 MNOK in 2021) has been expensed over profit and loss statement in other operating expenses related to warranty claims.The warranty expense accrual is based on historical returns of products and projected towards the end of warranty period.The remaining long term provisions is related to the long-term incentive program for employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__113": { "value": "Note 19 - Loans and borrowingsIn NOK 10002022 2021Short-term loans and borrowings 29 229 3 833Guaranties pledges as security2 500 2 500Secured in the following assets, book value:Property, plant and equipment 9 015 5 061Inventories73 622 22 476Trade receivables 209 846 61 451Total 292 483 88 988Zaptec has repaid a 3,833 MNOK on loans from financial institutions in line with the repayment terms. In addition, the Group drew down 29,229 MNOK on the existing credit facility.The Group have increased it's overdraft facility from 50 MNOK to 70 MNOK in 2022. The interest rate is 3,9 % of overdraft.The terms are as follows:- Short term overdraft facility. - Annual maturity, will be renewed automatically when a credit rating is performed.The financial covenants are as follows:- Total overdraft shall not exceed 70% of total book value of projects in progress, inventory and trade receivable (not older than 90 days).- Positive adjusted EBITDA on a consolidated level on a year to date basis.- Dividend from Zaptec ASA to be approved.- No sale or transfer of IP-rights from or between any of the group companies without prior approval.The company have complied with all covenants as at, and for the twelve months ended 31 December 2022", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__112": { "value": "Note 19 - Loans and borrowingsIn NOK 10002022 2021Short-term loans and borrowings 29 229 3 833Guaranties pledges as security2 500 2 500Secured in the following assets, book value:Property, plant and equipment 9 015 5 061Inventories73 622 22 476Trade receivables 209 846 61 451Total 292 483 88 988Zaptec has repaid a 3,833 MNOK on loans from financial institutions in line with the repayment terms. In addition, the Group drew down 29,229 MNOK on the existing credit facility.The Group have increased it's overdraft facility from 50 MNOK to 70 MNOK in 2022. The interest rate is 3,9 % of overdraft.The terms are as follows:- Short term overdraft facility. - Annual maturity, will be renewed automatically when a credit rating is performed.The financial covenants are as follows:- Total overdraft shall not exceed 70% of total book value of projects in progress, inventory and trade receivable (not older than 90 days).- Positive adjusted EBITDA on a consolidated level on a year to date basis.- Dividend from Zaptec ASA to be approved.- No sale or transfer of IP-rights from or between any of the group companies without prior approval.The company have complied with all covenants as at, and for the twelve months ended 31 December 2022", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__114": { "value": "Note 20 - Other current liabilitiesIn NOK 10002022 2021Public duties payable 21 816 9 313Other short term liabilities 25 890 12 714Contingent considerations* 0 38 963Total 47 706 60 989The contingent consideration was linked to the performance of Novavolt for the second part of 2021. In the event of the target being achieved, the Company is obliged to pay an additional amount up to a maximum of 40 MNOK. As of 31 December 2021 the target triggeringthe maximum payment for the contingent consideration was achieved.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__117": { "value": "Note 21 - Notes supporting the cash flows01.01 - 31.12.2022In NOK 1000Non-currentCurrentLoans and Lease Loans and Lease TotalborrowingsliabilitiesborrowingsliabilitiesAt 1 January0 11 6063 8333 800 19 239Cash flowsDown payment of loans00-3 8330-3 833New loans000 00Net change in overdraft facility0029 2290 29 229Net lease payments000-4 853 -4 853Non-cash flowsChanges from business combinations000 00Termination of lease agreement0 0 000New lease agreement05 082 005 082Reclassification short/long term0-6 1600 6 1600Foreign exchange effect00 0 307307At 31 December010 52829 2295 41445 17101.01 - 31.12.2021In NOK 1000Non-currentCurrentLoans and Lease Loans and Lease TotalborrowingsliabilitiesborrowingsliabilitiesAt 1 January3 83303 8341 417 9 084Cash flowsDown payment of loans00 -3 8340 -3 834New loans00 00 0Net change in overdraft facility 0000 0Net lease payments0 0 0 -2 893 -2 893Non-cash flowsChanges from business combinations0 6750 0675Termination of lease agreement0 00 -1 071-1 071New lease agreement0 17 2330 0 17 233Reclassification short/long term-3 833-6 302 3 833 6 302 0Foreign exchange effect0 0045 45At 31 December 011 606 3 8333 80019 239", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__115": { "value": "Note 21 - Notes supporting the cash flows01.01 - 31.12.2022In NOK 1000Non-currentCurrentLoans and Lease Loans and Lease TotalborrowingsliabilitiesborrowingsliabilitiesAt 1 January0 11 6063 8333 800 19 239Cash flowsDown payment of loans00-3 8330-3 833New loans000 00Net change in overdraft facility0029 2290 29 229Net lease payments000-4 853 -4 853Non-cash flowsChanges from business combinations000 00Termination of lease agreement0 0 000New lease agreement05 082 005 082Reclassification short/long term0-6 1600 6 1600Foreign exchange effect00 0 307307At 31 December010 52829 2295 41445 17101.01 - 31.12.2021In NOK 1000Non-currentCurrentLoans and Lease Loans and Lease TotalborrowingsliabilitiesborrowingsliabilitiesAt 1 January3 83303 8341 417 9 084Cash flowsDown payment of loans00 -3 8340 -3 834New loans00 00 0Net change in overdraft facility 0000 0Net lease payments0 0 0 -2 893 -2 893Non-cash flowsChanges from business combinations0 6750 0675Termination of lease agreement0 00 -1 071-1 071New lease agreement0 17 2330 0 17 233Reclassification short/long term-3 833-6 302 3 833 6 302 0Foreign exchange effect0 0045 45At 31 December 011 606 3 8333 80019 239", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__116": { "value": "Note 23 - Consolidated companiesThe following companies are included in the consolidated financial statements:Legal company Association Head office Currency OwnershipZaptec ASA Parent Stavanger NOKZaptec Charger AS Subsidiary Stavanger NOK 100 %Zaptec IP AS Subsidiary Stavanger NOK 100 %Zaptec Power AS Subsidiary Stavanger NOK 100 %Charge365 AS Subsidiary Stavanger NOK 100 %Zaptec Sverige AB Subsidiary Stockholm SEK 100 %Zaptec Denmark ApS Subsidiary Copenhagen DKK 100 %Zaptec Deutchland GmbH Subsidiary M\u00fcnchen EUR 100 %Zaptec U.K. Ltd Subsidiary Broseley GBP 100 %NovaVolt AG Subsidiary Z\u00fcrich CHF 100 %Zaptec France SAS Subsidiary Paris EUR 100 %Zaptec Netherlands B.V. Subsidiary Amsterdam EUR 100 %Zaptec Charger AS is funding group entitites in the startup fase with loans.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__130": { "value": "Zaptec ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__129": { "value": "Zaptec ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__118": { "value": "Note 24 - Government grantsGovernment grants have been received in relation to R&D project through SkatteFunn of MNOK 0,6. The amount reduces the costs related to the projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__119": { "value": "Note 25 - Related party transactionsPart from transaction with key management and board members included in Note 7 there are no transactions with related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__120": { "value": "Note 26 - Events after the reporting datePrivate placementThe company completed 21 February 2023 a contemplated private placement, raising 300 MNOK in gross proceeds through a private placement of 11 111 112 new shares at a price per share of 27 NOK.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__122": { "value": "Zaptec ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__124": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__126": { "value": "P.O. Box 80344068 Stavanger, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__127": { "value": "4068 Stavanger, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__125": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__123": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }